Issue link: http://itf.uberflip.com/i/1477103
ITF Trust Annual Report and Financial Statements 2021 40 38. Con ngencies and capital commitments (con nued) There are a range of poten al outcomes from the hearing, including a con ngent liability up to a maximum of $8m and a con ngent asset up to a maximum of $52m. The directors have considered the poten al outcomes and believe that the con ngent liability is neither probable, nor is it remote, and therefore per IAS 37, no provision has been recognised. The directors have considered that at least part of the con ngent asset is probable, but it is not virtually certain, and therefore per IAS 37, no asset has been recognised. There were no capital commitments at 31 December 2021. 39. Subsequent events The CAS tribunal as discussed in note 38 cons tutes a subsequent event. Other than this there are no other material subsequent events a er the balance sheet date. 40. Related par es The ITF is a member organisa on and undertakes rou ne transac ons every year with its member Na onal Associa ons such as subscrip on income and prize money payable for team compe ons. Where the group enters into a transac on with a member organisa on which is not rou ne it shall be disclosed separately in the financial statements. During the year, the Kazakhstan Tennis Federa on, whose president Mr Bulat Utemuratov is a director of ITF Limited, provided funding to the group of $382,000 (2020: $59,000) for the 12-and-under team compe on development programme. No other non-rou ne member organisa on transac ons arose during the year. 41. Liabili es from financing ac vi es 42. Olympic loan During the year, the ITF paid off a $3m loan received from the IOC in 2020 in lieu of Olympic revenues a er the postponement of Tokyo 2020. Leases $000 Net debt as at 1 January 2020 (1,996) Adjustment for change in future cash flows (addi onal rent-free month taken in 2020) 67 Cash flows 541 Interest expenses (38) Foreign exchange movements (34) Net debt as at 31 December 2020 (1,460) Net debt as at 1 January 2021 (1,460) Cash flows 669 Interest expense (25) Foreign exchange movements 44 Net debt as at 31 December 2021 (772) Notes (continued, forming part of the financial statements)