ITF

15 NOTES (forming part of the financial statements) 1. BASIS OF PREPARATION The consolidated financial statements have been prepared on a going concern basis under the historical cost conven on as modified by fair value accoun ng for forward currency contracts and investments, in accordance with IFRS 7. To make the dis nc on between opera ng and inves ng ac vi es clearer, the Consolidated Income Statement separately shows income and expenses related to opera ons and to inves ng ac vi es, i.e. the investment por olio. Statement of compliance The consolidated financial statements have been prepared and approved by the directors in accordance with Interna onal Financial Repor ng Standards. The func onal and presenta onal currency of the ITF Trust is US Dollars and all values are rounded to the nearest thousand ($'000) except when otherwise indicated. 2. BASIS OF CONSOLIDATION The consolidated financial statements comprise the financial statements of the subsidiaries of ITF Trust as at 31 December each year. Subsidiaries are fully consolidated from the date of acquisi on, being the date on which the group obtains control, and con nue to be consolidated un l the date that such control ceases. The financial statements of the subsidiaries are prepared for the same repor ng period as the parent company, with the excep on of Hopman Cup Pty Ltd which has a year end repor ng date of 31 March. The results of Hopman Cup Pty Ltd from 1 January 2017 to 31 December 2017 have been consolidated in these financial statements. All intra group balances, income and expenses and unrealised gains and losses resul ng from intra-group transac ons are eliminated in full. The ITF Trust is domiciled in the Bahamas. The office of the ITF Trust is PO Box N-272, Nassau, Bahamas. The Board of Directors of ITF Limited, in their capacity as Advisory Commi ee to the ITF Trust, are responsible for the overall management of the ITF, including its strategic direc on, holding its mee ngs outside the UK. The following wholly owned subsidiaries are included in the consolidated financial statements: Country of registra on ITF Limited Bahamas ITF Licensing (UK) Limited UK Roehampton Investments Limited Bahamas Hopman Cup Pty Limited Australia Hopman Cup Pty Ltd is a wholly owned subsidiary of ITF Licensing (UK) Ltd. The Wheelchair Tennis Founda on Netherlands, a venture jointly underwri en by ITF Limited and the Netherlands Tennis Federa on, has not been consolidated on the grounds that the numbers are immaterial to the group accounts. The principal place of business of the ITF Trust is Bank Lane, Roehampton, London SW15 5XZ. 3. PRINCIPAL ACTIVITIES The principal ac vi es of the group are the development and administra on of the game of tennis worldwide. 4. CHANGES IN ACCOUNTING POLICIES The accoun ng policies adopted are consistent with those of the previous financial year.

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