# The Financing of Maintained Schools (England) (No. 2) Regulations 2003, Paragraph 2


Subject to paragraphs 3 and 4, the guaranteed funding level shall be calculated as follows—
(a) where the relevant number of pupils for the financial year beginning on 1st April 2004 is the same as the relevant number for the financial year beginning on 1st April 2003, the guaranteed funding level shall be A;
(b) where the relevant number of pupils for the financial year beginning on 1st April 2004 is higher than the relevant number for the financial year beginning on 1st April 2003, the guaranteed funding level shall be the greater of either A + (B x C), or (D/E) X F;
(c) where the relevant number of pupils for the financial year beginning on 1st April 2004 is lower than the relevant number for the financial year beginning on 1st April 2003, the guaranteed funding level shall be A - (B x C)
where—
A is the initially determined adjusted budget share for the financial year beginning on 1st April 2003 multiplied by 1.04;
B is the difference between the relevant number of pupils for the financial years beginning on 1st April 2003 and on 1st April 2004;
C is the mean value of funding per pupil in the school’s adjusted budget share for the financial year beginning on 1st April 2003 multiplied by 0.832 in respect of primary schools and by 0.91 in respect of secondary schools;
D is the initially determined adjusted budget share for the financial year beginning on 1st April 2003;
E is the relevant number of pupils for the financial year beginning on 1st April 2003; and
F is the relevant number of pupils for the financial year beginning on 1st April 2004, multiplied by 1.034.

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Source: https://www.legislation.gov.uk/uksi/2003/3247/schedule/2/paragraph/2 (the official version)
Page: https://openlegislation.uk/financing-of-maintained-schools-england-no-2-regulations-2003/schedule-2/paragraph-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.