2022-03-31-accounts

Docusign En¥ÈlopÈ ID." OC1DEB4B-B7D&4E71-A3FC-8CC72B906239 Company registration number.. 04205579 Charity number.. 1090412 TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 LONDON GRID FOR LEARNING TRUST MENZIES BRIGHTER THINKING

Docusign En¥ÈlopÈ ID." OC1DEB4B-B7D&4E71-A3FC-8CC72B906239 LONDON GRID FOR LEARNING TRUST CONTENTS Page Reference and adminiBtrativg detai18 of the company, its Trustees and advisers Trustees. report 2-22 Independent auditors. report on the financial statements 23-26 Consolidated statement of financial activities 27 Consolidated balance shèat 28-29 Company balance sheet 30-31 Consolidated statement of cash flows 32 Notes to the financial statements 33-50

Docusign En¥ÈlopÈ ID." OC1DEB4B-B7D&4E71-A3FC-8CC72B906239 LONDON GRID FOR LEARNING TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022 Trustees Mr P Robinson Mr G Hipple Ms J Mcsherry Mr N Mitchell Ms H Warner Mrs Green Company registered number 04205579 Charity registered number 1090412 Registered office 9th Floor 10 Exch8nge Square Primrose Stl8et London EC2A2BR Company secretary Mr J Jackson Chief executive officer Mr J Jackson Independent auditors Menzies LLP Chartered Accountants 36 Slalion Road Egh8m Suirey TW20 9LF Bankers Lloyds Bank PIC 83 Clarence Street Kingston upon Thames Surrey l(f1 1 RE Soli¢itors Ashford5 LLP 1 New Fetter Lane London EC4A 1AN Page 1

Docusign En¥ÈlopÈ ID." OC1DEB4B-B7D&4E71-A3FC-8CC72B906239 LONDON GRID FOR LEARNING TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2022 CHAIRMAN'S STATEMENT 2021- 2022 This lime last year I was writing about the perforrnance ol the Trust as it was emerging from the Covid pandemic phenornenon that has dominated our lives for over 2 years and which had profoundly affected schools. councils and the whole of the public and private Sectors. On 21 April 2021, the European Parfiarnent approved the EU-UK Trade and Cooperation Agreernenl setting out the rules on the new partnership following Brexit and an 8gieement which effectively C8rne into lorce the previous Janu8ry. At the end of February 2022 Russi8 invaded Ukraine. Little did we know then the full extent of the itnpact of these developrnents on the UK and In teirns of the latter on the world economy and in turn on schools, other public services and business. Those who rely on the services provided by LGfL especially schools and the children and families they seNe having come through the challenges posed by the pandemic have had to adapt to a new set of problems. The technology sector like many other businesses has not been irnmune to the increasingly difficult economic conditions. The rising interest rates that were to come particularfy hit those organisations who were highly leveraged with this being reflected amongst other things in their share price. The good news is that LGfL. as a charity which invests everything back into its services without needing to Pay dividend5 to shareholdeis. has continued to thrive. New services have been added to the TrLJSt's portfolio offer at the sarne tirne as athieving steady growth in its customer b8se. It is particularly pleasing to S88 those few schoo15 who mov8d in the past to other provider5 ietuining to LGfL. Whilst ensuring that children and young people can navigate technology safely is a cornerstone of the Trust's mission, securing greater bandwidth for schools and other customers at competitive, if not industry-leading, prI￿S and increasingly moving to more powerful dou&based services and products remains the foundation on which the Trust's steady growth is built. LGfL has never employed a large and expensive sales force., rather it has relied on word-of-mouth recommendations with the proof ol the pudding being in the eating. It is proud of the loyalty shown by schools and other customers.. something the Trust will never lake for granted and I promise we will reward that loyalty both in the quality and reliability of the services provided and in the pri￿5 achieved through the economies of scale only a national grid can secure. Finally. the industry wide recognition through the unp8ralleled suwess in netting major 8w8rds represents 8 welcome pat on the back for the tireless work of our staff and an encouragetnent to do even better foi schoo15. councils and other customers in 2023 and beyond. Paul Robinson Chairnian, London Grid for Learning Trust Page 2

Docusign En¥ÈlopÈ ID." OC1DEB4B-B7D&4E71-A3FC-8CC72B906239 LONDON GRID FOR LEARNING TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 CEO STATEMENT 2021- 2022 This year was an oulslanding year for LGfL with the Charity, at the time of writing this report, having won or been nominated as a finalist for 8 major industry awards including IT Supplier of the Year, Outstanding Contribution lo Education and COVID Response of the Year. No other EdTech company has ever achieved this level of independent recognition and il is unlikely that il will ever be replicated in Qui lifetimes. LGfL is now firmly established as educational powerhouse that supports collectively over 2 million Children, teachers and public sector staff to work effectively and securely every day. LGfL's ability to aggregate demand has enabled schools to save an estimated £8.8M on laptops purchased through the

BridgeTheDivide prograrnme. LGfL has given away licences worth an eslirnated £6.7M per annum. Close to 800 schools

have re￿iVed free bancknidth upgrades worth over £1M pounds. This year we've identified Pupil Premium Funding in excess of £30M that we hope schools and farnilies will claim in order to bring much needed additional funding into areas of social and economic deprivation. Our investments In Innovation and cloud have delivered sorne of the largest educational technology prograrnmes In the world today and position the UK at the forefront of innovation and next generation technology. There are few parallels in the Education Sector that have delivered this width and depth of outcome in such a short period of time. Our success hasn't been achieved by accident. LGIL is blessed with a passionate and experienced team. LGfL has built a Digital Transformation Partnership of over 100 small to medium sized enterprises ISMES) who work tirelessly to support schools to harness technology. LGfL has forged successful alliances with world class technology companies that bring innovation al scale lo thousands of schools all over the country. This h8s been a year that has been nothing short of wodd beating. Why be sewnd Class when you can be world d855?

WeAieLGfL

John Jackson - CEO, London Grld for Learnlng Trust Page 3

Docusign En¥ÈlopÈ ID." OC1DEB4B-B7D&4E71-A3FC-8CC72B906239 LONDON GRID FOR LEARNING TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 LGFL'S OBJECTIVES LGIL was founded in 2001 to advance education, in particular by providing and assisting in the provision of information and communications technology to London schools for the benefit of the children attending those schools. In 2019120. our shareholders approved a widening of LGfL's Objects. following appiov81 by the Charities Comrnission.. to advance heaKh by assisting in the provision ol bio8dband and othei cornrnunications technology to allow integrated services between local authorities and health authorities in the provision tsf social and other care," and to advan￿ community development by assisting local authorities to integrate services through broadband and other communications technology to provide setvices more efficiently and at lower cost to the recipients of servi￿$ particularly the elderly, vulnerable individuals and the disabled. LGfL's revised Objects enable it to provide Servi￿S to a wide range of beneficiaries including schools. Multi Academy Trusts. Councils. Health Service5. the Poli￿. Housing and Community Services. A further update to LGfL's Obieds is planned for the next financial year following advice frorn the Charities Cornmission. PRIORITIES LGfL delivers its Objects by focusing on'.- Saving schools money Energising teaching and learning Keeping children safe Tackling inequality and Piotnoling wellbeing. ACTIVITIES In furtheran￿ of our Objects, LGfL'. - Provides high speed and secure connectivity encompassing mobile and fixed telecommunications links,. Delivers a r8nge of digital services spanning cybersecurity. safeguarding. teaching support and doud services., Commissions services from partners., Cooperates and supports schools, academies and collegès of further education, other charities, voluntary bodies and statutory authorities, operating in furtheiance of the Objects 01 similar charitable purposes and assisting them to exchange information and advice, Procures and enters into contracts to provide serviTrs to or on behalf of other bodies, establishes or acquires subsidiary undertakings, and establishes or takes part in joint procurements, ventures and undertakings., Sets aside funds for special purposes with a view to meeting long-lemi commitments or requirernents., Shares safeguarding best practices in lerrns of online safety and beyond 8s well as working with stakeholders lo Iiain and equip school staff with the technologie5 and hurnan expertise that best keep children sale,. and Piovides high-quality Continuous Professional Development ICPDI ft)r sch(xJl staff that fosters the innovative use of cutting-edge technologies in the classroom and complements teaching & learning best practice. STRATEGIC REPORT The global pandemic has placed unprecedented pressure on the UK with severe and negative irnpacts on the econorny. public institutions and society more generally. Page 4

Docusign En¥ÈlopÈ ID." OC1DEB4B-B7D&4E71-A3FC-8CC72B906239 LONDON GRID FOR LEARNING TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Children, schools and educational services continued to be disrupted by repeated lockdowns and a shift to remote and blended learning pedagogies. The wellbeing of teachers and children has been negatively impacted and the level of inequality has unfortunately worsened due to the cost-of-living crisis. Supply chain disruption. volatile exchange rates. rising energy prices and chip shortages have continued to place strain on the educational technology sectoi with many of our partners and cornpetitois repotbng continuing financial difficulties and disruption. Despite the challenges, LGfL has played a fundamental and award-winning role in supporting schools at a time of national crisis. Indeed, due to a range of innovative programmes, LGIL has emerged from the pandemic as one of the leading Educational Technology providers in England today. This year, LGfL has received an extraordinary level of industry recognition having won, or in the process of being considered for, an unprecedented 8 major awards:_ Outstanding Achievement Award (ERA Awards) Supplier of the Year (ERA Awards) Flee Educational Resources LGfL with child Bere8vemenl UK (ERA Awards) Piim8ry Resource 01 Equipment- ICT in partnership with Ohbot Ltd IERA Awards- Highly Comm8nd8dl IT Partnership of the Year with LEO Acadetny IBETT Awards) Technical or IT Support Service of the Year IBETT Awards) Wellbeing, Digital Wellness & Safeguarding Resources with the Department for Education IBETT Awards) COVID Response of the Year (Silver- COVID Response Awards) Despite the pandemic, LGfL has continued to increase its reach across England taking on new schools and Multi Academy Trusts in the Home Counties, the Midlands and the Northwest thereby accelerating its position as a national provider of services to schools. Based on the current levels of growth. it is projected that LGfL will provide services to more customers outside of London than within il over the next few years. As well as growing, LGfL continues lo enjoy very high levels of retention that are well above industry nortns. The impact of LGfL within schools and Mulb" Academy Trusts has a150 been more substantial with increasing levels of consumption ol LGfL's bundled products and services along with new revenue streams. Continued growth means that LGfL is one of the largest providers of connectivity to schools in the UK providing a suite of digital services and infrastructure that is feature rich and capable of supporting a modern, digitally enabled curriculum. LGfL's national network and digital services now support millions of children. te8chers and public sector workers everyday putting the company at the heart of efforts to advance education both in the UK and beyond. The scale of this impact cannot be underestimated. Four of LGfL's cloud deployments are amongst the laigest in the worfd of their kind. LGfL's role in Education has become more deeply embedded. The pandemic has placed technology at the centre of a schools, teaching and learning strategy wth the quickening pace of tiansition to Cloud and multi-functional platforms such as Office 385 and Google G-suite. At the start ol the pandemic more than 10,WO schools did not have a learning platform but at the end of the pandemic every school was expected to have had a leaming platform in place set-up. This is an extraordinary level of change that needs ongoing curation and support if the change is to be successfully embedded. LGfL has innovated to meet the rapidly evolving digital needs of schools post COVID, induding an increased focus on cybersecurity as well as supporting schools develop their Digital Strategy and nurture schools to manage doud-based services. Successful collaboration and partnerships rernain a wrnerslone of LGfL's DNA with over 100 coTnp8nies now enrolled as Digital Tianslormation Partners to SUPPOrt schools with their technology needs and ensuie that wherever possible the best use 15 rnade of LGfL re50urce5. Partnerships with Child Bereavement UK and collaboration with LEO Acaderny have been recognised as award winning best practice. At the heart of LGfL's technology provision is a world class network. Buitt almost exclusively on symmetrical, uncontended fibre, LGfL delivers almost infinite capaaty so that exating and engaging leaming opportunities are available for children- both now and into the future. LGfL's scale means that it secures very cornpetitive pricing from its supply chain enabling LGfL to deliver v8lue for money and wnsider8ble cost savings to all its beneficiaries, particularly schools and Mutti Acaderny Trusts. Page 5

