Award

Independent Review of Financial Model

WATER SERVICES REGULATION AUTHORITY

This public procurement record has 1 release in its history.

Award

12 Apr 2018 at 13:39

Award Notice
Summary of the contracting process

The WATER SERVICES REGULATION AUTHORITY is seeking an independent review of its financial model through a selective tender process, involving the auditing services industry. The tender, titled "Independent Review of Financial Model," began on 13 December 2017 and concluded on 14 November 2017. The contract period extends from 13 December 2017 to 28 February 2018, with the awarded contract amounting to £45,711. This procurement opportunity targets firms able to provide expertise in financial auditing and analysis, particularly within the context of water regulation.

Find more tenders on our Open Data Platform.
How relevant is this notice?

D3 Tenders Premium

Win More Public Sector Contracts

AI-powered tender discovery, pipeline management, and market intelligence — everything you need to grow your public sector business.

Start Free Trial Book a Demo
All Features Pricing

Notice Information

Notice Title

Independent Review of Financial Model

Notice Description

In setting price limits every 5 years, we have regard to our duties laid down in section 2 of the Water Industry Act 1991 as amended by subsequent Acts. In summary our main statutory duties are to: * protect the interests of consumers, wherever appropriate by promoting effective competition; * secure that the companies properly carry out their functions; * secure that the companies can finance the proper carrying out of their functions, and * secure long-term resilience. To enable us to meet our duties and set price limits Ofwat uses a bespoke financial model. For PR14 Ofwat developed its financial model in partnership with PwC. The PR14 financial model had three purposes: * To determine the wholesale price controls. * To calculate the revenues arising from the retail price controls. * To help assess financeability of the appointee, with the ability to refine the wholesale price control limits until target financeability indicators are satisfied. The model went through significant development during the price review process, with six versions of the financial model being published. We are currently developing a new financial model to use at PR19. We released a draft of this model in July 2017, alongside our consultation "Delivering Water 2020: Consulting on our methodology for the 2019 price review". The draft consultation financial model and rulebook is available here: https://064f1d25f5a6fb0868ac-0df48efcb31bcf2ed0366d316cab9ab8.ssl.cf3.rackcdn.com/wp-content/uploads/2017/07/Draft-PR19-financial-model.xlsm We received a number of comments on the model and are currently preparing a revised version of the model for publication on 13 December 2017. Objectives and scope of the work The objective of the work is ensure the W2020 Senior Responsible Officer and other stakeholders will have independent assurance that the revised PR19 financial model is fit for purpose. This will help create trust and confidence in the PR19 financial model, and allow stakeholders such as water companies to have greater assurance in the results generates. The scope of the work is to provide advice on: a) whether the methodology used in the model fits with Ofwat's policy requirements outlined in the final methodology document b) whether the formulae in the model have been implemented correctly c) how to correct issues found with the model and to ensure it complies with best practice with Ofwat's policy requirements It should be noted that the contractor will not be expected to implement any of the changes or recommendation that are identified. Ofwat expects to publish the finished external review report on our website. By tendering for the work the Contractor accepts that the final report will be publishable. Additional information: For further information, please contact: procurement@ofwat.gsi.gov.uk

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-0b945f29-150b-469e-8b1f-d458572f0815
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/64e6907b-c678-4c42-ba91-3c465612e47e
Current Stage
Award
All Stages
Award

Procurement Classification

Notice Type
Award Notice
Procurement Type
Framework
Procurement Category
Services
Procurement Method
Selective
Procurement Method Details
Call-off from a framework agreement
Tender Suitability
SME
Awardee Scale
Large

Common Procurement Vocabulary (CPV)

CPV Divisions

79 - Business services: law, marketing, consulting, recruitment, printing and security

CPV Codes

79212000 - Auditing services

Notice Value(s)

Tender Value
Not specified
Lots Value
Not specified
Awards Value
£45,711 Under £100K
Contracts Value
Not specified

Notice Dates

Publication Date
12 Apr 20187 years ago
Submission Deadline
14 Nov 2017Expired
Future Notice Date
Not specified
Award Date
4 Dec 20178 years ago
Contract Period
13 Dec 2017 - 28 Feb 2018 1-6 months
Recurrence
Not specified

Notice Status

Tender Status
Complete
Lots Status
Not Specified
Awards Status
Active
Contracts Status
Not Specified

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
WATER SERVICES REGULATION AUTHORITY
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
BIRMINGHAM
Postcode
B5 4UA
Post Town
Birmingham
Country
England
Major Region (ITL 1)
TLG West Midlands (England)
Basic Region (ITL 2)
TLG3 West Midlands
Small Region (ITL 3)
TLG31 Birmingham
Delivery Location
TLG West Midlands (England), TLI London
Local Authority
Birmingham
Electoral Ward
Ladywood
Westminster Constituency
Birmingham Ladywood

Supplier Information

Number of Suppliers
1
Supplier Name

GRANT THORNTON

Further Information

Notice Documents

Open Contracting Data Standard (OCDS)

View full OCDS Record for this contracting process

Download

The Open Contracting Data Standard (OCDS) is a framework designed to increase transparency and access to public procurement data in the public sector. It is widely used by governments and organisations worldwide to report on procurement processes and contracts. 

