A Statement from the Board
The directors confirm that during 2024 and to the date of this Report, they have acted to promote the success of the Company for the benefit of its members as a whole and considered the matters as set out in section 172(1)(a) to (f) of the Companies Act 2006. This section provides an overview of how the directors have had regard to those matters when performing their duties.
As the Company is part of the Lloyd & Whyte Group (which is part of the Benefact Group), where matters impact other entities within the Group, the approach to stakeholder engagement is led by Lloyd & Whyte Group Limited or Benefact Group plc, depending upon the nature of the engagement, and therefore further details have been disclosed within Lloyd & Whyte Group Limited’s Annual Report and Accounts and Benefact Group plc’s Annual Report and Accounts.
Section 172
Section 172 considerations are embedded in Board decision-making across the Group and further supported by the vision, values, culture and strategy of the Group. The Directors of each of the Group companies have acted in a way that they consider, in good faith, would be most likely to promote the success of the Group for the benefit of its members as a whole, and in doing so having regard (amongst other matters) to:
- 1. The likely consequences of any decisions in the long term
- 2. The interests of the company’s employees
- 3. The need to foster the company’s business relationships with suppliers, clients and others
- 4. The impact of the company’s operations on the community and the environment
- 5. The need to act fairly between shareholders of the company
Our Approach to the Long-Term Success of the Company
Our strategy is aimed at creating long-term value for shareholders. We are proud to be part of the Benefact Group, with charitable giving at the heart of the Group’s purpose.
We are a responsible employer who cares for the safety, welfare and wellbeing of our people. We nurture an environment in which our people can flourish, ensuring they are given a voice and investing in learning so our people can fulfil their growth potential.
We work in partnership with our clients, suppliers and the local communities in which we operate. We are aware of the environmental impact of our operations and we embrace change that reduces our impact on the planet.
Stakeholder Engagement in Decision Making
We engage responsibly with our key stakeholders. The following section lists the key decisions that we made during the year together with how we engaged with the relevant stakeholders.
Acquisition of businesses, including drawdown of debt facility to facilitate purchases
When the Group is reviewing a potential acquisition, we look not only at the financial impact. Every potential acquisition is scored against a matrix to ensure it sits well with the culture and values of the Group, as well as meeting the Group’s payback terms.
Every acquisition includes engagement with our investor, who ultimately approves the drawdown against our debt facility to facilitate purchases.
Investment in technology
As a group, we are constantly looking at ways we can use technology to drive efficiencies. Investment in new technology has been made from our operating profits. This investment is vital to ensure we can provide appropriate technical support in-house, that our people have access to the resources they need in order to fulfil their roles to their potential, as well as ensuring our management teams have full access to the data they need in order to monitor the performance of their businesses.
Our management teams and our people have been involved in the conversations about the introduction of new technology.