Issue link: http://itf.uberflip.com/i/338537
63 ITF FINANCIAL STATEMENTS Leasehold Computers Furniture Technical buildings & databases & equipment equipment Total $000 $000 $000 $000 $000 Cost Balance at 1 January 2012 1,534 3,294 464 348 5,640 Additions - 1,462 175 77 1,714 Disposals - - (158) (50) (208) Foreign exchange movement - - 4 - 4 Balance at 31 December 2012 1,534 4,756 485 375 7,150 Balance at 1 January 2013 1,534 4,756 485 375 7,150 Additions 46 1,117 112 63 1,338 Disposals - - - - - Foreign exchange movement - - (27) - (27) Balance at 31 December 2013 1,580 5,873 570 438 8,461 Depreciation Balance at 1 January 2012 1,285 1,660 357 210 3,512 Charge for the period 247 1,209 63 78 1,597 Disposals during the period - - (143) (50) (193) Foreign exchange movement - - 2 - 2 Balance at 31 December 2012 1,532 2,869 279 238 4,918 Balance at 1 January 2013 1,532 2,869 279 238 4,918 Charge for the period 8 1,316 141 68 1,533 Disposals during the period - - - - - Foreign exchange movement - - (17) - (17) Balance at 31 December 2013 1,540 4,185 403 306 6,434 Net book value At 1 January 2012 249 1,634 107 138 2,128 At 31 December 2012 and 1 January 2013 2 1,887 206 137 2,232 At 31 December 2013 40 1,688 167 132 2,027 22. Property, plant and equipment 62 2013 2012 $000 $000 Current tax expense Current year 441 374 441 374 2013 2012 $000 $000 Surplus for the year 3,358 3,324 Total tax expense 441 374 Surplus excluding taxation 3,799 3,698 Tax using the Bahamas corporation tax rate of 0% (2012: 0 %) - - Effect of tax rate in Australia 212 54 Effect of tax rate in the United Kingdom - 176 Non-deductible expenses - 144 Withholding tax charge 229 - Total tax expense 441 374 b) There is a deferred tax asset of $804,926 (2012: $683,139), in respect of decelerated capital allowances which has not been recognised in the balance sheet since the ability to use it against future profits is not certain. 21. 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 Reconciliation of effective tax rate NOTES (CONT.) (FORMING PART OF THE FINANCIAL STATEMENTS) ITF FINANCIAL STATEMENTS