Docusign En¥ÈlopÈ ID." OC1DEB4B-B7D&4E71-A3FC-8CC72B906239 LONDON GRID FOR LEARNING TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 LGfL provides a number of pan London and regional services alongside a wider public sector spanning local govemment, health and the police which enable efficient and cost*ffeclive service delivery. Those se￿l¢e$ include the Pan London Admissions ServiTr, the London Public Services Ne￿Ork linduding gateways to Heallhl and the Free School Meals Eligibility Checker. LGfL's long term success h8s necessitated 8 Iransforrn8lion of the organi58lion underpinned by 8 modeinis81ion of IT systerns, continuing process redesign and autom8tion as well as cultivating 8 modern, flexible woikforce. In such a difficuK and uncertain wodd, LGfL's ability to identify and manage risk is critical. Indeed, thoughfful mitigation has been a significant contributory factor to its success along with an ability to take measured risks when the situation demanded it, as was the case during the global pandemic. KEY PERFORMANCE MEASURES The breadth and depth of LGfL's work 15 summarised IN the table below'_ Outcome World Class Connectivi Estimated Dail Reach of LGfL Services to Children Schools U iaded as Part of Pled e 2020 Schools Receivin a Free Bandwidth U rade FYE 22 Total Free Bandwidth Delivered to Schools as art of the Bandwidth Bon8nza General Connection S eed ol Seconda Schools to the Internet General Connection S eed of Prima Schools to the Internet General Connection S eedofs ecial Schools to Internet Resilience Percenta e Avarlabili Brid e The Divide New L8 to s Delivered to Schools sinTr Commencement of #Brid eTheDivide Estimated Number of La s Enabled for Re Eslirnated Savin to Schools from #Brid eTheDivide Free School Meals Pu il Premium Fundin identified for Schools Pupil Premiurn Funding Identrfied since the inception of the Pupil Eligibility Checkei ince tion to 31 March 2022 Continuous Professional Develo Trainin Events Dele ates Attendin A li¢ations for School Places A lications for Seconda School Places pro￿ssed A licalions lor Re lion School Places Total Number of Application5 Processed foi School Places (all phase51 17 177 for nurse unior and 14-19 Smartbu Value for Mone Estirnated Licences & Services Freel Distributed to Schools Estimated Savin l Additional Value to Schools Per Annum 8 March 31 2022 1.7 million 776 104510Mb FYE 22 100-300Mb 100-300Mb of the LGfLCore Network 158 000 30 000 - 40 000 £8.8 M £30.1 £122 M ment CPD 243 104394 100 $91 222 162 1.49M £6.7 M Page 6

Docusign En¥ÈlopÈ ID." OC1DEB4B-B7D&4E71-A3FC-8CC72B906239 LONDON GRID FOR LEARNING TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 SAVING SCHOOLS MONEY The pandemic has delivered an unprecedented shockwave globally that along with more re￿nt developments such as the war in Ukraine, is having a severe and detrimental impact on the UK economy. These shocks include spiraling costs. inflationary pressures as well as a squeeze on Government spending. LGfL, a5 a not-for-profit Ch8ritable Trust, has a key iole to play in shielding schools and other customers from financi81 pressures by leveraging its massive, aggiegated buying power on behalf of thousands of schools. In doing so, schools benelrt from the economies of scale that each procuiement brings. LGfL delivers financial benefits to schools in several ways'.- Firstly, it bundles a number of key products with its broadband connection to create a subscription service. Bundled items in that subscription include ransomware protection. anti-virus. ODOS, cloud backup as well as classroom resouroes. If these products were bought in isolation by individual schools. even MATS. they would cost a lot more money. LGfL encoLJf8ges schoo15 to consume the bundled products through its online Savings C81culator Ihttps."Ilsavin9s.Igfl.netl which 8n8bles headt88chers to 8SS&S5 U58g8 and to ensure that opportunit185 are not mi55ed to save money. LGfL spot purchases large volumes of products for sale diredy to schools. Buying at scale means that LGfL's selling price is generally much lower than comparable market rates. BridgeTheDivide is a great example of how LGfL procured a very large number of laptops at highly discounted prices and was then able to resell them to schools at a much lower Pri￿ than would have been possible through other channels. At the time it launched

BridgeTheDivide, in the early stages of the pandernic LGfL created price points that had never previously been

seen in the market such as for the models of Chromebook that went on sale. LGfL also delivers savings and cost avoidance in other ways for schools. For example, LGfL delivers free bandwdth upgrades to schools as part of its Bandwidth Bon8nza that would ordinarily cost thousands of pounds. LGfL hosts training and CPD opportunrtie5 that are free for schools. Such actions allow Schools to keep pace with technology needs le.g. increased bandwidth consLJmptitsnl at no additional cost. Over the course of this reported financial year, LGfL distributed an estimated 1.49 million licences freely to schools worth approximately £6.7 M per annum. This year around 776 free upgrades have been delivered to schools worth, over 3 years, in the region of £1.2M. TACKLING INEQUALITY The economic crisi5 is p18cing more and more families in difficulty, which can iesult in health and wellbeing concerns for children. Ensuiing that children are fed properly and schools are ie50urced to support the needs of their cotnTnunity 15 8 priority. LGfL provides SLJPPOrt to schools and families through its online Free School Meals IFSMI Checker. In 2014, LGfL built a platform that enables families to check whether they are eligible to claim free school meals, which enables the child's school to re￿1ve additional funding (Pupil Premium) to help and support the child through their education. In subsequent years, LGfL refined the platform lo enable schools. to check the eligibility status and make the claim on behalf of parents. The checker has been an outstanding success, and, in recent years. the checker has been promoted by Marcus Rashford's Food Povety Action Group which has helped to increase 8W8reNess and eng8gement with the service. Over the wurse of the current year the FSM Checker has identified over £30M of potenti81 Pupil PremiuTn Funding and since its inception in 2014 over £120M The FSM Checker has had 8 profound and posltive iTnpact on children and schools ac1055 the LGfL communrty. This system Is used in over 100 Local Authorities and by thousands of 5cho0ls. In the next financial year, LGfL will be looking carefully at the possibility of providing a national platfom that would be freely available to all schools. LGfL's technology offer is bringing affordable, high speed fibre connectivity across England. Over the last year. much of LGfL's growth has been in areas that are poorly served by broadband where schools have previously been ¢onne¢ted at low speeds. The introduction of high quality. syrnmetrical fibre services has enabled schools in rural areas to enjoy the same digital experience as urban areas where historically schools had higher speeds. Page 7

Docusign En¥ÈlopÈ ID." OC1DEB4B-B7D&4E71-A3FC-8CC72B906239 LONDON GRID FOR LEARNING TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 WORLD CLASS CONNECTIVITY FOR SCHOOLS LGIL was established to deliver broadband within the London region. Today, the Trust is ever closer to a position where the majority of customers are outside of London, underlining LGfL's position as a trusted national provider of connectivity. LGfL's nelwork h3s been engineered foi high reliability and speed. Over 99°/o of LGfL's CUStorneis are connected using syrnrnetrical fibre with dat8 secured throLJgh a national IPVPN service 8nd undeipinned by demanding perfotm8nce levels. This delivers children all irnrneisive experience on-line and enables schools to stream High Definition IHDI and 4K content at massive scale into the classroom. In 2018 LGfL anticipated the move to Cloud Computing and the consequent need for much greater capaaty and networf( security. To address these urgent needs, LGfL established a prograrnme to transform broadband speeds to schools called Pledge 2020. The rollout of updated connectivity and platforms cornmenced in April 2019 and the prograrnrne was completed by December 2020. Over the course of Pledge 2020, nearfy 2500 schools were upgraded 8nd the average bandwidth to schools rnore than doubled. In m8ny cases, schools r8ceiv8d upgrades that result8d in sp8eds rising 8s mLJch 8s 500Q/D. Much of the Pledge 2020 programme was completed during the COVID-19 pandemic and, by virtue of its timing, enabled schools to transition to remote leaming and cloLJd services seamlessly. This prevented the disruption of children's education and avoided many of the technology issues that were prevalent in other parts of the country at the time. LGIL has continued to invest in the future of education connectivity under a new initiative called the Bandwidth Bonanza. Under this initiative LGfL is delivering further increases in connectivity speeds at no additional costs to schools. 776 schools benefited from the programme over the Course of the year. These upgrades mean that LGfL schools remain at the forefront of broadband and digital services provision. BRIDGE THE DIVIDE- EQUIPPING CHILDREN AND SCHOOLS WITH LAPTOPS As teaching and learning Tnoves online both children and teacher5 need access to low cost, affordable devices. This Is 8 universal requirement, but particulady pressing in areas with high levels of social and economic deprivation. LGfL established a programme during the COVID-19 pandemic called #BridgeTheDivide which included a national procurement of laptops on behalf of all schools along with accompanying configuration and distribution services. Through the 8ggregation of its buying power. LGfL was 8ble to source computers at very competitive pri￿8 and pass those saving5 on to schools. This immediately led to a reduction in the costs of devi￿5 in the market and schools were able to bulk purchase for children at levels that would otherwise have been impossible for them individually.

BridgeTheDivide quickly gathered momentum during the pandemic and was an unprecedented success with LGfL

becoming the largest supplier of devices to schools OLrtside the government's national programme.

BridgeTheDivide was a major boost to the UK generally with LGfL securing the supply of vast quantities of devices for

schools in England at a time when other countries were also buying all available devices to meet their own national needs. Had LGfL not bulk purchased devices during the pandemic, it is entirely possible that very large numbers ol children would not have received deVI￿S and equipment would have been redirected to other countries.

BridgeTheDivide was well received by schools and there are a number of case studies from sohools. MATS and Local

Authorities commented on the positive impact the prograrnrne had on children and their piogress during the pandeTnic. This induded sorne of the most deprived are8s in the UK including Waltharn Forest and Tower Hamlets. The latter working with LGfL on not only distributing equiprnent but 8150 on embedding technology into the cuiriculum (see https.'Iledtechth.Igfl.neti LGfL has continued to provide low-cost devices to schools and licences to recycle devices during the year. By March 2022, LGfL was closing in on delivering 200,000 new and recycled deVI￿S to schools. Page 8

Docusign En¥ÈlopÈ ID." OC1DEB4B-B7D&4E71-A3FC-8CC72B906239 LONDON GRID FOR LEARNING TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 CYBERSECURITY Globally. increasing tensions and hostile acts be￿een countries. are fuelling a difficutt clirnate and adding to the range of Threat Actors that already exist. Consequently. cybersecurity threats and risks are on the rise and a number of schools and Multi Academy Trusts have been victims of ransornware attacks which have proven costly and very di5ruplive. LGfL ha5 tnarbled security into its technology stack. The LGfL nelwotk has 8 unique, rnulti layered. defensive shield that protects childien. LGfL's defences include filtered internet access, anti-vitus, ransomware counteirneasures, cloud backup, rirewalls, DDOS protection, secure email services as well as monitoring via a Security Operations Centre ISOCI. This Mu￿1 layered defensive system is called Cybercloud. LGIL provides extensive best practice policy and security advice to schools including delivery ol the official National Cyber Security Centre INCSCI training for schools. plus best practice toolkits. serninars and newsletters. Elevate Ihttps'.Ilelevate.Igfl.netl is a collection of key documents that schools can use to elevate their cybersecurity. It can be used as a foundation for schools that want to attain Cyber Essentials Certification. It templates for the three key docurnents that NCS 8(Ivises 5¢hools should h8ve i.e. 8 Gybersecurity Polioy, an Incident Response Plan and Assevrisk Registeis. In 2022, LGfL Integiated an innovative technology plafforrn into its digital subscription that enables schools to freely assess their cybersecurity vulnerabilities. The plarform presents a visualisation of those risks as well as a report at no additional cost to schools. LGIL has freely offered this scorecard report to all schools irrespective of whether they are an LGfL beneficiary of broadband. LGIL has invested to increase its capacity and technical capabilities to support schools and partners alongside the technology counterrneasures and content initiatives identified above. This includes LGfL becoming an accredited Managed Service Partner IMSPI for platforms including Sophos and Malwarebytes. Today. LGfL oversees the security of hundreds of thousands of devices. Cybeisecurity requires Tnuhi agency collaboration and intervention. LGfL partners with key agencies including the NatlOn81 Cybei Security Centre to promote best practice5 and audit of Schools. Security risks has been undertaken this year to refresh and update the first study undertaken In 2019. The findings fitsm the study will be made available to inform spending and policy decisions for schools. RESILIENCE AND KEEPING THE LIGHTS ON Significant technology investments have been made over the course of the financial year to ensure the continued reliable operation of LGfL's platforms to increase resilien￿ and reliability. A key change was the rollout of an enhanced networking configur8tion which has enabled internet bound traffic to reroLrte acros5 tnuttiple links in the event there Is a failure In the National Network. This has significantly reduced downtime in schools and across the LGfL community of schools whèn there have beèn problems in the core network. Important upgrades have been made to the LGfL datatsntres that make up LGIL'S private doud. These investments have ensured that services are designed for high reliability and availability that is conformant with an N+1 design. Projects indude upgrades to processing capacity within our secure private cloud and the introduction of new equipment which draws on less power and is more environmentally friendly. The oversight of the ne￿ork. and its perfomiance. has been enhanced through the integration of LGfL devices with the IBM Tivoli platform which now delivers real lime performance metrics on a range of key matters that could adversely affect the end usel experience including latency, round trip delay and packet loss. Managing the insights provided by these next generation systems en8bles LGfL lo deliver a proactive and positive service to the thous8nd5 of cu5tomeis it serves nationally. Page 9

