The members present their annual report and financial statements for the year ended 31 December 2025.
The principal activity of Gridworks Development Partners LLP ('the LLP') continues to be to develop and make equity investments in transmission, distribution and distributed renewable energy businesses in Africa. The LLP is a developer, long-term investor and partner to governments, utilities, and companies in the African power sector, and manager of international development finance projects. The LLP was incorporated on 27 July 2018.
The LLP invests in international development finance projects in developing countries. The LLP values its portfolio in accordance with IFRS 13 Fair Value Measurement and the International Private Equity and Venture Capital Valuation Guidelines. Investments are valued at fair value, which is the price which would be received in an orderly transaction between market participants at the measurement date. The detailed valuation methodology sets out best practice with respect to valuing investments (refer to note 1 to the financial statements). Valuation risks are mitigated by comprehensive reviews of underlying investments in the projects on an ongoing basis, and formally evaluated by management twice a year.
The LLP’s activities expose it to a variety of financial risks including market risk, credit risk, climate risk and liquidity risk. Market risk includes foreign currency risk and price risk. The main financial risks managed by the LLP are liquidity risk, credit risk, market risk and valuation risk as detailed in note 20 to the financial statements. Climate risk is considered by the LLP's Investment Committee at the beginning of and during investments.
The LLP also faces risks around the performance of each of its investments. These risks include investments that are still in development potentially not reaching financial close. Operational risks include risks associated with people, processes, systems and external events.
The LLP recorded a net loss of US$2,659,805 for the year ended 31 December 2025 (2024: net loss of US$5,789,666). The net assets attributable to the members were US$78,628,954 at 31 December 2025 (2024: net assets of US$62,075,759). This increase in net assets represents net asset valuation growth and additional deployment in assets in investment and development projects in the African region. The key performance indicators for the LLP are profit/loss and net assets.
The Limited Liability Partnership Members' Agreement ('Partnership Agreement') sets out the details and governance around subscription of funds to the LLP. The LLP is not anticipating members’ drawings or repayment of members’ capital in the short to medium term as the business is being established. As all profits and losses belong to British International Investment plc, being an immediate parent and the controlling member, any future drawings or repayment of capital will be considered within the ongoing funding arrangements defined within the Partnership Agreement.
The designated members who held office during the year and up to the date of signature of the financial statements were as follows:
British International Investment plc
British International Investment Overseas Limited
The auditor, Deloitte LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
As the LLP at the corporate entity level has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user and is not required to report on its emissions, energy consumption or energy efficiency activities. It is noted that this does not include the operations of each of the investments.
The LLP is a wholly owned subsidiary of British International Investment plc and British International Investment Overseas Limited and has been established in the expectation that it will be loss making in its early years as it develops projects and invests in its target markets. As projects are completed and the investment portfolio matures, the LLP expects to become profitable. British International Investment plc has committed to fund the ongoing activities of the LLP. In 2025, British International Investment plc made a total annual members' contribution of $19.2m for operational costs and investments. In May 2026, British International Investment plc made a $10m contribution for operational costs for 2026. The LLP prepares regular cash flow forecasts and ended 2025 with $6.1m of cash. Forecasts demonstrate that sufficient liquid resources are in place to fund the business for the 12 months following signing of the financial statements. Accordingly, the going concern basis of accounting has been used in preparing the annual report and financial statements.
There have been no material events since the reporting period that would require adjustment to these financial statements. Events after the reporting period that would require adjustment to these financial statements are those that provide evidence of conditions that existed at 31 December 2025. Events after the reporting period that are indicative of conditions that arose after the reporting period do not lead to adjustment of the financial statements, but are disclosed in the event that they are material.
In March 2026, Gridworks has reached financial close on the US$50m Amari Power Transmission project (“Amari”) in Uganda, marking a major landmark for the project and for electricity infrastructure investment on the continent.
Amari is the first Independent Transmission Project (“ITP”) to reach this milestone. The project has been developed by Gridworks in close collaboration with the Government of Uganda and UETCL, the national transmission utility.
The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
The Limited Liability Partnerships (Accounts & Audit) (Application of Companies Act 2006) Regulations 2008 require the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom adopted international accounting standards. The financial statements also comply with the IFRS Accounting Standards. The members 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 limited liability partnership and of the profit or loss of the limited liability partnership for that period. In preparing these financial statements, the members are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the limited liability partnership will continue in business.
