Explanatory note

These Regulations authorise the Secretary of State to pay grants to the company named Grant-Maintained Schools Limited (also known as the Grant-Maintained Schools Trust) to meet or help to meet expenditure incurred or to be incurred by it for the purposes of, or in connection with, the provision or proposed provision of educational services in grant-maintained schools. Grants are payable in respect of expenditure which is approved by the Secretary of State. The Secretary of State may determine the amounts and timing of payments (regulations 1 and 2).

The Secretary of State may specify conditions to be satisfied before grant is payable (regulation 3).

The Secretary of State may also specify requirements to be complied with by the Trust. These may include requirements to repay grant or to pay to the Secretary of State sums representing the value of property acquired with grant and to pay interest on overdue sums (regulation 4).

The Regulations require the Trust to keep such records and accounts and to furnish such information, documents, returns and accounts to the Secretary of State as he may require, to open its records and accounts to inspection by the Comptroller and Auditor General and to repay on application by the Secretary of State all or part of grant paid in respect of expenditure to be incurred where the expenditure is not, or not wholly, incurred (regulation 5).