FSTA Fuller Smith & Turner Plc

Fuller, Smith & Turner PLC (FSTA) Fuller, Smith & Turner PLC: Publication of the Annual Report and Accounts for the 52 weeks ending 27 March 2021 and Notice of Annual General Meeting 2021 04-Aug-2021 / 11:30 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. -----------------------------------------------------------------------------------------------------------------------

FULLER, SMITH & TURNER P.L.C. ("the Company")

Publication of the Annual Report and Accounts for the 52 weeks ending 27 March 2021 and Notice of Annual General Meeting 2021

FULLER, SMITH & TURNER P.L.C. announces that the following documents are being posted to shareholders today: -- Annual Report and Accounts for the 52 weeks ending 27 March 2021 -- Notice of Annual General Meeting 2021 -- Form of Proxy

The Annual General Meeting will be held at The George IV, 185 Chiswick High Road, London, W4 2DR on Thursday, 23 September at 11 a.m., subject to the prevailing Government guidance and restrictions on physical gatherings at that time. Any changes to the arrangements for the AGM will be communicated to shareholders before the AGM through the Company's website and, where appropriate, announced to the London Stock Exchange. To the extent shareholders wish to attend in person and can do so safely and in accordance with the prevailing Government guidance at the date of the meeting, shareholders are requested to pre-register their intentions to attend by emailing FullersAGM@fullers.co.uk by no later than 5 p.m. on Monday, 20 September 2021. Copies of the above documents are available on the Company's website at www.fullers.co.uk/corporate/investors/ general-meetings and in accordance with LR 9.6.1R, have been submitted to the National Storage Mechanism and will shortly be available for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

In compliance with DTR 6.3.5, the following information is extracted from the Annual Report and Accounts 2021 and should be read in conjunction with the Company's Full Year Results Announcement issued on 8 July 2021. Together, these constitute the material required by DTR 6.3.5 to be communicated to the media in full unedited text through a Regulatory Information Service. This material is not a substitute for reading the full Annual Report and Accounts 2021 and page numbers and cross-references in the extracted information below refer to page numbers and cross-references in the Annual Report and Accounts 2021.

For further information, please contact:

Rachel Spencer

Company Secretary

020 8996 2073

Date: 4 August 2021

Appendix 1. Statement of Directors' Responsibilities in Respect of the Financial Statements

The Directors are responsible for preparing the Strategic Report, the Annual Report, the Remuneration Report and the Group and Company financial statements in accordance with applicable United Kingdom law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law, the Directors have elected to prepare the financial statements in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006. Under company law, the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs and profit or loss of the Group and Company for the financial period. Under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules, Group financial statements are required to be prepared in accordance with international financial reporting standards ("IFRSs") adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union.

In preparing the Group and Company financial statements, the Directors are required to: ? select suitable accounting policies in accordance with IAS 8 Accounting policies, changes in accounting estimates

and errors and then apply them consistently; ? present information, including accounting policies, in a manner that provides relevant, reliable, comparable and

understandable information; ? provide additional disclosures when compliance with the specific requirements in IFRSs is insufficient to enable

users to understand the impact of particular transactions, other events and conditions on the group and company

financial position and financial performance; ? make an assessment of the Company's ability to continue as a going concern; ? state that the Group and Company have complied with international accounting standards in conformity with the

requirements of the Companies Act 2006 and IFRSs adopted pursuant to Regulation (EC) No 1606/2002 as it applies in

the European Union), subject to any material departures disclosed and explained in the financial statements; and ? make judgements and estimates that are reasonable and prudent.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group's transactions and disclose with reasonable accuracy at any time the financial position of the Group and Company and enable them to ensure that the financial statements and the Remuneration Report comply with the Companies Act 2006 and applicable regulations, including the requirements of the Listing Rules and the Disclosure and Transparency Rules ("DTR") and in the case of the Group financial statements, with Article 4 of the IAS Regulation. They are also responsible for safeguarding the assets of the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Directors are responsible for preparing the Annual Report in accordance with applicable law and regulations. The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement as to Preparation of Financial Statements