The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Opinion
We have audited the financial statements which comprise:
the statement of comprehensive income;
the statement of financial position;
the reconciliation of members’ interests;
the statement of cash flows; and
the related notes 1 to 24.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom adopted international accounting standards and IFRS Accounting Standards as issued by the IASB.
Basis for opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the members’ 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 limited liability partnership’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 members with respect to going concern are described in the relevant sections of this report.
Other information
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
We considered the nature of the limited liability partnership’s industry and its control environment, and reviewed the limited liability partnership’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management and the members about their own identification and assessment of the risks of irregularities, including those that are specific to the limited liability partnership’s business sector.
We obtained an understanding of the legal and regulatory framework that the limited liability partnership operates in, and identified the key laws and regulations that:
had a direct effect on the determination of material amounts and disclosures in the financial statements. This included Companies Act 2006 as applicable to limited liability partnerships; and
do not have a direct effect on the financial statements but compliance with which may be fundamental to the limited liability partnership’s ability to operate or to avoid a material penalty.
We discussed among the audit engagement team including relevant internal specialists such as tax, valuations, regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
As a result of performing the above, we identified the greatest potential for fraud in the following area, and our procedures performed to address it are described below:
Valuation of investments and contract assets with significant unobservable inputs involves the application of a valuation methodology and the use of assumptions which require significant management judgement and therefore there is potential for management bias. We challenged management on the appropriateness of the methodology employed, and evaluated the appropriateness of the key inputs and assumptions used in the valuation.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
enquiring of management and in-house legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and
reading minutes of meetings of those charged with governance.
Matters on which we are required to report by exception
Under the Companies Act 2006 we are required to report in respect of the following matters 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
we have not received all the information and explanations we require for our audit.
We have nothing to report in respect of these matters.
Use of our report
This report is made solely to the limited liability partnership’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 limited liability partnership’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the limited liability partnership and the limited liability partnership’s members as a body, for our audit work, for this report, or for the opinions we have formed.
The income statement has been prepared on the basis that all operations are continuing operations.
As there is no other income produced there is no statement of other comprehensive income.
The accompanying notes on pages 12 to 30 form an integral part of these financial statements.
Refer to note 24 for information on restatement of prior year comparatives.
Gridworks Development Partners LLP (LLP) is a limited liability partnership incorporated in England and Wales. The registered office is 123 Victoria Street, London, SW1E 6DE.
The LLP's principal activities are disclosed in the Members' report.
These financial statements have been prepared in accordance with the United Kingdom adopted international accounting standards and with International Financial Reporting Standards (IFRSs) as issued by the International Accounting Standards Board (IASB).
The financial statements have been prepared in accordance with IFRS 10, specifically the investment entity exemption which means that the LLP is not required to prepare consolidated accounts.
The financial statements are prepared in US dollars ($), which is the functional currency of the LLP. Assets and liabilities are retranslated at spot rates at the statement of financial position date. Foreign exchange gains and losses resulting from the settlement of such transactions and from translation of assets and liabilities denominated in foreign currencies at the year-end exchange rate are recognised in the statement of comprehensive income. Monetary amounts in these financial statements are rounded to the nearest dollar.
The financial statements have been prepared on a historical cost basis, except for financial assets measured at fair value through profit and loss which have been measured at fair value in accordance with relevant accounting standards.
The LLP is a wholly owned subsidiary of British International Investment plc and British International Investment Overseas Limited and has been established in the expectation that it will be loss making in its early years as it develops projects and invests in its target markets. As projects are completed and the investment portfolio matures, the LLP expects to become profitable. British International Investment plc has committed to fund the ongoing activities of the LLP. In 2025, British International Investment plc made a total annual members' contribution of $19.2m for operational costs and investments. In May 2026, British International Investment plc made a $10m contribution for operational costs for 2026. The LLP prepares regular cash flow forecasts and ended 2025 with $6.1m of cash. Forecasts demonstrate that sufficient liquid resources are in place to fund the business for the 12 months following signing of the financial statements. Accordingly, the going concern basis of accounting has been used in preparing the annual report and financial statements.
The valuation policies are set out in detail below but for the assets held by the LLP in the year, the most appropriate measure of fair value has been applied. The LLP classifies its equity investments as financial assets at fair value through profit and loss. Management determines the classification of its investments at initial recognition.
