Determination of an amount representing the unspent sum of a previous financial year’s budget share
24.—(1) This regulation applies in the case of a school which becomes a grant-maintained school on or after 1st April in the financial year in question.
(2) In any case to which this regulation applies the amounts to be added together for the purpose of determining the amount of maintenance grant payable in respect of the school under regulation 5(1)(b) shall include an amount determined in accordance with paragraph (3).
(3) The funding authority shall determine the amount which appears to them to be equal or approximate to that amount of the school’s budget share for any financial year prior to the financial year in question in respect of which sums had neither been deducted by the maintaining local education authority in accordance with their scheme nor made available pursuant to section 116(2) or (3) of the 1996 Act, or, if made available, had not been spent by the governing body in exercise of their powers under section 116(5) of that Act.