Old Mill

Section 172 Statement

Last updated March 2024

Stakeholder engagement and promoting the success of Old Mill 

Each of the Directors is mindful of their duties under section 172 (s172) to run the group for the benefit of its shareholders, and in doing so, to take into account the long-term impact of any decisions on stakeholder relationships and the impact of its activities on its reputation for high standards of business conducted. This statement addresses the ways in which we as a Board outwork this responsibility.

Clients

The comprehensive range of services provided by Old Mill means that many clients are able to use us as a “one stop shop” for their accountancy, audit, outsourcing, pensions, tax and wealth management advice.

Given the importance our clients attach to the services we provide, we are committed to continually looking for new ways to improve service levels, be it through investing in technology, recruitment of new specialist advisers or the acquisition of businesses that can provide complementary services to those we already offer – as in the case of Quro Financial Solutions Ltd, which we acquired towards the end of the financial year.

We also regularly obtain feedback from our clients on service levels, both via our Client Advisory Panels and the use of client surveys.

Employees

The expertise, commitment, loyalty and dedication of our people are the single most important driver of our long term, sustainable success. Accordingly, we are firmly committed to ensuring equal opportunities and equal access to career development for everyone who works for Old Mill. We are proud that life in Old Mill is heavily influenced by our core values which are: Open-minded, Passionate and Lovely to work with.

We believe strongly in having open engagement with all employees across the Group. This engagement starts even before an employee’s first day with Old Mill – every new joiner receives a welcome phone call the week before they start with us.

In terms of ongoing engagement, there are regular team social events, ranging from go-karting to quiz nights to team meals out. We also hold annual Christmas and Summer parties, to which all employees are invited.

We hold quarterly presentations for all employees, which is an opportunity to update them on business performance, strategic initiatives and year-to-date financial results. We also involve our people in the ongoing development of the business – for example, via our long-standing staff forum meetings, when small groups of employees from each office meet with our HR Director and other senior officers of the business to discuss people-matters on a more informal basis.

We also consider it important to promote and celebrate the successes and achievements of our employees. For example, every year we hold a “Long service and Exam passes” celebratory lunch in November. It is always an incredibly proud moment to see how many employees attend this lunch, and especially to see how many are celebrating reaching the amazing milestones of 20 and 25 years’ service with us.

Shareholders

Alongside our Employee Engagement, we also have a comprehensive programme for Shareholder engagement.

This includes quarterly meetings to update them on the delivery of our strategic plan, plus related financial performance and shareholder returns.

Our non-executive board members also regularly meet with our shareholders, in both small groups and on a 1-2-1 basis in order to obtain their input on business performance and strategic decision making.

Suppliers

We are committed to treating our suppliers in the same way that we like our own clients to treat Old Mill. In particular, we operate a system of twice-monthly supplier payment runs to ensure invoices are paid on a timely basis. This is particularly important for all the small, local businesses that supply Old Mill.

Community

As a group firmly rooted in the South West, links with our local community are vitally important to us, and indeed, many of our employees and clients regularly socialise together away from work, for example at charity events.

We frequently undertake events to support local charities (for example, sponsored sky-dives), and also provide support and sponsorship to local clubs, charities and events, such as Young Farmers groups.

We also continue to partner with the Somerset Community Foundation (plus related foundations in Devon and Wiltshire). Old Mill has its own charitable fund, with a charitable giving programme that is supported by the Foundation. Over the last year, our strategic funding priorities have focussed on the 3 key areas of Building brighter futures, Reducing rural loneliness and Strengthening communities. To date we have awarded 26 different grants across these areas. For example, during the last year we awarded a grant to Open Arms East Devon, which is a support group for adults in East Devon with mental health challenges.

The environment

Old Mill is committed to improving our carbon footprint. For example, our Wells Office is fitted with solar panels, and every office is fully equipped with a range of recycling bins.

Future developments in this area that remain under consideration include achieving B Corporation status and the provision of an electric car scheme for our employees.