The LLP's fair value methodology has been derived using the International Private Equity and Venture Capital Valuation Guidelines. This methodology is applied to direct investments and investments held within funds. The approach to calculating the fair value is as follows:
the enterprise value is determined using a methodology that is appropriate in light of the nature, facts and circumstances of the investment and its materiality in the context of the total investment portfolio using reasonable assumptions and estimates;
the enterprise value is adjusted for surplus assets or liabilities or any other relevant factor;
higher ranking financial instruments are deducted taking into account any financial structuring that may dilute the investment holding;
the net attributable enterprise value is apportioned between the financial instruments held according to their ranking; and
the amounts derived are allocated according to the holding in each financial instrument, representing their fair value.
Gains and losses realised on disposal or redemption, measured by reference to the valuation at the previous statement of financial position date, together with unrealised gains and losses arising from changes in the fair value of the equity portfolio, are recognised in the statement of comprehensive income.
Impairment of non-financial assets
At each reporting date, in accordance with IAS 36, the LLP assesses whether there is any indication that a non-financial asset may be impaired. Non-financial assets include property, plant and equipment and right-of-use assets. If such an indication exists, the LLP estimates the recoverable amount of the asset. Where it is not possible to estimate the recoverable amount of an individual asset, the LLP estimates the recoverable amount of the cash-generating unit (CGU) to which the asset belongs.
The recoverable amount is the higher of an assets or CGU’s fair value less costs to sell and its value in use. In assessing value in use, estimated future cash flows are discounted to their present value using an appropriate discount rate that reflects the risks specific to the asset or CGU, to the extent those risks have not already been reflected in the estimated future cash flows.
Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset or CGU is written down to its recoverable amount. An impairment loss is recognised immediately in profit or loss.
At each reporting date, the LLP assesses whether there is any indication that an impairment loss recognised in prior years may no longer exist or may have decreased. Where such an indication exists, the recoverable amount is re-estimated. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, had no impairment loss been recognised in prior years. Any reversal of an impairment loss is recognised immediately in profit or loss.
Impairment of financial assets
The LLP assesses its exposure to credit risk and considers it to be nil to low, based on the current state of operations. As such, no formal expected credit loss (“ECL”) assessment is performed under the amortised cost principle in IFRS 9.
If balances within trade receivables, amounts due from related parties and other receivables became subject to higher credit risk, the LLP would assess expected credit losses in accordance with IFRS 9 and recognise an appropriate loss allowance. The carrying amount of the relevant financial assets is reduced using a loss allowance account, with changes recognised through profit or loss.
Contract assets represent costs incurred in relation to development projects where the LLP is engaged in providing development services but has not yet obtained an unconditional right to consideration. The LLP's entitlement to recover such costs and earn related development fees is contingent upon the relevant project achieving financial close.
Costs incurred in progressing projects to a financial-close-ready state are recognised as contract assets where they meet the criteria in IFRS 15 for costs incurred to fulfil a contract. Such costs are recognised as an asset only when they:
relate directly to a specific contract, or anticipated contract
generate or enhance resources that will be used in satisfying future performance obligations; and
are expected to be recovered through future development fees or other contractual consideration.
Costs that do not meet these criteria are recognised as an expense incurred. Contract assets are initially recognised at cost and are assessed for impairment at each reporting date.
The LLP's development activities constitute a single performance obligation to provide development services that culminate in the project reaching financial close. Revenue relating to these services is recognised at the point financial close is achieved, with the point at which control of the development services has transferred, the performance obligation has been satisfied and the LLP obtains an enforceable right to consideration. At that point, the related contract asset is derecognised and recognised within trade receivables where the right to consideration becomes unconditional.
Where recovery of a contract asset is expected more than twelve months after the reporting date, the balance is presented as a non-current asset. Amounts expected to be recovered within twelve months are presented as current assets.
Financial assets and financial liabilities are recognised in the statement of financial position when the LLP becomes a party to the contractual provisions of the instrument.
Financial assets and financial liabilities are initially measured at fair value, except for trade receivables that do not have a significant financing component which are measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.
All recognised financial assets are measured subsequently at either amortised cost or fair value, depending on the classification of the financial asset.
