## JUBILEE DEBT CAMPAIGN
## FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2020
Charity Registration No. 1055675
Company Registration No. 3201959 (England and Wales)
## JUBILEE DEBT CAMPAIGN
## FINANCIAL STATEMENTS
## FOR THE YEAR ENDED 31 DECEMBER 2020
## Contents
## Page
|Trustees’ report|3-16|
|---|---|
|Statement ofTrustees’ responsibilities|17|
|Independent examiners' report|18|
|Statement of financial activities|19|
|Balance sheet|20|
|Notes to the accounts|21-31|
|Legal and Administrative Information|32|
|Registeredgroupsandorganisations|33|
2
JUBILEE DEBT CAMPAIGN TRUSTEES’ REPORT Be Dissenters kD . cr
## The Trustees present their report and accounts for the year ended 31 December 2020.
The accounts have been prepared under the Companies Act 2006 and in accordance with the Charities Statement of Recommended Practice (Charities SORP (FRS 102)), Financial Reporting Standard 102 (FRS 102) and the Charities Act 2011.
## Strategic Report
## Our Purpose, Vision & Mission
Jubilee Debt Campaign is a UK charity working to end poverty, inequality and exploitation caused by unjust debt. Our objectives, as set out the Memorandum and Articles of Association, are:
The relief of global poverty in particular by advancing education relating to the problems of accumulating debts.
Founded in 1996, we are the successor for the Jubilee 2000 campaign. Our original focus was the sovereign debt problems of countries in the global South, and this continues to be a major focus for us. In 2015 we broadened our charitable purpose to be able to work on the connection between debt and poverty at the global level.
Our vision is of a world that is fair, democratic and sustainable, where everyone has their basic needs met, their human rights respected, and the opportunity to flourish, live a dignified life, and contribute to their community and to society as a whole. This is a world where finance and the banks serve the public interest, and where no-one is exploited, oppressed or driven into poverty by debt.
In order to advance our objectives, we undertake research, education, organising and campaigning, in partnership with allies in the UK and around the world. We aim to tackle exploitative and irresponsible lending, to secure the write-off of unjust and unsustainable debts to give people and countries a fresh start, and to address the underlying reasons why so many people and countries have no option but to borrow just to survive.
We have a small, highly-skilled team with an agile, creative and flexible approach, a network of local activists across the UK, a growing community of online activists, and a strong network of allies in the UK and around the world. We seek to strengthen the global movement for economic justice through everything we do.
## Our Strategy & Public Benefit
Our current strategy was agreed in 2019 and will run until at least 2023. Our overarching aims under this strategy are:
1. To support people and governments who are directly affected by problem debt to stand up for their rights against creditors and to take a leadership role in debt justice campaigning.
2. To increase the number and diversity of strategically-relevant organisations who are actively and effectively campaigning for an ambitious, systemic debt justice agenda.
3. To build a critical mass of UK individuals who are supportive of debt justice and willing and empowered fo take action in support of it.
4. To help drive a shift in UK public attitudes and values in relation to debt. 9S. To secure strategic policy and legislative change to advance our vision and mission. 6. To ensure a sirong, effective and dynamic Jubilee Debt Campaign, operating fully in line with our values and our strategy, and with the resources, culture, policies, and governance in place to deliver our strategic objectives.
3
|
## JUBILEE DEBT CAMPAIGN
## TRUSTEES’ REPORT
## How our activities deliver public benefit
Charity trustees have a duty to develop strategic plans to ensure that they provide public benefit and achieve the objectives as set out in the charity’s governing document. In shaping our objectives and planning our activities for the year, our Trustees have paid close regard to the Charity Commission’s guidance on public benefit, including the guidance ‘Public benefit: running a charity (PB2)’.
Jubilee Debt Campaign delivers benefit to a wide range of stakeholders in the UK and overseas. Our beneficiaries include:
- e Individuals and communities in countries in debt crisis or at risk of falling into debt crisis: We work to tackle and prevent debt crises in order to safeguard public resources for poverty alleviation, social protection, public services, and climate action.
