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A trust behind three Kent schools may not have enough money to operate come September.
According to the Brook Learning Trust's annual accounts, low pupil numbers numbers could cause reserves to run dry by September.
In its annual statement, the school has written: "The board of trustees is concerned that, unless 2018/19 funding is higher than expected, the trust may not have sufficient funds to continue to operate for that academic year."
The trust operates High Weald Academy in Cranbrook, Hayesbrook School in Tonbridge and Ebbsfleet Academy in Swanscombe.
In its accounts for 2016/17 the trust states: "The vast majority of funding received by the trust is sensitive to changes in pupil numbers.
"All three academies face challenges in this area, but most acutely a the High Weald Academy which has faced a rapidly falling roll over recent years posing a challenge in terms of setting a balanced budget.
"Furthermore all three academies are expected to experience rising rolls over the coming years, which will leave a budget shortfall as funding is based on the previous year's pupil census.
"Currently the trust has a reserves pool from which academies can draw down to fund rising rolls, with with rising rolls set to continue for some years, it is projected that the reserves pool will be exhausted by September 2018, after which the trust will require additional funding from the Education and Skills Funding Agency in order to remain solvent."
High Weald Academy currently takes in less than 400 students, but has the scope to teach more than 1,050.
Brook Learning Trust employs an average of 180 full time staff and last year five members of staff were paid £70,001 or more.
One member of staff was on a salary worth between £100,001 and £110,000.
Despite ongoing concerns with funding, the trust said it was "absolutely committed to offering exceptional circumstances in every aspect of its activities' claiming it hopes to grow "in a measured and sustainable way" over the next three years.
A spokesperson from Brook Learning Trust said: "Brook Learning Trust is not in a deficit situation. The trust manages its resources well, has sound financial controls in place and sets balanced budgets with its academies.
"Many trusts, including ourselves, have reported concerns to the government through the published accounts in response to the national funding climate."