2024-03-31-accounts

DO￿819n Envelope ID,..E924FAF6.8D7141C7-ACFE.C8724A508229 Company registration number.. 04205579 Charity number: 1090412 TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) NNlll *ADINUFQ3' 2411212024 COMPANIES HOUSE A69

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MENZIES BRIGHTER THINKING

Docu$h3n Envelope ID.. E924FAF6-B07141 C7-ACFE£8724A'508229 LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) CONTENTS Page Rof•renc• and idmlnlitratlv• dotalls of the company, Its Tru¥te•s Ind advlg•r8 Tru*t••8' r•port 2-28 Ind¢pond¢nt audltorn, rnport on th¢ flnan¢l•l •tatements 29-32 Stat•m•nt of flnanclal actlvltl•8 33 Bal•n¢e sheet 34 Slatement of cash flow8 35 Notes to the Ilnanclal statements 36-54

Oocuslgn Envelopg ID.. E924FAF6-807141C7-ACFE£8724A508229 LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trusts•• Mr P Robinson Mf G Hipple Ms J Mcsherry {resigned 12 July 2023) Mf N Mitchell (resigned S April 20231 Ms H Warner Mr S Green Mr F Negro (appointed 6 April 20231 Company r•gl•ter•d number. 04205579 Charlty regl8tered number 1090412 Regl*t•r•d offlce 9th Floor 10 Exchange Square Pnmrose Street London EC2A 28R Comp•ny.g•¢r•t•ry Mr J Jackson ' Chlef exeeutlve offl¢or 'Mr J Jackson Independent audllors Menzies LLP Chartered Accountants Magna House 18-32 London Road Staines-Upon-Thames TW18 48P Bankern Lloyds Bank PIC- 83 Clarence Street Kingston upon Thames Surrey KT1 1RE Sollcltor8 Ashfords LLP 1 New Fetter Lane London EC4A 1AN Page 1

Docusign Envelope ID-. E924FAF6.BD7141C7-ACFE-C87.24A508229 LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 HAIRMAN, TATEMENT Last year I conlrasled the luibulence and change within the extemal environment wrth the stability and steady progress of the Trust. On the Surfa￿ al least little seems to have altered. Conflicts and international tensions have if anything deepened whilst, nationally. I believe we were all caught by surprise when an eady general election was called which we now know heralded a change of government. By the same token internally LGfL has quietly gone about its business. building its offer to schools, growing'sustainably. and continuin9 to bear down on costs and pri*s. As the CEO'S Statement illustrates however some rather significant mSleslones have been achieved not least the acquisition by LGfL ol ils own fibre ne￿ork from Virgin Media and the new partnership with Community Fibre as the Trust has soughl lo provide enhanced. broadband resilience at a lime when Ihreats lo Connectivity have In¢￿ased. Further partnership deals have been struck with a range of technology orienlaled proviclers large and small-to ensure the range of servi￿$ offered to schools, councils and other clients continues lo meet needs now and in the future. A major emphasis on yber security. safeguarding and fundamental contract reviews have characlerised the Y￿rk of Ihe Trust during the last 12 months the Iwils and benefits of which will become more apparent in the years lo come. The broadband and associated services martel continues lo be highly compelilive. The exlemal risks especially from the malevolenl forces that inhabit the internet and the uncertain implications inherent in the development of Artificial Intèlligence will be with us for Ihe foreseeable future. Nonetheless LGfL approaches that future in a much stTon9er p05ilion than il has in its entire history. and it is with some confidence that I commend this Annual Report lo you. Paul Roblnson Ch•lmi•n. London Grld for L•arnlng Trust Page 2

Docusign Envelope ID". E924FAF6-8D7141C7-ACFE-C8724A508229 LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 CEO STATEMENT This financial year Ma￿ad a fundamental change for LGIL following ils acquisrtion of more than 14,000 kilometre$ of fibre from VMo2 alongside major investment in ils Education Supercloud for schools and Multi Academy Trusts (MATS). Taken together, these lolemic developments capture the ambition and on90ing transfomialion of LGfL into a'diversified Digital Services Provider underpinned by a fibre based National Grid lor Learning and dèlivering amongst the largest and most Challenging technical proje￿$ in UK education today. The fijndamental change in LGfL's operating model from Public Sector Èervice Commi99ioner lo diversified Digital Services Provider has been crilical and essential lo meet the needs ol its bonefieianes and has been a key part of LGfL'8 suceess in re¢nt years. By ae4uiring ils own national fibre nehvork LGIL con cost effectively meet the ever-increaslng bandwidth, ffinancial and security needs ol schools and Multl Academy Trusts IMATS) for the next deGade and beyond. In parallel, by investing in LGIi's own private and interconnected cloud plaffoms Ilhe Education Supercloudl, LGIL can deliver tailored, secure and co$t4effective seryices to the sector as a whole and, in fuIts￿, potentially anywhere in the world through plalfonns suGh as Sotrtriare Defined Wide Area Netrwork$ {SDWANI. LGIL deliVe￿d a key milestone this year for its free school meals. eI￿lbIlitY checker which has identified over £200M in potential premium claim$ since ils inception in 2014. This funding is particularly helpful lo schools in areas of social and economlc deprivalion and where re$ource$ are generally needed mo$l. Al a time when school budgets are limiled. LGfL cont¢nues lo save schools millions of pounds each year by bundlin9 key produds such as anti-virus. devi￿ management, ransomware prole¢lion, secure file transfer, educalional resour¢x$ and bandwidlh upgrades for free as part of the seThlce to schools. LGfL's product bundling at such scale 1$ only possible because of its buying povmr and willingness lo lake commercial risk in the market. 11 is a remarkablè achievemenl lor LGIL and its beneficiaries that il has not inC￿aSed 11$ prices lo schools since 2016 and LGIL contlnues lo shield schools and front-line leo¢hing and learning from volatile movements in pris and co$1$ resulting from global e¢onorhlc shocks and pressuos. I can think of no other supplier lo the education markot Ihal ha5 achieved this milestone. This year, LGtL a￿lerated the rollout, of ils intemet filtering plalfom, SchoolProtect. lo meet the needs of schools and enable compliance with Keeping Children Safe in Education IKCSIEI. LGfL's inlernel filtering. platforn is thought lo be amongst the largest deployments of its kind globally prO￿$S{ng an estimated 2.5 billion web requests per day for an estimated 800,000 devi¢X$. In parallel, LGfL delivered a supporting programme ol training lo schools and governors lo support them implement KCSIE. Significant infrastructure investrnenl has been made in the LGfL Supercloud which delivers a layer of security. gafeguarding and. educational seryices around LGtL's fibre ne￿ork. Major investment in producl developments and Innovation enables LGIL lo keep pace with technology innovation and ehanglng use of the int¥ri)el in $chool$. LGfL has continued lo grow nationally and has maintained industry leading relention rates despite a very competitive market. Indeed, LGfL now provides ¢onnectivily lo more schools than the Who￿ of S¢otland, Northem I￿land or Wales. LGIL'S growing role nationally has enabled the TNSI lo draw on ils extensive knowledge of schools and provide important contributions lo the development of DIE policy including Safeguarding, tackling extremism and technical standards. In an uncertain world a strong supply chain 1$ essential and this year LGIL took steps to 8trenglhen and diversily its supplier ecosystem. Critically, LGfL entered into a new slraleglc partnershlp with Community Fibre. lo deliver resilient connections into schools so they can meet. the latest DfE Technical Standards and made significant changes to existing contracts to deliver improved value for money and performance for schools and MATS. There were unp￿¢edented technical and service challenges this year. This necessitated a purposeful programme lo address them. partiujlarly in our supply chain where there was significanl structural and organisalional change following mergers and acquisitions. Page 3

Docusr9n Envelope ID.. E924FAF6.BD7141C7ACFE£8724A508229 LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The subsequent and relentless focus on le¢hni¢al and servic£ standards drove signifi¢anl investment and improvement action. As a result, l am pleased lo report that LGfL ha$ been succ88ful in addressing area5 for urgent action, Key outcomes have included the timely delivery of increased technical Capacity lo meet rising demand. greater platform and netsvork resilien¢￿ as well as improvements in service performance from our key partners. This focus on Continuous learning and improvement within our products. services and supply chain will continue next year and foms part of the leadership DNA of LGIL. LGfL continued to modernise and transfo￿ the organisation Ihrough the increasing and expandlng use. of digital plalfomls, procss automation, business intelligen¢2 and systems integration enabling it lo drive up productivity and contain inflat￿nary and other cost pressures within the Tru$l. The acquisition of a national fibre ne￿ork transfo￿5 the long-temi financial position of LGfL by transferring fibre rental expenses to long term assets in the *alanrA sheet. With a 8lron9 balance sheet, exrAllenl liquidily and a Iranslormed educational Supercloud, LGfL is now positioned for national expansion and growth. The impact of Ihe fibre acquisitlon and increased effiuency of LGIL is projected to markedly improve LGfL's underlying strength from the next financial year. This year, perhaps more than any other in recent memory. has délivered the foundatlons lor Ihe long-lerm sucuss and the acceleration of LGfL as a Nallonal Grid lor L•arning. These. achievelnenls would not be possible without the incredible work of dedicated LGIL Officers and Ihe Truslees whose passion lo advance Educalion is enabling LGfL to deliver a significant financial and educalional conlribullon lo schools and MATS at a lime of national need, Looking ahead, we can be very excited about the future, the continuin9 Iransfomialion of LGIL, the opportunrties for driving Innovation in the sactor and the growing impact of the National Grid lor Leaming on teaching and leaming nationally, John Jackson 'CEO LGfL - The Natlonal Grld for Learnlng Page 4

DocusvJn Envelope ID: E924FAF6-BD7141 C7'ACFE_C8724A508229 LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 fL'8 0 ECTIV LGfL was founded in 200110 advance education. in particular by providing and a$$isting in the provision of infomialion and communications technology to London schools for the benefit of the children attending those schools. In 2019120, LGfL's shareholders approved a widening of LGfL's Objects, following prior approval by Ihe Charities Commission. The additional obj'ects being.. - lo advance health by assisting in the provision of broadband and other communications technology to allow integrated services betsveen local authonties and health authorities in the provision of social and other care., and lo advan￿ cornmunily development by. assisting local authorities lo integrate seNices through broadband and other communications technology lo provide seNieRs more efficiently and at lower co81 lo the recipients of services particulady the eldedy. vulnerable individuals and the disabled, LGfL's revised Objects enable it to provide servicLs lo a wide r8nge ol beneficiaries across the entire public sector includin9 schools, Mulli Academy Trusts, Councils, Health Seryice$, the Police, Housing and Community Servi¢es. PRIORITIES LGfL delivers ils Objects by focuslng on.. - Saving schools money Keeping children safe and schools'secure Energising leaching and learning Tackling inequality and Promoting wellbeing. All of Ih88e a¢tlvltles bein9 underpinned by 118 fibre nefwork, the Nallonal Grid for Leamlng. In setting out the activrties of the charity The Trustees have had regard to the Charity Commission's guidance on Public Benefit. ACTIVITIE In furtherance ol our Obiecls, LGfL.' . Provides high speed and secure ￿nneCtI¥ltY encompas$in9 moblle and fixed telecommunications inlrastructure as well as supporting internet access and cloud services Delivers a range of educational and lechnically focused services spanning cybersecurity, safeguarding,.tea¢hing and learnin9. admissions and Gumculum conlenl Commisslons supporting SeThi￿$ from a range of partners including commercial organisallons. charitias and a range of public bodies Cooperates and supports schools, academies and colleges of further educalion. other charities. voluntary bodies 8nd statulory aulhorities", operating in furtherance of the Objects or similar charitable purposes and assistsng thém to exchange information and advice Procur&s and enters into contracts to provide Services lo, or on behalf of other bodies, establishes or acquires subsidiary undertakings, and establishes or lakes part in joint prOcu￿rnentS. ventures and undertakings Sets aside funds.for special purposes with a view lo meeting long-te￿ commitments or ￿quirementS Creates and publishes free 8ducats.onal resources and advice to all.sthools, irrespective of whether they a connected lo LGfL or not and Provides high-qualily Continuous Professional Development ICPD) and resources for school staff govemors and partners that fosters Ihe innovative use of cuttingodge technologies in the classroom and complements leaching & leaming best practice. Page S

Docusgn Envelope ID.. E924FAF6-BD7141C7-ACFE-C8724A508229 LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 STRATEGIC REPORT This year has witnessed a number of fundamental changes for LGIL. Many ol these are ¢rib'c81 and enabling foundations for ils long-tem success including ils continuing transition lo a diversified Digital Services Provider. At the heart of LGfL's vlsion lor schools is a world class no￿0￿[ and th• ¢onslru¢tion of a Nallonal Grid for Learning INGIL}. Buitt almost exclusively on symmetrical, un￿ntended fibre..LGfL delivers alrnosl infinrte capacity $0 that exciting and engaging leaming opportunities are available for children - both now and into the future. LGtL's national S￿18 means that it seCu￿S very competitive pricin9 from ils supply chain enabling LGfL lo deliver value for money and Gonsiderable cost savings to all ils beneficiaries, particularfy schools and Multi Academy Trusts IMATS). Critical developments that support the delivery of a Nalional Grid for Leaming included the acquisition of 14,000 kilomelres of fibre from VMo2 which has enabled LGIL lo own. for the first time in ils history, a national nefvéork and potents.ally deliver almost unlimited bandwidlh lo schools and Mulli A￿dernY Trusts IMATS) at an affordable price. LGfL ha8 a strong and increasingly dlveTsifled supply Ghain. Thi8 year, $lralegic partnershlp8 wlh Wavenel and VMo2 have been reviewed. new and revised conlTacts pul in place with several key partners which will deliver improvements in seThice, perlomance and In¢￿ased value for money for our beneficiaries. New partnerships have been lorged with other tele￿MmuniCatIOnS providers to enable LGIL 10 80urc• alt•mali¥e connectivity and meet the DfE's requirements for diverse and resilient connectivity.. As schools and MATS become ever rn0￿ dependent on the Cloud for di9ltal services LGfL has increased the cap8¢ily and resilience of ils private. cloud servlces to sthools ISuperCloud} lo ensure it can meet the changing needs and demands of schools , Mulli Academy Trusts and Local Authorities. Nexl year LGIL will further integrate its Supercloud with a range of national and international d￿rtaI SeN1￿ providers through the development of its Inlemet Service Provision (ISP). LGfL has continued lo increase ils reach across England taking on new schools and Mulli Academy Trusts in the Home Counties, the Midlandg and the Northwest thereby cemenling ils position as a national provider of services lo schools and building a National Grid for Learning. Alongside grovrth, LGfL continues lo enjoy very hig.h levels ol ￿tentIon with remarkably few cu8lomers leaving LGIL for alternallve supply In a very compelllive market. Continued mel growth means Ihal LGIL ￿MaInS one of the largest providers of connectivity lo s¢hools in the UK. The day- to.day impact of LGfL within schools and Mulli Academy Trusts continues to grow alongside ils growing national presence supported increasing levels of consumption ol LGfL's bundled products including. cybersecurity and safeguarding products amongst its incumbent cuslomer.base. LGIL'8 nètsvoth and assoclaled servi￿9 support million$ ol children, teachers and public sector workers everyday putting the ¢ompany at the heart of efforts lo advance educallon both in the UK and beyond. Successful collaborations remain a comerstone of LGfL'$ DNA with over 100 companies enrolled as Digital Transformation Partners lo support schools with their technology needs and ènsure that whernver possible the best use Is made of LGfL resources and connectivity alongside major UK partners including the National Cyber Security Cenlre. LGIL has continued .10 pioneer and promote the $u¢cessful use of technology in schools lo deliver posilive educational outcomes. Highlights this year included the National EdTech Hubs programme Whe￿ LGfL supported and funded monthly regional events that broughl together educational thou9hl leaders and best practices. A continuing focus in the EdTeth programme has remained the successful integralion of Pedagogy and digital resources IPedTe¢hl and the use of Artificial lnle1ligen￿. This work has generated a substantial number of case studies that are publicly available on our website and social media channels. LGIL ¢ontinué$ lo provide a number of pan London and regional $8rvi¢es spanning local govemmenl. health and the poli which enable efficient and co$t*ffective service delivery. Those services include the Pan London Admissions.SeThice, the London Public SerVI￿s Neh¥ork lincludin9 gateways to Health) and the Free School Meals Eligibilrty Checker. LGfL's long term success has necessitated an ongoing transfomalion of the organisation underpinned by. a continuous modernisalion of IT systems. continuing process redesign arid automation as well as cultivaling a modem, flexible workforce as'part of a Fil for the Futu￿ programme. Page 6

