2023-12-31-accounts

IGO www.lgd.com THE INSTITUTE OF GROCERY DISTRIBUTION Annual Report and Accounts For the year ended 31st December 2023 Registered Number 00105680 Charity Number 309939

The Institute of Grocery Distribution Report and Accounts For the year ended 31$t December 2023 Contents Page Trustees, Report (including Strategic Report) Group Statement of Financial Aclivilie5 Statemenls of Financial Posilion 12 Group Statement of Cash Flows 13 Notes to the Accounts 14 Independent Auditor's Report 27 IGD Board of Trustees 31 IGD Senior Leadership Team 32

The Institute of Grocery Distribution Trustees, Report (including the Strategic Report) For the year ended 3151 December 2023 The truslees present their report (including the Stralegic Report) together with the financial statements for the year ended 31st December 2023. The trustees have adopted the provisions of the Statemenl of Recommended Practice for Accounting and Reporting by Charities (Charities SORP {FRS 102) (Second edition - October 2019)). The report and the financial statements 81so comply with the requirements of the Companies Act 2006. Ob'ectives and activities As a charity, we exist to upskill people working in or looking lo join the food and consumer goods industry. We also manage initiatives driven by research and best practice relating to economics, science and technology in the food industry. Our charitable work is funded by the profits from our trading subsidiary, IGD SeNices Limited, together with its Iwo overseas based trading subsidiaries. The three companies provide research and insight based commercial services to the food and consumer goods industry. We enable companies across the food and consumer goods industry to work together collaboratively across four key areas of focus.. Economics, People, Health and Sustainability. We seek to increase the public benefit we deliver every year by making a bigger impacl on a larger number of people and companies and we measure performance via pre-set targets (KPlsl which are summarised in a charitable matrix. The targets are derived from our annual business plan and are agreed with the Trustees. Due to nature of our programmes the KPIS change every year, but the overarching objective is to increase the level of public benefit which we deliver. Threshold, budget and stretch targets are set for each objective and in aggregate we achieved just over budget for the year. Specifics for each area, including the focus for 2024, are detailed below. Our 2023 charitable achievements Summary Over the last 12 months, the food and consumer goods industry has contended with high inflation alongside the effects of low economic growth and ongoing labour shortages. Supply chains continue to be challenged by an unstable global landscape and changing regulatory environment while, closer to home, UK households are expected lo see living slandards lower than pre-pandemic levels by the end of 2024. The food industry needs to make progress in overcoming these challenges while amplifying the need to work together to build a heallhy, sustainable and resilient food system. 11 has never been more crucial to continue bringing the food and consumer goods industry together, lo ensure stakeholders across the whole value chaln work collaboratively to make a positive difference on the issues that matter to us all. IGD aims to be the essenlial partner to a thriving food and consumer goods induslry. We have a unique ability lo convene stakeholders across the whole food and consumer goods supply chain, to influence change across four key areas: people, health, sustainability and economics. We are immensely proud of our achievements over the last 12 months and are delighted to share some of our highlighls below. None of our work would be possible without the expertise and support of our Industry Forums, ne￿OrkS, project groups, volunteers and of course, the team here at IGD, who are passionate aboul making a tangible difference. The funding for our social impact work is derived from IGD'S trading subsidiary, and we are genuinely grateful to businesses for their fantastic support and investment in our commerGial insight and expertise, which enable us to deliver these critical workstreams. To find out more about our work visit igd.comlsocial-impact. in with indust and overnrnent Our Industry Forums and networks are critical in guiding our work and enabling businesses to partner with us to deliver social impact. They also provide an opportunity for members to develop peer networks and drive thought leadership for the whole industry. We welcomed some new members inlo our forums and networks in 2023 and engagement across all our groups remained high.

The Institute of Grocery Distribution Trustees, Report (including the Strategic Report) (continued) For the year ended 31st December 2023 with indust and overnment contlnued Beyond industry, we continued lo build influence with government departments and grow our network of other critical stakeholders that can help us to deliver greater social impact. We continued to work closely with policy makers across key government departments including the Department for the Environment, Food and Rural Affairs (DEFRA), the Department for Health and Social Care (DHSC) and the Department for Work and Pensions {DWP), sharing our insights to support evidence-based policy making. Examples include our inflation forecasts, economic resilience, our research on diels and behaviour change, and recommendations for a harmonised approach lo environmental labelling for the UK food syslem. We also continued to foster good relationships wilh key industry bodies such as WRAP, the Food and Drink Federation, the British Retail Consortium, the NFU and the Consumer Goods Forum, creating parlnerships and aligning our goals on common themes and topics. 2023 highlights At our March Chief Executive's Forum, we welcomed the Secretary of State for Environment, Food and Rural Affairs. We also held meetings in June and September that were well attended by a spectrum of experts and senior government stakeholders. We have provided an authoritative voice on food inflation offering accurate forecasts and briefing key stakeholders, including industry leaders, DEFRA, the Bank of England and the Competition and Markets Authority. We took 8 significant role leading the workforce sub-committee of the Food and Drink Sector Council, in responding to the recommendations in the Independent Review into Labour Shortages in the Food Supply Chain. A record-breaking 22,500 yOLJng people have been trained through our employabilily workshops and work experience this year. We continued lo deliver a world-leading programme of behaviour change trials in partnership with Leeds University and the University of Aberdeen, which was recognised by the prestigious ESRC Celebrating Impact Award. We delivered a set of recommendalions for a 'harmonised approach, to environmental labelling for the UK Food System, based on extensive research and engagement with industry, academia and technical consultants. Economics from IGD We support better strategic planning and decision-making for the benefit of society, through our economic analysis and engagement with policymakers. We deliver free analysis of the latest economic and socio-economic trends, the policy landscape, and its impact on consumers, to help organisations make sense of the external influences on our industry. 2023 hlghlights In lolal, more than 2,000 business leaders and critical stakeholders engaged with Economics from IGD content in 2023. We continued to track and monitor key economic indicators 2nd important policy developments through our weekly Economics Bulletin, which now has more than 4,100 subscribers. We continued to share ourflagship Viewpoint reports in 2023- our quarterly deeper dive into the issues impacling our industry, with accompanying webinar. We also created two Viewpoint special reports on the specific challenges posed by food price inflation and rebuilding resilience. Our food price inflation forecast issued in June 2023 as part of the Viewpoint special report achieved high levels ofengagemenl from the media and key stakeholders. Ourfood inflation forecasts have informed key stakeholders including the Treasury, Defra, the Bank of England and the Competition and Markets Aulhority.

The Institute of Grocery Distribution Trustees, Report (including the Strategic Report) (continued) For the year ended 3151 December 2023 Peo le from IGD Our ambition is to build a workforce fit for the future. We focus on building people's vital employability and life skills., developing the skills and capability of industry professionals,. and supporting businesses lo create inclusive workplaces where everyone can thrive. In 2023, we built on our work connecting young people and industry professionals through virtual work experience weeks and facililaled workshops, supporting Gompanies to deliver their own follow-up activilies lo the schools withln their communities. We rolled-out a wide-reaching employability pilot in Yorkshire, in partnership with local education infrastructure, The Careers and Enterprise Company and major manufacturers and retailers based In the region. 2023 highlights: We provided free learning for more than 2,800 people from over 400 companies. who this year took part In our mentoring programmes, our New Starter Skills course and our two-part New Manager Skills course. The largest learning intake ofthe yearwas our New Starter Skills autumn intake where over 800 people took part. Some 5,000 people have taken part In the course over the past five years. A record-breaking 22,500 young people have been trained through our employabiliiy workshops and work experience this year, with 93 % increasing their understanding of how skills are used in the world of work. We launched our new partnership toolkit to support our industry to independently engage with schools and colleges. Many companies are now commilled to delivering local psrtnerships as part of their atlraclion strategy for 2024. On our Inclusion and Diversity Reverse Mentoring Programme, 86/0 of participants agreed that they had developed their knowledge as a result of the programme, with 86 % agreeing they feel inspired to do something differently. Health from IGD Our ambltion is lo make healthy and sustainable diets easy for everyone, by mobilising Ihe industry to drive action. We develop the leading source of practical business insights on shifting consumer behaviour and provide high-quality technical resources and tools lo support businesses to deliver healthier and more sustainable diets. Since 2019, IGD has joined forces with leading retailers, manufacturers and researchers at the Universily of Leeds, lo put theory into practice with millions of people through a series of behaviour change trials. This enables us to capture and measure sales and nutrition data from each intervention, lo make recommendations on what actions truly drive long-lerm behaviour change. In 2023, we continued lo build stronger links with policy makers al the Department for Health and Social Care, the Office for Health Improvement and Disparities, the Food Standards Agency, the Forensic Science Service and the Welsh Government, raising awareness for our work via external speaking engagements. In 2023, our experts participated in a Sainsbury's parliamentary briefing and spoke al the Retail Institute at Leeds Beckett and the CDRC Data Partnership Forum at Leeds University. We have further developed strong conneGtions with the Industry Nutrition Strategy Group and Nutrition Network. 2023 highlights In 2023 we published two reports.. one looking at the reformulation of products in response to the HFSS legislation and one updated product development and reformulation guide. to steer industry towards improving the nutritional quality of products. We continued to lake part in an exciting academic collaboration to analyse population level supermarket transaction data from multiple retailers, to evaluate the impact of the HFSS legislation, with results due at the end of 2024. In July we published results from a research project on consumer attitudes to Ultra Processed Foods, showing a high level of shopper confusion on the topic. The team were asked to contribute an editorial to a virtual issue of Ihe Nutrition Bulletin, the British Nutrition Foundation's journal. The issue and editorial, "Changing the Relail Food environment" explored the research from academia, including IGD'S programme of trials, on how lo nudge consumer behaviour towards healthier and more sustainable diets.

