ITF

27. Investment in joint ventures (continued) During the year, the group recognised a full impairment of its investment in Billie Jean King Cup Limited ("BJKCL"). The impairment was triggered by a loss of revenue contracts, which resulted in revised forecasts indicating that BJKCL would perform worse than expected. The recoverable amount, determined under IAS 36 on a value in use basis, based on a valuation of BJKCL performed by external experts, was assessed to be nil after considering the impact of funding obligations ranking ahead of equity holders. Accordingly, the carrying value of $5.9m has been fully impaired and reduced to nil at the reporting date. 28. Loans receivable from joint ventures During the year, the group entered into a loan agreement with Billie Jean King Cup Limited (BJKCL), a joint venture of the group. Under the agreement dated 22 December 2025, the group committed to provide a loan of $1,280,000 to BJKCL as part of a committed amortising facility alongside the other joint venture partner. The key terms of the loan are as follows: Principal amount: $1,280,000 Interest rate: 2.5% per annum Repayment: annual amortising instalments Final repayment date: fifth anniversary of drawdown Purpose: general corporate purposes of the joint venture Interest accrues from day to day and is payable annually in accordance with the terms of the agreement. At 31 December 2025, the outstanding balance of the loan was $1,280,000, which is included within non-current assets in the consolidated statement of financial position. Management have performed an assessment on the expected credit losses relating to this loan in accordance with IFRS 9, and have not identified any need for impairment of the loan balance. 29. Leases The Group recognises right-of-use assets and corresponding lease liabilities for lease arrangements in accordance with IFRS 16 The Group has one material lease arrangement, relating to the Roehampton property, which commenced during the year. The lease term is approximately 1.5 years, with no extension or purchase options. The discount rate applied to the lease is 5% per annum. The discount rate was fixed at contract inception date. The lease is on a fixed repayment basis, and no arrangements have been entered into for contingent rental payments. Amounts recognised in the consolidated statement of financial position Right-of-use assets 2025 $000 2024 $000 Buildings 248 - During the year, additions to right-of-use assets of $496,000 were recognised in respect of the commencement of a new property lease. Depreciation of right-of-use assets for the year amounted to $248,000 (2024: $nil). Lease liabilities 2025 $000 2024 $000 Current 254 - 254 - Lease liabilities relate to the present value of remaining lease payments as at the reporting date. Amounts recognised in the consolidated income statement Depreciation of right-of-use assets of $248,000 was recognised during the year. Interest expense on lease liabilities of $19,000 was recognised within finance costs (2024: $nil). ITF Trust Annual Report and Consolidated Financial Statements 33

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