Docus￿￿ Envelope ID.. E924FAF6-B07141'C7-ACFEI8724AS08229 LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 LGfL's operating model is evolving with a focus on the.developmenl of Intellectual Propety (IPI and a continuing transition from Public. Sector Service Commissioner to divetsified Oigilal Servi￿$ Pro¥￿er. This underlying change in LGfL's operating model will enable tailored and Iowv¢osI service delivery lo schools. In an. unc4rtain world, LGfL's ability to identr'fy and manage ri$k is critical. Thoughtlul risk mitigation has been a significant factor lo LGfL's continuing success informing key developments such as the acquisition of ils nalional fibre network and national technology leadership dufing COVID where LGfL provided over 200,000 new and ￿￿rt)Ished devices to schools al a lime of national emergency. KEY PERFORMANCE MEASURES The breadth and depth of LGfL's work Is summarised in the table below'.- Outcom• Flnanclal Indlcators roximate Value of LGfL's Tan Nel As$et$ Pension Fund Liabilit Savln S and Value for Mon• Estimated Lic£nces & Services Freel Distributed lo Schools Estimated Savin l Additional Value to Schools Per Annum Develo ment of N4tlonal Grld for Learnin Eslirnaled Dail Reach ol LGfL SeNios lo Children Teachers and Su Peak Internel Transit Schools U raded for Free as Part of Pled e 2020 Schools Receivin a Free Bandwidth U rade FYE 24 Total Free Bandwidth Delivered lo Schools as art of the Bandwidth Bonanza Standard Connection S eed of Seconda Schools to the Internel FYE 24 Standard Connection S eed of Prima Schools lo the.Internel FYE 24 Avera e Connection S eedofs ecial Schools to Inlernel FYE 24 Percent• è Ayollablll of the LGfL Cor• Notworf( Kee Chlldron Sal• in Edu¢atlon Estlmated Web Re uests Filtered Each Da roximate Dall Actlve Devices Indicative P es Blo¢ked Each Da Questions Answered b Chlldren UBln Tacklln Ine uall Free School Meal8 il Premium Fundin idenliff ed for Schools Pupil Premium Funding identified Sin￿ the inception of the Pupil Eligibilrty Checker ince lion to 31 March 2024 Ener Isin Teachln and Learnln Trainin Events Dele ates Booked Local Governthent Sha￿d Sorvice$ - A lications for School Places A licalions for Seconda School Places Processed A licalions for Rece lion School Placks Total Number of Applications pro￿$Sed for School Pla*s (all phases) 17 961 for nurse unior and 14-19 March 31 2024 ible and Intan ible Assets £36.148 Mlllion £2.633 Mllllon £0 1.2 Milllon £7 Milllon ort Staff 1.7 mllllon 146 Gb 174 38.01 Gb IGb 100-SOOMb 100- 300 Mb 99.993% FYE 24 2.6 81111on 800 000 250 000 605 000 Sale8klllJ £32 381 970 £203 668 960 . Contlnuou8 Professlonal Dev•lo ment CPD 232 106 461 105 018 229 440 Page 7

Docusign Envelo￿ ID: E924FAF6-B07141C7-ACFE-C8724A508229 LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 . LGfL- THE NA TION RID FOR LEARNING LGIL was established lo deliver broadband with.in the London region as part of govemment policy to ensure internet rAnnectivity offered 9￿al perforniaftce and value for money. 12 Regional Broadband Consortia's IRBC'sl were set-up across England to rèalise that vision. LGfL delivered national policy by letting contracts li.e. commissioning Servi￿9) to lelecommunications and infrastructure companies who undertook the lion's share ol the work on behalf of LGfL. Today. LGfL is accelerating Its transfonnation from ￿gIonal broadband Service Commissioner to national Digital Services Provider. Due to ¢onlinuing grovAh LGfL is moving ever closer lo a position Whe￿ the maiorily of cuslorners are basèd oul$lde of London undertining LGIL'S position as a National Grid for Leaming with an estimated 1.7 million potential u88r8 of ils nefv40rk every day accessin9 resour￿5 via over 800.000 plus devices. LGIL'S National Grid for Learning is engineered for high reliability and speed. Over 99.10 of LGIL'S customers are.connected using symmelrical leased line fibre with data secured end to end through a national IPVPN seryice and dedicated MPLS cloud. By design. network conlenlion is minimised which results in LGfL' providing a consistent level of perfomiance. even during peak hours of the day. Netwoth performance is monitored rigorously for packet loss, latency, round 1r.ip delay and circuit flapping. High-capacity leased lines deliver childffjn an immersive experien￿ on.line and enables schools lo stream High Definition IHDI and 4K. conlenl al massive sc81e into the Glassroom. .LGIL's ne￿ork engineering also means that schools can consume securily patches and solhvare updates from their providers without interrupting classroom aciivities through new developments such as netsvork peering. The LGfL IPVPN delivers additional security for schools by encrypling all traffic and directing it Ihrough LGIL'S Supercloud which ensures Ihal the inbound.and outbound internet traffic is monitored by viruses, hacking activity and data exfiltralion. LGfL'$ ¢onlrol ol Irafflc also 8UPPOrts the work ol JANET and National Cyber Security cent￿ INCSC} allowing LGIL to respond proactively lo alerts generated from school and MAT use ol the infras1ru¢lu￿. LGfL has ￿n1[alISed firewall management ¥yslems within 115 Supefcloud that enable oversight of inbound and outbound traffic as well as delivering Inlelligenca as to which ports are being used for what service and application. This level of knowledge regarding the configuration and use of school fl￿waI[S enables LGfL to manage network traffic and lake steps. where necessary, to prote¢l schools proactively as well as identify vulnerabilities that could be exploited. In 2018 LGfL anlicipated the move to Cloud Computing by schools and the consequent need for much 9￿016r capacity and ne￿Ork security. To address these changing needg, LGIL established a programme lo transfom) broadband speeds to s¢hool$ called Pledge 2020. The subsequent rollout of updated connectivity and plalfomis commencad in April 2019 and the programme was completed by Oec8mber 2020. Over the couryJe ol Pledge 2020. 2498 schools were upgraded and the average bandwldth to Schools more than doubled.. In many Cases, schools received upgrades that re$ulled in speeds rising as much as S00°h. LGIL has continued to invest in the future of schools, connectivity under a new initiative called the Bandwidth Bonanza. Under this initiative LGfL is delivering further increases in connectivity speeds at no additional costs to schools. Schools benefitted from the programme over the Course of the year. These bandwidth upgrades mean that LGfL schools remain at thè forefront ol broadband and digital servi￿$ provision. The purchase of the VMo2 fibre network provides 8 long term platloTh to continuously increase the bandwidth that is available for schools at marginal or no cost. As a result. LGfL will be proa¢tively upgrading thousands of schools to meet growth and the changing landscape of Education. The acceleralion of xhools to cloud based systems and services means Ihat individual schools have potentially hundreds. if not thousands of users, who are now dependent on their internet connection to deliver a positive learning experiènce and manage the school efficiently, LGIL ha5 reco9nised the critical nature of conneclivrty and continuing investments have been made year lo ensure thè reliable operation ot LGIL'S nehvofk including delivering increases in netrwork resilience. capacity as well as delivering ￿$111ent lines into schools. often at no additional cost. Page 8

t)ocus6gn Envelope ID.. E924FAF6-BD7141C7-ACFE-C8724A508229 LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 F A NATIONAL FIBRE NETWORK As we move into the future, LGfL reco9nises the need to continually innovate and Pfovide greater flexibilrty to schools in terms of connectivity. A MO￿ diver¥e range of connectivity products and services are being offered lo schools and Multi Academy Trusts that hamess Softsvare Defined Netwo￿1n9 {SDN} as well as satellrte provision. This year, LGfL fvndamenlally changed strategic direction by investing more than £30M lo affjuire 118 own fibre nehvotk as opposed to renting fibre from Vmo2. The fibre acquisition was the first of ils klnd for a charity and required approval by an Act of Parfiamenl. Ownlng its own fibre mean8 that LGfL can now dellver virtually unlimited speeds to the majority ol LGIL connected schools. This investment 1$ both timely and essential. The demand for bandwidth is continuing lo rise as schools embrace cloud technology, particularfy for their Management Informalion Systems. and consume high quality video streams in the classroom lo support teaching and learning. The purchase of LGfL's fibre network means that the majority of LGfL connected schools have a¢eE$s to speeds of up lo 10 Gbps and LGIL will continue to upgrade thousands of connections 10 higher speed3 for free, or marginal cost, as part of its bandwidth bonanza. In 'addilion, owning thè fibre enables LGIL to sel the market price lo schools. This is good news for schools as the charilable focys for LGfL will be lo deliver financial slabillly, as opposed to annual price Increase8, for LGIL 8chool8 that are provisioned with LGfL owned rib￿, MANAGING THE NATIONAL RID FOR LEARNING The Scale and eomplexily of LGfL's National Grid for Learning requires sophislicated monitoring and OverS￿h¢. This year, the management and control of LGfL's National Grid lor Learnino has been enhanced following thè Integration of LGIL nefv40rkin9 equipment best in class network rnoniloring plaifomis. These systems deliver real lime pertormance metrics via a range of dashboards. alarms and graphs encompassin9 latency, found trip delay and packet loss enabling eificienl and timely remediation of fauKs as well as key consumption metrics such as netsvork traffic loads, traffic deslin81ion and utilisalion. 'The capabilities of LGfL's monitoring systems have been enhanced this year with deeper and wider integration into non nehvork seNices including filtering, load balancin9. disk storage and power management. Thi$ is an essential developrngnt as the in¢feasingly complex archlle¢lure ol cloud based Systems often means that identifying faullg and perloman¢e bottlenecks requires a deep forensic understanding of Local Area Nely￿rkS ILANI, Wide Area Netsvorks IWANI. dalacentre centre perfornanr2 {e.g. loading) a$ well as application level monitoring. Managing the insights provided by LGfL's monitoring Systems enable5 LGIL lo deliver a proactive and positive seN1￿ by proactively identifying, for example, which siles are reaching their maximum allowed bandwidth or are expèriencing excessive packet loss which will negalively impact the learning expenence of Children. LGfL SUPERCLOU LGfL's connectivity is designed and built lo roule all schools via ils private Supercloud which hosts a range of massively scaled platfomis, extending to over 1.7 million users. that deliver low cost and edu￿{lonal focused solulions to Ihousands of schools. The routing of school's ne￿Ork Iraffit via LGfL's Supercloud enables LGIL lo wrap multiple layers of Cyber Security around its high-speed fibre cnnnectivity into an out of ils ne￿ork including Distributed Denial.of SeThice {DDoSI protection. LGfL's Supercloud encompasses filtering, intemet usage reporting, managed firewalls, hosted email servicLs Istaflmaill, secure rnail relays, email. scanning (MailProle¢t), remote acGess IFr•eOom2Roam) and identity management. LGfL also manages some of the largest deployments of So￿are a5 a Servic* ISaaS} solutions lo schools in the worfd for Sophos, Malwarebyles, CISCO Meraki and Adobe Creats've Cloud. Typi￿1 Saas deployments for LGIL run into hundreds of Ihousands of devices. As part of its development of a Supercloud for schools. continuing upgrades have been made to the LGfL data¢enlre$ that host the services. These investments have ensured that seNi¢XS within the LGfL Supercloud. are designed for high liability and throughput. Page 9

Docusign Envelope ID". E924FAF6-B07141C7-ACFE-C8724A508229 LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Over the course of the current finanaal year SuperCIoLtd capacity was almost doubled lo meet the needs of school$. New load balancing technology has been added lo manage"traffic flows to ensure they can be processed by SchoolProtect and LGfL respond efficiently lo peaks and troughs in demand across ils range ol digital Services, Next year, LGIL is planning a migration of all ils data￿ntre$ lo wortd class facilities within Equinix which is part of a wider strategy of creating foundations for long lem Suc￿$$. LGfL's DEVEL PMENT AS AN EDUCATIONAL INTERNET ERVICE PROVIDER Isp Alongside the developmenl ol its Supercloud, LGIL is building and oplimising ils Inlemet Service Provision to schools to improve Ihroughpul. increase resilien￿ and reduce latency lo ils Supercloud. Over the coming financial year, LGfL will implement London Inlèrnet Exchange {LINII peering for $¢hools and wlll seek to inle9rale diredly with Microsoft. Google. and major Content Delivery Nehvorks ICDNI. Péerin9 is important for schools and LGIL becausè il mean$ that Inlernel traffic do•8 not need lo transit across the publlc inlernel. Instead, school traffic destined for Microsoft and Google Cloud SeNices, for example. is rouled directly lo the ap'propriate destination by LGfL's Supercloud. This shortens the ne￿Ork roul88 for $chool$ which i￿reaSe$ perforynance and is more secure as less neMork traffic is visible to the public facin9 inlernel. Caching seNice8 will also b'e introduced within LGfL's Supercloud. Caching is a fvrther perfomancé enhancement for LGfL. With caching, Sof￿are updates can be made available accxsslble wilhln LGIL'S Supercloud. Oue to the shorter nefv40rk roule behveen the schools and the caching service this is better than pulling downloads from a peering connedion and significantly better than the public internet. Elficient and speedy downloads of updates will allow schools lo consume Ihe8e updates without affecllng the perf0m)an￿ of their access lo cloud and internet services generally. ING SCHOOL MONE The economic outlook remains challenging wilhin the UK and globally. Interest rates are volatile and higher than Ihey we P￿ Covid. Energy costs continue to be amongst the highest ever. Shipping costs have been impacted by global conflicts including war in the middle east. These economic stresses have led lo unpredictable costs and Inflationary pressures impacllng ¢ompanle$ in the UK and globally which have Ir8n$lated Into increased costs and Charges to consumers. LGfL. as a not-for-profft Chanlable Trust, plays a key role to play in shielding schools and other Customers from these mafkel and financial pre8suresl Central to this is LGfL's ability to leverage 118 aggfegated buying power on behalf of thousands of schools as vlell as drawing upon Ils experlence in procurement and contract management.. Key successes that have positively impacted schools includè.'_ LGfL has not increased broadband prices since 2016. The Board remains committed ta holding prices.over the next financial year as well LGfL bundles a number of key products. at no additional cost. with ils broadband connection to add fvrther value. Bundled items include ransomware protection, anti-virus, DDOS, cloud backup as well as classroom resources. If these products were bought in isolation by individual schools. even larger MATS. they would cost a lol more money. Over the course of this finan¢ial year, LGIL distributed an eslimated 1.265 million licen￿5 freely to schools worth approximately £7.116 M per annum which is money that ¢aD be invested badi in front line teaching and leaming. LGfL encourages schools lo consume Ihe bundled products and make financial savings through by promoting the savings through its online Savings Calculator Ihttp$.'Ilsaving8 Igfl.net} which enables headleachers and IT professional$ lo assess usage and lo ensure that opportunities are not rnissed to save money. The produ¢1 has been further enhanced this year lo include more infomiation arHJ make it easter for schools and MATS to benchmark their prices against allemalive providers to LGfL LGfL spot purchases large volumes of products for sale directly to schools. Buying at scale means that LGIL'S selling price is generally much lower than comparable market rates. During COVID. for example. LGfL intrOdU￿d pricing for Chromebooks which wa$ approximately 3040 /0 better than the standard market price and which ultimately led to over 200,000 new and refurbished laptops being delivered to schools during the pandemic Page 10

