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Intangible assets (Tables)
 12 Months Ended
Dec. 31, 2023
Text block [abstract]  
Summary of Intangible Assets
                  
 
Acquired
                              
                customer lists,     Acquired     Acquired     Other        
                contracts and     trademarks     publishing     intangibles        
All figures in £ millions   Goodwill     Software     relationships     and brands     rights     acquired     Total  
Cost
              
At 1 January 2022     2,145       1,087       741       168       97       321       4,559  
Exchange differences     206       83       80       20       5       44       438  
Additions – internal development     –       86       –       –       –       –       86  
Additions – purchased     –       4       –       –       –       –       4  
Disposals and retirements     –       (131 )      –       –       –       –       (131 ) 
Acquisition of subsidiary (note 30)     204       –       37       6       1       66       314  
Disposal of businesses (note 31)     (75 )      (9 )      (20 )      (8 )      –       (1 )      (113 ) 
Transfers     –       (5 )      –       –       –       –       (5 ) 
At 31 December 2022
  
 
2,480
 
  
 
1,115
 
  
 
838
 
  
 
186
 
  
 
103
 
  
 
430
 
  
 
5,152
 
Exchange differences  
 
(107
) 
  
 
(40
) 
  
 
(42
) 
  
 
(5
) 
  
 
(3
) 
  
 
(12
) 
  
 
(209
) 
Additions – internal development  
 
–
 
  
 
96
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
96
 
Additions – purchased  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
Disposals and retirements  
 
–
 
  
 
(18
) 
  
 
–
 
  
 
(1
) 
  
 
–
 
  
 
(3
) 
  
 
(22
) 
Acquisition of subsidiary (note 30)  
 
61
 
  
 
–
 
  
 
82
 
  
 
6
 
  
 
–
 
  
 
29
 
  
 
178
 
Disposal of businesses (note 31)  
 
–
 
  
 
(15
) 
  
 
(298
) 
  
 
(2
) 
  
 
–
 
  
 
–
 
  
 
(315
) 
Transfers  
 
–
 
  
 
(1
) 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
(1
) 
At 31 December 2023
  
 
2,434
 
  
 
1,137
 
  
 
580
 
  
 
184
 
  
 
100
 
  
 
444
 
  
 
4,879
 
                  
 
Acquired
                              
                customer lists,     Acquired     Acquired     Other        
                contracts and     trademarks     publishing     intangibles        
All figures in £ millions   Goodwill     Software     relationships     and brands     rights     acquired     Total  
Amortisation and impairment
              
At 1 January 2022     –       (657 )      (620 )      (138 )      (96 )      (279 )      (1,790 ) 
Exchange differences     –       (49 )      (65 )      (16 )      (5 )      (37 )      (172 ) 
Charge for the year     –       (125 )      (33 )      (8 )      –       (13 )      (179 ) 
Disposals and retirements     –       130       –       –       –       –       130  
Disposal of businesses (note 31)     –       8       20       7       –       1       36  
Transfers     –       –       –       –       –       –       –  
At 31 December 2022
  
 
–
 
  
 
(693
) 
  
 
(698
) 
  
 
(155
) 
  
 
(101
) 
  
 
(328
) 
  
 
(1,975
) 
Exchange differences  
 
–
 
  
 
24
 
  
 
31
 
  
 
4
 
  
 
3
 
  
 
9
 
  
 
71
 
Charge for the year  
 
–
 
  
 
(123
) 
  
 
(19
) 
  
 
(7
) 
  
 
(1
) 
  
 
(19
) 
  
 
(169
) 
Disposals and retirements  
 
–
 
  
 
18
 
  
 
–
 
  
 
1
 
  
 
–
 
  
 
3
 
  
 
22
 
Disposal of businesses (note 31)  
 
–
 
  
 
8
 
  
 
252
 
  
 
2
 
  
 
–
 
  
 
–
 
  
 
262
 
Transfers  
 
–
 
  
 
1
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
1
 
At 31 December 2023
  
 
–
 
  
 
(765
) 
  
 
(434
) 
  
 
(155
) 
  
 
(99
) 
  
 
(335
) 
  
 
(1,788
) 
Carrying amounts
              
At 1 January 2022     2,145       430       121       30       1       42       2,769  
At 31 December 2022     2,480       422       140       31       2       102       3,177  
At 31 December 2023
  
 
2,434
 
  
 
372
 
  
 
146
 
  
 
29
 
  
 
1
 
  
 
109
 
  
 
3,091
 
Summary of Useful Economic Life of Intangible Assets
The range of useful economic lives for each major class of intangible asset (excluding goodwill and software) is shown below:
 
     
 
At 31 December 2023 
 
Useful economic life 
 
  
Class of intangible asset
   
Acquired customer lists, contracts and relationships
   
 
3-20 years 
 
Acquired trademarks and brands
   
 
2-20
years 
 
Acquired publishing rights
   
 
5-20
years 
 
Other intangibles acquired
   
 
2-20
years 
 
Summary of Amortisation Profile of Intangible Assets
The expected amortisation profile of acquired intangible assets is shown below:
 
                             
 
At 31 December 2023
  
All figures in £
millions		   
One to
five years
     
Six to
ten years
     
Eleven to
fifteen years
     
Sixteen to
twenty years
     
Total
  
Class of intangible asset
               
Acquired customer lists, contracts and relationships   
 
71
 
   
 
41
 
   
 
28
 
   
 
6
 
   
 
    146
 
Acquired trademarks and brands
   
 
22
 
   
 
7
 
   
 
–
 
   
 
–
 
   
 
29
 
Acquired publishing rights
   
 
1
 
   
 
–
 
   
 
–
 
   
 
–
 
   
 
1
 
Other intangibles acquired
   
 
84
 
   
 
17
 
   
 
8
 
   
 
–
 
   
 
109
 
Summary of Carrying Value of Goodwill
All figures in £ millions   
 
2023
  Goodwill
 
     
 
2022
  Goodwill
 
  
Assessment & Qualifications
   
 
1,355
 
      1,361  
Virtual Learning
   
 
419
 
      443  
English Language Learning
   
 
255
 
      259  
Workforce Skills
   
 
337
 
      348  
Higher Education
   
 
68
 
      69  
Total
   
 
2,434
 
      2,480  
Summary of Detailed Information About In Carrying Value Of Goodwill
The table below shows the key assumptions used by management in the value in use calculations.
 
             
 
2023
             
 
2022 
  
     
 Discount rate
 
     
Perpetuity
 growth rate
 
     
 Discount rate
 
     
Perpetuity 
 growth rate 
 
  
Assessment & Qualifications
   
 
10.8%
 
   
 
2.0%
 
      12.0%        2.0%   
Virtual Learning
   
 
11.0%
 
   
 
2.0%
 
      11.9%        2.0%   
English Language Learning
   
 
13.0%
 
   
 
3.5%
 
      11.8%        3.5%   
Workforce Skills
   
 
10.4%
 
   
 
2.0%
 
      11.6%        2.0%   
Higher Education   
 
10.7%
 
   
 
2.0%
 
      12.0%        2.0%