2025-12-31-accounts

Charity number: 296590 The Greggs Foundation Annual report 31 December 2025

The Greggs Foundation Contents Page Reference and adtninistrative details Trustee's report 2-15 Truste&'s responsibilities stalernent 16 Independent audito¢s r6POrt to th8 members ol The Greggs Foundation 17-20 Slalemenl of financial activities 21 Balanc8 shoel 22 stalemenl of cash flow5 23 Notes to the financial statements 24-41

The Greggs Foundation Reference and administratlve details Year ended 31 December 2025 Trustees The Gregg5 Foundation Trustee Directors of the Truste8 J M Dsson OBE (Chairl S Akram R J Hutton GALong F M E Nicho150n S Singh A M Taylor K M Thomas M R Thompson Charity registered number 296590 Prln¢lpal ofllce Greggs House Q9 Quorum Business PArk Benton Lane Newcastle uporTr Tyne NE1288U S8cretary of the Truste8 J Ma55ingham Independent audltor UNW LLP Charter6d Accountants Citygate Sl Jatn8s' Boulevard Newcastle upon Tyn8 NE14JE Bankèrs National We5tminsler Bank PIC 16 Northumbeiland Streèt Newcastle upon Tyne NE1 7EL Investment managers R8C Brewin Dolphin UK Time Central Gallo¥vgale Newcastle upon Tyne NE14SR Webslte www.greggsfoundation.org.uk

The Greggs Foundation Trustee's report Year ended 31 December 2025 The Trustee ofThe Gre99s Foundation I'the Foundalion") presents the annual report and financial statements for the year ended 31 December 2025. The financial statements have been prepared in accordance with the aecounting policies outlined in note 1 and are Compliant with the Foundalion's trust deed, the Charities Act 2011, and the Statement ol Re¢ornmended Practice lor Charities Icharilies SORP FRS 1021. which applies to charities preparing accounts in line with the Fin8n¢ial Reporling Standard applicable in the UK and Republic of Iieland IFRS 1021, effeC￿v8 from 1 January 2019, Oble¢tlv?s and Activities The Grèggs Foundation was establish8d as a registered charity in 1987 by lan Gregg. former Chair of Greggs plc I"Gregg5"1, lo offercharitable a5S15tanc8 in aroas where Greyg$ operates and where its customers and employees live. Although Greggs and the Foundalion ale ind8pendenl entities. they Sha￿ core value8 and objectives.. acting in the best interests of the communities they setwe and driving positive change. Who we are The Foundation is a Charitable organisalion dedicated to improving the health and w8llbeing of comrnunities in which Greggs op&rales. We be1iev8 thal lasting change is achieved when communilies can grow suslain8bly from within. To accomplish this. we partner with businesses. Ioc81 schcK)Is. and community organi531ion5. providing funds, food and resour￿$ to those who can benefit frotn our wider network of partn8rs and volunteers. We are a grant-giving organisation, funding initiatives to ensure th8t.' People can access free or affordable food to redu￿ the Impact of poverty and increase their readiness to le8rn. engage and connect with others. Peoplè can access a range of effectwe comrnunlty sgrvlces to wden thelr networks. raduce isolation. and build their knowledge, confidence and opportunitie5. People can access funds and vllal household items to reduce the imm8diale irnpa¢t ol poverty on their Schools and community organi5ations ran access finanelal and partnership 5LJPPOrt to prowde servic85 which address their local needs. Our Impact Throu9h its activitie$, the Foundation supports individuals to access opporttjnities that improve quality of lrfe and conlribute to stronger, healthier communities. The Foundation's primary grant prograrntnes, set out below, are central to delivering these outcomes and to bLJi1ding long-lerm community resilience. The Trustee has had due regard to the Charity Commission'5 guidance on publi¢ benefit and is satisfied that the Foundation's aims and objeclpies are delivered through these cor8 activili8s.

The Greggs Foundation Trustee's report (continued) Ye8rended 31 December 2025 Chair's report.. Our 2025 achlevoments l affl pleased to present the Trusl88's Annual Report and Financial Statements for the year ended 31 Deoernber 2025. The year was marked by strong delivery across the Foundation's grant programme5. We awarded a total of £5.37rn lo the communitie5 we support, a slight increase on the previous year's record amount, alongside continued learning and adaptation in responsè lo a challenging exlemal environment. Oporallng In a challenging ¢ont•xt Throughout 2025. chanties continued to operat8 under sustained financial pressure. Ongoing economic uncertainly, the continued impact of cost Inllzlion and rising operating costs constrained charitable incotne, whlle demand foi support increased. Many voluntary organisations fac8(J higher costs associated with staffing. prernise5 and service delivery, alongsid8 reduced or less predictable funding Irorn public, private and individual source5. In parallel, fuTrder5 experienced increased dgmand for grants. greatereompelilion for IIFnil8d resouic8S and the need to balance imrnediat6 need with longer-lerm finan¢ial sustainability. In this context, the Trust8e's Directors ￿MaIned focused on ensuring th81 the Foundation's resources were Stewarded responsibly and targeted where they could deliver the greatest publie benefit. Supporting chlldren and$¢hools Support lor children through schools continued lo be a c8ntr81 strand of the Foundation s work. During 2025. the Foundation supported approxitnzlely 1,000 schools through ils breakfast provision. alorbgside wider 5UPPOrt delivered through other programmes. At the end of the year. the Foundation was supporting 1,010 schools across all programmes, including 983 schools 18C8iving funding for breakfast provision. This work support8d access to a free breakfast for over 75,000 ¢hildren. helping lo irrprove wellbeing and readiness to learn. During the year, the Foundation 18unched and expand8d its Feeding Brighter Futures progr8mme, which now en¢ompas5e5 breakfast provision alongside additional temily funding lo fund pla¢es and progr8mmes at breakfast and after-school clubs. holiday clubs and school trips lo make sure all children have equal access to food, leaming and play. By the end of 2025. 119 schools were re￿IVing this additional 5UPPOrt, with feedback from s¢hools playing an important role in shaping the programme's development. st￿ngthenIng community-based grant.maklng Communily-based grant-making also ￿ached ils highest 18V811o date. During 2025, funding was award8d through the Foundation's Community Grants Prograrnme. under whi¢h 48 large 9rants were tnade Its ¢ommunily organisalions, distributing £1.84 mlllltsn. Changes 10 grant terrns were agreed during th8 year lo enable long8r-lern) funding, moving towards Ihrèe-year gran15 to provide greater stability for organisations delivering Vital local services. The5& changes w8r8 impletnented as part of a prograrTrme rebrand in 2026, when the Community Gr8nls progratnme becarn8 the Ctsmmunlty Action Fund. aligning more closely with the Foundation'5 wider programtn8 Stru¢lurè. Responding to immediate financi31hardshlp The Foundation's Relief Grant Ipreviou51y known as the Hardship Programme following rebranding in 20261 continued to provide essential support lo individuals and famili85 experiencing finanaal hardship. During 2025, the Foundation distributed £828,760 in relief grants. with funding focused on practical i18ms such as household 8pplianTr5 and essential goods lo help address immediate need.

The Greggs Foundation Trustee's report Icontlnuedl Year ended 31 December 2025 Developing strategi¢ and sustainable approaches During th8 year. th8 Foundation continued to develop more strategic approaches to funding through a srnall nurnber ol longer-term partnerships aligned with it5 charitable obje¢lives. This included p1ace- based funding in Sundertand, delivered in parinership with the Rank Foundatlon, supporting ¢orntnunily development and social enterprise through their Proflt for Good and Connectlng Futures programm85. The Founclation a150 progressed stiategic grant partnetships focused on food secLJrity. sustainability and community r8sili8nce. with continued Investment in Rethlnk Food's Agents of Change programm8, the development ol community food hubs wilh Hubbub In London and Glasgow. and the early stages of de1iv8ry of BIND'S Eat Smart programm8. Thes& strategic grants 8r8 inlend8d lo lesl approaches that m8y help prevenl crisi5 and build long8r-ierm resilience. with learning and evaluation informing futu￿ Strategy. Governan¢e, systems and financlal sustarnability Alongside prograrnme del￿VerY. th8 Foundaiion continued lo strengthen ils governan￿ and systems. 2025 marked the first full year operating wth a new finance system, and further work was undertaken lo improve cyber security and grant management processes. D&spite a challenging knndraising environment, the Foundats"on 98n8rated £1.29 million ol inwrne from non-Gregg5 sources, supporting the susiainability ol Its work. Lt)oking afvead The Trustee's Directors are encouraged esca e. reac an confident that the Foundation is well placed lo build on this progress. On behalf ol th8 Board, I would like to thank our partners, funded organisations. supporters and staff for their contlnugd commitment and contribution throughout the year. Joanna Dyson, OBE. Chalr