Docusign Envelop6 ID.. E924FAF6-807141C7-ACFE£8724A508229 LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 LGfL delivers free or Iow•cosI bandwtdlh upgrades lo schools as part of its Broadband Bonanza that would ordinarily cost thousands of pounds. This year around 174 upgrades have been delivered free, or very low cost, to schools. Following the purchase ol VMo2 ffibre this year, il is anlicipaled that there will be a Significant acceleration of upgrades in lemis of number and scale with LGfL including free Iran31tion lo mulll gbps servic•s in future LGIL hosts training and CPD opportunities that are free for schools. Such actions allow schools lo keep Pa￿ with technology needs {e.g. increased bandwidth consumption) at no additional ¢o$t. This'financial year witnessed a signifi¢ant expansion of LGfL's work to embrace Governors who became a vital part of the safeguarding support for schools wrth the introduction ol Keeping Children Sale in Educallon LGfL's scale means that il is generally able lo negollale contract term8 that are much more favourable than standard contracls offer which offers an important, albeit largely invisible benefit lo schools. KEEPING CHOOL ECURE Globally, security threats are on the risè and the nsks are now greater than ever for schools and Mulli Academy Trusts. In the last 12 monlhs, for example, a number of schools and Mulli Academy Trusts have been the unfortunale victims of widely publlcised ransomwar? attacks which have proven coslly and very disruptive lo the education of children. A new and worrying development is the increasing use of Artificial Intelligence (Al) lo identify and attad( vulnerabilities and .this. has potentially far-reachin9 consequences for any school, MAT and Service Provider such as LGIL. LGtL has always architected Its connectlvlly lo deliver a secure and Irusled ¢onn¢¢lion to $¢hool$. Over lime, LGIL has inlegraled multiple additional levels of security, generally al no additional cost, inlo Ils conne¢lion to schools as part of its Supercloud. As a result, LGfL has a unique, multi layered. defensive shield that proleot8 children called Cybe￿10ud. LGIL'S cybe￿l0Ud includes filtered intemel access, anti-virus, ransomware countermeasures, encrypted cloud backup, firewalls, DDOS protection, secure email seNices as well as monitoring via a Security Operations Centre (SOCI. A key focu8 for LGIL 18 a180 to empower schools and MATS so they can manage and r•mediat• risk themselves which i# an essential user centric layer of the overall defensive shleld that a school requires. LGfL's support to schools and MATS includes best practice policy and security advir2 lo schools including delivery of the official National Cyber Security Centre {NCSC) training for schools, plus besl practice toolkits, seminars and newsletters. Elevale Ihttps'.118levale.Igfl,n811 is one of those k.ey ¢yberse¢urity toolkits. Thig ig a collection of key resources that schools can use lo èlevate thèir cybersecurity including a Cybernecurily Pollcy, an Incident Response Plan and Asseurlsk Registers. AS such, Elevate be u9ed as a foundation for schools th'at want to attain Cyber Essentials Certification. A vital dimension of managing security is to empower schools and MATS lo understand their risks and put in place effective remediation proactively. As part of ils product bundle for broadband, LGIL enables xhools lo self-assess their sacurlly postu￿. Key inrtialives lo support schools include:_ the Securlty Scorecard platfom which perfomis a multi4imensional assessment ol key securlly and vuln8rabilily indicators whith are collated lo provide an aggregate score. The higher the score. the more secure Ihe School 1$. Schoo15 are also provided with a visualisation of those risks. Hundreds of schools ran the Security Scorecard plalform over the course of the year helping them to identify weaknesses and vulnerabilities and take appropriate action Free Vulnerablllty S¢•n• for schools enabling the proa'ctive idenlificalion of weaknesses and potential vectors of attack into the schools. A significant number of polenlial vulnerabilities were identified in the course of the'financial year that schools remediated with LGfL's help. LGIL has, in parallel. invested to increase its organisational capacity and tethnical capabiltties lo support schools and partners This includes LGfL becoming. an accredited Managed Seryice Partner IMSP) for platforyns including Sophos and Ma￿arebYle$. Today. LGfL ovetsees the securrty ol hundreds of thousands ol devi*s across the Nalional Gnd lor Learning. Page11

Oocu5ign Envelope ID.. E924FAF6-807141C7-ACFE-C8724A508229 LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Remediating Cybersecurity risks requi￿5 mulli agency collaboration. LGfL routinely partners with key agencies such as the National Cyber Securily Centre INCSC) lo promote best practices respond effectively when proactive alarrns are raised so that schools and MATS can lake prompt action where they are required lo do so. In re￿nt years LGfL has collaborated to produce important and ground b￿akIng ￿Search suth as a national audit of Cybersecurity readiness in schools and MATS. KEEPING CHILOREN SAFe 2023 was a k8y year for schools with the rel￿$h of new government guidelines (Keeping Children Safe in Education IKCSIEII. KCSIE has fundamentally changed how schools manage Iheif ' saleguarding arrangements and prevent inappropriate use of Ihe internet. In ils wider role. LGfL responded to the following consultstions.. S•feguardlng In th• Early Y•arn Foundatlon Stage Statutory framewo￿. In particular, LGIL identified that there was no mention. in the slatulory guidance on online saleguarding. despite the near-universal access to digital media in the early years R•vlew Into Relatlonshlp$, Sex and He•lth Edu¢atlon. This Is a key area of the curriculum for Safeguarding generally. and online safety. Much of Ihe safeguarding guidance relies on technology solutions lo deliver the deslred outcomes In 8 Cost effecliva and Sustainable way. Consequently, online safely, and appropriate use of the internet, ￿MaInS a cnli¢al focus for LGfL with an estimated user base of approximately 1.7 million children, teachers and support slaffj harnessing LGIL'S nelwork lo access the Inlemel safely every day. Filtering at LGtL's scale is an enom)ou$ Challenge with an estimated 800,000 devi￿8 making 2.5 billion web requests every day. of which approximalely 250,000 pages are blocked, Aside Irom the sheer $¢ale and volume of web traffic being processed. inlemet rillering is an increasingly complex technical undertaking as conlenl and cloud providers are making It harder and harder lo filler the internel by introducing technical Countermeasures to lock out system$ that calegorise v￿bsites. LGIL has continued with significant investment in the modernisation of its filtering seryice including a complete overhaul.of the underlying infra51ruclure in order to increasè capacity and lo enable new features including SSL filtering, by default, should Schools have this requirement. Other new features include improved integration with cloud platforms such as Google lo ensure granular. per-user filtering lo help keep children sale bul avoid over blocking. A new filtering platform. called SchoolProtecl, was built and launched in the previous financial year and will be fully rolled out by the summer of 2024. The pandemic changed wher8 children le8m Nmth a sharp uptalte In inlemel-basèd learning in home$ and community settings. However, this brought additional risks with children acc£ssing conlenl outside the immediale control of schools and then day to day observation of teachers. This safeguarding risk drove innovation and LGfL created, at no cosl to $¢hool$. a Ire8 filtering seThice for children working Irorii home IHomeProtecll. This service has been retained due to continuing and growlng demand from schools. Alongside ils technical products and seryices LGIL offers a wlder ￿ntr8 of safeguarding excellence including, grooming for sexual or chlld crimlnal exploitslion. tackling. extremism and neglect. A training portfolio and collection of resources provides CPO and malertals for the classroom, for specialists and generalist staff to support these key theme5. Increasingly, LGIL is the destination for schools, main Designated Safeguarding Leads to rèeeive their trainlng. updates and advice, including on the latest legislats'on and statutory 9uidance. Important Content developments this year have included:_ Safer Internot Day witnessed the launch of a new video and board game for schools whi¢h was demonstrated at the Bett Show (sid.Igfl.net.) A refresh of the Saferesour￿9.Igfl.ne1 po￿71 which delivers'a large volume ol useful policies and ￿feren￿ material thal Can be easily downloaded by schools and governors Page 12

DOcus￿rt Envelow ID.. É924FAF6-BD7141C7.ACFEQ8724AS08229 LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 A free. online product called Saleskills Isafeskillsinfo 1gfl.nell continues lo be popular as il enables schools lo lesl their knowledge and awareness of security'and safety matters. Over the course of this financial year 605,000 questions have now beèn answered by 7107 children. TACKLING EXTREMISM LGIL works extensively on ￿Untering extremism and online radicalisation. This includes the production of key resources . developed in partnership wrth the Department. for Education {DfEI Prevent Team and the Counter Terrorism Poli￿. {90ingtoofar.Igll.org.ukl, Consequently, Our collaborations with the DfE Prevent team and Counter Terrorism Policing has enabled LGfL to Shape best practice for schools across England. This year LGfL ha$.'- Contributed lo a DIE roundtable to help them support schools which become the focal point of community tensions, both locally and online Developed ¢urrlculuffl rnsourc•# to $af•gyard young peoplo from •xtromi$m. for primaries and secondaries Empowered staff across the.U￿ through vlrtual CPD Iralnlng on onllne radicall•atlon Supported Schools on poll¢y and practlce through the development of self-asses$menl tools and lemplales Presented al educatlon ¢onf•r•n¢es to Shape best practlct In complylng wlth th• Pr•v•nt Outy Developed resource$ for schools. youth cenlres and ¢ommunrty groups lo promot• parental engagement and •warene•$ around onllno safety NEGLE This is a relatively new area of safe9uarding focus for LGIL and an important one. Neglect continues lo be one of the most prevalenl types of harm that children experience and that xhools identify. Along with the suite of free training sessions we already offer Khools about neglect, off the back of the ongoing economic pressures being faced in the UK, we have now developed and deliver a course on the relation8hip befvieen poverty and neglect. Th18 has been very popular and generated positive leedback. This year LGfL has developed a resource for schools lo use to upskill school staff on writing reports and records ￿lating 10 neglect. This has been very well received. Alongside this, LGIL ha$ developed 2 new spollighl case studies on affluent neglect. These resources are used for $laft CPP and were devoloped as a result of feedback from school8 and MATS that there was a lack ol support in this area. ENERGISING TEACHING AND LEARNING Sinc£ ils inception in 2007, curriculum services and resources, as with the technology services portfolio, have been at the heart of LGfL's offer lo Schools, MATS and Lo￿1 Authorities. In order to enable th& &ffeclive use of technology In supporting high quality curriculum delivery. the curriculum portfolio has been adapted, expanded and a range of innovative content developed. In particular, changing processes, policies and teachin9 methods to effectively harriess digital devices and materials is a complex undertaking and potentially fraught with risk lo s¢hool$. children and teachers. Therelore. effectively inlegTaling the lalesl digital technology into everyday teaching and learning requires carefvl and focused support lo help evolve pedagogy which LGfL's Curriculum Team is well placed to provide alongside a growing nehvork of lead schools from the EdTech Hubs programme. Ipedtech.Igfl.net) Over the course of this financial year, LGtL has continued lo collaborate extensively w¢lh lead pra¢tilioner8 and experts in their field to develop resour￿$ to enable the development of a holistic Digital Strategy including a self-assesgment toolklt, training and access to an extensive catalogue of case studies where leading praclilioners provide feedback and advice on how they have approached Digitsl Strategy within their sc*ool or Multi Academy Trusl. LGIL has partnered wllh Ihe Education Foundation lo develop a national nehvoth of leading practitioners {EdTech Hubs) ?where school leaders and teachers gel together lo share best praclices ledtechhubs.1gfl.nell and disseminate that within a region. These sessions have been very well ￿ceiVed and they will remain a key part of LGfL's activity going forward. As part of the EdTech hubs programme. LGfL has prodU￿d an exciting range of case sludies regarding the schools use of technology. This includes a Digital Strategy toolkit which can be viewed at httpa..Ildtt.Igfl.net Page 13

Oocusign Envelope ID-. E924FAF6-807141C7-ACFE.C8724A508229 LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 LGfL has delivered an extensive Continuous Professional Development ICPDI programme for schools. which are delivered across a range of subjects, and specialisms which aim to support schools on known challenges relating to everyday leaching and leamin9. mental health and well-being and efficient organisational use of digital technology. Many of these programmes are delivered in partnership with.key Suppliers and highly regarded experts in their field at no cost to schools which is another way in which LGfL saves money for schools. Olher Curriculum Team highlights this year have included:. LGIL and EdTech UK hosted inaugural Edtech Hubs Summit al Samsung KX in November 2023 with hundred$ of schools in attendan LEO Academy Trust launched their PedTech Impact report on the role of EdTech lo support high qualily everyday Teaching & Learning. In parallel. LGfL published a video support portal which features all Ihe key senior leaders and leachers involved in the report Al the BErr 2024 conference, LGIL presented along8hle Dr Flona Aubrey Smllh and LEO Academy Trust CEO regarding the PedTech Impact report. LGIL also produrAd a range of,excillng new resources lor 8choo18 and MATS... LGfL's 'M Room, resource features al Imperial War Museum as p.art of an espionage exhibition The launch of new bereavement ￿$0Yre£S for SEND pupils in partnership with Child Bereavement UK. The production of unique royal resources in partnership with the Royal Collection Trust lor schools relating to'the Coronation T.he Robotics pilot in partnership wlh Shape Robotics culminaled in a celebration event al Samsung Kings Cross in March 2024 resulting in the establishing a new Cenlre of Excellence in Robotics al Si Joseph's primary school in 18llngton Free curriculum product consumpts'on within the broadband bundle remains high and a change in the reporting for Busylhings suggests il is potentially even rn0￿ popular in schools than previously thought. A￿sS arrangements have changed to both 8u$ylhings and Just 2 Easy IJ2EI to make il easier for youn9 leamers lo use their Google or Microsoft log in'5 which has also helped the adoption of the plalforyns. PROMOTING WELLBEING LGfL has shared a wide range ol freely available matefials for promoting mental health and wellbeing including the award- winning resources developed with Child Bereavement UK which help schools support children, Iheir families and the wider school community dealing with family bereavement. The LGIL Child Bereavement toolkit Ihttps'.Ilchildbereavement,Igfl.org.ukl has been of significant value lo schools who have lo manage bereavement related issues every week. The toolkit has been enhanced this year following feedback from stakeholders. TACKLIN INE UALITY LGIL sets aside support for supportlng greater induslon through the In¢ludED servlce. Thi3 team produces targeted content and re$our¢es lo supporl schools inclusive practice for all learners including new Case studies featuring symbol used with the LGfL Widgil. resource database. Universal Design for Learning principles have been adopted at the foundation of LGfL's inclusive approach with a dedicated UDL portal which have been made f￿elY available to all schools The economic crisis continues to place families in difficulty. which can result in health and wellbeing concems for children. Ensuring that children are fed properfy and schools are resourced to support the needs of their community remains a priority. LGfL provides support to schools and families through ils online Free School Meals {FSMI Checker. In 2014, LGIL built a platform that enables families to check whether they are eligible lo daim free school meals. If they are, the child's school receives additional funding (Pupil PRmium) to help and support the Child through their education. In subsequent years, LGfL refine(I the platform lo enable schools. lo check the eligibility status and make the claim on behalfof parents. The checker has been an oulslanding suttess, and, in rer2nl years, the checker has been promoled by Marcus Rashford's Food Poverty Action Group which has helped lo increase awareness and enga9emenl with the seNice, Page 14