The Institute of Grocery Distribution Trustees, Report (including the Strategic Report) (continued) For the year ended 31st December 2023 Suslainabilit from IGD Our ambition is to accelerate progress towards a sustainable food and consumer goods syslem. We focus on mobilising the industry lo harmonise environmental labelling across food products. halve the environmental impact of packaging systems by 2030,. halve food waste by 2030 and maximise food surplus redistribution., and accelerate the food and consumer goods indLrstry's transition to Net Zero. In 2023 we Gontinued our work with industry to develop a harmonlsed approach lo environmenlal labelling in the UK. We are led by science, informed by consumers. A steering group of senior industry represenlatives, Defra and WRAP guide our decisions, with input from a larger consultancy group. We also worked with food and consumer goods businesses and other critical stakeholders across the packaging system, to further our shared ambition lo halve the environmental impact of packaging systems by 2030. The scope includes all packaging materials (not just plastics), and their environrnenlal impacts. 2023 highlights Significantly, we delivered recornmendalions for a harmonised approach to food environment labelling to government as the culmination of a two-year programme and extensive consultation process across industry, academia, government and the third sector. We aimed to engage with 50 wider stakeholders over the year to inform our approach and exceeded that target, reaching 94 As testament to the significance of our environment labelling work, we informed a deep-dive feature article on the topic of IGD'S recommendations lo government for the food industry's key magazine The Grocer. We published IGD'S Sustainable Packaging Choice Tool and Supermarket Heat Map in April, with positive feedback from industry. This enabled our stakeholders to belter understand the impacts and opportunilies for sustainability per product category. Our packaging team also made strides towards the ambition lo halve the use of plastics in the supply-chain by 2030, by delivering a series of over-subscribed sustainable packaging workshops with C-suite colleagues al five major retailers and manufacturers. The packaging team attended the Innovation Forum in Amslerdam, sharing the stage with partners Anthesis and Hubbub, and paving the way for further engagements from partners and businesses wishing to work on their sustainability packaging stralegies with IGD. We strengthened our relationship with WRAP, laying the foundation for handing over delivery of our ambition, with the aim of maximising the reach and impact of the work via WRAP'S global network. This will enable LIS to belter align our resource and expertise to most effectively drive action. Lookin fO￿ard to 2024 To deliver long-lerm, sustainable social impact next year, we will be continuously improving our existing, large-scale programmes and developing new programmes of research and impact delivery. In 2024, we aim lo be the trusted convenor of the industry, driving action and leading positive Ghange, thereby playing a central role in securing a healthy, sustainable and resilient food system for the UK. We will look to increase and deepen engagement among industry leaders with our Ihought-leading economic insight, sustainability, health and people programmes, ensuring these remain relevant to our audience, while supporting decision- making within our industry. On people programmes, we will be galvanising a seclor-wide campaign lo attract talent lo UK food and consumer goods, while continuing lo deliverwork experience, workshops and mentoring programmes. We also intend to mainlain the impact and reach of our learning courses for new slarters, early careers and line managers. On health, we will deliver the first detailed analysis of the impact of location restrictions on HFSS products based on retailers, sales and nutrition data. We will continue to do this in collaboration with valued delivery partners at the University of Leeds 8nd the University of Aberdeen, with the support of UK Research and Innovation (UKRI). On sustainability, we will develop a toolkit to enable businesses lo implement a harmonised approach to environmental labelling. In addition, we will provide industry leaders with an articulation of the business case for sustainable packaging alongside calls to action for both businesses and government. We will also explore the potential for IGD to play a role across a broader agenda including net zero and sustainable agriculture.

The Institute of Grocery Distribution Trustees, Report {including the Strategic Report) (continued) For the year ended 3151 December 2023 Lookln fO￿ard to 2024 continued On sustainability, we will develop a toolkit to enable businesses lo implement a harmonised approach lo environmental labelling. In addition, we will provide industry leaders with an articulation of the business case for sustainable packaging alongside calls to action for both businesses and government. We will also explore the polenlial for IGD lo play a role across a broader agenda inGluding net zero and sustainable agriculture. In short, we will be focusing on strategic priori1Ses where we can mobilise our industry to help us deliver long-term, sustainable impact on a scale, to ultimately benefit the public. Governance structure and mana ement IGD is a regislered charity (registration number 309939) and is constituted as a company registered in England and limlted by guarantee {registration number 105680). Our objects and powers are set out in our Memorandum and Articles of Association. As a charity, we exist to upskill people working in or looking lo join the food and consumer goods industry. We also manage inilialives driven by research and best practice relating to economics, sclence and technology in the food ndustry. When launching anything new, we check that It complies fully with the Memorandum and Articles of Association and we regularly review all activities throughout the year. In these reviews we remind ourselves what we set out to achieve, what we have learnt, the public benefit delivered so far and the opportunities to extend Ihis. In doing so, we refer lo the Charity Commission's general guidance on public benefit. The trustees consider that the charity has complied with the duty in section 17 of the Charities Act 201110 have due regard lo public benefit guidance published by the Charities Commission. The trustees regularly consider and discuss how our existing and planned activities contribute to IGD'S charitable objectives and probe to ensure that resources are used efficiently and deliver a satisfactory return. The Board ofTrustees is responsible for governing the charity. The trustees can serve for a maximum of seven years. IGD is managed by a senior leadership team and the Chief Executive Officer reports to the trustees. The members of the senior leadership leam ar8 listed on page 32. The Nominations Committee oversees the Board's composition making recommendations to the Board of Trustees in the light of specific criteria and the needs created by retirements. Trustee appointments are based on the need for the Board to have the skills and experience from across the supply chain, and providing the appropriate oversight and scrutiny, governance and leadership to IGD in pursuit of ils strategies to fulfil its charitable purpose. All trustees undertake an induction programme to ensure they understand the activities of the charity and their role as a trustee. We have an online document store providing trustees with instant access lo all relevant resources including policies, minules and governing documents. The Board of Trustees have adopted a formal schedule of matters reserved for the Board and this is reviewed regularly. The Audit Committee provides oversight of financial reporting, risk and financial conlrol mallers. The Remuneration Committee is responsible for overseeing the remuneration for the Chief Executive and senior leadership team at IGD. The Board ofTrustees also has a Succession Committee which considers succession planning for the Chief Executive Officer. Trustees consider the Charity Governance Code and use it as a tool for developing best practice to ensure that decisions are grounded in good governance. IGD rewards appropriately to attract and retain high calibre individuals who have the potential to grow and develop. We also recognise and reward high performance so that our standards and values are never compromised. This requires a flexible approach lo position our packages competitively against a mix of comparators, but primarily against the industry we recruit from. All packages are benchmarked to provide assurance that reward packages are fair and set at the level appropriate for the responsibility of each role. Salaries are determined on appointment depending on the relevant external market for the skills and experience required and are reviewed each year considering the external market (including general pay trends), IGD performance and affordability. All pay and bonus proposals for the Chief Executive and the senior leadership team are approved by the Remuneration Committee.

