Today MOSL has published its Annual Report and Financial Statements for the year ending 31 March 2023.
The report sets out our expenditure for 2022/23 in line with our approved budget, as well as the delivery of our core services and business plan commitments, and performance of our Key Performance Indicators (KPIs).
Our 2022/23 budget was £11,550k, covering both operating and capital expenditure. Actual spend in the year was £11,427k, 1.1% below budget. Savings were driven by fewer code changes requiring implementation into the central system (CMOS) coupled with lower costs for change sub-groups and fewer Committee meetings being held than budgeted for.
These savings were, in part, offset by increased spend due to higher-than-budgeted inflationary pressures on software licences and some one-off costs of implementing the Bilaterals hub support service. Even with these increases, we ended the financial year £123k below budget. £201k will be redistributed to members in July which includes some additional services income received, as well as the lower than expected spend.
At the end of 2022/23, we also delivered all in-year commitments for our multi-year improvement programmes.
This included the successful launch of the Ofwat-mandated phase of the Bilateral Transactions Programme, which saw 16 of the market’s most important processes reviewed, standardised, and managed via the new central ‘hub’. This milestone marked a significant achievement for MOSL, working closely with market participants, to improve the speed and quality of services provided to customers.
We also continued to maintain the provision of high-quality and consistent services for trading parties with nine out of twelve service KPIs performing at or above expected levels. Further service highlights include:
- Three out of seven of our CMOS KPIs remain at 100%, exceeding the defined Service Level Agreements
- The lead time for Unplanned Settlement Runs was shortened by one day, ensuring trading parties received the recalculation of primary charges promptly
- Our newly developed internal Compliance Framework improves the controls around how we meet obligations, completing a high-priority audit action from previous years
- Our new query management system, My MOSL, enables trading parties to raise queries centrally via Single-Sign-On on our website
These high-performance levels and service improvements were reflected in trading parties’ scores, which remained stable, in our Annual Trading Party Survey. Overall satisfaction was scored at 3.9, with four out of six service areas receiving increased scores overall.
In publishing the Annual Report and Financial Statements, MOSL CEO said: “This year’s report is a testament to the hard of MOSL colleagues, as well as the hundreds of dedicated trading party members and stakeholders who have worked with us to drive improvement in the market. It has been a pleasure to witness the collaboration across industry groups, various committees and forums, and advisory groups, which have played a pivotal role in the delivery, and effective governance, of our improvement programmes.
In presenting the annual report I said that we have “the foundations on which to build”. This has only been achieved through our relentless focus on providing excellent services to our members, delivering on the promises we set out and focusing on the changes that will make the biggest impact on improving customer, as well as environmental outcomes.
I am also pleased that this year’s report reflects MOSL’s fresh look and feel, truly celebrating our colleagues and the vibrant and inclusive culture we have built. I have previously said that MOSL is a “people and data” organisation. The people you see on these pages work behind the scenes every day to ensure we deliver for members, customers, the market, and the wider industry in which we operate.”
Chair of the MOSL Board, Anne Heal, added: “I am privileged to present our Annual Report and Financial Statements. As we continued to deliver our services and the improvement programmes set out in our business plan, we have seen the political and environmental landscape shift around us. As the country faces water shortages in the next 30 years, and further droughts in coming months, we have had to accelerate our thinking on the role of the market, and MOSL, in supporting the sector in meeting its environmental targets.
As we set out our next three-year strategy, and take account of the changing environment, I look forward to engaging members and stakeholders, as we define what good looks like in the years ahead. Our annual report, as ever, provides us with the opportunity to be fully transparent, as market operator, on our priorities and what and how we have delivered our commitments.”
Following approval from the Board, members will be asked to formally adopt the Annual Report and Financial Statements at a General Meeting being held on 26 July 2022. Members will also be asked to approve the appointment of BDO as statutory auditor for 2023/24.
Notice of the General Meeting will be sent to members at least 14 days in advance.
If you have any questions about the Annual Report and Financial Statements, please email
Please find an accessible version of the Annual Report here.
