ITF

18 2024 ITF Annual Report and Financial Statements 5. Summary of significant accoun ng policies (con nued) iii) Grand Slam Player Development Programme and Wheelchair Tennis Development Fund income The Grand Slam Player Development Programme and Wheelchair Tennis Development Fund income and expenditure are shown through the ITF's income and expenditure statement. Income is recognised when qualifying expenditure is made, with any difference between receipts and expenditure held on the balance sheet as deferred income or a debtor. As at 31 December 2024, the Grand Slam Player Development Programme had a reserve of $1,816,000 (2023: $1,218,000), and the Wheelchair Tennis Development Fund had a reserve of $66,000 (2023: $67,000). The mission of the Grand Slam Player Development Programme is to support interna onal player development. iv) Data sales income Data sales income is recognized in accordance with the terms of the contract and the accoun ng year to which it relates. This means that revenue from data sales is recorded when the performance obliga ons specified in the contract are fulfilled, and the income is a ributable to the accoun ng period in which these obliga ons are met. v) Technical and sundry income Technical income is derived from the ITF's ball, equipment and court cer fica on programme and is recognised in accordance with the terms of the agreement and the accoun ng year to which it relates. Sundry income is derived mainly from recharges to the Grand Slam Board and Interna onal Tennis Integrity Agency for office and administra on costs as well as Billie Jean King Cup service charges. Also included within technical and sundry income is subscrip on monies for the ITF Founda on which enables members to consult and collaborate with the ITF in the process of manufacturing tennis equipment. vi) Olympic income Olympic income received subsequent to the Summer Olympic Games is allocated against the performance obliga on of controlling and direc ng the tennis event at the Games on a cost plus margin basis and recognised in that year. The remaining income is allocated using the residual approach to the performance obliga on of developing the sport of tennis worldwide, and recognised evenly over the four years of the Olympiad beginning in the year the Olympic Games are held. Note 36 provides further informa on on Olympic income. Income received for other mul -sport events run by the IOC is recognised in the year the event takes place. b) Investment income/expense and gains/losses on investments Investments are valued at fair value, which is determined by reference to quoted market bid prices at the balance sheet date as provided by the investment managers. Gains or losses arising from this valua on are shown in the consolidated income and expenditure statement in accordance with IFRS 9. Interest is recognised in the income statement on an accruals basis, and dividend income is recognised when the ITF's right to receive payment is established. c) Currency transla on Assets and liabili es in currencies other than USD$ are translated into USD$ at the appropriate rate of exchange prevailing at the balance sheet date. Income and expenses in such currencies during the year have been translated into USD$ at the rates of exchange prevailing at the dates of the relevant transac ons. Exchange differences arising from these transla ons are recognised in the consolidated income and expenditure statement. Sterling was converted at USD$1.252/GBP£ at 31 December 2024 (USD$1.274/GBP£ at 31 December 2023). In the case of Hopman Cup Pty Ltd, whose ac vi es are recorded in Australian Dollars, income and expenses are converted at the average rate of exchange, USD$0.663/AUD$ (2023 – USD$0.664/AUD$), and its assets and liabili es are converted at the closing rate, USD$0.681/AUD$ (2023 – USD$0.681/AUD$), for consolida on in these financial statements. The resul ng exchange differences are recognised through other comprehensive income. Notes Notes (forming part of the financial statements)

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