98
Finsbury Food Group Annual Report and Accounts 2020
Notes to the Consolidated Financial Statements/Continued
28. Non-cancellable Leases
The Group has annual commitments under non-cancellable leases expiring within two months to eighteen years. The leases have varying terms, escalation clauses and renewal rights. On renewal, the terms of the leases are renegotiated. The leases relate to land and buildings, fork lift trucks and equipment. Land and buildings have been considered separately for lease classification. Land and buildings amounts relate to leasehold properties at the Nicholas & Harris site, Fletchers’ sites in London and Manchester, Johnstone’s site in East Kilbride and Ultraeuropa in Poland.
This is the first set of the Group’s Financial Statements in which IFRS 16 has been applied. The Group has adopted IFRS 16 from 30 June 2019 using the modified retrospective approach, comparatives have not been restated. The reclassifications and adjustments from the new leasing rules are therefore recognised in the opening Consolidated Statement of Financial Position on 30 June 2019. Under IFRS 16 the previous operating leases charge has been replaced by the depreciation on the right of use asset and interest on the lease liability. The impact on the Consolidated Statement of Financial Position as at 27 June 2019 and the Consolidated Statement of Comprehensive Income for the 52 weeks to 27 June 2020 are shown in Note 11.
During the previous year £1,571,000 was recognised as an expense in the Consolidated Statement of Comprehensive Income in respect of operating leases under IAS 17.
Commitments for minimum lease payments not in scope of IFRS 16 for 2020 and for 2019 in relation to non-cancellable operating leases (under IAS 17) are as follows:
Land and Buildings
2020 £000
On leases which expire in: Less than one year
Between one and five years More than five years
29. Related Parties
Related Party Transactions and Directors’ Material Interests in Transactions A 50% owned subsidiary, Lightbody Stretz Ltd, paid SCI Coysevox £68,500 (2019: £67,000) in respect of rent for offices. No balances were outstanding at either year end. Lightbody Europe received £12,654 for accountancy and administration services (2019: £16,000) from FoodHub and an additional £6,295 for royalties (2019: £11,000). Mr P Stretz, the Managing Director of Lightbody Stretz Ltd, being the related party.
The Group paid £nil (2019: £nil) for the supply of finished products from and received £nil (2019: £27,000) for the sale of finished products to FoodHub, a company 50% owned by Mr P Stretz. The amount payable and receivable at the year end was £nil (2019: £nil) and £1,000 (2019: £3,000) respectively.
Transactions with the Memory Lane Pension Scheme are detailed in Note 14.
Transactions with Key Management Personnel Directors of the Company and their immediate relatives control 3% (2019: 3%) of the voting shares of the Company. The aggregate compensation of key management personnel (Main Board Executive Directors, Divisional MDs, and Executive Committee) is as follows:
2020 £000
Company contributions to money purchase pension schemes Executive salaries and benefits
47
1,816 1,863
Share options held by Group Directors are set out in Note 6. Details of share options outstanding at 27 June 2020 for other key management personnel by exercise price is shown in the table below.
Exercise price
nil nil nil nil nil
Number of options at 27 June 2020
1,286,925 259,929 - -
34,298 1,581,152
Number of options at 29 June 2019
exercise date - 28/10/2022
259,929 30/09/2021 304,068 02/07/2020 - 30/09/2019
61,737 30/09/2018 625,734 Earliest expiry date
28/10/2029 21/01/2029 26/10/2027 29/09/2026 04/12/2025
Exercise
2019 £000
56
1,708 1,764
2019 £000
2020 £000
Other
2019 £000
- - - -
2,531 6,741 5,045
14,317
192 8 -
200
676 593 -
1,269
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