b'88 Mercia Asset Management PLC Annual Report & Accounts 2022Notes to the consolidated financial statements continued3. Segmental reportingThe Groups revenue and profits are derived from its principal activity within the United Kingdom.IFRS 8 Operating Segments defines operating segments as those activities of an entity about which separate financial information is available and which are evaluated by the Chief Operating Decision Maker to assess performance and determine the allocation of resources. The Chief Operating Decision Maker has been identified as the Board of Directors. The Directors are of the opinion that under IFRS 8 Operating Segments the Group has only one operating segment, being proactive specialist asset management, because the results of the Group are monitored on a Groupwide basis. The Board of Directors assesses the performance of the operating segment using financial information which is measured and presented in a consistent manner.An analysis of the Groups revenue is as follows:Year endedYear ended31 March 31 March2022 2021000 000Fund management fees 14,957 13,143Initial management fees 2,456 1,447Portfolio directors fees 2,969 3,086VCTs share offer fees1,318Performance fees 2,607 4,224Other revenue 194 19223,183 23,4104. Fair value movements in investmentsYear ended Year ended31 March 31 March2022 2021000 000Net fair value movements in investments (note 17) 11,385 10,0885. 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 March2022 2021Number NumberAsset management 82 70Central functions 26 29108 99Central 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 March2022 2021000 000Wages and salaries 10,972 9,143Social security costs 1,243 912Other pension costs (note 27) 746 64812,961 10,703The Directors represent the key management personnel. Detailed disclosures in respect of Directors remuneration are included in the audited section of the Remuneration Report on page 66, which forms part of these financial statements.'