Report
Trust Statement 2024 to 2025
The Gambling Commission's Trust Statement for the period 1 April 2024 to 31 March 2025
The certificate and report of the Comptroller and auditor general to the House of Commons
Opinion on Trust Statements
I certify that I have audited the Trust Statement of the Gambling Commission for the year ended 31 March 2025 under the Exchequer and Audit Departments Act 1921.
The trust statement comprises: the Commission’s:
- Statement of Financial Position as at 31 March 2025
- Statement of Revenue and Expenditure and Cash Flow Statement for the year then ended
- the related notes including the significant accounting policies.
The financial reporting framework that has been applied in the preparation of the Trust Statement is applicable law and UK adopted international accounting standards.
In my opinion, the trust statement:
- gives a true and fair view of the state of the Commission’s affairs as at 31 March 2025 and its net revenue for Consolidated Fund for the year then ended
- has been properly prepared in accordance with the Exchequer and Audit Departments Act 1921 and HM Treasury directions issued thereunder.
Opinion on regularity
In my opinion, in all material respects, the revenue and expenditure recorded in the trust statement has been applied to the purposes intended by Parliament and the financial transactions recorded in the trust statement conform to the authorities which govern them.
Basis for opinions
I conducted my audit in accordance with International Standards on Auditing (UK) (ISAs UK), applicable law and Practice Note 10 Audit of Financial Statements and Regularity of Public Sector Bodies in the United Kingdom (2024). My responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of my certificate.
Those standards require me and my staff to comply with the Financial Reporting Council’s Revised Ethical Standard 2024. I am independent of the Commission in accordance with the ethical requirements that are relevant to my audit of the trust statement in the UK. My staff and I have fulfilled our other ethical responsibilities in accordance with these requirements.
I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.
Conclusions relating to going concern
In auditing the trust statement, I have concluded that the Commission’s use of the going concern basis of accounting in the preparation of the trust statement is appropriate.
Based on the work I have performed, I have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Commission’s ability to continue as a going concern for a period of at least 12 months from when the trust statement is authorised for issue. My responsibilities and the responsibilities of the Accounting Officer with respect to going concern are described in the relevant sections of this certificate.
The going concern basis of accounting for the Commission is adopted in consideration of the requirements set out in HM Treasury’s Government Financial Reporting Manual, which requires entities to adopt the going concern basis of accounting in the preparation of the trust statement where it is anticipated that the services which they provide will continue into the future.
Other information
The other information comprises information included in the Forward, Performance Report and Accountability rections, but does not include the trust statement and my auditor’s certificate and report. The Accounting Officer is responsible for the other information.
My opinion on the trust statement does not cover the other information and, except to the extent otherwise explicitly stated in my certificate, I do not express any form of assurance conclusion thereon.
My responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the trust statement or my knowledge obtained in the audit, or otherwise appears to be materially misstated.
If I identify such material inconsistencies or apparent material misstatements, I am required to determine whether this gives rise to a material misstatement in the trust statement itself. If, based on the work I have performed, I conclude that there is a material misstatement of this other information, I am required to report that fact.
I have nothing to report in this regard.
Opinion on other matters
In my opinion the part of the Accountability Section marked as audited has been properly prepared in accordance with HM Treasury directions issued under the Exchequer and Audit Departments Act 1921.
In my opinion, based on the work undertaken in the course of the audit:
- the parts of the Accountability section marked subject to audit have been properly prepared in accordance with HM Treasury directions issued under the Exchequer and Audit Departments Act 1921
- the information given in the Foreward, Performance Report and Accountability sections in the financial year for which the trust statement is prepared is consistent with the trust statement and is in accordance with the applicable legal requirements.
Matters on which I report by exception
In the light of the knowledge and understanding of the Commission and its environment obtained in the course of the audit, I have not identified material misstatements in the Forward, Performance Report and Accountability sections.
I have nothing to report in respect of the following matters which I report to you if, in my opinion:
- adequate accounting records have not been kept by the Commission or returns adequate for my audit have not been received from branches not visited by my staff
- I have not received all of the information and explanations I require for my audit
- the trust statement and the parts of the Accountability section marked subject to audit are not in agreement with the accounting records and returns
- the Governance Statement does not reflect compliance with HM Treasury’s guidance.