The Greggs Foundation Trustee's report {eontinuedl Year ended 31 December2025 Outcomes from our programrnes in 2025 Breakfast Club Programme (includlng the launch of Feeding BrlghterFuturesJ The Foundalioll's Breakfast Club Programme remained a core part of its charitable activity in 2025, supporting children and families by helping lo ensure that hunoer does not present 8 barri8r lo learning. Sinc8 the 8slablishm8nt of the first club in 1999. the programme has continu8d to grow in r8sponse to need. By the end of 2025. the FOUnda￿On supported 983 breakfast dubs across England, Scotland. Wales and Northern Ireland. having supported around 1,000 breakfast Clubs over the course of the year. Each school day, over 75.000 chrldren benefited from access to a free, nutritious br&akfast. helping them Stari the school day Teady to18am and engage. Beyond the provksion of ft)od. breakfast clubs offer a sale. indusive and welcoming environment where children can eat together. socialise and prepare for the s¢hool day. Participating schoo15 receive fresh bread from their nearest Greggs shop alongside grant funding to 5UPPOrt both startup and ongoing delivery cost5. The prograrnme is funded through a range ol pather5. including private sector organisalions, with Gregg5 rernaining a major partner. During 2025, the Foundation launched and 8xpandecS Feedlng Brlghter Futur•s, which builds on the previou5 breakfast club model and broadens the offer to schools. The programme continu8S to include breakfast provision, alongsid8 additional termly lunding to support enrichment and extra¢urricular aclivlties. By the end of the year, 119 schools were re￿Iving this additional support. Fe8dback from schools throughout the year helped to inform the development ol the progiamtne and will continue to Shape its future delivery. Relief Grant (previously known 8$ ourHardshlp Programm•) The Foundation 8 Relief Grant Programm& continued to provKle targeted, practical support to indiv1tha￿ and families experiencing acute financial pressure during 2025. The programme is designed to respond quickly to need. helping people to meet essential d8y-lo-day living Costs. Grants supported access to basic necessities. including food, clothing and essential household items such as cookers. Iridge-lreezers. washing machine5 arid beds. During the year. the Foundation awarded 4,106 rellef grants, distributing a total of £828.760. This programme continued to play an important role in helping indlviduals and families address immediate need and stabilise their circumstances. CommunltyA¢tlon Fund{prevlou51y known 8s our Communlty Grants Programme) Community-based graTrl-making represented the Foundation's18rgest ar88 of grantdistribution in 2025. During the year. the Foundation continued delivery of its Cornmunity Action Fund. providing funding to organisations dellvering locally led support in ar8as of significant deprivation. A total of £1,840,6S6 was awarded through 48 large grants to comrnunily organisations. with a particular focus on communities localed close lo Greggs Outlet shops. Greggs Oullels sell good-to eat- un501d food from Greggs shops al diseounled prIL￿s in disadvantaged areas, helping people to aecess affordable Ii)od whi18 r8ducing food waste. A percentsge ol the profits from Gregg5 Outlets is donated to the Foundation and reinvested in these local wmmunilies. These grants (x>nlributed lo th& growth and strengthening of the Foundation's grants portfolio, alongside number of gxistillg grantees who progressed into subsequent year5 of funding. Funded organisations delivered a wide range of practical. preventative and community-ba5e4 Serv￿eS. responrsing to local need and Supporting community resilience

The Greggs Foundation Trustee's report {continued) Year ended 31 December 2025 During 2025, th& Trustee's Director5 81so agreed changes lo grant terms lo enable longer-term funding, moving towards three-year 9rants lo provid8 great8r stability lor organisations delivering vital local sewices. These changes were irnplem8nted as parl of a programm8 rebrand in 2026. when the Community Granls Programme became the Communlty Action Fund, aligning more c105ely with the Foundation's wider programme structure. Health and Sustainability Programme (RethtinkFood-A9ents of Change) The Health and Sustainability Programme. deliv8r8d in partnership with Rethink Food, ¢onlinued lo develop during 2025. Launched in 2022. th8 programme provides tr88, inleiactive edu¢ational resources lor primary schools, focUs￿Ng on focd security. healthy eating, physical activity and suslainability. The programme is illdependenlly designed by Rethink Food, drawing on the expertise of experienced forrn8r teaching professionals. and is delivered by participating schools. The programme support5 children to develop knowledg8, awareness and positive behaviours from an eady age, contributing to both indlvldual wellbeing ancl longer-lerrn environmental responsibilily. During 2025, the programme reached 99.911 chlldren acros5 637 schools, demonstrating continued engagernent and reach within the Foundation's School network. Innovation and Strateglc Grnnts In addition lo ils core proorammes, the Foundation made a small number ol strategic grants in 2025 to support on models of delivery. slrengthen learning. and inform future funding decisions. Strategic grants In 2025 in¢lud8d place-based and partnership inilialives focused on communlty resilience. food access and environmental sustainability. Thasg grants are subj8Ct to ongolng monitoring and avalualion. with le8ming used lo cornplern9nt the Foundation's wider pro9ramrne delivery and lo inform the development of future strategy. Plans for thg Future Strengthening school nelworks and communitysupport Over the past 25 years, the Foundation has built a strong and trusted nelwork of Schools located primarily in areas of h￿h deprivation across the UK. This network remains c&ntral tts the Foundation's &ppioach, enabling 5UPPOrt lo be delivered in ways that are responsive to local need and ernbedded within ¢ommunitl85. In 2025, the Foundation began tran51tionlng from ils long-standing Breakf8St Club Programme lo the Foading Brighter Futures rnodel This transition will continue through 2026 and beyond. alongside the Government's commitment lo Introduce free breakfast clubs in all primary schools In England. As this national pi(yJr3mme is implemented, the Foundation will work closely with its partner schools to support a manag8d transition away frotll the Foundabon funded breakfast clubs lo the government programme. 8nsuring that schoo45 rèmain engaged and that pupils continue to benefit from consistent and reliable support. The Foundation's relalionshipswilh schools also provide routes lo wid8r support, induding a¢(￿s8 to r81ief grants and health and sustainability education through the Agènts of Change progiamme. The Foundation will continue to priorilise listening to sch(x)Is and using their fe8dback to shape progr8mm8 development.

The Greggs Foundation Trustee's report {continuedl Year ended 31 December 2025 Expandlng supportbeyond breakfast The Foundation recognises that children's needs extend beyond the start ol the school day. Building on learning from 2025, Feeding Brighter Futures will continue to develop as a broader mod&l of support for schools. During 2026. the Foundation plans to expand F88ding Brighter Futures to support al least 200 schools, with a focus on aft8r-school clubs, holiday piovision and enrichment activities that promote children's health, wellbeing and social d8velopment. This approach aims lo provide safe sp8ces, a¢￿55 to nutritious food and opportunities lor play and leaming. while supporting schools to iespond flexibly to local Circumstan￿$. The Foundation will continue lo review the programme's delivery rnodel. funding mix and outcom85 to ensurè il remains effective. svslainable and aligned with ils charitable objectives. Gmwing communltylmpact The Foundation will continue lo invest in communily-based organisalions that provide pr8Ctical. preventative and locally led support. From 2026. this work will be dÈliv8red through the Community Actlon Fund. During 2026. the Foundation plans to award £2.7 million through th8 Community Action Fund, supporting over 100 charities across its grants portfolio. This portfolio will include 3 combination of new grantees and existing pather organisations progressing into subsequent years of multi-year funding. helping to maintain continuity and stability lor essential comrnunily servic8S. While funding is available across the UK, priority will ¢ontinue to be giv8n to organisations working in areas of high deprivation and in communities located clos8to Greggs Outlot shops. ensuring thatfunds generated locally are reirnvesled to address local challenges. Developing strategic andpreventative approachs ongside ils core progratntnes. the Foundation will continue lo develop and 8valuale a small numberol strat8gio gr8nls designed lo test longer-term. prevenlatpie approaches to need. These include pla¢e-based 8nd partnership iTritiative5 focused on food security. suslainabilily and community resilienc8. During 2026. the Trustee's Directors will priorilise evaluation and leaming from the first year of stralegic grant delwery, supported by an external learning partner. This learning will inform d8cisions about lulure investment, helping the Foundation to understand where slrat89ic approaches add most value alongside ils core orant- making activity. Financi81 sustalnablllty, systems andgovemance Investment in 5yStem5 and infrastru¢lure will continue. Priorities include the development of a new grants management system aligned with existing finance and CRM platforms. impioving efficiency, data quality and reportin9. The Foundation will also continue to slrengthen governancè. risk managernent and cyber security arrangements to ensure il r8main5 well govemed and fit for the futur8. During 2026, the Foundation will continue to reflect on and strengthen ils granl-making practiTr. A5 part of this, the Foundation joined the Institute for Voluntary Action Research IIVARI Open and Trusting Grant.Making community. supporting learning and refieclion on how funding pioc8sses can remain proportionate. transparent and supportive of th8 organisations the Foundalion funds. The Foundation also signed up to GrantAdvisor UK, enabling organisalions lo share anonymous feedback on their experien￿ of applying for funding. This will provide an additional source of insight lo inform ongoing le8ming and improvement

The Greggs Foundation Trustee's report Icontinuedl Year ended 31 December 2025 Looklng Ahead Th8 Foundation remains committed to strengthening its programm8s in response io learning and changing need In doing so, il aims to build on its long-standing partnerships with schools. ¢ommuniti8s and other stakeholders. ensuring that its ￿ sour￿5 continue to make a meaningful and i78ting difference to children. families and communities rnosl in need. Financial review The financial performance for the year is detailed in the Statement of Financial Activities In 2025. th8 Foundation's total incoming resources 8mounled to £6,212,324, compared to £6,431.731 in 2024. Total resources expend&d during th¢ yaai totalled £6,218,164 compared to £6,072,035 in the p￿VIouS year. This resulted in a net defi¢it Ibefore gainsllosses on inve$tm8nt51 of £5,840 foi 2025 in line with the planned budgel for the year. following a surplus of £359,696 in 2024. Reswves The Foundation b8n8filS from a substantial investmeril fund comprising sha￿$ in Greggs and a wèll-dlversified portfolio that is managed professionally. The Foundation aims lo award grants each year sothat. when combined with running costs. 8XP8nditure broadly fflatches its income. Where necessary. this income can be supplemented by drawing down a portion of cap1ts1 from the investment fund. This approach enables Ihe Foundation to reallse access the investtnenl fund provides the Tru51ee's Directors with the flexibilily to priorilise cash use Iow8rd5 charitable objectives, even if this occasionally leads lo a short-t8rffl free reserve d8ficil. As of 31 December 2025, free rtserv8S 8xcluding the investment balance of £24,185,129 intangibl8 fixed assets. and designated or r85tricted funds stood al a surplu5 of £140,486 In addition. £2.408.496 has been designated 81 the ijiscretion of the Trustoe's Directors for planned charitable activities. separate frorn th8 investment balance noted above. Golng concern The account5 ale prepared on a going concern basis. The Trustee's Directors have reviewed and approved the Foundation's budg8ts and lorec8sts lor 2026 and has also considered Ihe ￿SOUrceS available for 2027. On this basis the Trustee's Directors conclude that the Foundation has suffi￿ent resources to continue ils operations lor at leasl twelve months frotn th& dat8 of signing the financial slatern8nts. Further det8115 regarding lh8 go1ng concem assutnpts.on are $8t out in the Accounting Policies. Otjrfundralslng Income generation is largely undertaken by Foundation staff, either directly or through Greggs staff working on the Foundation's behalf and in line wlh ils guidance. This approach ensur85 Complian￿ with the regulations 8nd requirements of the Charity Commission, the Fundraisirlg Regulator. and the Infomiatlon Commissioner's Offic8. The Foundation also seek5 to conne¢l with potential funders and partn815 through nelworking and by raising its profile through communication activity. It does not engage professional fundraisèrs nd does not use direct marketing, telephone, doorstep, or on-streel fundraising. The Foundation does not sh8r8 information about fLJndets or supporter5 Wlthout their explicit permission. Ml complaints are re¢orded and no complaint5 were received in relation to fundraising activitie5 during the yeai.

