26
2024
ITF
Annual
Report
and
Financial
Statements
Notes
Notes (continued, forming part of the financial statements)
24. Intangible assets
Internally generated
so ware
$000
Internally generated
so ware
(under construc on)
$000
Total
$000
Cost
Balance at 1 January 2023 8,453 386 8,839
Addi ons 1,806 - 1,806
Balance at 31 December 2023 10,259 386 10,645
Balance at 1 January 2024 10,259 386 10,645
Addi ons 3,065 - 3,065
Balance at 31 December 2024 13,324 386 13,710
Accumulated amor sa on
Balance at 1 January 2023 6,484 - 6,484
Charge for the year 1,426 - 1,426
Balance at 31 December 2023 7,910 - 7,910
Balance at 1 January 2024 7,910 - 7,910
Charge for the year 1,669 - 1,669
Balance at 31 December 2024 9,579 - 9,579
Net book value
at 31 December 2022 1,969 386 2,355
at 31 December 2023 2,349 386 2,735
at 31 December 2024 3,745 386 4,131
So ware under construc on consists of capitalised development costs, being an internally generated intangible asset.
Specifically this relates to the development of the online ITF Academy which offers tennis educa on and coaching
courses. Amor sa on will be charged when the asset is substan ally ready for use.
Other internally generated so ware relates to the investment in the ITF's IPIN system, tournament management
system, customer data pla orm and other development costs including capitalised IT staff costs.