Docusign Envelope ID.. E924FAF6-807141C7-ACFE-C8724A508229 LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Over the ￿urse ol the Current year the FSM Checker has idenlified nearfy £32.38M of potential Pupil Premium Funding and since ils inception in 2014 over £203.7M. As such, the FSM Checker has had a profound and positive impact on children and schools across the LGfL community. The eligibility checker Is now used in over 100 Local Authorities and by thousands of schools. Much of LGfL's gr0￿h has been in areas that are poorly Se￿ed by broadband where schools have previously been ¢onne¢ted al low speeds. The introduction of high quality. symmetrical fibre services has enabled schools in rural areas to enjoy the same digital expenence as urban areas where historically schools had higher speeds. PAN LONDON ADMISSIONS 8 ICE LGfL works in partnership with Local Authorities to coordinate $¢hool placEs across London. This is a critical'task, involving hundreds of thousands of annual applications across the capital each year. By collaboralin9 together and delivering these services centrally, local authorilies save money by avoiding.duplic4lion and delivering gervl¢es efficiently through shared IT sy$lem5. 2023124 was the ￿entle1h year of operation of the Pan-London Admissions Coordinated Servic£ for the 33 London Local Aulhorilies and S adjoining authorities, which successfully handled over 229,000 applications in Ihe last admissions round. Underpinning this senilrA are ts¥o centrol IT systems provided by LGIL'.- the Pan London.Coordlnated Adml88lons Regl8ler processes parental applications for school places. Using this cenlralised system, Local Authorities aim lo give every child a single offer of a School plac* on National Offer Day, which previously was not the case when local systems were run by individual Authorities and the Pan London Coordlnated eAdml$$lon$ Webilt• whid) wa$ introduced in 2019120 and durlng Ihe pandemic improved and streamlined the processing of admissions and delivered a si9nificant channel shift wllh a major decline in the number of telephone and general enquines lo the supp.ort teams as parents were able lo successfully apply without having the need to call for help or advice, The significant reduction in telephone calls underlines the importance of improved website design and well thought out customer journeys. A number ol lunctionality improvements were made lo bolh platlorm8 thls year as part ol an ongoing programme ol continuous improvement.. .LONDON PUBLIC SERVICE NETWOR London Grid Limited ILGL) prOV￿e$ connectlvily for ￿UncIl$ and a'range of public bodles across London and nation811y. Most London Borough's continue lo depend on LGfL for access lo the internel and the Health Nalional Nehvork. Just over half of London now uses the Govroam Wi-Fi service which enables remote w0￿e[S to access IT systems and plarfomis securely using local wreless nehvort(s. This year L.GL maintained a focus on ensuring the resillen¢e of publlc servi￿9 by scheduling a series of scheduled Disaster Recovery Tests lo ensure that, in the event of a netsvork failure, services would be automatically rerouted lo their second connection. This programme remains an ongoing priority for LGfL. Following a review of power consumplion and lulure capacity needs, LGfL is implemenling a change in ils data￿nt strategy to lower its carbon foolprinl, increase capacity and enable the delivery of a new generation of doud enabled ne￿orkS lo support the needs of schools and public bodies. This refresh of core technologies will also provide LGfL wrth the platfomis to improve the range of options thal il can provide lo schools and Multi Academy Trusts al affordable Pri￿5. Page 15

DocuswJn Envelope10.' E924FAF&BD7141C7-ACFE.C8724A508229 LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 BUSINESS MODEL TRANSFORMATI LGtL was established as a commissioner of regional broadband to schools that was funded by government through the fomer Hamessing.Te¢hnology Granl {HTGI. Today, LGIL is a diversified and national Oigilal Services Provider. The Iransfonnalion from a government funded agency lo a commercial. sell-sustaining buslne55 has necessitated fundamental and far-￿athing changes which have taken place over several years. LGfL's ability to adapt ils business model in a flexible and nimble way lo meet the needs of schools and customer8 Ss a contn'butory factor in achieving high levels of customer retention and slaying relevant in a highly compelilive market. FIT FOR THE FUTURe Much of the intemal Iranslomalion from se￿1￿ Commissioner to Service Provider is being addressed through LGfL's Fit for the Future pro9ramme and the expansion of the LGIL technical and serrfic￿ delivery teams such as the Safeguarding and Cybersecurity Centre$ of Excellenc that LGIL is developing. A key investment for LGIL has been the implementation ol a modern Cuslomer Relationship Management ICRMI system vthich supports s8les management, communication, service management and a range of other customer inlera¢tions. There have also been also improvements lo the website with a focus on makin9 11 easier lo navigate Ihe Sile and making LGfL more visible in search enquines. This year has wilnessed a conlinuing focus on process automation, on line service delivery and systems integration, Building on progress la81 year, LGfL h88 continued to review its proeé88es and re-engineer Ihem for the CRM 8y$lem to provide greater support for Sales Order Pro￿$$ing and Sales Pipeline Management. The CRM system also has a range of integration tools enabling bi-directional updates of data behveen systems wilhoul the need lo rekey infomalion. This means that LGfL's customer data is much rlcher and this supports inforned en9a9enienl wilh schools and MATS. Modem financial syslems'provide support across LGfL lo ensure Ihat accurate data is available lor forecasting, profrt and Ios5, cash Ilow and balancy sheet management. A number of improvements have been introdur£d in the Finance Team with respect to technology and processes this year resulting in improved efficlency and oversight, For example. billing befvleen LGfL and ils largest supplier. VM02 has been simplified to avoid a large amount of technical aGGounling adjuslmenls needing to be made each month. As planned, LGIL introduced new Asset and Conlfact Management modules within the finane syslam that have enabled auiomalion of kay tasks such as depreciation and deferred income management. As part of ils Fil for the Futu￿ programme, LGfL has collaborated extensively wilh partners to Improve oversight and seTrice management as well as addressing ¢onc4rns with the quality ol information hold on partner $y$lemg. A major slep forward has been made in thé use ol business inlelligenr*. analytics and data visualisation platforms. These developments are. supporting the eflective stewardship'and management of LGfL's Customers and supply Chain partners. WORKFORCE TRANSFORMATIO LGIL recognises the need for a modem and motivated Workforc￿ th31 has the skills and capacity lo meet the changing and growing demand8 of a national provider. The pandemic has resulted in fundamenlal changes in workforce and accommodation needs with a general move to hybrid working. LGfL has embraced this change which has contributed to continuing high levels of employee retention. The expansion iry Servi￿$ has led lo planned headcounl increases in cybersecunly, safeguarding and technology SUPPOrt. This is sel lo continue as LGfL continues to invest in building a strong and sustainablè services portfolio lo meet the needs of schools and MATS. With the continuing economic pressures on staff, there is likely to be a need for LGIL to consider what fvrther measures may be appropriate lo support staffs wellbeing in the nexl financial year. As part of its WOTkforce'lransfomation has been a review of LGfL's Defined Benefit Scheme a'nd it is expected that LGfL will dose its current scheme to new members and move to a De"fined Contribution Scheme, in line with most companies. in fvture. Page 16

Docusign Envelope ID". E924FAF6-807141C7-ACFE-C8724A508229 LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 PPLY CHAIN TRANSFORMATI The pandemSc underfined the need for all organisalions to ensure that robust supply chains viere in pla￿ to ensure reliable service delivery in an une£rtain worl'd. This is a continuing requirement given rec£nt global disruplions resulting from the continuing war in Ukraine. high energy prI￿s. exchange rate volalilily and much h￿￿er rates of inflation. One of LGIL'S key strengths in recenl years has been the broadening ol its supply chain base to Introduce world class companies such as Adobe which have opened up new possibilities.to supply schools with excrling and impacttul products such as Creative Cloud. LGfL has nurtured Ihe Digilal Transfomialion Partnership IDTP). This 18 a n8lwoTk of Small lo Medlum Sized Enlerpnses ISMESI who rae4ive regular updates and new8letterJ from LGIL. This network also provid88 an invaluable support nelwork for schools. This OTP ne￿ork has continued to be a suc￿3$ story with over 100 companies now part of that framework. LGfL will further invest and develop this channel over the course of the next financial. year and will ￿ntinUe lo build skills and knowledge Into that community. LGIL retsins a relentless focus on ensuring. its contracts and partnerships deliver value for money and meet the expectations of ils customers. This requires effective ovetsighl and managernenl of partner8 and suppliers. Key governance changes have been introduced Ihi$ year lo drive Improvement8 in reliability, O￿latIOns. financ4 and innovation. Contracts with our key Strategic partners have been reviewed and updated thi8 year. Key changes have induded securing improved value lor money, improved conlra¢t lemis and conditions along with improvements in governance and Stewardship whi¢h enable suppli8r perfomance to b& closely managed. Stewardship of LGfL'8 supplier ecosystem has been further enhanced by the development of the business intelligence tools and capabilities ￿ferenCed earlier as part of Ihe Fit for the Future programme. A$ in previous years, when contracts r•ach renewal or extenslon mileslonaJ, a signincanl focus is given lo Improvlng terms. addressing areas of poor perfornance and conlajnin9 costs. Contract Reviews are therefore enabllng LGIL to control costs and ensure positive alignment between suppliers and LGfL's Objects and priorilies. A diversified and Iransfomied supply chain has also delivered grealer resilience and choice lor LGfL and ils customers which has been a fundamental bullding block In deliverlng long lemi value lo schools and also Local Aulhorilieg with new partnerships Such as Community Flbre. This year, LGIL awarded a contract to Community Flbre to deliver connectlvity lo schools in London alongside olher Alternative Ne￿ork Providers IALTNETSI to provide schools with lower cost connectivity. particularly in areas where traditional providers have a limited presence. Satellite connectivity has proven invaluable and cost effective In hard-to- .reach coastal towns and rural areas. COMMITME OPEN STANDARDS A D INTEROPERAB LGIL has fostered and accelerated Ihe use of cloud platfomis and intemet-based seThice del'very. The su¢eEs8 of these programmes means that LGIL is al the forefront of EdTech developments globally. The future success of cloud services. and their widespread adoption in schools and the public sector. will depend on process and data orchestration services that enable eificienl and effective delivery of education lo any location in the world. A wodd where data flows securely and freely across a vast nexus of partners and o)ntn'butors. LGIL is wmmitted to harnessing interoperability and is focused on aceAlerating it. alongside open $tsndard$ in its supply chain and wider digltal ecosystem includin9 Its immediate supply chain. This will enable ground-breaking innovation in future years that will Iransfoin education and deliver positive oulcornes 10 9ch0ol8. The use of open-source code has been invaluable this year in building a new generation of netsvork monitoring services thal have enabled LGfL to reduce outages and identify pérfomance concems on its national netsvork that previously were very difficult to find. Page 17

Docusign Envelope10.' E¥24FAF6-BD7141C7-ACFE£8724AS08229 LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 RISK MANAGEME The management and miltgalion of risk 1$ a key priority for LGfL and ever more pressing in a dimate of uncertainty. LGfL has embedded risk management and mltigalion In all aspects of rts work and koy areas of conrArn are reported to the Board along with miligabng actions. The following sedions provide an updalod Consideration of the major challenges and risks that LGIL faces currently. Finanual risk is addressed in the finance section later in this ￿pOrt. The key risks that LGIL is Cur￿n11Y managing are related to=. Rosponding offeclively lo pandemi Brexit and trade relations Mafket Ihfeats Managing growth.suslalnably Managing inflationary pressures Ensuring. a posilive organisalional climate Keeping pace with technology and mart(el change MilKJaling CYberth￿al8 Ensuring supply Chain ￿$111enL Disaster Recovery (DRI planning and simulation RESPONDING EFFECTIVE Y TO PANDEMICS The worldw¢de COVIO pandemic severely disrupted the global economy. Massive public borrowing and spending c4ntinues lo negatively impact the economic outlook with underlyin9 inflationary pressures driving up cost8 lor all suppliers and companles. LGfL has taken steps lo increase resilience again81 COVID-19'8 continuing and related supply dy5funclion b.y diversifying ils partners and broadening the range of products available to meet service needs and adopting a conscious strategic move away from supplier monopolies along with greatef self sufficiency. ND ADE RELA The continuing uncertainty with respect to the UK'S trading arrangements with the rest of the world remains a ¢on¢efn with no ob'vious resolution in sight. For the reasons sel out earlier in this report, LGfL's supply chain 15 strong with our major supply partners already well advanced iri terns of contingency planning. Nevertheless. there are likely to be continuing swings In CUfren¢y exchange rates that will adversely affed prices and drive-vp costs to s¢hool$. LGfL Is mitigating this impact by pureha8ing at 8c•le and ensuring that. there 1$ an effective procurèmènt capacity at the heart of LGIL.. MARKET THREAT LGfL needs lo ensure .that it evolves its nefvlork and technology solutions lo ensure they ￿rna1n competiti've and offer value'for'money. Low<ost allemalive telecommunications supply Such as fftp and contended Gigabyte Passive Optical Network {GPON) are a key competitive risk to LGfL. This market threat is growing as a significant amount ol govemment and private sector investment is going into building out allemalive fibre ne￿OrkS. This includes Ihe rise of Fibre to the P￿MISe {ftlp} and contended GPON services as a Cost- effective means of accessing the intemet for smaller schools compared lo symmetrical leased lines. The telecommunications market Is also rapKlly changing. BT and VMo2 remain the largest providers in Ihe UK. However. there 1$ also an emerging community of Allemative Network Providers (Alt Nelsl that are growing from the ground up. Page 18

Docusign Envelope ID.. E924FAF&BD7141C7-ACFE_C8724A508229 LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 All Nels are benefftling from access lo BT'S ducts via Physi￿1 Infrastructure Access IPIA) agreemenls which enables providers lo avoid significant capital Investment in civil woths. such as trenching, lo roule cables. Alt Nels are able to deliver very cost*ffedive connectivity lo customers, particularly in areas where there are potential lar9e numbers of residents'al customers. Satellite connectlvity is becoming a malnstream allemalive conn•divity o#tion to schools with the emergence of plaifoms such as Stadink which offer reasonable connection speeds and are particularly irnpactful in rural areas where the costs of expanding backhaul fibre lo remote locations is particularly'expensive. LGIL'S fisk miligalion is lo locus on providing a wlder and relevant digital seNi¢e offering lo school$ delivering increased value beyond headline speed. LGIL'S connectivity broader connectivity and digital services offer enables schools to save money and highly differentiates LGfL from ils competition. This year. LGfL has built further market differenlialion by building a stronger Inlemet Seriic• Provision IISPI to school8 and MATS Ihat most of 11$ competitors will struggle lo pli¢ale Continuing product innovation reftialns a key risk mitigation too. LGIL is therefore developing a broader portfolio of conne¢llvlly products beyond leased lines lo en¢ompa$s lower cost allernatlves to leased lines including satellite and fibre lo the premise as opposed lo offering only one Slze ffts all option. LGfL a160'cx)ntinues lo explore alternative talecommunicalions partners to evaluate whether they can support LGfL whe VMo2'8 nets¥0￿18 not available or ther8 are tachnI￿1 reasons why an anernalive provlder makes sense. . MANA ING INFLATIONAR Y PRE SURES Inflation h8s been volatile and much higher than previous years. This has had negative impacts on the UK eeA)nomy and all businesses generally driving up pricxs to ¢on8urriets. LGtL'8 focus on efficiency, increased product optimisation, contract management as well as generating value lor money ' from ils supplier. base are important mitlgalions lo inflationary pressures as well as thè addition of new product8 and services lo increase the value of what LGfL offers schools at no additional GOSI. ING GRO LGIL is growing its cuslomers and diversifying ils products which is inevitably bringing organisalional pressures including the urgent and continuing need lo modemise LGIL as an organisation and remain both effioent and a high produclivity organisalion. As gel out earlier in the report. LGIL s Fil for the Future prograinme is ¢rilical to supporting and managing LGfL's gr0￿h by modernising processes, systems and workforce indudin9 the wider use of next generation digital platforms including CRM and overhauling the company websrte. Grovith in LGfL's coverage and widening of LGfL's direct services and products requires LGfL lo recruit additional staff to meet identified needs in those areas including enabling functions such as finance, business developm?nt and $ale$ alongside increased headcounl in key areas such as saleguardin9. LGIL has also mitigated the challenges of growlh by making use of ¢ontingenl labour and subje¢l matter experts particularly for projects and new developments where demands are variable, ENSURING A POSITIVE ORGANISATIONAL CLIMATE The process and wider changes being introdueAd by LGfL to support growth include significant changes in working practice8 and Contracts vthich have been relreshed and updated for all employees. The move lo a modem HQ has benefitted LGfL. including closer lies wrth schools, Councds and partner organisations. LGIL continues.lo reap the benefit of a positive working cullure with low leveb of staff tumover. LGIL has not required a fundamental reorganisation lo grow and has worked in partnership with VMo2 and Wavenel to . deliver MO￿ effectively and effiriently as well as tackle the root causes of problems and failu￿ demand. Page 19

