79 Finsbury Food Group Annual Report & Accounts 2019
Notes to the Consolidated Financial Statements
24. Capital and Reserves The reconciliation of movement in capital and reserves is shown as a primary statement: Consolidated Statement of Changes in Equity on page 52.
Equity comprises the following:
• Share capital representing the nominal value of equity shares; • Share premium representing the excess of the fair value of consideration received for the equity shares; (net of expenses of the share issue) over nominal value of the equity shares;
• Capital redemption reserve representing the buyback and cancellation of shares at nominal value; • Employee share reserve representing ordinary shares held in an Employee Benefit Trust (EBT) to satisfy awards made to employees; • Retained earnings representing retained profits.
25. Share Capital
2019 000’s
In issue at beginning of the financial year Shares issued
In issue at end of the financial year – fully paid
Allotted, called up and fully paid Ordinary shares of 1p each
130,383 -
130,383 £000 1,304
2018 000’s
130,383 -
130,383 £000 1,304
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. Shares are held in an Employee Benefit Trust (EBT), which is intended to be used to satisfy awards made to employees (2,704,030 shares were held at the year end). All shares are the same class with equal rights. During the year the EBT purchased 700,717 ordinary shares of 1p each in the capital of the Company (“Ordinary Shares”) at a price of £0.71213 per Ordinary Share.
Share Based Payments The Group operates both approved and unapproved share option Schemes.
The fair value is calculated at the grant date and ultimately expensed in the Consolidated Statement of Comprehensive Income over the vesting period, based on the best available estimate of the number of share options expected to vest, with a corresponding credit to reserves. Upon exercise of the share options the proceeds received net of attributable transaction costs are credited to share capital and where appropriate share premium.
There were a number of options granted during the course of the financial year to 29 June 2019 with further details given below. Date of grant
21 January 2019 21 January 2019
Charge relating to options granted in the current year Charge relating to options granted in prior years Charge included in Administrative expenses
options granted
596,757 585,409
Number of
options expected to vest
Number of
Exercise price
596,757 585,409
nil nil
Fair value £000
211 241
29 June 2019 £000
34 39 73
623 696
There were a number of options granted during the course of the financial year to 30 June 2018 with further details given below: Date of grant
26 October 2017 26 October 2017
Charge relating to options granted in the current year Charge relating to options granted in prior years Charge included in Administrative expenses
options granted
858,659 753,469
Number of
options expected to vest
Number of
Exercise price
503,260 697,195
nil nil
Fair value £000
364 448
30 June 2018 £000
83
102 185 953
1,138
expensed in year to
Amount
Period of expense
2.7 years 4.7 years
expensed in year to
Amount
Period of expense
2.4 years 4.4 years
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