| All figures in £ millions | 2010 | 2009 |
|---|---|---|
| At beginning of year | 18 | 13 |
| Share of (loss)/profit after tax | (1) | 4 |
| Dividends | (3) | (3) |
| Loan repayment | – | (3) |
| Additions and further investment | 4 | 13 |
| Transfer to subsidiary | – | (6) |
| At end of year | 18 | 18 |
Investments in joint ventures are accounted for using the equity method of accounting and are initially recognised at cost. The total goodwill recorded on acquisition of joint ventures at 31 December 2010 was £12m (2009: £11m).
The aggregate of the Group’s share of its joint ventures’ assets (including goodwill) and liabilities, none of which are individually significant, are as follows:
| All figures in £ millions | 2010 | 2009 |
|---|---|---|
| Assets | ||
| Non-current assets | 15 | 15 |
| Current assets | 14 | 11 |
| Liabilities | ||
| Current liabilities | (11) | (8) |
| Net assets | 18 | 18 |
| Income | 17 | 12 |
| Expenses | (18) | (8) |
| (Loss)/profit after tax | (1) | 4 |
| All figures in £ millions | 2010 | 2009 |
|---|---|---|
| At beginning of year | 12 | 10 |
| Exchange differences | (1) | 4 |
| Share of profit after tax | 42 | 26 |
| Dividends | (20) | (19) |
| Additions | 17 | 1 |
| Reversal of distribution from associate in excess of carrying value | (7) | (7) |
| Actuarial gains/(losses) on retirement benefit obligations | 1 | (3) |
| Transfer from other financial assets | 9 | – |
| At end of year | 53 | 12 |
Included in the share of profit after tax is a gain in fair values of £12m (2009: £nil) arising on a stepped acquisition by FTSE International Ltd.
In addition to the amounts disclosed above, FTSE paid royalties of £11m (2009: £10m) to the FT Group during the year.
Investments in associates are accounted for using the equity method of accounting and are initially recognised at cost. The total goodwill recorded on acquisition of associates at 31 December 2010 was £21m (2009: £nil).
The Group’s interests in its principal associates, all of which are unlisted, are as follows:
| 2010 All figures in £ millions | Country of incorporation | % interest held | Assets | Liabilities | Revenues | Profit |
|---|---|---|---|---|---|---|
| The Economist Newspaper Ltd | England | 50 | 129 | (129) | 169 | 25 |
| FTSE International Ltd | England | 50 | 62 | (44) | 45 | 17 |
| Other | 41 | (6) | 9 | – | ||
| Total | 232 | (179) | 223 | 42 |
| 2009 All figures in £ millions | Country of incorporation | % interest held | Assets | Liabilities | Revenues | Profit |
|---|---|---|---|---|---|---|
| The Economist Newspaper Ltd | England | 50 | 116 | (116) | 161 | 22 |
| FTSE International Ltd | England | 50 | 28 | (24) | 38 | 4 |
| Other | 14 | (6) | 12 | – | ||
| Total | 158 | (146) | 211 | 26 |
The interests held in associates are equivalent to voting rights.