Issue link: http://itf.uberflip.com/i/1503947
ITF Trust Annual Report and Financial Statements 2022 39 39. Subsequent events a) On 12 January 2023, the partnership with Kosmos Tennis for the Davis Cup ended. The ITF is the custodian of the compe on and will operate the 2023 Qualifiers and Finals as scheduled. This is a non-adjus ng subsequent event and has no financial impact on the 2022 financial statements. The ITF ensured financial con ngencies were in place. However, due to a high level of uncertainty, an assessment of the financial effect on future periods cannot be made. b) At the year-end, the ITF had not renewed the lease agreement for the offices in Roehampton, London which was due to end on 12 February 2023. The ITF have security of tenure under the exis ng lease while a new lease is being nego ated. The dilapida ons provision has been adjusted based on expected terms of the new lease, but remains a non-current liability at the balance sheet date as it is deemed virtually certain that a new lease will be agreed. As the terms of a new lease have not been agreed, the right-of-use asset and lease liability in the financial statements reflect the exis ng lease at the balance sheet date only. 40. Related par es The ITF is a member organisa on and undertakes rou ne transac ons every year with its members 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 $648,000 (2021: $382,000) 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 Leases $000 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) Net debt as at 1 January 2022 (772) Cash flows 712 Interest expense (10) Foreign exchange movements (1) Net debt as at 31 December 2022 (71)