net expendituremeans all expenditure and costs incurred by the Authority less receipts (if any), but excluding any expenditure or costs payable out of, or receipts which fall to be credited to, the superannuation fund maintained by the Authority under the 1986 Regulations.
propertyincludes land held as an investment of the superannuation fund and land acquired by the Residuary Body after 1st September 1989 exclusively for the purposes of carrying out its functions in relation to the superannuation fund, but excludes any other land.
the 1985 Actmeans the Local Government Act 1985;
the 1986 Regulationsmeans the Local Government Superannuation Regulations 1986.
the Authoritymeans the body established by article 2(1);
the Residuary Bodymeans the London Residuary Body;