Sections 41(1) and 50(1) of the Local Government Finance Act 19929 (precepts, calculation of budget requirements) shall not apply in relation to charter trustees as regards the financial year in which they are established.

Subject to paragraph (3), charter trustees may request the relevant council to pay to them such amount as they consider necessary for the discharge of their functions in the financial year in which they are established.

The amount referred to in paragraph (2) must not exceed the amount anticipated in relation to charter trustees in accordance with regulation 6(1) (anticipation of amounts required to discharge functions of charter trustees) of the Local Government (Structural Changes)(Further Financial Provisions and Amendment) Regulations 200910.

The relevant council shall pay to the charter trustees any amount requested by them in accordance with paragraph (2) not later than 28 days after receipt of the request.