b'106 Mercia Asset Management PLC Annual Report and Accounts 2021Notes to the consolidated financial statements continued28. Other distributable reserveas at As at31 March 31 March2021 2020000 000As at the beginning of the year 70,000 70,000Dividend paid (note 13) (440) as at the end of the year 69,560 70,000On 18 March 2015, the Group successfully applied to the Court for the partial cancellation of its share premium account. 70,000,000 was transferred from the share premium account to a distributable reserve. 29. Retirement benefit schemesThe Group contributes into the personal pension plans of all qualifying employees. The amount charged in the year to 31 March 2021 was 648,000 (2020: 570,000). As at 31 March 2021, contributions amounting to 11,000 (2020: 23,000) had not yet been paid over to the plans and are recorded in other payables (note 22).30. Financial risk managementIn its normal course of business, the Group uses certain financial instruments including cash, trade and other receivables and equity investments. The Group is exposed to a number of risks through the performance of its normal operations. These are discussed in more detail in the Strategic Report on pages 52 to 57 of this Annual Report.Categories of financial instrumentsThe Group recognises financial instruments in its financial statements when it enters into a binding agreement to receive cash or other economic benefits and derecognises them once all parties to the agreements have discharged all of their obligations. The description of each category of financial asset and financial liability and the related accounting policies are shown below. In accordance with IFRS 9, the financial assets and liabilities are classified as FVTPL or at amortised cost. The carrying amounts of financial assets and financial liabilities in each category are as follows:FVtPL amortised cost totalas at 31 March 2021 000 000 000Long-term financial assets 96,22096,220Trade and other receivables381 381Restricted cash2,484 2,484Short-term liquidity investments234 234Cash and cash equivalents54,491 54,491Short-term financial assets57,590 57,590total financial assets 96,220 57,590 153,810Trade and other payables(3,559) (3,559)Accruals (3,661) (3,661)Lease liabilities(473) (473)total financial liabilities(7,693) (7,693)FVTPL Amortised cost TotalAs at 31 March 2020 000 000 000Long-term financial assets 87,47187,471Trade and other receivables383 383Restricted cash467 467Short-term liquidity investments6,125 6,125Cash and cash equivalents23,971 23,971Short-term financial assets30,946 30,946Total financial assets 87,471 30,946 118,417Trade and other payables(1,637) (1,637)Accruals(2,449) (2,449)Lease liabilities(591) (591)Total financial liabilities(4,677) (4,677)'