The members present their annual report and financial statements for the year ended 31 December 2025.
The principal activity of GWVP LLP ('the LLP') is investment in and management of international development finance projects (specifically in and through Anzana Electric Group Limited ('Anzana')). This mainly comprises investments in electricity infrastructure and any other business associated with the activities specified above or as otherwise approved by Gridworks Development Partners LLP.
The LLP was incorporated on 22 June 2022.
The LLP values its investment in Anzana at fair value in accordance with IFRS13 and the International Private Equity and Venture Capital Valuation Guidelines. This being the price which would be received in an orderly transaction between market participants at measurement date. Valuation risks are mitigated by comprehensive reviews of underlying investments in projects with Anzana on an ongoing basis, and formally evaluated by management on a bi-annual basis.
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, interest rate risk and price risk. The main financial risks managed by the LLP are liquidity risk, credit risk, market risk and valuation risk. Climate risk is considered by Anzana's Investment Committee at the beginning of and during project investments.
The performance of the investment to date has been in line with expectations.
Operational risks arising from development and construction delays are inherent in the development business. To date, the LLP has successfully managed these risks and continues to implement measures to mitigate their impact.
The LLP recorded a net loss of US $44,266 for the year ended 31 December 2025 (2024: net profit of $988,582). The net assets attributable to the members were US $33,162,728 (2024: $23,006,994). The key performance indicators for the LLP are funds drawn and deployed by Anzana, profit or loss and capital introduced ($10,200,000) (Note 5).
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 term as Anzana continues to grow. All profits and losses belong to Gridworks Development Partners LLP and ultimately to British International Investment plc. Any future drawings or repayment of capital will be considered within the ongoing funding arrangements defined within the Partnership Agreement (refer to note 10).
The designated members who held office during the year and up to the date of signature of the financial statements were as follows:
The auditor, Deloitte LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
The LLP at a corporate level has not consumed more than 40,000 kWh of energy this reporting period, hence, 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 the investments.
The LLP has made an investment into Anzana, a company that is currently loss making in line with the original investment thesis. It is expected that the company will become profitable in the coming years. Gridworks Development Partners LLP has committed to fund US$50m for operational costs, development and construction over the coming years. Accordingly, the going concern basis of accounting has been used in preparing the report and financial statements.
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.
have been prepared in accordance with the requirements of the Companies Act 2006 as applied to limited liability partnerships.
We have audited the financial statements which comprise:
the statement of comprehensive income;
the statement of financial position;
the reconciliation of members’ interests; and
the related notes 1 to 12.
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. These included Companies Act 2006; 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 valuations specialists 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 with significant unobserveable 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.
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.
The accompanying notes on pages 12 to 18 form an integral part of these financial statements.
GWVP LLP is a limited liability partnership incorporated in England and Wales on 22 June 2022. 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 are prepared in 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 $.
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 has made an investment into Anzana, a company that is currently loss making in line with the original investment thesis. It is expected that the company will become profitable in the coming years. Gridworks Development Partners LLP has committed to fund US$50m for operational costs, development and construction over the coming years. Accordingly, the going concern basis of accounting has been used in preparing the 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 meets the definition of an investment entity under the provisions of IFRS 10. Under IFRS10 investment entities are required to hold subsidiaries at fair value through profit or loss rather than consolidate them.
The LLP's fair value methodology has been derived using the International Private Equity and Venture Capital Valuation Guidelines. This methodology is applied to our direct investments. 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, by reference to the valuation at the previous statement of financial position date and unrealised gains and losses from changes in the fair values of the equity portfolio are taken to 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 is 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 they carrying amount of an asset of 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 assess 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, which changes recognised through profit or loss.
Financial assets
Unquoted equity investments are included in the statement of financial position at fair value.
Basic financial assets, which include trade and other receivables, are initially measured at the transaction price including transaction costs and are subsequently carried at the amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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.
New and revised IFRS standards 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; and
Amendments to IAS 7 and IFRS 7 - Supplier Finance Arrangements.
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 IFRS 18. This standard 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.
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 considered to be 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
$33,267,000 (2024: $23,067,000). The LLP may deem the cost of the investment assets to reflect their fair value, depending on the current stage of the investment's life cycle. Funding is provided during the year to fund investments in the underlying business into project equity, development and operational expenses.
Asset valuations for unquoted investments are inherently subjective, as they are made on the basis of assumptions which may not prove to be accurate such as discount rates. 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 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 financial statements and no non-audit services have been performed.
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 assets that are not based on observable market data (unobservable inputs).
For both years presented, the expected credit loss (ECL) is $0.
Other reserves represent undistributed accumulated profits and losses of the LLP attributable to the members since incorporation.
During the year the limited liability partnership entered into the following transactions with related parties:
The amounts due to related parties is wholly in relation to audit and accountancy fees ($66,094) paid by Gridworks Development Partners LLP on behalf of GWVP LLP. Outstanding balances at year end are unsecured, repayable on demand and will be settled in cash.
Members’ Contributions
In 2025, Gridworks Development Partners LLP made a total annual members' contribution of $10.2m (2024: $11.2m) for investments.
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, market risk and valuation risk.
9.1 Liquidity risk
The LLP's policy on liquidity risk is to ensure that it always has sufficient funding to meet all short to
medium-term funding requirements. The LLP does not hold cash but can draw from its parent at short notice under a letter of support for the LLP to meet its financial obligations as and when they fall due for a period of at least 12 months from the date of approval of the financial statements.
The LLP has funding commitments to Anzana which are time limited. As at the end of December 2025 the
LLP had undrawn commitments of $16.7m (2024: $9.6m). Upon entering commitments, the LLP receives a commitment for the equivalent from British International Investments plc. This process is undertaken by Gridworks Development Partners on behalf of the LLP.
The commitments are not accounted for as liabilities on the balance sheet and are recognised when called
upon.
The LLP's immediate parent and controlling party at 31 December 2025 by virtue of its 100% beneficial interest in the LLP capital, is Gridworks Development Partners LLP, a corporate entity registered at 123 Victoria Street, London, SW1E 6DE, England. Gridworks Development Partners LLP acts as the immediate parent company of the LLP and its financial statements are publicly available. British International Investment plc is the parent of Gridworks Development Partners LLP and the ultimate parent of the LLP is the Secretary for Foreign, Commonwealth and Development Affairs. Gridworks Development Partners LLP is not required to produce consolidated accounts. Economic ownership and LLP membership are 100% held by Gridworks Development Partners LLP and 0% GW Overseas Holdings Limited.
The parent company website can be found at www.gridworkspartners.com
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 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.
All subsidiary interests are for investment purposes and as such are not consolidated.
1. C/O Axis Accounting and Secretarial Services, 2nd Floor, The Axis, 26 Cybercity, Ebene, 72201, Mauritius
Ownership in the subsidiary in 2025 remains the same as in 2024.
The principal activity of Anzana Electric Group Limited is the investment in and management of international development finance projects. This mainly comprises of investments in electricity infrastructure and any other business associated with the activities specified above or as otherwise approved by Gridworks Development Partners LLP.