The Institute of Grocery Distribution Trustees, Report (including the Strategic Report) (continued) st For the year ended 31 December 2023 Financial review The source of funding for our charitable activities is profit from our wholly owned trading subsidiary, IGD SeNices Limited together with its Iwo overseas trading subsidiaries. Our trading business is a trusted partner with unrivalled nsight and foresight across our industry. We give our customers a better understanding of how lo unlock success and where our industry is going. Our global insight enables us to deliver unique commercial knowledge and capabilities. We make a difference by giving our customers Ihe abilily to meet everyday challenges and adapt to changing futures. During 2023, trading revenue grew by 120/0 10 £18.5m which was £0.2m higher than Ihe budget set towards the end of 2022. A large proportion of the growth came from an increase in the number of events which we held, with growth in other areas averaging around 5 %. Our surplus on trading activities of £5m was marginally below the £5.2m which was budgeted due lo the costs of the additional events. Given our strong reserve position, we made the decision to continue to invest the budgeted amounl of £5.7m in our charitable activities {2022: £5.1 ml and continue our capital spend (mainly updaling IT equipment) of £0.2m {2022.. £0.2m). This meant that we had a deficit of £0.6m before a gain on revaluing our investment portfolio of £0.6m. During 2023, we moved a further £1m of our surplus cash into a managed mulli-asset investment fund with Cazenove Capital, as approved by the Trustees in 2021. The objective of the investment policy is to protect IGD'S reserves from inflation and lo generate a return above inflation lo help fund future charitable programmes. The fund has been specifically designed for Charities and the fund adopts a responsible investment approach integrating environmental, social and governance considerations into its decision making with the objective of creating long-term sustainable returns. As a resull, our net current assets have fallen by £1.5m. This would be a fall of £0.5m excluding the transfer to fixed asset investments in line with the deficit for the year. Group reserves The trustees have set a reserves policy which requires that reseNes be maintained al a level which provides financial stabilily and ensures that IGD'S charitable activities could continue during a period of unforeseen difficulty and that a proportion of reseNes be maintained in a readily realisable form ("free reserves"). The trustees consider free resewes to be the amount of reserves that are easily converted into cash should the need arise., they exclude unrestricted funds of £2.4m lied up in fixed assets. The trustees assess the reserves policy on an annual basis and have determined that IGD should review the level of reseNes in conjunction with IGD'S business plan and its requirement for investment in the future, considering the risks associated with its income stream. As a guide the level of free reserves should be within the range of 3 to 6 months of planned expenditure. Al 31st December 2023, free reseNes {tolal non-restricted reserves less fixed assets) were £8.3m {2022: £8.3m), which equates to 5 months of planned expenditure (2022.. 5 months) which is towards the top end of the policy approved by the Board, but given the high level of economic uncertainty, the Board of Trustees are comfortable with the position. The Board considers this to be an appropriate level of cover and the reserves will ensure that further investment can be made in IGD'S charitablè programmes and in capital investment lo underpin IGD'S long-term plans. As with previous ye2rs we have undertaken a going concern review and the Trustees are confident that we will remair) a going concern for the foreseeable future.

The Institute of Grocery Distribution Trustees, Report (Including the Strategic Report) (continued) For the year ended 31st December 2023 Princi al risks and uncertainties The risks the charity faces are reviewed as part of our annual business planning cycle. Risks are priorilised by reviewing the potential impact, together with the likelihood of them occurring. Mitigating actions are reviewed with owners assigned to those actions. The risk register is reviewed on a regular basis and updated as appropriate and the trustee5 are provided with updates on major risks by exception at regular meetings. After laken into account the rnitigaling controls in place, the following risks have been assessod to be the major ongoing risks which could Impact IGD- Relevance the industry is facing many challenges and we need to remain alert and be clear where IGD can add most value. Retaining the support of our stakeholders and the work of our industry advisory groups is critical to ensuring our work remains relevant and ultimately delivers social economic value. Rigorous strategic planning is essential and as a charity we need to ensure we are pulling the consumer at the forefront of our thinking. We need to embed our brand values and behaviours and build IGD'S profile ensuring that we are action-orienled and are adding value to our stakeholders. Reputational -we need to be mindful ofthe risk of reputational damage, especially as we need to be more purposeful and vocal to ensure we remain relevanl. Managing the risk reward profile is key. More politically sensitive ar8as such as sustainability could result in adverse publicity, but we need to remain loyal to our purpose and objects. Financial - particularly the loss of income from IGD'S trading subsidiary. The key action is ensuring we have a continuous programme of existing and new product development to ensure our products remain relevant for the industry. Ensuring we are listening to our customers and are tracking our competitors is an integral part of this process. Our reserves policy and rigorous forecasting process ensures Ihal we have sufficient reserves lo withstand any unforeseen events. Inflation the most significant direct impact to us would be high wage inflation as our external direct costs are relatively low. There is however an indirect risk that inflationary cost pressures impact our customer base reducing their appetite to invest in our products and services. We manage this risk with regular forecasting and regular conversations with our customers. People altracting and retaining talent is key to us delivering our strategic objectives. This is relevant both at TrusleelDireGtor level and internally. People and internal communication plans have been developed and talent and succession planning has been embedded within our internal processes. Legal - as an industry facing charity funded by trading activities, we need lo ensure we have the right processes and procedures to ensure we remain within charity law. In addition, we also need to be ahead of other changes such as IR35, data protection legislation elc. We also need lo ensure we have robust procedures in place to manage competition law especially when we bring members of the induslry together. We lake external advice whenever needed and constantly review changes in regulations and our own processes. Operational - we need to ensure we have Ihe rigorous procedures, controls and risk mitigating procedures in place lo deliver our operational plan. This includes having a technology plan which ensures our systems are secure and robust and a targeted marketing plan which respects and protects our stakeholders, data.

The Institute of Grocery Distribution Trustees, Report (including the Strategic Report) (continued) For the year ended 31st December 2023 Subsidia com anies IGD SeNices Limited is a wholly owned trading subsidiary company of IGD. The aim of this Gompany is lo provide sources of funding for our charitable activities. IGD Services Limited has two wholly owned Irading subsidiary companies. IGD Services (Canada) Inc, IGD Services (Singapore) Pte. Ltd. Both share the aim of providing funding our charitable activities. Our Irading subsidiaries are trusted partners lo the industry providing unrivalled insight and foresight on the food and consumer good industry. We give our customers a better understanding of how to unlock success and where our industry is going. Our global insight enables us lo deliver unique commercial knowledge and capabilities. We make a difference by giving our customers the ability lo meet everyday challenges and adapt lo changing futures. Our Online Insight Services provide international news, research and foNard Ihinking so that our customers can get a deeper understanding of industry. Our events portfolio brings people together across the industry allowing attendees to gain a deeper understanding of themes impacting their business. Via our Consulting offer our customers can gain access lo our extensive expertise to get the specific business solutions or training they require. 2023 revenue was £0.2m higher than budget with year-on-year growth of 12 %. We delivered five successful large face to face events which was one more than budgeted and two more than in 2022. This helped lo drive revenue and covered a shortfall against budget of our Consulting revenue where continued cost challenges in the industry meant that customers had lower discretionary budgets lo spend. See the Financial review on page 6 for further detail. Peo le at IGD People al IGD are pivotal in all we do. We rely on their knowledge, skills, intellectual rigour and passion for the food and consumer good industry. Our aim is to become an employer of choice for lop talent by implementing policies, practices, and compensation packages that attract and retain the best professionals. In 2021, we introduced our People Strategy, which revolves around four rnain principles- How we Behave, How we Work, How we Develop, and How we Engage. These principles serve as guiding pillars to communicate and inspire our colleagues about our areas of focus. Since its launch, we've continued to refine and enhance our strategies, such as introducing a development framework in 2023 that clarifies role expectalions and fosters personal and professional growth for all employees. We onboarded 55 colleagues in 2023 and we have been working hard to ensure that are onboarded successfully and feel part of the team and equipped to do great work. Our latesl engagement survey gave an engagement score of 73 /0 Wlth a 910/0 participation rate, surpassing previous surveys and marking our highest engagement score lo date. Thls year, we've taken a comprehensive approach to engagement, focusing on organizational themes such as leadership, change management, and working practices. Our work and leadership approach emphasise governance improvement and operational efficiency. We hold regular extended leadership meetings to ensure alignment, integrated decision-maklng, and better communication. This work will ensure that all employees benefit from clearly defined objectives aligned with our business and operational plans, streamlining planning efforts towards a unified strategy. Environmental res onsibilit The biggest positive impact we make is via our charitable programmes which include working with the food and grocery industry on suslainabilily and waste. However, we are also conscious of our own activities and impact on the environment and have worked with exlernal suslainabilily consultants to measure our suslainabilily or carbon foolprinl. We use that data to inform our decision making where environmental impact has a bearing.

