Issue link: http://itf.uberflip.com/i/1477103
ITF Trust Annual Report and Financial Statements 2021 24 Contract assets increased in line with the increased ac vity and revenue of the group as ac vi es resumed a er the pandemic. Contract liabili es increased with the crea on of Olympic deferred income arising from Tokyo 2020. Remaining contract liabili es reduced by $1.4m represen ng revenue that was deferred from the previous year due to the postponement of the ITF's flagship compe ons. In 2021, $18.7m was recognised as revenue that was included as a contract liability at the beginning of the year (2020: $17.4m). 9. Professional Tennis expenses Other Professional Tennis department costs include: ITF World Tennis Tour (men's, women's, juniors), Uniqlo Wheelchair Tennis Tour, ITF Seniors Tour, officia ng, Olympic and Paralympic Games, ITF Beach Tennis Tour, data sales, Grand Slam Board contribu on and Interna onal Tennis Integrity Agency contribu on. 2021 $000 2020 $000 Current contract assets (see note 28) 3,813 1,590 Current contract liabili es 24,967 18,655 Non-current contract liabili es 7,757 - Total contract liabili es (see note 35) 32,724 18,655 2021 $000 Opera ng 2021 $000 Strategic 2020 $000 Opera ng 2020 $000 Strategic Davis Cup par cipa on payments 11,204 - 7,010 - Davis Cup event expenses 2,445 - 1,617 - Billie Jean King Cup par cipa on payments 12,602 - 2,925 - Billie Jean King Cup event expenses 4,425 - 1,916 - Hopman Cup expenses 31 - 3 - Data sales ac vity costs 7,034 - 2,757 - Other Professional Tennis department costs 7,729 - 4,682 - 45,470 - 20,910 - 8. Revenue from contracts with customers (con nued) (a) Disaggrega on of revenue from contracts with customers (con nued) The group does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the group does not adjust any of the transac on prices for the me value of money. (b) Assets and liabili es related to contracts with customers The group has recognised the following assets and liabili es related to contracts with customers: Notes (continued, forming part of the financial statements)