ITF

NOTES (FORMING PART OF THE FINANCIAL STATEMENTS) 1. Basis of preparation Statement of compliance 2. Basis of consolidation The following wholly owned subsidiaries are included in the consolidated financial statements: Subsidiary and country of registration Principal activity ITF Limited Bahamas Development and administration of tennis worldwide UK Roehampton Investments Ltd Bahamas Management of ITF investment portfolio Hopman Cup Pty Ltd Australia Operation and commercial management of Hopman Cup Hopman Cup Pty Ltd is a wholly owned subsidiary of ITF Licensing (UK) Ltd. The principal place of business of the ITF Trust is Bank Lane, Roehampton, London SW15 5XZ. 3. Principal activities 4. Changes in accounting policies New and amended standards adopted by the group · Definition of Material – amendments to IAS 1 and IAS 8 · Definition of a Business – amendments to IFRS 3 · Interest Rate Benchmark Reform – amendments to IFRS 9, IAS 39 and IFRS 7 · Revised Conceptual Framework for Financial Reporting New standards and interpretations not yet adopted Certain new accounting standards and interpretations have been published that are not mandatory for 31 December 2020 reporting periods and have not been early adopted by the group. These standards are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions. Other than the above, the accounting policies adopted are consistent with those of the previous financial year. The group has applied the following standards and amendments for the first time for their annual reporting period commencing 1 January 2020: All intra-group balances, income and expenses and unrealised gains and losses resulting from intra-group transactions are eliminated in full. The principal activities of the group are the development and administration of the game of tennis worldwide. 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 Committee to the ITF Trust, are responsible for the overall management of the ITF, including its strategic direction, holding its meetings outside the UK. ITF Licensing (UK) Ltd Operation and commercial management of ITF competitions The amendments listed above did not have any impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods. The consolidated financial statements have been prepared on a going concern basis under the historical cost convention as modified by fair value accounting for forward currency contracts and investments, in accordance with IFRS 7. To make the distinction between Operating, Strategic and Investing activities clearer, the Consolidated Income Statement separately shows income and expenses related to Operating activities, to Strategic Initiatives and to Investing activities, i.e. the investment portfolio. The consolidated financial statements of the ITF Trust have been prepared and approved by the directors in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union and interpretations issued by the IFRS Interpretations Committee (IFRS IC) applicable to companies reporting under IFRS. The functional and presentational currency of the ITF Trust is US Dollars and all values are rounded to the nearest thousand ($'000) except when otherwise indicated. 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 acquisition, being the date on which the group obtains control, and continue to be consolidated until the date that such control ceases. The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, with the exception of Hopman Cup Pty Ltd which has a year- end reporting date of 31 March. The results of Hopman Cup Pty Ltd from 1 January 2020 to 31 December 2020 have been consolidated in these financial statements. No separate primary financial statements have been presented for the Trust as a standalone entity as no accounting entries are made in the Trust itself. 14

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