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  3. Annual Report and Accounts 2022 to 2023

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Annual Report and Accounts 2022 to 2023

The Gambling Commission's 2022 to 2023 Annual Report and Accounts. For the period 1 April 2022 to 31 March 2023.

Published
18 October 2023

Last updated
18 October 2023 - Changes

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

15. Lease liabilities

Lease liabilities
Descriptions Victoria Square House
Land and Buildings
£ thousands		 Bloomsbury Street
Land and Buildings
£ thousands		 Plant and Equipment
£ thousands		 2022 to 2023 Total
£ thousands		 2020 to 2021 Total
£ thousands
Leases under International Financial Reporting Standards (IFRS) 16
Total future lease payments under leases are given in this table for each of the following periods:
No later than one year 754 0 3 757 869
Later than one year and not later than five years 1,728 0 7 1,735 2,460
Later than five years 0 0 0 0 0
Balance as at 31 March 2,482 0 10 2,492 3,329
Lease Liabilities included in the balance sheet
Current 754 0 3 757 869
Non-current 1,728 0 7 1,735 2,460
Balance as at 31 March 2,482 0 10 2,492 3,329
Movement in lease during the year
At 1 April 3,199 130 0 3,329 4,237
Lease Liability in relation to new leases 0 0 10 10 0
Interest on lease liabilities – finance costs at 1.99 percent1 62 (52) 0 10 84
Lease rental payments2 (779) (78) 0 (857) (992)
Balance as at 31 March (2,482) 0 10 2,492 3,329

Victoria Square House

The Victoria Square House 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 2023, the lease at Victoria Square House will continue for an additional 3 years to February 2026.

Plant and equipment

The Gambling Commission has entered into a new lease for two photocopiers for the office. The lease is for a period of 3 years and commenced with effect from 24 February 2023. The lease will continue to 23 February 2026.

References

1 Interest on lease liabilities – Finance Cost - amounts recognised in Statement of Comprehensive Net Expenditure (SoCNE), a discount rate of 1.99 percent per annum 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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14. Retirement benefits obligations Next section
16. Capital commitments
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