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Gambling Act 2003

Gambling - Licensing of class 4 gambling - Net proceeds and costs of class 4 gambling

108: Contents of annual report

You could also call this:

"What's in a yearly report about class 4 gambling"

When you look at an annual report about class 4 gambling, it must include some important information. You will see a statement that shows how the money from class 4 gambling is being used for authorised purposes. You will also see financial statements that follow standard accounting rules. The financial statements in the report must follow regulations made under section 371(1)(dc). You might see some terms like "financial statements" and "generally accepted accounting practice" in the report, which have the same meaning as in the Financial Reporting Act 2013, specifically in section 6 and section 8 respectively.

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Topics:
Money and consumer rights > GamblingBusiness > Industry rules
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107: Corporate society must provide annual report to Secretary, or

"Corporate societies doing certain types of gambling must give the Secretary a yearly report on their finances."

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108A: Audit must be carried out in accordance with auditing and assurance standards, or

"Audits must follow standard rules to ensure accuracy and honesty."

Part 2Gambling
Licensing of class 4 gambling: Net proceeds and costs of class 4 gambling

108Contents of annual report

  1. An annual report must include—

  2. an itemised statement of the application or distribution of net proceeds from class 4 gambling to or for authorised purposes; and
    1. financial statements prepared in accordance with generally accepted accounting practice.

      1. The financial statements included in the annual report must comply with regulations made under section 371(1)(dc).

      2. In this section,—

        financial statements has the same meaning as in section 6 of the Financial Reporting Act 2013

          generally accepted accounting practice has the same meaning as in section 8 of the Financial Reporting Act 2013.

          Notes
          • Section 108: replaced, on , by section 90 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).
          • Section 108(1)(a): amended, on , by section 64 of the Gambling Amendment Act 2015 (2015 No 3).
          • Section 108(1A): inserted, on , by section 21 of the Gambling Amendment Act (No 2) 2015 (2015 No 90).