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999131

registered interest
date	31/10/2018
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	1
legislature	25259 pref label House of Commons
question text	To ask the Attorney General, pursuant to the Answer of 23rd July 2018 to Question 165033 on the National Fund, whether he has received a hearing date from the High Court on his application to release the money held by the National Fund.
tabling member constituency	East Londonderry
tabling member printed	Mr Gregory Campbell
uin	186228
answer	answer is ministerial correction date of answer 05/11/2018 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. On 22<sup>nd</sup> May 2018 the former Attorney General made an application to the High Court to vary the terms of the charitable trust.</p><p>While we expect the substantive hearing to take place in 2019, we have not yet received a hearing date from the High Court.</p> answering member constituency South Swindon answering member printed Robert Buckland question first answered 05/11/2018 14:23:55 answering member 4106 label Biography information for Sir Robert Buckland
tabling member	1409 label Biography information for Mr Gregory Campbell

896403

registered interest
date	02/05/2018
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	1
legislature	25259 pref label House of Commons
question text	To ask the Attorney General, if he will make it his policy to disburse the monies held by the National Fund to good causes.
tabling member constituency	Croydon North
tabling member printed	Mr Steve Reed
uin	140746
answer	answer is ministerial correction date of answer 09/05/2018 answer text <p>The National Fund was set up by a trust deed in 1928. It is a charitable trust. The Fund is held on trust for the purpose of reducing the National Debt. The trustee is required to accumulate the income of the fund, and not to pay out any funds until the value of the Fund is sufficient to discharge the National Debt; the value of the Fund will continue to grow until such time as it is equal in value to 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. The question then arises: what actions can be taken to release the funds from the trust?</p><p>The intentions and wishes of the person who originally set up the Fund, which were to discharge the National Debt, must be respected and borne closely in mind when considering this legally complicated issue.</p><p>I have been working closely with the trustee of the Fund and the Charity Commission to resolve this issue. I will be able to provide an update on actions I will be taking regarding the future of the Fund shortly.</p> answering member constituency Kenilworth and Southam answering member printed Jeremy Wright question first answered 09/05/2018 08:02:35 answering member 1560 label Biography information for Sir Jeremy Wright
tabling member	4268 label Biography information for Steve Reed

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

418842

registered interest
date	15/09/2015
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	1
legislature	25259 pref label House of Commons
question text	To ask the Attorney General, whether it is his policy to facilitate the transfer of funds of the National Debt Fund Charity to the Treasury in a manner that is consistent with the charitable objectives of the National Debt Fund.
tabling member constituency	Ruislip, Northwood and Pinner
tabling member printed	Mr Nick Hurd
uin	10237
answer	answer is ministerial correction date of answer 17/09/2015 answer text <p>Options are being considered for the future of the Fund, consistent with its object of extinguishing or reducing the national debt. A proposal will be set out in due course.</p> answering member constituency Kenilworth and Southam answering member printed Jeremy Wright grouped question UIN 10207 question first answered 17/09/2015 15:53:51 answering member 1560 label Biography information for Sir Jeremy Wright
tabling member	1561 label Biography information for Mr Nick Hurd

168561

registered interest
date	08/12/2014
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	1
legislature	25259 pref label House of Commons
question text	To ask the Attorney General, what his policy is on the future of the National Fund; whether he has considered the early application of the Fund to reduce the national debt; what other options for the future of the Fund he has considered and (a) dismissed and (b) kept under consideration; and what donations have been made to the Fund in each of the last 30 years.
tabling member constituency	Lewes
tabling member printed	Norman Baker
uin	217758
answer	answer is ministerial correction date of answer 11/12/2014 answer text <p>There has been correspondence between the Charity Commission, the trustees and the Attorney General’s Office over the National Fund.</p><p>The Fund is operated in accordance with its rules and section 9 of the Superannuation and Other Trust Funds (Validation) Act 1927. It is accumulating as the original donors intended.</p><p>Options are being considered for the future of the Fund, consistent with its object of extinguishing or reducing the national debt. These include a possible application to the court for directions. The consideration of these options includes looking at the history of donations to the Fund. Whilst this work is on-going, it would not be appropriate to comment further.</p> answering member constituency South Swindon answering member printed Mr Robert Buckland question first answered 11/12/2014 16:01:37 answering member 4106 label Biography information for Sir Robert Buckland
tabling member	28 label Biography information for Norman Baker