Investments in joint ventures and associates

12 Months Ended

Dec. 31, 2022

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Investments in joint ventures and associates

12. Investments in joint ventures and associates

The amounts recognised in the balance sheet are as follows:

All figures in £ millions	2022		2021
Associates		25		24
Total		25		24

The amounts recognised in the income statement are as follows:

All figures in £ millions	2022		2021
Associates		1		1
Total		1		1

The Group has no material associates or joint ventures. The largest associate is a 40% interest in the Academy of Pop (AOP), which was set up in 2021. It had a year end carrying amount of £9m (2021: £10m), of which £5m (2021: £7m) was still to be paid as at 31 December 2022 (see note 36). AOP is incorporated in Delaware and is a Limited Liability Company. It was set up with XIX Entertainment to create a new entertainment driven performing arts learning platform, which will offer coaching from renowned instructors, with a combination of physical locations and online learning.

There were no other material transactions with associates or joint ventures during 2022 or 2021.