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GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2019(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)(Continued)6. Intangible assets (continued)LicencesLicences include two (2) radio broadcast licences with indefinite useful lives. Broadcast rights for the 2018 World Cup with a cost of $4.625 million and net book value of $1.299 million expired during the 2018 financial year. The expiry of these rights represents the %u2018Other movements%u2019 in licences during the prior year.Radio Broadcast LicencesOne radio broadcast licence was acquired through a business combination with Wonderland Entertainment Limited on 9 August 2011 at a cost of $6.099 million and the other radio broadcast licence was acquired on 12 September 2014 at a cost of $5.8 million to operate the 99.5FM broadcast frequency. The licences have been granted for a minimum of 10 years by the relevant government agency with the option to renew at the end of the period at little or no cost to the Group. Previous licences acquired have been renewed which has allowed the Group to determine that these assets have indefinite useful lives.As at 31 December 2019, these assets were tested for impairment and based on the results of the tests no impairment was recorded.GoodwillIn accordance with IFRS 3, goodwill arising from the acquisition of the Trinidad Broadcasting Company Limited and Prime Radio Limited in 1998 was reviewed for impairment at year end. Based on the results of this review no impairment expense was recorded.Impairment testingThe following highlights the information used in the impairment testing of goodwill and licences with indefinite useful lives:Basis for recoverable amount Value in useDiscount rate 15%Cash flow projection term Five years and into perpetuityGrowth rate (extrapolation period) 1%86 GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES ANNUAL REPORT 2019