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.
7. Finance leases
In accordance with International Financial Reporting Standard (IFRS) 16, the Gambling Commission has categorised all leases as right of use assets, except for those leases which are exempt either by having less than 12 months to run from 31 March 2024 or are considered low value (less than £5,000).
The right of use asset is recognised as an asset and a corresponding lease liability at the net present value (NPV) of future lease payments. Lease payments are apportioned between the finance charge and the reduction of the outstanding liability.
Finance leases 2023 to 2024
| Description | Victoria Square House Land and Buildings* £ thousands |
Bloomsbury Street Land and Buildings £ thousands |
Plant and Equipment £ thousands |
Total £ thousands |
|---|---|---|---|---|
| Cost and/or valuation | ||||
| At 1 April 2023 | 5,094 | 611 | 16 | 5,721 |
| Right of use asset additions | 0 | 0 | 0 | 0 |
| Derecognition of right-of-use assets | 0 | (611) | (6) | (617) |
| As at 31 March 2024 | 5,094 | 0 | 10 | 5,104 |
| Accumulated depreciation | ||||
| At 1 April 2023 | 2,946 | 611 | 6 | 3,563 |
| Charged in year | 737 | 0 | 3 | 740 |
| Disposal | 0 | (611) | (6) | (617) |
| As at 31 March 2024 | 5,094 | 0 | 10 | 5,104 |
| Carrying value as at 31 March 2024 | 1,411 | 0 | 7 | 1,418 |
| Carrying value as at 31 March 2023 | 2,148 | 0 | 10 | 2,158 |
Finance leases 2022 to 2023
| Description | Victoria Square House Land and Buildings £ thousands |
Bloomsbury Street Land and Buildings £ thousands |
Plant and Equipment £ thousands |
Total £ thousands |
|---|---|---|---|---|
| Cost and/or valuation | ||||
| At 1 April 20221 | 5,094 | 611 | 6 | 5,711 |
| Finance lease additions | 0 | 0 | 10 | 10 |
| As at 31 March 2023 | 5,094 | 611 | 16 | 5,721 |
| Accumulated depreciation | ||||
| At 1 April 2022 | 2,209 | 493 | 5 | 2,707 |
| Charge in year | 737 | 118 | 1 | 856 |
| As at 31 March 2023 | 2,946 | 611 | 6 | 3,563 |
| Carrying value as at 31 March 2023 | 2,148 | 0 | 10 | 2,158 |
| Carrying value as at 31 March 2022 | 2,885 | 118 | 1 | 3,004 |
Victoria Square House
Following a successful application to the Government Property Agency, the Commission signed a lease for its existing premises in central Birmingham. The lease was signed in May 2015. The 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 2024, the lease at Victoria Square House will continue for an additional 2 years to February 2026.
Bloomsbury Street
As part of the National Lottery Competition, the Commission entered into an intra-UK government agreement for premises in Bloomsbury Street London. The lease is for a period of 3 years and commenced with effect from 8 November 2019. The lease ended in November 2022.
Plant and Equipment
The Commission have 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
1Right of use asset value for Victoria Square House as at 1 April 2020 includes an adjustment of £358k relating to a brought forward deferred rent release provision. The Commission received a rent-free period during 2015 to 2016; during this time rental charges were accrued, and the cost benefit is being released over the life of the lease.
6. Property, plant and equipment Next section
8. Intangible assets
Last updated: 17 October 2024
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