ITF

ITF Trust Annual Report and Financial Statements 2022 17 1. Basis of prepara on The consolidated financial statements have been prepared on a going concern basis under the historical cost conven on as modified by fair value accoun ng for forward currency contracts and investments, in accordance with IFRS 7. To make the dis nc on between Opera ng, Strategic and Inves ng ac vi es clearer, the Consolidated Income Statement separately shows income and expenses related to Opera ng ac vi es, to Strategic Ini a ves and to Inves ng ac vi es, i.e. the investment por olio. No separate primary financial statements have been presented for the ITF Trust as a standalone en ty as no accoun ng entries are made in the ITF Trust itself. On 31 December 2020, IFRS as adopted by the European Union at that date was brought into UK law and became UK- adopted interna onal accoun ng standards, with future changes being subject to endorsement by the UK Endorsement Board. The ITF Trust transi oned to UK-adopted interna onal accoun ng standards in its consolidated financial statements on 1 January 2021. There was no impact or changes in accoun ng from the transi on. Statement of compliance The consolidated financial statements of the ITF Trust have been prepared and approved by the directors in accordance with Interna onal Financial Repor ng Standards (IFRSs) as adopted by the UK and interpreta ons issued by the IFRS Interpreta ons Commi ee (IFRS IC) applicable to companies repor ng under IFRSs. The func onal and presenta onal currency of the ITF Trust is US Dollars and all values are rounded to the nearest thousand ($000) except when otherwise indicated. 2. Basis of consolida on 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 acquisi on, being the date on which the group obtains control, and con nue to be consolidated un l the date that such control ceases. The financial statements of the subsidiaries are prepared for the same repor ng period as the parent company, with the excep on of Hopman Cup Pty Ltd which has a year- end repor ng date of 31 March. The results of Hopman Cup Pty Ltd from 1 January 2022 to 31 December 2022 have been consolidated in these financial statements. All intra-group balances, income and expenses and unrealised gains and losses resul ng from intra-group transac ons are eliminated in full. The ITF Trust is incorporated and 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 Commi ee to the ITF Trust, are responsible for the overall management of the ITF, including its strategic direc on, holding its mee ngs outside the UK. The following wholly owned subsidiaries are included in the consolidated financial statements: 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, UK. Subsidiary and country of registra on Principal ac vity ITF Limited Bahamas Development and administra on of tennis worldwide ITF Licensing (UK) Ltd UK Opera on and commercial management of ITF compe ons Roehampton Investments Ltd Bahamas Management of ITF investment por olio Hopman Cup Pty Ltd Australia Opera on and commercial management of Hopman Cup Notes (forming part of the financial statements)

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