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New Opportunities Fund

Volume 301: debated on Tuesday 25 November 1997

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To ask the Secretary of State for Culture, Media and Sport what are the management and distribution arrangements for the money currently being channelled to the New Opportunities Fund. [17595]

Shadow accounting arrangements have been in place since 14 October 1997 whereby 13⅓ per cent. of the proceeds for good causes from the National Lottery, and any interest earned on that sum, accrue to the New Opportunities Fund. Subject to Parliament's approval of the legislation I shall be introducing shortly, funds being held for the New Opportunities Fund will be formally transferred to it after Royal Assent. Initial funding for the National Endowment for Science, Technology and the Arts will be met from the sum allocated to the New Opportunities Fund. These arrangements will be fully reflected in the accounts of the National Lottery Distribution Fund and the Distributing Bodies.