ITF

48 I ITF FINANCIAL STATEMENTS INTERNATIONAL TENNIS FEDERATION • ANNUAL REPORT AND ACCOUNTS 2015 Independent auditor's report to the Trustees of the ITF Trust We have audited the non-statutory consolidated fi nancial statements of the ITF Trust for the year ended 31 December 2015 set out on pages 49 to 71. These fi nancial statements have been prepared for the reasons set out in notes 1 and 2 to the fi nancial statements and on the basis of the fi nancial reporting framework of International Financial Reporting Standards (IFRSs). This report is made solely to the Trustees, as a body, in accordance with the terms of our engagement. Our report was designed to meet the agreed requirements of the Trust determined by the Trust's needs at the time. Our report should not therefore be regarded as suitable to be used or relied on by any party wishing to acquire rights against us other than the Trust or the members, as a body, for any purpose or in any context. To the fullest extent permitted by law, KPMG LLP will accept no responsibility or liability in respect of our report to any other party. Respective responsibilities of management and auditor Management of the ITF Trust has accepted responsibility for the preparation of the non-statutory fi nancial statements which are intended by them to give a true and fair view of the state of affairs of the Trust and of the profi t or loss for that period. They have decided to prepare the non-statutory fi nancial statements in accordance with International Financial Reporting Standards (IFRSs). In preparing these non-statutory fi nancial statements, management has: • selected suitable accounting policies and applied them consistently; • made judgements and estimates that are reasonable and prudent; • stated whether they have been prepared in accordance with IFRSs; • prepared the non-statutory fi nancial statements on the going concern basis. Management has general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Trust and to prevent and detect fraud and other irregularities. Our responsibility is to audit, and express an opinion on, the non-statutory fi nancial statements in accordance with the terms of our engagement letter dated 3 March 2015 and International Standards on Auditing (UK and Ireland). Those standards require that we comply with the Auditing Practices Board's Ethical Standards for Auditors. Scope of the audit of the fi nancial statements An audit involves obtaining evidence about the amounts and disclosures in the fi nancial statements suffi cient to give reasonable assurance that the fi nancial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the Trust's circumstances and have been consistently applied and adequately disclosed; the reasonableness of signifi cant accounting estimates made by the directors; and the overall presentation of the fi nancial statements. In addition we read all the fi nancial and non-fi nancial information in the fi nancial statements to identify material inconsistencies with the audited non-statutory accounts and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report. Opinion on fi nancial statements In our opinion the fi nancial statements: • give a true and fair view of the state of the Trust's affairs as at 31 December 2015 and of its defi cit for the year then ended; and • have been properly prepared in accordance with IFRSs. Andrew Turner for and on behalf of KPMG LLP Chartered Accountants KPMG LLP, 15 Canada Square, London, UK, E14 5GL 20 March 2016

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