b'Annual Report & Accounts 2022 Mercia Asset Management PLC 896. Share-based payments chargeThe Group operates a share option scheme for Executive Directors and all employees of the Group. Further details are set out on pages 65 to 67 of the Remuneration Report.Total options existing over Ordinary shares as at 31 March 2022 are summarised below:Scheme Date of grant Date of expiry Number of share options Exercise priceApproved share option scheme 31 July 2019 30 July 2029 1,672,504 33.50p28 January 2020 27 January 2030 1,571,113 24.30p21 August 2020 20 August 2030 1,071,878 21.50p9 July 2021 8 July 2031 1,123,116 38.50pUnapproved share option scheme 31 July 2019 30 July 2029 835,496 33.50p28 January 2020 27 January 2030 3,351,026 24.30p21 August 2020 20 August 2020 8,015,122 21.50p Financial statements9 July 2021 8 July 2031 1,066,884 38.50p9 July 2021 9 July 2024 8,800,000 0.00p27,507,139Details of the share options outstanding as at 31 March are as follows:Year ended 31 March 2022 Year ended 31 March 2021Number of shareWeighted averageNumber ofWeighted average options exercise price share options exercise priceShare options outstanding as at 1 April 20,784,140 25.37p 15,700,140 30.22pGranted during the year 11,020,000 7.76p 9,497,000 21.50pForfeited during the year (690,001) 27.11p (1,830,000) 30.18pExpired during the year (3,607,000) 30.80p (2,583,000) 37.21pShare options outstanding as at 31 March 27,507,139 17.57p 20,784,140 25.37pThe options outstanding at 31 March 2022 had a weighted average remaining contractual life of two years (2021: two years). No share options were exercised during the years ended 31 March 2022 or 31 March 2021.Fair value chargeThe fair value charge for the share options in issue is based on the following models and key assumptions:Share priceExercise at date of Risk-free Assumed time Assumed Fair valueDate of grant price grant rate to exercise volatility per option31 July 2019 33.50p 33.50p 1.0% 10 years 30% 13.29p28 January 2020 24.30p 24.30p 1.0% 10 years 30% 9.64p21 August 2020 21.50p 21.50p 0.5% 10 years 40% 10.45p9 July 2021 38.50p 38.50p 0.5% 10 years 40% 10.83p9 July 2021 0.001p 0.001p 0.5% 3 years 40% 18.85pOn the 9 July 2021, share options were granted with a total estimated fair value of 2,069,000. In the year ended 31 March 2021, share options were granted on 21 August 2020 with an estimated fair value of 992,000. No dividends are included within the fair value assumptions made on the date of grant. 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 over the preceding three-year period to the date of grant.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 1,109,000 (2021: 543,000).'