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  3. Annual Report and Accounts 2021 to 2022

Report

Annual Report and Accounts 2021 to 2022

The Gambling Commission's 2021 to 2022 Annual Report and Accounts.

Published
2 September 2022

Last updated
24 April 2023 - Changes

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  1. Contents
  2. Notes to the accounts
  3. 18. Lease liabilities

18. Lease liabilities

Lease liabilities
Data definitions Victoria Square House Land and Buildings
£'000s		 Bloomsbury Street Land and Buildings
£'000s		 Plant and Equipment
£'000s		 2021-22 Total
£'000s		 2020-21 Total
£'000s
Leases under IFRS 16
Total future lease payments under leases are given in this table for each of the following periods:
No later than one year (739) (130) - (869) (932)
Later than one year and not later than five years (2,460) - - (2,460) (3,305)
Later than five years - - - - -
Balance as at 31 March (3,199) (130) - (3,329) (4,237)
Lease Liabilities included in the balance sheet
Current (739) (130) - (869) (932)
Non-current (2,460) - - (2,460) (3,305)
Balance as at 31 March (3,199) (130) - (3,329) (4,237)
Movement in lease during the year
At 1 April (3,899) (366) (2) (4,237) (5,179)
Lease Liability in relation to new leases - - - - -
Interest on lease liabilities – finance costs at 1.99 percent1 (78) (6) - (84) (102)
Lease rental payments2 778 212 2 992 1,044
Balance as at 31 March (3,199) (130) - (3,329) (4,237)

Right-of-use asset value for Victoria Square House as at 1 April 2020 includes an adjustment of £358,000 relating to a brought forward deferred rent release provision. The Commission received a rent-free period during 2015/2016, during this time rental charges were accrued and the cost benefit is being released over the life of the lease.

Victoria Square House:

Following a successful application to the Government Property Unit, the Commission signed a lease for its existing premises in central Birmingham. The lease was signed in May 2015. The lease is for a period of 10 years (with a 5 year break clause) and commenced with effect from February 2016 when the previous lease expired. As at 31 March 2022, the lease at Victoria Square House will continue for an additional 4 years to February 2026.

Bloomsbury Street:

As part of the National Lottery Competition, the Commission have entered into a Intra-UK government agreements for premises in Bloomsbury Street London. The lease is for a period of 3 years and commenced with effect from 8 November 2019.

References

1 Interest on lease liabilities – Finance Cost – amounts recognised in SoCNE, a discount rate of 1.99 percent has been applied in the calculations of interest on lease liabilities.

2 Amount recognised in the statement of cash flow – total cash outflow for leases.

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17. Right-of-use assets Next section
19. Commitments under operating leases
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