For immediate release 2 June 2021.
On 28 May MOSL’s Board and its auditor, BDO, formally signed off MOSL’s 2020/21 Annual Report and Financial Statements.
As market operator MOSL is funded by trading parties – the wholesalers and retailers who operate in the market. It is important that we are highly transparent in everything that we do. Our Annual Report complements MOSL’s newly introduced quarterly reporting and provides an overview of both our performance as market operator, and detailed information on our expenditure. This year, we have also enhanced the level of information provided in a number of key areas including our corporate risk register, the market audit and remuneration including, for the first time, gender pay gap reporting. In doing so, we aim to provide confidence in our ability to provide a high-quality service to the market and outline areas where we will strive to do better.
Despite the challenges that COVID-19 presented throughout the course of 2020/21, MOSL has maintained consistent and high-quality delivery of our core services. Overall, 17 of our 20 Key Performance Indicators (KPIs) showed stable or improved performance, with no significant reduction of service across the remaining three KPIs.
We have similarly continued to deliver on our commitments to our members and the market, with completion against our 19 business plan commitments at 97 per cent at year end. Against the backdrop of the pandemic, as we worked closely with trading party members, the Panel, and Ofwat, to implement a series of changes to stabilise the market and bring liquidity support. This included the suspension of performance charges, the introduction of the temporary vacancy flag, and estimated consumption and the deferral of payments.
Our total expenditure for 2020/21 was 6.5 per cent below budget. This was achieved through a combination of efficiencies, COVID-19 related savings (including travel), and our rigorous focus of priortisation on our key improvement programmes. We were able to deliver more on our key improvement programme, the Bilateral Transactions Programme, than we originally planned, with work well under way on our pilot process – C1 - meter verification.
Following approval from the Board, members will be asked to formally adopt the Annual Report and Financial Statements at a General Meeting being held in July 2021. Members will also be asked to approve the appointment of BDO as statutory auditor for 2021/22 with the Audit and Risk Committee agreeing the audit fees.
In publishing the report today, Independent Non-Executive Director of the Board and Audit and Risk Committee Chairman, Simon Orebi Gann, said “I am pleased to be presenting the 2020/21 Annual Report and Financial Statements in which we have further improved our transparency. The MOSL team and BDO staff have worked together professionally and diligently throughout the process and provided the appropriate level of challenge to ensure the report is highly evidenced, thorough, high quality and delivered in a timely manner. We now look forward to delivering our commitments for the new financial year.”
Notes to Editors:
- MOSL was set up in 2015 and is the market operator for the non-household retail market in England
- MOSL operates the non-household market for the benefit of its members and the customers they serve
- MOSL’s members are the wholesalers and retailers who operate in the market. A full list of members can be found on the MOSL website here: https://mosl.co.uk/about/our-members
- We work with retailers, wholesalers, customers and stakeholders to identify – and implement – ways to improve the market.
- In February 2021, MOSL published its first three-year business plan outlining its key improvement programmes for 2021-24: https://businessplan.mosl.co.uk/
- More information on MOSL’s business planning and quarterly reporting can be found on the MOSL website here: https://mosl.co.uk/services/market-improvement/business-planning
- The primary function of the Board’s Audit and Risk Committee is to assist the Board in overseeing MOSL’s financial reporting, the market audit process and internal risk management systems. More information on the Committee can be found on the MOSL website here: https://mosl.co.uk/groups-and-forums/board-committees/audit-and-risk-committee