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.
Our Trust in Water strategy is the means through which we fulfil our statutory responsibilities. We also carry out our relevant functions in accordance with the statements of strategic priorities and objectives we receive from the UK and Welsh Governments.
Our priorities for 2017-18 were:
- Working with and challenging the sector to improve the customer experience in particular by improving resilience, delivering a step change in customer service, maintaining affordability and driving efficiency.
- Improving information and transparency in the sector to hold companies to account.
- Supporting the development and investability of markets, to enable the sector to deliver more for less.
- Securing stakeholder engagement and support for change.
- Ensuring we have the skills, experience, systems, processes and culture to deliver the strategy.
Our 2018-19 forward programme sets out our plans for the next financial year.