{
    "tag": [
        "compiled"
    ],
    "id": "ocds-b5fd17-0b945f29-150b-469e-8b1f-d458572f0815-2018-04-12T14:39:48+01:00",
    "date": "2018-04-12T14:39:48+01:00",
    "ocid": "ocds-b5fd17-0b945f29-150b-469e-8b1f-d458572f0815",
    "language": "en",
    "initiationType": "tender",
    "tender": {
        "id": "PROC.01.0581",
        "title": "Independent Review of Financial Model",
        "description": "In setting price limits every 5 years, we have regard to our duties laid down in section 2 of the Water Industry Act 1991 as amended by subsequent Acts. In summary our main statutory duties are to: * protect the interests of consumers, wherever appropriate by promoting effective competition; * secure that the companies properly carry out their functions; * secure that the companies can finance the proper carrying out of their functions, and * secure long-term resilience. To enable us to meet our duties and set price limits Ofwat uses a bespoke financial model. For PR14 Ofwat developed its financial model in partnership with PwC. The PR14 financial model had three purposes: * To determine the wholesale price controls. * To calculate the revenues arising from the retail price controls. * To help assess financeability of the appointee, with the ability to refine the wholesale price control limits until target financeability indicators are satisfied. The model went through significant development during the price review process, with six versions of the financial model being published. We are currently developing a new financial model to use at PR19. We released a draft of this model in July 2017, alongside our consultation \"Delivering Water 2020: Consulting on our methodology for the 2019 price review\". The draft consultation financial model and rulebook is available here: https://064f1d25f5a6fb0868ac-0df48efcb31bcf2ed0366d316cab9ab8.ssl.cf3.rackcdn.com/wp-content/uploads/2017/07/Draft-PR19-financial-model.xlsm We received a number of comments on the model and are currently preparing a revised version of the model for publication on 13 December 2017. Objectives and scope of the work The objective of the work is ensure the W2020 Senior Responsible Officer and other stakeholders will have independent assurance that the revised PR19 financial model is fit for purpose. This will help create trust and confidence in the PR19 financial model, and allow stakeholders such as water companies to have greater assurance in the results generates. The scope of the work is to provide advice on: a) whether the methodology used in the model fits with Ofwat's policy requirements outlined in the final methodology document b) whether the formulae in the model have been implemented correctly c) how to correct issues found with the model and to ensure it complies with best practice with Ofwat's policy requirements It should be noted that the contractor will not be expected to implement any of the changes or recommendation that are identified. Ofwat expects to publish the finished external review report on our website. By tendering for the work the Contractor accepts that the final report will be publishable. Additional information: For further information, please contact: procurement@ofwat.gsi.gov.uk",
        "status": "complete",
        "classification": {
            "scheme": "CPV",
            "id": "79212000",
            "description": "Auditing services"
        },
        "items": [
            {
                "id": "1",
                "deliveryAddresses": [
                    {
                        "region": "West Midlands",
                        "countryName": "United Kingdom"
                    },
                    {
                        "region": "London",
                        "countryName": "United Kingdom"
                    }
                ]
            }
        ],
        "procurementMethod": "selective",
        "procurementMethodDetails": "Call-off from a framework agreement",
        "tenderPeriod": {
            "endDate": "2017-11-14T23:59:59Z"
        },
        "contractPeriod": {
            "startDate": "2017-12-13T00:00:00Z",
            "endDate": "2018-02-28T23:59:59Z"
        },
        "suitability": {
            "sme": true,
            "vcse": false
        },
        "mainProcurementCategory": "services"
    },
    "parties": [
        {
            "id": "GB-CFS-6920",
            "name": "WATER SERVICES REGULATION AUTHORITY",
            "identifier": {
                "legalName": "WATER SERVICES REGULATION AUTHORITY"
            },
            "address": {
                "streetAddress": "Centre City Tower, 7 Hill Street",
                "locality": "Birmingham",
                "postalCode": "B5 4UA",
                "countryName": "England"
            },
            "contactPoint": {
                "email": "mailbox@ofwat.gsi.gov.uk"
            },
            "roles": [
                "buyer"
            ]
        },
        {
            "id": "GB-COH-OC307742",
            "name": "Grant Thornton UK LLP",
            "identifier": {
                "legalName": "Grant Thornton UK LLP",
                "scheme": "GB-COH",
                "id": "OC307742"
            },
            "address": {
                "streetAddress": "30 Finsbury Square London EC2P 2YU"
            },
            "details": {
                "scale": "large",
                "vcse": false
            },
            "roles": [
                "supplier"
            ]
        }
    ],
    "buyer": {
        "id": "GB-CFS-6920",
        "name": "WATER SERVICES REGULATION AUTHORITY"
    },
    "awards": [
        {
            "id": "ocds-b5fd17-0b945f29-150b-469e-8b1f-d458572f0815-1",
            "status": "active",
            "date": "2017-12-04T00:00:00Z",
            "datePublished": "2018-04-12T14:39:48+01:00",
            "value": {
                "amount": 45711,
                "currency": "GBP"
            },
            "suppliers": [
                {
                    "id": "GB-COH-OC307742",
                    "name": "Grant Thornton UK LLP"
                }
            ],
            "contractPeriod": {
                "startDate": "2017-12-13T00:00:00Z",
                "endDate": "2018-02-28T23:59:59Z"
            },
            "documents": [
                {
                    "id": "1",
                    "documentType": "awardNotice",
                    "description": "Awarded contract notice on Contracts Finder",
                    "url": "https://www.contractsfinder.service.gov.uk/Notice/64e6907b-c678-4c42-ba91-3c465612e47e",
                    "datePublished": "2018-04-12T14:39:48+01:00",
                    "format": "text/html",
                    "language": "en"
                }
            ]
        }
    ]
}