ITF

(f) Capital management The group's main assets are its investments and deposits, the management of which is charged to specialist investment managers who operate under investment guidelines which are regularly reviewed by the directors. There is a combined risk on this asset – firstly, the performance of the investment managers and secondly the performance of the bond and equity markets. The directors have taken a prudent view of future returns from the investments in their long term financial planning and es mates. 35. EQUITY The following table shows a breakdown of the balance sheet line item "Equity" and the movements during the year. Equity Balance at 1 January 2017 Surplus for the year Other comprehensive income Balance at 31 December 2017 Balance at 1 January 2018 Deficit for the year Other comprehensive loss Balance at 31 December 2018 A er consolida on, the group has no share capital or equivalent balances within equity. 36. OPERATING LEASES Non-cancellable opera ng lease rentals are payable as follows: Less than one year Between one and five years Greater than five years The significant lease relates to the ITF offices in Roehampton, UK. The lease runs un l February 2023. Hedging Reserve $000 (1,722) - 2,921 1,199 1,199 - (2,829) (1,630) Foreign Currency Transla on $000 (170) - 25 (145) (145) - (38) (183) Retained Earnings $000 51,509 5,263 - 56,772 56,772 (5,489) - 51,283 Total $'000 49,617 5,263 2,946 57,826 57,826 (5,489) (2,867) 49,470 2018 $000 2017 $000 638 1,991 - 2,629 515 1,891 - 2,406 ITF ANNUAL REPORT AND FINANCIAL STATEMENTS / 35 Notes (Forming part of the financial statements) 34. FINANCIAL INSTRUMENTS (CONTINUED)

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