Classification of financial assets
Debt instruments that meet the following conditions are measured subsequently at amortised cost:
the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and
the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Debt instruments that meet the following conditions are measured subsequently at fair value through other comprehensive income (FVTOCI):
the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling the financial assets; and
the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
By default, all other financial assets are measured subsequently at fair value through profit or loss (FVTPL).
Financial assets that do not meet the criteria for being measured at amortised cost or FVTOCI are measured at FVTPL. Specifically, investment in equity instruments are classified as at FVTPL, unless the LLP designates an equity investment that is neither held for trading nor a contingent consideration arising from a business combination as at FVTOCI on initial recognition.
Financial assets at FVTPL are measured at fair value at the end of each reporting period, with any fair value gains or losses recognised in profit or loss to the extent they are not part of a designated hedging relationship. The net gain or loss recognised in profit or loss included any dividend or interest earned on the financial asset and is included in the 'Fair value gains' line item.
The carrying amount of financial assets that are denominated in a foreign currency is determined in that foreign currency and translated at the spot rate at the end of each reporting period. Specifically, for financial assets measured at FVTPL that are not part of a designated hedging relationship, exchange differences are recognised in profit or loss in the "Net foreign exchange gains/(losses)" line item.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
If any such indication exists, the recoverable amount of the asset is estimated. An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. Impairment losses are recognised in the statement of comprehensive income.
The recoverable amount of the LLP's assets is the greater of their fair value less costs to sell and value in use, calculated as the present value of expected future cash flows. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs.
An impairment loss in respect of all assets is reversed if a subsequent increase in the recoverable amount can be related objectively to an event occurring after the impairment loss was recognised or if there has been a change in the estimates used to calculate the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the LLP transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at the transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured to fair value. Changes in the fair value of derivatives are recognised in profit or loss within finance costs or finance income, as appropriate, unless hedge accounting is applied and the hedge is designated as a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Financial liabilities are derecognised when the LLP's obligations expire or are discharged or cancelled.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.
Long-term employee benefits are recognised as a liability in the year in which performance measures are met.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the LLP is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Transactions in currencies other than US dollars are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
New and revised IFRSs in issue but not yet effective
The accounting policies set out in these financial statements have been applied consistently to all periods presented.
The following accounting standards became effective for the periods commencing on or after 1 January 2025:
Amendments to IAS 21 - Lack of Exchangeability and Hyperinflationary Presentation Currency;
Amendments to IFRS 16 - Lease Liability in a Sale and Leaseback;
Amendments to IAS 7 and IFRS 7 - Supplier Finance Arrangements; and
Amendments to IFRS 9 - Contracts Referencing Nature-dependent Electricity.
The following standards are issued but not yet effective and have not been applied to these financial statements:
IFRS 18 - Presentation and Disclosure in Financial Statements (effective for annual periods beginning on or after 1 January 2026);
IFRS 19 - Subsidiaries without Public Accountability: Disclosures (effective for annual periods beginning on or after 1 January 2027);
Amendments to IAS 1 - Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants (effective from 1 January 2026); and
Amendments to IFRS 9 and IFRS 7 - Classification and Measurements of Financial Instruments (effective from 1 January 2026).
The LLP is currently assessing the impact of IFRS18. This is expected to have a material impact on the presentation and disclosure of the LLP's financial statements, including changes to the structure of the statement of profit or loss and enhanced disclosure requirements.
The LLP does not expect the other standards and amendments listed above to have a material impact on its financial statements.
Cash and cash equivalents
Cash and cash equivalents comprise of cash balances held in bank accounts, converted to US$ where relevant at the closing rate and deposits (maturing in less than three months).
In the application of the LLP’s accounting policies, the Members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.
The key accounting estimate is the carrying value of investment assets which are stated at fair value of $69,457,345(2024: $53,752,610).
Asset valuations for unquoted investments are inherently subjective, as they are made on the basis of assumptions which may not prove to be accurate in expected cash flows, such as discount rates and foreign exchange rates. Asset valuations have been disclosed appropriately in Notes 10 and 19, including a sensitivity analysis of the carrying amounts to the methods, assumptions and estimates underlying the valuations. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
There are no significant judgements in accounting policies to disclose. |
Audit remuneration is for the statutory audit of the financial statements and no non-audit services have been performed.
