# The Self-Governing Schools Grant and Recovery (Scotland) Regulations 1994, Paragraph 5


In the case of any grant paid to them in accordance with these Regulations, a requirement that, without prejudice to the requirement specified at paragraph 4 in respect of recovery of overpayment of grant, the board of management shall, at the request of the Secretary of State, repay to him so much of any such grant as has not been used for the purpose for which it was paid, except that—
(a) the board of management shall be entitled to retain out of recurrent grant two separate amounts, namely—
(i) a reserve fund of a sum not exceeding at any given time 10%, and
(ii) a sum not exceeding at any given time 2½%,
of the total amount of such grant paid in respect of the most recent grant year (excluding from such total amount any overpayment of such grant for that year); and
(b) in the case of special purpose grants, no such repayment shall be required where such grant was paid to meet any liability of the board of management in respect of Value Added Tax.

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Source: https://www.legislation.gov.uk/uksi/1994/431/schedule/5/paragraph/5 (the official version)
Page: https://openlegislation.uk/self-governing-schools-grant-and-recovery-scotland-regulations-1994/schedule-5/paragraph-5
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.