The Directors confirm, to the best of their knowledge: ? that these financial statements, prepared in accordance with international accounting standards in conformity with

the requirements of the Companies Act 2006 and IFRSs adopted pursuant to Regulation (EC) No 1606/2002 as it applies

in the European Union, give a true and fair view of the assets, liabilities, financial position and profit of the

Group and Company taken as a whole; ? that the Annual Report and the Strategic Report includes a fair review of the development and performance of the

business and the position of the Group and Company taken as a whole, together with a description of the principal

risks and uncertainties that they face; and ? that they consider the Annual Report and the financial statements, taken as a whole, provides the information

necessary to assess the Company's performance, business model and strategy and is fair, balanced and

understandable.

The Directors of Fuller, Smith & Turner P.L.C. are listed on pages 40 and 41.

Directors' Statement as to Disclosure of Information to Auditors

The Directors who were members of the Board at the time of approving the Directors' Report are listed on pages 40 and 41. Having made enquiries of fellow Directors and of the Company's auditors, each of these Directors confirms that: ? to the best of each Director's knowledge and belief, there is no information relevant to the preparation of this

report of which the Company's auditors are unaware; and ? each Director has taken all the steps a Director might reasonably be expected to have taken to be aware of any

relevant audit information and to establish that the Company's auditors are aware of that information.

On behalf of the Board

Michael Turner

Chairman

8 July 2021

2. Principal Risks and Uncertainties

The following sets out the principal risks the business faces at present that may impact future performance. This analysis is not intended to be a comprehensive list of all risks actively managed by the business. The key financial risks are detailed in note 28 to the financial statements.

Emerging Risks

Description Risk Mitigation

UK ECONOMY The risk is kept under review as we implement our

strategy. It informs the level of liquidity we target to

There has been a severe impact to the UK (and global) keep in the business, the way in which we invest in our economy from coronavirus the full impact of which has yet diversified estate to manage fluctuations in different parts to be understood. In addition, the measures which the of the economy and the flexibility we look for in future Government has put in place have cost billions of pounds, leasing arrangements. all of which will eventually be recouped through taxation.

Strategic Risks

Description Risk Mitigation

We have undertaken a significant rightsizing activity

across our estate and central support office to reduce our

CORONAVIRUS AND FUTURE PANDEMIC ongoing cost base. We have taken advantage of the Government

support for business through the job retention scheme,

The coronavirus outbreak has had a seismic impact on business rates holiday for the hospitality sector, made use our industry. This has most obviously been through the of the Bank of England Covid Corporate Financing Facility closure of all our pubs and hotels to help limit the and increased our liquidity levels through an equity raise. spread of the virus, followed by the enforced social We continue to partake in discussions with Government and distancing and other restrictions as we have reopened. The trade bodies to influence the future imposing and lifting of guidelines (now laws in some cases) and Government any restrictions. restrictions have changed regularly and are likely to continue to change. There are changes in the behaviour of We continue to monitor our cost base on a monthly and our customers and in their patterns in visiting our weekly basis. On a site level we review weekly profitability different sites. and review the cost of closure and subsequent reopening

versus slower trading periods to make the optimal decisions.

The health and safety of our team members is critical and we have implemented appropriate measures for them to We have introduced clear coronavirus procedures for all carry out their roles safely. our sites which are reviewed regularly.

There is an increased likelihood of subsequent Going forward we are closely monitoring our cash flow to pandemics, either entirely new strains of a virus or ensure we maintain appropriate level of liquidity, continue evolutions of the current strain. The impact of another to keep a diversified estate and review the composition in pandemic is likely to be similar to the experience of the the light of current events, negotiating more flexibility current crisis. into leases going forward, keeping strong ties with

Government, building on our current pandemic response plan,

and maintaining and enhancing our flexibility in customer

offering and operational procedures.

