ITF

NOTES (CONT.) (FORMING PART OF THE FINANCIAL STATEMENTS) 30. Derivative financial instruments 2019 2018 $000 $000 Current foreign currency forwards - held for hedging 718 - 31. Security deposit - non current asset and liability 32. Trade and other payables 2019 2018 $000 $000 Trade payables 6,472 2,368 Other payables 274 141 Corporation tax creditor 3 - Other taxation and social security 768 732 Accruals 9,633 10,974 Deferred income (see note 34) 20,446 39,403 37,596 53,618 33. Derivative financial instruments 2019 2018 $000 $000 Current foreign currency forwards - held for hedging - 1,630 34. Provisions Dilapidations provision $000 Balance at 1 January 2019 and at 31 December 2019 519 Non-current 519 Current - 519 35. Deferred income 2019 2018 $000 $000 Current Receipts in advance 19,185 32,440 Olympic deferred income - 5,774 Grand Slam Development Fund 1,261 1,189 20,446 39,403 Non-current Olympic deferred income - - Olympic income for Rio 2016 totalled $24,340,000 with direct event-related expenses of $1,214,000. After allocation of the transaction price to the event-related performance obligations on a cost plus margin basis, remaining income recognised evenly over the 4 years of the Olympiad from 2016 to 2019 was $23,126,000. $5,774,000 was recognised as income in 2019. There is no further deferred income to be released for the Rio 2016 Olympic Games. The dilapidations provision relates to the Roehampton property. The liability is expected to be incurred in 2023 at the end of the operating lease. The ITF is in receipt of $25m in lieu of guarantees required by the Licensing agreement with Kosmos. This cash is held as a security deposit against default or termination but in the absence of either is to be held separately and not for use within the business. It is therefore held as restricted cash and not included within the cash flow statement. 27

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