The Greggs Foundation Trustee's report {continuedl Year ended 31 Oecember 2025 Payrollglving Through the Payroll Giving scheme, the Found8tion received £23.472 in 2025, down from £28,374 in 2024. Payroll Giving is open to all Gregg5 employees. Funds r8is&d through thi5 scheme for causes nominated by employees are matched from the Foundation's Core funding. provided those causes align with the Foundation's criteria of supporting people in need within local communities. Loc81 fundraising During the y98r, £419.814 was raised through local fundraising efforts. compared lo £601,128 in 2024. These funds were generated through the continued generosity ol Greggs employees and customer5 via collection boxe5 in Greggs shops. In addition, a till-pointdonatK)n carnpaign enabled custorners lo add 8 voluntsry(bnalion to the Foundation at the point of purchase. Stmcture, governance and management Thè Foundation operates under Ils trust deed dat&d 31 March 1987 las amended) and is registered with the Ch8rily Comfflission. Th8 Greggs Foundation Trust88, th8 corporat8 Truste8, Wa5 Incorporated on 13 October 2021 and became the solg Trust88 of the Foundation on 2 November 2021. Stratègic direction is set by the corporate Trustee In collaboration with th8 Foundation Manager. Th8 Directors of the corporate Trus188 zie aware of their governance re5ponsibilili85 and poss85S the n8c8ssary skills to lulfil thes8 duti8s. The Tru5t88 board act5 8s the Foundation'8 governing body typically meets formally with the Foundation M8n8ger fourtimes each year. The Director8 ofthe corporate Trustee are8ware oltheirgovemance responsibilities and colleclively possess the skills. knowledge and experience required io fulfil these duties. Aulhorily lo approve largè grants is retained by the TrustEè board, whilè authority to approve small yrnnts, including thos8 rnade und8r th8 Relief Grant Programme. is de1898ted to the Foundation Manager, who 18 responsibl8 for th8 day-lo-day man8g8m8nl of th8 Foundation. Fiv8 commillees asslst the Trustee board in fulfilling its role.. the Financ4 and Audlt Commltle&, S¢hools Committ88, Grant-making Committee, Monitoring and Evaluation Committ88, and NomSnatlons Committ88. Committ88 activity and formal meetings ar8 governed by terms of r8f8r8nc8, which are ieviewed regularly. Thmughout 2025. the Trustee's Directors provided strategic leadership and oversight, supportéd by the work of th858 committees and diawing on a broad range of prof8ssional exp8rtiS8. Tru$to¥ Dlre¢tors $ervlng In 2025 Joanna Dyson OBE Ichairl.. Joann8 has h8ld senior ro18s in r8tail buying, supply chain and logistics, and was Head of Food at Fareshare prior lo ￿tIrIng in 2021. She was awarded an OBE lor her contribution5 to charitable food distribution during th8 CovKI-19 pandemic. Joanna Chairs the Nominations Committee and is a member of the Finance and Audit Corntnittee. Mick Thompson (Deputy Chairl.. Mick retired as Senior Partner from KPMG in 2018 and now holds a portfolio of non-execulive rol&s. H8 has exl8nsive knowledge 8cross retail, construction. social housSng, edu¢alion, and charitable sectors. Mick chairs the Monitoring and Evaluation Comrnille8 and is a member of the Finance and Audit Committee. Richard Hutton- Richard is Chief Finanoal Officer at Greggs and biings strong financi81 governan and commerc181 expertise lo the Foundation. He ¢hairs Ihe S¢hools Commillee and Ihe Finance and Audit Cotnmittee and is a member of the Nomin81ion3 Committee.

The Greggs Foundation Trustee's report {¢ontinuedl Yearended 31 December 2025 Flona Nicholson- Fion8 is a long-standing volunteer and memb8r of the Gregg famity, off&ring valuable insight into Gr&ggs' history and culture. She is 8 member of the Granl-making Cornrnittee, Schools Committee, and Notninalions Commrttee. Sanjay Singh.. Sanjay is Managing DI￿¢10r of the ICAS Foundation and has over 20 years, experience in busin8s5 development, partiCLJlarly within banking and the ¢haritable sector. He ¢hairs the Grant- making Committee. Glllian Long-. Gillian is Retail Oper81ions Director al Greggs and provides a vital link to Greggs. shops and Colleagues. She is 8 tlletnber ol the Schools Committee. Tony Taylor.. Tony is IT and Busin8ss Change Director al Greggs and brings expertise in technology and Iranslormalion. He is a tnember ol the Monitoring and Evaluation Committee. Samia Akram.. Samia has over 20 years, leadership experience in the education sedor and leads youth social action programmes. She is a member of the Gr8nt-making Committee and Schools Committee. Kelly Thomas= Kelly Is Social Value and Furidraising Manager for MTVH and works lo remove barriers for communities and enabl8 individuals lo luifil their potenlial. She is a member of the Grant-making Commitlee and the Monitoring and Evaluation Comrniltee. Our Volunt8ers Groups of volunteer5 at Greggs. including co-opted committee members, play a crucial role in SUPF>Orting the Foundation's operats'ons. Their skills and experience contribute to raising aw8ren8ss among Greggs employees and facilitating fundraising through shop charity collection5, payroll giving. and other initialiv8s. The Foundaticin is grateful for their contribution and recognises the value they brin9 to its work. Assigning a monet8ryvalue to volunteer contributions Is challenging dueto the absence ol market cornparators. As a ￿su11, volunteer Contribulions a￿ not included as income in the ae£ounts, given the lack of a reliable measurement basis, OurFunders and Partne The Foundation is giatelul lor the Continued support of ils lunders and partn8rs throughout 2025. This support includes contributions from Gr￿9$. G￿9gS customers and Greggs staff, who generou51y fundraise and volunteer. Their ongoing commitment has been inslrum8nlal in enabling the Foundation to (feliver its programmes and achieve its charitabL9 objectives wllhin communities. Funders and Partner5 ADM Cares IArcher Dan￿lS Midland) Advania UK ICCS) Ltd Agrial Fresh Produce Airtime Rewards AMF Bakery Systems UK Ltd Arla Food$ Ashford Cladding Sy5tetns Limited Baker Hugh8s En8rgy Technology UK Bank ol England East Midlands Bank of England North

The Greggs Foundation Trustee's report (continued) Yearended 31 December 2025 Bank of England W85t Midlands Believe Housing Bellway Homes Bernard Mallhews Foods Ltd Berry Bros and Rudd Beyond Housing Biffa Waste se￿ICe8 Ltd Billinglon Foods Biscuil Factory Foundation British Engines Broadacrès Housing BT Capri Sun UK Ltd ce￿f0M7 Ltd Va A8 Mauri UK & Iieland Chiesi Ltd Chrisleyns Food Hygèine UK Clegg Group Projects Ltd Cloudclevr Coca Cola Country Style Fcods Crossfold Electrical Wholestlèrs Ltd Dalziel Ingredients Danrsh Crown Dalagraphic Ltd Deloille MCS Lirnited Dimensions Driver Hire Group Service5 Ltd Drummond Central Dunbia (Dawn Mea151 Elsie Davis Trust Encore Envelopes Endeavour Housing (North Starl English Provender Enterprise RAC UK Ltd Exton Fo￿$ Ltd Findel General Mi115 Gentoo Glasdon Group Limited Graceland5 CMS Ltd Greggs Hatmill

The Greggs Foundation Trustee's report (continued) Year ended 31 December 2025 IBO Construction Ltd J. E. Hartley Ltd Jewson Partnership Solutions Jigsaw Homes JJA Pack Ltd JT Blakemans Ltd Karbon Homes KEP Prinl Group Kerry Ingredients and Flavour8 Kerry Ingredients UK Ltd KPMG Label Solutions Ltd LDC Leeds LDC London Leyland Roundtable 665 Livin Housing MBL Solulions Ltd (Redul Mccain Foods IGBI Ltd MOTO in the Community Mu11er Milk and Ingredi8nt8 National Flexible Ltd NGC Networks Nicho15 plc Ivimtol Noble Foods Northstandard Ltd Oakfi8ld Foods Ltd Orb1t Coventry & East Midlands Peak Scientffic PH Insulations Pilgrim's UK Piiolo Labelling Port of Tyne AUth￿ltY Pr8tty Little Thing Proper Cornish co Private Investors Qualitesl Group UK Ltd IExp8ri0rl Quorn Foods Ravendale Food5 RBC Brewin DoSphin

