REGISTERED NUMBER: 08435805 (England and Wales)

Report of the Directors and

Financial Statements for the Year Ended 31 March 2025

for

GLOBAL PARTNERS GOVERNANCE PRACTICE

LIMITED

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

5

Income Statement

8

Balance Sheet

9

Notes to the Financial Statements

10

DIRECTORS:

M A Bhatti

G Power

R A Usher

L J Wild-Catsambis

SECRETARY:

S J Brown

REGISTERED OFFICE:

Unit 2 10 Boundary Street

London

E2 7JE

REGISTERED NUMBER:

08435805 (England and Wales)

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

The accounts have been prepared in accordance with the accounting policies set out in Note 2 to the accounts and comply with the company's Memorandum and Articles of Association, and the Companies Act 2006.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

M A Bhatti

G Power

R A Usher

Other changes in directors holding office are as follows:

M D Carter - resigned 31 August 2024

L J Wild-Catsambis - appointed 1 September 2024

Greg Power, the Chair, with the Board of Directors, are responsible for the strategic direction, policy, and overall governance of the company.

The implementation of strategy once agreed and the day to day running and management of the company's activities is delegated to the executive team, led by the Director Leni Wild.

STRUCTURE, GOVERNANCE AND MANAGEMENT

2024-25 was the company's twelfth year of trading as a separate legal entity. Up until March 2013, Global Partners Governance Practice Ltd (GPGP) traded as a division of Global Partners and Associates Ltd (UK registered company 05201603).

GPGP Limited is a social purpose company limited by shares, incorporated on 8 March 2013. The company is governed by its Memorandum and Articles of Association.

OBJECTIVES AND PRINCIPAL ACTIVITIES

Global Partners Governance Practice is a social purpose company working to strengthen political institutions and improve the quality of political representation in countries around the world. We do this in two main ways:

1. Working directly with parliaments, governments, and ministries in various countries to help them and their institutions work more effectively.

2. Providing strategic research, analysis, and advice to international donor agencies and funders to improve the way that international governance support is developed and delivered.

ACTIVITIES DURING 2024-25

Over the past year, GPGP carried out the following projects:

Sudan

We have continued to support civilian-led approaches in advocating for a peaceful resolution to the conflict in Sudan, and it remained one of our largest areas of work this year, with multiple funders.

Sudan Modern Slavery

Our research into the impact of conflict on modern slavery and human trafficking in Sudan and the region was published during this financial year, with a range of dissemination activities to share our findings with key policy audiences.

Albania

Our support to the Parliament and Civil Society project moved into its first full year of implementation and was focused on assessing institutional capacities and initiating skills and capacity building activities within Parliament, as well as onboarding Civil Society Organisations for their structured capacity-building programme.

Malawi

Our work in Malawi focused on strengthening the legislative and oversight functions of the Malawi Parliament and fostering strong working relationships with the Speakership, key committees and staff. It was implemented as part of a USAID-funded Parliamentary Support Programme, in collaboration with Democracy International and other local partners. Unfortunately, this project was terminated following the US Trump administration executive order which ended the majority of USAID's funding, and all project activities were suspended from February.

Bangladesh

We carried out follow-up political economy analysis following the July Uprising in Bangladesh and creation of a new Transitional Government.

FINANCIAL REVIEW

The financial year 2024-2025 delivered strong turnover of £3,018,945 and a healthy profit. The company's balance sheet remains robust, with net assets of £392,388, reflecting continued financial stability and prudent cost management.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that each director ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Knox Cropper LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

G Power - Director

9 December 2025

Opinion

We have audited the financial statements of Global Partners Governance Practice Limited (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are the Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice), the Companies Act 2006, and the Corporation Tax Act 2010.

• We understood how the Company is complying with those frameworks via communication with those charged with governance, together with the review of the Company's documented policies and procedures.

• We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by considering the key risks impacting the financial statements. These included risks associated with Revenue Recognition and Management override of Controls.

• Our approach included agreeing the company's recognition of income to the terms of the underlying contract, the review of journal entries processed in the accounting records and the investigation of significant and unusual transactions identified from our review of the accounting records.

• Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved review of the reporting to the directors with respect to the application of the documented policies and procedures and review of the financial statements to ensure compliance with the reporting requirements of the Company.

There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Stephen Anderson (Senior Statutory Auditor)

for and on behalf of Knox Cropper LLP

Chartered Accountants and Statutory Auditors

153 -155 London Road

Hemel Hempstead

Hertfordshire

HP3 9SQ

12 December 2025

TURNOVER

3,018,945

2,061,584

Cost of sales

2,724,032

1,674,814

GROSS PROFIT

294,913

386,770

Administrative expenses

263,508

210,238

31,405

176,532

Other operating income

93,067

65,177

OPERATING PROFIT

4

124,472

241,709

Interest receivable and similar income

609

771

PROFIT BEFORE TAXATION

125,081

242,480

Tax on profit

30,824

52,221

PROFIT FOR THE FINANCIAL YEAR

94,257

190,259

FIXED ASSETS

Tangible assets

5

15,570

5,176

CURRENT ASSETS

Debtors

6

239,216

344,804

Cash at bank and in hand

932,943

678,970

1,172,159

1,023,774

CREDITORS

Amounts falling due within one year

7

795,341

455,819

NET CURRENT ASSETS

376,818

567,955

TOTAL ASSETS LESS CURRENT LIABILITIES

392,388

573,131

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

10

392,288

573,031

SHAREHOLDERS' FUNDS

392,388

573,131

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 9 December 2025 and were signed on its behalf by:

G Power - Director

1.	STATUTORY INFORMATION

Global Partners Governance Practice Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised when the amount of revenue and related costs can be reliably measured and for contractual services rendered those revenue are recognised based on the actual services provided in line with agreements and pre-approved budgets.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

Straight line over 3 years

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2024 - 14 ) .

4.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Depreciation - owned assets

10,610

4,484

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2024

43,301

Additions

21,004

At 31 March 2025

64,305

DEPRECIATION

At 1 April 2024

38,125

Charge for year

10,610

At 31 March 2025

48,735

NET BOOK VALUE

At 31 March 2025

15,570

At 31 March 2024

5,176

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

22,764

173,472

Amounts owed by group undertakings

56,474

143,700

Other debtors

23,435

23,053

VAT

-

1,225

Prepayments

136,543

3,354

239,216

344,804

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Pension liability

6,160

2,347

Trade creditors

76,445

154,337

Tax

29,036

30,242

Social security and other taxes

21,372

18,863

VAT

7,747

-

Other creditors

-

1,142

Accruals and deferred income

654,581

248,888

795,341

455,819

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

£

Within one year

-

31,437

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

100

Ordinary

1

100

100

10.

RESERVES

Retained

earnings

£

At 1 April 2024

573,031

Profit for the year

94,257

Dividends

(275,000

)

At 31 March 2025

392,288

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2025 and 31 March 2024:

2025

2024

£

£

G Power

Balance outstanding at start of year

-

325

Amounts repaid

-

(325

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is G Power.