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Other financial assets
 12 Months Ended
Dec. 31, 2019
Text block [abstract]  
Other financial assets
15. Other financial assets
 
All figures in £ millions
  
2019
 
 
2018
 
At beginning of year
  
 
93
 
 
 
77
 
Exchange differences
  
 
(3
) 
 
 
4
 
Acquisition of investments
  
 
12
 
 
 
13
 
Fair value movements
  
 
20
 
 
 
7
 
Disposal of investments
  
 
—  
 
 
 
(8
) 
  
 
 
  
 
 
 
At end of year
  
 
122
 
 
 
93
 
  
 
 
  
 
 
 
Other financial assets include unlisted securities of £122m (2018: £93m) 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 were disposed. The cumulative gain on disposal was £nil and £2m was recycled from the fair value reserve to retained earnings.