THE UNITE GROUP PLC Annual Report and Accounts 2024 184 FINANCIAL STATEMENTS 3.4b) Movement in carrying value of the Group’s investments in joint ventures The carrying value of the Group’s investment in joint ventures increased by £46.0 million during the year ended 31 December 2024 (2023: £7.6 million decrease), resulting in an overall carrying value of £1,265.0 million (2023: £1,219.0 million). The following table shows how the decrease has arisen: 2024 2023 £m £m Recognised in the income statement: Operations segment result 47.5 47.4 Non-controlling interest share of Operations segment result (0.2) 1.3 Management fee adjustment relating to trading with joint venture 4.8 4.5 Net valuation (losses)/gains on investment property 67.0 (21.9) Property disposals (2.4) (3.5) Ineffective swap (0.4) (0.4) Other (0.4) (0.4) 115.9 27.0 Recognised in equity: Movement in effective hedges (2.3) (2.1) Other adjustments to the carrying value: Profit adjustment related to trading with joint venture (4.8) (4.5) Disposal of non-controlling interest (27.9) - Additional capital invested in USAF (7.4) - Distributions received (27.5) (28.0) Increase/(Decrease) in carrying value 46.0 (7.6) Carrying value at 1 January 1,219.0 1,226.6 Carrying value at 31 December 1,265.0 1,219.0 NOTES TO THE FINANCIAL STATEMENTS continued