Financial requirements
For society and local authority lotteries promoted under licence from the Commission, accounting records must be retained for a minimum of three years from the date of any lottery to which they relate and they must be made available for inspection by the Commission on request. These records must contain, in respect of each lottery, details of the:
- the total proceeds
- the amount allocated to prizes
- the amount of proceeds allocated to expenses, and details of those expenses
- the amount applied directly to the purposes of the society or the purposes for which the local authority has power to incur expenditure as the case may be
- the number of sold and unsold tickets in each lottery.
Where the cumulative proceeds of lotteries promoted by a society or local authority exceed £1,000,000 in a calendar year, the Commission must be sent a written confirmation from a statutory auditor that the proceeds of those lotteries have been fully accounted for in annual audited accounts. Such confirmation must be provided within ten months of the end of the period to which the accounts relate.
A statutory auditor is someone who is eligible for appointment as a company auditor under section 1210 of the Companies Act 2006 but is not, in the case of a society:
a) a member of the society
b) a partner, officer or employee of such a member
c) a partnership of which a person falling within (a) or (b) is a partner.
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Lottery submissions
Last updated: 23 February 2021
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