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1、Annual Report for the 53 weeks ended 3 April 2023Find out how we are investing for the future in our pubs.Pages 08-09 and 18-19Find out how we are evolving our premium drinks offer.Page 17Find out how we nurture and develop our people.Pages 26-29Find out how we are supporting local producers and sup
2、pliers.Pages 33-35Highlightsfor the 53-week period ending 3 April 20231Profit before tax (m)36.22022:42.1Adjusted basic earnings per share264.29p2022:56.26pAdjusted EBITDA (m)2 85.52022:82.5Net cash generated from operations(m)83.82022:107.0Dividend per share20.52p2022:18.81pBasic earnings per share
3、50.78p2022:58.83pNet debt(m)165.22022:173.8Net assets per share312.382022:11.97Net debt to adjusted EBITDA1.9x2022:2.1xRevenue (m)368.92022:309.0Adjusted operating profit(m)2 52.42022:51.4Adjusted profit before tax(m)2 45.22022:41.8Operating profit(m)43.42022:51.71 The prior financial year was a 52-
4、week period.2 Reference to an adjusted item means that item has been adjusted to exclude non-underlying costs(see notes 11 and 12).3 Net assets per share are the groups net assets divided by the shares in issue at the period end.All of the results above are from continuing operations.Strategic Repor
5、tWelcome to YoungsYoungs pubs are at the heart of our local communities in London and the south of England.With more than 220 establishments,our award-winning design means excellence in ambience as well as service and location.From poetic pubs steeped in history to secret underground cocktail bars,t
6、he character and individuality of each of our premises gives them a unique feel.Our pubs are distinctly different,andthe people who work in them have pride in ourculture andpassion for thework they do.Strategic Report04 Chairmans statement06 Youngs at a glance 08 Investing in our estate10 Our busine
7、ss model12 Chief executives review15 Our strategy16 Key Performance Indicators18 Our latest acquisitions20 Section 172(1)statement24 Sustainability report44 Principle risks and uncertainties49 Business and financial reviewCorporate Governance56 Chairmans corporate governance statement58 Board of dir
8、ectors61 Leadership team63 Corporate governance report71 Audit committee report77 Remuneration committee report82 Directors reportFinancial Statements88 Independent auditors report95 Group income statement96 Group statement of comprehensive income97 Balance sheets99 Statements of cash flow100 Group
9、statement of changes in equity101 Parent company statement of changes in equity102 Notes to the financial statementsShareholder Information146 Notice of meeting151 Explanatory notes to the notice of meeting153 Senior personnel,committees,banks,advisers and others153 Shareholder informationContents01
10、Young&Co.s Brewery,P.L.C.|Annual Report 2023Year in reviewAward winning team(above and right)Our group executive chef,Matt Sullivan,finished second in the annual Scotch Egg competition hosted at the Guinea Grill,Mayfair.His dry-aged salt marsh lamb and anchovy Scotch egg has even made its way onto o
11、ur menus.The Oyster Shed,Bank,and head chef Natalie Coleman,received an AA Rosette for culinary excellence.She also picked up the prize for best pub chef at the Great British Pub Awards.We take great pride in surprising and delighting our customers.Here are some fine examples from the last twelve mo
12、nths,celebrating everything that makes Youngs such a great place to work.Annual Winter Warmer breakfast(below)Epitomising everything that is great about the Great British pub,the launch of Youngs seasonal cask ale,Winter Warmer,is held every year at the White Cross in Richmond.The Youngs dray horses
13、 are accompanied by the buzzing sound of Morris dancers.A guaranteed sell-out,the event has gained legendary status since 1991.Jubilee celebrations(above)In June,we all joined together to celebrate the Queens Jubilee and commemorate Her Majesty Queen Elizabeths 70 years on the throne.Sadly,only a fe
14、w months later,the country entered a period of mourning following her passing.02Young&Co.s Brewery,P.L.C.|Annual Report 2023Strategic ReportStrategic ReportLaunched our new draught range(above)From April,we started pouring our new draught beer range with a number of exciting new products such as Pra
15、vha and Beavertown Young Sun,alongside the returning Aspall cider and other big hitters Peroni,Guinness,Estrella and Youngs Original,of course.Summer Infusion cocktails(below)Building on the success of last year,our Summer Infusion menu featured exciting new drinks focusing on vibrant colours and fl
16、avours.Drinks such as the Amalfi Spritz,Watermelon&Basil Spritz and the popular Paloma were perfect for our fabulous gardens.Save While You Sleep(above)We launched our Save While You Sleep initiative in partnership with Zero Carbon Services,aimed at ensuring our teams are adhering to best practice w
17、hen it comes to switching on and off equipment at the right time.This will play an important role in our pledge to respect the planet and reduce energy consumption.Refreshed our Burger Shack menu(left)Ahead of this summer we launched the latest Burger Shack menu.Focusing on bold flavours,new additio
18、ns include the buttermilk fried chicken Hot Chick and the Louisiana Hot Beef burgers,joined by exciting new sides and our first sweet treat,delicious mini cinnamon doughnuts.03Young&Co.s Brewery,P.L.C.|Annual Report 2023Chairmans statementOur aim continues to be premium,individual and differentiated
19、.“Despite the economic challenges of the past year,Youngs has continued to thrive through our great pubs and wonderful people.”Stephen GoodyearChairman85.5mAdjusted EBITDA(2022:82.5m)368.9mRevenue(2022:309.0m)Strategic Report04Young&Co.s Brewery,P.L.C.|Annual Report 2023Strategic ReportIn such a vol
20、atile economic environment this has been a highly successful year for Youngs,and these results demonstrate the strength from our long-standing strategy of operating a premium,differentiated and well-invested managed estate.Total revenue was up 19.4%on last year,underpinned by our strong managed hous
21、e like-for-like sales growth of 12.9%on a comparable 52 week basis.Despite the huge pressure of increased costs that have had such a negative impact over the past year,we still achieved adjusted EBITDA of 85.5 million(2022:82.5 million),an increase of 3.6%.A fundamental characteristic of Youngs ongo
22、ing success has been the consistent investment for future growth through a combination of acquisitions and investment in our estate,made possible by our strong cash generation.During the year we invested a total of 58.4 million,this included the acquisition of six new pubs,adding a total of 40 new b
23、edrooms and opening up new locations for Youngs.Alongside these acquisitions we continued to invest significantly in our existing estate,notably at the Hare&Hounds(East Sheen),Crown(Bow),Marquess of Anglesey(Covent Garden)and Horts Townhouse(Bristol)where we transformed the pub by creating a further
24、 19 boutique bedrooms and completely redesigning the bar area.Despite the ongoing investment,the business remains conservatively financed,with net debt of 165.2 million and 1.9 times our adjusted EBITDA.On the back of another successful year,the board is very pleased to recommend a final dividend of
25、 10.26 pence.If approved by shareholders,this will result in a total dividend of 20.52 pence(2022:18.81 pence),a 9.1%increase.It is expected to be paid on 13 July 2023 to shareholders on the register at close of business on 9 June 2023.The Youngs board continued to evolve during the year.As previous
26、ly announced,Simon Dodd was appointed chief executive on 5 July 2022,succeeding Patrick Dardis who stepped down from this role at last years AGM and from the board on 30 September 2022.Simon was recruited just under four years ago with succession planning in mind and his excellent leadership skills,
27、vision and operational experience are already proving to be great assets to Youngs.Once again,on behalf of the board,I would like to thank Patrick for his huge contribution to the company over the last 20 years.In addition,Mark Loughborough joined the board as retail director on 30 September 2022.He
28、 is an experienced operator,having spent 11 years with Youngs in a number of senior roles,most recently as senior director of operations.We have assembled a very talented executive team who will take Youngs to the next chapter.We were also pleased to welcome Sarah Sergeant as an independent non-exec
29、utive director on 1 March 2023.She has a wealth of experience in the leisure,hospitality and property sectors,we are very much looking forward to working with her.As a board we are passionate about building a sustainable company and we are committed to driving a positive environmental,social,and gov
30、ernance agenda.During the year,taking advice from our partners at Savills Earth,we have grouped our properties based on age,condition,servicing and heritage status,which will guide our net zero implementation plans.In May,we launched the Save While You Sleep initiative to guide and encourage energy
31、saving opportunities through operational best practice.The Ram Agency,our own internal recruitment platform which caters for the desire to work flexibly,continues to grow and our digital career pathway,which was launched in May,has increased employee engagement and enabled management to identify key
32、 talent for succession planning.The board and leadership team fully support our evolving sustainability strategy and we will continue to find ways to reduce our carbon footprint and improve the wellbeing of both our teams and our customers.I would like to extend my thanks to our executive directors
33、for their hard work,leadership and dedication throughout an extremely demanding year,to the non-executive directors for their continued wisdom,guidance and encouragement,and finally to our shareholders for their continued support during such a demanding period.Stephen GoodyearChairman24 May 202305Yo
