28 Dividends
An interim dividend for the six months to 27 December 2014 of 0.83p per share was paid on 24 April 2015 to shareholders on the register at the close of business on 7 April 2015. The amount paid was £1,059,549. A final dividend of 1.67p per share has been proposed taking the total dividend for the year to 2.50p per share. Subject to shareholder approval at the Company’s AGM on 25th November 2015, the final dividend will be paid on 10 December 2015 to shareholders on the register at 13 November 2015.
During the year a dividend of £362,000 (2014: £417,000) was paid to the holders of the non-controlling interest in Lightbody Stretz Ltd. 29 Operating Leases
The Group has annual commitments under non-cancellable operating leases relating primarily to land and buildings, fork lift trucks and office equipment. Land and buildings have been considered separately for lease classification. Land and buildings amounts relate to leasehold properties at the Nicholas & Harris site, part of the Lightbody of Hamilton site, Fletchers’ sites in London and Manchester and Johnstone’s site in East Kilbride.
During the year £2,131,000 was recognised as an expense in the Consolidated Statement of Profit and Loss in respect of operating leases (2014: £1,283,000).
Future minimum lease repayments under non-cancellable operating leases at the end of the financial periods are as follows: Land and Buildings
2015 £000
On leases which expire in: Less than one year
Between one and five years More than five years
51 770
11,427 12,248
2014 £000
55 474
11,537 12,066
30 Capital Commitments At the financial year ended 27 June 2015, the Group had capital expenditure commitments of £1,266,000 (2014: £523,000). 31 Related Parties
Related Party Transactions and Directors’ Material Interests in Transactions Mr E J Beale is the Chief Executive and Mr D C Marshall is the Chairman of City Group Plc. City Group Plc provides Company Secretarial and ancillary services to the Group. Fees for these services amounted to £38,544 including VAT (2014: £39,589). In addition Directors’ fees of £45,000 for Mr E J Beale (2014: £85,000 for Mr E J Beale and Mr D C Marshall) have been paid to City Group. Directors’ fees for Mr Beale are ceded to his primary employer, City Group. Directors’ fees for Mr Marshall were paid to a company in which none of the Directors has an interest. Mr Marshall stepped down from the Finsbury Food Group Plc Board on 1 July 2014.
A 50% owned subsidiary, Lightbody Stretz Ltd, paid Mr P Stretz, the Managing Director of Lightbody Stretz Ltd, £58,000 (2014: £57,000) in respect of rent for offices. No balances were outstanding at either year end.
The Group paid £97,000 (2014: £187,000) for the supply of finished products from and received £100,000 (2014: £105,000) for the sale of finished products to Party Fizz, a company 50% owned by Mr P Stretz. The amount payable and receivable at the year end was £23,000 (2014: £22,000) and £9,000 (2014: £10,000) respectively.
The Group sold finished product to Dr Zak’s for a value of £27,000 between the acquisition date of 16 June 2015 and the year end date of 27 June 2015, the amount receivable at the year end was £27,000 (2014: nil).
Transactions with the Memory Lane Pension Scheme are detailed in Note 16.
2015 £000
234
1,168 47
1,449 Other
2014 £000
121
1,042 15
1,178
72
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