Page 84 - Housing Solutions Annual Report

Pensions (continued)

Sensitivity analysis
Adjustment to mortality age rating assumption
+1 year £’000 None £’000 -1 year £’000
Present value of total obligation 35,356 34, 047 32,788

Projected service cost - - -
Adjustment to discount rate
Increase by 0.1% None Decrease by 0.1%
Present value of total obligation 33,315 34,047 34,796

Projected service cost - - -

28. Related Parties

Tenant members of the Association are charged normal policy rents and receive no favourable treatment in any
respect as a result of their membership of the Association.
Ross McWilliams is a member of the Housing Solutions Board and is a councillor of the Royal Borough of
Windsor and Maidenhead Council. All transactions with the Royal Borough of Windsor and Maidenhead
Council are made at arm’s length on normal commercial terms.
The design and build contracts for £11,519,818 were novated to Housing Solutions Development Limited during
the year and the associated costs were transferred from Housing Solutions. On consolidation, these costs are
included in the current assets balance in the Consolidated Statement of Financial Position.

Transactions between the company and its 100% owned subsidiaries, which are related parties, have been
eliminated on consolidation for the Group

HSG Property Services Limited charged the parent Housing Solutions £11,810 (2019: £12,156) for electricity
generated by the photo voltaic panels on residents’ roofs and Housing Solutions charged HSG Property
Services Limited £11,310 (2019: £10,948) for the rental of residents’ roofs. Housing Solutions charged HSG
Property Services Limited interest £50,767 (2019: £50,767).
Housing Solutions Capital PLC was charged £8,471,478 (2019: £8,387,207) for interest on the Note Purchase
Agreement loan and received £8,471,478 (2019: £8,387,207) in interest from the parent Housing Solutions, for
its loan to the parent company.

29. Legislative Provisions

The Association is incorporated under the Co-Operative and Community Benefit Societies Act 2014,
Registration No. 27876R and is a Registered Social Landlord under the Housing Act 1974, Registration
No. L4073

30. Principal activities of subsidiaries and joint venture

HSG Property Services Limited provides photo voltaic panels on residents’ roofs providing residents with an
efficient source of energy and creates revenue for the Group through the Feed in Tariff programme.

Housing Solutions Capital PLC is set up to facilitate capital market funding for the Group.
Housing Solutions Development is set up to facilitate the design and build of properties for the Group.
Glassford LLP is a joint venture with The Royal County of Berkshire Pension Fund which owns and manages 40
market rent properties.
31. Contingent Liability

At 31 March 2020 there were no contingent liabilities

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