Docusign En¥ÈlopÈ ID." OC1DEB4B-B7D&4E71-A3FC-8CC72B906239 LONDON GRID FOR LEARNING TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 SAFEGUARDING CHILDREN Online safety rernains a core focus for LGfL with an estimated 2 million children, teachers and support staff having access to the internet every day. Internet filtering is a complex undertaking as content providers seek lo prevent filtering and lock out system5 that categorise the content. Filtering al this scale is an enormous challenge wlh over 30.000 decisions taken every rninule on whelhei content is appropriate to view. LGfL has Invested further in the modernisation of its fi￿ering service including a complete oveih8ul of the underlying infiastructure in order to increase capacity and to enable new features including SSL filtering, by default, should schools have this requirement. Other new features include improved integration wth cloud platforms such as Google to ensure granular, per-user filtering to help keep children safe but avoid overblocking. A new fiKering platfom), called SchoolProtect, will be launched in 2023 should a beta trial prove successful. The pandemic changed where children leam with a sharp uptake in internet-based learning in homes and cornrnunity settings. This drove innovation and change and. as a result. LGfL created. at No cost to schools, a free filtering service for children working frorn home IHomeProtectl. This service has been retained due to continuing demand from sthools. The t8chnical offering was combined with expert guidance and trailling to 8nsure $8fe 18rnot8 leaming, plus advic8 for parents on how to best protect their children online. LGfL works extensively on countering extremism and online radicalisation. This indudes the production ol key resources developed in partnership with the Department for Education IDfEI Prevent Team and the Counter Terrorism Police. Igoingtoofar.Igfl.org.uk- mentioned previously lor winning a BETT award) LGIL offers a wider centre of excellence in safeguarding spanning many areas including, for example, grooming for sexual or child criminal exploitation. A wider training portfolio and collection of resources provides CPD and materials for the classroom. for specialists and generalist staff alike. and increasingly. LGfL is the destination for schools, main Designated Safeguarding Leads lo gel their training, updates and advi￿. inoluding on the lalesl legislation and slalulory guidance. where LGIL is in a unique position lo advice frorn ils work on national policy bodies. LGfL has also developed a wide range of tnateiia15 for promoting tnental health and wellbeing including the award winning resourtss developed wrth Child Bereavement UK to help schools supporting children dealing with a family bereavement. This resource https.'Ilbereavement.Igfl.org.ukl has been of signrficant value to schools particularly during the pandemic. CURRICULUM AND TEACHER DEVELOPMENT Since its inception in 2001, the curriculum resources. as with the technology portfolio. has been at the heart of the LGIL offer. In older to enable the effective use of technology in supporting high quality curriculum delivery. the curriculum portfolio has been 8d8Pted, expanded and a lange of Innovative content developed. Changing processes, policies and teaching methods to effective￿ harness digital devices and materials is a complex undertaking and potentially fraught with risk to schools, children and teachers. Therefore, the effective integration of the latest digital technology into everyday teaching and learning requires careful and focused support to help evolve pedagogy,. which LGfL's Curriculum Team are well placed to provide alongside a growing ne￿Ork of lead schools. Ipedtech.Igfl.netl Following a successful bid lo the DfE, LGfL supported over 4.000 schools and 100.000 teachers with their transition to the Cloud via the National Dernonstralor Programme during GOVID-19. Al the end of the contract term. LGfL Suc￿sSfullY Ir8nsitioned the future delivery of the piogramme lo United Learning ensuring no disruption to services. Over the course of the cuirent financial year, LGfL has collaborated extensively with lead practitioners and experts in their rield to develop resources to enable the development of a holistic Digital Strategy induding a self-assessment toolkit, training and access to an extensive catalogue of case studies where leading practitioners provide feedback and advice on how they have approached the complex issue of Digital Strategy within their school or Multi Academy Trust. LGfL has partnered with the Education Foundation to develop a national network of leading practitioners IEdTech Hubs edtechhubs.Igfl.netl where school leaders and teachers get together lo share best practices and disseminate that within a region. These sessions have been very well received and they will remain a key part of LGfL's activity in the next financial year. Page 10

Docusign En¥ÈlopÈ ID." OC1DEB4B-B7D&4E71-A3FC-8CC72B906239 LONDON GRID FOR LEARNING TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 LGIL delivered an extensive Continuous Professional Development programme for schools across a range of subject, specialisms as well as products. This programme rapidly increased during the COVID period and the volume ol training remains at a much higher level than rt was prior to the global pandernic. Many of these programmes are delivered in partnership with key suppliers and well-known training providers at no cost to schools which is another way in which LGfL saves money for ￿hOols. PAN LONDON ADMISSIONS SERVICE LGfL works in partnership with Local Authorities to coordinate school places across London. This is a significant and critical task, involving hundreds of thousands of annual applications across the capital each year. By collaborating together and delivering these services centrally, local authorities save significant amounts of rnoney by avoiding duplication and delivering servi￿$ efficiently through shared IT systems. Underpinning this service are Iwo central IT system5 provided by LGfL. The Pan London Coordinated Adrnissions systems. processes paiental applications for school places. U51ng the centralised system. Local Authorities 81rn to give every child a single offer of a school place on National Offer D8y, which previously was not the cas& wh8n local Systems were run by individual Authoritie5. The Pan London Coordinated eAdmissions website has been a major success for London. As a result, this service covers all phases- nursery, reception, junior, secondary and 14119 placements. The new website was introduced in 2019120 and during the pandemic improved and streamlined the processing of admissions and delivered a significant channel shift with a major dedine in the number ol telephone and general enquiries to the support tearns as parents were able to successfully apply without having the need lo call for help or advice. The significant reduction in telephone calls underlines the importance of improved website design and well thought out customer joumeys. 2021122 was the eighte8nth ye8r of operation ol the Pan-London Admission5 Coordinated Service for th8 33 London Local Authorities and 5 adjoining authorities, which successfully handled over 58,041 resuKing in a single school offer for 222,162 applications that had been made via the eAdmissions website. LONDON PUBLIC SERVICE NETWORK LGL provides connectivity and resilience for Councils across London and nationally. A priority during COVID-19 was the migration of Councils to the latest network architecture and new equipment which delivered more capacity and security. This transition was almost cornpleted by the end of the current financial year and a cornplete cutover will be delivered in the next rinanci81 year. LGL boosted inteinet capacity tts Councils at the start of the pandemic for free which enabled public sectoi workers to move to homeworking at a massive scale wth minimal disruption. This facility continued over the course of the current financial year. LGL maintained a focus on ensuring the resilience of public Se￿iCe$ by scheduling a series of scheduled Disaster Recovery Tests to ensure that, in the event of a network failure, services would be automatically rerouted to their second connection. This programme remains an ongoing priority for LGfL. LGL is currently leading a review of LGfL's datscentre strategy with a view to lowering our carbon foolprinl. increasing capacity and enabling the delivery of 8 new gener81ion of Cloud enabled netwoiks. This refresh of core technologies will also provide LGfL with the pl8tfotms to improve the range of options that it can provide 10 5thools and Multi Academy Ttusls at affordable piices. BUSINESS MODEL TRANSFORMATION LGfL was established as a commissioner of regional broadband to schools that was funded by government through the former Harnessing Technology Grant IHTGI. Today, it is a diversified technology services organisation with a market leading brand. The Iransfonnalion from a government fvnded 8gen¢y h85 necessitated fund8menlal and far-re8thing changes which are being addressed through LGfL'5 Fit for th8 Future progr8mme. Through this Init18tive LGfL has overhauled its services and product5 in ie5pon5e to feedback frorn schools. Page 11

Docusign En¥ÈlopÈ ID." OC1DEB4B-B7D&4E71-A3FC-8CC72B906239 LONDON GRID FOR LEARNING TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Today, LGfL continues to be a commissioner of setvices but it now delivers services directly. New channels, such as the Digital Transformation Partner IDTPI network have been established to provide new ways of growing services harnessing Small to medium Sized Enterprises as well as Local Authorities. LGfL's ability to adapt in a flexible and nimble way lo meet the needs of schools and ￿s1OmerS Is one of the reason5 It has been able lo achieve high levels of customer ielenlion and slay relevant in 8 highly wmpelilive market. FIT FOR THE FUTURE LGfL is a growing and diversified technology services group and, as it continues to expand, it is essential that firm foundations exist with modem, digital platforms that enable LGfL to function efficiently and effectively at scale. A key investment for LGfL has been the implernentation of a modern Customer Relationship Management ICRMI system which supports sales management, ¢ommuni¢ation. service management and a range of other customer interactions. Over the course of the year. LGfL reviewed a significant number of processes and re-engineered them for the CRM System to provide greater support for cole activities Including Sales Order Processing and Sales Pipeline Msnagement. The CRM systern also has a lange of integration tools enablin9 bi-direction81 upd8t8s of data b8tween systerns without the n8ed to 18- key infortnation. This tneans that LGfL's customer data is much richer. Modern financial systems provide support across LGfL to ensure that accurate data is available for forecasting, profit and loss, cash flow and balance sheet management. A number of improvements have been intrOdU￿d in the Finan￿ Team with respect to technology and processes resulting in improved efficiency and oversight. For example, billing between LGfL and its largest supplier, VM02 has been simplified to avoid a large amount of technical accounting adjustments needing to be made each month. It is planned that further automaton of asset management and contracts will be delivered over the course of the next two financial years along with integration to partner systems to enable automation of key tasks such as billing reconciliation. As P8rt of it5 Fit for the Future progr8rnrne. LGfL h8s collaborated extensively with partner5 to irnpiove oversight and service managernent as well as addressing concerns wrth the quality of inforrnation held on partner sy5tem5. These developments are supporting the effective stewardship and management of LGfL's customers. WORKFORCE TRANSFORMATION LGIL recognises the need for a rnodern and motivated workforce that has the skills and capaaty to meet the changing and growing dernands of a national provider. The expansion in services has led to planned headcount increases in rybersecurity. safeguarding and technology strategy. The pandernic has iesLJlted in fundament81 changes in Workfor￿ and accommodation needs with a general move to hybrid working. LGfL has embraced this change which h8s contributed to continuing high levels of employee ietention. With the continuing economic pressures on staff, there is likely to be a need for LGfL to consider what further measures may be appropriate to support staff s wellbeing in the next linanaal year. Depending on the economic situation, further proposals may be brought to the Board induding temporary financial relief for staff. SUPPLY CHAIN TRANSFORMATION The pandemic underlined the need for all organisalions lo ensure that robust supply chains were in pla￿ to support reliable service delivery and meet customer needs. This is a continLJing requirement given recent global disruptions reSu￿l￿g frorn the war in Ukiaine, rising energy piices, exchange rate volatility and repeated econornic lockdowns In China. One ol LGfL's key strengths in recent years has been the broadening of its supply chain base to introduce world class companies such as Adobe which have opened up new possibilities to supply schools with exciting and impacfful products such as Creative Cloud. LGfL has nurtured the Digital Transformation Partnership IDTPI. This is a network of Small to Medium Sized Enterprises ISMES) who re￿1ve regular updates and newsletters from LGfL. This network also provides an invaluable support network for schools. Page 12

