3.3c) Transactions with joint ventures The Group acts as asset and property manager for the joint ventures and receives management fees in relation to these services. In addition, the Group is entitled to performance fees from USAF and LSAV if the joint ventures outperform certain benchmarks. £nil performance fees were recognised in the year (2024: £nil). 2025 £m USAF 17.2 LSAV 5.0 Total fees 22.2 Fees from joint ventures are shown net of the Group’s share of the cost to the joint ventures. The Group’s share of the management fees to the joint ventures is £4.9 million (2024: £4.6 million), which results in management fees from joint ventures of £17.3 million being shown in the Operating segment result in note 2.2a (2024: £17.3 million). NOTES TO THE FINANCIAL STATEMENTS continued 2024 £m 16.9 4.9 21.8 THE UNITE GROUP PLC Annual Report and Accounts 2025 178 FINANCIAL STATEMENTS