b'100 Mercia Asset Management PLC Annual Report & Accounts 2022Notes to the consolidated financial statements continued25. Share premiumAs at As at31 March 31 March2022 2021000 000Share premium 81,644 81,64426. Other distributable reserveAs at As at31 March 31 March2022 2021000 000As at the beginning of the year 69,560 70,000Dividends paid (note 12) (2,641) (440)As at the end of the year 66,919 69,56027. Retirement benefit schemesThe Group contributes into the personal pension plans of all qualifying employees. The amount charged in the year to 31 March 2022 was 746,000 (2021: 648,000). As at 31 March 2022, contributions amounting to 13,000 (2021: 11,000) had not yet been paid over to the plans and are recorded in other payablessee note 20.28. 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 42 to 51 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:FVTPLAmortised costTotal As at 31 March 2022 000 000 000Long-term financial assets 119,558119,558Trade and other receivables541 541Short-term liquidity investments5,235 5,235Cash and cash equivalents56,049 56,049Short-term financial assets61,825 61,825Total financial assets 119,558 61,825 181,383Trade and other payables(1,145) (1,145)Accruals(3,428) (3,428)Lease liabilities(452) (452)Deferred consideration (2,869)(2,869)Total financial liabilities (2,869) (5,025) (7,894)'