Notes to the Accounts
14. Joint ventures
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| 2001 | 2000 | |||
| all figures in £ millions | valuation | book value | valuation | book value |
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| Unlisted joint ventures | 7 | 7 | 12 | 12 |
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note 
The valuations of unlisted joint ventures
are directors valuations as at 31 December 2001. If realised at these
values there would be no liability for taxation. The Group had no capital
commitments to subscribe for further capital and loan stock.
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| all figures in £ millions | equity | reserves | total net assets |
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| Summary of movements | |||
| At 31 December 2000 | 29 | (17) | 12 |
| Additions | 20 | | 20 |
| Transfer to subsidiary undertaking | (4) | 4 | |
| Retained loss for the year | | (25) | (25) |
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| At 31 December 2001 | 45 | (38) | 7 |
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| 2001 | 2000 | |||
| all figures in £ millions | operating loss | total net assets | operating loss | total net assets |
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| Analysis of joint ventures | ||||
| Business sectors | ||||
| Pearson Education | | 1 | | |
| FT Group | (20) | 3 | (21) | 10 |
| The Penguin Group | 1 | 3 | | 2 |
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| Continuing operations | (19) | 7 | (21) | 12 |
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| Geographical markets supplied and location of net assets | ||||
| United Kingdom | (1) | 3 | (2) | 3 |
| Continental Europe | (18) | 3 | (19) | 9 |
| North America | | 1 | | |
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| Continuing operations | (19) | 7 | (21) | 12 |
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| all figures in £ millions | 2001 | 2000 |
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| Reconciliation to retained loss | ||
| Operating loss of joint ventures | (19) | (21) |
| UK taxation | (6) | 6 |
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| Retained loss for the year | (25) | (15) |
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