The Greggs Foundation Trustee's report (continued) Year ended 31 December 2025 Ripple Markets UK Limited Roseline Foundation Rutherglen Lawn Tennis Club Sanjay Gupts (Account) SAP Se¢-Te¢h Risk Management Signature Flatbreads Sky 81ue Hotnes Space Group Speedy Freight Stagecoach Style Commercial Servlces Ltd Sudzucker UK Sunb8lt R8ntals Symington5 Ltd Synergy Flavour Ltd Tate & Lyle Teal & Mackrill Ltd The Caledoni8 Inv8slm8nts Charitable Foundation The LowerGregn Foundation Thirteen Housing Timpson Foundation Torus Foundation TroyAss81 Management Tyne Tunn812 TynesKle Rotary UCC Coffee UK & Ireland UK Land Estsle$ (Partnership) Ltd Ward Hadaway LLP Warrens Biocapital Warrens Fatnily Welbilt UK Litnited Vvinn Group Wright Silverwood Your Home8 N8wcaslle Our Policies Equallty anddlvernlty The Foundatlon 15 cornmilled to fostering equality. diversity and Inclusion among its staff and the Trustée's Directors, 8nd to 81irninaling unlawful discrimination in all aspects of its op8ralions. This commltment 8Xt8nds to tt)6 Foundation's grant-making activities, where it seeks lo ensure the lair and equitable treattnenl ol applicants, gran188s and the public, with a clear focus on p￿VentIng unlawful discrimination. 13

The Greggs Foundation Trustee's report Icontlnuedl Year ended 31 December 2025 Fin47n¢ialdelegation The Trustee'5 0ire¢lors approve an annual operational plan and budget in line with an agreed timetable. This plan sets out staffing requirements an(5 finanaal ￿$OurceS necessary lo deliv8r th8 Foundation's activities. The Foundation Manager is 3ulhorised lo implemenl day-ttrday operational changes without seeking the Trustee's Diieclors approval, provided these do not materially affecl service levels, approved starring slruciures or agrged expenditure. Granl-making The Foundation's grant-m8king policy Is central to achièvlng its aims and obj8Ctives. The Trus188'5 Directors establishes and periodically reviews oiant criteria and award levels. New funding proposals are subrnilted to the Trustèe's Directors for approval, and all funded activity rnusl 8lign with the Foundation's slialegic aims. Robu51 reporting and monitoring airangemenls are in place lo ensure that grants are used appropriately and for their intended ¢haritable purposes. Investm8llt The Foundation faces no restrictions on its powers to invest. Th8 Trustee's Directors s81 the investment strategy. taking into arKount currenl and anlicipat8d funding needs and s88king professional advice from RBC Brewin Dolphin. The Flnance and Audll Commltt88 regularly reviews inveslfnent performance and tnakes In selting investment pollcy. the Truste8's Directors consider the Foundation's incorne requiTements and risk profile. The policy aims lo ensure that 8wumulaled funds (excluding the shareholding in Greggsl are invested in edium-risk investments, with the objecty've that capilal growth and income together exceed inflation over time by an agreed margin. As at 31 December 2025, the investment portfolio was valued at £24.185,129 12024.. £25,518.131). Publi¢ benefit The Trustee's Directors conduct an annual review of the Foundation's public benefit in line with Charity Comrnission guidance and 15 satisfied that the Foundation continues to deliver 5ignili¢ant public value. The Foundation's grant-making policy and principal grant programmes remain the primary rneans through which its ch8rilable airns and objectives are achieved. Trusteè Dlre¢torrecruitment. indu¢tlon and training The Truslee's Directors are responsible for the nomination and appointment ol new Trustee Directors, taking into account Ihg skills, knowledge and experi8nce required to support the Foundation's aims. Newly appointgd Trustee Directors receive comprehensive briefings covering their legal dutie5 under Charity law. the trust deed. govefflance structures, comrnilt8e arrangements, th8 business plan and rec8nl financial performance. Appointment5 are m8d& by exisling Trustee Dir8clors and are followed by an induction rneetillg with the Chair and further meetings with Ihe Foundalk)n Manag8r. Induction packs include key Charity Cornmission guidan￿. th8 pr8vious year's annu81 report, the governing trust deed and a brief history of the Foundation. Trustee Directors are gncouraged to visit funded organisations. support8d by Foundation staff, and ￿Ceive pericéic training, including safeguardlno training. Re18ted thlrdpartles Although closely associated with Greggs, the Foundation operates independently. The Trustee's Directors ar8 responsible lor making decisitsns that are in the Foundation's be51 interests and that further its charitsble objecliv8S. 14

The Greggs Foundation Trustee's report Icontinued) Year ended 31 December 2025 Saf•guardlng and whistle blowing Th& Found2lion'5 safeguarding and whistleblowing policies Teflecl the natur8 and scop8 01 its aclivilie5. The Foundation lak8S its responsibilities seriously and mainlains clear pmcedures lor raising and a¢Jdr8ssing concems. These policie8 are reviewed regularly lo ensure continued compliance with Charity Commission guidance and oth81 relevant regulatory requirernents. Risk management The TIu51e@'s Directors have overall responsibility for risk management and receives r8gular updates from the executive team. A comprehensive risk map is reviewed quarterly, covering gov6m8n¢e, financial, operation81. compliance and external risks. Risks are assessed according lo likelihood and potential impact, wth miligaling actFons agreed and rnonilored by the Trustee board and its comrniltees. During 2025. the Foundats"on's principal risks included depenclenc8 on exlemal income, cyber security, the SU5tainability of the school and partner network. and risks associated with the d8velopment of strategi¢ grants. The Trustee's Directors are 531isfied that appropriate controls and miligats-on rneasures are in place, including active financial oversight, ¢ontinued income diversification, strengthened cyber security arrangements. and proportionate governanc8 and evaluation ol strategi¢ funding. These risks wnllnue to be kept under regular rewew. Auditor During 2025. UNW LLP was appointed as the Found8tion's auditor, replacing RSM UK Audlt LLP. The Trustee's Directors WOLtrld like lo r8cord their thanks lo RSM UK Audit LLP for their professional s8tvice and support lo the Foundation during their period of appointment. UNW LLP, the appointed auditor for th8 Foundation during the year. has expressed ils willingness to continue in office lor the forthcoming year. Disclosure of inforn?atlon In a¢cordance with statutory requirements, the Trustee's Directors have carried out their responsibilities regarding the provision of informats.on to the auditor. The Trustee's Directors Confirm that, lo the best of thelr knowledge. there is no relÈ¥anl audit information ol which the auditor is unaware. Furthermore, the Trustee's Directors have taken all necessary steps to as￿rtain and cornmunicate any pertinent details to ensure that the auditor is lully informed. Approved by ordgr of the members of the Board of th8 Trustee oll 6 May 2026 and signed on their b8hall by.. J M Dy50n OBE, Ichairl on b8haK ol the Trustee 15

The Greggs Foundation Statement of Trustee's responsibilities Forthe year ended 31 December 2025 The Trustee is responsible lor pr8paring th8 Trusle8'5 Teport and the financial 5tatemenis In a¢cordan¢e wth applicable law and Uniled Kingdom Accounling Standard5 (Uniled Kingdorn Generally A¢¢8pled Awunling Praclicel. The law applicable lo challties in England & Wales requires the Trustee to prepare flnancial slalernents for each financial y8ar which give a true and fair view of the slate of affairs of the charity and ol ils incoming r850ur¢es and application of resour¢es. including its income and expenditure. for that period. In preparing these financial statetnents, the Trusie8 is required to. select suitable accounting policies and then apply them consist8nlly', observe the methods and principles of the Charits"es SORP IFRS 1021". make judgments and accountino estimat8s that ai& reasonable and prudent.. stale whether 8pplicable UK Accounting Standards IFRS 1021 have been followed, subject lo any Material departures disclosed and explained in the financial statetnenls.. prepare the financial slatem8nls on the going concern basis unless St is inappropriate to presume that the charity will continue in business. Tre Tru51ee 1$ responsib18 lor keeping adequate a¢counling r8cords that are suffic5enl to Show and explain the Foundation's transactions and disc1058 wSlh reasonab18 accuracy at any lime the financial position of the Foundation and 8nable them to ensure th81 the financial slatetllents comply with the Charities Act 2011. the Charily (Accounts and Reports) Regulalions 2008 and the provisions of the Trust deed. They are also prevention and detection ol fraud and other irregularitl8S. Approved by order of the rnernbers ol th8 Board of the TTuslee on 6 MAY 2026 and signed on its behalf by.. JMDyso on behalf of the Trustee 16