Oocusign Envelope ID.. E924FAF6-BD7141C7-ACFE-C8724A508229 LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 This year the fo￿$ has been the continuing empowerment of individuals and teams lo develop their seNices and coaching the organisalion lo improve their performance. The adoption of a flat organisational structure means there is a maximum of 4 lèvels Including the CEO. Looking ahead, LGfL is keeping its organisalional StrUdU￿ under ￿VIeW to en$ure thal rt has sufficient capacity to meet dernand and individual staff members have a sustainable portfolio of work. Over the last year, addition81 headcounl has been added to teams at a suslainatyle rate and gr￿h will continue in the next financial year and beyond, CE WITH MARKET TECHN LGfL is in a technology market where innovation and change are ¢onslanl. As such it is vital lo ensure that produ.cts and services remain ojrrenl and relevant in a highly ￿MpetitiVe area. There is a risk Ihal disruptive and fasl-moving changes in new technology and associated services could render seNicEs obsolese*nl or expensrve. Work 15 already underway lo ensure Ihal LGfL Can support these ¢hanges and deliver Ihe inleroperabillty and flexibility that schools now expect. In doing so, there will be ongoing challenges and a constant balancing. act for LGfL and Ils delivery partners to manage between provlding a secure netsvolrt and the need for more llexibilily. Key prioritie8 include improvements lo products that support th? in¢reas8d use of doud services and help schoo15 mitigate the impacts on learning from the global pandemic. LGfL will also invest lo modernise other key plalfomis this year that will enhance ils safeguarding credentials lo schools. Further strategic investments In safeguardlng, infrastructure, ¢ybersecunly and netsvorks a￿ planned to enable LGIL to continue operating al the forefront of innovation and practi￿ in the education mathet. LGIL 18 carefully assessing the key platlorm8 that wlll underpin Ihe next generation of servic88 lo schools and this wlll require significant change managemenl and investment. ATIN CYBERTHREAT LGIL recogni8es that there is continuing adivily and efforts to disrupt schoo19 and other bodies through targeted activities. including spamming, distributed denial of seryice attacks IDOoS}, ransornware attacks, malware and viruses. LGfL continues to invest lo improve its capacity lo miligale su¢h threats through produd irriprovemenls including the addition of new protections. As previously staled. prudent and effedive investments have been made In technologies such as firewalls and alerting systems to mitigate the risk of suth breaches. In re￿gnItiOn of the increased threat to information and systems, LGIL also undertook independent lesling ol its nelJvork 8ecurily' thi$ cyclical assur0nr￿ will Continue. "A.conlinuing positive development has been the enhanced DDOS protection enabled by Ihe recent and significant upgrades to the firewalls that LGfL has deployed in the edge {i.e. the school sites) and the core netsvork li.e. LGfL's d81acentresl lo¢alion$ of. rts ne￿ork. LGIL has also focused on security process improvemerils and has achieved Cyber Essentials Plus accredilalion. Security also extends lo LGfL's supply Chain and ils important to ensure that problems result from poor praclices within it. LGfL has made important changes lo ils contract including specific security compliance and reporting standards vthich are reported upon. ENSURING SUPPLY CHAIN RESILIENCE With a subslanlial proportion of current service provision administered through contracts wrth supply partners. there remains the risk that one of these could fail, particularly in the current climate. In mitigation, LGfL. undertakes ￿gUlar review meetings Wlth suppliar8. Financial checks throu9h Dunn & Bradstreet are conducted ￿guladY and are part ol the assessment process for major new contract awards. Page 20

Docu8ign Envelope ID.. E924FAF6-8D7141C7-ACFEQ8724A508229 LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 To improve resilience in ils supply chain. LGfL has expanded its commercial ecosystem. This has delivered a significant broadening of products and capabilities available lo LGfL as well as feducing.the exposure to one supplier. The expansion of LGfL's partnerships has proven invaluable in driving innovation into Ihe servi￿8 and subscriptions that LGIL offers. It also provides LGfL with amernative Supply should partners fail to meet the standards Ihal LGfL requires and competition for new business. The creation of a Digital Transfomiation Partner NetwoJl( has been a particular success with. close to 100 Small and Medium Sized Enterprises (SMES) wothing closely with LGIL on supporting schools in London and beyond. Adept plc (now part of Wavenet) and VMo2 are critical partn?rs lor Ihe delivery of Bervlc4s to schools. LGIL has developed robust improvement plans with clear actions to ensure continuous improvement. Over the course of the next financial year, LGfL will be taking continuing steps lo ensure that effectNe govemance and best practices are applied to the key contracts for VMo2 and Adept given the critical role they have in shaping the perrAplion and success of LGfL delivered $8rvices. DISASTER RECOVERY PLANNING AND SIMULATION There is significant and hèightened risk of disruption to seNic48 caused by a range of underlying challenges including cyberthreals and global economlc instability. Fundamental changes in supply chains are also occurrin'g as a result of increasing Merger and Acquisition activity in the UK Education Market which can have uninlended Consequences. In light of this, LGfL has placed a significant focus this yaar'on modelling luture events and working through remediation Slralegles lor these events.. Thls has included, for example. a lotol failure of a dalac£ntre or the 1098 of internet conne¢livily. The results of these simulations has infonned improvements and investments in the platforms and netsvoths that LGfL relies on and this has resulted in a noticeable'reduction in outages and disruptive events. FINANCIAL REVIEW The Trustees deem that LGfL is a Going Concem. Thé results for thè year and LGIL'S financial position al th• end ol the year are 8hown in the attached financial 8lat8menls. LGfL's financial positson compa￿5 favourably with ils key competitors whose financial position is generally le￿ positive and where there is a heavy relian￿ on borrowing and debt financing. Whilst there have been some negative movements in some indicators such as Nel Current Asset5 INCA) these are the result of planned strategic investment5 and activilies which are judged as short term and manageable impacts. INCOME LGfL does not receive any of ils in¢onle 1£25.347MI. from public fundraising so is not required to comply with .any fundraising regulations. The major part of LGtL's income continues to be derived directly Irom schools and MATs.for the provision of broadband nnectivrty and related seNices including inlemel fillering, e-mail hosting, e-mail filtering. anti-virus protection, web hosting, secure remote a￿e$S and online educalional resources and devi￿$. Income from broadband connectivily .has risen in line with forecast and continues lo grow al a sustainable rate. Income from BridgeTheDivide has fallen a$ fore¢asl as LGfL wound down rts involvement in hardwa￿ and device management with the end ol the pandemic. LGIL'S strategy of providing value and financial savings to schools through bundling additional products and services into its core broadband service has been a key part of its success with increasing numbers of schools'taking advantage of the freely available products to offset p￿ssure$ in their budgets. Page 21

Docusign Envelope ID: E924FAF8-BD7141C7-ACFE.C8724A508229 LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Ag a result. LGfL continues lo benefit from very high levels of customer retention for its broadband Se￿ICe. Growing confidence in LGfL is reflected by the fact that schools who had left LGfL are now returning which means that LGtL's share of the London market is increasing. Retention rates for customers are in excess of 99Vo With the majority of customers having been with LGIL for over 20 years. Based on historical perfornanc£, LGfL is foreeast to continue wth nel gro%%rth underpinned by continued expansion in the Home Counties and the Midlands based on a healthy pipeline of future sales leads and retention activity. BALANCE HEET The most significant change in LGfL this year is the Iransformalion of its balance sheet. Following the acquisition of fibre. LGIL has lolal tangible ond inlangible o$$ets ¢10s8 to £36.148 M in this financial year compared lo £8.642 M In the previous financial year. Net Current As$et$ INCA} 1$ lower but this is due lo higher investment, and associated short lem li8bilities, encompassing includlng Merakl licences, the purchase ol the fixed fibre netsvork and increased levels of deferred income up from £6.241 M in the previous financial year lo £6.889M in the.currenl financial year,due to 9rowth. LGIL operates a Defined 'Benefil Scheme that is part of the Local Government Pension Scheme. This is a scheme based on career average earning5 ICAEII and, In Some cases, a combination of CAE and final salary. Pension contributions to the Balance Sheet remain volatile bul positive. The pènsion fund is in Surplus for the second year in a row and not a liability affecting nel assets. The overall value of the scheme rose from £1.435M last year to £2.761M this year primarily due to increased yields from bondg. LGIL has retained significant cash balances of £4.648M at year end lo meet business need and has Strong liquidity lo meet ils rAsh flow needs throughout the financial year wilhoul borrowing or usa of ovèrdraft facilities. Net assets have reduced In this year principally because of the short-lem liability impacts ol Ihe fibre asset purchase, However, nel assets will increase for years lo come as the financial liabilities associated wrth the a(4uisition fall much faster than the rale of depre¢ialion Long term leasing liabilities for equipment and platfonns have lallen in line with lorecasl and wlll end in flnaneial year.2025. CASH FLO In the cur￿nt year, LGIL has continued to relain strong liquidity and cash balances r8fiecting historic perlomiance. LGfL's credit worthiness remains strong. Credit control remained strong wilh LGfL conlinulng lo deliver historic low of levels of deblor1£3.634MI undertyin9 strong performance from the Credit Control Team. FIT AND L LGIL'S investment in fibre means that profitability increases as LGfL ha8 converted rental expense$ lo long tem assets. As result. LGfL is forecast lo return to profilabilily in the next financial year. MEDIUM TERM POSITION LGIL'S Medium Tem forecasts indicate that LGfL will be in a stable and $ustsinable finan¢ial posrtion for many years to come. As part of those forecasts. options for cutting ¢osls and generating savings have been developed to enable LGIL to" adapt lo unfor8s88n arcumslan¢es. The improvements in LGfL's medium-leTm financial planning are enabling the Board to understand and test the impact of making key investment decisions and Consider the trade-offs and consequences of key decisions that lie ahead in deliverin9 its strategy. . A review of ihe pension scheme has taken place and it 15 planned to close the current Defined Benefit Scheme and replace it with a Defined Contribution Scheme in FYE 26. Page 22

Docusign Envelope ID.. E924FAF6-807141 C7-ACFE.C8724A508229 LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 LGIL is also confident thal the cost of future infrastructure upgrades, allhough subslanlial. will fall. Over the last three refresh cycles, the costs of. replacements are generally falling'and Iherefore the cyclical and scale of structural financial demands on LGIL are declining. GOING CONCERN Taking into account the Financial Statements sel out in the accounts. LGfL has adequate resources lo meet all liabilities as 'Ihey fall due and will continue in operational existence for the loreseeable future and sufficionl-conlrols in pla￿ to ensure financial stewardship. Therefore. LGfL has prepared its accounts and financial statements on Ihe basis that the charity is. Going Conc£m. LGfL recognises the urgency and necessity of remaining focused on its finanual bottom line and a number ol key initiatives will continue to support LGfL remain a Going Concern. AS such',- The purchase of the fibre netsvork from vmo2.has transfomied a rental expense into a long-lerm asset on the balance sheet which will boost profftability in future years as the liabilities diminish al a faster rate than the depreciation chargès 111) Contract negotsallona conduded with LGfL's str•legi¢ partners afe delivering improved service perfomance and value for money 11111 LGIL'S leasing liabililias for assels, other than fibre connectivity, will ￿ntinUe to fall wrth no further Of additional ' borrowing being foracast in thè Medium Term (Ili} LGIL is harnessing multi-year forecasting for cash Ilow, balance sheet and profit and loss management and constantly reviewing them in Ihvight of thanges ' LGIL has embedded the use of core financial statements and forecasting inlo corporate govern'ance in¢ludin9 nveslmenl decisions Iv IVI} LGfL ha$.a healthy sales pipeline and by harnessing data and LGfL's Customer Relationship Management system il has been able lo continue generating net growth (VIII LGIL will continue to achieve 8e$t Value and ￿d￿ced ¢osl$ from supplieryJ through market le$lin9, financlal and targeted commercial interventions {VIII) LGIL will continue lo diversify the range of products that il provides to schools and therefore the sour￿$ of ils income which has continued in the current financial year {IX) LGIL wlll conts'nue focusing on containing the rate of customer attrition through a range of tsrgeled iniliallves including flexible pricing, personalised product destgn and product enrichment Ix) LGfL will maintain effective investment and project management controls. including slopplng initiative$ Ihat were not delivering benefit, sweating assets and improving long-lerm planning {XI} LGfL will conlinue expanding and diversifying LGIL'S customer base in schools and across the public sector {XII) LGIL will conlinue improving financial controls within LGfL through review and improvement of proce88es and {XIIII "LGfL wi51 continue, as part of ils Investment Strategy, to have a diversified and portfolio management approach lo balance the rwds of Keeping the Lights On, responding to regulatory requirements and Investing in Growih and Relenlion. Pa9e 23

Docusign Envelope ID: E924FAF6-BD7141C7-ACFE-C8724A508229 LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Re ERVE At the 31 March 2024, LGfL's net assets were £ 2.533 M. AS previously reported In LGIL plans for a perlodic dèpletion of reserves and unrestricted fvnds to enable the modernisation and upgrade of the schools, nefv40rk periodically alongside continuing investrnenl in product and servi￿3 improvements lo ensure LGfL is competitive in the market it serves. The actuarial assessment and pension liability was an improvement on the previous years with the value of the fund rising from £1.456 M lo £2.761 M. Going fop4vard, LGfL maintains unrestrided funds and reseNes consistent with anticipated commitments in regard 'to maintaining continuity of service. cyclically refreshing ils assets, and ensuring it can'.- Fund its opefaliong for al least 3 months Surrfive major and unforeseen economic shocks and development Provide support lo education in Ihe event of a malerial change in government funding policy in respect to schools. broadband liv} . Provide ¢onlingency for IT related initiali¥e$ Iv) Respond pU￿05elY to technology innovation and Have capacity to respond lo new regulations. The operating model of LGIL means that il needs to continually reinvest a significant proportion of ils surpluses inlo IT inlraglruclure lo ensure the nefyvofk is kepl up lo dale and able lo service the need ol participaling 8ehool$ and other customers. TRUCTURE GOVERNANCE AND MANAGEMeNT The London Grid organisalion consists of the following legal entities,. Name Status London Grfd for Learnlng Trnst Private, limlled by guarantee, no share capital, section 30 of the Companie$ Act Companies House no. 4205579. Members are London's 33 Local CouncilJ Charity Number 1090412 London Grld Llmlted Private Limited Company Companies House no. 05122783. Wholly owned by London Gr¢d for Learning Trust. This has now been merged wilh LGfL following approval lo widen the Objecls granted by the Charities Commission and London Councils. Lefo Gel Dlgltal Private Limlled Company Companies House no. 11158329 Wholly owned by London Grid for Leaming Trust Currently dormant. Page 24

