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Sowing Seeds for the Future STRATEGIC REPORT Sowing seeds for the future. Annual Report & Financial Statements 2019/20 It’s what we’re made of. INTRODUCTION Chairman’s welcome ................................................. 4 STRATEGIC REPORT STRATEGIC REPORT Strategic Report Chief Executive Officer’s update ..............................8 Our Strategy ..............................................................10 Chief Finance Officer’s update ...............................11 Our performance STRATEGIC REPORT For people ..............................................................16 What’s in Case study: Local artists ................................17 Highly reliable ...................................................18 Excellent quality ...............................................19 Responsive to customers ...............................20 Sustainable business .......................................22 this report? Best people, right culture ...............................24 Case Study: Education, education, education ....25 For planet ..............................................................28 Case study: A mountain of plastic ................30 Welcome to our Annual Report Environmentally sustainable .........................31 Risk and Uncertainty .......................................37 and Financial Statements for the Long Term Viability Statement ...............................47 year ended 31 March 2020. Our Annual Report, including the Financial Statements, aims to Corporate Governance CORPORATE GOVERNANCE meet the information needs of our investors, lenders and partners Introduction ...............................................................56 to help them make informed decisions in respect of their interests Board of Directors ....................................................58 in Bristol Water. We also recognise that this report will be read Ownership and Corporate structure .....................60 by a wide variety of other stakeholders including customers, Corporate Governance Report ...............................65 suppliers, employees, analysts, regulators, governmental and Nomination Committee Report ..............................74 non-governmental organisations. Where we believe that a topic is Audit and Risk Assurance Committee Report .....76 relevant to understanding our business and material to a number PR19 Subcommittee Report ...................................83 of our stakeholder groups, we include it in this report. More Safety Committee Report ........................................85 information is available in the regulatory Annual Performance Directors’ Remuneration Report ...........................87 Report and in the “Trust Beyond Water” Board statement available Directors’ Report .................................................... 106 on our website. Section 172 Statement .................................... 106 Statement of Directors’ Responsibilities ........... 117 Any questions? If you have any questions regarding the information in this report FINANCIAL STATEMENTS Financial Statements please get in touch with us at the details below: Income Statement ................................................. 118 Statement of comprehensive income ................ 118 Email Statement of financial position ........................... 119 [email protected] Statement of changes in equity .......................... 120 Cash flow statement ............................................. 121 Call Notes to the financial statements ...................... 122 0345 702 3797 Independent auditors’ report .............................. 157 Post Bristol Water plc Bridgwater Road GLOSSARY Bristol BS13 7AT Glossary of Acronyms............................................166 2 Bristol Water plc Annual Report and Financial Statements 2019/20 Bristol Water plc Annual Report and Financial Statements 2019/20 3 INTRODUCTION INTRODUCTION INTRODUCTION STRATEGIC REPORT “I’m proud of what we’ve achieved this year; we remain one of the best performing water Chairman’s company in reducing leakage; we’ve made huge progress on reducing interruptions to customers’ supply, and we’ve continued welcome to ensure that our social contract is at the heart of everything we do, making a difference to the lives of people and the health of our planet.” The strangest end to the year I’ve ever known… It’s been another incredible year for Bristol Water – a Our Board and Executive team continue to year of moving forward on our journey to strengthen strengthen; in May 2019, we welcomed Helen and build the business. And another year I am Hancock as Director of Legal Affairs and Company immensely proud of. Due to COVID-19, I like many Secretary. Helen brings with her a wealth of others, end the year confined to my home, dealing experience in commercial and corporate law, having with business matters through conference calls and previously been a partner at international law firm, video apps. The thoughts and prayers of the entire Simmons and Simmons. Bristol Water family are for those in our community who have lost loved ones. This is supported by Thank you to every single member of staff at Bristol actions. We have provided 6,000 NHS staff with Water for their contribution and commitment, as rebates on their water bills, registered an additional well as to our partners who work closely to support 2,000 vulnerable customers for priority service, us. Together we will build a stronger and better helped 600 customers with reduced tariffs, and business, no matter what challenges may arise. provided operational support for the establishment of the Bristol Nightingale Hospital. If anything, our Keith Ludeman response has highlighted the resilience and agility of Chairman our Company, adapting to deliver a resilient water 13 July 2020 supply that is relied upon by so many. I’m proud of what we’ve achieved this year; we remain one of the best performing water companies in reducing leakage; we’ve made huge progress on reducing interruptions to customers’ supply, and we’ve continued to ensure that our social contract is at the heart of everything we do, making a difference to the lives of people and the health of our planet. In December, we received our Business Plan Final Determination from Ofwat and we decided to refer this to the Competition and Markets Authority (“CMA”). We agreed on many things with Ofwat, but there remain a few technical, material issues, that we believe are not appropriately addressed in Ofwat’s decisions. The Board and I stand by our Plan, its ambitious targets and efficient delivery plans. Bristol Water plc Annual Report and Financial Statements 2019/20 5 STRATEGIC REPORT Strategic STRATEGIC REPORT report Chief Executive Officer’s update ..................................... 8 Our Strategy ..................................................................... 10 Chief Finance Officer’s update ...................................... 11 Our performance For people .................................................................... 16 Case study: Local artists ....................................... 17 Highly reliable ......................................................... 18 Excellent quality ..................................................... 19 Responsive to customers ...................................... 20 Sustainable business ............................................. 22 Best people, right culture ..................................... 24 Case Study: Education, education, education ............ 25 For planet ..................................................................... 28 Case study: A mountain of plastic ...................... 30 Environmentally sustainable ................................ 31 Risk and Uncertainty ............................................. 37 Long Term Viability Statement ...................................... 47 6 Bristol Water plc Annual Report and Financial Statements 2019/20 Bristol Water plc Annual Report and Financial Statements 2019/20 7 STRATEGIC REPORT STRATEGIC REPORT At the end of this year our ability to supply In October 2019, we introduced our new brand, water and keep our own people healthy Bristol Water. It’s what we’re made of. The brand CEO update and happy was tested to its limits with the reflects our purpose, it puts people and the planet COVID-19 changing the way we live and at the front of everything we do. We’ve used local do business. It may have changed the way artists to introduce colour and vibrancy into our we do things, but it hasn’t changed who work and to really reflect the culture of the local So here we are… we are. Our values have stood us strong during area. this time. We’ve continued to speak to our customers Since 1846, we’ve been making people The COVID-19 has not been the only thing to about our social contract and I’m pleased test our business this year. Our Business Plan, the programmes within the contract are healthier and the economy stronger. We’ve Bristol Water For All, submitted to our regulator, getting bigger and better. Last July we ran Ofwat, set a new way forward for us. We a major “citizens for the future” event where served generations of families and will serve received Ofwat’s final determination on the plan organisations who share our vision got together in December and, with a heavy heart, we had to to take this approach forward. Educating the generations to come. We don’t just give refer this to the CMA. citizens and employees of the future is our top priority, a priority shared by our customers people water, we improve their
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