The Secretary of State may pay grants to the governing bodies of institutions to which regulation 7 applies in respect of approved expenditure incurred or to be incurred by them for the purposes of, or in connection with, the provision (or proposed provision) of further education or higher education (or both):

Provided that grant in respect of approved capital expenditure incurred or to be incurred by the governing body of Trinity College, Carmarthen, shall not exceed 85% of the approved expenditure.