approved expendituremeans expenditure which is approved by the Secretary of State for the purposes of the payment of grant;
capital expendituremeans expenditure on or in connection with– (a) the acquisition of any interest in land or buildings;
grantmeans a grant in pursuance of these Regulations;
loanmeans a loan in pursuance of regulation 9;
Universities Funding Councilmeans the body established by section 131 of the Education Reform Act 1988.