We report on our performance each year in our annual report and accounts.
Our 2019-20 annual report includes a description of the work we carried out during the year to fulfil our statutory responsibilities. It also 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 ambition is for the water sector to provide the very best service to customers, protecting the environment and improving life through water both now and in the future.
Our new strategy ‘Time to act, together’, published in October 2019, explains how we will drive progress in the water sector; making sure we are focused on sustaining progress over decades to come. We carry out our relevant functions so as to fulfil the duties set out in legislation and in accordance with the statements of strategic priorities and objectives we receive from the UK and Welsh Governments.
In the report, we discuss the water sector’s performance for customers in 2019-20. We are focused on benefits for customers, society and the environment and so are reporting on the industry’s performance against our four customer outcomes from our Forward programme 2019-20.
We also report against our own performance in driving improvements for customers, society and the environment. These are set out against our strategic goals from our new strategy.