50.—(1) The provision to be included in a scheme for determining the budget share for a financial year of each school required to be covered by the scheme in that year shall require that share to be determined (and from time to time revised) by the application of the allocation formula under the scheme.
(2) For the purposes of this Chapter the “allocation formula” under a scheme is a formula laid down by the scheme for the purpose of dividing among all schools required to be covered by the scheme in any financial year the board’s aggregated budget for the year.
(3) In paragraph (2) “formula” includes methods, principles and rules of any description, however expressed.
(4) The allocation formula under a scheme—
(a)shall include provision for taking into account, in the case of each school required to be covered by the scheme in any financial year, the number and ages of pupils who are, or who the board expects to be, registered at the school on such date or dates (whether before or during that year) as may be determined by or under the scheme;
(b)shall include provision for taking into account any factors affecting the particular needs of any class or description of school required to be covered by the scheme;
(c)may include provision for taking into account any other factors affecting the needs of individual schools which are subject to variation from school to school (including, in particular, the number of registered pupils at a school who have special educational needs and the nature of the special educational provision required to be made for them).
(5) Notwithstanding anything in any other statutory provision (including any provision of the Education Orders), the allocation formula under a scheme may, in relation to a grammar school having a preparatory department, make special provision for the determination of the budget share of that school in so far as it relates to the preparatory department.
(6) The special provision made by virtue of paragraph (5) may include provision the effect of which is that the budget share of the school, in so far as it relates to the preparatory department, is substantially less than it would have been but for that provision.
(7) In paragraphs (5) and (6) “preparatory department”, in relation to a grammar school, means that part of the school in which primary education is provided.
(8) A scheme shall provide for all amounts relevant to the determination of a school’s budget share under the scheme for a financial year to be determined initially before the beginning of that year.