34、ung&Co.s Brewery,P.L.C.|Annual Report 2023Youngs at a glanceFrom stunning riverside terraces to flower-filled garden huts,our collection of pubs have some of the best gardens in London and the south of England.Inside,our pubs have style and character,and the people who work with us have pride in our
35、 culture and passion for the work they do.1831Established227Pubs842.5m41Burger Shacks473kYoungs On Tap app users793Bedrooms2.1mPints sold5,654202120222023773.7m842.5m808.0mValuation of our estate401871226 Freehold Leased Tenanted Managed pubsMaleFemale4357Employees06Young&Co.s Brewery,P.L.C.|Annual
36、Report 2023Strategic Report1-56-1011-1516-20More than 201631081111131142810149106532278LewishamSouthwarkLambethSuttonMertonWandsworthKingston-upon-ThamesRichmondHounslowHammersmith&FulhamEalingKensington&ChelseaBrentWestminsterBarnetCamdenEnfieldIslingtonHackneyCity of LondonNewhamTower HamletsGreen
37、wichBromleyDevonDorsetHampshireWest SussexSurreyEast SussexKentGreater LondonHertfordshireGloucestershireWiltshireOxfordshireBerkshireBuckinghamshireCambridgeshire1132121261431 43116430South West33South East164Greater LondonOur locationsStrategic Report07Young&Co.s Brewery,P.L.C.|Annual Report 2023C
38、oborn,Mile End(below)Located in Londons East End,close to Victoria Park,this charming and characterful pub has been restored to create a wonderful warm and inviting space.Internal reconfigurations have created a new snug area and the redecorated bar now features quirky personal touches recognising l
39、ocal regulars,such as Terry and Daves corner.Brook Green,Hammersmith(left)Elegantly renovated,this pub sits proudly on the corner of the historic Brook Green in Hammersmith.Upstairs you will find 17 boutique bedrooms,while downstairs the pub has its own cocktail bar,Smiths.Investing in our estateAll
40、 of our pubs are refurbished to the highest standard,celebrating their unique heritage and individualcharacter.Our pubs and bedrooms are as individual as the customers we serve.Strategic Report08Young&Co.s Brewery,P.L.C.|Annual Report 2023Horts Townhouse,Bristol(above and left)Beautifully restored,t
41、his Grade-II listed building has been transformed into Horts Townhouse.Featuring 19 stunning boutique bedrooms,all individually designed and fabulously furnished,like none other you will find in the city.Our latest pub with rooms development is just a stones throw from Bristols city centre.Bishop,Ki
42、ngston(left)Nestled on the banks of the River Thames,the Bishop has the most beautiful view of Kingston bridge.Its riverside terrace is the perfect place to watch the world go by with a pint of Youngs Original.Elgin,Notting Hill(right)A cornerstone of Ladbroke Grove,with a rich and vibrant history,i
43、n this iconic location on the edge of Notting Hill.The pub has been lovingly restored to its former glory to create a traditional British pub.Hare&Hounds,East Sheen(above)The heart of the East Sheen community,the investment here has brought one of the best pub gardens in London to life.With more tha
44、n 200 covers,customers can relax in a selection of huts and pergolas as they feast on food and drink served from the outside bar and kitchen.Strategic Report09Young&Co.s Brewery,P.L.C.|Annual Report 2023What we doWe manage,acquire and invest inpremium,differentiated pubs and pubs with rooms in prime
45、 locations across London andthe south of England.Freehold estateWe run a predominantly freehold estate that gives us greater control and opportunities within our business,and enables us to negotiate better terms with lenders,whilst allowing us to also benefit from increases in property values.Premiu
46、m pubsWe operate differentiated,premium,mostly drink-led managed pubs in London and the south of England.Our locations are mainly in areas that have a high proportion of affluent customers.How we do itOur competitive advantages enable us to deliver sustainable growth and provide the agility needed i
47、n the face of unforeseen challenges.People Depth of knowledge and expertise Strong customer relationships Trusted teams Unique cultureRevenue mix Our revenue mix is 62.5%drink,31.5%food and 6.0%accommodationDiversified estate Freehold-rich estate Prime locations often within walking distance of publ
48、ic transport linksBuying power Buying power of our managed estate to source the best products at the best pricesOur business modelOur business model captures how we are a resilient business that delivers value for all of our stakeholders in a sustainable,long-term way.Our ValuesAuthenticWeve been ar
49、ound since 1831 and see our heritage as the foundation of our success.Were proud of where weve come from but have our sights set firmly on the future.AssuredWere not humble but we are also not show-offs.We do things well,with an understanding that in life,you get what you pay for.10Young&Co.s Brewer
50、y,P.L.C.|Annual Report 2023Strategic ReportStrategic ReportSustainable growthWe create long-term sustainable growth through strategic investments in our estate,our people and our communities,delivering value for all of our stakeholders.At Youngs,we go beyond thinking about profit we are making inves
51、tments that not only build up the bottom line,but also improve society.The value we deliverOur business creates value for our stakeholders and economic value in the regions where we operate.People Creating rewarding careers for our people Investors Sustainable financial returns for our shareholdersC
52、ustomers High quality service across our pubs and pubs with roomsSuppliers Building long-standing relationships with our suppliersSociety Contributing to our local communities CommunityWe are the centre of the community,essential and well-loved by our customers,as essential and well-loved as they ar
53、e by us.We believe in local community celebration.ConvivialPremium yet personal hospitality.Friendly,lively good humour.Individual From the late-night city bolt holes to the sprawling neighbourhood centrepieces,from ancient,oak-beamed village inns to underground cocktail bars,our pubs are as individ
54、ual as the customers who frequent them every day.11Young&Co.s Brewery,P.L.C.|Annual Report 202352.4mAdjusted operating profit(2022:51.4m)83.8mNet cash generated fromoperations(2022:107.0)Chief executives reviewA strong year of trading gives us reason for optimism.“Our success as a business is depend
55、ent on having outstanding pubs with the best people tooperate them.”Simon DoddChief ExecutiveStrategic Report12Young&Co.s Brewery,P.L.C.|Annual Report 2023Strategic ReportI am very pleased to announce such a positive set of results.We have built on the momentum of the resumption of normal trading an
56、d the strong start we made in the first half of this financial year.The past few years have been tough for our industry as a whole and these results are a testament to the quality and dedication of our people,and the value added by recent and consistent investment.It demonstrates that our strategy o
57、f running premium,individual and differentiated pubs continues to deliver.Despite the ongoing challenges and prior year comparatives supported by reduced VAT rates,total revenue was up by 19.4%to 368.9 million(2022:309.0 million)for the 53-week period,underpinned by our managed pub like-for-like per
58、formance,up by 12.9%on a 52-week basis,alongside the continued investment in our existing estate and strategically selected acquisitions.We have not been immune to the increasing cost of food,consumables,and the rise in the National Living Wage,however,our foresight to fix utility rates until March
59、2024 has minimised the full impact of higher energy prices.Despite these headwinds,our adjusted operating profit was 52.4 million(2022:51.4 million),with adjusted profit before tax up by 8.1%to 45.2 million(2022:41.8 million).Total profit before tax was 36.2 million(2022:42.1 million)down largely du
60、e to a movement in our property revaluation.Our adjusted operating margin remained resilient at 14.2%,down as expected from the prior period margin of 16.6%,which was heavily bolstered by government covid support through business rate reductions,lower VAT rates and grants.Our business remains highly
61、 profitable and over the coming months,as inflation is predicted to soften,we are confident that margins will improve.Our strong financial position,driven by healthy operating free cashflow has enabled us to continue to invest significantly,with total investment of 58.4 million in the period(2022:73
62、.7 million),whilst still reducing our net debt position.At the period end,we remain conservatively financed,with net debt(including lease liabilities)of 165.2 million,being 1.9 times our adjusted EBITDA.It has been another active year on the acquisition front as we added six new pubs:the Bedford Arm
63、s(Chenies),Carpenters Arms(Tonbridge),Half Moon(Windlesham),Merlins Cave(Chalfont St Giles),Wild Duck(near Cirencester)and the award-winning Griffin Inn(Fletching)in East Sussex.Across our existing estate,we invested 34.4 million with notable projects at the Bull(Streatham),Hare&Hounds(East Sheen),C
64、rown(Bow)and the Elgin(Notting Hill).We continue to explore opportunities to maximise our trading areas through underutilised space,with two beautiful examples at Horts Townhouse,where we added 19 boutique bedrooms in central Bristol,and the new roof terrace at the Marquess of Anglesey(Covent Garden
65、),which is due to open next month.We continue to have one eye on the future,ensuring we have a steady pipeline of new openings.In the second half of the year,we transferred two of the remaining tenancies back into our managed estate,Bishops Vaults(Bishopsgate)and the Clapham North(Clapham).The latte
66、r was completed just days before the period end,closing immediately for an investment and will reopen later this summer.Elsewhere,exciting projects are due to get underway at the Constitution(Camden),Wild Duck purchased earlier this year,and the old bank site in Farnham,Surrey,acquired back in 2018.
