ITF

70 I ITF FINANCIAL STATEMENTS INTERNATIONAL TENNIS FEDERATION • ANNUAL REPORT AND ACCOUNTS 2015 31. Financial Instruments (continued) The forward exchange contracts are being used to hedge the foreign currency risk of the fi rm commitments. A movement of $0.01 in the mark to market valuation would result in a change in the fair value of $99,000 on the sterling hedges contracts and $19,000 on the euro hedges. The Group's exposure to foreign currency risk is as follows. This is based on the carrying amount for monetary fi nancial instruments except derivatives when it is based on notional amounts. (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 this asset – fi rstly, 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 fi nancial planning and estimates. 31 December 2015 31 December 2014 Sterling Euro US Dollar Other Total $'000 $'000 $'000 $'000 $'000 Cash and cash equivalents 679 3,789 4,792 1,046 10,306 Trade receivables 251 974 7,031 36 8,292 Trade payables (1,105 (222 (2,175 (39 (3,541 Forward exchange contracts - 64 (660 - (596 Net exposure (175 4,605 8,988 1,043 14,461 ) ) ) ) ) ) ) ) Sterling Euro US Dollar Other Total $'000 $'000 $'000 $'000 $'000 Cash and cash equivalents 1,211 1,493 7,339 814 10,803 Trade receivables 228 342 6,235 42 6,847 Trade payables (484 (70 (139 - (693 Forward exchange contracts - 354 (450 - (96 Net exposure 955 2,065 12,985 856 16,861 ) ) ) ) ) ) Notes (forming part of the fi nancial statements)

• Cover