Tideway notified Ofwat that it would not be able to submit its audited Annual Performance Report (APR) and other submissions to us on 15 July 2023 as required by its licence. This is because its current auditors KPMG are unable to carry out the required audit. KPMG informed Tideway that they apparently do not have the resources to meet this deadline. This will constitute a breach of Tideway’s Project Licence which requires it to submit an APR and other submissions by 15 July every year, accompanied by an auditor’s report.
In lieu of taking enforcement action against Tideway, Ofwat has accepted an undertaking from Tideway. In terms of the undertaking, Tideway will submit an unaudited version of its APR by the due date, and the full audited version of its APR before 22 September 2023. Ofwat considers that accepting the undertaking is a proportionate response to the licence breach, noting that the reasons for the breach have largely been outside of Tideway’s control, it has taken steps to remedy the breach (including trying to secure replacement auditors) and that it has been proactive in drawing the breach to our attention
Tideway – undertaking under section 19 for breach of licence