Independent auditor's report to the membors of The Gregg5 Foundation Opinion Vve have audited the financial statements of The Gr8ggs Foundation Ith8 'Foundation'l for the ye8r ended 31 December 2025 which comprise Ihe st818menl ol financial aclivilies, the balance sheet, the slalernent of cash flows and the related notes, including a sufflmary of signlficant 8ccounling polici85. The financial reporting frarnework that has been applied iri their preparation is applicable law and United Kingdom Accounting standards. including Financial Reporting Standard 102 'The Finan¢ial Reporting Standard applicable in the UK and Republic of Ireland. I'uniled Kingdom Generally Accepted Accounting Pra¢li¢e'l. The financial slat8fflents have been prepa￿￿ in accordance wth Accounting and Reporting by Charities preparing their accounts in accord8n¢e with the Financial Reporting Standards applic8bl8 in the UK and Republic ol Ireland IFRS 1021 in prelerernce to the Accounting and Reporting by Charities.. Statement ol Recommendèd Practi￿ issued on 1 April 2005 which is r8f8rred to in the extznt regulalions but has been wilhdr8wn. This h85 been done in order for the a¢count5 to provide a true alld fair view In accordance with the Generally A¢￿PIed Accounting Practice effective for reporting periods beginning on or after 1 January 2015. In our opinion the financial stalgmenls.. give a true and fair view ol the slat8 of the Foundation's affairs as at 31 December 2025 and of its incorning resources and application of resources for th8 year then ended., have been properly prepared in accordance with United Kingdorn Generally AC￿pted Accounting Pr8Ctice', and have been prepared in accordan￿ with the requirernent5 of the Charities Act 2011. Basls for oplnlon We ¢onducled our audil in accordance with Inlemational Standards on Auditi￿ IUKI I'ISA5 IUKI'I and applicable law. Our ￿SponSibl1111es under those standard5 are further described in Ihe'Auditorfs responsibilities for the audit of the financial 5ta18menls' section of our report. We are independent of the Foundation in accordance with the 8thical requirements that are relevant lo our audit ol the financial statement5 in the United Kin9dom, including th8 Financial Reporting Council's Ethical Standard, and we have fulfilled our othér 8lhi¢al responsibilities in accordance with these requiremenis. We believe thal the audit evldènc8 we have obtained is sufficient and appropriate lo provlde & basis for our opinion. Conclu51on$ relatlng to going concern In auditing th8 financi81 stalemenls, we have concluded that the Trustee's use of the 90ing concem basis of awounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material Un￿rtaIntieS relating to events or conditions that, individually or collectively. may cast significant doubt on the Foundation'5 ability lo conlinue as a going concem for a period of al least Iw81v8 months from when the financial statements are authorised for issue. Our responsibilities and the re8ponsibililies of the Trustee with respect lo golng concern are described in the relevanl s8clions of this report. 17

Independent auditor's report to the members of The Greggs Foundation (continued) Other inftsrmation The other information comprises th8 informal￿n induded in the annual report other than the financial stat&m&nts and our auditor's report Ihereon. The Trustee is responsible for the oth8r information eonlained wthin the annual report. Our opinion on the finanaal slat8rnenls does not cover the other information and, except lo the extent othen￿lse explicitly slated in our report, we do rK)i express any form of assurance conclusion thereon. Our responsibilily is to read the other information and. in doing 80. consider whether the other information is materially inconsistent with the financial 5talemenls or our knO￿edge obtained in the course of the audit. or other¢4ise appears lo be materially m1ssl?ted. If we identify such material inconsistencies or 8pparenl maleiial rnIS5talemenls, we are required to deterrnine whether this gives rise to a material missialernenl in the financial statements themselves. If, based on U)e work we have performed, we conclude that there is a rnaterial misstatement of this other information, we are required to report that fact. W8 have nothlng to report in this regard. Matters on whl¢h w8 are required to report by 8xceptlon We have nothing lo report in iespect of the following matters where the Charities IAccounls and Reports) Regulations 2008 requires us lo report to you if. in our opinion.. e In slalements", or sufficient accounting records have not been kept,. or the financial statements are not In agreernent with th8 accounting rècords and returns.. or we have not received all the information and 8xplanatK>ll5 we require for our aLJdit. Re$ponsibilltle$ of Trustee As explained more fully in th8 Truste8's responsibilities Statement, the Trustee is responsible for the preparation of the financial st31em8nts which give a Irue and fair Mew. and for such internal Conlrol as the Trustee determine is necessary lo enable the preparation ol finanaal siat8rnenls that are free from rnaterial misstatement, whether due to fraud or 6rror. In preparing the financial slaternents, the Trustee is responsible for assessing the Foundation's ability to Continue as a going concern, disclosing. as applicable, matters related lo going corn￿rn arid using the going concern basis of accounting unless Ilie Trustee either inteiid lo liquldal& the Foundation or to ￿ase operation¥, or have no realistic 81temative but lo do so. 18

Independent auditor's report to the members of The Greggs Foundation {continued) Auditorf5 responsibilitles for the audit of the financial 51atements We have been appolnled as auditor under section 145 01 the Charitie5 Act 2011 and report in accordan￿ with th8 Act and r81evanl regulat￿n8 made or having 6ff8Ct Ihereunder. Our objectives a￿ lo obtain reasonable assurance about whether the financial stat8n18nts as a whole are free from material misstatement. whether due to fraud or error. 8nd lo issue an auditor's report that includes our opinion. Reasonable assuiance is a high level of assurants. but is not a gu8rant&8 that an audit conducted In accord8nce with ISAS IUKI will always delecl a material misslalemenl when il exist5. Misstalemenls can arise from fraud or erior and are consid8red rnalerial if, individually or in Ihe aggregate. they could reasonably be expected lo Influen￿ the econotnK decisions of users taken on the basis ol these financial stalemsnts. A further description of our respon5ibililies for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.trc.or .uklaudiiorsres onsibilities. This description forms part of our auditor's report. Extent to which the 8udit was ¢on$idergd capable of detectlng Irregularltles, lficluding fraud Irregularities. including fraud, are instances ol non<ompliance with laws and regulations. We dèsign prO￿dureS in ling with our responsibilities, oullinad abovg, to detect material misstatements in respect ol Irregularities, includirTrg fraud. The extent lo which our procedures are capable of detecting irregularities, including fraud is detailed below. However. it is the primary r85ponsibilily ol management, with the oversight ol those charged with goverllance, lo ensure that the enlills oper31ions are conducted in accordan¢e with the provisions ol laws and regulations and for the prev8ntion and d8tection ol Ir£ud. We obtain an<J update our understanding ol the Foundation, its a¢tiwties. its control environment, and likely fijIu￿ devel0F￿ent$, Including in r8latK)n lo the legal and regulatory fram8work 8ppllcable 8fKI how the Foundation is compljryng with that framework. Based on this understanding. we identify and assess the risks of material mi5Statement ol the financial slalements. whether du8 to fraud or error, design and perform audit proc8dures responsive lo those dsks, and obtsin audit eviden￿ that is sufficient and appropriate lo provide a basis lor our opinioll. This includes consideration ol the risk of acts by th8 entity that were contrary to applicab18 laws and regulations. Induding fiaud. 8ased on our understanding of the Foundation. we identified that the principal risks of non-compliance with law5 and regulations related lo laws and regulations that dI￿¢11Y affect the ffnancial slalernenls including financial r8POrting legi51alion (including ￿lated charrties legi5181ionl and UK tax legislation. In addition, the Foundation is subje¢l to tnarTry other laws and r8gul81ions where the ttsnsequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, loi instance through the impo8ltion of fines and liligalion. We consid8r8d the extent to which non<tsmpliance with laws and regulations might have a rnateri81 effect on the financlal staletnents and we have assessed the extent of compliance with thes8 laws and regulations as part ol our procedures on the Telated financial statement items. We also ev31ualed managements. incentives and opportunitie5 for fraudu18nt manipulatlon of the financial statements (including the risk of override of conlrolsl and determined that the prinapal risks relaled lo posting inappropriate journal 8ntri8s lo manipulate financial re5uIt5, management bias in accounting estimates, a5 well as improper Income recognition which includes fraudulent P05ting of journal entries to income. 19

Independent auditor's report to the members of The Greggs Foundation {continued} Audit pro¢edur8s perforrned by the engagement team induded.. Inquiry of rnanagemenl and thosè charged wth governants regarding actual and potential litigation or claims, as w811 as whether they hav8 knowledge of any actual, suspeded or alleged fraud," Reviewing the financial st3lernenl disc105ures and lesling to 8UPPOrting documentation to assess compliance with applicable laws 8nd regulations". Reviewing meelillg minutes lo identify reported frauds and any potential non-compliance with laws and regulations., Identify"ng journal entriès based on risk criteria and lesling the identified entrie5 to supporting docum8nt&lion. in particulsr joumal entries with uriusual account combin8ts'ons,' and Cha118nging assumptions and judgments made by management in their significant Bccounling 851imates and evaluating whether there was any evidence ol bias by the Tiustee that repre58nl8d a risk of rnaterial ISStalement due to fraud. Because of th8 inherent limitations of an audit. there is a risk that we will not detect all irregularitiès, induding those leading to a material misslaternent in th8 financial statements or non-cotnplian¢e with regulation. This risk increases the more that ¢ompli8nce with a law or regu18tion 15 removed from th8 events and trznsactions r8flected in the financial stat8m8nls, as we will be l&ss likely lo becom8 8W3re of inslances of non-compli8n¢e. The risk is also greater regarding irregularitie5 occurring due to fraud rather than erior, as fraud involves intentional Con￿alment. forgery, collusion. omission or rnisrepresenlalion. Use of our report Thls report 15 mad& $01ely lo th8 Foundation's Trustee, in accordance ￿th Part 4 of the Charities (Accounts and R8POrtsl Regulat￿nS 200B. Our audit work has been undertaken so that we might slat8 to the Foundation'5 trustees those matt8rs we are r8quired to State to Ihem in an auditoes report and for no other purpo80. To the fullest extent permilled by law, we do not accept or 8s5ume responsibility to anyone olher than the Foundation and its Trustee. lor our audit work. for this r8POrt, or ltsr the opinions we have formed. UNW LLP Chartered Accountant5 New¢astle upon Tyne NE14JE 6 May 2026 UNW LLP are eligible to act as auditors in temis ol section 1212 of the Comp8nigs Act 2006. 20

