Issue link: http://itf.uberflip.com/i/1537492
06 2024 ITF Annual Report and Financial Statements Strategic Report Strategic Report Business Review A review of the group's business is outlined in the Report of the Chairman of the Finance Commi ee on pages 1 to 3. Principal Risks and Uncertain es The ITF prepares and reviews its risk register on a biannual basis. The major risks at the me iden fied in the risk register, reviewed by the Finance and Audit Commi ees and the Board, included: • Financial Risks predominantly associated with the Davis Cup as all revenue and cost risks now lie with ITF. This includes risks of shor alls in revenues, opera onal losses deple ng Reserves and cash shor alls • Security, safeguarding and integrity issues at ITF events • Cyber risks including hacking of ITF systems • Compe on law The ITF implements as many reasonable mi ga ng ac ons as possible to reduce the inherent risks within the business. Performance During the Financial Year The ITF Trust made a net deficit on ongoing opera ng ac vi es a er taxa on of $7.9m (2023: surplus of $0.7m), a planned deficit on strategic project expenditure a er taxa on of $3.7m (2023: $3.9m) and a net surplus on investment ac vi es of $2.0m (2023: $3.6m) making a total deficit a er tax of $9.6m (2023: surplus $0.4m). Posi on at the End of the Year The overall result in 2024 sees Net Assets decrease by $11.5m to $31.9m. The group has $31.5m of net current assets, which excludes the Billie Jean King Cup joint venture asset (2023: $34.5m), with an investment por olio valued at $22.8m (2023: $20.9m) and a cash posi on of $8.9m (2023: $5.8m). Future Development of the Company In 2025 the company has entered into a 3-year deal with the Italian Tennis Federa on to host the Davis Cup Finals. The Board remains confident that this, along with the strength of balance sheet, closely managed expenditure and increases in long-term revenue contracts will allow the ITF to con nue to meet the challenges ahead. Key Performance Indicators: • Commercial - Sponsorship income: 2024: $31.6m (2023: $28.6m) • Commercial - Media rights and licensing income: 2024: $10.5m (2023: $8.8m) • Commercial - Data sales income: 2024: $31.3m (2023: $24.3m) • Corporate services - Investment por olio return: 2024: 9.9% (2023: 19.4%) By order of the Board David Haggerty David Rawlinson President Chairman of the Finance Commi ee 3 June 2025 ITF, Bank Lane, Roehampton, London SW15 5XZ, United Kingdom