Since May 2010, we have agreed financial arrangements with 13 former independent schools converting to academy status. Most of these schools received the standard project development grant of £25,000 given to mainstream schools to support them with the costs of conversion, although three received more. All grants agreed since May 2010 are significantly smaller than the level of grants paid to independent schools moving into he state sector prior to May 2010. Between 2007 and 2010, project development grants given to converting independent schools ranged from £620,000 to as high as £1.7 million.
In some cases the Department has also agreed to fund the existing debts of predecessor schools by securing a charge against the assets such as land and buildings. Consistent with the approach under the previous Government, some projects have also been provided with a contribution towards capital funding for the creation of new places.