b'Chief Financial Officers review continuedfund management contracts from the date of acquisition. The total amortisation charge of 852,000 (2019: 301,000) in the consolidated statement of comprehensive income represents the amortisation for the year ended 31 March 2020. 551,000 of the total charge relates to the Northern VCT Contracts with the balance relating to the EV Contracts.RevenueTotal revenue of 12,747,000 (2019: 10,675,000) comprised fund management fees, initial management fees from new investments, investment director monitoring fees and sundry business services income.Other administrative expensesTotal other administrative expenses of 12,661,000 (2019: 12,115,000) consisted of all staff related, office, marketing and professionaladviser costs.Net revenuesNet revenues of 86,000 (2019: 1,440,000 net expenses) represents total revenue less all staff and administrative expenses.Fair value movements in investmentsYear ended Year ended31 March 31 March2020 2019000 000Investment movements excluding cash invested:Unrealised gains on the revaluation of investments 3,351 8,622Unrealised losses on the revaluation of investments (19,195) (4,706)Net fair value (loss)/gain (15,844) 3,916For the year as a whole, unrealised fair value gains arose in four (2019: 12) of the Groups 25 (2019: 26) direct investments. The largest fair value gain, being Oxford Genetics (trading as OXGENE), was 1,582,000. There were 10 (2019: three) fair value decreases, the largest being 5,313,000 for Warwick Acoustics, predominantly due to the current impact of COVID-19 on asset values in general. The reduction in overall fair values for the year as a whole was 15.3%, measured by expressing the net fair value unrealised loss as a percentage of the opening fair value of the direct investment portfolio plus the net cash invested during the year (2019: 4.7% increase). For the vast majority of the direct investment portfolio we anticipate a recovery in fair values over time.Share-based payments chargeThe 528,000 (2019: 171,000) non-cash charge arises from the issue of share options to Executive Directors and other employees of the Group ranging from 24 April 2017 to 31 March 2020. Amortisation of intangible assetsThe amortisation charge of 852,000 (2019: 301,000) represents the amortisation of the acquired intangible assets of the Northern VCT Contracts and the EV Contracts for the year ended 31 March 2020.Exceptional itemsDuring the year the Group incurred exceptional costs of 695,000 (2019: nil). Of this total, 297,000 are transaction costs incurred in relation to the acquisition of the VCT fund management business. The balance of 398,000 are staff related costs incurred in connection with a restructuring which took place in March 2020. The transaction costs and staff related costs are exceptional non-trading and non-recurring costs and have therefore been accounted for as exceptional items. Net finance incomeFinance income of 246,000 (2019: 562,000) comprised loan interest and redemption premiums received on loans repaid by investee companies during the year, as well as interest receivable earned on the Groups cash and short-term liquidity investments.Finance costs of 26,000 (2019: nil) comprised interest payable on leases, arising from the application of IFRS 16, Leases.TaxationThe tax credit of 159,000 (2019: 54,000) represents the annual unwinding of the deferred tax liability recognised in respect of the intangible assets which arose on the acquisition of both the Northern VCT Contracts and the EV Contracts.Balance sheet and cash flowsNet assets at the year end of 141,460,000 (2019: 126,065,000) were predominantly made up of the Groups direct investment portfolio, together with cash and short-term liquidity investments. The Group continues to have limited working capital needs due to the nature of its business.50 Mercia Asset Management PLCAnnual Report and Accounts 2020'