7The New Opportunities Fund
(1)In section 23 of the 1993 Act (the distributing bodies) after subsection (5) there shall be inserted—
“(6)So much of any sum paid into the Distribution Fund as is allocated for expenditure on or connected with health, education or the environment shall be held in the Distribution Fund for distribution by the New Opportunities Fund (established under section 43A).”
(2)After section 43 of the 1993 Act there shall be inserted—
“The New Opportunities Fund
43AThe New Opportunities Fund
(1)There shall be a body corporate known as the New Opportunities Fund.
(2)Schedule 6A makes provision in relation to the New Opportunities Fund.
43BFunctions of the New Opportunities Fund
(1)The New Opportunities Fund—
(a)may make grants out of any money they receive to fund or assist in the funding of projects, or
(b)may make or enter into arrangements,
which are designed to give effect to such initiatives concerned or connected with health, education or the environment as may from time to time be specified in an order made by the Secretary of State.
(2)In making a grant under this section, the New Opportunities Fund may impose such conditions as they think fit, including conditions requiring the amount of a grant to be repaid forthwith on breach of any condition.
(3)The New Opportunities Fund may do anything that they consider desirable for enabling them to determine—
(a)the projects in respect of which grants under this section are to be made; or
(b)the arrangements which are to be made or entered into under this section.
(4)The New Opportunities Fund may for the purpose of enabling them to exercise their functions acquire and dispose of land.
43CProvisions supplemental to section 43B
(1)In exercising their functions under section 43B the New Opportunities Fund shall comply with any directions given to them by the Secretary of State.
(2)The Secretary of State shall consult the New Opportunities Fund before giving any directions to them under this section.
(3)An initiative may be so framed that it applies—
(a)throughout the whole of the United Kingdom; or
(b)in one or more areas of the United Kingdom.
(4)Before making an order under section 43B in respect of a particular initiative the Secretary of State shall consult such persons as appear to him to be appropriate.
(5)Before revoking an order under section 43B the Secretary of State shall consult the New Opportunities Fund.
(6)Any reference in this section to an initiative is a reference to an initiative specified in an order made under section 43B.
(7)The report for any financial year of the New Opportunities Fund under section 34 shall set out any directions given to the Fund under this section that had effect during that year.
43DAccounts
(1)The New Opportunities Fund shall—
(a)keep proper accounts and proper records in relation to the accounts, and
(b)prepare a statement of accounts in respect of each financial year.
(2)The statement shall comply with any directions that may be given by the Secretary of State as to the information to be contained in such a statement, the manner in which such information is to be presented or the methods and principles according to which such a statement is to be prepared.
(3)Copies of the statement shall be sent to the Secretary of State and the Comptroller and Auditor General within such period after the end of the financial year to which the statement relates as the Secretary of State may direct.
(4)The Comptroller and Auditor General shall examine, certify and report on the statement and shall lay copies of the statement and of his report before Parliament.
(5)The Secretary of State shall not give a direction under this section without the Treasury’s approval.”
(3)After Schedule 6 to the 1993 Act there shall be inserted the Schedule 6A set out in Schedule 2 to this Act.