Strategic Report Directors’ Report/Continued
Corporate Governance
Financial Statements
Finsbury Food Group Annual Report and Accounts 2020
47 Streamlined Energy and Carbon Reporting
The UK Government’s Streamlined Energy and Carbon Reporting (SECR) policy was implemented on 1 April 2019, this is the Company’s first time adoption of disclosures on energy and carbon. The table below represents Finsbury Food Group’s energy use and associated greenhouse gas (GHG) emissions from electricity and fuel in the UK for the year ended 27 June 2020. The data covers 7 manufacturing sites in the UK.
UK Greenhouse gas emissions and energy use data for the period 30 June 2019 to 27 June 2020 Energy consumption used to calculate emissions (kWh)
Total Energy Consumption (kWh)
Energy consumption break down (kWh): Natural gas Electricity Transport Diesel LPG
Scope 1 emissions in metric tonnes CO2e Natural gas
Refrigerant emissions Diesel LPG
Company owned/leased vehicles
Scope 2 emissions in metric tonnes CO2e Purchase of electricity
Private vehicles on company business
Total gross emissions in metric tonnes CO2e Intensity ratio tonnes CO2e per tonne produced
Emission factors are based on Government published 2020 GHG conversion factors.
Finsbury Food Group – SECR Methodology Statement 2020 The SECR submission has been compiled using the 2019 HM Government Environmental Reporting Guidelines. Emissions have been grouped according to the GHG Protocol Corporate Standard. We have used the following data sources for the report for the:
• Energy and Fuel Data – Energy supplier billing data and electricity half hour data; • Transport Data – Company mileage records; and • Refrigerant Emissions – Engineering maintenance records.
CO2 emissions have been calculated using the 2020 UK Government Conversion Factors for Company Reporting. Emissions have been calculated for the company financial year 30 June 2019 to 27 June 2020.
Directors and Officers Liability Insurance The Company maintains a Directors and Officers liability insurance policy.
Financial Instruments
The Group’s financial instruments comprise a revolving credit facility, cash and liquid resources, and various items arising directly from its operations, such as trade creditors. The main purpose of these financial instruments is to finance the Group’s acquisitions and operations. It is the Group’s policy that no trading in financial instruments shall be undertaken.
The bank facility is a £55.0 million revolving credit facility provided by a club of three banks – HSBC, Rabo Bank and RBS. The facility is available until February 2023 and also includes scope for the facility to be increased by up to a further £35.0 million.
The main risks arising from the Group’s financial instruments are interest rate risk and liquidity risk. The Board reviews and agrees policies for managing these risks, which have remained substantially unchanged for the year under review. The policies are summarised below:
Interest Rate Risk The facility totalling £55.0 million available, of which £36.2 million was drawn at 27 June 2020 leaving a headroom of £18.8 million plus a cash balance of £10.2 million with a further approved accordion facility of £35.0 million. The interest rate risk is managed through interest rate swap transactions. The Group has two interest rate swaps. A five-year swap from 3 July 2017 with a coverage of £20.0 million fixed at a rate of 0.455% and a three-year swap from 28 March 2019 with a coverage of £5.0 million fixed at a rate of 1.002%.
The counterparty to these transactions is HSBC Bank Plc. kWh 106,904,756
67,208,470 38,714,433 433,331 367,909 180,613
tonnes CO2e
12,357.62 179.90 93.00 38.74 18.85
9,025.88 85.28
21,799.27 0.18
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