Becta has just issued guidance on funding for schools and local authorities for 2007/08, which can be downloaded here.  The key bits of information seem to be:

1.2 Schools and LAs receive funding for ICT through the following grants:
• Devolved Formula Capital
• School Development Grant
• Grant 121: National Digital Infrastructure for Schools
• Grant 122: Electronic Learning Credits (eLCs)
• Grants 125 and 210: Computers for Pupils
1.3 Although the Devolved Formula Capital and the School Development Grant do not have a specific identifiable allocation for ICT, schools have flexibility and autonomy to decide how they spend their funding across the full range of learning technologies. The decision about how much a school spends on ICT should be based on its individual needs and priorities. Schools may wish to take advantage of the three-year carry-forward available for the Devolved Formula Capital to take a more strategic approach to their ICT investment.
1.4 There is greater funding available for ICT than ever before. It is therefore important that schools consider the grants as a whole and decide how they can be used strategically to achieve their individual aims and help meet the Government’s priorities for education.
1.5 Two of the grants remain ring-fenced. Grant 121, National Digital Infrastructure for Schools, is LA retained, with the greater proportion match-funded. Grant 122, eLCs, is also ring-fenced to Curriculum Online approved digital resources.

There is more detail in the document.