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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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