b"Strategic report Governance Financial statementsFair value chargeThe fair value charge for the share options in issue has been based on the Black-Scholes model with the following key assumptions:Share price AssumedExercise at date of Risk-free time Assumed Fair valueDate of grant price grant rate to exercise volatility per option8 December 2014 50.00p 50.00p 1.0% 10 years 30% 19.84p31 July 2015 70.00p 70.00p 1.0% 10 years 30% 27.78p31 July 2015 57.50p 70.00p 1.0% 10 years 30% 32.24p11 August 2015 69.00p 69.00p 1.0% 10 years 30% 27.38p11 August 2015 57.50p 69.00p 1.0% 10 years 30% 31.45p27 July 2016 51.25p 51.25p 1.0% 10 years 30% 20.35p24 April 2017 40.05p 40.05p 1.0% 10 years 30% 15.89p24 July 2017 36.00p 36.00p 1.0% 10 years 30% 14.28p15 December 2017 37.25p 37.25p 1.0% 10 years 30% 14.78p28 August 2018 30.80p 30.80p 1.0% 10 years 30% 12.22p31 July 2019 33.50p 33.50p 1.0% 10 years 30% 13.29p28 January 2020 24.30p 24.30p 1.0% 10 years 30% 9.64pOptions were granted in the financial year on 31 July 2019 and 28 January 2020. The aggregate of the estimated fair values of the options granted on those dates is 2,531,000. No dividends are assumed. The risk-free rate is taken from the yield on zero coupon United Kingdom Government bonds on a term consistent with the expected life. Assumed volatility is based on a review of comparators and analysis of movements in the Groups share price since listing.The Group did not enter into any share-based payment transactions with parties other than Executive Directors and employees during the year.The total charge for the year recognised in the consolidated statement of comprehensive income for share options granted to Executive Directors and employees was 528,000 (2019: 171,000).7. Operating loss before exceptional itemsOperating loss before exceptional items is stated after charging:Year ended Year ended31 March 31 March2020 2019000 000Other administrative expenses:Staff costs (note 5) 8,780 8,402Marketing, professional adviser, travel and entertainment and other administration costs 3,297 3,103Depreciation of property, plant and equipment (note 16) 73 84Depreciation of right-of-use assets (note 17) 139 Expenses relating to short-term leases and leases of low-value assets 218 Operating lease costs364Auditors remuneration: Fees payable to the Companys auditor for the audit of the Company and consolidated accounts 69 43 Fees payable to the Companys auditor for other services:The audit of the interim accounts of the Company 20 22The audit of accounts of subsidiaries of the Company 35 67CASS related assurance services 30 30Total other administrative expenses 12,661 12,115Share-based payments charge (note 6) 528 171Amortisation of intangible assets (note 15) 852 301Total administrative expenses 14,041 12,587As part of the Groups placing and its acquisition of the venture capital trust (VCT) fund management business of NVM Private Equity LLP, auditor's due diligence and advisory fees were incurred totalling 173,000, of which 36,000 is included in equity as share issue related costs and 137,000 is charged to the consolidated statement of comprehensive income, as an exceptional non-trading and non-recurring cost. Mercia Asset Management PLC 89Annual Report and Accounts 2020"