OK, that helps. You say the water is cold. I assume the cylinder is on, and hot?
Unfortunately, two valves share the same tundish. But, as the water is cold, we can assume the overflow is from the left valve (cold mains water presumably.)
The one on the right (green) is the safety valve for the hot cylinder. If that was blowing, the overflow would be warm.
I would say that the cylinder side of things is Ok. What's overflowing is the mains water pressure reducer / safety valve.
Either way, these valves are not for us to adjust. It would seem the cold one needs replacing.
I don't want to spook you by telling you to switch the whole thing off. As long as the tundish is working, pressure is being relieved.
Please have this looked at by any decent plumber as a priority.
In the meantime, keep an eye on the tundish.