DocusMJn Envelope ID.. E924FAF6-807141C7-ACFE-C8724A508229 LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 APPOINTMENT OF TRUSTEES All 33 London Local Authorities a￿ rriembers of the London Grid for Leaming Trust Company and are responsible lor oppoinling the Execulive Board. Trustee$ a￿ nominated by the Council. Each Member that is a Counol may nominate a person as a Director. who shall be appointed as a Nominated Director by a resolution of the Directors. The Nominated Directors appoinl one or more persons as Oirectors. Directors are chosen by ￿ference to their relevant qualifications. Skills, experien￿, knowledge, professional, commercial or community slanding and. where possible. their contribution lo making the boafd of Oirectors appropriately diverse. No DireclorJ are appointed unle$s their candidacy has been notified to the Members in suffi¢ienl detail and in 8ufficienl time to enable any Member $0 minded.commenting on the proposed appointmenl.in writing to LGfL prior to the appointment being made. The company has held Annual General Meeting8 annually since its in¢eplion. to appolnl Oire¢tor8 and Auditors and receive and approve Directors, Report and Accounts. STEE IN LGIL recognls8S thal poor corporate gov&rnano and" decision making have been the maln rAusè of failure In other charities. and that Trustees have not been effective in these incidences. According to research. much of. this ineffectiveness is due to"inadequale induction and support offered lo Twstees. L'GfL recognSses that a new Truslee will make a much more substantial contribullon If their induction18 handled •ffectlvely, and they have the information and skills needed lo undertake their duties effectively. LGfL recognises that it is vital that new Trustees havè all the necs$ary information lo mak• an effective conlrlbulion to LGIL'S affairs including.. Ensuring that new Trustees are fully conversant with the Artides and Activities of LGfL Provision ol additional televant malerlal, including Board papers and the $lalemenl of account8 Providing Trustee financial training, whid) is prOV￿e￿ by the Company Audilors and That trustees aro aware of their legal obligations under Ch81ities Law, includlng areas such as Public Benefit and Responsibilities of Charlly Trugtees ICC3}. OR ANI AT LGfL's Executive 8oard of five members meets around 5 times a year lo advise, review and dlrecl Strategy and Investment plans, and lo provide oversight ol LGIL'S perforynance. An Audit Committee meets to review the accounting and financial management practics 0¢ LGIL. The Audit Cornmittee is responsible for reviewing the report from the External Auditors and for providing assurance lo the Board. LGfL is also a¢￿Untable to its members through the adive engagement of key stakeholders in the fom of Local Authority Officer5 and school representatives who meet regularly with LGfL officers. In order to facilitate effective operations, the Chief Executive has delegated authority lor all matters inclu¢Jing finance, employment. technology services and commercial adivily. As such, the operation and development of the company is the responsibility of the Chief Executive. who is accountable lo the Board, and the Members. . The Chief Executs've manages 9 pemianent staff. The combined staffing establishment is 41.16 fv11 time equivalents and 43 posts. LGfL makes appropriate use of contingent labour to meet peaks and troughs in demand"a$ well as provide access to key skills to meet operational and strategic need. Page 25

' Docusign Énvelope ID= E924FAF6-B07141C7-ACFEC8724A508229 LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 In 2016117. Ihe Articles of LGL were refreshed lo ensu￿ they refleded best practice., ￿ntraCtIng arrangements be￿een LGti and LGfL We￿ Captu￿d in an intercompany agreement between LGfL and ils trading subsidiary. In 2019120 pernission was granted by LGIL'S Shareholders. followlng aulhorisalion from the Charities Commission, lo extend the Articles lo cover new Objects relating lo Well-being and Community Development. This change was ratified in 2020121 following an extraordinary vote by its shareholders. In 2022r23 a further.¢hange Of Objects was approved following advice from the Charities Commission. The Board 'of Trustees is responsible for CEO remuneration and the employee salary-managemenl and beneffts framework, CEO ￿muneration 1$ ￿VieWed and set by the Human ResourrA$ subcommittee annually. The remuneration of staff is the responsibility of the CEO. All staff are appointed under local4overnmenl.tems and eondilions. Pay grades for Trustee Officers are comparable with public-sector employees undertaking similar roles. Performance is reviewed annually with the outcomes shaping whether there a￿ any performance related payments. inC￿MentS or no rise at all. Remuneration will continue to be scrulinised to ensure value for money and alignmenl'wilh the market generally. RELATED PARTIES LGfL has a trading subsidiary, London Grfd LSmiled. LGfL Tru8t is the 5018 shareholder Sn London Gnd Limited ILGLI. LGL was sel up to provide a￿sS to Tru51net servi￿$ for the wider public sector, particularly Council8. From Ihe beginnin9 of 202012021 and following the change In Articles ol LGFLT the activities of LGL hove been obsorbed wlthln LGFLT itself and the company LGL is currently domianl. LGfL has a domiant company called Let's Get Digital. REFERENCE AND ADMINISTRATIVE DETAILS Name of London Grid for Learning Tru8t Charity Registration Number.. 1090412 London Grid for Learning. 9th Floor, 10 Exchange Square, Primrose Streel, London. EC2A 28R. The directors of.the Charitable company (the charity) are its trustees for Ihe purpose of charity law. Trustees and offieErs serving durin9 the year and since the year end were as follows.. Paul Robinson - ChairTnan Gary Hipple - Elected Representative Fabio Negro- Elected Represenlalive Helen Warner- Elected Represenlalivè Sean Green - Elected Represenlalive Com an Secreta . John Jad(son Page 26

Oo¢usign Envelope ID.. E924FAF6.BD7141 C7-ACFE-C8724A508229 LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 na ement Pernonnel John Ja¢k$on - Chief Executive Officer David Young - Filtering and Cloud Servi￿5 Lead Mark Bentley- Safeguarding and Security Lead Michael Eva- Programme Manager Bob Usher- Conlenl Manager. Kirsly Egan - Head of Transactional Finance John Bagley- London Grid Lirniled Manager Paul Smith - Service Delivery Manager James In9 - Strategic Proje¢t Lead her Relevant O •nl8atlons Com Menzies - LGIL'S A¢¢oun15 and Audit Advisors Addrèss and Contact Detsll$ Menzies LLP, Second Floor, Magna House,18-32 London Road Staines u on Thames Surre TW18 4BP. illex Ltd One New Street Wells Somersel BAS 2LA. Lloyds 8ank PLC. 83 Clarence Street, Kingslon upon Thames sur￿ KT1 1RE Ashlords LLP 1 New Fetter Lane London EC4A 1AN Hylec Infomation Securily, Calms House, 10 Station Road Teddin ton TW119AA illex - LGfL's Le al Adviser and Data Protection Officér Lloyds Commerejal Banking - LGfL and LGL'S bankers Ashford5- S eciali51 le al advice Hylec - Security and professional advice None STATEMENT OF DIREC RESPONS181LITIE The directors {who aro also the Iruslees ol London Grld for Learning Tnjst lor the purpose8 of charily18w). are responsible for preparing the Tnjstees, Annual Report and the finanaal statements in accordancA with applicable law and regulations. Company law requires the directors to prepare flnancial $talemenl$ for each financlal year. Und•r that law the dI￿¢t0￿ts have elected lo prepare the financial slalernenls in accordance wrth Unlled Kingdom Generally Accepted Accounting Practice {Uniled Kingdom Accounting Standards and applicable lawl. Under Company law the directors musl not approve the financial stalements unless they a￿ satisfied thal they give a true and fair view of the slate of affairs of the Charity and the incorne and expenditure of the ￿rnPany for that period, In preparing these financial stalemenls, the dire.dors are required lo.. Select suilable accounting policles and then apply them consislenlly Observe the method$ and principles in the Charities Statement Of Recommended Practice ISORPI Make judgements and eslimales that are reasonable and prudent Stale whether applicable UK Accounting Standards have been followed, subject lo any material departures disdosed and explained in the finanrial $talemenls:.and Pffjpare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The direclors are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disdose with reasonable accuracy al any time the financial position of the charity and enable thern to ensu￿ Ihal the financial statements comply wth the Companies Acl 2006. Page 27

Docusign Envelope ID.. E924FAF6-8D7141C7.-ACFE-C8724A508229 LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection ol fraud and other irregulanlies. DISCLOSURE OF INFORMATION TO THE AUDITORS Each of the persons who 1$ a truslee at the dale of approval of this report confirriis.. That in so far as they are aware there is no relevant audit infomiation.of which the company's auditor is un&ware Each trustee has taken all steps that they ought to have taken as a trustee to make themselves aware of any levant audit inlormalion and lo establish that the company's audttor is aware of that infomotion. AUDITOR Manzie$ LLP aro deeme(I to be re-appointed under seclion 487121 of the Companies Act 2006. STRATEGIC REPORT The Company has chosen in aemrdance with Section 414CI11) of the Companies Act 2006 {Slr3legic Report and Directors, Report) Regulations 2013 to sel out within the Strategic Report the Company's Strategic Report Infomalion required by Schedule 7 of the Large and Medium Sized Companies and Groups {Accounts and Reports) Regulation 2008. This includes information that would have been included in the business review and delai18 of the principal risks and uncertainlies. The Trustees, Report lincorporaling the Strale9ic Report) w48 approved by the Board of Trustees (which b also. the Board of Directors) and signed on its behalf by= Approved by order of the members of the board of Trustees and signed on their behalf by.. Mr P Roblnson Company Chaimian Dale.. 20-Dec-2024 Mr J Jackson Company Secretary Page 28

DocuS￿A Envelope ID: E924FAF6-BD7141 C7-ACFE-C8724A508229 LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) MENZIES BRIGHTER THINKING INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF LONDON. GRID FOR LEARNING TRUST Oplnion We have audited the financial $talemenl$ of London Grtd for Leorning Trust (the 'chanlable ¢ompany') for the year ended 31 March 2024 which comprise the Statement of financial activities, the Balance sheet. Ihe Statement of.cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that ha$ been applied in their preparation is applicable law and United Kingdom Accountin9 Standards,. including Financial Reporting Standard 102 'The Financial Repo￿.n9 Standard applicable In the UK and Republlc of Ireland, {Unrted Kingdom Generally Accepted Accounting Praclicel" In our opinion the financial slalemenl$'. give a Irue and fair view of the stale of iha" charitable company's affairs 'a$ al 31 March 2024 and of Sts'incoming resources and application of resources. including ils income and expenditure for the year then ended-, have been property prepared in accordan￿ wilh Uniled Kingdom Generally. AttEpled Accounting Practi￿. and have been p￿pared in accordance with the requirements of the Companies Act 2006, Ba818.for oplnlon We conducted our audit in accordance with Intemalional Standards on Auditing (UK) {ISAs IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors. responsibilities for the audit ol the financial Slalemenls section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordanc8 with these requirements. Wé believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinlon. Concluslons relatlng to golng eon¢•m. In auditing the financial statement$, have concluded that the Tnt8lee$' use of the going concem basi8 of accounting in the preparation ol the financial slalemenls is appropriate. Based on the woth have perfomied., we have not identified any material uncertainties relating lo events or condition$ that, individually or collectively, may cast Signifi￿nt doubl on the charitable company's ability lo continue as a going conc4m for a period of at least hvelve months from when the financial Slalements are authori5ed for issue. Our responsibilities and the responsibilities of the Trustees bmth resped 10 90ing concern are dexribed in the relevant section$ of this report. Other Infomla￿on The other information cornprises the infomiation induded in the Annual report.other than the financial slalements and our Auditors, report Ihereon. The Trustees are responsible for the other inforrnation Gontained within the Annual report. Our opinion On the financial $tatemonts does not cover the other intomalion and. except lo the extent otherwise explicitly slated in our report, we do not express any fomi of assuranc£ conclusion Ihereon. Our ￿sponSIbl1￿1Y is lo read the other information and. in doing so. consider whether the other information is materially inconsistent with the financial slalements or our knowledge obtained in the ￿ul$e of the audit, or olhernvise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required lo delemine whether this gives fise lo material misstatement in the financial stalemenls themselve$. If. based on the work we have perfomed, we conclude that there is a material misstatement of this other infomats'on, we are ￿qUired lo report that fact. We have nolhing to ￿port in this regard. Page 29

Docusign Envelope ID: E924FAF6-807141C7-ACFe-C8724A508229 LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF LONDON GRID FOR LEARNING TRUST (CONTINUED) Oplnlon on other mattern pres¢￿be￿ by th• CompanlM Act 2006 In our opinion, based on the work undertaken in the course of the audst.- the infomialion given in Ihe.Trustees' report including the Strategic report lor the financial year for which the financial statements are prepared is consistent with the financial stalemenls. the Trustees, report and the Strategic report have been prepared in a¢cordan¢e with applicable legal requirements. Matt•rn on whlch we are roqulrnd to report by exception In the light of our knowledge and understanding ol the charitable company and ils environment obtained in the cour8e of the audit. we have riol identified material misstatements in the Trustees, report induding the Strategic report We have nothing to raport in respect of the lollowing matters in relation lo which Companies Ad.2006 requires us to report to you if, in our opinion.. adequate accounting records h8ve not been kept, or return5 adequate for our audit have not been received from ' branches not visited by u5.. or the financial slalemenls a￿ not in agreemenl with the accounting records and returns- or certain digclosures of Truslees, Temuner3lion specified by law aT8 not made.. or we have not ￿ceived all the infomalion and explanations w￿ require for our audit. R•8pon8lbllltles of Tru8t••• As explained rn0￿ fully in the Trustees, responsibilities slalemenl, the Trustees (who are also the. directors of the charitable company for the purpo$e$ ol cnmpany law) are ￿spOnSible for the preparation of the financial statement8 and for being salisfied that they give a true and fair view, and for such inlernal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial stalements, the Tru$tees' a￿ responsible for assessing the charllable company'8 ability lo continue as a going concern, dis¢lo$ing, as applicable, matters related to going concern and using the going con¢em basis of accounting unless the Trustees either intend lo liquidale Ihe charitable company or to ¢eas• operations, or have ho realistic allernalive but lo do so. Page 30

Oocusign Envelope ID: E924FAF&807141C7-ACFEU724A508229 LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF LONDON GRID FOR LEARNING TRUST (CONTINUED) AudltOfS' responsibilities lor the audit of the financlal ilat•m•nts Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole ore free Irom material misstatement, whether due to fraud or error. and to issue an Auditors, report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance wrth ISAS IUKI will always detect a material misslalemenl when it exists. Misslalemenls can anse from fraud or error and are ¢on$idered material if, individually or in the agg￿gate. they could reasonably be expected to influenee the economic 'decisions•of users taken on the basis of these financial statements. Irregularities. includlng fraud, a￿ instancas of non-compliance with laws and regulations. We design procedure8 in line with our responsibilities. outlined above, to detect material misslatemenls in respect of irregularitie's, Including Iraud. The extent to which our Pro￿dureS.are capable of detecting ir￿guIar1Iie$. including fraud is detailed below.. The Company is subject lo laws and regulations that directly affe￿ the financial 8lalement$ including financial reporting legislation. We delemiined that the following. laws and regulations were most Significant Including the Charities Acl 2011, Companies Act 2006, Employment Rights A¢1 1996. Keeping Children Safe in Education. Tax Legislation and the Data Protection Act 2018. We assessed Ihe extent of complianee with these laws and regulations as part ol our procedure$ on the related financial statement Items. We understood how the Company is complying wilh those legal and regulatory frarneworks by making inquiries tomanagemenl, .those responsible for legal and compliance procedures and the company 6e¢relary, We corroborated our Inquiries throu9h our review of board minutes. The engagement partner 'a$sessed whether the engagement team cnlleclively had the appropriate competence andcapabililieg to identify or recognize non-complian¢e with laws and regulations. The assessment did not identify anyi88ues in this area. We assessed the sUs￿ptibilItY of the Company financial statements to material misslatemenl. including how fraud might occur. As a ￿SuIt of the above pr0￿du￿S, we conside￿0 the opportunities and incenlives that may exist wilhin the organisation for fraud and identified the gffjalest potential for fraud in the followin9 areas... posting ol fraudulent . journals, the authorisation, processing, and payment of fraudulent expense5, ficlilious employees and manipulation of revenue recognition. Audit proc4dures performed by the •ngagemenl team inelud•d Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; Underslandlng how those charged wrth governance considered and addressed the polentlal lor override of controls or other inappropriate influence over the financial ￿porting process, Challenging assumptions and judgments made by management in its significant a¢countin9 eslimales., Idenlifying and lesling jouma1 entries. in particular any journal entri85 Posted with unusual account combinations.. Reviewing expenditure r>aymenls', and Reviewing the timing. of income recognitlon. Because of the inherent limitations of an audit. the￿ is a risk thal will not delecl all irregularities, including those leading lo a material misslalernenl in the financial statements or non-compliance with regulation. This risk inGreases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial slalemenls, as we wll be less likely lo become aware of instances of non-complianrk. The risk is also greater regarding irre9ularilies occurring due to fraud rather than error, as fraud involves intentional ￿nCealMent. forgery, collusion, omission or misrepresenlalion. A further description of our responsibilities for Ihe .audil of the financial statements is located on the Financial Reporting Council's websile at.. www.frc.or k1auditors￿s on ibililies. This description fornis part of our Auditors, report. Page 31

Docusign Envelope ID.. E924FAF6-BD7141C7-ACFEC8724A508229 LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) 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 wrth Chapter 3 of Part.16 of th.e Companies Act 2006. Our audit woth has been undertaken so that * might state to the charitable company's members those matters we are required lo slate lo them in an Auditors. report and for no other purpose. To the fullest extent pe￿itted by law, we do not accept or assume responsibility to anyone other than the charitable company and ils members. as a body, for our audil work, for this report, or for the opinions we have fomied. 034F240E02A44T1... ' Janlce Matthews FCA IS•nlor •tstytory •udltor for and on behalf ol Menzles LLP Chartefed Accounlanlg Sialulory Auditor Magna House 18-32 London Road Slaine8-Upon-Thame8 TW18 4BP Dale.. 23-Dec-2024 Page.32.

