The new charity, to be known as Nesta, will continue to support innovation through a combination of practical programmes, investing in start-up innovative companies, and carrying out research into innovation.
Minister for Universities and Science David Willetts said:
“Nesta has played, and will continue to play, a key role in contributing to the innovation and growth agenda in the UK. By constituting them as a charity they can continue their important work in backing innovative ideas up and down the country independent from Government.”
The National Lottery endowment has been transferred to a separate Trust which will be used to support innovative activities in line with the Trust’s charitable objectives. Nesta will be the sole trustee of the NESTA Trust.
James Sinclair Taylor has been appointed as the Protector of the NESTA Trust. Mr Sinclair Taylor’s role is to ensure the integrity of the administration of the Trust and the propriety of its procedures.
This marks the completion of a process which started with the Government’s announcement in October 2010 as part of the public bodies reform programme.
Notes to Editors
The Public Bodies (Abolition of the National Endowment for Science, Technology and the Arts) Order 2012 completed its passage through Parliament on 26 March. The Order and Transfer Scheme were signed by the Universities and Science Minister on 27 March 2012. The Order, using the powers under the Public Bodies Act 2011, provided for NESTA to be abolished as a non-departmental public body on 1 April 2012.
The draft Order received the consent of the Northern Ireland Assembly on 5 March and the Scottish Parliament on 21 March.
The endowment has been transferred to the NESTA Trust and all other property, rights, liabilities and employees of NESTA have been transferred to Nesta Operating Company, a charity. The charity, to be known as Nesta, is the sole trustee of the Trust.
The Transfer Scheme transfers all rights, property and liabilities relating to the National Lottery endowment to the NESTA Trust. All other property, rights and liabilities, including staff, have been transferred to Nesta Operating Company, a registered charity to be known as Nesta. Nesta is the sole trustee of the NESTA Trust and will use the return from the endowment to advance the charitable objects of the Trust.
In its role as trustee of the Trust, Nesta will be subject to oversight by the Protector. The National Lottery endowment is currently valued at £321 million. The Protector has a fiduciary duty to ensure the integrity of the administration of the Trust and the propriety of its procedures.
James Sinclair Taylor, Head of the Charity and Social Business Team at Russell-Cooke Solicitors, has been appointed as Protector of the Trust. He is a leading advisor of charities, social enterprises and public bodies and author of a main legal reference work for the voluntary sector. Mr Sinclair Taylor also has experience of serving on the boards of a number of charitable and public bodies and commercial companies.
Mr Sinclair Taylor has been appointed for a 5 year term and will receive £5,000 remuneration per annum and reasonable out-of-pocket expenses.
For more information on Nesta, please see www.nesta.org.uk
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Notes to Editors
Department for Business, Innovation and Skills
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