We report on our performance each year in our annual report and accounts.
Our annual report includes a description of the work we carried out during the year to deliver our legal duties. And it includes the accounts for the operation of the Water Services Regulation Authority (Ofwat) under International Financial Reporting Standards (IFRS). They have been prepared on an accruals basis in accordance with the Government Financial Reporting Manual (FReM).
Our duties are laid out primarily in the Water Industry Act 1991 as amended (WIA91). We are directly accountable to Parliament and the National Assembly for Wales.
Ofwat is responsible for protecting the interests of water customers. We aim to be working at the leading edge, trusted and respected – challenging ourselves and others to build trust and confidence in water.
Trust in water is the means through which we fulfil our statutory responsibilities. We will be refreshing our strategy later this year, alongside a new shared vision for the water sector. We carry out our relevant functions in accordance with the statements of strategic priorities and objectives we receive from the UK and Welsh Governments.
In 2018 we agreed the key strategic outcomes that we expect our regulation of the water sector to deliver for customers. Each element of our portfolio of work contributes to one or more of these outcomes. These connections are explained in our forward programme for 2019-20.
We have developed a set of measures to help us monitor and assess the impact we are having on these outcomes and will refine these further over the coming months.
As the new vision for the sector and Ofwat strategy is developed, we will keep checking that these remain the right strategic outcomes to focus on to demonstrate the impact of our work. Continual monitoring of relevant outcomes will help us to assess if we are achieving the impact that we need to.
Download Ofwat’s annual report and accounts 2018-19 from the UK Government website (GOV.UK) – or from the National Assembly for Wales.