Statutory Instruments
GOVERNMENT TRADING FUNDS
Laid before the House of Commons in draft
Made
27th March 1991
Coming into force
1st April 1991
Whereas:
(1) It appears to the Chancellor of the Exchequer (“the Chancellor”) that the operations of the Central Office of Information referredto in Article 3 of this Order are suitable to be financed by means of atrading fund, and that the financing of those operations by means of atrading fund would be in the interests of the improved effectiveness ofthe management of those operations:
(2) The Chancellor has, in accordance with section 2(1) of theGovernment Trading Funds Act 1973 determined—
(a)with Treasury concurrence that the assets and liabilities set outin Schedule 2 are properly attributable to those operations and aresuitable to be appropriated to the fund to be established by thefollowing Order, and
(b)in accordance with Treasury directions the values and amounts soset out:
The Chancellor of the Exchequer, in exercise of the powers conferredon him by sections 1(1), 1(4), 2(1), 2(7), 2A(1), and 2B(6) of theGovernment Trading Funds Act 1973(1) and of all other powers enabling him in that behalf,with the concurrence of the Treasury, hereby makes the following Order,a draft of which has been laid before the House of Commons and has beenapproved by a resolution of that House in accordance with section 6(2)of that Act:—
1. This Order may be cited as the Central Office of Information TradingFund Order 1991, and shall come into force on 1st April 1991.
2. In this Order—
“the Act” means the Government Trading Funds Act 1973; and
“the fund” means the trading fund established by this Order.
3. As from 1st April 1991 for the operations of the department of thegovernment known as the Central Office of Information which aredescribed in Schedule 1 to this Order there shall be established atrading fund to be known as the COI Trading Fund.
4. The National Loans Fund is hereby designated as the authorisedlender to the fund for the purposes of the Act.
5. The maximum amount that may be issued to the fund under section 2Bof the Act shall be £100 million.
6. The Crown assets and liabilities as at 1st April 1991 described ingeneral terms in Schedule 2 to this Order shall be appropriated asassets and liabilities of the fund at the values and amounts thereinspecified.
7. Such part of the capital of the fund as amounts to£265,000 shall be treated as public dividend capital.
Norman Lamont
Chancellor of the Exchequer
27th March 1991
We concur.
Sydney Chapman
Thomas Sackville
Two of the Lords Commissioners of Her Majesty’s Treasury
27th March 1991
Article 3
The operations of the Central Office of Information to be funded bythe fund are:—
(a)the procurement and supply of goods or services in connection withthe provision, through any medium of information, communication oreducation, of advertising, publicity or information;
(b)operations incidental, conducive or otherwise ancillary to theforegoing.
Article 6
| Assets | Value (in £000) |
|---|---|
| Plant, machinery, fixtures, fittings, and equipment | 1,770 |
| Raw materials and consumables | 281 |
| Work in progress | 18.962 |
| Trade debtors | 59.310 |
| Prepayments and accrued income | 2,500 |
| Cash at bank and in hand | 21,073 |
| Liabilities | Amount (in £000) |
| Trade creditors | 73,583 |
| Provision for taxation and social security | 9,304 |
| Accruals and deferred income to the value of £19,239,000 | 19,239 |
(This note is not part of the Order)
This Order provides for setting up a trading fund established withpublic money to finance the operations of the Central Office ofInformation. It designates the National Loans Fund as the authorisedlender to the fund, imposes a limit of £100 million on thesums that may be issued to the fund by way of loan, and provides thatpart of the capital of the trading fund amounting to £265,000is to be public dividend capital. Schedule 1 describes the operations inquestion, and Schedule 2 the assets and liabilities that areappropriated to the fund and their values and amounts.
1973 c. 63; sections 1, 2, 2A and 2B were substituted bythe Government Trading Act 1990 (c. 30). The 1973 Act as amended is setout in Schedule 1 to the 1990 Act.