23.—(1) Subject to paragraph (2) below, the total amount which the Secretary of State may recover from the relevant authority in respect of any school in relation to a financial year beginning on or after 1st April 1994 by virtue of section 93 of the 1993 Act is the amount determined in accordance with these Regulations as the amount of the maintenance grant payable in respect of the school and financial year in question (as from time to time revised).
(2) The amount which would otherwise fall to be determined in accordance with paragraph (1) above as the total amount recoverable from a relevant authority by virtue of section 93 of the 1993 Act in respect of any school for any financial year may be reduced by an amount not exceeding the amount outstanding in respect of any excess amount recovered from the authority under that section in respect of the school in relation to any previous financial year.