The average number of persons (excluding members) employed by the partnership during the year was:
Their aggregate remuneration comprised:
Other interest income received in 2025 arose from a short term loan to Sustainable Power Solutions Investments (Pty) Ltd. The loan was repaid during the year.
The right-of-use asset is a motor vehicle which is used by an employee through a salary sacrifice scheme.
Unlisted shares are included within Level 3 of the fair value hierarchy. The LLP holds no Level 1 or Level 2 investments. There have been no transfers between levels during the year.
The different levels have been defined as follows:
Level 1: quoted prices (unadjusted) in active markets for identical assets.
Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3: inputs for the asset that are not based on observable market data (unobservable inputs).
The fair value of the investments is either based upon a discounted cashflow model (DCF) of the investments’ future cash flows and is updated half yearly or is based upon costs incurred on the project while they remain in the development phase. Once the projects reach certain construction milestones or commercial operation date, all valuations will likely be based upon a DCF model. Future cashflows will include any known outflows for climate provisions or reduced inflows for reduced demand (e.g. reduced demand due to economic reasons). It is not expected that climate risks will affect the future cash flows at this point.
Any gains or losses in a period are taken to the statement of comprehensive income.
The most significant unobservable input into the DCF model is the discount rate where management have used rates between 10% (2024: 10%) and 15% (2024: 14%) to value underlying projects held by its investments.
The following sensitivity of the investments’ fair value is in respect of the discount rate, which is considered to be an unobservable input:
+1% increase in the discount rate used to value the cash flows generated by underlying projects will lead to a change in Fair Value of $(2.4)m (2024: $(2.2)m)
-1% decrease in the discount rate used to value the cash flows generated by underlying projects will lead to a change in Fair Value of $2.7m (2024: $2.1m)
The LLP has considered market inputs which indicates discount rates of between 10% and 14%. The LLP reviews the discount rates during the half yearly valuation cycle and will adjust the discount rates to reflect any changes in country and asset specific risks.
The LLP has assessed its exposure to credit risk and considers it to be nil at the reporting date for the following reasons:
The LLP does not have any trade receivables or other financial assets that give risk to credit exposure.
Cash balances, where held, are maintained with reputable financial institutions with high credit ratings, and the risk of default is considered negligible.
The LLP does not enter into transactions that give rise to significant credit risk, such as lending arrangements or extended credit terms.
There is no concentration of credit risk as the LLP does not have exposure to multiple counterparties.
Finance lease payments due relate to right-of-use assets in fixed assets. The right-of-use asset is a motor vehicle which is used by an employee through a salary sacrifice scheme. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
The LLP operates a defined contribution pension scheme for all qualifying employees.
Other reserves represent undistributed accumulated profits and losses of the LLP attributable to the members since incorporation.
During the year the LLP entered into transactions with its partners, all of which were carried out at an arm's length basis. These partners included British International Investment plc, GWVP LLP and GW Mozambique Investments LLP.
The following amounts were outstanding at the reporting end date:
Amounts due from related parties includes $66,094 (2024: $33,574) due from GWVP LLP, $0 (2024: $13,642) due from GW Mozambique Investments LLP, and $12,500 (2024: $0) due from Moyi Power. Outstanding balances at the year-end are unsecured and will be settled in cash.
Members’ Contributions
In 2025, British International Investment plc made a total annual members' contribution of $19.2m for operational costs and investments.
The following tables show the maturity profile of the LLP’s assets and liabilities:
The LLP’s activities exposes it to a variety of financial risks including market risk, credit risk and liquidity risk. Market risk includes foreign currency risk, interest rate risk and price risk. The main financial risks managed by the LLP are liquidity risk, credit risk, equity price risk, market risk, valuation risk and capital management.
to safeguard the LLP’s ability to continue as a going concern, so that it can continue to provide returns and benefits for stakeholders; and
to maintain a strong capital base to support the development of the LLP’s businesses.
The LLP’s immediate parent and controlling member at 31 December 2025, by virtue of the Partnership Agreement, is British International Investment plc, a corporate entity registered at 123 Victoria Street, London, SW1E 6DE, England. British International Investment plc's financial statements are publicly available. The ultimate parent of the LLP is the Secretary of State for Foreign, Commonwealth and Development Affairs.
The parent company website can be found at www.bii.co.uk.
