ITF Trust Annual Report and Financial Statements 2022 27
20. Investment income
2022
$000
2021
$000
Income from investments - 2
Realised gain on disposal of investments 1,042 3,288
Unrealised (loss) / gain on investments (5,768) 864
(4,726) 4,154
21. Finance income
Recognised in profit or loss
2022
$000
2021
$000
Finance income
Bank interest received 14 -
Financial charge on Olympic deposits (4) (1)
(10) (1)
22. Taxa on
a) The ITF Trust is domiciled in the Bahamas and is therefore not subject to income tax. Two subsidiaries are subject to
income tax: ITF Licensing (UK) Ltd and Hopman Cup Pty Ltd.
Recognised in the income statement
b) There is a deferred tax asset of $4,891,000 (2021: $5,287,000) in respect of brought forward tax losses and decelerated
capital allowances which has not been recognised in the balance sheet since the ability to use it against future profits is not
considered probable.
Reconcilia on of effec ve tax rate
2022
$000
2021
$000
Current tax charge / (credit)
Current year 39 (440)
39 (440)
2022
$000
2021
$000
Deficit for the year (2,435) (5,543)
Total tax charge / (credit) 39 (440)
Deficit excluding taxa on (2,396) (5,983)
Tax using Bahamas corpora on tax rate of 0% (2021: 0%) - -
Effect of tax rate in UK - (440)
Effect of prior year adjustments in UK 39 -
Total tax charge / (credit) 39 (440)
