ITF

28 2024 ITF Annual Report and Financial Statements Notes Notes (continued, forming part of the financial statements) 27. Investment in joint ventures In August 2023, ITF Licensing (UK) Ltd (ITFL) and TWG Group (TWG) entered into a joint venture agreement to set up Billie Jean King Cup Limited (BJKCL), responsible for organising and staging the Billie Jean King Cup compe on. ITFL holds 51% of ordinary shares with a combined nominal value of $5 (which carry vo ng rights) and TWG holds 49%; however, strategic financial and opera ng decisions require the consent of both par es, are indica ve of joint control, hence this is equity- accounted as a joint venture. Both par es have also commi ed preference share capital, with ITFL's share equa ng to 9.4% on acquisi on and 12.3% at 31 December 2024 (2023: 10.6%). The $4.8m preference shares held by ITFL are only redeemable at the issuer's discre on and carry no fixed dividend, hence are treated as equity and have been included as part of the investment in JV. However, because the first tranche of profits earned will be distributed according to the weigh ng of the nominal value of preference shares, the % preference share holding has been used to determine the cumula ve $4.3m (2023: $1.8m) share of losses, using the equity method. Once all preference shares have been redeemed, ITFL will take a share of results based on its ordinary share holding. Country of incorpora on Year-end repor ng date Class of shares held Ownership Billie Jean King Cup Ltd UK 31 December Ordinary 51% Registered office address: Bank Lane, Roehampton, London, SW15 5XN, United Kingdom 2024 $000 2023 $000 Investment in joint venture (JV) 4,800 2,400 Capitalisa on of JV transac on cost 905 905 Valua on of IP a ributable 3rd party investor 4,283 4,283 Cumula ve share of (loss) / profit of JV under the equity method (4,342) (1,815) 5,646 5,773 2024 $000 2023 $000 Commitments – joint ventures - - Commitment to provide funding for joint venture's capital commitments, if called 7,200 9,600

• Cover