# The Financing of Maintained Schools (England) (No. 2) Regulations 2003, Paragraph 4


Where a school opens on or after 1st April 2004 and is a replacement for two or more schools being discontinued in the year beginning on 1st April 2004, its guaranteed funding level shall be (X/Y) x Z, where
X is the sum of the adjusted budget shares for the discontinued schools for the financial year beginning on 1st April 2003;
Y is the sum of the relevant number of pupils for the discontinued schools for the financial year beginning on 1st April 2003; and
Z is the relevant number of pupils for the new school 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/4 (the official version)
Page: https://openlegislation.uk/financing-of-maintained-schools-england-no-2-regulations-2003/schedule-2/paragraph-4
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.