databases, review forward looking inflation and all

The Long-Term Supply Agreement with Asahi Europe Ltd is contracts are competitively tendered. now embedded in our business model and the impact of Brexit broadly understood. The margin is monitored internally and our retail pricing

is monitored quarterly, compared to our competitors.

The implementation of a new property maintenance system

has improved controls on property costs.

We have a Long-Term Supply Agreement in place with Asahi

Europe Ltd for the supply of beer, cider and other

beverages. This ensures that products will meet certain

SUPPLY CHAIN brand performance metrics, and the supply service is subject

to key performance indicators ("KPI"s).

There is a risk that poor performance by our suppliers may damage customer satisfaction and could impact the All other key suppliers are subject to service and profitability of the Company. Any large scale issue with quality KPIs which are monitored on a monthly basis. out of stock items could have a big impact on trade in our Businesses. This risk includes any impact from Brexit that Our preference is for long-term agreements and strong has yet to fully emerge due to hospitality closure either relationships. The relationship with Asahi and Fuller's is in the UK or EU. now more mature, and we work with smaller suppliers to

ensure that they grow healthy, sustainable businesses

outside of their agreement with Fuller's. The supply chain

has successfully survived the Covid crisis, which gives us

confidence in its ongoing robustness.

SUSTAINABILITY We have developed a sustainability programme and continue

to enhance this. We consider the impact of ESG as part of

There is risk that the failure to manage climate change customer, people, supplier and Tenanted strategies and risk could impact profitability through taxation, policies going forward. regulation and supply chain uncertainty, in addition to reputational damage. For more details, see the Corporate Social Responsibility

statement on pages 34 to 38.

We aim to mitigate the risk of such increases through a

WAGE COST INFLATION combination of improved operational efficiency and passing

the cost on through the prices we charge. Without these

Future labour cost increases may impact the opportunities, the business would suffer a reduction in profitability of the business. The principal drivers of profitability across both pubs and hotels. such increases are projections for future increases in the National Living Wage, coupled with any potential for a Operational efficiency measures include the rightsizing tightening of labour supply. The risk to the business exercises, use of technology (Order & Pay app) and modelling remains despite the pandemic, as unemployment, which labour per time of day to optimise staffing levels. The although high during the last year of lockdowns, has introduction of pay banding as part of the reward review already begun to fall. will ensure consistency of pay and provide an effective way

to manage costs.

3. Related Party Transactions

Group and Company

During the current and prior years the Company provided various administrative services to the Fuller, Smith & Turner Pension Plan free of charge. In addition, the Company settled costs totalling £368,000 (2020: £497,000) relating to the provision of actuarial, consulting and administrative services by third parties to the Fuller, Smith & Turner Pension Plan.

52 weeks 52 weeks

ended ended

Compensation of key management personnel (including Directors) 27 March 28 March

2021 2020

£m £m

Short-term employee benefits 3.0 4.3

Termination benefits 0.1 1.1

Post-employment benefits 0.3 0.4

Share-based payments - 0.2

3.4 6.0

Company Only

During the year the Company entered into the following related party transactions:

Sales to Purchases Interest due Interest due Amounts due Amounts due

52 weeks related from related from related to related to related from related ended 27 March parties parties parties parties parties parties 2021

£m £m £m £m £m £m

Subsidiaries - 21.0 - 4.2 (133.1) -

Sales to Purchases Interest due Interest due Amounts due Amounts due

52 weeks related from related from related to related to related from related ended 28 March parties parties parties parties parties parties 2020

£m £m £m £m £m £m

Subsidiaries 0.3 76.4 1.7 4.4 (132.2) 7.5

Interest is payable on the majority of the amounts due to subsidiaries at 3% above the Bank of England base rate. All amounts outstanding are unsecured and repayable on demand.

The Company received rental income from subsidiaries of £nil during the year (2020: £0.3 million). The Company also incurred rental expenses from subsidiaries of £0.3 million (2020: £10.1 million).

In addition, the Company has recharged an amount of £nil (2020: £1.4 million) to its subsidiaries and incurred £0.1 million (2020: £0.1 million) of recharges from its subsidiaries during the year.

Subsidiaries of parent companies established within the European Economic Area are exempt from an audit if a guarantee is provided by the parent for the subsidiary liabilities and the shareholders are in unanimous agreement. The Group will be exempting the following companies from an audit in 2021 for the period ended 27 March 2021 under Section 479A of the Companies Act 2006, all of which are fully consolidated in these financial statements:

Company Company Number

Griffin Catering Services Limited 01577632

Jacomb Guinness Limited 02934979

George Gale & Company Limited 00026330

45 Woodfield Limited 04279254

Grand Canal Trading Limited 04271734

B&D Country Inns I Limited 07292333

B&D Country Inns II Limited 08029280

B&D (Cookham) Limited 07320065

B&D (Odiham) Limited 08377459

B&D (Reading) Limited 07309587

B&D (Win) Limited 07320245

B&D (Farnham) Limited 08392963

B&D (Kingsclere) Limited 08975762

RSH 200 Limited 12035987

Cotswold Inns and Hotels Limited 03309179

The Group will be exempting the following companies from the preparation and delivering of accounts to Companies House under Section 394A of the Companies Act 2006, all of which are fully consolidated in these financial statements:

Company Company Number

Griffin Inns Limited 00495934

Ringwoods Limited 00178536

F.S.T. Trustee Limited 03163480

Fuller, Smith & Turner Estates Limited 01831674 ----------------------------------------------------------------------------------------------------------------------- ISIN: GB00B1YPC344 Category Code: ACS TIDM: FSTA LEI Code: 213800C7ACOFMRCQQW76 OAM Categories: 1.1. Annual financial and audit reports Sequence No.: 119183 EQS News ID: 1224015 End of Announcement EQS News Service -------------------------------------------------------------------------------------

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(END) Dow Jones Newswires

August 04, 2021 06:30 ET (10:30 GMT)