67、Our success as a business is dependent on having great pubs with the best people to operate them.I continue to be impressed by the quality of the teams we have in place.We focus on providing high-quality training programmes and development opportunities to give our people the chance to flourish and
68、further their careers within Youngs.Across our pubs,73%of general manager appointments have been internal promotions.In September,I was pleased to welcome Mark Loughborough to the board following his promotion to retail director,having been a valued member of the Youngs team for 11 years in a number
69、 of senior roles.I look forward to seeing many more of our valued team throughout the business progressing their careers in the months and years to come.As a group,we are committed to building a business which nurtures and develops our people,makes a lasting and positive contribution to the communit
70、ies we operate in,and respects the environment.Not only is this vital to our future success,but it will also enable us to deliver long-term value for all our stakeholders.This is covered in more detail within our annual report on pages 2443,as we continue to embrace a more structured approach to sus
71、tainability.Recent trading and outlook Since the period end,trading has been positive with managed like-for-like sales up by 4.8%despite the unseasonably cooler and wetter start to spring,as we were able to capitalise on the well-timed Easter and bank holiday sunshine.While the additional bank holid
72、ay for the Coronation gave us minimal upside,it was fantastic to see our customers and pubs celebrating with local events,highlighting the important role our pubs play in their communities.Last month we completed on the freehold purchase of the Stag(Belsize Park),located close to Hampstead Heath in
73、North London,adding further to our presence in the capital.We find ourselves living in challenging times,including headwinds from high inflation and the resumption of train strikes,but there is plenty for us to be excited about.This autumn,the Rugby World Cup provides a fantastic opportunity given o
74、ur rugby heritage and we are hopeful that further rail strike disruption will be limited.The investments and acquisitions made in the last two years,alongside our future pipeline provide tremendous growth potential.The business is completely aligned to take Youngs forward,and we are confident in our
75、 ability to deliver superior returns for our shareholders.Simon DoddChief Executive24 May 202313Young&Co.s Brewery,P.L.C.|Annual Report 2023Our service excellence“Our friendly,lively and exceptional customer service is convivial hospitality at its best.”Mark LoughboroughRetail DirectorSurprising and
76、 delighting our customers in every visit.Our highly trained and enthusiastic pub teams work hard to consistently surprise and delight our customers.We design our pubs focusing on the needs of the customer.The high service standards we provide alongside the quality food,drink and rooms on offer creat
77、es the best possible experience for our customers.We offer both back and front of house apprenticeships,along with robust training and development for all of our people.The teams are provided with valuable tools to enable them to deliver excellent service.Service excellence filters down into everyth
78、ing we do at Youngs,from the recruitment and training in our pubs,to our people at Copper House.Our aim as publicans is to provide the best experience possible.Strategic Report14Young&Co.s Brewery,P.L.C.|Annual Report 2023Strategic ReportOur strategyDelivering growth through our three strategic prio
79、ritiesThe circled numbers refer to Principal risks and uncertainties on pages 44 to 47.Investing in our estateWe look to grow through a combination of investing in our existing pub estate and opportunity-led acquisitions.Each year,on average,we reinvest about two-thirds of the cash we generate.Our p
80、rogress in 2023 Transformational projects at Horts Townhouse and the Hare&Hounds.Alongside smaller schemes to ensure our pubs remain premium.Long-term strategy to maximise the potential from our remaining tenancies through transfers to managed pubs,success at the Clapham North and Bishops Vaults.Our
81、 priorities for 2024 Our project at the Marquess of Anglesey remains onsite and is due to complete in June.We remain committed to identifying opportunities to maximise the potential within our existing estate whilst ensuring that we maintain our premium standard in all pubs.34.4mInvested in our esta
82、te11 12Hand-picked acquisitions We invest in hand-picked acquisitions,based in locations where we feel our style of operation will thrive,as well as benefitting the surrounding area.All acquisitions have to pass our strict internal investment criteria.Our progress in 2023 The acquisition and investm
83、ent of two pubs,Merlins Cave and the Half Moon.Our purchase of the Wild Duck will remain closed while extensive renovations are carried out.We acquired a further three premium pubs with rooms,the Bedford Arms,Carpenters Arms and the Griffin Inn,adding 40 bedrooms to the estate.Our priorities for 202
84、4 Strategically selected acquisitions that meet our internal investment criteria and possess potential.We are in a strong position to capitalise on opportunities that present themselves.In April,we completed the purchase of the Stag,a freehold pub in Belsize Park,London.24.0mAcquisition investment11
85、1 12Investing in our peopleWe believe in investing in our people and nurturing our own talent,so they are able to continue to grow our pubs by surprising and delighting our customers.Our progress in 2023 Successfully reached our target of 300 team members registered with the Ram Agency with people i
86、n a range of roles,from general manager,to chef and back of house.Fulfilled our strategy to recruit from within the business,successfully filling 73%of general manager positions with internal candidates.Our priorities for 2024 Our aim is to have over 500 team members registered with the Ram Agency.W
87、e now have nine different apprenticeship programmes across the business,our aim is to have 200 apprentices.48Current apprentices10 12 1 Includes post-acquisition investment.15Young&Co.s Brewery,P.L.C.|Annual Report 2023We measure the development,performance and position of our business against a num
88、ber of key performance indicators.The reference to an adjusted item means that the item has been adjusted to exclude non-underlying items.These alternative performance measures have been provided tohelp investors assess the groups underlyingperformance.*Results for 2022 are for continuing operations
89、.2021 comparatives have been restated.Key Performance Indicators202188.02022309.0368.92023Revenue m*This is our group revenue,mainly consisting of our managed pubs.202120222023Adjusted EBITDA m*This is our earnings before interest,taxes,depreciation and amortisation adjusted to exclude any non-under
90、lying items for the group.(See notes 11 and 12).(1.3)82.585.5202120222023Gearing%This is our net debt divided by our net assets(expressed as a percentage).38.524.822.8202120222023Interest cover(times)*This is our adjusted operating profit divided by our finance costs.(3.4)5.47.0202120222023Recycling
91、(tonnes)This is the amount of waste we recycle and divert from landfill.4,3514,4336,237202120222023Adjusted profit/(loss)before taxm*This is our profit/(loss)before tax from continuing operations only,adjusted to exclude any non-underlying items for the group.(See notes 11 and 12).(43.2)41.845.22021
92、20222023Adjusted earnings/(loss)per share(p)*This is our adjusted profit/(loss)after tax,divided by the weighted average number of ordinary shares in issue.(See notes 12 and 17).(66.63)56.2664.29202120222023Like-for-like revenue%This is our revenue movement for this period compared with the previous
93、 period for our managed pubs that traded throughout both periods.(72.1)(2.9)12.9202120222023RevPAR This is our revenue per available bedroom;it is the average room rate achieved multiplied by the occupancy percentage.29.6855.5071.40 16Young&Co.s Brewery,P.L.C.|Annual Report 2023Strategic ReportOur p
94、remium drinks offerThis year,we introduced a number of new beers and ciders to our bar:Pravha,Brooklyn Pilsner,Beavertown Young Sun,and Aspall.We have elevated our range of alcohol-free drinks to offer customers the choice,either with or without alcohol.Quality alcohol-free serves for all occasions
95、include our first draught alcohol-free lager,Estrella Free Damm,as well as a selection of non-alcoholic cocktails.And as our customers continue to favour locally produced products,we introduced Nyetimber,the world-renowned English sparkling wine,to our pubs to great acclaim.Exciting,often colourful
96、and always innovative.“We live in an experience economy where our customers are always looking for something a littlespecial.”Gillian McLarenDirector of MarketingStrategic Report17Young&Co.s Brewery,P.L.C.|Annual Report 2023Our latest acquisitionsWe seek out new pubs with character and heritage.The
97、Bedford Arms,Chenies(below and right)This 18th century pub with 18 charming bedrooms is nestled in the heart of the Chilterns between Buckinghamshire and Hertfordshire.Escape the hustle and bustle of city life with the peaceful surroundings of the Bedford Arms,the perfect place to enjoy a glass or t
98、wo of your favourite tipple.“We have a great team who continue to seek acquisitions that meet our strategy to have premium and well-invested freehold pubs across London and the south of England.We can bring Youngs unique operating experience to great trading pub assets.”Stuart GallyotDirector of Pro
99、pertyStrategic Report18Young&Co.s Brewery,P.L.C.|Annual Report 2023Half Moon,Windlesham(above)The Half Moon is a country pub located in the heart of the village,and plays an important role in the local community.Recently refurbished throughout,the pub features a traditional bar area,an oak-beamed di
100、ning room and a wonderful garden.Carpenters Arms,Tonbridge(above)In keeping with the geography of recent acquisitions,the Carpenters Arms is located in the Kent countryside,on the outskirts of Tonbridge.The pub includes nine recently refurbished bedrooms and features a seated terrace to the front,wi
101、th a hidden garden to the rear,offering customers the opportunity to dine or drink in one of the unique rotunda huts.Griffin Inn,Fletching(right)The award-winning pub comprises a charming 16th century freehold coaching house,with 13 bedrooms,nestled in the heart of the East Sussex countryside.Its ex
102、pansive,two tiered garden has such magnificent views that it is known locally as the Sussex Serengeti.Merlins Cave,Chalfont St Giles(left)Located opposite the village green and nestled beside the River Misbourne.The pub includes a bustling bar area,filled with home comforts,and a gorgeous garden,per
103、fect for a warm summers day.Strategic Report19Young&Co.s Brewery,P.L.C.|Annual Report 2023CustomersOur peopleSuppliersInvestorsLendersTrustees of the final salarypension scheme How we have engaged with our stakeholders CustomersWhy?The companys source of revenue is from customers in the groups manag
104、ed houses,with drink sales being 62.5%of managed house revenue,food being 31.5%,and the provision of accommodation being 6.0%.Lower revenue could lead to lower profits.A customers decision to spend their money can be affected by a broad range of matters,all set against a background of consumer choic
105、e of where to go and what to do.See also principal risks and uncertainties 3 on page 44.How?See the Engagement with suppliers,customers and others in a business relationship with the company section within the directors report,starting on page 84.Outcomes and actionsSee the Engagement with suppliers
106、,customers and others in a business relationship with the company section within the directors report,starting on page 84.Principal stakeholder groupsThe directors regard those listed below as the companys principal stakeholder groups.Set out in relation to each group is:Why the directors believed i
107、t was important to engage with that group(the Why?)The main methods used by the directors to engage with that group and to understand the issues that concerned that group(the How?)Information on the effect on the companys decisions and strategies during the period as a result of issues raised by tha
108、t group(the Outcomes and actions)Section 172(1)statement Our peopleWhy?The commitment,skills and experience of the people employed throughout the organisation(whether they are in the companys pubs or at Copper House)are integral to the companys long-term success;amongst other things,all of them have
109、 a part to play in helping to continue to grow,and/or support,the companys business and in demonstrating the companys values on a daily basis.They are our most prized asset and staff retention is therefore crucial.Consequently,it is important that the company is an employer of choice,provides an env
110、ironment in which people are happy to work,supports the physical and mental wellbeing of its staff,and gives individuals the opportunity to develop.See also principal risks and uncertainties 10 on page 47.How?See the Employee engagement section within the directors report,starting on page 83.Outcome
111、s and actionsSee the Employee engagement section within the directors report,starting on page 83 and Our people section of the sustainability report starting on page 24.We believe that considering our stakeholders in key business decisions is not only the right thing to do but is fundamental to our
112、ability to drive value over the longer term.Board directors are bound by their duties under the Companies Act 2006(the Act)to promote the success of the company for the benefit of our members as a whole.In doing so,however,they must have regard to the interests of all our stakeholders,to ensure the