- e Individuals and communities in the UK who face problem debt or are at risk of it: We work to tackle the structural causes of the debt-poverty trap and to lift the debt burdens of people and families who are caught in problem debt.
- e The general public, civil society, the media, policy-makers and decision-makers in the UK and overseas: We work to advance knowledge, education and understanding about the structural causes of unjust debt; the role that accumulating debts play in creating and perpetuating poverty and inequality; and the policy changes needed to prevent problem indebtedness and build financial resilience and sustainability for people and countries.
## Our Performance in 2020
## A. Activities
Our work focused on two main thematic areas in 2020: the sovereign debt crisis in the global South, and the household debt crisis in the UK. In both areas, our plans were significantly disrupted by Covid-19, with the pandemic necessitating a rapid and major reassessment of aims and priorities. This section provides details on the main activities and outputs under these two thematic work areas in 2020, as weil as the main organisational developmeni activities undertaken this year.
## 1. The Global South Debt Crisis
## Covid-19 Strategic Re-orientation
Covid-19 has precipitated a series of major economic shocks for developing countries and, as a result, has deepened and accelerated the sovereign debt crisis afflicting many developing countries. These shocks - including a global commodity price crash, a collapse in tourism and remittances, massive capital outflows, and big hikes in borrowing costs - led to a big jump in developing country debt payments in 2020, and a collapse in government revenue, at a time when countries were in desperate need of funds to expand healthcare and social protection in response to the pandemic.
In early 2020 we undertook an urgent strategic reassessment of our work in this area, and launched a series of rapid response activities aimed at taking advantage of the increased political and media spotlight on the crisis. Our aim was to secure urgently-needed debt relief for affecied countries, alongside multilateral action to bring debts down to a sustainable level.
## Movement-Building & Coordination
A large part of our work in response to Covid-19 has focused on helping UK and international allies get involved in this rapid response campaigning. In March 2020 we initiated a process with our global allies to developa joint civil society position on the Covid-19 debt crisis. The resulting iniernational statement was supported by 273 organisations and has formed the basis for coordinated global advocacy and campaigning throughout 2020.
4
:
JUBILEE DEBT CAMPAIGN TRUSTEES’ REPORT eee Since April 2020 we have been coordinating a group of UK and international NGOs campaigning for debt cancellation in response to the pandemic, including Oxfam, Christian Aid, Cafod, The ONE Campaign, Action Aid International, Avaaz and Global] Justice Now. We have collectively undertaken coordinatedongoing strategy development, the production ofjoint analysis and briefings, and ihe organisation of advocacy and supporter mobilisation activities.
Policy & Research We produced and disseminated eight pieces of new policy analysis and research in 2020, aimed at bringing the scale of the new crisis, its impacts and the policy interventions needed to address it to the attention of political stakeholders and decision-makers:
- e Research on how increasing debt payments were leading to falling public spending in lower income countries (January 2020): https://jubileedebt.org.uk/press-release/poor-countries-cutpublic-spending-in-response-to-trebling-of-debt-payments
- e Research on the impacts of Covid-19 on developing country economies (March 2020): hitps://jubileedebt.org.uk/press-release/coronavirus-worsens-debt-crisis-in-poor-countries
- e Research showing that sixty-four countries were spending more on debt payments than on healthcare even before the outbreak of the pandemic (April 2020): https://jubileedebt.org.uk/press-release/sixty-four-countries-spend-more-on-debt-paymentsthan-healih
- e Research showing how $11 billion of IMF loans in response to the pandemic were effectively bailing out private lenders (July 2020): https://jubileedebt.org.uk/press-release/1 1-billion-of-imfloans-are-bailing-out-private-lenders
- e A joint briefing with our allies Eurodad analysing the impacts of Covid-19 on the global South debt crisis (July 2020):
- https://jubileedebt.org.uk/briefing/drop-debt-save-lives-global-south-debt-and-covid-19
- e Updated analysis on developing country debt payments, showing payments had reached their highest level since 2001 (Aug 2020): https://jubileedebt.org.uk/press-release/poor-country-debtpayments-soar-fo-highest-level-since-2001
- e Research showing how the iMF and World Bank could pay for debt payment cancellation (October 2020):https://jubileedebt.org. uk/wp-content/uploads/2020/1 O/IMF-and-World-Bankdebi-cancellation 10.20.pdf
- e A joint briefing with Oxfam, CAFOD, Christian Aid and Global Justice Now looking at the private sector debt owed by five African countries in the context of Covid-19 (Oct 2020): https://jubileedebt.org.uk/briefing/under-the-radar-private-sector-debt-and-coronavirus-indeveloping-countries
## Advocacy, Media & Awareness-raising
- This policy and research work has been combined with major efforts on advocacy, media work, and wider awareness-raising in order to build support for our analysis and proposals, including:
- e Numerous advocacy meetings throughout 2020 with key influencers and decision-makers, including with officials in HM Treasury, the Department for International Development, and the IMF, World Bank, OECD and French government (as Chair of the Paris Club), and Shadow Ministers in the UK Labour Party. We have also engaged with the Executive Directors of the |MF and World Bank, and the Managing Directors of both institutions.
