b'Annual Report & Accounts 2022 Mercia Asset Management PLC 9313. GoodwillGoodwill arising on the businesses acquired to date is set out in the table below:EnterpriseVCT fund Mercia FundVenturesmanagement Management Group business Total000 000 000 000CostAs at 1 April 2020, 31 March 2021 and 31 March 2022 2,455 7,873 6,314 16,642Goodwill for each business acquired has been assessed for impairment as at 31 March 2022. Recoverable amounts for each cash generating unit (CGU) are based on the higher of value in use and fair value less costs of disposal (FVLCD).The value in use calculations are based on future expected cash flows generated by each CGU, as derived from the approved budget for the year ended 31 March 2023. Key assumptions are a discount rate of 10% and the growth rates used in forecastingFinancial statementsfuture operating results. Where the fund management contracts are evergreen, a value into perpetuity has been used based on a zero growth rate beyond a five-year forecast period.The review concluded that the value in use of each CGU exceeds its carrying value. The Directors do not consider that a reasonably possible change in a key assumption would reduce the recoverable amount of the CGUs to their carrying value.14. Intangible assetsIntangible assets represent contractual arrangements in respect of the acquired VCT fund management business and the acquisition of Enterprise Ventures Group, where it is probable that the future economic benefits that are attributable to those assets will flow to the Group and the fair value of the assets can be measured reliably. The intangible asset recognised on the acquisition of Enterprise Ventures Group in 2016 became fully amortised in March 2021.000CostAs at 1 April 2020, 31 March 2021 and 31 March 2022 21,835Accumulated amortisationAs at 1 April 2020 1,772Charge for the year 2,317As at 31 March 2021 4,089Charge for the year 2,033As at 31 March 2022 6,122Net book valueAs at 1 April 2020 20,063As at 31 March 2021 17,746As at 31 March 2022 15,713'