Notes to the Financial Statements
2015 2014 2013
2012 2011
£’000
£’000 £’000 £’000 £’000
Market value of scheme assets 270,065
Present value of scheme liabilities (243,213)
233,631 232,868
(211,257) (209,653)
Surplus in the scheme
26,852
22,374
Gain/(loss) due to experience adjustments on liabilities
% of scheme liabilities
204
—
316
—
Acturial gain/(loss) on assets
% of scheme assets
28,064
11%
(6,047)
(3%)
(Loss)/gain due to changes in actuarial assumptions
underlying the value of liabilities (30,303)
% of scheme liabilities
(12%)
—
—
(12,666) (13,755) 17,098
6% 7%
12%
(5,731)
(3%)
2,454 (10,220) 22,247
1% 5% 15%
Actuarial (loss)/gain
% of scheme liabilities
(2,035)
(1%)
23,215
212,012 164,991
(195,201) (146,365)
16,811
18,626
947
(467)
2,078
— —
1%
14,173
6%
4,002
2%
3,071
2%
30
Related Party Transactions
During the year ended 31 March 2009, South Staffordshire Water PLC entered into a series of agreements with a parent undertaking, Hydriades I LP.
The agreements were put in place to offset the impact on South Staffordshire Water PLC of certain hedging relationships entered into with a third
party bank, on both cash flow and the profit and loss account. During the year ended 31 March 2014 the balance in Hydriades I LP was transferred
to Selena Bidco Limited, which is a parent undertaking of the Company. The balance due from Selena Bidco Limited in respect of these transactions
at 31 March 2015 was £4,270,000 (2014: £4,389,000). This amount has been recognised within debtors in the Group Consolidated Balance Sheet. In
accordance with applicable accounting standards, the impact of both arrangements on the profit and loss account of South Staffordshire Water PLC
and the Group have been netted off with no overall impact.
31
Post Balance Sheet Event
On 1 April 2015, the South Staffordshire section of the Water Companies Pension Scheme was closed to future accrual following consultation with its
members and the Trustees of the scheme. Pension benefits under the scheme will be based on pensionable pay and accrued service to 1 April 2015 with
the Group and members contributing to a new defined contribution pension scheme from 1 April 2015 which will provide additional pension benefits.
32
Ultimate Controlling Party
The Company's immediate parent undertaking is Aquainvest Acquisitions Limited. The ultimate controlling party in the United Kingdom is Hydriades IV
Limited which prepares the largest and smallest set of accounts in which the Group is consolidated within. The results of the Company and the Group for
the year ended 31 March 2015 are consolidated in the accounts of Hydriades IV Limited. The ultimate controlling party is KKR Infrastructure Limited.
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