Report
Annual report and accounts 2023 to 2024
The Gambling Commission's 2023 to 2024 Annual report and accounts. For the period 1 April 2023 to 31 March 2024.
13. Provisions for liabilities and charges
| Description | Victoria Square House premises dilapidations £ thousands |
Bloomsbury Street premises dilapidations £ thousands |
Legal provisions £ thousands |
2024 Total £ thousands |
2023 Total £ thousands |
|---|---|---|---|---|---|
| Balance as at 1 April | 1,245 | 73 | 224 | 1,542 | 1,660 |
| Provided in the year | 72 | 0 | 0 | 72 | 0 |
| Provisions not required written back | 0 | 0 | (24) | (24) | 0 |
| Provisions utilised in the year | 0 | 0 | 0 | 0 | (138) | Unwinding of discount1 | (43) | 0 | 0 | (43) | 20 |
| Balance at 31 March | 1,274 | 73 | 200 | 1,547 | 1,542 |
| Not later than one year | 0 | 73 | 200 | 273 | 297 |
| Later than one year and not later than five years | 1,274 | 0 | 0 | 1,274 | 1,245 |
| Later than five years | 0 | 0 | 0 | 0 | 0 |
| Balance at 31 March | 1,274 | 73 | 200 | 1,547 | 1,542 |
Victoria Square House premises – dilapidations
The Victoria Square House lease expires in February 2026, at which point it is the Gambling Commission’s intention to move premises. The Dilapidations estimate of £1,329k, based on the independent assessments carried out during 2024 on behalf of the Commission has been used as the basis and includes the discounted rate of £1,274k for the valuation as at 31 March 2024.The provision has then been adjusted using price elasticity of supply (PES) 2024 inflation and short-term general provision discounting rates. The Commission has prudently included VAT in the estimate due to it not being possible to recover the cost if charged, which is currently uncertain.
Bloomsbury Street premises – service charge
The Bloomsbury Street lease expired on 8 November 2022. The provision of £73k remains for the final closure costs relating to the building.
Legal provisions
As at 31 March 2024, there were legal cases which remained un-resolved, resulting in a provision of £200,000 (2022 to 2023, £224,000) which relates to a data breach incident which occurred in 2021.
References
1 Provisions have been assessed under IAS37 as either having a legal or constructive obligation at the balance sheet date 31 March 2024 and a probable outflow of costs.
12. Trade and other payables or the Annual Report 2023 to 2024 Next section
14. Retirement benefits obligations
Last updated: 17 October 2024
Show updates to this content
No changes to show.