Mr Lightbody, chairman at the Cardiff business, received a £100,000 salary along with a £43,000 bonus in the 12 months to the end of June this year.
Chief executive John Duffy got £452,000, down from £474,000, including a £292,000 salary and £121,000 bonus payment.
Total board emoluments were steady at £1.13 million
The group, which employs 1100 at its Lightbody of Hamilton operation in the South Lanarkshire town, has previously announced a rise in underlying profit before tax from £4.6m to £5.5m in spite of a slide in turnover from £178.9m to £176.6m.
The annual report shows a Finsbury subsidiary paid Mr Lightbody £190,000, up from £185,000, for the rental of a property at the Lightbody of Hamilton site.
The document also shows Mr Lightbody's brand licensing company, Lightbody Ventures, paid almost £3m to Finsbury for unspecified goods.
Mr Lightbody sold £3.5m of Finsbury shares in July this year but still retains an 11.1% stake in the company.
Finsbury makes cakes and breads for supermarkets and other retail outlets as well as under licence for brands including WeightWatchers, Thorntons, Nestle and Disney.