Annual Report 2015 | Page 92

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. 90