Notes to the financial statements for the year ended 31 March 2012
27 RELATED PARTY TRANSACTIONS One member of the Board during the year was an employee of the London Borough of Hackney, a local authority having nomination rights over tenancies for certain Group properties. This member has now resigned. All transactions with the council are on normal commercial terms and no advantage is provided by this position. Tenants who are members of the Board have tenancies which are on normal commercial terms and as such their position does not afford them any additional benefits compared with other tenants. 28 SUBSIDIARY UNDERTAKINGS Group
Association
2012 £000
2011 £000
2012 £000
2011 £000
Investment in assets and liabilities
-
-
824
-
Investment in shares
-
-
2,761
11
-
-
3,585
11
Family Mosaic Housing exerts dominant influence over the affairs of: Charlton Triangle Homes This is a company registered under the Companies Act and also with the Charity Commission and the Homes & Communities Agency. The Association took the transfer of 1,246 properties from the London Borough of Greenwich on 29th March 1999 and has undertaken a substantial programme of repairs, improvement and upgrade of the properties transferred. At the current date over 1,000 properties have been refurbished and 173 new homes have been built. Family Mosaic Housing exercises control through nominees on the Board. Old Oak Housing Association This is a company registered under the Companies Act, the Charity Commission and the Homes & Communities Agency. The Association was established initially to manage 669 properties transferred to Family Housing Association on the 17th March 1999. The properties which were transferred were subject to refurbishment over a five year period. The original programme of works has now been completed and the properties are to remain in the ownership of Family Mosaic, though further works will be done on properties where tenants declined to have work done under the original programme. Family Mosaic Housing exercises control through nominees on the Board. Family Mosaic Home Ownership This is a not-for-profit Registered Provider formed in 1989 under the Industrial and Provident Societies Act, specialising in the development and sale of shared ownership homes and homes for sale on the open market. The appointment and dismissal of all Board Members is controlled by Family Mosaic Housing.
FINANCIAL STATEMENTS 2012 | 61