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Report

Trust Statement 2024 to 2025

The Gambling Commission's Trust Statement for the period 1 April 2024 to 31 March 2025

Published
16 March 2026

Last updated
16 March 2026 - Changes

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Contents

Appendix

Accounts Direction from Treasury

Accounts direction given by HM Treasury in accordance with Section 2 of the Exchequer and Audit Departments Act 1921.

  1. This direction applies to the Gambling Commission, and supersedes the direction given on 31 March.

  2. The Gambling Commission shall prepare a Trust Statement (“the Statement”) for the financial year ended 31 March 2025 for the revenue collected by the Gambling Commission from the economic crime (anti-money laundering) levy and Gambling financial penalties (“revenue”), in compliance with the accounting principles and disclosure requirements of the edition of Government Financial Reporting Manual (“FReM”) 2024 to 2025.

  3. The Statement shall be prepared to include:

  • a Foreword by the Principal Accounting Officer
  • a Statement of the Principal Accounting Officer’s Responsibilities
  • a Governance Statement
  • a Statement of Revenue and Expenditure
  • a Statement of Financial Position
  • a Cash Flow Statement
  • such notes as may be necessary to present a true and fair view.
  1. The Notes shall include among other items:
  • the accounting policies, including the policy for revenue recognition and estimation techniques and forecasting techniques together with statements explaining any significant uncertainty surrounding estimates and forecasts
  • a breakdown of material items within the accounts
  • any assets, including intangible assets and contingent liabilities
  • summaries of losses, write-offs and remissions;
  • post balance sheet events
  • any other notes agreed with HM Treasury and the National Audit Office.

  1. The Statement shall also be prepared, so as to give a true and fair view of

    1. the state of affairs relating to the collection of revenue by the Commission and of the expenses incurred in the collection of that revenue insofar as they can properly be met from that revenue
    2. the revenue and expenditure
    3. the cash flows for the year then ended.

  2. The Statement shall also be prepared so as to provide disclosure of any material expenditure or revenue that has not been applied to the purposes intended by Parliament or material transactions that have not conformed to the authorities which govern them.

  3. When preparing the Statement, the Commission shall comply with the guidance given in the FReM (Chapter 11). The Commission shall also agree with HM Treasury the format of the Principal Accounting Officer’s Foreword to the Statement, and the supporting notes, and the accounting policies to be adopted, particularly in relation to revenue recognition. Regard shall also be given to all relevant accounting and disclosure requirements in Managing Public Money and other guidance issued by HM Treasury, and to the principles underlying International Financial Reporting Standards.

  4. Compliance with the requirements of the FReM will, in all but exceptional circumstances, be necessary for the accounts to give a true and fair view. If, in these exceptional circumstances, compliance with the requirements of the FReM is inconsistent with the requirement to give a true and fair view, the requirements of the FReM should be departed from only to the extent necessary to give a true and fair view. In such cases, informed and unbiased judgement should be used to devise an appropriate alternative treatment which should be consistent with both the economic characteristics of the circumstances concerned and the spirit of the FReM. Any material departure from the FReM should be discussed in the first instance with HM Treasury.

  5. The Statement shall be transmitted to the Comptroller and Auditor General for the purpose of his examination and report by a date agreed with the Controller and Auditor General and HM Treasury to enable compliance with the administrative deadline for laying the audited accounts before Parliament.

  6. The Statement, together with this direction and the Report produced by the Comptroller and Auditor General under Section 2 of the Exchequer and Audit Departments Act 1921 shall be laid before Parliament.

Charlotte Goodrich
Deputy Director, Government Financial Reporting
HM Treasury
25 June 2025

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Notes to the Trust Statement - Trust statement 2024 to 2025
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