113、long-term sustainability of the company.The board is therefore responsible for ensuring that it fulfils its obligations to those impacted by our business,in its stakeholder consideration and engagement.The following pages comprise our section 172(1)statement and describe how the directors have had r
114、egard to the matters set out in section 172(1)(a)to(f)of the Act when acting in the way they considered,in good faith,would be most likely to promote the success of the company for the benefit of its members as a whole.In line with guidance issued by the Financial Reporting Council,this statement co
115、ncentrates on matters that are of strategic importance to the company.Where appropriate and to avoid duplication,the statement cross-refers to other sections within the annual report.20Young&Co.s Brewery,P.L.C.|Annual Report 2023Strategic ReportStrategic Report SuppliersWhy?The business relies,in th
116、e main,on a small number of suppliers to provide the companys pubs with food and drink.The range,availability and quality of the products sourced is fundamental to the companys reputation.To remain as a provider of a market-leading,competitive premium offering that new and existing customers would w
117、ant to enjoy,it is important that the company partners with the right suppliers,and has good,strong and mutually beneficial business relationships with them.82%of the companys spend is with 5%of its suppliers.See also principal risks and uncertainties 4 and 8 on pages 45 and 46.How?See the Engagemen
118、t with suppliers,customers and others in a business relationship with the company section within the directors report,starting on page 84.Outcomes and actionsSee the Engagement with suppliers,customers and others in a business relationship with the company section within the directors report,startin
119、g on page 84.InvestorsWhy?Continued access to capital is of vital importance to the long-term success of the companys business.Via its engagement activities,the company strives to obtain investor buy-in to the companys strategy of how to grow the business and the companys business model,setting out
120、how value is created.The aim is to promote an investor base interested in a long-term holding in the company.See also principal risks and uncertainties 7 on page 46.How?See the Shareholder relations section within the corporate governance report,starting on page 70,for information on the companys ma
121、in methods of engagement with investors.Outcomes and actionsThe companys investors remained supportive of the companys strategy and business model.LendersWhy?Lenders are an additional important source of capital.As it does with its investors,the company looks to get buy-in from its lenders to the co
122、mpanys strategy and business model.The intention is to develop supportive,long-term relationships.See also principal risks and uncertainties 7 on page 46.How?The chief financial officer regularly spoke with the companys banks and noteholders.Further,as required under the terms of the companys loan f
123、acilities,they received quarterly covenant compliance certificates.Outcomes and actionsThe companys lenders remained supportive of the companys strategy and business model.Following the return to normal trading conditions,discussions between them and the company returned to focusing on the companys
124、material activities(including acquisitions and disposals)and any appetite to increase borrowings.Further discussion took place on the general trading environment.Particular discussions took place with NatWest concerning the 30.0 million term loan which was due to mature at the end of March 2023,and
125、was subsequently repaid during March 2023(see the following page).21Young&Co.s Brewery,P.L.C.|Annual Report 2023How we have engaged with our stakeholders continued Section 172(1)statement continued Trustees of the final salary pension schemeWhy?The company operates a defined benefit pension scheme c
126、overing benefits payable to various current and former employees;the scheme was closed to new entrants in February 2003.The scheme is a key company financial commitment as it needs to be funded to meet agreed benefit payments and regulatory pension funding requirements.The schemes trustee is Youngs
127、Pension Trustees Limited,a corporate trustee.The company recognises that the trustee and the company each has a vital role to play in the proper running of the scheme and that regular,clear and open communication and,where necessary,consultation is important in helping maintain a good working relati
128、onship between the company and the trustee.The company is party to all scheme deeds,undertaking responsibilities under the schemes trust deed and rules together with pension legislation and regulation,as required.See also principal risks and uncertainties 6 on page 45.Outcomes and actionsDiscussions
129、 primarily focussed on funding,investment and employer covenant considerations,ensuring an integrated approach to risk management.Strategic scheme initiatives,such as the approach to liability management and minimising volatility,were discussed;these saw the trustee continuing with a carefully desig
130、ned strategy to manage liabilities and underlying scheme risk,all against the background of the schemes continuing maturity.The company reviewed a comprehensive update on the performance of the schemes liability-driven investment strategy,which had performed in line with expectations,and it was regu
131、larly updated on scheme funding,membership changes and other key details.Other legislative developments,such as the action to be taken as a result of the need for GMP equalisation and the new regulatory funding code consultation were noted.The companys views were sought on the approach to the scheme
132、s maturity and potential timeline for reaching buyout.The trustees requested a discretionary increase for the year starting 1 April 2023.Overall,because of the companys engagement and the proactive appropriate stewardship of the trustee,stable contributions continued to be paid to the scheme(as has
133、been the case for many years)and the company benefited from funding savings resulting from liability management initiatives.How?During the period,the chief financial officer worked closely with the trustee.The chief financial officer attended meetings with the trustee and delivered presentations on
134、the companys business,thus keeping the trustee informed of the companys financial position and of any plans that would change or impact upon the employer covenant supporting the scheme.In addition,the chief financial officer was invited to join scheme investment discussions.The chair of the trustee
135、is a director of the company and gave presentations to the companys board on various aspects of the scheme.Principal decisionsFor the purposes of this statement,the directors regard their principal decisions as not only those that are material to the group,but also those that are significant to any
136、of the companys principal stakeholder groups.Set out below are the principal decisions made by the directors during the period;implicit in making these was the desirability to maintain a reputation for high standards of business conduct and the need to act fairly as between members of the company.Ap
137、proval of capital and revenue budget forFY24The capital and revenue budget for FY24 was approved by the board in March 2023.Despite ongoing cost challenges,the board believes that the companys premium offering would remain attractive to existing customers and act as a draw to new ones.The companys b
138、usiness model and budget would allow the company to continue to invest in its people and pay them appropriately,and capital would continue to be available to enable selected hand-picked complementary acquisitions to be made.The companys plans,underpinning the budget,are demanding but will position t
139、he company well against its longer-term value creation vision whilst honouring its commitments to its stakeholders.Liquidity position:repayment of the 30.0 million loan facility with NatWest,whichwas due to mature inMarch 2023During the period,the board considered the companys liquidity position and
140、 ability to generate cash,in the context of its strategy for the business,and took the decision not to renew its 30.0 million loan facility with NatWest.This was subsequently repaid during March 2023.In taking the decision to repay the loan facility,the board remains comfortable that the company has
141、 sufficient financial resources to develop its existing business and exploit opportunities as they arise.22Young&Co.s Brewery,P.L.C.|Annual Report 2023Strategic ReportStrategic ReportBoard changes during the periodSimon Dodd was appointed chief executive on 5 July 2022,succeeding Patrick Dardis who
142、stepped down as chief executive at last years AGM and from the board on 30 September 2022.In addition,Mark Loughborough joined the board as retail director on 30 September 2022.On 1 March 2023 Sarah Sergeant joined the board as an independent non-executive director.Stephen Goodyear and Nick Miller w
143、ere invited to stay for a third three-year term,through to 3 April 2026.Further,inherent in all of these decisions was the balance between executive and non-executive directors,the importance of having an appropriate level of independence and female representation on the board,and the board having a
144、n appropriate number of members(with the right experience,knowledge,standards,skills,personal qualities and capabilities)for the company,its reputation and long-term strategy.Payment of a final dividend in respect of FY22 and payment of an interim dividend and final dividend in respect of FY23Follow
145、ing a board recommendation and shareholder approval of the same at the companys 2022 AGM,a final dividend of 10.26 pence per share was paid to shareholders in July 2022(at a total cost of 6.0 million),this was followed,in December 2022,by payment of an interim dividend of 10.26 pence per share(at a
146、further total cost of 6.0 million).These payments were anticipated in the revenue and capital budget for FY23 approved by the board in March 2022.Funds to pay these dividends were from the groups free cash flow.The company will recommend the payment of a final dividend to shareholders for the financ
147、ial year ended 3 April 2023 at the companys 2023 AGM.Acquisitions of new managed housesDuring the period,the company acquired the following freehold pubs as part of the groups managed house estate:the Bedford Arms(Chenies),Merlins Cave(Chalfont St Giles),Half Moon(Windlesham),Carpenters Arms(Tonbrid
148、ge),Griffin Inn(Fletching)and the Wild Duck(near Cirencester).Details of the consideration paid,and the associated costs are set out in note 15 starting on page 119.The acquisitions were made to support the companys value creation acquisition strategy:right opportunities in existing or exciting new
149、locations where the board believes the companys premium offering will flourish.The purchases were financed from the companys cash reserves.Property disposal During the period,the company agreed to sell the Bridge Hotel(Greenford).The team transferred to the new owners under the TUPE regulation on ex
150、isting terms.The challenges facing this property meant that its sustainability was in question;as such,a sale was considered the appropriate approach and consistent with the companys strategy.Details of the consideration received and associated costs are set out in note 11 starting on page 117.23You
151、ng&Co.s Brewery,P.L.C.|Annual Report 2023Our sustainability programme focuses on three core areas:Our people We focus on the wellbeing of our colleagues with comprehensive financial and mental health support.We engage and empower our teams with regular communication and commitment to their career pa
152、thway.We foster diversity and inclusion through our approach to appointments and training.Our communities We play a positive role in our communities and give back where possible.We celebrate the best of British and champion local suppliers throughout our menus.We do our utmost to support our supplie
153、rs and be fair commercial partners.Sustainability reportWe are passionate about building a sustainable company.Our environment We aim to reduce,reuse and recycle our waste in the most sustainable way possible.We implement new emission-saving technologies across our estate.We work closely throughout
154、our supply chain to improve the environmental impact of our produce,from farm to fork.Strategic Report24Young&Co.s Brewery,P.L.C.|Annual Report 2023Strategic Reportprovide leadership and ensure that we are taking a coordinated approach to sustainability throughout the business.The management board,w
155、hich is composed of our executive and leadership teams,receives regular ESG updates from the sustainability manager.The senior leaders on the management board are empowered to engage with their internal and external stakeholders to deliver the part of our ESG strategy which is most relevant to their
156、 individual areas of expertise.Aisling Meany is the boards non-executive director for ESG and works with the company secretary to develop our governance model.Our net zero approach The company is a founding member of the Zero Carbon Forum,a collective of hospitality businesses which has created a Ro
157、admap for Hospitality to Net Zero ahead of the UK Governments commitment of 2050.The company has aligned itself with the industrys roadmap which requires that,as a collective,we are aiming to achieve net zero for our Scope 1 and Scope 2 emissions(our direct company emissions)by 2030.The roadmap is b
158、eing driven by the Zero Carbon Forum and is designed to provide the hospitality sector with guidance on the steps we can take to decarbonise our business and implement a net zero strategy.We have engaged Savills Earth to advise and support us as we develop our implementation plans and further inform