Docusign En¥ÈlopÈ ID." OC1DEB4B-B7D&4E71-A3FC-8CC72B906239 LONDON GRID FOR LEARNING TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 This DTP ne￿Ork has continued to be a success story with over 100 companies now part of that framework. LGfL will further invest and develop this channel over the course of the next finanaal year and will continue to build skills and knowledge into that community. LGfL ielains a relentless focus on ensuring ils oonlracts and partnerships deliver Value for Money and meet the expectslions of its Customers. This requires effective oversight and rn8n3gement of partners and suppliers. Key govem8nce changes have been introduced to drive improvements in reliability. oper8tion5. finance and innovation. Contracts with partners have been reviewed and, when contracts reach renewal points, considerable focus is given to irnpioving term5 and addressing areas of Improvement. This is enabling LGfL to control costs and ensuie positive alignment between suppliers and LGfL's Objects and priorities. A diversified and transformed supply chain has also delivered greater resilience and choice for LGfL and its customers which has been a fundamental building block in delivering long tem value to schools. COMMITMENTTO OPEN STANDARDS AND INTEROPERABILITY LGfL has fostered and accelerated the us& of cloud platforms and internet-b8sed service d81ivery. The succ855 of th85e progiatllTnes means that England is at the forefiont of EdTech developments globally. The future success of doud servI￿s, and their widespread adoption in schools and the public sector, will depend on process and data orchestration services that enable effiaent and effective delivery of education to any location in the wodd. A wodd where data flows securely and freely across a vast nexus of partners and contributors. LGfL is committed to harnessing interoperability and is focused on accelerating it, alongside open standards in its supply chain and wider digital ecosystem including its immediate supply chain. This will enable groundbreaking innovation in future years that will Iransfonn education and deliver positive outcomes to schools. RISK MANAGEMENT The management and mitigation of risk is a key priority for LGIL and ever more pressing in a climate tsf uncertainty. LGfL has embedded risk management and mitigation in all aspects of its work and key areas of concem are reported to the Board along with mrtigating actions. The following sections provide an updated consideration of the major challenges and risks that LGfL faces currentty. Financial risk is addressed in the finance section later in this report. COVID-19 The woddwide pandemic has severely disrupted the global economy, negatively affected the supply of goods and seNices as well as resulting in the unplanned closuie of schools. Many companies, including UK technology companies, have struggled to adapt to the changed environment. The impact of COVID-19 on the global supply chain will continue to disrupt the market as there is likely to be a substantial rise in the consumption of electronics and technology wrth the introductions of lockdowns across the world. In addition, suppliers may find delays in shipping and port congestion a problem due to unexpected shortages of available staff. Massive public borrowing and spending is also likely to negatively impact the eoonomic outlook over the longer terrn with inflationary pressures likely lo diive up costs foi all suppliers and companies. potentially squeezing surpluses. As set out in this report, LGfL has delivered a cotllprehensive and effective response through initiative5 such as Pledge 2020 and #BridgeTheDivide as well as "Lights On" Investments to ensuie that schools and Councils continued to operate successfully despite huge changes in demand and the shift to remote working. LGfL recognises that our ability to respond flexibly and innovatively to COVID-19 or any future unexpected events will remain a priority for risk mitigation for the foreseeable future. New product and innovations remain part of that response. LGfL is taking steps to increase resilience against COVID-19's related supply dysfunction by diversifying its partners and broadening the range of products available to meet service needs and moving away from single points of dependence. Page 13

Docusign En¥ÈlopÈ ID." OC1DEB4B-B7D&4E71-A3FC-8CC72B906239 LONDON GRID FOR LEARNING TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 LGfL's focus on efficiency, contract controls and generating value for money from its supplier base are important mitigations to inflationary pressures. BREXIT The continuing ￿n￿rtainlY with respect to the UK's trading atrangemenls with the rest of the world iem8ins 8 concern with no obvious iesolution in sight. For the reasons set out earlier in this report, LGfL's supply chain is strong with our major SLJpply partners already well advanced in terms of contingency planning. Nevertheless, there are likely to be continuing swings in currency exchange rates that will adversely affect prices and drive- up costs to schools. LGfL is mitigating this impact by purchasing at scale 8nd ensuring that there is an effective procurement CaP8City at the heart of the organisation. LOW£OST CONNECTIVITY LGfL needs to ensure that it evolves its nelwork and technology solutions to ensure they remain competitive and offer Value lor Money. A significant amount of government and private sector investment is going into building out a fibre network across the country and its vital that schools benefit from this development. This includes the rise of Fibre to the Premise as a cost- effective means of accessing the internet for smaller schools compared to leased lines. LGfL is therefore 8d8pling ils technology architecture and supply chain to meet the changing nature of connectivity in the UK allowing schools lo have more connedivity options and choice. MANAGING GROWTH LGfL is growing its customers and diversifying its products which is inevitably bringing pressures induding the urgent and continuing need to modernise LGfL as an organisation. As set out earlier in the report. LGfL's Fil for the Future programme is critical to supporting and managing LGfL's growth by modernising processes. systems and workforce including the wider use of next generation digital platforrns induding GRM. Growth in LGfL's coverage and widening of LGfL'5 direct services and products requires LGfL to recruit addition81 staff to meet identtfied needs in those areas Including enabling functions such as finance, business development and 581es. MANAGING ORGANISATIONAL TRANSFORMATION The process and wider changes being introduced by LGfL to support growth include significant changes in working practices and contracts which have been refreshed and updated for all employees. The move to a modern HQ has benefrted LGfL, including doser lies with schools, Councils and partner organisalions. LGfL has not required a fundarnental reorganisation of its structure. The focus remains on empowering indwiduals and teams lo develop their services and coaching the org8nisalion to improve their perforrn8nce. The adoption of a flat org8nisation81 slru¢tuie rne8ns there is 8 rnaximurn of 4 levels including the CEO. Looking ahead, LGfL will need to keep it5 organisational structure under review to ensure that it has sufficient capacrty to meet demand and individual staff members have a sustainable portft>lio of work. KEEPING PACE WITH MARKET CHANGE LGfL is in a technology market where innovation and change are constant. As such it is vital to ensure that products and services remain current and relevant in a highly competitive area. A5 LGfL's iespon5e to COVID-19 demonstrates. LGfL has continued to innovate and expand the services and products il provid85 to schools reinforcing the value of its subscription and the posltlV8 itnpact on rts ben8ficiari8S. Page 14

Docusign En¥ÈlopÈ ID." OC1DEB4B-B7D&4E71-A3FC-8CC72B906239 LONDON GRID FOR LEARNING TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 There is a risk that disruptive and fast-moving changes in new technology and associated servi￿$ could render services obsolescent or expensive. Work is already underway lo ensure that LGfL can support these changes and deliver the interoperability and flexibility that schools now expect. In doing so, there will be ongoing challenges and a constant balancing act for LGfL and its delivery partners to rllanage be￿een providing a secure network and the need for more Key priorities for 2022123 are set OLrt In thi5 report and include improvements to products that support the Increased use of cloud services and help schools tnitigate the impacts on learning fiotn the global pandetnic. LGfL will a150 invest to modernise other key platforms this year that will enhance its safeguarding credentials to schools. Further strategic investments in safeguarding, infrastructure, cybersecurity and nelworks are planned to enable LGfL to continue operating at the forefront of innovation and practi￿ in the education Market. MITIGATING CYBERTHREATS LGfL reoognises that there is continuing activity and efforts to disrupt schools and other bodies through targeted aotivilies including 5parnming, distribut8d denial of service attack5 IDDOSI, r8n50mware attacks. m8lwa18 and virus85. LGfL continues to invest to imprtsve its capacity to mitigate such threats through product improvements including the addition ol new protections. As previoLJsly stated, prudent and effective investments have been made in technologies such as firewalls and alerting systems to mitigate the risk of such breaches. In recognition of the increased threat to information and systems, LGIL also undertook independent testing of its network security., this cydical assurance will continue. A continuing positive development has been the enhanced DDOS protection enabled by the recent and significant upgrades to the firewalls that LGfL has deployed in the edge li.e. the school sites) and the core network li.e. LGL'S datacentresl locations of its ne￿ork. LGfL has also focused on security process improvernenls and has achieved Cyber Essenli8ls Plus awreditalion. SUPPLY CHAIN RESILIENCE With the majority of service provision administered through contracts with substantial supply partners, there remains the risk that one of these could fail, particularly in the current climate. In mitigation, LGfL undertakes regular review meetings wvth suppliers. Financial checks through Dunn & Bradstreet are conducted regularly and are part of the assessment process for major new contract awards. To maximise value in its suppty chain. LGfL has expanded its oommeru81 ecosystem. This has delivered a significant broadening of products and capabilities available to LGfL as well as reducing the exposure to one supplier. The expansion of LGfL's partnerships has proven Invaluable In diiving Innovation Into the services and 5ubsciiption5 that LGIL offeis. It also provides LGfL with aKernative SLJpply should partners fail to meet the standards that LGfL requires. The creation of a Digital Transformation Partner Nelwork has been a particular success with close to 100 Small and Medium Sized Enterprises ISMES) working closely with LGIL on supporting schools in London and beyond. Atomwide (now part of AdEPT plcl and VMB are critical partners for the delivery of services to schools. LGfL has developed robust improvement plans with clear actions to ensure continuous improvement. FINANCIAL REVIEW The results for the ye81 and LGfL's financi81 position 81 the end of the year are shown in the 8tt8ched financial $18lemenls. The previous financial ye81 Witnessed the highest ever levels of revenue and Spend since the formation of LGfL lincome of £44.4MI. This finanual year is the second highest ever lincome of £35.5 Ml, driven by the continued rollout of devices into schools along with net growth across several product pipelines indude cloud backup, broadband and software sales. The major part of LGfL's income is derived directly from schools for the provision of broadband connectivity, related services linternet fihering. e-mail hosting, e-mail filtering. anti-virus protection, web hosting. secure rernote access. etc.) online educational resources and devices. However. this is likely to change as LGfL diversifies the products and services that it is sourcing on behalf of ￿hOOlS. Page 15

Docusign En¥ÈlopÈ ID." OC1DEB4B-B7D&4E71-A3FC-8CC72B906239 LONDON GRID FOR LEARNING TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 LGfL has witnessed a very substantial rise in its revenues as a resuft of diversifying into device provision during the pandemic and expanding the range of services and products that il offers in schools. Income fell this year with the National Demonstrator programme coming to an end and a reduction in the volume of devices shipped to schools. Expendiluie has been reduced in line with expectations due lo the expeoted fall in laptop purchases as part of

BridgeTheDivide. In FYE 2022. lot81 expenditure incurred was £36.1 M. In 2021 10181 expenditure w8s £46.6M.

LGfL does not receive any of its income from public fundiaising so is not required to cornply with any fundraising regulations. PENSION LIABILITY Pension liabilities remain volatile. This year it has redU￿d from £2.984M to £2.047 M due to updated actuarial assumptions and better than expected performance of Pension Funds. The current Un￿rtainlY and the need to ensure the future sustainability of LGfL will mean that a ieview of LGfL's Pension Scheme will be n8eded to avoid the burden of m8intaining th8 fund b81ng too great with 8 lik81y move from 8 Defin8d Benefits Scheme to a Defined Contribution Scheme. GOING CONCERN LGfL is a going concern and will continue to play an important foundational role in the education system within England. Net assets has improved on last year and the pension liability has fallen which have boosted the company balance sheet compared to the previous financial year. Long term liabilities continue to reduce in line with expectation and by financial year ending 2024, long term assets will be lully depreciated. In the curienl year, LGfL has iet8ined strong liquidity and cashflow, p8rti¢ul8rly in the first 9 months of the financial year. LGfL's credit worthine55 has improved with LGfL moving to an A1 rating with Dun and Bradstreet with a daily recommended daily credit limit of over £1m. LGfL continues to grow across England with continued expansion in 2022 in the Home Counties and a heakhy multimillion pipeline of future sales leads and retention activity. LGfL benefits from very high levels of custorner retention and loyalty which are currentty at over 95°/0 in a very competitive market. Renewed oonfidence in LGfL is reflected by the fact that schools who had left LGIL are now retuming which means that LGfL's share of the London market Is inueasing. LGfL's stiategy of providing additional value through bundling additional products and services into its broadband serviee has been a key part of its Suc￿sS with increasing levels of schools taking advantage of the freely available products. Following advice from our Auditors last year, LGfL has improved its forecasting with cash flow, balance sheet and profit and loss statements now extending out to financial year ending 2027. The forecasts clearly demonstrate that over the Medium Term. provided assumptions induding net growth continue, LGIL will be in a stable and sustainable financial position for years to come. As part of those forecasts, options for cutting costs and generating savings have been developed. The improvements in our medium-term financial planning are enabling the Board lo understsnd and lesl the impact of making key investment decisions and wnsider the tradeoffs and consequences of key decisions th81 lie ahead in delivering ils strategy. In the current year net current assets INCAS) are negative but, as previously reported, this was anticipated as part of the cyclical refresh of the network and mirrors performance in previous refreshes over the last 20 years. As in previous cydes, according to the Medium Term Financial projections, Net Current Assets will move to a sustainable position, with sufficient funds being generated to enable the next cydical upgrade of the network by FYE 2027. Page 16