The Greggs Foundation Statement of financial activities Year ended 31 December 2025 Unrestri¢ted funds 2025 Restricted funds 2025 Total funds 2025 Total funds 2024 Note Income from: Donab'ons and legacies Charitable activities Investments 4,128,543 337,753 688.978 974.989 82.061 5,103,532 419,814 688,978 5,048.921 601.128 781.682 Total Incom8 5,155.274 1,057,050 6.212,324 6,431,731 Expenditure on.. R8ising funds Charitable activities 30.246 5,260,461 30,246 6.187,918 8.268 6,063.767 927A37 Total expendlture 5,290,727 927,437 6,218,164 6,072.035 Not lèxpendlturelllncomg boforb net Ilossesllgains on investment$ Net Ilossesygains on investments 1135,4531 11.474.212) 129,613 IS,8401 11.474,2121 359.696 2,356.482 Net movement In funds 11.609,6651 129,613 11,480,052) 2,716.178 Rgconcillation of funds.. Total fullds brought lO￿ard N&1 movamanl in funds 28,$34,552 11,609,665) 1,020,769 129,613 29,555.321 11.480.052) 26,839,143 2,718,178 Total funds carried forward 26,924,887 1.150.382 28,07S.269 29,555,321 The statement of financial activities includes all gains and losses re¢ognised in the year. The note5 on pages 24 10 41 lorrn part of these financial statements. 21

The Greggs Foundation Balance sheet At 31 December 2025 As reststed 2024 2025 Note Fixed a$set$ Intangible assets Investments 190,2Ye 24,185,129 163,797 25.518.131 14 24,375,405 25,681,928 Current assets Debtors 15 16 133,233 1,305,654 3,273.583 99.583 1,254,148 3,794.212 Investtnents Cssh at bank and in hand 4,712,470 5,147.943 Creditors.. amounts falling due within on& y8ar 11,012,6061 11,274.5501 Totsl net assèts 28,075,269 29,555,321 Charlty lunds R8stricled funds Unr85tricted funds.. 1,1S0,382 1,020,769 Designated funds General funds 2,408,996 24,515,891 2,761.320 25,773,232 Total unrestricted funds 26.924,887 28,534,552 Total funds 28.075.269 29,555,321 The financial 5ta18m8nls were approved and auth0ri5ed lor issue by the Trustee on 06 May 2026 and signed on their beh81f by.. J M Dyson OBE (Chalr on behalf of the Trustee The not85 on pages 24 to 41 forrn part of these fi'Thancial stst8m8ntS. 22

The Greggs Foundation Statement of ¢ash flows Year ended 31 December 2025 2025 2024 Cash flows from operating activities N8t cash (used inyprovided by op8raling aetivities 1961,S951 131.254 Cash flows from investin9 adivities Dividends and intere51 from investments Purchase of intangible assets Proceeds from $8le of investments Pur¢hase of curr8nt asset investments Purchase of fix&d asset inveslmenls 688.978 781.682 15S,2961 151,9371 7,041,698 1.599.31X) 151,5061 153,9291 17.182,9081 11.599,6941 Net ca$h provided by investlng a¢tlvltl85 440.966 675,422 Change In cash and ¢a$h equlvalents in the year Cash and cash equival8nt5 at the beginnlng of the year 1520,6291 3,794,212 806,676 2,987.536 Cash and cash equlvalents at the end of the year 3,273,583 3.794,212 The notes on pages 24 to 41 form part of these financial stat8menls 23

The Greggs Foundation Notes to the financial statements Year ended 31 December 2025 General Informatlon The Greggs Foundation is an unincorpor8ted charity registered in England and Wales. The Trustee is The Greggs Foundation Trustee. a Private Limited Company by gu8ranlee without share capital and use of 'Limited' exemption and incorporated in Engl8nd and W81es. The address of its prinap81 place ol business is Greggs House. Q9 Quowm Busin85s Park, Benton Lane. Newca511e upon Tyne, NE12 8BU and the nature of ils operations a￿ sel out in the Trust8e'5 report. Ac¢ounllng policle$ 2.1 Basis of prepaTatlon of financlal statements The financial statements have been pr8pa18d in a¢cordance with Accounting and Reporting by Charitl8s.' Stalemenl of Recommended Practice applicable to charitie5 p￿ParIng their ac¢oun15 in 8ccordance with the Financial R8porting Standard applicable in the UK and Republic of Ireland IFRS 1021 leff8Ctive l January 20191 Icharities SORP IFRS 10211. the Financial Reporting Standard pplicable In the UK and Republic of Iieland IFRS 1021. The financial ststements have been prepared to give a 'true and fairf wew and have departed from Ihe Charities (Accounts and R8POrt51 RegLJlations 2008 only to the extent required lo provide a 'lwe and fairt view. This departure has involved following the Charities SORP IFRS 1021 published in ommended rawn. Practice effective from 1 April 2005 which has since be8n wil The Foundation rneets the definition ol a public bènefit entity under FRS 102. The financial $t8temenls are prepared in slerling, which is th8 function31 currency of the Foundation. Monetary amounts In th989 financial statern8nts are rounded to the r$8ar8st £. 2.2 Golng concern The Foundation remains cotnmilted lo delivering ils corè charitable objectives through grant giving. Should further grant piogrammes b8 approved or current progr8fflmes expanded, the Trust88 may con51der ulilisaliori part of the Foundation's investment fLJnds', however any drawdown of investment would 8n5ure the maintenance ol a significant inv85tment portfolio in order to oontinue to provide fkJtur8 revenue slre8tns. Based on these considerations along with our detsiled forecasts. thè Trustee is confident that the Foundation has adequate resources to continue in operalional existence foi al least 12 months following approval ol the financial statemen15. Thus the Trustee continu85 to adopt the going ¢on¢8m basis of accounting in preparlng the financial sl218menls. 2.3 Charltable funds Unrestricted funds ale free lo be used in accordance with the charitable objects al the discretion of the Trus188. Unresbicled funds include designated funds where the Trustee, at its discretion, has ¢rea18d a fund lor o specific purpose. Re$trict8d funds can only be used for partScular r8Stiicted purpose5 Within the objects of the Foundatlon. Restrictions arise wh8n specified by the donor or where funds ar8 ralsed lor particular reslricled purpose5. Further explanation of the nature and purpose of èach fund is induded in note 18 to the financial statements, 24

The Greggs Foundation Notes to the financial statements Year ended 31 December 2025 Ac¢ountln9 pollcl•$ Icontinuedl 2.4 Income In¢ome is ￿cOgnised In the 5ta18ment of financial activities when the Foundation ha5 legal enlitlemenl lo the funds, any perfoitn3nce conditions 811ached lo the income hav8 been mel, the amounts can be measured reliably, and it is probable thal incotne Mll be received. Income frorn donation8 and legacies Include cBsh donations frorn individuals, companie5, Give As You Earn and tslher Trust5. Donations are re¢ognised when there is eniitletnenl. the Foundation is probable of the receipl and the amount can be rneasured with Sufficient reliability. Such income is only deferred when the donor specifies that the donation ielale5 to futur8 accounting periods. Income tax recoverable in relation to donations received under Gift Aid is recogn15ed at Ihe tirne ol th8 donation. Donated services and facilities are included in incom8 at 8 valuatDn which is sn 83timate ol the financial cost borne by the donor where such a cost Is quaritified and measurable. No incorne is recognised when the￿ is no financial c05l borne by a third party. Income from charitable activities inclLJdes a range ol fund raisSng adlvllles carried out by the Local Charity Committees and is accounted for when receivable. Income from investments inclvdes dividends and interest receivable. 11 is included when re¢eivabl8 and th8 amount Can b& MeaSu￿d ￿lIably. 2.5 Expenditure Expenditure Is recognlsed when th8r8 15 a legal or constructive obllgatlon to mak8 a payment to a third party, it is probable that the settlement will be required and th8 amount of the obligation can be measured reliably. Expendlture is classified under the following aclivlty headings.. Exp8nditur8 on raising funds are those costs ineurred in attracting donations. and th05& incurred in activities undertaken by colleagues who raise funds. Expenditure un charitable aclivilies incluLle5 grants payable und8r our grant-making programrnes. Grants payable a￿ recognis8d when an unconditional offer has been rnade by the Foundation. Grants offered which are suLiject to conditlons 8re recognised when the Trust88 has reason to believe that thè conditions have been mel. Where the Trustee approv8$ 8 grant that 15 payable in instalmenls over a period of two or three years wilhoul specifie conditlons attached, the total amount of that grant is charged in the accounts during the year of approval. All expenditure is acwunted for on an accruals basis. All expen5e5 including support C05t5 and governance cosis are allocalerj or apportiongd lo the applicable expenditure headings. Support costs have been allocated b8lwe8n governan￿ costs and othei support costs. Governance Costs comprise all ¢osls involving the public accountability of the Foundation and Ils cornpliance with regulation and good practice. These costs Indude costs ielat8d to stalulory audit and legal fees together with an apportionrnenl of overhead and SLtpport costs. Gtsvemance cost5 and support costs relating to charitable activities have been apports.oned based on the value grant awards mada. The 811oc8tion of support and govemance costs is analysed in note 9. 25

The Greggs Foundation Notes to the financial statements Year ended 31 December 2025 A¢¢ounting policies l¢ontlnu8dl 2.6 Intangible assets and amortlsatlon Intangible assets are initially recognised al cost. After re¢ogniiion, under the cost model, intangible assets a￿ measured at cosl less any accumul8led arnorti5alion and any accutnulaled impairm8nl losses. Amortisalion is provided on intangible assets at rates calculated to write off the cost ol each asset on a str8ighl-line basis over ils expected useful life. Amortisalion Is provided on the following basis.. Comput8r software 14 Straight line At each reporting end dale. the Foundation rewews the carrwng amounts of its intangible assels to determine whether there is any indicat￿n that Ihos8 assets have suffered an impairmenl loss. If any such indication exi51s, the ￿coVerable amount of the asset is estimated in order to determine the extent of the irnpaiimenl loss lif 8nyl. 2.7 Investments Fixed asset investments are Initially rneasuod al transaction price excludiry transaction costs, and are subsequ8nlly measured al fair value al each reporting date. Changes in fair value are recognised in nel incomellexpenditurel for the year. Transaction costs are expensed as incurred. 2.8 Current a55et Inve$tmentS Current asset investments are basic Iinancial assets and relate lo a deposit account_ They are initially rneasured al tran$8etion price Induding transaction costs and are subsequently carried at amortised cost. 2.9 Cash at bank and in hand C85h al bank and in hand includes ¢ash and short-tenn highly liquid investments with a short maturity ol three months or less from the da18 0racquisit￿n or opening of the deposit or sirnilar ac¢ounl. 26

