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$idergd capable of detectlng Irregularltles, lficluding fraud Irregularities. including fraud, are instances ol non 2,356,482 29.555.321 37 The Greggs Foundation Notes to the financial statements Year ended 31 December 2025 18. Statement of funds Icontinuedl Unrestricted funds Unrestricted funds 8r8 available to bè spent lor any ol the purpos8s of the Foundation. Thes8 funds include designated funds wh8re the Trustee. at ils discretion, has created a fund for a specific purpose. Restricted and designated funds.. Hardship The Hardship fund administered by the Foundation works in partnership with other charitable trusts in the region. Funds received from other trusts a￿ distribuied. al no cost to the contributors, to families and individuals in need via slatulory and voluntary wellaie agenue5. Total funds received from other Irusls for the year which were restricted to Hardship amounted to £70,00012024.. 280,0001. S¢hools Feeding Brighter Futures 15 the Greggs Foundation's schoo15 programme. It now brings together our existing Breakfast Club programme. sUPPOrting children through free access lo breakfast Clubs, after- school dubs and holiday provision across a n8twoik of 1.000 schools. The progratnme 1$ 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