159、ation is available in the Our environment section of this report.Our approach to sustainabilityYoungs is a company with a long heritage,and we are committed to building a business which nurtures and develops our people,makes a lasting and positive contribution to the communities we operate in,and re
160、spects the environment.As a company,we have invested in sustainable and responsible business practices for a number of years,but we recognised last year that a more structured approach to sustainability was needed going forward.We have adopted a clear governance framework,which is explained below,an
161、d we are focused on defining our Environmental,Social and Governance(ESG)strategy and identifying our priorities.We have engaged our teams to raise the profile of sustainability and during the period initiatives have been implemented which encourage behavioural change.We have worked with external ad
162、visors to gain a clear understanding of the steps we need to take to reduce our Scope 1 and 2 emissions.Our ESG governance frameworkA clear ESG governance framework has been adopted in which the board has oversight of our strategy,and the executive committee considers and implements operational init
163、iatives and monitors their progress.Our first sustainability manager joined the company in May 2022 and their role is to“We have a responsibility to do the right thing and a long tradition of supporting our people,our communities and adopting carbon saving initiatives.As a board,we know there is sti
164、ll much to do,but we believe that we can deliver a meaningful contribution for all our stakeholders.”Simon DoddChief ExecutiveMaximising energy efficiency Horts TownhouseHorts Townhouse was our largest investment during the period.It has been redeveloped to BREEAM standards,with the aim of ensuring
165、that the new development has maximised the potential for improvement in energy efficiency within the building structure.Our approach25Young&Co.s Brewery,P.L.C.|Annual Report 202373%of our general managers were internal appointmentsOffering our team members a career,rather than a job,means we are abl
166、e to retain and develop our people and promote from within.“Diversity and inclusivity underpinour policies and cultureatall levels throughoutYoungs.We are fullyaware that everything weachieve as a business,weachieve through the dedication andefforts of our teams.”Gail KhanDirector of HRWe develop an
167、d nurture our people.Our peopleStrategic Report26Young&Co.s Brewery,P.L.C.|Annual Report 2023Strategic ReportTraining and development The companys career pathway is used to engage,inspire,and develop our teams.Beginning at team member level,the career pathway offers a broad range of development oppo
168、rtunities for our front of house teams,through to general manager level and then on to operations manager.We also have a comprehensive programme for our kitchen teams,and we are proud that our kitchen assistants have the opportunity to develop into our head chefs of the future.A comprehensive projec
169、t to streamline our training was undertaken during the previous period and the company launched its digital career pathway in May 2022.The career pathway is delivered digitally via The Ram app or a desktop version which can be accessed through an internet browser.It is available to all team members
170、throughout the business and is fully interactive and flexible across job roles.It also means that we are completely paperless,which is a huge cost saving to the business and follows our sustainability strategy.The company offers a comprehensive programme of training and development courses which are
171、 run by our in-house trainers and are available to all our pub teams.The company has offered Commis Chef Level 2 and Hospitality Supervisor Level 3 apprenticeships for a number of years.During the period the companys apprenticeship programme was expanded to include a broad range of new apprenticeshi
172、ps,such as hospitality manager,operations management,coaching,and learning and development.There are also options available for our Copper House employees within their areas of expertise.Our aim is to have 200 apprentices by the end of 2024.The companys first graduate programme will be launched in S
173、eptember and the two successful applicants will work within Copper House and with our operations teams over a two-year rotation.Our service masters continue to be a key part of our teams in each business,responsible for inducting and training new team members and imparting their knowledge of service
174、 and standards,ensuring every team member has the knowledge and confidence to delight our customers.Internal succession We aim to promote internal succession above external recruitment and support our teams in achieving this objective.Starting with our career pathway,internal succession within Young
175、s remains one of our key strengths.Offering our team members a career,not just a job,means we are able to retain talent within the business,many of whom go on to run our pubs and kitchens.In the last year 73%of our general managers were internal appointments.Around half of those appointments are dep
176、uty managers who have graduated from our internal general manager designate programme,and gone on to run their first pub.The other half are general managers who have moved to a more challenging and complex pub.As a result of our career pathway,the company has many examples of staff who have progress
177、ed through our programmes and are now in leadership roles within the business and we have included some case studies in this report.Developing our team members Lucy Barrett and Marco Bagni,Finance Team,Copper House Lucy and Marco joined the company in 2014 and 2007,respectively,as front of house tea
178、m members.Both progressed through the companys career pathway to take on management positions.In 2017,Marco joined the finance team as an operations support manager,and he was appointed as a head office accountant in 2022.In 2019,Lucy began exploring opportunities within the finance team and joined
179、as a cashier in 2019,before moving to the purchase ledger team last year.In 2022,the company sponsored Lucy and Marco to train for the AAT qualification,as part of the companys apprenticeship programme.They have both successfully negotiated level three and they start level four later in the year.Rea
180、lising and developing potential Junior Lindie,General Manager at the Halfway House(Earlsfield)Junior started working for Youngs in 2014 as a glass collector at the Castle,Tooting.Since then,he has progressed through the companys career pathway and was appointed deputy manager in 2019.In 2022 Junior
181、started the companys general manager designate programme and he is now the general manager at the Halfway House.27Young&Co.s Brewery,P.L.C.|Annual Report 2023Our people continuedEmployee involvement The importance of good communication with our teams is fundamental to the continued success of the co
182、mpany.We take great care to ensure that all employees are kept well informed of developments within the business throughout the year.Employees are encouraged to use The Ram app,delivered by the companys e-learning platform,to access the How are You?and Keeping in Touch pages,which include a range of
183、 information and resources to keep employees up to date,and enhance and maintain their mental,physical,and financial wellbeing.Using The Ram app to communicate with employees ensures that the company can communicate directly with every team member across the company,regardless of their location or w
184、orking pattern which means that employees working flexibly are not excluded from communications.Employees have full flexibility to read and participate in discussions at work,while travelling or at home.The companys digital monthly magazine The Ram Pages is distributed to all employees.It features t
185、eam contributions and updates,details of new acquisitions and pub re-developments,recipe inspirations,company benefits,wellbeing,internal vacancies,competitions and much,much more.We also engage with our employees and their representatives through the companys information and consultation committee.
186、This committee works to enhance communications within the company,supplying information and giving opportunity for feedback and consultation.It improves employee awareness and involvement and supports ongoing improvements within the business.Please see page 83 of the directors report for further det
187、ails of the workings of the information and consultation committee.As part of ongoing efforts to improve direct access to the executive directors and management board members,a Dinner with Directors initiative was introduced during the period.Each month,an executive director,with a management board
188、member,hosts a dinner with invited general managers,head chefs and head office-based employees,where in a relaxed and informal environment employees can meet and speak with senior company representatives.Employee health and wellbeingThe health and wellbeing of our employees is vitally important to u
189、s.We aim to create safe and healthy working environments where employees can thrive and continue working with us.Our well-established wellness projects cover mental,physical,and financial wellbeing.The cost of living crisis has led to an even greater focus on mental health and wellbeing.We continue
190、to work hard to build an in-house team of mental health first aiders and mental health first aid champions who support their colleagues across the business.The How are You?page on The Ram app provides a variety of content to help with mental and physical health as well as fun activities for employee
191、s to do outside of their working day.We also work with The Burnt Chef Project,which was set up with the sole intention of eradicating mental health stigma within the hospitality industry.We offer a range of their resources via the How are You?page on The Ram app,such as the Going Home Checklist,Well
192、ness Action Plan and The Burnt Chef Journal Podcast.These resources help raise the profile of mental health within the company and provide tools to enable employees to monitor their mental state and help managers improve their employee conversations.We offer counselling for those in need of someone
193、to talk to.This includes fully funded,confidential,one-to-one counselling sessions with a qualified professional,provided via a 24/7 free confidential telephone counselling service.The company continues to partner with Salary Finance to offer free support and advice to employees to help them live he
194、althier,happier lives through the current and future financial decisions they make.Working with Salary Finance,we run a financial support programme aimed at helping our staff get out of any financial difficulties they may find themselves in,by offering affordable loans which give staff access to the
195、ir salary as it is earned.During the period,over 250 employees sought their help and advice,and several employees took advantage of the loan and debt support they provide.We continue to provide information about a range of topics,including the support available to employees from the Licensed Trade C
196、harity,who provided financial grants to a number of our team members during the period.Please see page 83 of the directors report for further details of the companys employee health and wellbeing programme.Supporting employees to realise their career goals Chris Saunders,General Manager at the Crown
197、&Anchor(Chichester)Chris started his career with Youngs as a part-time team member in 2014 at the Crown&Anchor.Soon after he became a full-time team member and he rose through the ranks to become deputy manager and participate in the companys management academy.In 2018 he was appointed general manag
198、er at the Leather Bottle,Earlsfield.His dream was always to return to the Crown&Anchor and in 2023 his dream came true when he was appointed general manager.28Young&Co.s Brewery,P.L.C.|Annual Report 2023Strategic ReportStrategic ReportFlexible working Ram Agency There is a growing desire for flexibl
199、e working and achieving a healthy work-life balance.To cater for this,we launched our own internal recruitment platform in August 2021,which aims to give registered employees the power to pick their own working hours.They can view shifts online and build their own rota to suit their lifestyles.Shift
200、s are available daily across our estate of 223 trading managed pubs and prospective staff can apply online.The platform has given us access to a new pool of people:students,actors,travellers,parents and many more who would find it difficult to commit to traditional working patterns.We have received
201、some excellent feedback,a snapshot is captured below:“The Ram Agency has been incredible for us this year.Given the seasonal nature of the Canonbury,being able to find an extra few pairs of hands at short notice,has been key to maintaining great service while not overspending on our wage budget.The
202、standard of team members available through the agency has always been of high quality,they are fully trained and know our systems which has really helped us.”Tom RichardsGeneral Manager,Canonbury,Islington“The main reason I joined the Ram Agency was the flexibility around working evenings and weeken
203、ds.Being a single father,having that flexibility is extremely important.With the agency,I can still work a full-time week without having to commit to a lot of evening and weekend work.Its perfect for me at this moment in my life.”Jake MartinHead Chef,Ram AgencyWe are proud of the agencys success.At
204、the date of this report,over 350 employees were registered with the agency,covering front of house,kitchen,and restaurant roles,and over 17,200 agency hours were worked across more than 1,400 shifts in December 2022.Our aim is to have over 500 employees registered with the agency by the end of FY24.
