22. Finance income
Recognised in profit or loss
2025
$000
2024
$000
Finance income
Bank interest received 9 3
Financial income on Olympic deposits 129 -
138 3
Financial income on Olympic deposits relates to interest received in the current year.
23. Taxation
a) The ITF Trust is domiciled in the Bahamas and is therefore not subject to income tax. Two subsidiaries are
subject to income tax: ITF Licensing (UK) Ltd and Hopman Cup Pty Ltd.
Recognised in the income statement 2025
$000
2024
$000
Current tax charge
Current year - -
- -
Reconciliation of effective tax rate 2025
$000
2024
$000
Deficit for the year (12,305) (9,612)
Total tax charge - -
Deficit excluding taxation (12,305) (9,612)
Tax using Bahamas corporation tax rate of 0% (2024: 0%) - -
Effect of tax rate in Australia - -
Withholding tax charge - -
Effect of tax rate in UK - -
Effect of prior year adjustments in UK - -
Total tax charge - -
b) There is a deferred tax asset of $6,016,000 (2024: $4,294,000) in respect of brought forward tax losses and
decelerated capital allowances which has not been recognised in the balance sheet since the ability to use it
against future profits is not considered probable.
ITF Trust Annual Report and Consolidated Financial Statements 29
