Annual Report and Accounts 2022 to 2023
18. Contingent Asset
The Gambling Commission is due to be reimbursed for costs incurred in defending the claim brought against it by Camelot. Some of these costs have already been received, but the majority are yet to be recovered. The Commission considers this to be a contingent asset in accordance with International Accounting Standards (IAS) 37.
The Court (by paragraph 3 of the Court Order of Mrs Justice O'Farrell dated 14 Feb 2023) has ordered Camelot to pay the Commission these costs. However, such costs are payable on an indemnity basis, meaning there is an exercise to be done by Camelot in scrutinising all the alleged costs put forward by the Commission for recovery. The Commission has taken legal advice which estimates that the final amount receivable will be in the region of £2.0 million, subject to negotiations and expected to be paid within the upcoming financial year.Previous section
17. Commitments under operating leases Next section
19. Contingent liabilities disclosed under IAS 37
Last updated: 18 October 2023
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