Docusign En¥ÈlopÈ ID." OC1DEB4B-B7D&4E71-A3FC-8CC72B906239 LONDON GRID FOR LEARNING TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 LGIL is also confident that the cost of future upgrades will fall. Indeed, over the last three refresh cydes, the costs of replacements are generally falling historically and therefore the cydical and structural financial demands on LGfL are declining. LGfL recognises the urgency and ne￿8S11Y of remaining focused on its financi81 bottorn line and a number of key initiatives will support LGfL remain 8 going concem'.- Harnessing rnulti-year foiecasting for cash flow, balance sheet and profit and loss managernent and constantly reviewing them in the light of changes, Embedding the use of core financial statements and forecasting into corporate governance induding investment decisions., Maintaining a healthy sales pipeline by hamessing data and LGfL's CRM systern and developing a national sales strategy.. IIVI Achieving bett81 value and reduced costs fiorn suppliers throLJgh m8rk&t t85ting, financi81 and commerci81 control5', Ivi Diversrfying the range of products that it provides to schools and therefore the sources of its income", Ivll Reducing the rate of customer attrition through a range of targeted initiatives induding flexible pricing, personalised product design and product enrichment., Ivlll Implementing improved investrnent and project management controls. including stopping initiatives that were not delivering benefit, sweating assets and improving long-term planning., Ivllll Expanding LGfL's customer base in schools and across the public sector.. IIXI Itnproving financial controls., and Ixi Investing to improve the competitiveness of the products LGfL provides to schools. Given the above, LGfL has adequate resources to meet all liabilities as they fall due and will continue in operational existence for the foreseeable future. Therefore, we have prepared our accounts and financial statements on the basis that the charity is a Going cOn￿rn. Page 17

Docusign En¥ÈlopÈ ID." OC1DEB4B-B7D&4E71-A3FC-8CC72B906239 LONDON GRID FOR LEARNING TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 RESERVES At the 31 March 2022, LGfL's net assets were £4.96 M lexcluding pension liability) and fall to £2.91 M including the defined pension scherne liability which represents an improvernent on the previous financial year. In 2021, LGfL had net assets of £4.95M before pension liabilities. and £1.87M after pension liabilities. As reported in 2019120, LGIL planned for a depletion of ie5erves 8nd unrestiicted funds In 2019120, 2020121 and 2021122 to enable the modernisation and upgrade of the schools. network as part of Pledge 2020 and the continuing inve5trnent in product and servi￿$ improvements to ensure LGfL is competitive in the market it serves. The actuarial assessment and pension liability was an improvement on the previous years at £2.Q47M compared with £2.984M in the previous financial year. Going forward. LGfL maintains unrestricted funds and reserves consistent with antirypated commitments in regard to maintaining continuity of service, cyclically refreshing it5 assets, and ensuring it can.'_ Fund Its OP81ations for at least 3 months., Survive major and unforeseen economic shocks and developments", Provide support to education in the event of a material change in govemment funding policy in respect to schools, broadband., Provide contingency for IT related initiatives.. Iv) Respond purposely lo technology innovation., and Have c8p3city to respond lo new regulatory buidens. The operating model of LGfL rneans that it needs to Continually ieinvest a signrficant proportion of its sutpluses Into IT infrastructure to ensure the network is kept up to date and able to service the need of participating schools and other customers. STRUCTURE GOVERNANCE ANO MANAGEMENT The London Grid organisation consists of the following legal entities'.- Nam• London Grid for Learning Trust Status Private. limited by guarantee, no share capital. section 30 of the Companies Act Companies House no. 4205579. Members are London's 33 Local Councils hari Nurnber 1090412 Private Limited Company Companies House no. 05122783. Wholly owned by London Grid lor Learning Trust. This has now been merged with LGfL following approval to widen the Objects ranted b the Charities Commission and London Councils. Private Limited Company Companies House no. 11158329 Wholly owned by London Grid for Leaming Trust Currentl dormant. London Grld Llmlted Let's Get Digital Page 18

Docusign En¥ÈlopÈ ID." OC1DEB4B-B7D&4E71-A3FC-8CC72B906239 LONDON GRID FOR LEARNING TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 APPOINTMENT OF TRUSTEES All 33 London Local Authorities are rnembers of the London Grid for Learning Trust Company and are responsible for appointing the Executive Board. Ttuslees are nominated by the Council. E8¢h Member th81 is a Council may nominate a peison 85 a Direcloi. who shall be appointed as a Nomin8ted Diiectoi by a resolution of the Directors. The Ntsminated Directors appoint one or more persons as Directors. Directors are chosen by reference to their relevant qualifications, skills, experience, knowledge, professional, commeraal or community standing and, where possible, their contribution to making the board of Directors appropriately diverse. No Directors are appointed unless their candidacy has been notified to the Members in sufficient detail and in sufficient time to enable any Member so rninded to comment on the proposed appointrnent in writing to LGfL prior to the appointment being made. The company has held Annual Gener81 Me8tings 8nnually since its inc8ption, to appoint Director5 and Auditors and receive and approve Diiectois. Report and Accounts. LGfL will be seeking to strengthen its governance by appointing new Board members over the course of the next financial year. TRUSTEE INDUCTION LGfL recognises that poor corporate governan￿ and decision making have been the main cause of failure in other charities, and that Trustees have not been effective IN these incidences. According to research. much of this ineffecliveness is due to inadequ8le induction and support offered to Trustees. LGfL iecognis85 that 8 new Trustee will make 8 tnuch Tnore substantial contribution if their induction is handl8d eff8Ctively and they have the infomation and skills needed to undertake their duties effectively. LGfL recognises that it is vital that new Trustees have all the necessary information to make an effective contribution to LGfL's affairs induding.. Ensuring that new Trustees are fully conversant with the Articles and Activities of LGfL'. Provision of additional relevant material. including Board papers and the Statement of accounts., Providing Tiustee financial training, which is provided by the Company Auditois.. and That Trustees are aware of their legal obligations under Charities Law, including aieas such as Public Benefit and Responsibilities of Charity TtU5tees ICC31. ORGANISATION LGfL's Executive Board of seven members meets around 5 times a year to advise, review and direct strategy and investment plans, and to provide oversight of LGfL's perfomance. An Audit Committee meets to review the accounting and financial management practices of LGfL. The Audit Committee is responsible for reviewing the report from the External Auditors 8nd for providing assuran￿ lo the Bo8rd. LGfL is also 8ccount8ble lo ils members through the active engagement of key st8keholdeis in the forrn of Loc81 Authority Officers and school repre5ent8tives who meet regul8rfy at the London Grid Sector Group. This work is augmented through the titne and effort given by representative staff who sit on LGfL's Advisory Board5." The Editorial Board and Safeguardin9 oard. The day-to-day operation of the company is the responsibility of the Chief Executive, who is accountable to the Board, and the Members. The Chief Executive manages 7 staff. The Combined staffing establishment is 38.1 full-time equivalent. In order to facilitate effective operations. the Ghief Execulive has delegated authority for all matters induding finance. employment. technology services and commero81 activity. Page 19

Docusign En¥ÈlopÈ ID." OC1DEB4B-B7D&4E71-A3FC-8CC72B906239 LONDON GRID FOR LEARNING TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 In 2016117, the Articles of LGL were refreshed to ensure they reflected best practice,. contracting arrangements befv4een LGIL and LGIL were captured in an inlercornpany agreement between LGfL and its trading subsidiary. In 2019120 pemiission was granted by LGfL's shareholders, following authorisation from the Charities Commission, to extend the Articles lo cover new Objects relating to Well-being and Cornrnunity Development. This change was ratified in 2020121 following an extraordinary vole by ils sh8ieholders. In 2022123 it Is anticipated that a further change of Objects will be introdueed following advice from the Charities Commission. REMUNERATION The Board of Trustees is responsible for CEO remuneration and the employee salary-management and benefits framework. CEO remuneration is reviewed and set by the Human Resources subcomrnittee annually. The remuneration of staff 15 the responsibility of the GEO. All staff are appointed under local%ovemrnent terms and conditions. P8y grades foi Tru5t8e Offic8rs 8re comparable with public-sector employees undertaking 5imi18r ioles. Perfoirnance Is reviewed annually with the outcorne5 shaping whether there are any perforrnance related payments, increments or no rise at all. Remuneration will continue to be scrutinised to ensure value for money and alignment with the market generally. RELATED PARTIES LGfL has a trading subsidiary, London Grid Lirnited. LGfL Trust is the sole shareholder in London Grid Limited ILGL}. LGL provides access to Truslnel se￿1￿5 for the wider public sector. particularfy Councils. The LGL Board meets 5 tirnes per year with the Ch8irrnan. CEO. LGL Officers and 8 representative of London CIOS on the board. An intercornpany metnorandum ensures that the appropriate contracting ariangernents are in place between the LGfL and LGL. From the beginning of 202012021 and following the change in Articles of LGFLT the activvties of LGL have been absorbed within LGFLT itself and the company LGL is currently dom)ant. LGfL has a dormant company, Let's Get Digital. REFERENCE AND ADMINISTRATIVE DETAILS Name of the Chari London Grid for Learning Tiust Charity Registiation Number. 1090412 London Grid for Learning, 9th Floor, 10 Exchange Square, Primrose Street, London, EC2A 2BR. Dlrectors and Trustees The directors of the charitable company (the charity) are its trustees for the purpose of charity law. Trustees and officers serving during the year and sinTr the year end were as follows.. Paul Robinson- Chairman Jane McSherry- Elected Represenlalive Gary Hipple- Elected Representative Nick Robinson- Elected Represenlalive Helen Wainer- Elected Representative Sean Green- Elected Repie5entative Com an Secreta = John Jackson Page 20

Docusign En¥ÈlopÈ ID." OC1DEB4B-B7D&4E71-A3FC-8CC72B906239 LONDON GRID FOR LEARNING TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Ke Mana ement Personnel John Jackson Chief Executive Officer Mark Bentley- Safeguarding and Cyber Security Manager Michael Eva- Prograrnrne Manager Bob Usher- Gontent Manager Alan Phillips- Group Finan¢i81 Controllei Lee8nne O'connor- Customer Manager Richard Martin- Special Projects Lead John Bagley- London Grid Limited Manager Paul Smith- Service Delivery Manager Other Relevant Or Com an Menzies- LGfL's Accounts and Audit Advisors anisations Address and Contact Detai18 Menzies LLP, Centrum House, 36 Station Road, Egham, Surre . FN20 9LF A illex Ltd, One New Street, Wells. Sorneiset BA5 2LA. Lloyds Bank PLC, 83 Clarence Street, Kingston upon Thames Surre KT1 1RE Ashfoids LLP. 1 New Fetter Lane. London EG4A 1AN Hytec Information Security, Calms House, 10 Station Road Teddin ton TW119AA A illex- LGfL's Le al Adviser and Data Protection Officer Lloyds Commercial Banking- LGfL and LGL'S bankers Ashfords- S eci81ist le al advice Hytec- Security and professional advice EXEMPTIONS FROM DISCLOSURE Non8 STATEMENT OF DIRECTORS, RESPONSIBIUTIES The directors (who are also the trustees ol London Grid for Learning Trust for the purposes of charity lawl, are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial staternents in a¢cord8n¢e with United Kingdom Generally Accepted Accounting Pi8ctice Iunited Kingdom Accounting Stsnd8rds and applicable lawl. Under company law the directors must not approve the financial statements unless they are satisfied that they gNfe a tiue and fair view of the state of affairs of the charity and the income and expenditure of the company for that period. In preparing these finanaal statements, the directors are required to.. Select suitable accounting policies and then apply them consistently., Observe the methods and principles in the Charities Slalernent Of Recomrnended Practice ISORPI,. Make judgements and estimates th81 are reasonable 8nd prudent.. State whether applicable UK AccoLJnting Standards have been followed, SLJbject to any material departures disclosed and explained In the finanual statements", and Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient lo show and explain the charity's transactions and disclose with reasonable accuracy al any tirne the financial position of the charity and enable them to ensure that the financial statements comply with the Gompanies Act 2006. They are a150 responsible for Safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraLJd and othei irregulaiities. Page 21

Docusign En¥ÈlopÈ ID." OC1DEB4B-B7D&4E71-A3FC-8CC72B906239 LONDON GRID FOR LEARNING TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 DISCLOSURE OF INFORMATION TO THE AUDITORS Each of the persons who is a trustee at the date of approval of this report confirms.. That in so far as they are aware there is no relevant audit infonnalion of which the company s auditor is unaware Each tIU5tee has taken 811 steps that they ought to have taken as 8 trustee to Tnake themselves aware of 8ny relevant audit inlortnation and to establish that the cornpany's auditoi Is aware of that Information. AUDITOR Menzies LLP are deemed to be re-appointed under section 487121 of the Companies Act 2006. STRATEGIC REPORT The ￿MPanY has ¢hosen in accordance with Section 414GI111 of the Gompanies Ad 2006 IStr8tegi¢ Report and Directors, Report) Regulations 2013 to set out within the Strategic Report the Company's Strategic Report Information required by Schedule 7 of the Laige and Medium Sized Companies and Group5 (Accounts and Reports) Regulation 2008. This indudes information that would have been induded in the business review and details of the principal risks and uncertainties. Approved by order of the members of the board of Trustees and signed on their behalf by.. Do¢uS*n•dby.' Do¢us￿dn•d by.. JACES Mr nson Company Chairman Date.. 21-Dec-2022 Company Secretary Page 22

