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2. Prior period adjustments
A prior year restatement was required in the current year due to the material omission of a dilapidation valuation. The Gambling Commission decided in 2022 to 2023 that they will be exiting the building when the lease expires in February 2026.
As per the lease agreement, the Commission has a constructive obligation to return the building to its state prior to occupation. On 9 February 2023, an independent Dilapidations Liability Assessment was carried out by a Registered Institute of Chartered Surveyors (RICS) Regulated Consultancy Firm. We have measured the liability in accordance with International Accounting Standards (IAS) 37.
The Commission have opted to restate and discount from the year prior year as opposed to the date of the lease hold improvement works as no valuation report was available until the current financial year.
Prior year restatements are detailed in the following tables:
| Description | Adjusted amounts £ thousands |
|---|---|
| Statement of Comprehensive Net Expenditure (SoCNE) for the year ending 31 March 2022 Expenditure Finance Expenses |
(19) |
| Statement of financial position for the year ending 31 March 2022 Current liabilities Provisions for liabilities and charges |
19 |
| Description | As previously £ thousands |
Restatement £ thousands |
Restated amount £ thousands |
|---|---|---|---|
| Statement of financial position as at 1 April 2021 Current liabilities Provisions for liabilities and charges |
315 |
1,206 |
1,521 |
| Taxpayer's equity Income and Expenditure Reserve |
4,191 |
(1,206) |
2,985 |
Last updated: 18 October 2023
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