ITF

NOTES (Forming part of the Financial Statements) 38. Financial instruments (continued) (f) Capital management The group's main assets are its investments and deposits, the management of which is charged to specialist investment managers who operate under investment guidelines which are regularly reviewed by the directors. There is a combined risk on these assets – firstly, the performance of the investment managers, and secondly, the performance of the bond and equity markets. The directors have taken a prudent view of future returns from the investments in their long-term financial planning and estimates. 39. Total equity The following table shows a breakdown of the balance sheet line item 'Equity' and the movements during the year. Hedging reserve Foreign currency translation Retained earnings Total Equity $000 $000 $000 $000 Balance at 1 January 2024 944 (244) 42,642 43,342 Deficit for the year - - (9,612) (9,612) Other comprehensive loss (1,862) - - (1,862) Balance at 31 December 2024 (918) (244) 33,030 31,868 Balance at 1 January 2025 (918) (244) 33,030 31,868 Deficit for the year - - (12,305) (12,305) Other comprehensive income 1,645 - - 1,645 Balance at 31 December 2025 727 (244) 20,725 21,208 After consolidation, the group has no share capital or equivalent balances within equity. Total equity includes $4,283,000 in respect of the carrying value of the asset generated from the transfer of IP to the Billie Jean King Cup Ltd joint venture which is not distributable. See note 27 for further information. 40. Contingencies and capital commitments There were no capital commitments at 31 December 2025 (2024: nil). 41. Subsequent events There were no material events after the reporting date requiring adjustment or disclosure in the consolidated financial statements of the group. ITF Trust Annual Report and Consolidated Financial Statements 42

• Cover