Docusign En¥ÈlopÈ ID." OC1DEB4B-B7D&4E71-A3FC-8CC72B906239 LONDON GRID FOR LEARNING TRUST MENZIES INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF LONDON GRID FOR LEARNING TRUST Opinion We have audited the financial statements of London Grid for Learning TTUSt (the 'parent charitable cornp8ny'l and Its subsidiaries (the 'group'l for the year ended 31 March 2022 which cornprise the Consolidated staternent of financial activities, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows and the related notes, induding 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, induding Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the fin8nci81 statements.. give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 31 March 2022 and of the Group's incoming resources and application of resources, including ils inwme and expendiluie for the year then ended", have been properfy prepared in accordance wrth United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Cornpanies Act 2006. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant lo our audit of the financial slalemenls in the United Kingdom. including the FiN8noi81 Reporting Council's Ethical Sl8ndard, and we have fulfilled Qui other ethical responsibilities in 8ccord8nce with these requirements. We believe that the audit evidence we have obtained 15 sufficient and appropriate to provide 8 b8sis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees. use of the going concem basis of accounting in the preparation ol the linanaal statements is appropriate. Based on the work we have perfomed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concem for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concem are dewribed in the relevant sections of thi5 leport. Oth8r information The other infortllation comprises the Inft)mation included In the Annual report other than the financial statements and our Auditors, report thereon. The Trustees are responsible for the other information contained within the Annual report. 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 not express any form of assurance condusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be rnaterially misstated. If we identify such material inconsistencies or apparent rnaterial misstaternents, we are required to determine whether this gives rise to a material rnisstatemenl in the financial statements themselves. If. based on the work we have perforrned, we conclude that there Is a material misststement of this other information, we are required to report that fact. We have nothing to report in this iegard. Page 23

Docusign En¥ÈlopÈ ID." OC1DEB4B-B7D&4E71-A3FC-8CC72B906239 LONDON GRID FOR LEARNING TRUST INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF LONDON GRID FOR LEARNING TRUST (CONTINUED) Opinion on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees. report induding the Strategic report for the financial year for which the financial statements are prepared is consistent with the financial statements. the Trustees. report and the Strategic report have been prep8ied in accordance with appIl￿ble leg81 requirements. Matter8 on which we are required to report by ex¢eption In the light of our knowledge and understanding of the charitable cotnp8ny and its environment obtained in the course of the audit, we have not identified material rnisstatements In thè Trustèes, rèport induding the Stiategic report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion-. the parent charitable company has not kept adequate and suffiaent accounting records, or returns adequate lor our audit have not been received from branches not visited by us., or the parent charitable company financial statements are not in agreernent with the accounting records and returns,. or certain disclosuies of Trustees, rernuneration specified by law ale not made.. or we have not received all the infortn8tion and explanations we require for our audit. Re$pon¥ibilitie¥ of Tru$tee¥ A5 explain8d fully in th8 TIust885' responsibilit18s statement. th8 Trustees (who are also th8 di18Ctors of the charitable Cotnpany lor the purpose5 of cotllpany lawl ale responsible foi the preparation of the financial 5taternents and for being satisfied that they give a true and lair view, and for such intemal 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 finanaal statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing. as applicable. matters related to going conTrrn and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations. or have no realistic atternative but to do so. Page 24

Docusign En¥ÈlopÈ ID." OC1DEB4B-B7D&4E71-A3FC-8CC72B906239 LONDON GRID FOR LEARNING TRUST INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF LONDON GRID FOR LEARNING TRUST (CONTINUED) Auditors. responsibilities for the audit of the financial statements Our objectives are to 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 Auditors. report that indudes our opinion. Reasonable assurance is a high level of assurance. but is not 8 guarantee that an audit conducted in aC￿rdanCe with ISAS IUKI will ahfifays detect a material misststemenl when il exists. Misstatements can arise from fraud 01 error and are considered material if, individually 01 in the aggregate, they could ie8sonably be expected to influence the economic decisions of users tsken on the b851s of these financial statements. Irregularities, induding fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. The Company is subject to laws and regulations that directly affeot the Iinan¢ial 5taternent5 including finan￿81 reporting lègislation. We detemined that the following laws and regulations were most significant including the Charities Act 2011, Companies Act 2006, Employment Rights Act 1996, Tax Legislation and the Data Protection Act 2018. We assessed the extent of compliance with these laws and regulations as part ol our prO￿dureS on the related financial slalemenl items. We understood how the CoTnpany 15 complying with those legal 8nd regulatory frameworks by making inquiries tomanagement, those responsible for legal and compliance procedures and the company secretary. We corroborated our inquiries through our review of board minutes. The engagernent partner assessed whether the engagement team colledivety had the appropriate corllpetence andc8pabilitie5 to identify or recognize non-compli8nce with laws and regulations. The 855essment did not identify anyissues In this area. We assessed the susTrptibility of the Company financial statements to material misstatement, including how fraud might occur. As a resutt ol the above proTrdures. we considered the opportunities and incentives that may exist within the organisation for fraud and Identrfied the greatest potential foi fiaud in the following areas:_ posting of fraudulent journals, the aLJthorisation, processing, and payment of fraudulent expenses, fictitious employees and manipulation of revenue recognition. Audit procedures performed by the engagement team included Identifying and a55essing the design &ffectlV8ness of controls management ha5 in pl8C8 to prevent and d8t8Ct fraud, Understanding how those charged with governance considered and addressed the potential lor override of controls or other inappropriate influence over the financial reporting process., Challenging assumptions and judgments made by managernenl in ils significant accounting eslim8tes'. Identifying and testing joumal entries, In particular any journal entries posted with unLJsual account cotnbin8tion5", Reviewing expenditure payments, and Reviewing the timing of income recognition. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a rnaterial misstaternent in the financial statements or non-cornpliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements. as we will be less likely lo become aware of instances of non-complian￿. The risk is also greater regarding irregularities owurring due lo fraud rather than error. as fraud inVo￿e5 intention81 Con￿81￿ent. ft)rgery. collusion. omission or misiepresentation. A fLJrther description of our responsibilities lor the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.o .uklauditorsres onsibilities. This description forms part ol our Auditors, report. Page 25

Docusign En¥ÈlopÈ ID." OC1DEB4B-B7D&4E71-A3FC-8CC72B906239 LONDON GRID FOR LEARNING TRUST INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF LONDON GRID FOR LEARNING TRUST (CONTINUED) Use of our report This report is made solely to the charitable 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 that we rnight state to the charitable companys members those matters we are required to State to them in an Auditors, report and for no other purpose. To the fullest extent peirnitted by18w, we do not accept or assume iesponsibility lo anyone other than the charitable company and its mernbers. as 8 body, for our 8udit work. for this ieport. or for the opinions we have fortned. Do¢uS￿￿d by. 634F240E92A4471 Janice Matthews FCA (Senior statutory auditor) for and on behalf of Menzies LLP Chartered Accountants Statutory Auditor 36 Station Road Egham Surrey TW20 9LF Date.. 22-Dec-2022 Page 26

Docusign En¥ÈlopÈ ID." OC1DEB4B-B7D&4E71-A3FC-8CC72B906239 LONDON GRID FOR LEARNING TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2022 Unrèstrictèd funds 2022 £000 Total funds 2022 £000 Totèl funds 2021 £000 Note Incorne frorn.. Charitable activities 35,599 35,599 44.389 Total income 35,599 35,S99 44,389 Expenditure on.. Charitable activities 36,108 36.108 46.559 Total expendlture 36,108 36.108 46,559 Net movement in funds before other recognised gainslllossesl 15091 15091 (2, 770) other recogni5ed gainsll105se51-. Actuarial gainslllossesl on defined benefil pension schemes 21 1.638 1.638 (1, 784) N•t movam•nt in funds 1.129 1.129 13,3541 Reconciliation of fund¥= Total funds brought forward Net rnovement in funds 1,855 1.129 1,855 1.129 5.209 (3.3541 Total funds carried forward 2.984 2.984 1,855 The Consolidated statement of financial activities includes all gains and losses recognised in the year. The notes on pages 33 to 50 form part of these financial statements. Page 27

Docusign En¥ÈlopÈ ID." OC1DEB4B-B7D&4E71-A3FC-8CC72B906239 LONDON GRID FOR LEARNING TRUST REGISTERED NUMBER. 04205579 CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2022 2022 £000 2021 £000 Nots Fixed assets Intangible assets Tangible assets 10 1,123 9,052 977 7Q,204 10,17S Current assets Stock5 Debtors Cash at bank and in hand 321 3,158 5,748 13 7,004 9,996 9,227 17,000 Creditors.. amounts falling due within one year 14 112,8481 120,554) Net current liabilities 13,6211 (3,554) Total assèts lèss eurrant liabilitiès 6.554 7,627 Creditors.. amounts falling due after more than one year 15 11,5221 (2. 7881 Net assets excluding pension liability Defined benefit pension scheme liability 5,032 4,839 21 12.0471 (2,984) Total net as8et$ 2.985 1,855 Page 28

Docusign En¥ÈlopÈ ID." OC1DEB4B-B7D&4E71-A3FC-8CC72B906239 LONDON GRID FOR LEARNING TRUST CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2022 2022 £000 2027 £000 Not• Charity funds Restricted funds Unreslricled funds 16 Designated funds General funds 16 334 350 16 4,683 4,489 Unrestricted funds excluding pension asset Pension reserve 16 5,017 12,0321 4.839 (2,984) 16 Total unrestricted funds 16 2,985 1,855 Total fundB 2.985 1,855 The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of finanaal statements. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Do¢uS￿￿dtsy'. Do¢uS*n•d by.. Mr Trustee 814kV Inson MrJ Jackson Secretary 21-Dec-2022 Date.. The notes on pages 33 to 50 form part of these financial stat8m8nts. Page 29

Docusign En¥ÈlopÈ ID." OC1DEB4B-B7D&4E71-A3FC-8CC72B906239 LONDON GRID FOR LEARNING TRUST REGISTERED NUMBER. 04205579 COMPANY STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2022 2022 £000 2021 £000 Nots Fixed assets Intangible assets Tangible assets 10 1,123 9,052 977 7Q,204 10,17S Current assets Stock5 Debtors Cash at bank and in hand 321 3,171 5,748 13 7,466 9,548 17,014 Creditors.. amounts falling due within one year 14 112,8481 {20,554J Net current liabilities 13,6081 (3,540) Total assèts lèss eurrant liabilitiès 6.567 7,641 Creditors.. amounts falling due after more than one year 15 11.5221 (2. 7881 Net assets excluding pension liability Defined benefit pension scheme liability 5,04S 4,853 21 12.0471 (2,984) Total net as8et$ 2.998 1,869 Page 30

Docusign En¥ÈlopÈ ID." OC1DEB4B-B7D&4E71-A3FC-8CC72B906239 LONDON GRID FOR LEARNING TRUST COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 MARCH 2022 2022 £000 2027 £000 Not• Charity funds Restricted funds Unreslricled funds 16 Designated funds General funds 16 334 4,696 986 3,867 16 Unrestricted funds excluding pension liability Pension reserve 16 5,030 12,0321 4,853 (2,984) 16 Total Ljnrestricted funds 16 2.998 1,869 Totsl fvnd$ 2.998 1.869 The company's net movement in funds for the year was £1,129 (2021- £{S.355JI. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of linanaal statements. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. DocuS*n•dby.' DoBuSlqned by.. '7ugi2irin604IV" Mr P Robinson Trustee Date." 21-Dec-2022 4114¥r" Mr G Hipple Trustee The notes on pages 33 to 50 form part of these financial 5tat8m8nt5. Page 31

Docusign En¥ÈlopÈ ID." OC1DEB4B-B7D&4E71-A3FC-8CC72B906239 LONDON GRID FOR LEARNING TRUST CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022 2022 £000 2021 £000 Nota Cash flows from operatin9 activities Net cash provided by operating activities 18 IS011 6,560 Cash flows from Investlng actlvltles Purchase of intangible assets Purchase of t8ngible fixed assets 10 16921 11,7701 (521) (2, 7011 Net cash used in investing activities 12,4621 13,2221 Cash flows from financing activities Repayments of finance18ases 15,14 11,2851 11,2621 Net cash used in financing activities 11,2851 11.2621 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 14,2481 2.076 9,996 7,920 Cash and cash èquivalènts at th• ènd of thè yèar 19 5,748 9,996 The notes on pages 33 to 50 form part of these financial statements Page 32

