National Lottery Bill [H.L]

National Lottery Bill [H.L] - continued	House of Commons
PART II, THE NATIONAL ENDOWMENT FOR SCIENCE, TECHNOLOGY AND THE ARTS - continued

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Solicitation of gifts and investment of money.

20. - (1) NESTA shall be under a duty to seek gifts of assistance, money, land and other property, but in seeking or accepting any such gifts NESTA shall comply with any directions given to them by the Secretary of State.

(2) Except to the extent that directions under section 21 below otherwise provide, NESTA shall pay-

(a) their endowment, and

(b) any other money held by them which is not immediately required by them for the purpose of achieving their objects,

to the National Debt Commissioners for investment by them in accordance with any instructions given to them by NESTA.

(3) In giving instructions to the National Debt Commissioners under subsection (2) above, NESTA shall comply with any directions under section 21 below.

(4) The expenses of the National Debt Commissioners in making any investment under subsection (2) above shall be met by NESTA.

(5) In this section "endowment" has the meaning given by section 19(6) above.

Financial directions etc.

21. - (1) NESTA shall comply with any directions given to them by the Secretary of State-

(a) in connection with the management, control or investment of their endowment or any other money held by them;

(b) in connection with the management, control, use or exploitation of any property in which they have an interest;

(d) otherwise in connection with their financial affairs.

(2) If NESTA fail to comply with any direction given to them under this section, the Secretary of State may, after taking into account any representations made by NESTA, require NESTA to pay to him such amount as the Secretary of State thinks appropriate having regard to the extent or degree of that failure.

(3) The amount, or the aggregate of any amounts, which NESTA are required to pay under this section shall not exceed the amount of their endowment.

(4) Any amount which NESTA are required to pay under this section shall be recoverable by the Secretary of State as a debt due to him from NESTA.

(5) The Secretary of State shall pay into the National Lottery Distribution Fund any amount received by him under this section; and any amount so paid shall be treated for the purposes of the 1993 Act as so paid under section 21(2) of that Act.

(6) The Secretary of State shall consult NESTA before giving any directions to them under this section.

(7) In this section "endowment" has the meaning given by section 19(6) above.

Annual report and forward plans.

22. - (1) As soon as possible after the end of each financial year, NESTA shall make a report to the Secretary of State on the activities of NESTA during that year.

(2) The report shall set out any directions given to NESTA under section 20 or 21 above that had effect during the financial year to which the report relates.

(3) NESTA shall from time to time draw up a forward plan.

(4) As soon as possible after drawing up a forward plan, NESTA-

(a) shall send a copy of the plan to the Secretary of State; and

(b) shall publish and publicise the plan.

(5) The Secretary of State shall lay a copy of every report and forward plan received by him under this section before Parliament.

(6) In this section "forward plan" means a plan for a future period which sets out the strategy which NESTA propose to follow during that period for the purpose of achieving their objects.

Accounts.

23. - (1) NESTA shall-

(a) keep proper accounts and proper records in relation to the accounts, and

(b) prepare a statement of accounts in respect of each financial year.

(2) The statement shall comply with any directions that may be given by the Secretary of State as to the information to be contained in such a statement, the manner in which such information is to be presented or the methods and principles according to which such a statement is to be prepared.

(3) Copies of the statement shall be sent to the Secretary of State and the Comptroller and Auditor General within such period after the end of the financial year to which the statement relates as the Secretary of State may direct.

(4) The Comptroller and Auditor General shall examine, certify and report on the statement and shall lay copies of the statement and of his report before Parliament.

(5) The Secretary of State shall not give a direction under this section without the Treasury's approval.

Exemption from taxation.

24. - (1) In section 507(1) of the Income and Corporation Taxes Act 1988 (certain bodies entitled to such exemption from tax as falls to be allowed under section 505 of that Act in case of charity the whole income of which is applied to charitable purposes) after paragraph (e) there shall be inserted-

"(f) the National Endowment for Science, Technology and the Arts."

(2) In section 271(7) of the Taxation of Chargeable Gains Act 1992 (certain bodies exempt from tax in respect of chargeable gains) after "the Trustees of the National Heritage Memorial Fund," there shall be inserted ", the National Endowment for Science, Technology and the Arts,".

(3) In Schedule 3 to the Inheritance Tax Act 1984 (exemption for gifts for national purposes etc) after the entry relating to the Trustees of the National Heritage Memorial Fund there shall be inserted-

" The National Endowment for Science, Technology and the Arts."

(4) In section 129(1) of the Finance Act 1982 (exemption from stamp duty on grants, transfers to charities etc) after "the Trustees of the National Heritage Memorial Fund" there shall be inserted "or to the National Endowment for Science, Technology and the Arts".

(5) In section 90(7) of the Finance Act 1986 (exceptions from stamp duty reserve tax as regards agreements to transfer securities to certain bodies etc) after paragraph (d) there shall be inserted "or

(e) the National Endowment for Science, Technology and the Arts."