There have been no material events since the reporting period that would require adjustment to these financial statements. Events after the reporting period that would require adjustment to these financial statements are those that provide evidence of conditions that existed at 31 December 2025. Events after the reporting period that are indicative of conditions that arose after the reporting period do not lead to adjustment of the financial statements, but are disclosed in the event that they are material.
In March 2026, Gridworks has reached financial close on the US$50m Amari Power Transmission project (“Amari”) in Uganda, marking a major landmark for the project and for electricity infrastructure investment on the continent.
Amari is the first Independent Transmission Project (“ITP”) to reach this milestone. The project has been developed by Gridworks in close collaboration with the Government of Uganda and UETCL, the national transmission utility.
Subsequent to the reporting period, the Government of the United States of America imposed wide reaching tariffs on imports which included a 15% tariff on imports from Mozambique. Whilst the LLP does not intend to provide services to the United States, the tariffs have resulted in global and economic uncertainty. This uncertainty could have an impact on valuation assumptions and the strength or volatility of the US$.
In accordance with the requirements of the IFRSs, the fair valuations at the date of the statement of financial position reflect the economic conditions in existence at that date. Any gains or losses associated with mid-year valuations will be recognised in the 2026 financial statements.
Subsequent to the reporting period, geopolitical tensions and military conflict in the Middle East have continued to develop. The LLP has considered the potential impact of these events on operations and investment activities.
At the date of approval to these financial statements, the LLP is not aware of any direct material impact on the financial position or results. However, the evolving nature of the situation may contribute to increased economic uncertainty and disruption to global trade. The LLP will continue to monitor developments closely and assess any potential implications for the business and financial performance.
Subsidiaries and interests not consolidated.
All subsidiary interests are for investment purposes and as such are not consolidated.
There are no restrictions on the ability of the unconsolidated subsidiaries to transfer cash to the LLP. There are no contractual arrangements that require the LLP to provide financial support to the unconsolidated subsidiaries. The LLP has not provided any noncontractual assistance to any of the unconsolidated subsidiaries during the reporting year.
1. 123 Victoria Street, London, SW1E 6DE, United Kingdom
2. The Woodmill, Vredenburg Road, Stellenbosch, Republic of South Africa
3. C/O Bâtiment 3A, 63, Avenue Colonel Mondjiba, Commune Ngaliema, Ville-Province Kinshasa, Democratic Republic of Congo
4. 2nd Floor, Unicalo House, 11 Archer Road, Kololo, P.O. Box 983 Kampala, Uganda
5. C/O Axis Fiduciary Ltd, 26 Bank Street, Cybercity, Ebene, 72201, Mauritius
During the year, a new subsidiary was formed under the name Gamani Power Transmission Limited. Ownership of all subsidiaries that were held in 2024 remains the same. Equity ownership is represented by ordinary shareholding. Indirect interest represents the effective ownership held through one or more intermediate subsidiaries rather than through a direct investment.
In the current year, management reassessed the accounting treatment applied to development cost balances relating to projects that remain in the development phase and have not yet reached financial close. These balances were previously presented as equity investments measured at fair value through profit or loss, with costs incurred recognised in the administrative expenses and an equal fair value gain recognised in the statement of comprehensive income. Management has concluded that this treatment was not appropriate because, before financial close, there is no existing equity instrument and no present contractual right to receive cash or another financial asset. The LLP's right to recover development costs and earn a development fee is conditional on the relevant project reaching financial close.
The balances have therefore been reclassified as contract assets under IFRS 15, representing costs incurred to fulfil a contract, or anticipated contract, to provide development services in progressing the projects to a financial-close-ready state. Such costs are recognised as an asset only where the criteria in IFRS 15.95 are met, including that the costs are directly related to the contract, generate or enhance resources to satisfy future performance obligations, and are expected to be recovered. Revenue in respect of the development services will be recognised when financial close is achieved, being the point at which the performance obligation is satisfied and the entity becomes entitled to the development fee. The prior year comparatives have been restated to reclassify the relevant balances from equity investments to contract assets and to remove the equal and opposite administrative expense and fair value gain previously recognised. An amount of $765,961 previously disclosed as a change in value of equity investments has been re-presented as a change in value of contract assets under the operating activities section of the Statement of cash flows to align with the reclassification of equity investments as contract assets under IFRS 15.The restatement has no impact on net assets, net profit or equity.
A summary of the effects on the financial statements below: