b'N O T E S T O T H E A C C O U N T S9.Tangible fixed assetsLand and buildingsInvestmentAssets in the propertiesShortPlant andcourse ofGroupfreeholdleaseholdequipmentconstructiontotal 000s 000s 000s 000s 000sValuation or cost:At 1 January 2019 52,025 10,277 35,054 6,649 104,005Additions 221 327 3,669 7,099 11,316Revaluations 1,194 - - - 1,194Transfers - - 6,867 (6,967) (100)Disposals - (27) (1,022) - (1,049)At 31 December 2019 53,440 10,577 44,568 6,781 115,366Depreciation:At 1 January 2019 - 2,300 27,391 - 29,691Provided during the year - 1,453 4,844 - 6,297Disposals - (27) (946) - (973)At 31 December 2019 - 3,726 31,289 - 35,015Net book amounts:At 31 December 2019 53,440 6,851 13,279 6,781 80,351At 31 December 2018 52,025 7,977 7,663 6,649 74,314Investment properties, which are all freehold, were revalued as at 31 December 2019 to fair value at 53,444,000, based on a valuation undertaken by Richard M. Trimming BSc FRICS, a director of a subsidiary of the Group, who is a valuer with recent experience of the location and class of the investment properties being valued. The method of determining fair value and assumptions on which valuations are based are set out in note 1 (xx). The cost of investment properties at 31 December 2019 was 43,684,000 (2018: 43,463,000).Other tangible fixed assets are stated at cost less depreciation.At the balance sheet date the Group had committed to incur capital expenditure of 172,000 (2018: nil).At the balance sheet date the Group had contracted with licence and lease holders regarding provision of flexible office space, studios and managed workspace for minimum payments due within one year of 1,046,000 (2018: 1,540,000), and due over one year up to 5 years of 730,000 (2018: 1,508,000) and due over 5 years of nil (2018: 83,000). Contracts include licence agreements. They are generally issued on a 3 month minimum term basis, rolling monthly thereafter.10.Joint ventures and associates and other investmentsTotal joint ventures JointandUnquotedEquityTotal other venturesAssociatesassociatesinvestmentsloansinvestments 000s 000s 000s 000s 000s000s At 1 January 2019 92,250 328 92,578 1,874 471 2,345Additions 40,029 - 40,029 - - -Repayments (20,096) (81) (20,177) - (179) (179)Transferred to debtors (74) - (74) - - -Reclassification* (3,106) - (3,106) - - -Deferred income release 530 - 530 - - -Profit - - - - 93 93Impairment - - - (1,435) - (1,435)Share of profit 7,945 44 7,989 - - -At 31 December 2019 117,478 291 117,769 439 385 82486 ANNUAL REVIEW 2019'