Docusign Envelope ID.. E924FAF6-BD7141 C7-ACFE-C8724A508229 LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Unr•strict•d funds 2024 £000 Re8trict•d funds 2024 £000 Total fund8 2024 £000 Total lunds ' 2023 £000 Not• Income from: Donations and legaaes Charitable activities Investments 20S 206 25,347 67 26,347 67 25. 680 Totsl Incom• 26,414 206 26,619 25,680 ExpeThdl￿re on: Charitable activities 26,622 26,622 27, 785 Total exp•ndllur• 26,622 26,622 27,785 Net movement In fund8 before oth•r reeognlsed galnsl(1018e• 11,208> 205 (1,003) (2. 105) Other recognl3ed galnsl{losses}: .Acluarial gains on defined benefit p¢nslon Schemes 22 2, 639 Net movement In ftsnds (1,2041 205 19991 534 R•¢on¢lllaUon of fund•: Totsl funds brought for•vard Net movement In funds 3,632 {1,204 3.532 {999) 2,998 534 206 Total funds carrled forward 2,328 205 2,633 3.532. The Slalemenl of financial acliviliès includes all galn8 and10s8es recognised in the year. The notes on pages 36 10 54 fo￿ part of these financial slateinenls.. Page 33

Docusign Envelope ID.. E924FAF6_B07141C7.ACFE.C8724A508229 LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) REGISTERED NUMBER: 04205579 BALANCE SHEET AS AT 31 MARCH 2024 2024 £000 2023 £000 Note Flxed assets Intangible assets Tangible assets 1.386 34,763 1,099 7,543 12 36,148 8, 642 Curront assets. Debtor5 Cash al bank and in hand 14 3,634 4,648 3, 770 4.486 8,282 8,256 Creditors.. amounts falling due within one year 15 116,997) (12, 763) N•t curr•nt Ilabllltb•• {8,715) (4, 507) Total ag80ts less current Ilabllltles 27,433 4,135 Credilor$.' amounts falllng due after more than one year 16 124,9001 (603) Net a8s•ts •xcludlng yn•lon •••et 2,633 3,532 Total net assets 2,633 3,532 Charfty funds Restricted funds Unrestricted lunds 17 206 2,328 17 3,532 Total funds 2,53¥ 3,532 The Trustees acknowledge their responsibilities for ￿mPlyIng with the requirements of the Act with respect to accounting records and preparation of financial slatemenls. The financial slalements were approved and authorised for issue by the Trustees and signed on their behalf by.. glqn•d by.. 7C¢F24P27C404AF... 8123$2CIg47•1E7... Mr P Roblnson Twstee Mr G Hipple Truslee Date.. 20-Dec-2024 The notes on pag85 36 to 54 form part of Ih8se financial statements. Page 34

Oocu%gn Envelope IO.. E924FAF6-8D7141C7-ACFE-C8724A506229 LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 £000 2023 £000 Not• Cash flows from operating actlvltles Nel cash provided by operating octivilies 19 3,926 2,777 Cash flows from Invuting a¢tlvltle$ Purchase of intanglble 488ets Purchase of tangible fixed assets (1,035) {1,544) (820) (1. 701) 12 N•t cash u$•d In Inve8tlng actlvltl•8 {2,6791 12,S21) Cash flowg from financlng a¢tlvltl•s Repayments of finance lea￿$ 15,16 {1,184) (1, 518) Net cash u8•d In flnan¢lng actlvltles 11,184) 11,618) Chang0 In c*•h and ¢a•h equlvahnts In the year Cash and cash equivalents at the beginnlng of the year 162 {1,262) 5, T48 4,486 Ca8h and Cash equlval•nts al th• end of th• year 20 4,648 4,486 T.he notes on pages 36 10 54 form part of these financial statements Page 35

. Docusign Envelope ID.. E924FAF&BD7141C7-ACFE-C8724A508229 LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Genernl Infomiatlon London Gnd for Leaming Tru$l104205579I .1$ 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 pnn¢ipal activities described in the Strategic and Oirectors, Report. Accounting poIici•s 2.1 8asl* ol preparatlon of fln•nclal statements The financial slalemenls have been prepared in accordan￿ with the Charities SORP IFRS 102}- Accounting and 'Reporting by Charilie$'. Statement of Recommended Practice applicable lo charities preparing their a¢¢ounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Ad 2006. London Grid for Learning Trust meets the definition of a public benefrt enlily under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise stated in the relevant a¢¢ounling policy. 2.2 Company 8tstu• The company is a company limited by guarantee. The memb8rs of the company are the Directots named on page 1. In the event of the company being wound up. the liability in respect of the guarantee is limited lo £1 per member of Ihe ￿rnpany. 2.3 Golng eone•rn The Di￿¢10r$ a￿ content vthh the position of the company, particulady given the difficuK economic climate. The major periodic refresh of the systems and infra$lru¢lure is complete and there is a stable and expanding customer base for the core broadband seryic¢ with Schools and local authorities. New revenue St￿0M$ have been added which have fttrther bolstered the company's financlal posillon. The Directors anticipate the. company to trade sustainably for the foreseeable future. There are also sufficient cash feserves. A medium term financial forecast has been introduced lo support investment and financial deasion making. The Oirectors accordingly consider that the coinpany is a Going Concern for al least tsvelve months from the dale of approval of these financial statements and the accounts are accordingly prepared on the Going Concern basis. 2.4 In¢om• All income is recognised once the company hag entttlemenl lo the income, il is probable Ihat the income V￿11 be received and the amount of income receivable can be measured reliably. Income ￿￿1Ved from Local Authorities and schools for subscriptions and contributions lo core activities is recognised in ltte period to which it relates. Income invoiced in respect of future periods is deferred lo that perlod. Income from the sale of goods is recognised when the goods are deliVe￿d lo ￿$tOMerS. Other project income Is re¢ogni6ed as re￿IVable. Commi6sions receivable are recAJgni8ed as invoiced. Grants are included in the Statement of financial activities on a ￿CeIVable basis. The balance of income received for specific purposes bul not exper¢ded during the period is shown in the relevant fvnds on the 8alan¢e sheet. Where income is received in advance of entitlement of receipt. ils recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is ￿ceiVed, the income is accrued. ' Page 36

Doeuswjn Envelope ID.. E924FAF6-BD7141C7-ACFE-C8724A508229 LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Aceountlng pollcles {continued) 2.6 Exp¢ndltuT• Expenditure is recogni5ed once there is a legal or constructive obligation to Iran5fef economic benefit to third party, it is probable that a Iransfef of e¢onomi¢ benefits will be required in settlement and the amount of Ihe obligation can b'e measured reliably, Expenditure is classified by activity. The costs ol each a¢livily ate made up .01 thè lolal of direct costs and shared costs. including support costs involved in undertaking each actsvily. Direct costs attributable to a single activity are allocated diredly lo that activity. Shared costs bthich contribute to more than one activity and support costs which are not attributable to a single adivit'y are apportioned be￿een those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of lime spent. and depreciation ¢harge9'8llocaled on the portion ol the asset's use. Expenditure on eharilable activitie$ is incUr￿a on dI￿¢11Y undertaking the aelivities which further ihe company's obje¢liveg, as well as any assoaated support costs. Tern?ination expenditure Is recognised a liabillty and an expense only when the enllty is demonstrably committed either.. lal to lerminale the employment of an employee or group of employees before the normal retirement dale.. or Ibl lo provide lemination benefits a$ a result of an offer made in order lo ancourage volunlary redundancy. 2.6 Intanglblè a8•ets and *mortl8atlo Intangible assets costing £NIL or more are rApllalised and recognlsed when future economic beneflt8 are probable and the cosl or value ol the asset be measured reliably. Intangible assets are'inilially recognised al cost. After ￿COgnItiOn. under the Cost model, inlangibie assets are measured at ￿$t le$$ any accumulat•d omortisalion. and any 8ccumulated imp•lm)enl losses. Amortisalion is provided on Intangible assets al rales calculated to wrile off the cost of each a$sel on straight-line basis over its expected uséful life. Amortisalion is provided on the followin9 basis.. Content and softwa .Over 3 to S years straight line 2.7 Tlnglble Ilxed a88ets and dopreclatlon Tangiblé fixed assets c%)sting £NIL or more are capitali5ed and recognised when future e¢onomi¢ beiiefils are . probable and the Cost or value of the assel can bè measured ￿lIablY. Tangible fixed assets are initially reco9nised at cost. After recognition. under the cost model. tangible fixed assets are measured al cost less accumulated depreaation and any accumulated impairment losses. All cosls incurred to bring a tangible fixed assel into its intended working condition should be induded in the measurement of cost. Depreciation is charged so as to allocate the cost of tsngible fixed assels less their residual value over their estimated useful lives, Depreciation is provided on the following bases.. Fixtu￿$ and fitting5 Office equipment Computer equipmenl 33.3°/o Straight line 33.3% straight line Over 3 to 14 years straight line Page 37

Docusign Envelope ID: E924FAF6-807141C7-ACFE-C8724A508229 LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 A¢¢ountlng policies {continu•d> 2.8 Investments Fixed asset inve$lmenls are a form of financial instrument and are initially recognised al their transaction cost and subsequently measured al fair value al the Balanr2 sheet dale, unless the value cannot be measured reliably in which case it is measured al cost less impairment. Inveslrnent gains and losses. whether realised or unrealised, are combined and presented as 'GainsllLosses) on inveslrrients. in the Statement of financial a￿1vIlle8. Investments in subsidiaries are valued al cost less provision for impaimienl. 2.9 Llabllitle8 and provl•lon• Liabilities are reco9nised when there is an obligation at the Balance sheet date a8 a result of a past event, it is probable Ihat a transfer of economic benefit ￿11 be required in settlement, and the amount of the settlément can be eslimaled reliably. Llabililies are recognised al the amount that the company anli¢ipate8 il will pay lo setlle the debt or the amount il has received as advancEd paym8nts for the goods or services it must provide. Provisions. are measured at the best estimate of the amounts required lo Settle the obligation. Where the effect of the time valLte ol money is material. Ihe provision is based on Ihe p￿sent value of those amounts. discounted al the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount 1$ reengnised in. Ihe Statement ol financial 8¢livities as o finance cost. 2.10 Flnanclal Instruments The ￿rnpany only ha5 financlal a88e18 and nn8n¢ial liabililieg of a kind that guallfy'as baslc financlal instruments. Basic financial instruments are initially recognised at transaction value and subsequently MeaSu￿d al Iheir settlement value with the ex￿PIlon of bank loans which are subsequently measured at amortised Cost using the effective intere8t method. 2.11 Flnance lea808 'As$ets oblained under"finance leases are Capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease lemi and their usefvl lives. Finance leases are those where subslanlially all of the benefits and risks of ownership are assumed by the company Obligations under such agreements are included in Cfedilors. net of the finance charge allocated lo future periods. The finance element of the rental payment is charged lo the Slalemenl of finanrjal activitie$ so as to Produ￿ a"conslant periodic rate of Gharge on the nel obligation oulslanding in eath period. 2.12 Pensions The company operates a defined benefits pension scheme and the pension charge 18 based on a full aduarial. valuation dated 30 June 2022.. 2.13 Fund a¢¢ountlng General funds are unreslricted funds which are available for use at the discretion of the Trustees in furtheranc8 ol the general objectives of the company and wh.ich h8ve not been designated for other purpose5, Designated lunds comprise unrestricted funds that have been sel aside by'the Trustees for particular purposes. The aim and use of each designated fund 1$ set out in the notes lo the finanaal statements. Page 38

Docusign Envelope ID.. E924FAF6-807141C7-ACFE-C8724A508229 .LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued 2.13 Fund a¢¢ounllTr9 Icontlnued) Restricted funds are funds which are to be used in accordance with specific reslriclions imposed by donors or which have been raised by the company for particular purposes. The cos1$ of raising and administering such funds are charged against the sperJfi¢ fund. The aim and use of each reslricled fund is sel out in the notes lo the financial statements. Crltlc•l accountlng e8tlmat•s and areas of Judgem•nt Estimates and judgèmenls are continually ev8luated and are based on historical experience and other factors, Including expe¢lalioDS of future evenl8 that are believed lo be reasonable under the ¢ir¢um$lan¢e8. Cntical accounting estimates and assumptions.. The company makes estimates and a88umplion8 conceming the future. Ihe. resulting ac¢ounlln9 estwn81es and assumptions will. by definition, seldom equal the related actual results. The estimates and assumptions that have significant rjsk of causing a material adjuslmenl to the carrying amounts of assets and liabilities within the next finanual year a￿ discussed. below. In the opinion of the Trustees Ihe maln estimate and assumption that may have a significant risk of e8using material adjustment to the carrying amount of assets and liabiir(ies within the next financial year are in relation to the useful lile of fixed assets, which . are written off in acc0rdance.w￿h the amortisalion and depreciation policyds sel out in note 2.6 and 2.7. The valuation of the. pension scheme assets and liabilities Is carried out by the scheme actuary based on various assumptions and eslimales. Details are given in Note 23.. Income Irom donatlons and leg•¢l•$ R••trl¢t•d funds 2024 £000 Total fund$ 2024 £000 Totel funds 2023 £000 Grants 205 205 Page 39

Docuslgn Envelope ID.. E924FAF6-BD7141C7-ACFE-C8724A508229 LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Incorne from charltable a¢llvilie8 Unrestricted funds 2024 £000 Total fund• 2024 £000 Total funds 2023 . £000 Main LGIL Sncome LGfL Managed Service8 Income. LGL Income Bridge the Divide 21.408 613 ' 3.297 29 21,408 613 3,297 29 20, 739 565 3,656 720 25,347 25,347 25.680 Total 2023 25,680 25, 680 Anal￿19 of expendlture on charltable actlvftles Summ•ry by fund typ• Unre•trl¢ted funds 2024 £000 Total 2024 £000 Total 2023 £000 Main LGIL Income LGIL Managed Servic*$ Income LGL Income Bridge the Divmle 23.303 265 3.040 14 23,303 266 3,040 14 22,895 434 3, 555 901 26,622 26,622 27, 785 Total 2023 27, 785 27. 785 Page 40

Oocusign Envelope ID: E924FAF6-8D7141C7-ACFE-C8724A508229 LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of •XpendI￿re by activitles Activities undertaken dlroctjy 2024 £000 Support ¢08ts 2024 £000 Totsl funds 2024 £000 Tolal. funds 2023 Main LGIL Income LGIL Managed ServirAs Income LGL Income Bridge The Divide 19.782 182 2,560 3,521 83 480 13 23,303 266 3,040 14 22,895 434 3,555 901 22.525 4,097 26.622 27, T85 Tol812023 23, 700 4,085 27.785 Analysls of 8UPPOrt costs LGfL. Managed Servl¢es Incom• 2024 £000 Maln LGIL Incom• 2024 £000 Bridge the Dlvld• 2024 £000 Total fund8 2024 £000 Total lunds 2023 LGL Incom• 2024 £000 Net pension scheme finance coslsllincome) Staff costs Promolions Rent, Electricity and Rates Other protesjional fees Repairs and maintenan 1,590 173 41 242 26 1,880 205 2,282 253 416 63 492 478 310 47 366 371 36 251 42 28 411 Other office costs Insurance Other Governan￿ costs 38 297 41 ¢ 625 48 874 93 63 41 79 12 56 3,521 83 480 13 4,097 4,085 Total 2023 3,260 .750 564 111 4,085 Page 41

