ITF

37 Price risk The group's exposure to equity securi es price risk arises from investments held by the group and classified in the balance sheet as fair value through profit or loss. To manage its price risk arising from investments, the group diversifies its por olio in accordance with the limits set by the group. All the group's investments are publicly traded. Sensi vity Increases and decreases in the world equity markets have a material effect on the group's post-tax surplus for any year. The group has iden fied the MSCI World Index to be reflec ve of movements in world equity prices. Based on recent vola lity an increase of 17.1% and a decrease of 11.4% are reasonably possible for which the impact on the group's post-tax surplus is es mated to be: MSCI increase 17.1% - 2024 post-tax deficit decreases by $3,861,000 (2023: +20.16%, $4,210,000 decrease); MSCI decrease 11.4% - 2024 post-tax deficit increases by $2,575,000 (2023: -13.6%, $2,817,000 increase). (f) Capital management The group's main assets are its investments and deposits, the management of which is charged to specialist investment managers who operate under investment guidelines which are regularly reviewed by the directors. There is a combined risk on these assets – firstly, the performance of the investment managers, and secondly, the performance of the bond and equity markets. The directors have taken a prudent view of future returns from the investments in their long-term financial planning and es mates. 38. Total equity The following table shows a breakdown of the balance sheet line item 'Equity' and the movements during the year. A er consolida on, the group has no share capital or equivalent balances within equity. Total equity includes $4,283,000 in respect of the carrying value of the asset generated from the transfer of IP to the Billie Jean King Cup Ltd joint venture which is not distributable. See note 26 for further informa on. 39. Con ngencies and capital commitments There were no capital commitments at 31 December 2024 (2023: nil). Hedging reserve $000 Foreign currency transla on $000 Retained earnings $000 Total $000 Equity Balance at 1 January 2023 (1,814) (245) 42,270 40,211 Surplus for the year - - 373 373 Other comprehensive income 2,758 1 - 2,759 Balance at 31 December 2023 944 (244) 42,643 43,342 Balance at 1 January 2024 944 (244) 42,643 43,342 Deficit for the year - - (9,612) (9,612) Other comprehensive income (1,862) - - (1,862) Balance at 31 December 2024 (918) (244) 33,031 31,868

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