I've never used those controls but it looks simple to understand for me..
Item which really should of been named "Items" to indicate more than one of course, generates a new control for you by using addItem(TheOwner). The new control should be displaying on its parent by the looks of it.
The owner is the one responsible for the clean up of the control when terminating.
So I guess this control allows to add more of itself like a tree like form, meaning if you use the ITEM.AddItem(TheOwner) it will create a new control plus it also returns it at the same time so you can define the remaining properties.
Of course you can create a totally independent control as a base too, as you are doing here obviously..
I could install those controls to help you out if needed.