Docusign En¥ÈlopÈ ID." OC1DEB4B-B7D&4E71-A3FC-8CC72B906239 LONDON GRID FOR LEARNING TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 General information London Grid for Learning Trust 1042055791 is a private charitable company limited by guarantee, incorporated in England and Wales. The address of the registered office is disclosed on page 1 and its principal activities described in the Strategic and Directors, Report. Accounting policies 2.1 Basis of pr•paration of financial statsm•nts The financial statements have been prepared in accordance with the Charities SORP IFRS 1021- Accounting and Reporting by Charities.. Statement ol Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 20Cé. London Grid for Learning Trust meets the definition of a public benefit entity under FRS 102. Assets and li8bilities are initially recognised at his10ri¢81 cost 01 transaction value Ljnless otherwise slated in the relevant 8ccounting policy. The Consolidated statement of financial adivities ISOFAI and Consolidated balance sheet con501idate the financial statements ol the company and its subsidiary undertaking. The resLJlts tsf the subsidiary are consolidated on a line by line basis. The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements. The surplus for the year dealt with in the accounts of the company was £1,129k12021.' loss of £3,159kl. The parent entity satisfies the criteria of being a qualifying entity as defined in FRS102 and as such advantage has been taken not lo present a cash flow sl8temenl or disclosure5 in respect of financial instruments for the Company or lo show sep818lely aggiegate iemunei81ion foi key management personnel. 2.2 Company status The company is a company limited by guarantee. The members of the company are the Directors named on page 1. In the event ol the company being wound up, the liability in respect of the guarantee is limited to £1 per member ofthe company. 2.3 Going concern The Directors are content with the position of the company, particularfy given the difficult economic dimate. The major periodic refresh of the systems and infrastructure is complete and there is a stable and expanding customer base for the core broadband service with Schools and local authorities. New revenue strearns have been added which have further bolstered the cornpany's financial position. The Directors anticipate the mp8ny to Ir8de profitably for the foreseeable future. There are also sufficient cash ieserves. A rnedium leim fin8ncial forecast has been intrOdU￿d to support investment and financial decision tnaking in the rnediuTn term. The Directors accordingly consider that the company is a Going Concern for at least twelve months fiotn the date of approval of these financial statements and the accounts are accordingly prepared on the Going Concem basis. Page 33

Docusign En¥ÈlopÈ ID." OC1DEB4B-B7D&4E71-A3FC-8CC72B906239 LONDON GRID FOR LEARNING TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accounting policies Icontinuedl 2.4 Income All income is recognised once the company has entitlement to the income, it is probable that the income will be re￿iVed and the amount of income receivable can be measured reliably. Inwme received frorn Local Authorities and schools for subscriptions and contributions to core activities is recognised in the period lo which it relates. Incorne invoiced in iespect of future periods is deferred to that period. Income from the sale of goods is recognised when the goods are delivered to customers. Other project incorne is recognised as receivable. Comrnissions receivable are recognised as invoiced. 2.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is prob8ble that a transfer of economic benefits will be required in settlement and the arnount of the obligation can be measured reliabty. Expenditure is classified by aclnfity. The costs of each activity are rnade up of the total of direct costs and shaied costs. induding support cost5 involved in undertaking each activity. Direct Costs attiibut8ble to a single activty are allocated directly to that activity. Shared costs which contribute to more than one activrty and Support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resour￿$. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs. Termination expenditure is recognised a liability and an expense only when the entity is demonstrably committed either.. lal to terminate the employment of an ernployee or group of employees before the norrnal retirement date.. or Ibl to provide termination benefits as a resutt of an offer made in order to encourage voluntary iedund8noy. 2.6 Intsngible assets and amortisation Intangible assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Amortisation is provided on intangible assets at rates calculated to wrrte off the cost of each asset on a straight- line basis over ils expected useful life. Arnortisation is provided on the following basis.. Content and software Over 3 to 5 years straight line Page 34

Docusign En¥ÈlopÈ ID." OC1DEB4B-B7D&4E71-A3FC-8CC72B906239 LONDON GRID FOR LEARNING TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accounting policies Icontinuedl 2.7 Tangible fixed assets and depreciation Tangible fixed assets cosling £NIL or more are capitalised and recognised when future economic benefils are probable and the cost or value of the asset can be rneasured reliably. Tangible fixed assets are initially recognised at Cost. After recognition, under the c05t model. tangible fixed assets are rneasured at Cost less accumulated depreciation and any accurnulaled imp8irment105ses. All costs incuried lo bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreaation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. Depreaation is provided on the following bases.. Fixtures and fittings Office equipment Computer equipment 33.3 /0 Straight line 33.3 /0 Straight line Over 5 to 10 years straight line 2.8 Investments Fixed asset investments are a form of fin8nci81 instrument and are initially reoognised al their transaction cost 8nd 5LJbsequently measured at fail v81ue 81 the B818nce sheet date, unless the value cannot be measured reliably in which case it is measured at C05t less irnpairment. Investtllent gains and losses, whether realised or unreali5ed, are combined and presented as 'GainsllLossesl on Investments. in the Consolidated statement of financial activities. Investments in subsidiaries are valued at cost less provision for impairment. 2.9 Stocks Stocks are valued at the lower ol cost and net realisable value after making due allowan￿ for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. 2.10 Liabilities Liabilitie5 and provisiolls are recogni5ed when there is 8n oblig8tion 8t the Balan￿ sheet date as a result of 8 past event, it is piobable that a transfer of econotnic benefit will be required in settlement, and the amount of the settlement can be esbrnated reliably. Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments lor the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the tirne value of money is material. the provision is based on the present value of those amounts, discounted at the pr&tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finan￿ cost. 2.11 Financial instruments The Group only has financial assets and financial liabilities of 3 kind that qualify as basic financial instTUtnents. Basic financial instruments are initially recognised at transaction value and subsequently rneasured at their settlement value with the exception of bank loans which are subsequently measLJred at amortised cost using the effective interest method. Page 35

Docusign En¥ÈlopÈ ID." OC1DEB4B-B7D&4E71-A3FC-8CC72B906239 LONDON GRID FOR LEARNING TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accounting policies Icontinuedl 2.12 Finance leases and hire purchase Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease terrn and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where 5ubsl8nlially all of the benefits and risks of ownership are assumed by the Group. Obligations under such agreernent$ 8ie induded in creditors. net of the finance charge allocated to fuluie periods. The finance element of the rental payment is charged to the Consolidated statement of financial activities so as to pioduce a constant periodic rate ol charge on the net obligation outstanding in each period. 2.13 Penslons The Group operates a defined benefits pension scheme and the pension charge is based on a full actuarial valuation dated 30 June 2022. 2.14 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes. Designated funds ￿MpriSe unrestricted funds that have been sel aside by the Trustees for particular purposes. The aim and use of each designated fund Is set out in the notes to the Iinancial staternenls. Critical accounting estimates and areas of judgem8nt Estimates and judgetnents are continually evaluated and are based on historical experien￿ and other facttsrs, induding expectations of future events that are believed to be reasonable under the circumstsnces. Critical accounting estimates and assumptions.. The company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will. by definition, seldom equal the related actual resutts. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next rin8nci81 year are discussed below. In the opinion of the Trustees the main estimate and assumption that may have a significant iisk of causing material adjustment to the carrying amount of assets and liabilities within the next financial year are in relation to the useful life of fixed assets, which are written off in accordance with the amortisation and depreciation policies set out in note 2.6 and 2.7. The valuation of the pension scheme assets and liabilities is carried out by the scheme actuary based on various assumptions and estirnates. Details are given in Note 22. Page 36

Docusign En¥ÈlopÈ ID." OC1DEB4B-B7D&4E71-A3FC-8CC72B906239 LONDON GRID FOR LEARNING TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Income from charitable activities Unrestricted funds 2022 £000 Total funds 2022 £000 To181 funds 2027 £000 Main LGfL Inwme LGfL Managed Services Income LGL Incorre Bridge the Divide 20.488 422 5,524 9,165 20,488 422 5,524 9,165 2Q.673 598 5.849 17,269 35,599 35,599 44,389 Total 2021 44,389 44,389 Analysis of expenditure on charitable activities Summary byfund type Unrestricted funds 2022 £000 Total 2022 £000 Tot81 2021 £000 Main LGfL Income LGfL Managed Services Income LGL Inc0rn8 22,033 153 22,033 153 23,318 279 4,524 9.398 4,524 9,398 5, 783 17.780 Bridge The Divide 36,108 36,108 46,560 Total 2021 46,560 46,560 Page 37

Docusign En¥ÈlopÈ ID." OC1DEB4B-B7D&4E71-A3FC-8CC72B906239 LONDON GRID FOR LEARNING TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Analysis of expenditure by activities Activities undertaken directly 2022 £000 Support osts 2022 £000 Totsl fvndB 2022 £000 Tol81 funds 2027 £000 Main LGfL Income 19.568 108 2,465 45 22,033 153 23,320 279 LGfL Managed Servic8s Income LGL Incorne Bridge The Divide 3.952 8.447 572 951 4,524 9,398 5. 783 17,778 32,075 4,033 36,10B 46,560 Tot812021 43, 164 3,396 46,560 Analysis of support costs LGfL Managed Services Income Main LGfL Income Bridge the Divide 2022 £000 Totsl funds 2022 £000 Total funrls 2027 £000 LGL Income 2022 £000 2022 £000 2022 £000 Net pension scheme finance costslincome 68 68 38 Staff costs Rent, Electricty and Rates Other profe55ion81 fees 1,284 22 284 473 2,063 1,320 265 69 114 453 502 433 112 186 740 891 Repairs 8nd tnainten8nce 42 18 71 55 Other Offi￿ wsls Insurance Other Governance costs 235 29 61 101 12 27 20 402 49 109 78 317 44 16 12 727 102 45 2.465 45 572 951 4,033 3.396 Total 2021 1,623 449 1,324 3,396 Page 38

Docusign En¥ÈlopÈ ID." OC1DEB4B-B7D&4E71-A3FC-8CC72B906239 LONDON GRID FOR LEARNING TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Analysis of expenditure by activities Icontinuedl Analysis of support costs Icontinuedl During the year ended 31 March 2022, the company incurred the following Governance costs.. £45k12021.. £48kl induded within the table above in respect of Main LGfL Income, £12k in respect of LGL Income, £20k in respect of Bridge The Divide Income and £1 k IN respect of LGfL Managed Services Income. Auditors. remunèration 2022 £000 2021 £000 Fees payable to the company's 8uditor and rt5 a5SOCl8tes foi the 8udit of the company's annual accounts 29 28 Fees payable to the company's auditor and its associates in respect of.. All non-audit services not induded above Staff costs Group 2022 £000 Group 2027 £000 Company 2022 £000 CoMpa￿Y 2021 £000 Wages and sa181ies Social security costs Operating costs of defined benefit pension schernes 2,430 260 2.278 242 2,430 260 2.218 242 782 615 782 615 3,472 3.075 3,472 3.075 Termination costs of £Nil12021." £93kl have been incuried dLJring the year. The average number of persons employed by the company during the year was as follows." Group 2022 No. Group 2027 No. Company 2022 No. Compsny 2021 No. Administrative staff 41 37 41 37 Page 39

Docusign En¥ÈlopÈ ID." OC1DEB4B-B7D&4E71-A3FC-8CC72B906239 LONDON GRID FOR LEARNING TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 The number of employees whose employee benefits (excluding employer pension costs) ex￿eded £80,000 was.. Group 2022 No. Gmup 2021 No. Company 2022 No. Company 2021 No. In the band £60,001 - £70,000 In the b8Nd £70.001 - £80.000 In the band £80,001- £90,000 In the band £90,001 £100,000 In the band £140,001 £150,000 Remuneration and benefits received by key management personnel was £727k12021'. £1,193kl. Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits {2021- £NIL). During the year ended 31 March 2022. no Trustee expenses have been incurred (2021- £NIL). 10. Intsngible as¥ets Group and Company Content & Software £000 Cost At 1 April 2021 Additions 4,068 692 At 31 March 2022 4,761 Amortisation At 1 April 2021 Charge for the year 3,091 547 Al 31 March 2022 3,638 Net b¢)ok value At 31 March 2022 1.123 Al 31 MarGh 2021 9T7 The net book value of assets held under finance leases or hire purchase contracts, included above for the group and company, are £305k12021.' £545kl. Page 40

