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1079618

registered interest
date	01/03/2019
answering body	Attorney General
answering dept id	88
answering dept short name	Attorney General
answering dept sort name	Attorney General
hansard heading	National Fund
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they hold information about the identity of the donor who set up the National Fund.
tabling member printed	Baroness Hayter of Kentish Town
uin	HL14160
answer	answer is ministerial correction date of answer 14/03/2019 answer text <p>The National Fund was set up by a trust deed in 1928. The Fund is held on trust for the purpose of reducing the National Debt.</p><p>The 1928 deed does not record who the founder was, and it is apparent from accompanying documents that they wished to remain anonymous.</p><p>Her Majesty’s Government therefore does not hold information about the identity of the donor who set up the Fund.</p> answering member printed Lord Keen of Elie question first answered 14/03/2019 17:12:40 answering member 4538 label Biography information for Lord Keen of Elie
tabling member	4159 label Biography information for Baroness Hayter of Kentish Town

1079620

registered interest
date	01/03/2019
answering body	Attorney General
answering dept id	88
answering dept short name	Attorney General
answering dept sort name	Attorney General
hansard heading	National Fund
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether the Attorney General’s application to the High Court to release the assets of the National Fund has now been concluded; and if so, how those assets are shown in HM Treasury’s accounts.
tabling member printed	Baroness Hayter of Kentish Town
uin	HL14162
answer	answer is ministerial correction date of answer 14/03/2019 answer text <p>The National Fund was set up by a trust deed in 1928. The Fund is held on trust for the purpose of reducing the National Debt. According to expert evidence, there is no realistic prospect of the Fund ever amounting to a sum sufficient to pay off the whole of the National Debt.</p><p>The application made by the then Attorney General to the High Court on 22nd May 2018, to release the assets of the National Fund in order to pay down national debt, has not yet concluded. In February 2019 the High Court Listing Officer allocated a three day hearing during a five day window starting on 18 November 2019.</p> answering member printed Lord Keen of Elie question first answered 14/03/2019 17:10:09 answering member 4538 label Biography information for Lord Keen of Elie
tabling member	4159 label Biography information for Baroness Hayter of Kentish Town

818588

registered interest
date	08/01/2018
answering body	Attorney General
answering dept id	88
answering dept short name	Attorney General
answering dept sort name	Attorney General
hansard heading	National Fund
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what progress they have made in enabling the National Fund charity to make appropriate donations; and whether they intend to apply to the courts for a scheme allowing the Fund to be used for its original purpose.
tabling member printed	Baroness Hayter of Kentish Town
uin	HL4465
answer	answer is ministerial correction date of answer 22/01/2018 answer text <p>The National Fund was created in 1928 with an initial anonymous donation of £500,000 with the aim of eventually extinguishing the national debt. It has accumulated significant funds through further donations and income over the years, as set out in the <strong><ins class="ministerial">attached </ins></strong>chart <del class="ministerial">below</del>. It is currently estimated to be worth over £460 million.</p><p>The terms of the deed of Trust for the National Fund are such that the Trustees are required to accumulate the net income and profits of the trust fund until the value of the fund along with its accumulated income, when added to the value of any other funds applicable for the same purpose, is sufficient to discharge the entirety of the National Debt. Given the terms of the trust, the money is currently ‘locked’ in the fund.</p><p>The Attorney General’s Office is working with the Charity Commission and the Fund’s trustees to help resolve this legally complicated matter.</p><p> </p><p> </p> answering member printed Lord Keen of Elie question first answered 22/01/2018 14:42:46 question first ministerially corrected 16/05/2018 10:48:18 answering member 4538 label Biography information for Lord Keen of Elie attachment 1 file name Chart 2.pdf title Chart previous answer version 35717 answering member printed Lord Keen of Elie answering member 4538 label Biography information for Lord Keen of Elie
tabling member	4159 label Biography information for Baroness Hayter of Kentish Town