The Greggs Foundation Notes to the financlal statements Year ended 31 December 2025 Accounting policle$ lcontinuedl 2.10 Flnancial instruments The Foundation has elected to 8pply the provisions of S6dion 11 'Basic Financial In5trurrtent5' of FRS 102 to all of its financlal inslrumenls. Financial in51rumenls a￿ recognised in the FoLJndatron's balanc8 $heel wh8n the Foundation becomes party lo the contraclual provisions ol the instrument. Financial assets and liabilities ale offs8t. with the n8t 8rnounts presen18d in the fin8ncial 51alemenls, when there is a legally enforceable right to sel off the recognised amounts and thère is an intention to settle on g net b8sis or lo realis8 the asset and $8tLle the liabilty sirnultsneously. Basic financlal assots Basic financial assets, which include other debtors, accrued income and cash and bank balances. are Initially measured at transaction price Including transaction costs and are subsequently carried al amortised cost using the effective interest method unless the arrangement ¢on5ti1utes a financing transaction, where the transaction is measured al the present value of the future reeeipts discounted al a market rale of interest. Finan¢ial assets classified as receivable within one year are not amortised. Basic flnan¢i*l liabilities B8sic financial liabilities. including other creditors, accruals and deferred income, are initially recogni5ecl at transaction price unle$5 the arrangetnent constitutes 8 financing transaction, where the debt Instrument is measured at the present valu8 of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amort15ed. Debt instrumènts arg subsequently carried at atnortised cost. using the effective Inte￿$t rat8 mglhod. 2.11 Fund aceountlng General funds are unrestricted funds which are available lor use al the discretion of the Trustee in furthera￿￿ of the gen&ral objectives of the Foundation and which h8ve not been designated for other purposes. Designated fund5 comprise unrestricted funds that have been sel aside by the Trustee for particular purposes The aim and use ol each designated fund is sel out in the note5 to the financial staleTnents. R85tricted funds are fiJnd8 which are to be Ljsed in accordance wlth spècific reslriclions imposed by donor5 or which have been rai58d by the Foundation lor particular purposes. The ¢osts of r8ising and administering Such funds are charged against the specific lund. The aim and use of each reslricled fund is sel out in the notes to the finan￿￿1 statements. Investment Ineom8, gains and Ios585 are allocated to the appropriate fund. 2.12 Prlor year restatement The eomparalive figures within the balance sheet have been ￿$tated to increase r88tricted fund8 by £150.000 and reduce unrestricted funds by £150.000. This Teststemenl more accurately reflects the nature of the balance and has no effect on either the reported result or net assets for the prior year. 27

The Greggs Foundation Notes to the financial statements Year ended 31 December 2025 Critical accounting estlmates and areas of lud9ment Estimates and judgtnents ar8 conts"nually evaluated and are based on historical experience and other factors, including expectations of fubJre events that ar& believed to be reasonable under the circumstance5. Estimates included within these financial stal8ments in¢lud8 amortisalion ol intangible assets. This Is not consid8red to carry significant estimation uncertainty, nor lo bear significant risk of ¢ausing a material adjusltnenl to carrying amounts ol assels and liabilities within the tiexl financial year. Income from donatlons and legacie5 Unrestrlcted Restricted funds funds 2025 2025 Total funds 2025 Total funds 2024 Donations Donated goods and ServI￿S 3,575,150 553.393 974,989 4,550,139 553,393 4,529,627 519.294 4,128.543 974,989 S,103.532 5,048.921 Total 2024 4,235,991 812.930 5,048.921 Unrestrlcted funds 2025 Restrl¢ted funds 2025 Total funds 2025 Total funds 2024 Gregys plc- Company donations Greggs plc- donats.ons from product sale5 Greggs pl¢- give 85 you earn IndiV￿Uals (including gift aid) Other Trusts Partners 3,214,294 342.377 3,549 14,765 3.214,294 342.377 23,471 380,895 98,465 510,637 2,￿0,752 355,561 28,374 408,772 80,000 758,148 19.922 346,130 98,465 510,472 165 3,575,15Q 974,989 4,S50.139 4,529,627 Total 2024 3,716,697 812,930 4,529.627 Donatod goods and $ervic8s Donated 90c￿$ and servie8s comprises the cost of staff involved with the rnanagemenl ond administration of the Foundallon of £510,43212024'. £483,244) and free office space of £42.961 12024.. £36,050). These services are provided by Greggs pl¢ and the Trustee and the related cosis of Ih85e donated services are induded in nole 9. 28

The Greggs Foundation Notes to the financial statements Year ended 31 December 2025 Income from charitable 8Ctivltles Unrestrlcted Restrlcted funds lund$ 2025 2025 Total funds 2025 Total rund$ 2024 Community Appeal and fundraising events Schools Programrno and Breakfast Clubs Appeal and fundiaisirTrg events Genèral Fundraising Fundraising plattorrns 332,729 332,729 284,791 82,061 82,061 297.876 5.024 5,024 18.461 337.753 82,061 419,814 601.128 Total 2024 324,653 276,475 601,128 29

The Greggs Foundation Notes to the financlal statements Year ended 31 December 2025 Investment Income Unr05tricted funds 2025 Total funds 2025 Totsl fund5 2024 Incorne trom listed inv8Stments Interest receivable 575,105 113,873 575.105 113,873 655.445 126.237 688.978 688,978 T81.682 Expenditur8 on ralslng fund5 Costs of ralsing voluntary incorne funds 2025 funds 2025 funds 2024 Fundraising and publicity 30.248 30,246 8.268 30

The Greggs Foundation Notes to the financial statements Year ended 31 December 2025 Chailtable activities Unrestrtcted Restrlcted funds funds 2025 2025 Total funds 2025 Total funds 2024 Communlty grants Grant-making sha￿ ol support C051s (see note 91 Share of goveinanc8 costs (see note 91 2,002,394 285.214 8,331 2.002,394 285,214 8,331 1,914,107 243,691 10,405 2.295,939 2,295.939 2,168,203 Hardship Granl-making Share of support costs (see note 91 Sh&r8 of governance costs (see note 91 684,644 118,046 3,482 144.118 4.029 828.760 122,075 3,482 1,169.548 148.899 6.358 806.172 148,145 954,317 1,324,805 Innovation and strategic grant$ Granl-making Share ol support costs (see note 91 Share of gov8rnance costs (see note 91 247,195 35,210 1,039 247,195 35,210 1,039 283,444 283.444 School$ Programme Breakfast Clubs Grant-rnaking sha￿ of support costs15ee note 91 Share of governance costs (see note 91 1,358,202 301,437 8,892 758.098 21,194 2.116,300 322,631 8,892 1,975.486 251.506 10,739 1,668,531 779,292 2,447,823 2.237,731 H•alth and $ustalnablllty grants Grant-making sha￿ of support eosts (see note 91 Share ol governanea costslsee note 91 180,000 25,639 756 180.000 25,639 756 294.000 37.430 1,598 206.395 206.395 333,028 5,260,481 927,437 6,187,918 6,063.767 Total 2024 las ￿Stated) 4,228,949 1,834.818 6,063,767 31

The Greggs Foundation Notes to the financial statements Year ended 31 December 2025 Support costs Support Governance costs costs 2025 Totsl funds 2025 Total funds 2024 2025 In klnd staff c05t5 Amortisalion other office cost5 In-kind rent and rates Profe55ional fees Printing and publications Conferences Audit and accountancy fe8S 534,084 28,817 63,862 42.961 81,863 39,182 534,084 28,817 63,862 42,961 81,863 39,182 483,244 20,035 29,866 36.050 65.127 9,727 37,417 29,100 22,500 22.500 790,769 22,500 813,269 710,626 Total 2024 681.526 29.100 710.626 Support costs are rnet in lull by Greggs plc, being either in¢urr8d directly by the company 8nd donaled to the Foundation, or m8t froffl unrestricted donalh)ns recepied from the company. This enable5 all slricled incom& lo be applied diredly to the various charitablg activily programm8S. Support costs have be8n allocated to these programm8s for sl8tutory accounts purposes based on the V81ue of grants d15tributed across each charitab18 activity proGramme. 10. Auditor'$ remuneration 2025 2024 Fees payable to the Foundation's auditor for the audit of the Foundation's annual accounts 18,750 23.500 Non•udit services Other non-audit service5 not included above 3.500 11. Trustee's remuneratlon and expenses During the ygor, none of the dlrectors of the Trustee re¢8ived any remuneiation or other benefits12024.' Durlng Ihg year 4 12024.. 51 directors of the Trustee incuired exp8ns8s of £2.182 12024.. £1,267) in relation to travel and subsistence. 32

The Greggs Foundation Notes to the financial statements Year ended 31 December 2025 12. Employees There are 11.5 full tiTn8 equivalent personnel 12024.. 10.71 etnployed by Greggs plc involved with the management and administration of Ihe Foundation. The support of these ernployees Is donated by Greggs plc to the Foundation The Foundation has no direct ernployees. The key management personnel of the Foundation are considered to be th8 directors of the Trustee. Please see note 11 for delails ol trustee remuneration and expenses. 13. Intanglble assets Computer software C05t At 1 January 2025 Additions 192,180 55.296 At 31 December 2025 247,476 Amortlsatlon Al 1 January 2025 Charge lor the year 28.383 28.817 At 31 Decernber 2025 57,200 Net book value Al 31 December 2025 190,276 At 31 December 2024 163.797 33