Docusign En¥ÈlopÈ ID." OC1DEB4B-B7D&4E71-A3FC-8CC72B906239 LONDON GRID FOR LEARNING TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 11. Tangible fixed assets Group and Company Fixtures and fittings £000 Office •quipmgnt £000 Computèr •quipment £000 Total £000 Cost or valuation At 1 April 2021 Additions 57 41 30,345 1,7S7 30,443 1,770 At 31 March 2022 59 52 32,102 32,213 Depreciation At 1 April 2021 Charge for the year 57 41 20,140 2,923 20,238 2,923 Al 31 Maich 2022 57 41 23,063 23,161 Net b¢)ok valu• At 31 March 2022 9,039 9,052 Al 31 M8roh 2021 70.204 IQ.204 The net book value of assets held under finance leases or hire purchase contracts, included above for the group and company, are £2,760k12021'. £3,471 kl. Page 41

Docusign En¥ÈlopÈ ID." OC1DEB4B-B7D&4E71-A3FC-8CC72B906239 LONDON GRID FOR LEARNING TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 12. Fixed asset investments Principal subsidiaries The following were subsidiary undertakings of Ihe company.. Names Company number Registered office or principal Principal activity place of business London Grid Limited 05122783 9th Floor, 10 Exchange Square Prirnrose Street, London, England, EC2A 2BR Provides the group's surplus broadb8nd capacity to the public sectoi. 9th Floor, 10 Exchange Square The company has not Primrose Street, London, England, yet begun trading. EC2A 2BR Let's Get Digital Limited 11158329 Class of shares Holding Included in consolidation Ordinary 100.1. Yes Ordinary 100°h Yes The financial 185LJlts of th8 subsidiaries for the year were.. Names Net assets £000 London Grid Limited 1141 All the fixed asset investments are held in the United Kingdom. Both subsidiary companies were dormant in the year. Page 42

Docusign En¥ÈlopÈ ID." OC1DEB4B-B7D&4E71-A3FC-8CC72B906239 LONDON GRID FOR LEARNING TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 13. Debtors Group 2022 £000 Gmup 2027 £000 Company 2022 £000 Company 2021 £000 Due within one yèar Ti8de debtois 1,155 4.5Q7 1,155 14 4.5Q7 463 Amounts owed by group undertakings Other debtors 31 31 Prepayments and accrued incorne Tax recoverable 1,525 478 1,938 528 1,524 478 1,937 528 3,158 7,OQ4 3,171 7,466 14. Creditors= Amounts falling due within one year Group 2022 £000 Gmup 2027 £000 Company 2022 £000 Company 2027 £000 Trade creditors Other taxation and soaal security Obligations under finance lease and hire purchase contracts 4,972 83 10,563 64 4,972 83 tQ,563 64 1,273 22 1,292 1,961 6.674 1,273 22 1,292 1,961 6.674 Other cieditors Accruals and deferred income 6,498 6,498 12,848 20,554 12,84B 2LI,554 Group 2022 £000 Group 2027 £000 Company 2022 £000 Company 2027 £000 Deferred income at 1 April 2021 Resources deferred during the year Amovnls released from previous periods 5,856 5,929 15,8561 5,343 5,856 (5.343) 5,856 5,929 15,8561 5,343 5,856 (5.3431 5,929 5.856 5,929 5.856 Deferred income represents amounts invol￿d in respect of broadband charges and other services which relate to future periods. Page 43

Docusign En¥ÈlopÈ ID." OC1DEB4B-B7D&4E71-A3FC-8CC72B906239 LONDON GRID FOR LEARNING TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 15. Creditors: Amounts falling due after more than one year Group 2022 £000 Gmup 2027 £000 Company 2022 £000 Company 2021 £000 Net obligations under finance lease and hire purchase contracts 1,522 2, 788 1,522 2, 788 16. Statement of funds Statement of funds- current year Balance at 1 April 2021 £000 Transfers inlout £000 Gainsl Balance at 31 ILos8e¥l m?￿h 2022 £000 £000 Income Expenditure £000 £000 Unrestricted funds Designated funds Pan London Adrnissions 350 422 11081 13301 334 General funds General Funds Non-charitable trading fund5 Pension reserve 4,503 35,178 135,3141 330 4.697 1141 12,9841 1141 12.0321 16861 1,638 1,SOS 3S,178 136,0001 330 1,638 2,651 Total Unrestricted funds 1,855 35,600 136,1081 1,638 2.985 The trustees have set aside surpluses generated from the Pan London Admissions activity for the enhancement of this service. Page 44

Docusign En¥ÈlopÈ ID." OC1DEB4B-B7D&4E71-A3FC-8CC72B906239 LONDON GRID FOR LEARNING TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 16. Statement of funds Icontinuedl Statement of funds- prior year Balance at l April 2020 (8S IPSt8ted? £000 Balan￿ at 31 MarGh 2027 £000 Transfers n/out £000 Gains/ (Losses) Income £000 Expendilu Unrestrlcted funds Designated funds Pan London Adrnissions 388 598 (279J (357? 350 General funds Gener81 Funds Non-charitable trading funds Pension reserve 6,361 43, 792 146,007J 357 4,5Q3 (141 (1.5261 {14) (2,9841 (274) (1, 184) 4,821 43, 792 146,281) 357 (1, 184) 7,5L)S Total Unrestrlcted funds 5.209 44,390 (46.560) (1. 184) 7.855 17. Summary offunds Summary of funds - current year Balance at 1 April 2021 £000 Transfers inlout £000 Gainsl Balance at 31 (Losses) March 2022 £000 £000 Income £000 Expenditure £000 Designated funds General funds 350 422 11081 136,0001 13301 330 334 1,505 35,178 1,63B 2.651 1,855 35,600 136,1081 1,638 2,98S Page 45

Docusign En¥ÈlopÈ ID." OC1DEB4B-B7D&4E71-A3FC-8CC72B906239 LONDON GRID FOR LEARNING TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 17. Summary of funds Icontinuedl Summary of funds - prior year Balance at l April 2020 (8S IPSt8ted? £000 Balan￿ at 31 MarGh 2027 £000 Transfers n/out £000 Gains/ (Losses) Income £000 Expendilu Designated funds General funds 588 598 (279) 146,281) (357) 357 350 4,821 43, 792 (1, 184) 1,5L15 5.209 44.390 146.5601 (1. 184) 7.855 18. Reconclllatlon of net movement In funds to net cash flow from operatlng actlvltles Group 2022 £000 Group 2027 £000 Net expenditure for the year las per Statement of Financial Activities) (2, 7701 Adjustments for.. Depreciation ¢h8rges Amort158tion charges Decreasellincreasel in stocks Decreasellincreasel in debtors Increaselldecreasel in creditors Current pension service costs Defined benefit pension schemè contributions paid Net interestlfinance c05t 2,923 547 2,432 826 10 13211 4,057 17,8991 967 13 (3, 756) 8,353 615 13341 68 1378) 38 Net cash provided byllused in) operating activities 15011 6,560 19. Analysis of cash and cash equivalents Group 2022 £000 S,748 Group 2021 £000 9,996 Cash in hand Total cash and cash equlvalents 5,748 9,996 Page 46

Docusign En¥ÈlopÈ ID." OC1DEB4B-B7D&4E71-A3FC-8CC72B906239 LONDON GRID FOR LEARNING TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 20. Analysis of changes in net debt At 1 April 2021 At 31 March 2022 £000 Cash flows £000 £000 9.996 14.0811 Cash at bank and in hand Finance leases 14,2481 1,286 5.748 12.7951 5,915 12,9621 2.953 21. Penslon commltments The Group operates a defined benefit pension scheme. Principal actuarial assumptions at the Balance sheet date (expressed as weighted averages).. At 31 March 2022 At 31 MarGh 2027 Discount rate Future salary increases Future pension increases 2.75 3.55 3.1S 3.20 The trust is 8N admitted body to the Roy81 Borough of Kingston upon Tharnes Pension Fund. a rnutti-employer pension fund in which there are rnany participating employers. The disclosures relate to the funded liabilities within the Roy81 Borough of Kingston upon Thames Pension Fund Ithe 'fund'l whith is part of the loc81 govemment pension scheme. London Grid for Learning TIu5t I'LGFL'I participates in the fLJnd which provides defined benefit5, based on members, final pensionable salary. In accordance with Finanaal Reporting Standard 102 disclosure of certain information Con￿rning assets, liabilities income and expenditure relating to pension schemes is required. The Employer's regular contributions to the Fund for the accounting period to 31 March 2022 are estimated to be £314,000. In addition. Strain on Fund Contributions may be required. The latest actuarial valuation of LGFL'S liabilities look place as * 30 June 2022. The prin¢ip818ssumplions used by the independent qualified 8Ctuaries in updating the 181esl v81u81ion of the fund for FRS102 purposes are detailed b810w. LGFL employs a building block approach in detemining the rate of retum on Fund assets. Historical markets are studied and assets wth higher volatility are assumed to generate higher returns consistent with widely accepted capital market principles. The assumed rate of return on each asset class is set out within this note. The overall expected rate of retum on assets is then derived by aggregating the expected return for each asset class over the actual asset allocation for the Fund at 30 June 2022. Page 47

Docusign En¥ÈlopÈ ID." OC1DEB4B-B7D&4E71-A3FC-8CC72B906239 LONDON GRID FOR LEARNING TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 21. Pension commitments Icontinuedl The Group's share of the assets in the scheme was.. At 31 March 2022 £000 At 31 March 2027 £000 Equities Bonds Pioperty Cash 6,312 3,209 749 6,934 1,444 578 428 674 Totsl fair value of assets 10,698 9,630 The actual retum on scheme assets Was £201 k (2021- £167k). The amounts recogni5ed In the Consolidated 5taternent of financial activities are as follow5". 2022 £000 2021 £000 Current service cost Past service cost Interest income Interest cost 967 580 35 (767) 205 12011 269 Total amount recognised in th8 Consolidated staternent of financial activities 1,035 653 Movements in the present value of the defined benefit obligation were as follows.. 2022 £000 2027 £000 Opening defined benefit obligation Current service cost 12,614 967 8,599 580 Interest cost Contributions by scheme participants Actuarial IgainslAosses Benefits paid Past service costs 269 170 205 763 11,1451 11301 3,758 (126) 35 Closing defined benefit obligation 12,745 12.614 Page 48

Docusign En¥ÈlopÈ ID." OC1DEB4B-B7D&4E71-A3FC-8CC72B906239 LONDON GRID FOR LEARNING TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 21. Pension commitments Icontinuedl Movements in the fair value of the Group's share of scheme assets were as follows.. 2022 £000 2027 £000 Opening fair value of scheme assets Expected retum on assets Actuarial gains Contributions by employer Contributions by scheme participants Benefits paid 9,630 201 7,074 767 493 1.974 378 334 170 763 11301 (726) Closlng falr value of scheme assets 10,698 9,630 22. Operating lease commitments At 31 March 2022 the Group and the company had cornrnitrnents to make future minimum lease payments under non-cancellable operating leases as follows.. Group 2022 £000 Group 2027 £000 Company 2022 £000 Gompany 2027 £000 Not later than 1 year Later than 1 year and not later than 5 years 392 1,175 392 1,567 392 1,175 392 1,567 1,567 1,959 1,567 1,959 The following lease payrnents have been recogNi5ed as an expense in the Statement of financi81 activities.. Group 2022 £000 G￿up 2027 £000 Company 2022 £000 Company 2027 £000 Operating lease rentals 1,959 1,959 1,959 1,959 Page 49

Docusign En¥ÈlopÈ ID." OC1DEB4B-B7D&4E71-A3FC-8CC72B906239 LONDON GRID FOR LEARNING TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 23. Related party transactSons Due to the nature of the Trusvs operations procuring services on behalf of the Local Authorities and the composition of the Board of Directors drawn from the Local Authorities il is inevitable that transactions lake place with organisations in which the directors have an interest. No speafic transactions have been identified where a director has an inVo￿ement and which should be disclosed as a related party transaction. Al 31 March 2022 the Trust w85 owed £14k12021.. £462kl by ils subsidiary company London Grid Limited. Donations to the Trust by London Grid Limited in respect of the year arnoLJnted to £Nil12021.. £nill and managernent charges to London Grid Limited by the TIu5t arnounted to £Nil12021". £nill. Permission has been obtained from the Charity Commission in order to pay for the professional services of the Chairman IP Robinsonl. During the year £8,112 induding expenses were paid for these services12021'. £8,100}. No emoluments or expenses were paid to any other director during the current or preceding year. The Trust has indemnity Insuran￿ and insurance to indemnify the directors and employees of the Trust costing £11k12021 £16kl for the period. Page 50