b'Strategic report Governance Financial statementsAn analysis of the Groups revenue is as follows:Year ended Year ended31 March 31 March2020 2019000 000Fund management fees 8,861 7,282Initial management fees 1,286 1,134Portfolio directors fees 2,380 2,139Other revenue 220 12012,747 10,6754. Fair value movements in investmentsYear ended Year ended31 March 31 March2020 2019000 000Net fair value movements in investments (note 18) (15,844) 3,916No other gains or losses have been recognised in respect of financial assets held at amortised cost. No gains or losses have been recognised on financial liabilities held at amortised cost.5. Employees and DirectorsThe average monthly number of persons (including Executive and Non-executive Directors) employed by the Group during the year was:Year ended Year ended31 March 31 March2020 2019Number NumberAsset management 63 61Central functions 28 2491 85Central functions comprise senior management (including Executive and Non-executive Directors), finance, compliance, legal, administration, people and talent, and marketing.The aggregate employee benefit expense (including Executive and Non-executive Directors) was:Year ended Year ended31 March 31 March2020 2019000 000Wages and salaries 7,442 7,006Social security costs 768 917Other pension costs (note 28) 570 4798,780 8,402The Directors represent the key management personnel. Detailed disclosures in respect of Directors remuneration are included in the audited section of the Remuneration Report on 67, which forms part of these financial statements.Mercia Asset Management PLC 87Annual Report and Accounts 2020'