The Greggs Foundation Notes to the financial statements Year ended 31 December 2025 14. Flxed a558t Investm8nts Inve$tment5 Cash Total Cost or valuation Al 1 January 2025 Additions Disposals Revaluabons 25,327,105 6,864,515 16,770,794) 11,745,1161 191.026 318,393 25,S18,131 7,182.908 16,770,794) 11,745,116) Al 31 December 2025 23,675.710 509,419 24,185.129 Net book value At 31 December 2025 23.675,710 509,419 24,185,129 15. Debtors 2025 2024 Prepa￿￿entS and accrued income 133,233 99,583 16. Current asset Inv85tment$ 2025 2024 Short l8rm deptssits 1,305.654 1.254,148

The Greggs Foundation Notes to the financial staternents Year ended 31 December 2025 17. Credltors: amounts falling due wlthln one year 2025 2024 Tr8de creditors Other creditors Accruals and deferred income Grants payabl8 67,290 245 67.744 877.572 91,927 1,182,378 1,012,606 1.274,550 2025 2024 Delorred incom& at 1 January 2025 Income deferred during the year Amounts released from previous periods 2.255 30,208 12,2551 71,430 2.255 171,4301 30.208 2.255 Deferr8d income has arisen on incorne invol￿d In the yèar that relates to the year to 31 December 2028. 35

The Greggs Foundation Notes to the flnancial statements Year ended 31 December 2025 18. Statement of funds Statèment of funds. current year Balance at 31 Gain$1 Decernber ILossesl 2025 Balance at 1 January 2025 Transfers snlout Income ExpendSture Unrestricted funds Deslgnated funds Hardship S¢hools Communities Innovation 244,044 1,675,657 687,341 154.278 304,451 1684,6431 425,437 11.358,2031 1.509,217 12,Q02.3951 350,000 427.1951 150,000 13.852 742.891 878,058 774,195 683.895 697,112 2,761.320 2,589,105 14,472.4361 1,531,007 2,408,996 Gener81 funds AccumuSated fund 25,773,232 2,566,169 1818,2911 11.531,0071 11,474,2121 24.515,891 Total unr8Strlcted funds 28.534,552 5.155,274 15.290,7271 11,474.2121 26,924,887 R85trl¢led funds Hardship Schools Time lo Shin8 116,961 903,808 70,000 955,585 31.465 1144,1161 1758,0981 125.2231 42.845 1,101,295 6.242 1,020,769 1,057.050 1927.4371 1,150,382 Total of funds 29,5SS,321 6,212,324 16,218,164) 11,474,212) 28,075,269 36

The Greggs Foundation Notes to the financial statements Year ended 31 December 2025 18. Statement of funds Icontinuedl Statement of funds- prior year B818nce at 31 December 2024 Balance at l January 2024 Transfers inloul Gain51 ILossÈsl Incorne Expenditu Unrp5tricted funds Deslgnated funds Hardship Bre8kf8St Club Environmental Designated special pioj8ct5 Loc81 projects National Hardship Community grants Health & Sustainability Schools Programme 234.101 11,153,523) 104,740 128.4131 304,140 1,152,526 233,104 996,492 154,278 920,185 94,138 1244.0001 20,048 20,048 219 5,975 2.035,300 142,4051 42,186 4.965 575,570 10,940 667,293 11,856,083) 187,4941 1294,0001 1143,9001 294.000 555,171 267,894 679.165 1,614,886 2.952,369 13,518,324) 1,712.389 2,761.320 General funds Accumulated fund 23,388,328 2.389,957 1718,8931 11,642.6421 2.356.482 25,773,232 Total unrestrl¢ted funds 25,003,214 5,342.326 14,237,217) 69,747 2,356,482 28,534,552 Restricted funds Hardship Breakfast elub Nominated Charities 91,043 1,744.886 105,918 983,487 118,0251 11,803,173) 163,9751 121,2921 116.961 903.808 115.6201 15,620 1.835.929 1,089.405 11,834,8181 169,7471 1,020,769 Total of fund5 26.839,143 6.431.731 16,072,035> 2,356,482 29.555.321 37

The Greggs Foundation Notes to the financial statements Year ended 31 December 2025 18. Statement of funds Icontinuedl Unrestricted funds Unrestricted funds 8r8 available to bè spent lor any ol the purpos8s of the Foundation. Thes8 funds include designated funds wh8re the Trustee. at ils discretion, has created a fund for a specific purpose. Restricted and designated funds.. Hardship The Hardship fund administered by the Foundation works in partnership with other charitable trusts in the region. Funds received from other trusts a￿ distribuied. al no cost to the contributors, to families and individuals in need via slatulory and voluntary wellaie agenue5. Total funds received from other Irusls for the year which were restricted to Hardship amounted to £70,00012024.. 280,0001. S¢hools Feeding Brighter Futures 15 the Greggs Foundation's schoo15 programme. It now brings together our existing Breakfast Club programme. sUPPOrting children through free access lo breakfast Clubs, after- school dubs and holiday provision across a n8twoik of 1.000 schools. The progratnme 1$ funded through donations from Greggs plc, partner organisalions and individual supporters. Income re￿Ived fro Innovation This initiative has been funded in part through the genertsslly of individuals and through donations from Greggs pl¢ as a re5uII of the caiiiei bag levy. Thi5 has funded our Health & Sustainability Programme Agents of Change, laiJnch8d in 2022 8nd Is delivergd through our partnar Rethink Food. This is sustainable educational resour¢8 offered free lo primary schools, that will help children lo become more carbon reSoUr￿fUl. Children are encournged to eat to save the planet. Communlty A share ol profil donated from Greggs Outlets is donated to the foundation. Th8 board has designated this lo fund 9ranls lo community organisabons. Time to Shlne The Time lo Shine giant Is restri¢t8d funding provided by The Rank Ftsundalion to support 8 pald leadership placernenl lor a young person within a charity or VCSE organisalion, alongside participation in the Time to Shine leade15hip developm&nt piogramme. Thi5 grant funded a 12 month placement for narn8d individual, covering salary costs, approved expenses and programme-relaled cosls, including leaming and development activity. Transfers In the year, un￿stricted funds were transferred lo designated fLJnd5 lor the Hardship programrne., unr8slricted funds were Iransferr8d lo designated funds to fund the community grants," and unr8sliicied funds were transferred to de5i9nated funds to fund the innovation programme. 38

The Greggs Foundation Notes to the financial statements Year ended 31 December 2025 19. Analysls of net asset$ between fund$ Analysis of net assets between funds- current year Unrèstricted funds 2025 Restricted funds 2025 Total funds 2025 Intangible fixed assets Fixed asset inveslrnent5 Curr8nl assets Creditors due within one year 190,276 24,185.129 3,562.088 11.012.6061 190,276 24,185,129 4,712.470 11,012,606) 1.150,382 Total 26,924,887 1,150.382 28,075.269 Analysls of n•t as$ets bet￿tr￿ funds- prior year Unrestricted Restricted funds funds las re51aledl las restaledl 2024 2024 Total funds 2024 Intsngible fixed assets Fixed asset inve5tffl8nls Current 8sset5 Creditors du8 Wlthin one year 163.797 25,518,131 4.127.174 11,274,550) 163,797 25,518,131 5,147,943 11,274.5501 1,020.769 Total 28,534,552 1.020,769 29,555.321 39

The Greggs Foundation

Notes to the financial statements Year ended 31 December 2025

20. Reconciliation of net movement in funds to net cash flow from operating activities

Net (expenditure)/income for the year (as per Statement Activities) Adjustments for: Amortisation charges Losses/(gains) on investments Dividends and interest from investments (Increase)/decrease in debtors (Decrease)/increase in creditors Net cash (used in)/provided by operating activities 21. Analysis of cash and cash equivalents Cash in hand Total cash and cash equivalents 22. Analysis of changes in net debt Cash at bank and in hand Liquid investments	of Financial At 1 January 2025 £ 3,794,212 1,254,148 5,048,360	2025 £ (1,480,052) 28,817 1,474,212 (688,978) (33,650) (261,944) (961,595) 2025 £ 3,273,583 3,273,583 Cash flows £ (520,629) 51,506 (469,123)	2024 £ 2,716,178 20,035 (2,356,482) (781,682) 99,090 434,115 131,254 2024 £ 3,794,212 3,794,212 At 31 December 2025 £ 3,273,583 1,305,654 4,579,237

40

The Greggs Foundation Notes to the financial statements Year ended 31 December 2025 23. Capital commitmeb7ts Al 31 Decetnber 2025 the Foundation had capital cotntnitments a5 lollow5'. 2025 2024 Contracted for but not provided in these financlal $tatement$ Acquisition ol intangible assets 13,506 24. R8lated party transactions During thg year, the Foundation receN8d the following donations from rela18d partie8= 2025 2024 Gr8ggs plc Director of the Trustee 4.110,064 3,256,333 1,890 179,067 Family members of a director of the Trustee 4,110,064 3.437,290 In addition lo the donations a￿Ve, donated services lotslling £553,39312024'. £519,294) were provided by G￿9g$ pl¢, further details are gwen in note 3. As al the reporiing dale there was an outstanding balance of £nil12024.' £nill owed lo Gregg5 plc, and an outstsnding balance of £nil12024.. £nill owed from Greggs plc. Included wlthin the fixed assets investments Is an Investment held in Greggs plc of £4,720,800 12024. £7,828,680). Included in net gains of inves1rn8nls is a gain on disposal of shar65 of £nil12024.. £nill and an unrealised loss of £3,107,86012024-. gain of £517,0401 in relation to this investment, 41