Report
Annual Report and Accounts 2021 to 2022
The Gambling Commission's 2021 to 2022 Annual Report and Accounts.
2. Prior period adjustments and reclassifications
Consolidated Fund Income
Following a review of the FReM section 11.3.9 for Fines and penalties, it was identified the disclosure should show the total amount repayable to the Consolidated Fund (including unreceived cash which has been invoiced or provided for). Historically, the Commission disclosed the amount of penalty proceeds received in the bank and yet to be surrendered to the Consolidated Fund.
The Commission considers that it is appropriate to recognise this transaction as a prior period adjustment due to its value.
A prior year adjustment (£11,269,935) has therefore been recorded to increase the Trade and other receivables and Consolidated Fund Income liabilities by the same amount. The net effect to Taxpayers' equity is £Nil.
As per IAS 8.42 as the presentation of the Consolidated Fund payable was not presented in line with the FReM for periods preceding 2020-21 then there is a requirement to show the restated opening balances. A third column as at 1 April 2020 has been included on the SoFP.
Provisions for liabilities and charges
In accordance with the FReM and IAS 37 (Provisions, Contingent Liabilities and Contingent Assets), a separate provisions note has been included in this years accounts. Provisions were previously recognised as accruals and have been reclassified in the year.
A prior year reclassification has therefore been recorded to decrease the Trade and other payables (£315,000) and increase Provisions for liabilities and charges by the same amount. The net effect to Taxpayers' equity is £Nil.
Grant-in-aid repayable 2020-21
The Commission receives grant-in-aid funding for National Lottery operations. In accordance with the FReM, Grant-in-aid is treated as a financing transaction rather than as revenue as it is a contribution from a controlling entity.
2020-21 Trade and other payables included £240,000 of grant-in-aid which was repayable in 2021-22.
A prior year adjustment (£240,000) has therefore been recorded to increase Taxpayers' equity and decrease Trade and other payables by the same amount.
Statement of financial position as at 31 March 2021
| Data definitions | As previously £'000s |
Adjustment £'000s |
Restated amount £'000s |
|---|---|---|---|
| Current assets | |||
| Trade and other receivables1 | 918 | 11,270 | 12,188 |
| Current liabilities | |||
| Trade and other payables23 | (14,634) | 555 | (14,079) |
| Provisions for liabilities and charges2 | - | (315) | (315) |
| Consolidated Fund Income1 | - | (11,270) | (11,270) |
| Taxpayers' equity | |||
| Income and Expenditure Reserve3 | 3,951 | 240 | 4,191 |
References
1 Consolidated Fund Income
2 Provisions for liabilities and charges
3 Grant-in-aid repayable 2020-21
1. Statement of accounting policies Next section
3. Statement of operating costs by operating segment
Last updated: 31 August 2022
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