The John Whitgift Foundation (JWF), Croydon's largest private property owner, posted a £2.1 million loss in its 2024/25 financial year, according to its latest Impact Report. The loss was driven by the closure of the Old Palace Senior Girls School and a sharp decline in retail income from its property portfolio, which includes the Whitgift Centre, George Street, and North End units.
Financial challenges and income decline
Rental revenue from the foundation's property portfolio fell to £2.1 million, a drop of £700,000 from the previous year. The JWF acknowledged that this was part of a "sustained decline in income over more than a decade." The Whitgift Centre, a key asset, has been affected by the long-delayed Westfield regeneration project, which aims to transform the site.
Chair of the Court of Governors, Fiona Fletcher-Smith, said: "While the fundamentals of JWF are strong – we have a clear purpose, a significant endowment and deep local roots – it is no secret that in recent years we have faced financial challenges."
School closure and education investment
The closure of the historic Old Palace Senior Girls School, completed in August 2025, significantly impacted the foundation's finances. The school closed due to falling retail income and declining demand for places. The JWF, which also runs Whitgift and Trinity schools, cited challenges in the independent education sector, including the introduction of VAT on private school fees.
Despite the losses, the JWF is pressing ahead with a £40 million investment to support girls' education. In May 2025, the foundation won planning approval for a new three-storey sixth-form block, classroom building, and fitness suite at the Trinity School campus near Addiscombe. The expansion will support the school's transition to co-education, increasing pupil numbers from 1,050 to 1,398 by 2031. Girls will be admitted to Year 6 and Year 7 from 2027, with full co-education phased in by 2031.
Bursaries and care services
The JWF provided £11.4 million in bursaries and scholarships to 1,077 local pupils last year. Trinity and Whitgift schools received the Independent Schools Inspectorate's 'Significant Strengths' accolade, achieved by only around 10% of independent schools nationally.
The foundation also provided £1.4 million in financial support to its care operations, which care for approximately 100 older individuals across four sites, including the historic Whitgift Almshouses. The almshouses maintained a 'Good' rating from the Care Quality Commission, but the care homes faced rising costs and an operating deficit partly due to subsidised placements by Croydon Council.
Loss of Carers Information Service
In March 2025, the JWF lost its role supporting unpaid carers through the Carers Information Service, which it had run in partnership with Croydon Council for two decades. The council appointed a new provider, Carers First.
Regeneration efforts
To secure its long-term charitable legacy, the JWF is working with commercial partners on regeneration in Croydon town centre. Referring to its work with Whitgift Centre developers Unibail-Rodamco-Westfield and Croydon Council, the report states: "Over the past year there has been wider recognition of the need to invest more public and private money in regenerating Croydon town centre and making it a safer place to be."
JWF CEO Roisha Hughes said: "This report reflects a year of real achievement for our schools and care homes, alongside important work to ensure the Foundation adapts to delivering in 21st-century Croydon. Our pupils and residents remain at the heart of everything we do, and securing the Foundation's financial sustainability is central to our work, so that we can keep delivering outstanding education and compassionate care for generations of Croydon residents to come."