Docuygn Envelope ID.. E924FAF6-eD7141C7-ACFEQ8724A508229' LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysls of expenditure by acllvlties l¢ontinu•dl Analy811 of 8UPPOrt eoits leontlnu•d Dunng the year ended 31 March 2024, the company incurred the following Governance costs.. £79k {2023.' £45k) included within the table above In respect of Main LGIL Income. £12k12023'. £8kl in respect ol LGL Income, £Nil 12023: £2k) in respect of Bridge The Oivide Income and £2k 12023.. £1kl in respect of LGfL Managed SeThices Income.. 'Auditor8' r•munorallon 2024 £000 2023 £000 Fees payable lo the company's auditor and ils a$so¢iale3 for the audit ol the company's annual accounts 38 32 Fees payable lo the company's auditor and its a380ciates in respect of.. All non-audil services not included above 11 12 stsff costs 2024 £000 2023 Wages and $alarle$ 'Social security wsls Operating costs of defined benefit pension schemes 2,739 301 2.524 290 870 478 3,516 3, 684 Slaff costs of £724k attributable lo development work on the company's IT infrastructure have been ￿pItalISed and are included within fixed asset additions. The average number of persons employed by the company during the year was as lollows.. 2024 No. 2023 Administrative staff 43 42 Page 42

Docusign Envelope 10: E924FAF6-807141C7-ACFE-C8724A508229 LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 The number of employees whose employee benefits (excluding employer pension costs) ex￿eded £60.000 was". 2024 No. 2023 No. In the band £60.001- £70,000 In the band £70.001 - £80,000 In Ihe band £80,001 - £90,000 In the band £90.001- £100.000 In tho band £140,001- £1 $0,000 In the bank £160.001 £170,000 10 Remuneratlon and benefits re￿IVed by key m8na9emenl personnel wa8 £1,008k12023.' £966kl. 10. Tru•t¢¢g' r•mun•r•tlon •nd exp•n8•8 During the year, no.Trustees ￿ceiVed any remuneration or other benefrts.{2023 - £NIL). During the year endtd 31 March 2024, no Trustee expenses have been incurred (2023 - £NIL). 11. Intangible a880ts Conlent & Softw•re £000 Co•t At 1 April 2023 Additions Disposals 6,680 1,035 13,1961 Al 31 March 2024 3,421 Arnortisallon Al 1 April 2023 Charge for. the year On dispo$8ls 4.481 T60 (3,1951 At 31 March 2024 2,036 Net book value At 31 Ma￿h 2024 1,385 At 31 March 2023 1,099 The net book value ofassets held underfinance bases are £13k12023'. £65k). Page 43

Docu51gn Envelope 10: E924FAF&807141C7-ACFE-C8724A508229 LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. T•ngible fixed assets Flxtures and fittings £000 Offlce equiprnent £000 Computer. equipment £000 Total £000 Cost or valuallon Al 1 April 2023 Addition$ Disposals 63 84 33,787 30,478 116.1261 33,914 30,508 116,202) 30 125) 161 At 31 March 2024 12 89 48,119 48,220 D•pr•¢l•tlon Al 1 Apnl 2023 Charge for the year On disposals 69 46 26.287 3,262 116,0981 26,371 3,279 116,193) 15 1681 140) At 31 March 2024 20 13,431 13,457 Nèt book value Al 31 March 2024 69 34,688 34,763 At 31 March 2023 39 T. 500 7,543 The net book value of assets held under finance leases are £28,518k {2023.' t2,050kl. Page 44

Oocust9n Envelope ID.. E924FAF6-807141C7-ACFE-C8724A508229 LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. Flx•d a8191 Inv•8tments Prln¢lpal •ub8ldlarf•• The charity owns 1000/• of the ordinary share upital of the following ￿MpanieS. Names Company Reglstered offlco or number prlnclpal place of buslness . Prln¢lpal actlvlty Holdlng London Grid Limited 05122783 9th Floor, 10 Exchange Square Dom)ant. Primrose Street, London. England, EC2A 2BR Lefs Get Di9ilal Limited 11158329 9th Floor, 10 Exchange Square The company has not yet Primrose Street, London, begun trading. England. EC2A 2BR 10001 The financlal results of the subsldlaries for the year ware: Names All the fixed asset investments are held in the United Kingdom. Page 45

Docuwn En¥elop8 IO.. E924FAF6-807141C7-ACFE.C8724A508229 LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024, 14. Oeblorn 2024 £000 2023 £000 Due after more than one year Prepayments and accrued income 1,199 1,376 1,199 1,376 Due wlthln one year Trade debtors Other debtors Prepayments and accrued income Other debtors 433 828 350 1,200. 174 1,433 611 3,634 3.7TQ 15. Credltor8: Amounts falllng due within one ￿ar 2024 £ooo' 2023 £000 Trade credllord Other taxation and social security Obligations under finance lease and hire purthase contrac18 Other creditors Accruals and deferred income 3,219 75 4,470 212 3,886 71 1,267 39 9.021 7, 500 16,997. 12,T63 2024 £000 2023 £000 Oeferred income at 1 April 2023. Re$our¢e$ deferred during the year Amounts released from prevlou$ perlods 6,421 7,617 16.4211 5.929 6,421 (5, 929) 7,517 6,421 Deferred income reP￿sentS amounts invoiced in respect of broadband Charges and other services which relate lo fvlure periods 16. Creditors: Amounts falllng due after mor• than one year 2024 £000 2023 £000 Net obligations under finance lease and hi￿ purchase contracts Accruals and deferred income 24,586 314 10 593 Page 46

Docusign Envelope ID". E924FAF6-BD7141C7-ACFE-C8724A508229 LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Creditorn: Afflounts falling du• after mor? than one yo•r (¢ontlnu•dl 2024 £000 2023 £000. 24.900 603 The aggre9ate amount of liabilities payable or repayable wholly Of in part more than five years after the reporling date is.. 2024 £000 2023 £000 Payable or repayable by instalmonls 6,274 6,274 17. stst•m•nl of fund• ststement of fund8- current yéar B•lanc• at 1 Aprll 2023 £000 Tr•n•f•rn. Inlout £000 Galn•l Bil•n¢• •131 .{LosseiTr M•rch 2024 £000 £000 In¢om• exp•ndltur• £000 £000 Unr•8trlcted funds D•slgnaled fund• Pan London Admissions 180 665 1102) 1278 365 General fundg General Funds 3,352 24,849 126,520) 278 1,963 Totsl Unrestrlct•d fund8 3,532 25,414 (26,6221 2,328 Restrfcted fund8 Mailforce Grant 206. 206 Page 47

Docusign Envebpe ID.. E924FAF6-BD7141C7-ACFE-C8724A508229 LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. 8tat•ment of fund8 (contlnued) Designated Funds. The Injstees have set aside surpluses generaled from t'he Pan London Admissions activity for the enhancement of this Service. Restrleted Funds The purpose of the Maillorce Grant is to provide digilal golution8 for tackling inequality including the provision of devices to disadvantaged child￿n. Totsl of fund• 3,S32 26,619 (26,822) 2,533 Page 48

Docusign Envelope ID.. E924FAF6-BD7141C7-ACFEC8724A508229 LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. Stst?m•nt of funds (¢ontlnued) Statement of funds . prior yèar 881anc8 al 31 March 2023 £000 Balanc8 ai l April 2022 £000 Transf8rs in/oul £000 Gain (Losses) £000 Income £000 Expendilurg £000 Unre8trlcted lund• Deslgnatsd fund• Pan London Admissions 334 565 (300). (419), 180 G•n•ral fund8 General Funds Pension reserve 4.696 (2,032) 25,115 (26,893) (592) 434 (15) 3,352 2,639 2,664 25,115 (27,485) 419 2,639 3,352 Total Unrestricted lund$ 2,998 25,680 (27.785) 2,639 3,532 18. Anal￿1$ of net •98Ot8 between funds An*ly•l• of n•t"498ets b•tw••n fund¥ - eurr•nt p•rlod Unwestricted lunds 2024 £000 Restricted funds 2024 £000 Total fund• 2024 £000 Tangible fixed assets Intangible fixed assets DebtoryJ due after more thon one year Current assets Creditors due within one year Creditors due in MO￿ than one year 34,763 1,385 1,199 6.878 116,9971 (24.900) 34,763 1,385 1,199 7,083 116,9971 (24,900) 205 Totsl 2,328 205 2,'533 Page 49

Docusign Envelope ID.. E924FAF6-BD7141C7-ACFE-C8724A508229 LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 AnalyJls of net assets between funds {contlnuedl AnalyJl8 of'net ¥880ts betw••n tunds - prlor perlod Unrnstricted funds 2023 £000 Total funds 2023 £000 Tanglble.f￿ed as$el$ Intangible fixed assets Debtors due after more than one year Current assets Creditors due within one year.. Crqditor8 due In more than one ye4r 7,543 1.099 1,376 6,880 {12. 763) 1603) 7,543 7,099 1,376 6,880 (12, 763) (603) Total 3, 532 3,532 19. Reconclllatlon ol n•t mov•m•nt In lunds to n•t ¢a•h flow from op•r•tlng •¢tlvltlo8 2024 £000 2023 £000 ' Net expenditure for the period las per Statement of Financial ActNltiesl 11,003) (2, 105) AdJu8tments for: Depreciation charges Amortisalion charges Lo$$ on the sale of ffixed assets Decrease in sto¢k$ Decreasellincreasel in debtors In¢￿aSe in ¢redilors CUr￿n¢ pension service costs Defined benefit pension scheme conlnbutions paid Net pension scheme inleresvfinance cost 3,279 750 3,210 843 321 (598) 514 136 750 473 (402) 1671 870 (341) 63 Net cash provided by operaling activities 3,925 2,777 Page SO

Docusign Envelope 10: E924FAF6-8D7141C7-ACFE£8724A508229 LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. Analysis of cash and cash equivalents 2024 £000 4,648 2025 £000 4.486 Cash in hand . Totsl cash and Cash •qulval•nts 4,648 4,486 21. Analy#l• ol ehang•8 In net d•bt At l Aprll 2023 New Ilnance le•80• £000 At 31 March 2024 £000 C•8h Ilowl £000 .£000 4,486 11,277) Cash at bank and in hand Finan￿ leases 162 1,184 4,641 (29,057) 128,964 3,209 1,346 128,964 (24,409) 22. Pen81on commStments The company operale8 a defined benefit pen81on scheme. Principal actuarial assumptions at the Balance sheet date (expressed as weighted averages)- At 31 M•rGh Al 31 Marth 2024 2023 Discount rale Future salary Increases Future pension increases 4.85 3.25 2.76 4.75 3.45 2.95 Page 51

Docusign Envelope ID.. E924FAFS.807141C7-ACFE48724A508229 LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 22. P¢n•lon ¢ommltm¢nts {¢ontlnuedl The trust is an admitted body to the Royal Borough of King51on upon Thames Pension Fund, a mulli*mployer pension fund in which the￿ are many participating employers. The disclosures relate to the funded liabilities within the Royal Borough of Kingston upon Thames Pension Fund Ilhe 'fund'l which is part of the local government pension Scheme. London Grid for Learning TnJsl I'LGFL,) participates in the fund which provides defined benefits. based on members, final pensionable salary. In accordanc£ with Financial Reporting Standard 102 disclosure of ￿rtain informalion concerning assets. liabllllies Income and expenditure relating to pension schemes is required. The Employers regular contributions to the Fund for the accounting period to 31 Ma￿h 2024 are estlmaled to be £359,000. In addilion. Strain on Fund Contributions may be required. The lalesl actuarlal valuation of LGFL'S ljabllilie8.look place a5 al 30 June 2022. The prIn￿paI 'assumpllons used by the independent qualified actuaries in updating the. latest valuation of Ihe fund for FRS102 purposes are detailed below. LGFL employs a building block approach in determining the rate of return on Fund assets. Historical,mart<ets are studied and assets with higher volatility are assumed to generate higher'relums consistent with widely accepted capital market principles. The assumed rate ol return on each asset dass is set out within this note. The overall expected rate of return on assets Is then derived by aggregating the expected return for each asset class over the actual asset allocation for the Fund al 30 June 2022. At 31 March 2024 Yearn Al 31 Ma￿h 2023 Ye8rs Mortality Tates lin years} for a male aged 65 now 8165 for a male aged 45 now - for a female aged 65 now at 65 for a female aged 45 now 23.1 23.0 23.2 23.2 24.6 25.9 26.7 The Company's share of the a$ets in the scheme was,'- At 31 March 2024 £000 Al 31 March 2023 £000 Equities CO￿orate bonds . Property Cash and other liquid assels 6,235 4,364 1,247 623 6,181 3, 197 959 320 Total falr value of ai8ets 12,469 10,657 The actual relum on scheme assets was.£516k (2Q23 - £299k). Page 52

Oocusign Envelope 10: E924FAF6-8D7141C7-ACFEQ8724A508229 LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 22. Pension commllrnents {continuedl The amounts recognlsed in thè Statement of financial activities are a$ follows: 2024 £000 2023 £000 C￿r￿n1 seNice cfjsl Interest income Inleresl cost 476 16181 449 893 (299) 362 Totsl amount recognlsed Sn the Statement of financlal activltlo3 409 756 Movements in Ihe presanl value ol,the d•fined benefit obli9allon war8 as follows.. 2024 £000 2023 £000 Opening defined benefit.obligation 'Current SeN1￿ c4st Interest cost Conlribulion by scherne participants Actuarial gains Benefits paid Expenence adjustrnent 9,222 473 449 192 12,746 870 362 175 {74S} (5,682) (156) 908 308 Closlng deflned ben•fll obllgation 9.708 9,222 Movements In the fair value of the company's Share of scheme assets were as follow$', 2024 £000 2023 £000 Opening fair value of scheme assets Expected r•lum on assets Actuarial gainslllossesl Contributions by employer Contributions by schème participants Benefits paid Experience adjustment 10,667 616 10,698 299 {559) 341 175 893 402 192 1191} (156) (141) Closlng f•lr valu• of scheffle 198•ts 12,469 10,657 As al the 31 March 2024, the closing position of the defined benefit obligallon was a surplus of £2,761k 12023: £1,435k). In line with FRS 102 treatment the surplus has not been recognised. Therefore the derecognised value ol £2,761 k is induded within gainsllosses above. Page 53

Do¢usbn Erivglope ID.. E924FAF6-BD7141C7-ACFE-C8724A508229 LONDON GRID FOR LEARNING TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 23. Operatlng lea8• commltm•nts Ai 31 March 2024 the company had commitments to make future minimum lease payments under non-cancellable operating leases as follows: 2024 £000 2023 .£000 Not later than 1 year Later than 1 year and not later than 5 years 392 392 427 35 427 819 The following lease. payments have been recognised as an expense in the Statement of financial activiti8$'. 2024 £000 2023 £000 Operallnglease. rentals 392 392 24. Fln•n¢• lèase eommltment• Al 31 March 2024 the company had ¢ommilment$ to make future minimum lease payments under non<ancellable finance leases ag follows.. 2024 £000 2023 £000 Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years 4,470 19.312 5,274 1,287 10 29.066. 7,277 26. Related party transactions Due to the nature of Ihe Trust's operations procuring Se￿1$2$ on behalf of the Local Aulhorilies and the composition of the 8oard of D1￿ClOr$ drawn from the Local Aulhorllies it is inevitable Ihat transactions lake place wllh organisalions in which the directors have an interest. No specific transactions have been identified where a dirèctor . has an involvement and which should be disclosed as a rèlated party transaction. Pemission has been obtained from the Charity Commission in order to pay for the professional services of the Chairman {P Robinson). During the year £8,165 induding expenses were paid for Ihese servi￿$ {2023". £8,162). No emoluments or expenses were paid lo any other director during the current or preceding year. The Trust has indemnrty Insuran￿ and insurance to indemnify the direclorn and employees of Ihe Trust costing £11k (2023 - £11 kl for the period. Page 54