- e Multiple joint letters to the UK Chancellor with UK civil society partners, the dissemination of a Parliamentary briefing to MPs, and the submission of evidence to Pariiament’s International Development Select Committee.
- e Ongoing proactive and reactive media work, issuing press releases and quotes and briefing journalists about our policy outputs and in response to relevant external events in order to increase and shape the news coverage of the debt crisis.
- e Over 20 talks and presentations, including at the United Nations Ambassadorial Dialogue on addressing sovereign debt distress, the Civil 20 process accompanying the G20, the Centre for Global Development Conference, a webinars organised by the Institute for New Economic Thinking, OSISA Angola, Developed Initiatives, Bond and the Economic Change Unit.
- 5
## JUBILEE DEBT CAMPAIGN
## TRUSTEES’ REPORT
## Solidarity & Capacity-Buiiding
We completed our capacity-building project launched in 2019, with a second series of webinars on understanding sovereign debt issues aimed at African civil society partners; publication and dissemination of a guide to accessing and understanding debt information in English and French; and the development and launch of our new Debt Data Portal: an online resource aimed at making key debt information more accessible for civil society organisations, Parliamentarians and journalists around the world.
In partnership with the Open Society Initiative for Southern Africa and OSF Economic Justice, we supported a process to bring together African and global North debt campaigners for collective strategy discussions, including an online strategy webinar attended by over 40 campaigners. The process led to the formation of an interim coordinating group of African debt campaigners.
We also supported Zambian allies to develop their strategy and positioning on Zambia’s debt ahead of the country’s default, and issued press releases and a background briefing on the crisis.
## Supporter Mobilisation & Public Education
Our campaigning on the Covid-19 global South debt crisis was supported by supporter mobilisation and public education activities throughout the year, some delivered by ourselves and some jointly with allies.
- At the Covid-19 campaign launch in March 2020 we:
- e Launched a public petition calling for debt cancellation for affected countries, supported six other organisations to also launch petitions, and produced a mobilisation toolkit that was used internationally.
- e Coordinated an international action, mobilising supporters to tweet at their Finance Ministers ahead of the April G20 meeting. This resulted in #Cance!TheDebt hashtag being used 1,712 times with a reach of 7,152, 771.
- In advance of the July G20 Finance Ministers meeting we: e Produced a joint action pack and digital resources that were used by over 40 allies in their supporter mobilisation efforts for the G20 meeting.
- e Rana supporter email action to MPs taken by 1432 people, and supported Global Justice Now to launch their own MP action. In total MPs received more than 3,000 emails asking them to cancel developing country debt.
For the autumn G20 and IMF and World Bank annual meetings we:
- e Organised a joint ‘virtual’ lobby event with UK allies where 30 MPs were lobbied by supporters in support of our proposals.
- e Supported the development and roll-out of a photo action where over 300 supporters took photographs of themselves with a cancel the debt message.
- e Took part in a coordinated international petition hand-in to the governments of the UK, France, Germany and Brussels. The total number of petition signatures across the coalition came to almost 900,000 people. Of these 100,000 were in the UK.
