Commissioners for the Reduction of the National Debt - Investment Accounts
Olympic Lottery Distribution Fund Investment Account
The Olympic Lottery Distribution Fund was set up by Section 23 of the Horserace Betting and Olympic Lottery Act 2004 (‘the Act’), to administer the proceeds of lottery ticket sales and other revenues ahead of the London 2012 Games. The Fund was maintained under the control and management of the Department for Culture, Media and Sport.
CRND invested the proceeds of the Fund on behalf of the Secretary of State by virtue of Section 27 of the Act. The principal investment policy was to provide a reasonable return from risk free, short term, liquid securities.
Regular meetings were held between CRND and the Department for Culture Media and Sport to review the size, investment position and strategy of the Investment Account.
This Fund was wound down on 30 January 2015, once all post-Olympic monies due had been received and distributed. The residual balance at the close was transferred to the National Lottery Distribution Investment Account, in line with the relevant Statutory Instrument (2015/85).