205、Diversity and inclusion It remains our commitment to ensure that every team member is treated with fairness,dignity and respect and has access to the same rewards and opportunities.This supports and underpins our sustainability commitment to our teams.Diversity and inclusivity influence our policies
206、 and culture at all levels throughout Youngs;we are fully aware that everything we achieve as a business we achieve through the dedication and efforts of our teams.We are focused on the recruitment and development of the best talent,and we do not discriminate based on gender,race,ethnic origin,disab
207、ility,sexual orientation,religion or belief,marital status or age.We employ the best person for the job,developing our talent internally to promote from within and retain valuable employees within our company.The importance of diversity is acknowledged in making any appointment as well as employees
208、subsequent training,career development and promotion.The board believes that all appointments should be merit-based against the selection criteria created for each role.6.2%Median Gender Pay Gap(National Average:14.9%)5,654Employees(2022:5,275)Gender diversityThe advancement of women in the workplac
209、e remains vital to Youngs ongoing success and we want to ensure that women have access to every opportunity in order to progress to top roles.3070MaleFemaleBoard(%)6040MaleFemaleLeadership team(%)MaleFemaleAll employees(%)4357Gender pay gap The companys mean gender pay gap is 10.3%and median gender
210、pay gap is 6.2%,which remains substantially better than the national average median gender pay gap of 14.9%(National Office of Statistics Annual Survey of Hours and Earnings 2022).The groups full gender pay gap report is available on our website.29Young&Co.s Brewery,P.L.C.|Annual Report 2023Our comm
211、unity We proudly support a number of charity and community activities.Our pubs are at the heart of their communities,and we take great pride fulfilling our role as key hubs,whether it is in combating loneliness through Meet up Mondays at the Alexandra inWimbledon,organising weddings or enjoying the
212、rugby.Pubs are an integral part of British life,and we have the power to unite people and communities and make memories.We are a keen supporter of local and national charities and during October our head office and pub teams staged a range of events as part of Giving in October.A selection are featu
213、red overleaf along with an introduction to our new charity partner Wooden Spoon.We are delighted that our charitable initiatives have raised over100,000during the period under review.Strategic Report30Young&Co.s Brewery,P.L.C.|Annual Report 2023Battersea Dogs&Cats Home(above)Our pubs within the Batt
214、ersea area chose Battersea Dogs&Cats Home as their charity.In theme with the charity,they hosted a number of dog related events.This included a 12-mile dog walk around the 14 participating pubs,with a visit to the charity.All in all,they raised 3,477.Cherry Trees child first,disability second(below)
215、As part of the companys self-development program(SDP),which is open to our general managers,head chefs and Copper House team members,the FY23 participants were tasked with developing a fundraising initiative.One of the teams chose to support the Cherry Trees charity,who provide fundamental short-bre
216、ak respite visits for children and young adults with a range of complex disabilities.The SDP team invited several children from the charity to visit the companys Food Development Learning Centre,in Wandsworth,to create their own special dessert.The winning dessert was an Eton Mess and several of our
217、 Surrey based pubs then created their own unique style of Eton Mess puddings for their summer menus,with a 1 donation from each pudding sold going to the Cherry Trees charity.This was an opportunity to raise money for the charity as well as a fantastic experience for the children and great developme
218、nt for the SDP participants.Ambitious About Autism(left)Our east London pubs dressed as Dolly Parton and cycled 9 to 5 on an exercise bike for the Ambitious About Autism charity.The team covered over 160 kilometres and raised over 4,200 for the charity.Wooden Spoon-our new charity partner(above)As a
219、 company we are thrilled to be partnering with Wooden Spoon,the childrens charity of rugby.During the year the company will fundraise for initiatives such as:assistance dogs for the blind,purchasing wheelchairs for local clubs to make rugby more accessible,Maddys Mark(positive mental health for wome
220、n through rugby),School of Hard Knocks(getting people back on their feet through the sport)and Pass the Plate(a food bank initiative).We will take advantage of the opportunities supplied by Wooden Spoon to host events with key players and commentators and get our teams involved in volunteering oppor
221、tunities.We have pledged to raise over 150,000 for the charity during FY24.The Royal Marsden(above)The Greyhound,Carshalton has a long history of raising money for The Royal Marsden,a charity dedicated to the study of the treatment of cancer based in Sutton and Chelsea.During October they got togeth
222、er with several local Youngs pubs to organise a range of events and raised over 14,500.Strategic Report31Young&Co.s Brewery,P.L.C.|Annual Report 2023Making a differenceFood for Thought dinner seriesWe are passionate about seasonal,premium,and sustainable British produce.During the Autumn we ran our
223、Food for Thought dinner series in a selection of our pubs,in partnership with Plymouth Gin.The seven-course menu was based around invasive,underutilised,and abundant foodstuffs found in the UK.It was designed to encourage diners to be mindful about their food choices and included ingredients such as
224、 goat,seaweed,Dorset snails and wood pigeon.City to Sea Refill app During the period we relaunched the Refill app across our pubs.With the lifecycle of a plastic bottle taking 450 years to decompose the Refill app helps people to find places to refill their water bottle,which is why were using their
225、 app to offer free water refills to anyone who needs it,thereby helping to reduce the consumption of plastic water bottles.Mick and Sarah Dore,General Managers,the Alexandra(Wimbledon)Mick and Sarah introduced Meet up Mondays in 2018 as a way of overcoming loneliness,by providing an opportunity for
226、local residents to visit the pub every Monday for free tea,coffee and a selection of sandwiches.The initiative provides companionship and community support,and the event now has a large Facebook community.Mick and Sarah truly are an inspiration,they open the Alexandras doors on Christmas day for the
227、ir Dont be on your own at Christmas campaign providing a free Christmas dinner to anyone who would otherwise be spending Christmas alone.They even go as far as having a selection of volunteers delivering Christmas dinners to local residents who are housebound.Mick was awarded the British Empire Meda
228、l at the late Queens Platinum Jubilee last year,deserved recognition for the amazing contribution they make to their local community.Our community continuedCustomers We provide a relaxed and safe environment where friends and families can spend time together.Our focus on responsibly sourced,seasonal
229、 and local British produce lends itself to nutrient dense food that tastes delicious.As customer tastes and eating habits and styles have evolved,we have enthusiastically adopted more plant-based options on our menus,throughout our estate.This is embodied by our new Burger Shack menu which offers po
230、pular plant based alternatives.Every pub must include one vegan and one vegetarian dish on their menus and many offer a number of vegan and vegetarian dishes.Our Food Development Learning Centre at Copper House provides the right environment for our chefs to experiment and innovate using seasonal in
231、gredients to create new dishes for evolving customer tastes.All of our pubs use the Reputation platform which generates an aggregate score for each pub based on a range of factors,such as Google ratings and review platforms.The platform helps our pubs to understand their local customer preferences a
232、nd concerns and provides actionable insights.It also allows our management teams to identify any problem areas.The Reputation platform is a key tool for us,and all our pubs have been tasked with improving their score.Looking after our customers is central to everything we do.Our pubs are highly valu
233、ed and are integral to the communities in which they operate.32Young&Co.s Brewery,P.L.C.|Annual Report 2023Strategic ReportAt Youngs we pride ourselves on procuring the finest British landed day boat caught fish,ethical and assured meat,game and poultry,artisanal cheese along with the best in class,
234、naturally grown in abundance fruits and vegetables.We partner with local producersand suppliers.“By buying locally from our community of local producers we ensure the freshest and best ingredients,reduce our carbon footprint and operate a sustainable supply chain.”Chris KnightsDirector of FoodStrate
235、gic Report33Young&Co.s Brewery,P.L.C.|Annual Report 2023Our community continuedWhere appropriate,we fully encourage our pubs to explore their individuality and support local businesses.We are proud to have always done our best to ensure suppliers received payments in atimely manner for thewonderful
236、produce they provide.Despite our proud origins in the London Borough of Wandsworth,our geographical reach has grown,and with it our enthusiasm for local food and drink suppliers that celebrate the best of British wherever our pubs reside.Some of the British suppliers we work with are detailed below
237、and on the next page:Our pork Dingley Dell A third-generation family of farmers rear our free range,RSPCA assured pork on the East coast of Suffolk.With a deep love and respect for the countryside and agriculture,Mark and Paul Hayward are committed to farming in harmony with nature,improving the num
238、ber and variety of species living within the farm.The animals are reared to RSPCA and free range assured standards,ensuring the animals have an enriched life and living conditions.Were proud to serve the variety of cuts on our menus and treat our produce with the utmost respect.Sourcing fantastic qu
239、ality produce,simply prepared,seasoned,and cooked to perfection,we are letting it be the star of the show.Our crockery Surrey CeramicsWe are delighted to partner with Surrey Ceramics who produce premium products for many of our pubs.With every piece hand-checked with a remarkable eye for detail,thei
240、r ceramics truly showcase the very best of British craftmanship and they have a key focus on sustainability.From eliminating all waste in their initial clay making process to reducing their energy usage by installing invertors on the motors used to run their kilns.They have fitted solar panels on th
241、eir roof to produce clean renewable energy and they are now exploring further green initiatives including heat recovery opportunities from the excess heat used in their kilns.The company is run as an employee benefit trust,and all their employees have a direct interest in the success of the business
242、.As we have found from meeting their team members,the company has a significant focus on the wellbeing of their past,present and future employees.34Young&Co.s Brewery,P.L.C.|Annual Report 2023Strategic ReportStrategic ReportWe will continue to work with our suppliers to develop joint initiatives and
243、 provide positive social and environmental messages to share with our customers and wider stakeholders.These initiatives range from commitments to use electric and/or hydrogen vehicles in urban operating areas,reducing packaging waste and implementing paperless deliveries.Today more than ever,our cu
244、stomers expect an interesting soft drink range when visiting our pubs.We have put a lot of thought and care into our premium soft drink offering and our range includes a selection of delicious low sugar,non-alcoholic drinks,to suit all needs.A number of which are must stock items in our pubs under o
245、ur soft drink/no and low stocking policy.Our low Charity crackers This year we sourced Christmas crackers made from FSC certified recycled board,containing either a cardboard or wooden Christmas tree decoration and an environmental quiz question.Our suppler has donated 10%of their sales to the Teena
246、ge Cancer Trust,our share of those sales raised 4,770 for the charity.90%Of our ingredients are sourced from the UKalcohol drinks range is also expanding as our suppliers adapt to the change in customer preferences.During the period the company launched its first draught alcohol-free lager,Estrella
247、Free Damm,which is now listed in 60 of our pubs.Allergy notices are included on all our menus inviting customers to discuss their needs with us,and calorie labelling was included on menus from April 2022.Seasonal celebrationsThe Christmas period is always the companys busiest time of year and as we
