# The Education (Grant-maintained Schools) (Finance) Regulations 1994, Paragraph 6


(1) For the purposes of this paragraph, the funding authority shall determine the percentage which the amount determined in accordance with sub-paragraph (2) below is of the amount determined in accordance with sub-paragraph (4) below.
(2) The funding authority shall determine an amount by the application of the following formula—
A×B,C where
A is the amount of the local education authority’s general schools budget for the financial year in question which, in the opinion of the funding authority, would remain after deducting from it—
(a) their aggregated budget for the year;
(b) subject to sub-paragraph (3) below, the authority’s planned expenditure on those descriptions of expenditure listed in paragraph 2 of Schedule 2;
(c) the authority’s planned expenditure on the provision of school meals; and
(d) any amount appropriated for meeting expenditure in respect of contingencies:
Provided that in determining the amounts under paragraphs (b) to (d) the funding authority shall exclude any such expenditure, or, in the case of expenditure in respect of contingencies, any amount appropriated by the authority for meeting such expenditure, falling within their aggregated budget;
B is the number of registered pupils on a date determined by the funding authority at all primary schools or all secondary schools maintained or formerly maintained by the local education authority (according as to whether the school is a primary school or a secondary school) which are required to be covered by a statement for the financial year in question under section 42 of the Act; and
C is the number of registered pupils on that date at all such schools whether primary or secondary.
(3) For the purposes of sub-paragraph (2)(b) above the reference in paragraph 2(d) of Schedule 2 to “the preceding financial year” shall be read as a reference to “the financial year in question”, and the reference to section 56 of the Education Act 1944 shall be read as including a reference to section 298 of the 1993 Act .
(4) The funding authority shall determine an amount which appears to them to be equal to the amount of the local education authority’s aggregated budget which is available for allocation to all primary schools or all secondary schools maintained or formerly maintained by them which are required to be covered by the authority’s scheme for the financial year in question, according as to whether the school is a primary school or a secondary school.

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Source: https://www.legislation.gov.uk/uksi/1994/938/schedule/1/paragraph/6 (the official version)
Page: https://openlegislation.uk/education-grant-maintained-schools-finance-regulations-1994/schedule-1/paragraph-6
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.