§ Dr. MurrisonTo ask the Secretary of State for Culture, Media and Sport what proportion of income was spent on administration by the National Endowment for Science, Technology and the Arts in the last financial year. [48881]
§ Mr. CabornFigures for the last financial year, 2001–02, are not yet available. NESTA's published accounts for the financial year to 31 March 2001 show that 9.9 per cent. of income was spent on operating costs.
§ Dr. MurrisonTo ask the Secretary of State for Culture, Media and Sport what plans exist for the future funding of the National Endowment for Science, Technology and the Arts. [48882]
§ Mr. CabornPlans for funding NESTA will be considered alongside other options for the future use of lottery funds.
§ Dr. MurrisonTo ask the Secretary of State for Culture, Media and Sport what assessment has been made of the return or investment made by the National Endowment for Science, Technology and the Arts. [48876]
§ Mr. CabornIn accordance with the National Lottery Act 1998, NESTA's endowment is managed by the National Investment and Loans Office on behalf of the National Debt Commissioners. The endowment is invested in Government Bonds and Treasury Bills whose performance reflect prevailing base rates. Since establishment, the endowment has produced an annual average return of 5.25 per cent. The interest on the endowment is invested separately by NESTA in an equities and bonds portfolio managed by Schroders Investment Management. Since establishment, this fund has produced an annualised average return of 3.4 per cent.
NESTA's performance will be considered in its Quinquennial Review in 2004–05.