- e Arranged a lobby meeting with members of the UK Treasury debt team with supporters from Jubilee Debt Campaign and our allies.
We also published two issues of our supporter magazine, updating supporters about key campaign developments; organised two campaign webinars attended by over 130 supporters; produced and disseminated a campaign video which has been watched 8622 times across YouTube, Twitter and Facebook, with impressions of just under 30K; and delivered talks and presentations at online public education events organised by Global Justice Now, The World Transformed, United Nations Association, global justice activists in Manchester, and the Global Week of Action on the Covid-19
6
## JUBILEE DEBT CAMPAIGN TRUSTEES’ REPORT
debi crisis. We also organised a film screening and panel discussion of an Argentinian film about the IMF that had over 500 views.
## 2. The UK’s Household Debt Crisis
## Covid-19 impacts
The UK was already facing a household debt crisis prior to Covid-19, and while more fortunate households have been able to pay down debts during the pandemic, Covid has compounded the debt problems faced by many low income households and driven more people into problem debt. Research from the Citizens Advice Bureau in September 2020 showed that roughly 6 million adults had fallen behind on ai least one household bili. in November, StepChange published research showing that the number of people in severe problem debt had doubled to 1.2 million, and that £10 billion of new debt had been accumulated because of the pandemic. Turn2Us also reported in November that the pandemic had plunged 18 million people into debt. Furthermore, the debt burden on financially vulnerable people is likely to increase further with the end of the furlough scheme, and as the various other emergency provisions that have been put in place come to an end.
Strengthening debtor voice and power: ‘Together Against Debt’ The focus of our household debt work in 2020 has been the set-up and launch of our Community Organising project, ‘Together Against Debt’. The project aims to address the lack of avenues available for people in problem debt to influence the policies and decisions that affect them.
The project is using a Community Organising approach and builds on a pilot project in East London which has successfully established the ‘Unfair Debt Group’, a group of local people with lived experience of problem debt who are now campaigning together at a local level and in Westminsier on the debt issues that affect them. Over the three-year project period we will support people with lived experience of problem debt in five locations across the UK to shape the development of relevant policy proposals and enter into campaigning activity to help secure change. We aim to lay the foundations for a national campaigning network comprised of and led by people with lived experience of problem debt.
While we were forced to delay the start of the project because of the outbreak of Covid-19, we were able to commence project set-up in August and have made considerable progress this year, including:
- e Recruiting an experienced Community Organiser, co-founder of Acorn Bristol Louie Herbert to lead the project.
- e Scoping project locations and selecting the first project area (North West Manchester).
- e Outreach to local community organisations connected to debtors, and organisation of online listening meetings aimed ai finding community leaders and people who may join the core campaigning group.
- e Supporting the Unfair Debt Group in East London to further establish itself and to attend policy meetings on debt, and fundraising to support the group to employ a paid coordinator and cover the costs of organising its meetings.
## Media & Public Awareness-raising
When ihe pandemic began, we were one of the first organisations to make a campaigning intervention on the likely impacts on household debt, organising a sign-on letter calling for a debt freeze to help people cope with the impacts of the pandemic. This was signed by over 80 signatories, including civil society partners and prominent academics, and published in the Financial Times: ‘UK charities call for £10bn debt write-off to help the poor’.
We also held two public webinars in the first half of this year on household debi, both attended by over 200 participants, and in November promoted the online premier of a new film, ‘Bank Job’, that highlights the UK’s Household debt crisis.
f
## JUBILEE DEBT CAMPAIGN
## TRUSTEES’ REPORT
## Movement-Building & Coordination
We have spent significant time and resources in building relationships with civil society partners to develop campaigning to address the impacts of the pandemic on household debt. We convened a series of strategy meetings with debt civil society organisations - including StepChange, the Citizens Advice Bureau, the Women’s’ Budget Group, and the Joint Public Issues team (JPIT, a faith-based campaigning organisation — in order to share intelligence and coordinate our responses to the pandemic. The differing positions of civil society actors in the debt space has made it hard to build a large-scale campaign around shared policy positions and proposals, but the collective space we have built remains valuable for ongoing intelligence-sharing and coordination.
