The trustees present their annual report and financial statements for the year ended 31 December 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charitable company's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charitable company should undertake.

The description under the headings "Achievements and performance" and "Financial review" meet the company law requirements for the trustees to present a strategic report.

It is the policy of the charitable company that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charitable company’s current activities while consideration is given to ways in which additional funds may be raised. The results for the period are an improvement on the prior period, however there is more work to do to restore the reserves position. The trustees are working to further improve the reserves position over the coming year.

Article 25 delivered strong organisational performance over the reporting period, with continued growth in income, broader engagement from supporters, and an expanding pipeline of high‑impact international projects. Increased funding from More Than a Building enhanced the charity’s financial resilience and enabled us to take on larger and more technically complex programmes of work. At the same time, our profile within the built‑environment and development sectors continued to rise, reflected in high‑level partnerships, industry recognition, and the growing visibility of our projects worldwide. Projects worked on during period -

Kao La Amani Children’s Village, Tanzania

We completed Africa’s first fully off‑grid children’s village, providing a safe, resilient home for vulnerable children. The project integrates solar power, water independence, and natural wastewater systems, offering a model for sustainable care environments.

Kao La Amani Primary School Expansion, Tanzania

Construction began on a new dining block, library, and sanitation facilities to support the adjacent primary school. Our site architect ensured that all works reflected child‑centred design and locally grounded construction methods.

Child Support Tanzania, Mbeya

We progressed design work for an inclusive Early Years Centre supporting children with disabilities in Mbeya. The project established a framework for accessible classrooms, therapy spaces, and outdoor play areas tailored to local community needs.

Cheka Sana Foundation Feasibility Study, Tanzania

We completed a feasibility study exploring options for improving and expanding therapeutic and community‑based facilities for street children. The study provided the client with phased scenarios, costings, and a roadmap for future development.

Volcano Interpretation Centre, Montserrat

We have completed the Concept Design for two options for this cultural centre, which will house and display the history of the Soufriere Volcano eruptions and its impact on Montserratians and the country.

New National Hospital, Montserrat

Construction has started on Montserrat’s New National Hospital, a project designed, a state-of-the-art facility on the site of the existing Glendon Hospital, designed to improve resilience and modernize the island’s healthcare infrastructure.

Anandaban Hospital Research Laboratory, Nepal

After storms and landslides impacted the original site, we redesigned the laboratory for a safer, newly secured location.

Khammouane Provincial Hospital, Laos – Masterplan

A comprehensive hospital site masterplan was completed to guide phased development over the coming years. The plan establishes clearer circulation, expanded clinical zones, and long-term infrastructure resilience.

Khammouane Provincial Hospital, Laos –Acute Care Building

We advanced the design work for the first phase of the masterplan, consisting of a new building incorporating Operating Theatre, ICU, Emergency Department, Out-Patients Department and Pharmacy. Early-stage technical coordination laid the groundwork for improved clinical services across the region.

Kenya Healthcare Facilities

Our architects carried out site visits and project scoping for a portfolio of new healthcare facilities across Kenya. Concept design work began, focusing on expanding essential services in underserved regions.

The trustees' report was approved by the Board of Trustees.

I report to the trustees on my examination of the financial statements of Article 25 (the charitable company) for the year ended 31 December 2025.

As the trustees of the charitable company (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006.

Having satisfied myself that the financial statements of the charitable company are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charitable company’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Since the charitable company’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

accounting records were not kept in respect of the charitable company as required by section 386 of the Companies Act 2006.

the financial statements do not accord with those records; or

the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or

the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Without qualifying my examination, I draw attention to note 1.3 in the accounts concerning the charity’s ability to continue as a going concern.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Investments

Raising funds

The statement of financial activities includes all gains and losses recognised in the year.

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

Investments

Raising funds

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2025.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

Article 25 is a private company limited by guarantee incorporated in England and Wales. The registered office is 6th Floor, 1 Canada Square, London, E14 5AB, United Kingdom.

The financial statements are presented for the year ended 31 December 2025, the comparative amounts are presented for a period of 16 months ending on 31 December 2024, as such the information presented in the financial statements (including the related notes) are not entirely comparable.

The financial statements have been prepared in accordance with the charitable company's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charitable company is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Whilst the financial performance in the period was encouraging, reflecting cost-cutting in Q4 2024 and Q1 2025 the balance sheet at the period end was still negative, showing a deficit of £35,319.

At 31 December 2025 the charity had two main external creditors:

i: A term loan of £55,000, which is repayable on 12 months written notice to repay. As at the date of approval of the financial statements no such notice had been issued.

ii: A Covid bounce back loan of £5,661 which is being repaid monthly through to the summer of 2026.

During the year a short term loan of £20,000 and a third party debt, of approximately £90,000 were cleared.

As at 31 December 2025 creditors included deferred income of £112,413 (2024: £nil) which will be credited to income in 2026.

The Trustees have prepared a cashflow which includes the impact of a number of expected projects and shows the charity remaining cash positive for the next 12 months. Therefore at the time of approving the financial statements, the trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. On this basis, the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Cash donations are recognised on receipt. Other donations are recognised once the charitable company has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

At each reporting end date, the charitable company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The charitable company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charitable company's balance sheet when the charitable company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at 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.

Basic financial liabilities, including creditors and bank loans are initially recognised at 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the charitable company’s contractual obligations expire or are discharged or cancelled.

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 charitable company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

In the application of the charitable company’s accounting policies, the trustees 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 estimates and underlying assumptions are reviewed on an ongoing basis. 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 were no critical accounts estimates or judgements made in the year (2024: none).

Grant income

Fundraising events

Travel expenditure

Mission costs

Rent, Rates and Service Charge

Communications

Office costs

Insurance

Computer costs

The average monthly number of employees during the year was:

The key management personnel of the charitable company comprise the trustees and the senior management team. The total amount of key management personnel benefits (including employer pension contributions) received by key management personnel for their services to the charitable company was £192,655 (16 months ended 31 December 2024: £152,856).

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

Deferred income is included in the financial statements as follows:

Of the loans £55,000 (2024: £55,000) is unsecured, interest free and repayable on 12 months written notice by the lender and £nil (2024: £20,000) is unsecured, interest free and repayable on demand. The loan of £20,000 was repaid during the year.

The remainder of the loan balance is a bounce back loan that is unsecured with interest charged at 2.5%.

The charitable company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charitable company in an independently administered fund.

At the reporting end date the charitable company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

During the year there was unrestricted income from the trustees totalling £26,200 (16 months ended 31 December 2024: £50,000)