15 Investments Accounting policy Investments, other than investments in joint arrangements and associates, are stated in the statement of financial position at fair value. Changes in the fair value of investments held as part of the venture capital portfolio are reported in disposals and other non-operating items in the income statement. All items recognised in the income statement relating to investments, other than investments in joint arrangements and associates, are reported as disposals and other non-operating items. Venture capital investments represent interests in listed and unlisted securities. The fair value of listed securities is based on quoted prices in active markets. The fair value of unlisted securities is based on management’s estimate of fair value based on standard valuation techniques, including market comparisons and discounts of future cash flows, having regard to maximising the use of observable inputs and adjusting for risk. Advice from valuation experts is used as appropriate. Refer to note 17 for further information. All joint arrangements are classified as joint ventures because the Group shares joint control and has rights to the net assets of the arrangements. Investments in joint ventures and associates are accounted for under the equity method and stated in the statement of financial position at cost as adjusted for post-acquisition changes in the Group’s share of net assets, less any impairment in value. |
| | | | | | | 2024
GBPm | | 2025
GBPm | Investments in joint ventures and associates | | 169 | | 164 | Venture capital and other investments | | 92 | | 131 | Total | | 261 | | 295 |
An analysis of changes in the carrying value of investments in joint ventures and associates is set out below: | | | | | | | 2024
GBPm | | 2025
GBPm | At start of year | | 178 | | 169 | Share of results of joint ventures and associates | | 43 | | 44 | Dividends received from joint ventures and associates | | (37) | | (40) | Disposals and other | | - | | (7) | Exchange translation differences | | (15) | | (2) | At end of year | | 169 | | 164 |
Summarised aggregate information in respect of the Group’s share of joint ventures and associates is set out below: | | | | | | | RELX’s share | | | 2024
GBPm | | 2025
GBPm | Revenue | | 121 | | 116 | Net profit for the year | | 43 | | 44 | | | | | | Total assets | | 198 | | 182 | Total liabilities | | (97) | | (86) | Net assets | | 101 | | 96 | Goodwill | | 68 | | 68 | Total | | 169 | | 164 |
The Group’s consolidated other comprehensive income includes no income or losses relating to joint ventures and associates in 2025 and 2024.
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