Management monitor and research consumer trends and run

CONSUMER DEMAND SHIFTS trials of new technologies.

The business's success is attributable to its ability We gather consumer feedback through Net Promoter Score to anticipate and react to consumer demand. surveys, customer complaints and online and social media

reviews.

There have been accelerated changes caused by the impact of coronavirus including, but not limited to, We analyse retail pricing and market share data to ensure working from home, cashless, people buying alcohol for we are competitive but still premium. consumption in the home, demand shift in city venues versus rural; and a continued trend towards healthy and In addition, through the experience of dealing with lifestyle choices. coronavirus, the business has become more flexible in

dealing with changes in operational measures, product and

service offerings.

We have a comprehensive training programme in place for

our employees covering all aspects of health and safety.

HEALTH AND SAFETY All sites complete a risk assessment and are required to

undertake detailed weekly and monthly compliance checks

The health and safety of our employees and customers is which are then subject to review by our in-house health and a key priority for us. safety team. Live risk assessments and appropriate

adjustments to sites to comply with Government guidelines

Operating a large number of sites increases the and restrictions in response to coronavirus are in place. challenge of ensuring the highest health and safety The allergen procedures we have implemented to manage the standards are adhered to. risks are over and above what is legally required, and are

continuously reviewed, to ensure controls remain

There is a risk of a customer suffering from failure to appropriate. deliver our allergens policies and procedures.

We continue to utilise the services of expert third party

health and safety auditors to undertake annual audits on all

our sites and perform detailed investigations in instances

where an incident does occur.

We have succession plans in place for key senior

management roles and have drawn upon these when selecting an

Executive Team to deliver the Board's strategy for the new

pubs and hotels focused business.

RECRUITMENT AND RETENTION OF EMPLOYEES Given the competition for high quality candidates across

our sites, we have plans in the year ahead to significantly

The recruitment and retention of high calibre employees improve the process and systems surrounding our recruitment is fundamental to our ability to deliver a distinctive strategy to ensure that our offer to all employees is experience for our customers, and to support our growth attractive. We provide support for staff from the EU and agenda. In particular this applies to the roles held by have increased the number of chef apprentice positions for the support office staff, who may view a career within UK candidates. By investing in our employees and offering hospitality as less attractive than other parts of the them real career paths, we are able to differentiate economy currently. ourselves from the competition and ensure that we remain the

employer of choice in a challenging market.

We continue to review and improve the entire reward

scheme to ensure that it is competitive in both pay and

benefits for all team members.

INFORMATION TECHNOLOGY Our IT function has a range of facilities and controls in

place to ensure that in the event of an issue normal

The Group is increasingly reliant on its information operation would be restored quickly. These include a formal systems to operate, and trading would be affected by any IT Recovery Plan, online replication of systems and failover significant or prolonged failures and/or data loss. In datacentres, and external support for hardware and software. addition, the sophistication of cyber attacks continues to We continue to introduce more preventive measures to reflect increase. the increased risk.

We have a good relationship with our current bankers and,

given the predominantly freehold nature of our business, we

FINANCING have the ability to offer more certainty than many in our

sector when raising finance. Alternative financing

The current funding arrangements of the business are approaches are available, including equity, as evidenced by due to expire in 2022 and there is a risk that we are the recent funding. unable to find suitable financing. In addition, interest rates may increase, adversely impacting profit, and/or Interest rate costs have been managed through our there could be a risk of breaching financial covenants. long-term financing arrangements and we have successfully

waived covenants and agreed new measures that have minimised

any risk of breach.

Our preference is to have long-term agreements in place

with our suppliers linking any price rises to CPI. We have a

Long-Term Supply Agreement in place with Asahi Europe Ltd

COST INFLATION for the supply of beer, cider and other beverages, which

limits increases to CPI. Other suppliers are also linked to

Market uncertainty and increasing demand leads to cost CPI with long-term agreements. pressures in several areas, such as food and drink production, utilities and staff costs. We regularly monitor prices using relevant commodity

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