Responsibilities of the Accounting Officer for the trust statement
As explained more fully in the Statement of Accounting Officer’s Responsibilities, the Accounting Officer is responsible for:
- maintaining proper accounting records
- providing the comptroller and auditor general (C&AG) with access to all information of which management is aware that is relevant to the preparation of the trust statement such as records, documentation and other matters
- providing the C&AG with additional information and explanations needed for their audit
- providing the C&AG with unrestricted access to persons within the Commission from whom the auditor determines it necessary to obtain audit evidence
- ensuring such internal controls are in place as deemed necessary to enable the preparation of trust statement to be free from material misstatement, whether due to fraud or error
- preparing the trust statement which gives a true and fair view and is in accordance with HM Treasury directions issued under the Exchequer and Audit Departments Act 1921
- assessing the Commission’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Accounting Officer anticipates that the services provided by the Commission will not continue to be provided in the future.
Auditor’s responsibilities for the audit of the trust statement
My responsibility is to audit, certify and report on the trust statement in accordance with the Exchequer and Audit Departments Act 1921.
My objectives are to obtain reasonable assurance about whether the trust statement as a whole is free from material misstatement, whether due to fraud or error, and to issue a certificate and report that includes my opinion.
Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this trust statement.
Extent to which the audit was considered capable of detecting non-compliance with laws and regulations, including fraud I design procedures in line with my responsibilities, outlined above, to detect material misstatements in respect of non-compliance with laws and regulations, including fraud. The extent to which my procedures are capable of detecting non-compliance with laws and regulations, including fraud is detailed in the following paragraphs.
Identifying and assessing potential risks related to non-compliance with laws and regulations, including fraud
In identifying and assessing risks of material misstatement in respect of non-compliance with laws and regulations, including fraud, I:
- considered the nature of the sector, control environment and operational performance including the design of the Commission’s accounting policies
- inquired of management, the Commission’s internal audit and those charged with governance, including obtaining and reviewing supporting documentation
relating to the Commission’s policies and procedures
on:
- identifying, evaluating and complying with laws and regulations
- detecting and responding to the risks of fraud
- the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations including the Commission’s controls relating to the Commission’s compliance with the Exchequer and Audit Departments Act 1921 and Managing Public Money.
- inquired of management and those charged with
governance whether
- they were aware of any instances of non-compliance with laws and regulations
- they had knowledge of any actual, suspected alleged fraud
- discussed with the engagement team how and where fraud might occur in the trust statement and any potential indicators of fraud.
As a result of these procedures, I considered the opportunities and incentives that may exist within the Commission for fraud and identified the greatest potential for fraud in the following areas:
- revenue recognition
- posting of unusual journals
- complex transactions
- bias in management estimates.
In common with all audits under ISAs (UK), I am required to perform specific procedures to respond to the risk of management override. I obtained an understanding of the Commission’s framework of authority and other legal and regulatory frameworks in which the Commission operates. I focused on those laws and regulations that had a direct effect on material amounts and disclosures in the trust statement or that had a fundamental effect on the operations of the Commission. The key laws and regulations I considered in this context included Exchequer and Audit Departments Act 1921, Managing Public Money, the Finance Act 2022 and the Gambling Act 2005.
Audit response to identified risk
To respond to the identified risks resulting from the previous
procedures:
- I reviewed the trust statement disclosures and testing of supporting documentation to assess compliance with provisions of relevant laws and regulations described above as having direct effect on the trust statement
- I enquired of management and the Audit and Risk Committee concerning actual and potential litigation and claims
- I reviewed minutes of meetings of those charged with governance and the Board; and internal audit reports
- I addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and other adjustments; assessing whether the judgements on estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business
- I communicated relevant identified laws and regulations and potential risks of fraud to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
A further description of my responsibilities for the audit of the trust statement is located on the at Financial Reporting Council’s website (opens in new tab). This description forms part of my certificate.
Other auditor’s responsibilities
I am required to obtain sufficient, appropriate audit evidence to give reasonable assurance that the expenditure and revenue recorded in the trust statement have been applied to the purposes intended by Parliament and the financial transactions recorded in the trust statement conform to the authorities which govern them.
I communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control I identify during my audit.
Report
I have no observations to make on these trust statements.
Gareth Davies Comptroller and Auditor General
Date: 12 December 2025
National Audit Office 157-197 Buckingham Palace Road Victoria
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Last updated: 16 March 2026
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