The Institute of Grocery Distribution Trustees, Report {including the Strategic Report) (continued) For the year ended 31st December 2023 Fundraisin Statement Section 162a of the Charities Act 2011 requires charities to make a statement regarding fundraising activities. Although we do nol undertake any fundraising from the general public, Ihe legislation defines fund raising as "soliciting or otherwise procuring money or other property for charitable purposes., Such amounts receivable would be presented in our accounts as "voluntary income" should we receive any and would include leg30ies and grants. The charity is not bound by any undertaking to be bound by any regulalory scheme and the charity does not consider it necessary to comply with any voluntary code of practice as il does not undertake fundraising from the general publlc. Statement of trustees, res onsibilities The names of the trustees who have acted in the year are given on page 31. The trustees are responsible for preparing the trustees, annual report, including the strategic report, and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year that give a true and fair view of the stale of affairs of the group and the parent charity and of the incoming resources and application of resoLtrces, including the net income or expenditure, of the group for the year. In preparing those financial slatements the trustees are required to: select suitable accounting policies and then apply Ihem consislenlly., obseNe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent-, stale whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial stalemenls., and prepare the financial statements on the going concern basis unless il is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping adequate accounting records that disclose wilh reasonable accuracy at any lime the financial position of the group and the parent Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding Ihe assets of the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. So far as each of the trustees is aware at the tirne the report is approved.. there is no relevant audit information of which the company's auditors are unaware- and the trustees have taken all steps that they ought lo have taken to make themselves aware of any relevant audit information and lo establish that the auditors are aware of that information. Directors, report The Trustees, Report incorporates information required in the Directors, Report for the company under the Companies Act 2006. Auditors A resolution for the reappointment of BDO LLP will be proposed al the forthcoming Annual General Meeting. Truste s Report (including the Strategic Report) approved on behalf of the Board of Trustees: Afshin Amira Chair 17 June 2024

The Institute of Grocery Distribution al and Administrative Information Principal Offlcè Address: IGD Grange Lane Letchmore Heath Walford WD25 8GD Company reglstration number: 105680 Charity registration number: 309939 Company secretary: l Fish (to 1 Sep 2023)- J Sim (27 Sep 2023 to 15 Nov 2023). D Charalambous (from 15 Nov 2023) List of Advisors to IGD Auditors: BDO LLP 55 Baker Street London W1U 7EU Bankers: HSBC 60 Queen Victoria Street London EC4N 4TR CAF Bank 25 Kings Hill Avenue West Malling Kent ME19 4JQ The Co-operatlve Bank 3-7 Market Street, Watford WD18 OPE Investment Fund Managers: Cazenove Capital 1 London Wall Place London EC2Y SAU Sollcltors: Stone Klng Boundary House 91 Charterhouse Street London EC1hA 6HR Slaughter & May 1 Bunhill Row London EC1Y 8YY Pension Scheme Advisors: Cloud Benefits Ltd Unil 2 Courtyard Offices Braxled Park Great Braxted Wilham Essex CM8 3GA 10

The Institute of Grocery Distribution Group Statement of Financial Activities (Incorporating an income and expenditure account) For the year ended 3191 December 2023 Notes Total (General Funds) Total (General Funds) 2023 2022 Income and endowments from., Charitable activities Trading activities 18,475,205 16,499,170 Interest receivable 92,470 18,146 TOTAL 18,567,675 16,517,316 Ex endlture on: Raising funds (13,466,427) (11,548,211) Charitable activities 7b 5,749,383 5,129,203 TOTAL {19,215,810) {16,677,4141 Net expenditure before Investment galnsl{losses) 1648,1351 596,205 {160,0981 (292,038) Net gainsl(losses) on investment assets Net expenditure 151,930) {452,1361 Taxation (2,142) 14,944) (Lossllgain on revaluation of overseas subsidiaries (5,4271 10,670 Net movement in funds (59,4991 (446,410) Reconclllatlon of funds.. Total funds brought forward 10 817,555 11,263 965 9a 10,758,056 10,817,555 Total funds carried forward The notes on pages 14 10 26 form part of these accounts. All the above results are derived from continuing activities. There are no other recognised gains or losses other than those slated above.

The Institute of Grocery Distribution Statement of Financial Position 31st December 2023 Company Number 105680 GROUP COMPANY Notes 2023 2022 2023 2022 FIXED ASSETS Intangible assets Tangible assets Investments 10 10 55,960 2,385,950 9 267 374 11,709,284 113,902 2,438,901 7 681,169 10,233,972 8,056 2,064,747 7,981,269 10,054,072 1.979,538 9 567 474 11,547,012 CURRENT ASSETS Debtors Cash at bank and in hand 12 3,757,983 3 359,131 3,868,534 4 551,976 82,863 603,296 219,436 1,593,611 7,117,114 8,420,510 686,159 1,813,047 Credltors.. Amounts falling due within one year 13a {8,055,389) <7,820,312) (1,645,021) (1,271,640) Net Current assets 938 275 600,198 958,862 541,407 Total assets less current Ilabllities 10,771,009 10,834,170 10,588,150 10,595,479 Credltors: Amounts fallTng due after more than one year 13b 112,953) (16,6151 Net assets 10,758,056 10,817,555 10,588,150 10,595,479 The funds of the charity: Unrestrlcted funds Revaluation reserve 9,103,076 1,654,980 9,499,656 1,317,899 8,933,170 1,654,980 9,277,580 1,317,899 Total charlty funds 10,758,056 10,817 555 10,588,150 10,595,479 The Statement of Financial Activities for the year ended 31 December 2023 for the parent charitable Gompany only was a deficit of £7,32912022.' deficit of £476,464). Approved and authorised for issue by the Board of Trustees on 17 June 2024 and signed on ils behalf by.. Colin Moss- Trustee and Chair of Audit Committee The notes on pages 14 to 26 form part of these accounts. 12

The Institute of Grocery Distribution Group Statement of Cash Flows Forthe year ended 3151 December 2023 Notes 2023 2022 Net cash generated (used by) operating activities 14 190,509) {1,028,487) Cash flows from investlng actlvitles: Interest received Purchase of intangible fixed assets Purchase of tangible fixed assets Purchase of investment assets 92,470 11,371) (203,435) (990,000) 18,146 110,0001 {223,351) 13,960,000) Net cash from investing actlvlties (1,102,336) (4,175,205) Cash flows from financing activities Transfers from short-term bank deposits 3.500,000 Net cash provided by financlng activities 3,500,000 Change in cash and cash equlvalents 1192 845 1703,692 Cash and cash equivalents at the beginning of the year 4,551,976 6,255,668 Cash and cash equivalents at the end of the year 3,359,131 4,551976 The notes on pages 14 to 26 form part of these accounts. IGD has taken advantage of the exemption under FRS102 not to prepare a statement of cash flows for the parent company. 13

