Other financial assets

12 Months Ended

Dec. 31, 2018

15. Other financial assets


All figures in £ millions	2018			2017
At beginning of year		77			65
Exchange differences		4			(4	)
Acquisition of investments		13			3
Fair value movements		7			13
Disposal of investments		(8	)		—

At end of year		93			77

Other financial assets comprise unlisted securities of £93m (2017: £77m) that are classified at fair value through other comprehensive income (FVOCI). The assets, which are not held for trading, relate to the Group’s interests in new and innovative educational ventures across the world. These are strategic investments and the Group considers the classification as FVOCI to be more relevant. None of the investments are individually significant to the financial statements. In 2018, equities held at a fair value of £8m (2017: £nil) were disposed. The cumulative gain on disposal was £nil and £2m was recycled from the fair value reserve to retained earnings.