b'CHP financial statements 2020/2021Notes to the financial statements 26Operating leases: Group and company 27Contingent liabilities 28Pension obligations The total future minimum lease payments which the company is committed to make under operating leases are as follows. The Group have identified that works amounting toEssex County Council Pension Fund (ECCPF):5m may be required to our only tower block, ParksideGroup and companyCourt, as a result of changes to the building regulationsThe ECCPF is a multi-employer defined benefit pension Leases expiring2020/2021 2019/2020 arising from the Hackett Review together with remedialscheme, administered by Essex County Council under works required to the cavity barriers. We have athe regulations governing the Local Government Pension 000 000 reasonable expectation that the majority of these costsScheme, a defined benefit scheme. The most recent formal will be recovered from the contractor who installed theactuarial valuation was completed as at 31 March 2020 by (i) Land and buildings Within one year 1116 original cladding and there is an ongoing legal claim.a qualified independent actuary. Negotiations with the contractor are currently on-going. Two to five years -11 We have included provision in the business plan; there isThe ECCPF was closed to new employees with effect from a contingent liability that costs to be borne by us may be1 October 2018 but employees already within the scheme In more than five years higher than currently planned.will continue to contribute and accrue pension benefits. 1127 The employers contributions to the ECCPF by the (ii) Office and computer equipment Within one year 3919 Company for the year ended 31 March 2021 were 1,800k (2019/2020: 1,833k) at a contribution rate of Two to five years 11252 19.2 percent (2019/2020: 20.7 percent) of pensionable salaries, set until the next triennial funding valuation as at In more than five years 31 March 2023. The contribution rate was increased with 15171 effect from 1 October 2018 with the closure of the ECCPF to new employees.(iii) Vehicle leases Within one year 33710Two to five years 1,5948Reconciliation of opening and closing balances of the present value of the defined benefit obligation as at 31 MarchIn more than five years 98-2,02918 2020/2021 2019/2020000000Rentals payable under operating leases are charged to statement of comprehensive income on a straight-line basis over the lease term.Opening fair value of liabilities 61,05761,942Service cost 2,7623,220Past service cost 111573Interest cost 1,4321,494Contributions by the members 589622Change in financial assumptions 20,827(7,741)Change in demographic assumptions (1,091)(678)Experience (loss)/gain on defined benefit obligation (741)2,790Net benefits paid out (879)(1,165)Closing fair value of liabilities 84,06761,057 00086 87'