The Institute of Grocery Distribution Notes to the financial statements For the year ended 31st December 2023 1. Constitution IGD is a company limited by guarantee and not having a share capital. In the event of a winding up, the members (who are the trustees) each have a maximum liability of twenty-five pence. 2. Accountlng Policies Basis of Accounts The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in aGcordance with the Financial Reporting standard applicable in the UK and Republic of Ireland (FRS 102) {effective 1 January 2019) - Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) and the Companies Act 2006. IGD meets the definition of a public ben8fil entity under FRS 102. Assets and liabilities are initially recognised at historical cosl or transaction value unless otherwise stated in the relevant accounting polioy notes. Based on the budget, cash forecasts and the available liquid resource, the Trustees believe that there is nothing which would cast doubt on the charity's ability to continue as a going concern for the foreseeable future, being a period of at least 12 months after the date on which the report and Financial Statements are signed. Although £9.3m of the liquid assets are held in an investment fund, worst case scenario forecasts are such that the investments would not need lo be sold within the 12 months as there is sufficient resource held in cash. Current factors such as the ongoing conflicls in the Middle East and Ukraine together with domestic labour shortages, increase lo the minimum wage and continued food inflation have relatively little direct impact on the IGD Group bul are having an impact on consumers and many of our stakeholders in the food and consumer goods sector. Continued Gost increases and wider supply chain issues are likely to have an impact on the services our customers procure, but the Trustees consider that any impact is well within the scenario planning completed as part of Ihe going concern review. The Trustees, therefore, consider il appropriate for the accounts to be prepared on a going concern basis. Basis of Consolldation The consolidated financial statements have been prepared, using the equity method, for IGD and ils subsidiary IGD Services Limited together with its subsidiaries, IGD Services (Canada) Inc. and IGD Services (Singapore) Pte. Ltd. The enlily has taken exemption from presenting its unconsolidated profil and loss aGcounl under sectior1408 of Companies Act 2006. Income Income is the amounl receivable for services supplied and from subscriptions for membership, excluding value added tax. Where income is received relating lo future events {such as a conference or workshop) il is deferred and treated as a creditor until the event has occurred. Where income is received relating to a fixed period (eg a subscription to one of our online services or membership) the amount is allocated across the length of Ihe subscription on a monthly basis and any portion relating to a future period is deferred and treated as a creditor. Donations received and ftjnd-raising efforts are shown as income in the year in which Ihey are receivable. Expenditure ExpendilLfre is allocated between costs of raising funds and costs of charitable activities according to the actual spend for each category. Expenditure on charitable activities are then further allocated between categories within charitable expenditure on Ihe basis of their function within the Charity. Any SUGh costs where il is not possible lo allocate in this way are allocated across the activities in the same proportion as those which are directly allocated. Where costs are apportioned between these headings a consistent basis is used. All costs are recognised on an accruals basis. Translatlon of Foreign Currencies Transactions denominated in foreign currencles are translated into sterling at the rate applying on the date of the transaclion. Year end balances slated in foreign currencies are Iranslated into sterling at the relevant Bank of England currency rale on 31 $1 December. All gains and losses on translation of foreign currency amounts are recognised as income or expenditure. 14

The Institute of Grocery Distribution Notes to the financial statements (continued) For the year ended 31st December 2023 Accounting PollcTes (continued) Intangible Assets Intangible assets relate to website development costs, electronically held databases and IP. Where group companies, websites are expected to generate future revenues in excess of the costs of developing those websites and all other capilalisalion criteria are mel, expenditure on the functionality of the website is capilalised and treated as an intangible fixed asset. The capitalised website development costs are subsequently amortised to 'administrative' expenses on a slraight line basis over 3 years, except for those that are 'assets under construction,, where no amortisation charge is incurred until the asset is complete. Tangible Assets Only assets costing over £300 are capitalised. All fixed assets are staled at cost (or deemed Cost in the case of Freehold Property). Depreciation is Galculaled to wrile off Ihe cost amount of the assets over their estimated useful lives as follows.. Land Buildings Building improvements Fixtures and fittings Office machinery & computer software Computer Hardware Not depreciated 50 years straight line 5 years straighl line 10 years reducing balance 3-5 years reducing balance 3 years straight line Impairment Policy Impairment reviews are carried out where there is an indication that the recoverable amount of a fixed asset is below its net book value and values of assets written down accordingly. Leases Renlals paid under operaling leases are charged lo the income and expenditure acGount on a straight-line basis over the term of the lease. Research Research expenditure is written off as it is incurred. Pension costs IGD operates a Group Personal Pension Plan, which is a defined contribution pension scheme. The assets of the Scheme are held separately from those of the company in an independently administered fund. The cost is recognised based on what is charged in the period. Investments held as fixed assets Investment values in subsidiary companies and are staled at cost less provision for impairment where applicable. Investments held in investment funds are stated at the quoted value at the year-end dale. Any movement in the value is shown as a 'nel gain on investment value, in the accounts. Funds Funds are classified under three main types.. Restricted.. These are funds that have been received by the Charity for a purpose specified by the donor. General: These are the unrestricted funds held by the charity and its subsidiary. Revaluation reserve.. The revaluation reserve in respect of the building is amortised over 50 years, in line with Ihe depreciation of the building. The revaluation reserve represents Ihe uplift in value recognised when adopting the fair value as deemed cost in 2015 under FRS 102. The reserve relating lo specific funding for the building extension is classified as Restricted funds and is amortised on a slraight-line basis lo write back the reserve over the estimated useful lives of the assets to which it relates. All other funds are c18ssified as General. Key judgement and accounting estimates Provision is included in the accounts for the 2023 all-employees bonus scheme. The level of pay-out is determined by measuring performance against a pre-set level of largels for the 2023 calendar year. These key targets were derived from the business plan and were agreed at the end of 2022 by the Remuneration Committee and are aimed al driving performance within the organisation. The relevant targets were achieved al the end of 2023 and the bonus was paid in March 2024, before the accounts were approved. 15

The Institute of Grocery Distribution Notes to the financial statements (continued) For the year ended 31st December 2023 Net Expenditure Net expendilureis stated after charging.. 2023 2022 DeprecialionlAmortisation Auditors, remuneration owned assets for audit services for other services 315,699 50,784 23,497 600 1,560 271,557 49,648 15,889 600 394 Indemnity insurance Operating lease rentals plant and machinery Staff costs 2023 2022 Wages and salaries Social security costs Other pension costs 10,829,018 1,214,888 1,624,898 13,668,804 9,727,337 1,132,463 1,448,198 12,307 998 Total remuneration received by the senior leadership team was £1,503,090 {2022'. £1,614,932). The pension costs of £1,624,898 (2022- £1,448,198) represent the contributions payable by the company to the Group Personal Pension Plan. £139,713 was payable to the fund at the year end and included in creditors. (2022: £nil). Redundancy, restructuring and termination costs relating lo a number of employees were £280,584 {2022.' £75,453). The average number of permanent and temporary employees of IGD during the year was 17812022.. 168). Higher paid employees 2023 number 2022 number £60,00110 £70,000 £70,00110 £80,000 £80,001 to £90,000 £90,001 to £100,000 £100,00110 £110,000 £110,00110 £120,000 £120,001 to £130,000 £130,001 to £140,000 £150,00110 £160,000 £160,00110 £170,000 £170,00110 £180,000 £180,001 to £190,000 £190,00110 £200,000 £230,00110 £240,000 £290,00110 £300,000 14 10 12 57 51 The banding includes salarie5, bonus payments and payments in lieu of pension contributions made to employees during the year. Total pension contributions paid in respect of higher paid employees were £800,801 (2022.. £681,194). No remuneration or expenses were paid to Iruslees (see Nole 18). 16

The Institute of Grocery Distribution Notes to the financial statements (continued) For the year ended 31st December 2023 Interest receivable 2023 2022 Bank deposit interest receivable 92,470 18,146 5. Taxation on the Surplus on Ordinary Actlvlties 2023 2022 Analysis of tax charge In the year: Current Taxalion: UK Corporation tax on Profits of the year (see 5cl Canadian Income tax on Profits of the year 2,142 4,944 Tax on profil on ordinary activities 2,142 4,944 5b. Provislon for deferred tax Short term liming differences 4,558 Movement in provision.. Provision al start of year Deferred tax charged in the Statement of Financial Activities for the year 4,558 Provision at end of year 4,558 Deferred tax asset not recognised 34,486 10,184 5¢. Factors affecting the tax charge for the year: IGD SeNices Lld trading profit on ordinary activities before lax (note 8a) 5,069,370 4,940,938 Profit on ordin8ry activities mulliplied by the standard rate of corporation tax of 23.52D/. (2022.'19D/.I Effects of.. Fixed asset differences Expenses not deductible for tax purposes Marginal relief Remeasuremenl of deferred lax for changes in lax rates Movement in deferred lax not recognised Charitable donations paid through equity 1,192,344 938,778 (2,113) 110,7511 56 {4631 {1,492) 20,655 (1,208,931) 10,452 {938,5351 Total tax charge for the year (IGD Setvices Ltd) 17