248、all know Christmas is a time for giving,which is why we celebrated the season by working in partnership with several remarkable organisations supporting both people and the planet.Trees for treesIn partnership with Absolut,the company pledged to deliver a more sustainable Christmas in association wi
249、th More Trees,planting an actual tree for every cocktail tree sold in our pubs.This initiative with Pernod Ricard UK is estimated to remove up to 36 tonnes of CO2 from the atmosphere throughout the trees growth life.Cured fish Severn&WyeMaster smokers,Severn&Wye,have been curing fish for more than 3
250、0 years,after founder Richard Cook discovered a passion for seafood aged just 19.At the Severn&Wye smokery,a traditional smoking process is preferred,and most of the grading,cutting,filleting,and curing is done by hand.Severn&Wye chip all their own oak wood,giving their smoked salmon a totally uniqu
251、e taste that you wont find elsewhere.Beginning as a family business,the family feel is still an integral part of the culture of Severn&Wye,with several team members having worked there for over a decade.With an incredibly impressive array of sustainability credentials,Severn&Wye are working towards
252、having a zero-carbon footprint and absolutely no fish waste.Over the past 20 years,they have only felled five oak trees to craft their state-of-the-art smoker,and these have been replaced by 350 British deciduous trees.35Young&Co.s Brewery,P.L.C.|Annual Report 2023Our environmentWe are now in the pr
253、ocess of taking appropriate steps to enable the business to make informed decisions going forward.This will involve building the infrastructure to enable us to measure and report on our progress.Base year54.47202228.2126.982023tCO2e(net)per million of revenue:This year,as part of our sustainable jou
254、rney,we now source 100%of our power renewably from our group energy contract.Green electricity is dual reported in line with SECR requirements.We have also established FY2020 as a base year.Net zero carbon pathway The development of a net zero carbon pathway is a significant task and we want to do i
255、t properly.We have realised that before we set targets,we need to know more about our properties so that we can identify the actions that need to be taken,plan our approach and phase our investments.As a result,we engaged Savills Earth last year to advise and support us on this journey and we agreed
256、 the following phased approach:Phase one:To review our baseline carbon assessment and benchmark carbon emissions for each property to sense check results.Phase two:Our Net Zero Carbon Pathway Development:this involves grouping our properties into categories based on building age,condition,servicing
257、and heritage status.From that,we will develop net zero implementation plans for each category and set out a timeline of interventions.This will enable us to establish an overall pathway to net zero for our properties.Phase three:The final phase is the setting up of ongoing monitoring and reporting.W
258、e appreciate that net zero reporting and frameworks require regular verification and disclosure so that the company can demonstrate progress against its carbon reduction targets.We are currently working through phase two of the project.Savills Earth have reviewed our estate and grouped our pubs into
259、 seven key categories,classifying the potential opportunities and restrictions we face within each category.This will allow the business to take informed decisions when deciding which interventions to prioritise.The interventions are currently being reviewed and we will then develop our investment t
260、imeline and establish our short,medium and long-term targets.We expect to complete phase two by the end of FY24.The challenges we face:The costThe required investment will need to be phased and we are conscious that some technology is not yet fit for commercial use.We will continue to work with supp
261、liers,collaborate with our peers and monitor the development of the relevant technologies.We will run trials where appropriate and adopt technologies in line with our investment cycle,as the costs reduce,and the stability of the technology improves.Statutory building restrictionsListed building stat
262、us and conservation areas represent a significant challenge,bearing in mind that 40%of our pubs have listed status.We will work with Savills,our suppliers and statutory authorities to identify potential solutions to these challenges.Availability of energy resourcesWe continue to work with energy sup
263、pliers to identify infrastructure improvements which will help us move to sustainable forms of energy,this includes new on-site electrical substations where the site layout allows for this addition.Remote pub locationsThey can provide significant challenges for carbon reduction.We are working with e
264、nergy suppliers to try and upgrade the infrastructure into these properties where the supply is capable of being moved to a carbon efficient model.Our focus during the period has been on looking at ways to reduce our Scope 1 and 2 carbon emissions.With the knowledge that we cannot manage what we don
265、t measure,we have reviewed our processes,assessed our data and identified the gaps.36Young&Co.s Brewery,P.L.C.|Annual Report 2023Strategic ReportStrategic ReportOur sustainability partners We partner with environmental leaders in order to increase our knowledge and help us approach our environmental
266、 challenges in the right way.Zero Carbon Forum As one of the founding members of the Zero Carbon Forum we will continue to actively engage and participate,helping to shape the hospitality industrys approach to sustainability.We work closely with the Zero Carbon Forum,a non-profit organisation which
267、represents a large share of the hospitality industry,which provides a platform where members can join forces to share best practice and their experiences,which enables members to make more informed sustainability decisions.Net zero carbon pathway projectSavills UK are our property agents and they kn
268、ow our pub estate very well.It made sense for us to partner with their sustainability specialists Savills Earth on our net zero pathway project.Information has been shared by their teams,which has saved us time and money.We want to make sure that we do this properly,and they have the knowledge and e
269、xperience to guide us through the project.Our Scope 3 carbon emissions As a company we know that most of our carbon emissions lie within Scope 3(activities from assets not owned or controlled by the company,but by those that we are indirectly responsible for,up and down our value chain).Due to the c
270、omplexity of calculating our footprint,we have taken the pragmatic approach to partner with Zero Carbon Services in order to help calculate our footprint,identify major emission sources,and help us target reduction opportunities across 10 key categories.See page 42 for our Scope 3 baseline.Save Whil
271、e You Sleep We are working with Zero Carbon Services in order to reduce our overnight energy wastage at a site level.This has allowed us to detect clear energy saving opportunities,simply by turning key pieces of equipment off during the night when its not in use.Our approach to the Task Force for C
272、limate-Related Financial Disclosures(TCFD)We welcome the introduction of TCFD and the impetus this will provide for companies and stakeholders to understand relevant climate-related risks and to ensure that appropriate management processes are in place to mitigate them.We recognise that in our FY24
273、annual report the company will be reporting against TCFD for the first time.In order to prepare for the disclosure we have set up an internal TCFD working group,and we are in the process of selecting external advisors to support and assist us in preparing a roadmap to compliance.Decarbonising our co
274、mpany car fleetFollowing on from our 2020 policy to only allow replacement orders to hybrid and electric cars,we now have only one petrol car remaining in our 39 car fleet.This is due to be replaced in September 2024 resulting in 100%removal of petrol and diesel cars from the business.38 of 39(97%)c
275、ars in our fleet are electric and hybrid(up from 82%2022)37Young&Co.s Brewery,P.L.C.|Annual Report 2023BACK OFFICECELLARPUBKITCHENBEDROOMOur environment continuedDeveloping the sustainable Youngs pub The illustration below provides an overview of the key features that have been incorporated or are b
276、eing rolled out to our existing estate and represent the 2023 edition of the sustainable Youngs pub.44423961518738Young&Co.s Brewery,P.L.C.|Annual Report 2023Strategic ReportStrategic ReportWe have identified four pubs that we will develop during FY24 to trial the latest technology,ideas and initiat
277、ives which can then be adopted throughout our whole estate.We will update you on our progress each year in this report as our sustainable pub evolves and the company embraces new ways of working,new technology and the latest thinking.Buildings energy management system(BEMS)We continue to trial Fores
278、t Rocks MyBuildings.Live platform.By testing energy control methods across various sites,we can measure the impact and potential savings,enabling us to reduce our energy consumption.Renewable energyFrom 1 April 2021,100%of our electrical supply began to flow from renewable sources from our group ene
279、rgy contract,powered entirely by hydro and wind energy.Our supply is backed by renewable electricity guarantees of origin and independently verified by EcoAct,a Carbon Disclosure Project accredited provider.In August 2022 the company entered into a five-year corporate power purchase agreement with S
280、SE.This agreement will start in April 2023 and will enable the company to source its electricity supply from a specific windfarm.12 Recycling and wasteWe have implemented comprehensive recycling arrangements throughout our estate with the aim of diverting as much waste from landfill as we possibly c
281、an.We work closely with Suez,our waste management partner,to improve our recycling rates.Glass is controlled and sorted by colour before being crushed,melted,and moulded into new products.Mixed recycling is sorted in a materials recycling facility before being sent for reprocessing.The food waste co
282、llected from our pubs is sent to anaerobic digestion plants where it is used to produce biogas for combined heat and power units providing renewable power and heat.Whats leftover in this process is used as a biofertilizer by farmers.Our non-recyclable waste is sent to refuse-derived fuel plants wher
283、e it is sorted,shredded and turned into fuel pellets for use as a fossil fuel substitute in kilns,steel furnaces and cement and lime plants.For many years we have been partnering with Olleco on a successful initiative to recycle used cooking oil to produce biodiesel.In total 281,647 litres were coll
284、ected during FY23.LED lightingSince 2018 the company has been committed to installing LED lamps throughout its pub estate and new developments.Year-on-year we continue to update and install new and replacement LED lighting where required.34 Cellar managementWe continue to invest and upgrade our cell
285、ars.The companys cellar energy management programme incorporates the installation of Eco Flo to beer dispense units which enables us to control cellar cooling.The reduced energy consumption is estimated to save around 194 per year,per cooler and there are typically two or three coolers per site.Wate
286、rless urinalsWe will continue to invest in waterless urinals which we incorporate into all major capital expenditure investments.There are currently 398 waterless urinals across 97 sites.It is estimated that this programme already provides water savings of over 60.0 million litres per annum.EV charg
287、ers Following on from our initial EV trial at two of our pubs last year,we are now in the process of installing 28 EV chargers across a further ten sites.Solar panels We have identified a number of our sites which could benefit from the installation of solar panels,and we are currently in the proces
288、s of scoping a project to install them in a small number of our sites,so that we can evaluate the success of the technology before making any further investments.Gas conversion projectReducing our consumption of gas is a key part of our carbon reduction plans.An electric kitchen suite is due to be i
289、nstalled in our Food Development Learning Centre at Copper House in June and further installations are planned for FY24.56789281,647 litresCooking oil recycled for biodiesel(2022:334,325 litres)Our vision is to have an estate of sustainable pubs.100%Electricity from renewable sources through ourgrou
290、p energy contract(from 1 April 2021)39Young&Co.s Brewery,P.L.C.|Annual Report 2023Our environment continuedWhats next?The net zero carbon pathway project remains at the forefront of our environmental programme.This year we aim to plan and phase our investments and define measurable short,medium and
