Paragraph 1

In this Schedule —

“appropriate capital sum” means the aggregate of the amounts received by Richmond in the financial year in question which are attributable to —

(a)

repayments of principal in respect of —

(i)

any mortgage on terms which enable repayments to be deferred;

(ii)

any housing advance made by the London Residuary Body; or

(iii)

any further advance; and

(b)

repayments of discount on early disposal, the right to the repayment of which is vested by article 2(4),

less the aggregate of —

(c)

the expenditure incurred by Richmond in that year in making —

(i)

any further advance; or

(ii)

any payment under section 442(1) of the Housing Act pursuant to an agreement mentioned in article 2(6);

(d)

the amount of Richmond’s expenses in that year which is charged to any capital account; and

(e)

the amount which is written off by Richmond in that year as irrecoverable in relation to any interest vested by article 2(1) in respect of which Richmond has made a payment in accordance with article 5, or any right vested by article 2(5) in respect of which Richmond has made a payment in accordance with article 6(2);

“appropriate percentage” in relation to any housing authority means the percentage specifed in relation to that authority in Schedule 3 to this Order;

“appropriate revenue sum” means the aggregate of the amounts received by Richmond in the financial year in question which are attributable to —
1. (a)
  
  interest in respect of any mortgage on terms which enable repayments to be deferred, any housing advance made by the London Residuary Body or any further advance; and
2. (b)
  
  any equity-sharing agreement,
less the amount attributable to Richmond’s expenses in that year which is charged to any revenue account;
“expenses” means administrative expenses properly attributable to any provision of this Order;
“housing authority” means a London borough council or the Common Council of the City of London.