The Institute of Grocery Distribution Notes to the financial statements (continued) For the year ended 31st December 2023 Income 2023 2022 Tradlng activities: Membership subscriptions Insighl based Se￿iceS 2,950,263 15,524,942 18,475,205 2,893,567 13,605,603 16,499,170 Charitable activities: 18,475 205 16 499,170 Expenditure Split of expendlture on raising funds 2023 2022 Dlrect costs 1,866,117 1,044,890 Administrative expenses: staff costs DeprecialionlAmortisation Other admin costs 9,698,509 208,673 1,618,847 8,915,640 171,490 1,350,654 11,526,029 Governance costs: Auditors, remuneration 10,437,784 -for audit seNices -for other services 50,784 49,648 13 466,427 11,548,211 7b. Split of expenditure on charitable activities Sustaln- ablllty Economlc Analysls 2023 Total People Health Direct costs: 339,212 208,397 471,981 38,825 1,058,415 Administrative expenses: Staff costs Depreciation Other admin costs 1,098,516 30,034 172,204 1,300,754 974,295 26,638 152,731 1,153,664 974,295 867,444 26,638 23,716 152,731 135,981 1,153,664 1,027,141 3,914,550 107,026 613,647 4,635,223 Governance costs: Staff Costs 15.643 13,874 13,874 12,354 55,745 1,655,609 1375,935 1,639,519 1078,320 5,749,383 18

The Institute of Grocery Distribution Notes to the financial statements (continued) For the year ended 3151 December 2023 7b. Spllt of expenditure on charitable actlvities (continued) Sustaln- abillty Economic Analysis 2022 Total People Health Direct costs: 383.707 122,712 621,961 35,683 1,164,063 Administrative expenses". Staff costs Depreclatlon Other admin costs 992,358 29.770 140,631 1,162,759 783,481 23,504 111,030 918,015 783,481 23,504 111,030 918,015 776,369 23,289 110,024 909,682 3,335,689 100,067 472,715 3,908,471 Governance costs: Staff Costs 16,859 13,310 13,310 13,190 56,669 1563 325 1 054,037 1,553.286 958 555 5,129,203 8. a. Net Income of Trading Subsidiary IGD has a wholly owned subsidiary, IGD SeNices Limited (registered office.. Grange Lane, Lelchmore Heath, Walford, WD25 8GD). The company provides insight based services including online information services, events, customised solullons and training serviGes lo companies mainly wilhin the food and consumer goods industry. It donates its taxable profits lo IGD 2nd a summary of ils trading results is shown below. Audited accounts are filed annually with the Registrar of Companies. Profit and Loss Account 2023 2022 Turnover Direct expenses Administration expenses 18,475,205 (1,866,117) (11,626,232) 16,499,170 (1,044,890) 10,527,649) Operating surplus Interest receivable Dividend receivable 4,982,856 86,514 4,926,631 14,307 Profil before taxation 5,069,370 4,940,938 Taxation Profit after taxation 5,069,370 4,940,938 Gift Aid Payment Retained profit in subsidiary 5 139,892 4,940,938 Total assets Total liabilitles 6,807,663 6,507,663 7,144,056 6,773,534 Shareholders, funds 300 000 370,522 19

The Institute of Grocery Distribution Notes to the financial statements (continued) st For the year ended 31 December 2023 8 b. Net Income of Canadlan Subsidiary IGD Services Limited has a wholly owned subsidiary registered in Canada, IGD Services (Canada) Inc. (registered office.. Impart Law Professional Corp, 700 - 34 King Street East, Toronto, MSC 2x9, Canada) incorporated under the Business Corporations Act of Ontario on 51h October 2010. The company provides insight and content seNices to IGD SeNices Ltd and strengthens our global research proposition. 2023 2022 Turnover Direct expenses Administration expenses 150,901 202,943 143,715 193,279 Profit before taxation 7,186 9,664 Taxation {2,142) 14,944) Retained profit IIGD Services (Canada) Inc.) 5,044 Total assets 282,647 1198,636) 448,809 (366,377) 82,432 Total liabilities Shareholders, funds 8 ¢. Net Income of Singapore Subsidiary IGD Services Limited also has a wholly owned subsidiary registered in Singapore, IGD Services (Singapore) Ple. Ltd. (regislered office.. clo Associates Corporate Services Ple. Lld., 80 Robinson Road, #02-00, Singapore 068898) incorporated in Singapore on 151h February 2016. The company provides insight and content services to IGD Services Limited and strengthens our research proposition across Asia. 2023 2022 Management charge income Direct expenses Administration expenses 324,352 253,841 305,618 239,179 Profil before laxalion 18,734 14,662 Taxation Retained profit (IGD Services (Singapore) Pte. Ltd} 18,734 14,662 Total assets Total liabilities 121,721 (37,0521 91,299 {26,645) Shareholders. funds 84,669 64,654 20

The Institute of Grocery Distribution Notes to the financial statements (continued) For the year ended 31st December 2023 Categorisation of Funds Unrestricted Funds (Group): Revaluation reserve Other unrestricted funds Total general funds Fund brought forward Net deficit before gains Gain on inveslmenl assets Taxation (Loss) on revaluation of overseas subsidiaries Reserves transfer 1,317,899 9,499,656 (648,135) 238,831 12,142) {5,427) 20,293 10,817,555 1648,135) 596,205 {2,142) (5,427) 357,374 20,293 Fund carried foward 1 654 980 9,103,076 10,758 056 Unrestricted Funds (Company): Revaluation reserve Other unrestricted funds Total general funds Fund brought foward Net deficit after laxalion Gain on Investment assets Reserves transfer 1,317,899 9,277,580 1603,534) 238,831 20,293 10,595,479 1603,5341 596,205 357,374 20,293 Fund carried forward 1,654,980 8,933 170 10 588,150 b. Analysis of Net Assets (Group) General 2023 Designated 2023 Total 2023 General 2022 Designated 2022 Total 2022 Fixed assets 10 054,304 1,654,980 11,709,284 8,916 073 1,317,899 10,233 972 Current assets.. Cash al bank and in hand Other current assets 3,359,131 3,757,983 7,117,114 3,359,131 3,757,983 7,117,114 4,551,976 3,868,534 8,420,510 4,551,976 3,868,534 8,420,510 Creditors less than one year 8,055,389 8,055,389 7,820,312 7.820,312 Net current (Ilabllltiesllassets 938,275 938,275 600,198 600,198 Total assets less current liabilities Creditors due after more than one year 9,116,029 1,654,980 10,771.009 9,516,271 1,317,899 10,834,170 12,953 12,953 16,615 16.615 Net Assets 9,103,076 1,654,980 10,758,056 9,499,656 1,317,899 10 817,555 21

The Institute of Grocery Distribution Notes to the financial statements (continued) For the year ended 31st December 2023 9. Categorisation of Funds (continued) b. Analysis of Net Assets (Company> General 2023 Deslgnated 2023 Total 2023 General 2022 Deslgnated 2022 Total 2022 Fixed assets 9,892,032 1,654,980 11,547,012 8,736.173 1,317,899 10,054,072 Current assets.. Cash at bank and in hand Other current assets 603,296 82,863 686,159 603,296 82,863 686,159 1,593,611 219,436 1,813,047 1,593,611 219,436 1,813,047 Creditors less than one year 1,645,021 1,645,021 1,271,640 1,271,640 Net current (liabilities}lassets 958,862 958,862 541.407 541,407 Net Assets 8,933,170 1,654,980 10,588,150 9,277,580 1,317,899 10,595,479 10. Intangible and Tangible Fixed Assets a. Group- Tangible Assets Freehold property Buildlng Improv'ts Fixtures and equipment Total Cost At 1 January 2023 Additions Disposals I Write offs 2,205,148 337,413 13,761 1,124,433 189,674 (88.945) 3,666,994 203,435 (88,945) At 31 December 2023 2,205,148 351174 1,225 162 3,781,484 Accumulated de At 1 January 2023 Charge for the year Disposals I Wrlte offs reciation 363,747 30,503 145,165 61,898 719,181 163,985 (88.945) 1,228,093 256,386 (88,9451 Al 31 December 2023 394,250 207,063 794,221 1,395 534 Net book value At 31 December 2023 1,810,898 144,111 430,941 2,385 950 At 31 December 2022 1,841,401 192,248 405,252 2,438,901 IGD has taken the option in FRS102 to use the latest valuation of the freehold property as deemed cost at the transition dale of 1 January 2015. 22