291、long-term targets that can be validated.FY24 is set to be a progressive year as we implement or progress a number of key initiatives,including:Responsible refurbishments Investing in our estate is a key pillar of the companys strategy.During the year we will be launching and embedding new developmen
292、t guidance which will incorporate a minimum level of sustainability interventions into every refurbishment.This will involve,amongst other things,a review of material sourcing,construction methods and the equipment and furnishing supply chain.This policy will evolve over time and the minimum level o
293、f sustainability interventions will rise as more and more sustainable practices are incorporated into the companys investments as we work to achieve our net zero targets.The overnight initiativeOur Save While You Sleep initiative will continue with a target of saving over 80 tonnes of carbon during
294、FY24,which currently equates to approximately 100,000 worth of savings.This initiative aims to change the behaviour of operations teams by raising their awareness of energy savings opportunities,simply by switching off non-essential equipment,such as bar fridges,overnight.We estimate that over time
295、this could save over 3%of our operational carbon emissions,as well as helping us to reduce our energy costs.Both our operations managers and general managers will continue to receive weekly reports to reflect their overnight usage by site,so they can assess what pieces of equipment are creating thei
296、r highest energy usage and as a result they can implement small changes to reduce their consumptions to not only reduce their carbon emissions,but also reduce their pub energy costs.Sustainability champions During FY23 we designated our general managers as the sustainability champion for their indiv
297、idual pubs.They are centrally supported to work with their teams to increase the profile of sustainability,generate and implement new ideas,and champion the companys sustainability initiatives.Throughout FY24 our operations team,assisted by the sustainability manager,will work to increase the level
298、of engagement providing guidance and advice,implementing incentives,and of course creating some friendly competition amongst our teams.Sustainability is now fully incorporated into the companys general manager induction training and during FY24 sustainability will be fully integrated into the compan
299、ys career pathway,ensuring that sustainability is an integral part of an employees learning journey.Recycling and waste In collaboration with our waste management partners,we have identified specific areas across the business where we can improve our recycling rates.During FY24 we will be launching
300、a recycling and waste project,which will focus on the recycling of food waste,with the aim of driving behavioural change throughout our estate and significantly improving our food waste recycling rates.Sustainable operations guidance tool Ensuring that all our pubs have clear and consistent guidance
301、 is an essential part of driving our sustainability success.A sustainable operation guidance tool will be introduced during FY24 and will be available to all the companys pubs.The guidance will initially focus on energy usage and recycling.It will provide best practice guidance for everything from d
302、ay-to-day standard practices,catering for seasonal changes and how to deal with ad-hoc events,thus ensuring that the most efficient sustainability measures are considered in every circumstance.Motion sensorsWe are currently scoping a project to install motion sensors in the back of house areas of ou
303、r pubs,where they are not already installed.The rollout project is due to start during FY24.Garden heaters As far as reasonably practicable all new heaters installed in our gardens are electric,and incorporate timers or movement sensors.We have also implemented a programme to replace existing gas ga
304、rden heaters,where the electrical load is available.Our environmental targetsShort-term targetsMedium and long-term targets2024202420302040Petrol and diesel cars will be eliminated from the car fleet by the end of FY24.We are working towards eliminating unnecessary single-use plastics from our front
305、 of house operations by the end of FY24.The company has aligned itself with the Zero Carbon Forums roadmap for the industry which requires that,as a collective,we are aiming to achieve net zero1 for our Scope 1 and Scope 2 emissions(our direct company emissions)by 2030 and net zero1 for our Scope 32
306、 emissions(our supply chain emissions)by 2040.1 For the company,net zero means the intention to reduce our Scope 1 and 2 emissions by up to 90%by 2030,and our Scope 3 emissions by between 50 70%by 2040.2 Please see our Scope 3 disclosure on page 42.40Young&Co.s Brewery,P.L.C.|Annual Report 2023Strat
307、egic ReportAs a businesswe are evolvingto reduce ourfootprint.Sustainable Restaurant Association 3 Star Food Made Good RatingThe Sustainable Restaurant Associations(the SRAs)purpose is to accelerate change towards an environmentally restorative and socially progressive hospitality sector.Their Food
308、Made Good rating standard is the most globally recognised industry standard for measuring sustainability across the hospitality sector.During the period the companys rating was reassessed by the SRA,and we are delighted to report that we maintained our three-star rating,which is the highest rating t
309、hat the SRA awards.The company proudly showcases the best of British produce,with most of our ingredients sourced within a 75-mile radius of London.Even though we have maintained our rating we are committed to continually improving our sustainability practices.Produce and supply chain transparencyWe
310、 offer best-in-class seasonal British food and drink.Our menus are crafted using the finest ingredients,the majority of which are sourced in the UK.We are passionate about seasonal food and we change our menus quarterly so that they include the latest seasonal ingredients.Improving the transparency
311、of our supply chain and the traceability of the products we buy is a key focus for the company.Throughout the next year we will be meeting with our key suppliers,as well as hosting our own supplier event to communicate our sustainability vision and discuss how we can work together to reduce our supp
312、ly chain emissions.We have also joined Sedex,a leading ethical trade organisation working towards improving supply chains,through supplier mapping and the analysis of business risk.We will be using the Sedex platform as a tool to assess our key suppliers ESG practices.We will continue to work in par
313、tnership with our suppliers in order to achieve our target of a carbon neutral food supply chain by 2040.Strategic ReportYoung&Co.s Brewery,P.L.C.|Annual Report 202341In line with requirements,we have elected FY20 as our base year for our Scope 1 and 2 reporting,being the earliest year we have compl
314、ete data for.We have seen a portfolio increase of 13.5%vs the base year,with the addition of 20 new sites since then.There are many steps being taken to mitigate our emissions such as the removal of all gas patio heaters from our gardens and where heaters are still required,installing electric ones.
315、This has seen propane deliveries reduced to 0 across 43 sites.Scope 2 emissions have continued to decline,helped by the grids decarbonisation overall.Additionally,we have rolled out energy savings initiatives,such as the Save While You Sleep initiative,which has seen an overall emission saving of 8
316、tCO2e throughout the year.Overall emissions have continued to decline year on year,which coupled with the increase in annual revenue has a 22.0%energy intensity reduction(ratio of tCO2e per million of revenue).The following methodologies were used to calculate the above quantities:the kWh consumptio
317、n figures relevant to gas,electricity,district heating(i.e.a system for distributing heat generated in a centralised location through a system of insulated pipes for residential and commercial heating requirements such as space heating and water heating)and district cooling(i.e.a system working on b
318、roadly similar principles to district heating but delivering chilled water to buildings needing cooling)were taken from invoices received by the group1 the kWh figures were then converted to tCO2e figures using the then current conversion factors published by DEFRA;the consumption figures relevant t
319、o propane were taken from invoices received by the group1 these were either in kilograms or litres delivered and were then converted to kWh and tCO2e using the then current conversion factors published by DEFRA;and the consumption figures relevant to transport were calculated using expensed mileage
320、figures to calculate tCO2e for company cars,the group then used the car manufacturers gCO2/km data and increased this by 38%per guidelines issued by DEFRA to calculate tCO2e for mileage completed in other cars,the conversion was made using figures for an average car per guidance issued by DEFRA in e
321、ach case,the resulting tCO2e figures were then converted to kWh using the then current fuel conversion factors published by DEFRA where the fuel type used was unknown,it was assumed to be diesel in line with guidance published by DEFRA.Our Scope 3 emissionsThe company has aligned itself with the Zer
322、o Carbon Forums roadmap for the industry.We are aiming to achieve net zero for our Scope 3 emissions and we will work with external advisors to develop our Scope 3 project plan.We commissioned Zero Carbon Services during the period to assist us in determining our Scope 3 emissions baseline as FY2022
323、,which revealed that these emissions represent just over 80%of our total emissions.This equates to emissions of 72,206 tCO2e,which sits slightly below the average for our sector based on the Zero Carbon Forums roadmap.We estimate that 60%of our Scope 3 emissions come from food and beverage,which is
324、the main revenue stream for the business,of which 41%is related directly to food.A key focus of our sustainability strategy during FY24 will be to gain a better understanding of our supplier base,and for our key suppliers to gain a better understanding of our expectations,so that we can work togethe
325、r to reduce our emissions.Greenhouse gas emissions,energy consumption and energy efficiency action20232022Base yearRevenue in million368.9309.0311.6No.of managed houses at the year-end227219207The annual quantity of emissions in tCO2e resulting from activities for which the group was responsible inv
326、olving(i)the combustion of gas or(ii)the consumption of fuel for the purposes of transport9,1638,4308,247The annual quantity of emissions in tCO2e resulting from the purchase of electricity by the group for its own use,including for the purposes of transport7,3168,2348,727The annual quantity of ener
327、gy consumed in kWh from activities for which the group was responsible involving(i)the combustion of gas or(ii)the consumption of fuel for the purposes of transport,together with the annual quantity of energy consumed in kWh resulting from the purchase of electricity by the group for its own use,inc
328、luding for the purposes of transport78,800,45980,403,03578,613,804Total Gross Emissions(tCO2e)16,47916,66416,974The groups annual emissions:ratio of tCO2e(gross)per million of revenue44.67:153.93:154.47:1Carbon offsets procured via Green Electricity Tariff(6,525)(7,946)Total Net Emissions(tCO2e)9,95
329、48,71816,974The groups annual emissions:ratio of tCO2e(net)per million of revenue26.98:128.21:154.47:1Our environment continued1 Where data was missing,values were estimated using an extrapolation of available data.42Young&Co.s Brewery,P.L.C.|Annual Report 2023Strategic ReportStrategic ReportUN Sust
330、ainable Development GoalsThe 17 UN Sustainable Development Goals(SDGs)are a call to action by countries across the globe to promote peoples health and prosperity,while also protecting the planet.We are committed to ensuring that our responsible business strategy contributes towards the SDGs to tackl
331、e societal problems,along with the challenges that need to be met if the worst consequences of climate change are to be avoided.We have aligned ourselves with five of the SDGs and have included some examples and how we support them below:Our peopleOur communitiesOur environmentOur focus We focus on
332、the wellbeing of our colleagues with comprehensive financial and mental health support.We engage and empower our teams with regular communication and commitment to their career pathway.We foster diversity and inclusion through our approach to appointments and training.We play a positive role in our
333、communities and give back where possible.We celebrate the best of British and champion local suppliers throughout our menus.We do our utmost to support our suppliers and be fair commercial partners.We aim to reduce,reuse and recycle our waste in the most sustainable way possible.We implement new emissions saving technologies across our estate.We work closely throughout our supply chain to improve
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