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.
2. Prior period adjustments
The accounting treatment for the collection of the Economic Crime Levy was reassessed in June 2024 and it was determined that the Gambling Commission act as an agent rather than a principal in the collection of the levy. The transaction is therefore not recorded in the financial statements, but is disclosed within Note 5(d), Consolidated Fund Income. This has resulted in a material adjustment to remove the year-end accrual from the balance as at 31 March 2023. It is noted that cash recoveries only commenced in the current financial year.
As the cash recoveries are not recognised as revenue and paid across to the Consolidated Fund, an adjustment to the Statement of Comprehensive Net Expenditure (SoCNE) is not required.
Statement of financial position as at 31 March 2023
| Description | As previously (£ thousands) | Adjustment (£ thousands) | Restated amount (£ thousands) |
|---|---|---|---|
| Current receivables - Consolidated fund receipts due | 11,132 | (1,594) | 9,538 |
| Current payables - Consolidated fund receipts due | (11,058) | (1,594) | (9,464) |
1. Statement of accounting policies Next section
3. Statement of operating costs by operating segment
Last updated: 17 October 2024
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