The Institute of Grocery Distribution Notes to the financial statements (continued) For the year ended 31st December 2023 10. Intangible and Tangible Fixed Assets {continued) b. Group- Intangible Assets Software Websites Ip Total Cost At 1 January 2023 Additions Transfers Al 31 December 2023 249,790 1,371 793,569 10,000 1,053,359 1,371 251,161 793,569 10,000 1,054,730 Accumulated amortisation At 1 January 2023 Charge for the year Al 31 December 2023 143,944 51,257 195,201 793,569 1,944 8,056 10,000 939,457 59,313 998,770 793,569 Net book value At 31 December 2023 Al 31 December 2022 105,846 113902 c. Company- Tanglble Assets Freehold property Buildlng Improv'ts Fixtures and equlpment Total Tangible Total Intangible lip) Cost At 1 January 2023 Additions 2,205,148 337,413 13,761 159,201 2,701.762 13,761 10,000 At 31 December 2023 2,205,148 351 174 159',201 2,715,523 10,000 Accumulated de At l January 2023 Charge for the year reciation 363,747 30,503 145,165 61,898 128,103 6,569 637,015 98,970 1.944 8,056 At 31 December 2023 394,250 207,063 134,672 735,985 10,000 Net book value At 31 December 2023 1,810,898 144,111 24,529 1979 538 At 31 December 2022 1,841,401 192,248 2 064,747 8,056 23

The Institute of Grocery Distribution Notes to the financial statements (continued) For the year ended 315t December 2023 11. Investments a. Group Undertakings (Company) 2023 2022 Shares al cost IGD Services Limited IGD Limited 300,000 100 300,000 100 300,100 300,100 IGD Limlled was incorporated on 28 June 2022 and had remained domant since incorporation. 2023 2022 b. Other investments (Group and Company) Value at 151 January Investment during the year Fair value movement Impaiment below cost 7,681,169 990,000 357,374 238,831 4,013,207 3,960,000 (53,2071 238,831 Value at 31, December 9,267,374 7,681,169 During the year, the Company has continued to move some of its cash surplus to a mulli-asset inveslmenl fund managed by Cazenove Capital as a long-term investment in order to maximise returns. The fund has been specifically desSgned for Charities and adopts a responsible investment approach integrating environmental, social and governance consideralions into Ils decision making with the objective of creating long-term sustainable returns. It is invested mainly in global equilies and bonds. The historic cost of these investments is £8,910,000 (2022.. £7,920,000). 12. Debtors Group Company 2023 2022 2023 2022 Trade debtors Amount due from group undertaking Other debtors Prepayments and accrued income 3,276,075 3,302,372 3,113 4,486 159,251 46,165 9,534 50,604 431,304 52,461 513,701 45,191 34,559 3,757,983 3,868,534 82,863 219436 13. a) Creditors: Amounts falling due within one year Group Company 2023 2022 2023 2022 Trade creditors Amount owed by group undertaking Taxation and social securlly Accruals Deferred income (see 13c} 796,527 802,384 181,701 23,265 357,789 1,045,451 36,815 235,752 100 295,886 712,087 27,815 856,730 1,318,578 5,083,554 807,960 1,014,914 5,195,054 8,055,389 7,820,312 1,645,021 1,271,640 24

The Institute of Grocery Distribution Notes to the financial statements (continued) For the year ended 315t December 2023 b) Creditors: Amounts falling due after more than one year Group Company 2023 2022 2023 2022 Deferred iricome 12,953 16,615 Creditors falling due after one year comprises d8ferred income for subscriptlons whlch fall beyond 31. December 2024. Movement in deferred income Group Company 2023 2022 2023 2022 Defeffed income brought forward Released in Ihe year Income deferred in the year 5,211,669 (5,195,054) 5,079,892 5,418,582 {5,372,480) 5,165,567 27,815 {18,000) 27,000 3,815 24,000 5,096,507 5,211,669 36,815 27,815 Deferred income comprises income invoiced for subscriptions, membership, training and evenls which f811 beyond 3181 December 2023. 14. Reconciliation of net expenditure to Operating Cash Flows 2023 2022 Net expenditure Investment incorne Depreciationlamortisation charges (Lossllprofil on revalualion of overseas subsidiary reseNes (Increaselldecrease in revalualion of investments Decreasel(increasel in debtors Incre8sel{decrease) in creditors (51,930) (92,470) 315,699 (5,427) (596,205) 108,409 231,415 {90,5091 (452,136) (18,146) 271,557 10,670 292,038 (634,3741 498 096 11,028,487) Taxation paid Net cash used by operatlng activities 90,509 1,028,487 15. Reconciliation of Net Cash Flow to Movement in Net Funds 2023 2022 (Decrease) in cash for the year 1 192,845 1,703,692 Movement In net funds for the year (1,192,845) 11,703,692} Net funds at 1 January 4,551,976 6,255,668 Net funds at 31 December 3,359,131 4,551,976 25

The Institute of Grocery Distribution Notes to the financial statements (contlnued) For the year ended 31st December 2023 16. Analysls of Net Funds Balance 31 Dec 2023 Balance 1 Jan 2023 Cash Flows Cash al bank and in hand 4,551,976 (1,192,845) 3,359,131 Total net funds 4,551,976 1,192,845 3,359,131 17. Lease commitments 2023 2022 Minimum future lease commitment.. Due within one year Due 2-5 years 1.872 5,923 7,795 None of the above lease commitments are in respect of land and buildings. 18. Trustees, Reimbursements No reimbursemenls were made in 2023 or 2022 in respect of Trustees, expenses. No Trustee has received any remuneration in 2023 or 2022 for their role as Trustee. 19. Related Party Transactions There were no related party transactions in either 2023 or 2022. The Company has taken advantage of the exemptions available in terms of the requirement lo disclose transactions with group companies on Ihe grounds that consolidated financial statements are prepared. IGD and Its subsidiaries provide products and services to the businesses mentioned on page 31 in which Irusteesldireclors are key management personnel. However, in accordance with para. 33.4 of FRS102 these are not considered related parties on the basis that none of the Iruslees or directors have control over those businesses. 20. Results of the parent company As a consolidated Statement of Financial Activities is published, a separate income and expenditure account for the parent undertaking is omilted from the group accounts by virtue of section 408 of the Companies Act 2006. The deficit for the year retained in the books of the parent undertaking was £7,329 (2022.. £476,464). Total nel income of the parent undertaking was £5,139,89212022: £4,940,939) being the Gift Aid received from IGD Services Ltd of £5,139,892 (2022.. £4,940,939). 21. Capital Commitments Al 31 December 2023 the Group was committed to capital spend of £7,491 12022.. £55,000). 26

The Institute of Grocery Distribution Independent auditor's report to the members of The Institute of Grocery Distributlon Opinion on the financialstatements In our opinion, the financial statements: give 3 true and fair view oflhe state of thè Group's and of the Parent Charitable Company's affairs as at 31 December 2023 and of the Group's incoming resources and application of resources for the year then ended., have beèn properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Companies Act 2006. We have audited Ihe financial stalements of The Institute Of Grocery Distribution ("the Parent Charitable Company") and its subsidiaries ("Ihe Group") for the year ended 31 December 2023 which comprise the group statement of financial activities (incorporatlng an income and expenditure account), the group and charity balance sheets, the group statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Slandard applicable in the UK and Republic of Ireland (Uniled Kingdom Generally Accepted Aocounting Practice). Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Audilor's responsibilities for the audit of the financial statements seclion of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We remain independent of the Group and the Parent Charitable Company in accordance with the ethical requirements relevant lo our audit of the finanGial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requSrements. Conclusions related to going concern In auditing the financial stalemenls, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material unceriainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group and the Parent Charitable Company's ability to continue as a going concern for a period of at least twelve months from when the financial slatements are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect lo going concern are described in the relevant sections of this report. other informatlon The Trustees are responsible for the other information. The other information comprises the information included in the Annual Report and Accounts, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do nol express any form of assurance conclusion Ihereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inGonsistent with the financial statements or our knowledge obtained in the audit or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required lo determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclL¢de that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 27

The Institute of Grocery Distribution Independent auditor's report to the members of The Institute of Grocery Distribution (continued) other Companies Act 2006 reporting In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, Report, which includes the Directors, Report and the Strategic report prepared for the purposes of Company Law, for the financial year for which the financial statements are prepared is consistent with the financial statements., and the Strategic report and the Directors, Report, which are included in the Trustees, Report, have been prepared in accordance with applicable legal requirements. In the light of the knowledge and understanding of the Group and the Parent Charitable Company and ils environmenl obtained in the Course of the audil, we have nol identified material misstalements in the Strategic report or the Trustees, report. We have nothing to report in respect of the following matters in relalion lo which the Companies Act 2006 requires us to report lo you if, in our opinion., adequate accounting records have not been kept by the Parent Charitable Company, or returns adequate for our audit have not been received from branches not visitad by us., or the Parenl Charilable Company financial statements are not in agreement with the accounting records and returns., or certain disclosures of Directors, remuneration specified by law are nol made- or we have not received all the information and explanations we require for our audil- or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the directors, report. Responslbllltles of Trustees As explained more fully in the statement of trustees, responsibilities, the Trustees (who are also the directors of the Gharitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Group's and the Parenl Charitable Company's ability to continue as a going concern, disclosing, as applicable, mallers related lo going concern and using the going con￿rn basis of accounting unless the Trustees either intend to liquidate Ihe Group or the Parent Charitable Company or to cease operations, or have no realistic alternative bul lo do so. Auditor's responslbllltles for the audit of the financlal statements We have been appointed as auditor Ltnder the Companies Act 2006 and report in accordance wilh the Act and relevant regulations made or having effect thereunder. Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always delect a material misstalement when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial stalements. 28

The Institute of Grocery Distribution Independent auditor's report to the members of The Institute of Grocery Distribution (continued) Extent to which the audit was capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstalemenls in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. Non-compliance with laws and regulations Based on.. Our understanding of the Group and the sector in which it operates., Discussion with management and those charged with governan￿ including the Audit Committee. Obtaining and Ltnderslanding of the Group's policies and procedures regarding compliance with laws and regulations. and We considered the significant laws and regulations to be the UK Tax legislation, FRS102, Companies Act 2006, Corporate and VAT legislation, Data protection regulations, Employment Taxes, Health and Safety and the Bribery Act 2010. The Group is also subject to laws and regulations where the consequence of non-compliance could have a material effect on the amount or disclosures in the financial statements, for example through the imposition of fines or litigations. We identified such laws and regulations to be UK Tax legislation, Data protection regulatlons, Health and Safety and the Bribery Act 2010. Our procedures in respect of the above included.. Review of minutes of meeting of those charged wilh governance for any instances of non-compliance with laws and regulations. Review of correspondence with regulatory and tax authorities for any instances of non-compllance with laws and regulations,. Review of financlal statement disclosures and agreeing to supporting documentation., and Review of legal expenditure accounts lo understand the nalure of expenditure incurred. Fraud We assessed the susceplibilily of the financial statements to malerial misslatemenl, including fraud. Our risk assessment procedures included: Enquiry with management and those charged with governance including the Audit Committee regarding any known or suspected instances of fraud- Obtaining an understanding of the Group's policies and procedures relating lo- Detecting and responding to the risks of fraud. and Internal controls established lo mitigate risks related to fraud. Review of minutes of meeting of those charged with governance for any known or suspected inslances of fraud: Discussion amongst the engagement team as to how and where fraud might occur in Ihe financial slatemenls., Performing analytical prooedures to identify any unusual or unexpected relationships that may indicate risks of material misstalemenl due to fraud; and Considering remuneration incentive schemes and performance targets and the related financial statement areas impacted by these. Based on our risk assessment, we Gonsidered the areas most susceptible to fraud to be improper revenue recognition as well as management override of controls through the use of journal entries and bias in significant accounting estimates. 29

The Institute of Grocery Distribution Independent auditor's report to the members of The Institute of Grocery Distribution (continued) Our procedures in respect of the above included.. Testing a sample of journal entries throughout the year, which met a defined risk criteria, by agreeing to supporting doGumentation' Assessing significant eslimates made by management for bias, including depreciation rates for assets, accruals, yearend bonus, bad debt provision and going concern assumptions. Revlewing revenue recognition as well as assessing cut off for revenue in the financial year. We also communicated relevant idenlified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance wilh laws and regulations throughout the audit. Our audit procedures were designed to respond to risks of material misstatement in the financial slatemenls, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of nol detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial slaternents, the less likely we are lo become aware of it. A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council's I'FRC'S") website al: htips:Ilwww.frc.org.uklauditorsresponsibllities. This description forms part of our auditor's report. Use of our report This report is made solely to the Charilable Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so thal we might slate lo the Charitable Company's membars those malters we are required to slate to them in an auditor's report and for no other purpose. To the fullesl extent permilled by law, we do not accept or assume responsibility lo anyone olher than the Charitable Company and the Charitable Company's members as a body, for our audit work, for this report, or for the opinions we have formed. SIg￿ed by.. C9A7C7386A25456.. Laurence Elliott (Senior Statutory Auditor) For and on behalf of BDO LLP, slalutory auditor London, UK 01 July 2024 BDO LLP is a limited liability partnership registered In England and Wales (with registered number OC305127). 30

The Institute of Grocery Distribution Board of Trustees and IGD Services Limited Board of Directors For the year ended 31st December 2023 The following is a list of Trustees and Directors who have served since 1 sl of January 2023 unless Stated otherwise. Trustee of IGD and Dlrector of IGD Services Ltd lan Morley (resigned Dec 2023) Vice Presidenl Sales Northern Europe Procler & Gamble Colin Moss Senior Director- Finance Transformation Mars Natasha Adams (resigned Jun 2023) Chief Executive Officer, Ireland Tesco Natasha Rice (appoinled Sep 2023) People Director Tesco Afshin Amirahmadi Chief Executive Officer Sofina Foods Ruth McDonald Corporate Services Director (appointed Director of IGD se￿ices Ltd Dec 2023) Wm Morrison Supermarkets Trustee of IGD Lindsay Boswell (resigned Mar 2023) Chief Executive Officer Fareshare.org Chris Whitfield Chief Operating Director Co-operative Food Morag Frealhy (resigned Sep 2023) MD Business & Industry UK & Ireland Compass Richard Sharp Vice President Human Resources Unilever Mall Lee (appointed Nov 2023) CEO UK & Ireland Hilton Food Group PIC Allessandra de Druille Marketing & Commercial Director (appointed Feb 2024) Kraft Heinz Director of IGD Services Ltd Bradley Moore (resign8d Dec 2023) UK Sales Director Nestle Purina Petcare Michael Evans Group Communications Director Greencore Group Sam Burston Chief Digilal Officer Sainsbury's Chris Walker Vice President Asda Simon Fisher (appointed Jan 2024) Sales Director UKI & Head of Sales Capability EUAU General Mills Keith Packer (appointed Feb 2024) Manager Director British Sugar 31

The Institute of Grocery Distribution Senior Leadership Team For the year ended 31st December 2023 IGD'S current Senior Leadershl Team Sarah Bradbury (appointed Jul 2023) Chief Executive Officer Sarah Baldock Markeling and Communications Director Li2 Clarkson People Director lan Dunkley (Appointed Mar 20241 Chief Financial Officer Naomi Kissman Social Impact Director Kate Sizer (appointed Jun 2024) Commercial Customer Director Tom Wakeman (Appointed Mar 2024) Insight Director 32