## Campaign & Policy Development
In the second half of 2020 we focused on the development of policy analysis and plans for a new public facing campaign on the need for a household debt write-off to tackle the debt problems people are facing because of the pandemic. Working with the Centre for Responsible Credit, we have identified the need for a household debt write-off of approximately £30 billion in order to address the worst aspects of Covid-19 problem debt. We have developed a set of options for how implementation, including changes to insolvency procedures to help people who need it obtain debt relief.
3. Organisational Development
## Supporter Engagement Review
- In 2020 we embarked on a major review of our supporter engagement activities and processes, aimed at improving the quality of our public engagement for campaigning to support the delivery of our strategy. This year’s activities as part of the review have included: e Participation in a 3-month training programme run by digital campaigning and fundraising expert Rachel Collinson on identifying and recruiting new supporters.
- ¢ Review of our GDPR statement and moving to a new statement and system in order to increase the numbers of supporters we are able to recruit.
- e Completion of an upgrade of systems for monitoring and analysing supporter engagement data. « Completion of a review of backend systems for supporter engagement with a decision to move to a new platform for online supporter actions and donations.
- e Launch and considerable progress on a review of our organisational narrative and brand. * Launch of a review of our social media performance and how we are using social media.
## Other Organisational Development Progress
Other key areas of progress in organisational development in 2020 have included:
- e Development of an organisational growth plan, including aspirational team structure and recruitment priorities to guide our expansion of capacity to support the implementation of our new strategy.
- e Significant progress in the delivery of the growth plan, with recruitment to four new posts e Progress in implementation of our Safeguarding Action Plan, with the appointment of a Safeguarding Trustee, a review of our safeguarding policy, and the development of a safeguarding plan for our Community Organising project.
- e Development of a crisis communications plan, and new policies on whistleblowing, donation acceptance and complaints.
- ¢ Implementation of our new salary policy and pay structure. e Areview of our standard campaign strategy development process. e Vacation of our old office, and work to define our needs and specifications for a new office. e A review of our election process for our Board Executive roles (Chair and Vice-Chair) and improvements to the person specifications for these roles.
8
JUBILEE DEBT CAMPAIGN TBMSTEEN REPORT
## B. Key impacts & Achievements
1. Major progress on developing country debt relief This year we achieved major progress in our campaigning to tackle the global South debt crisis. The severe economic impacts on global South countries resulting from Covid-19 strengthened the political and media spotlight on the debt crisis, and helped to catalyse some very significant policy wins.
In April, the IMF used its Catastrophe Containment and Relief Trust (CCRT) to cancel 6 months’ worth of debt payments for 29 of the poorest countries, worth $250 million, with the UK government paying for $200 million of the debt cancellation with a rapid disbursal in March. Also in April, the G20 created a scheme to suspend debt payments to them for 73 of the poorest countries, including most African countries, and also called on private lenders to voluntarily suspend debt payments. While private lenders have failed to respond to the call, 43 out of the 73 eligible countries have now joined the scheme, called the Debt Service Suspension Initiative (DSSI). In total $5.3 billion of debt payments to G20 member states were suspended in 2020.
The IMF followed up with a second six month tranche of debt relief under its CCRT in October 2020 (worth another $250 million), and in November 2020 the G20 extended the DSS! until June 2021. Poieniially more significantly, the G20 also agreed a new Common Framework for Debt Treatments, which allows for debt cancellation, not just suspension, and has stronger wording on the need to include private creditors.
This debt cancellation and debt suspension means that the countries who benefitted will have more funds available to support healthcare and social protection in the face of Covid-19, directly benefitting their poorest populations, who are most reliant on these services for their lives and livelihoods. Furthermore, the Common Framework provides a key opportunity to make further progress in coming years in normalising debt cancellation in response to unsustainable debt levels, and securing multilateral agreement on key principles and definitions to facilitate the resolution of debt crises.
We believe Jubilee Debt Campaign has played a key role in securing these policy victories. Much of the groundwork for this year’s progress was laid with our campaigning on the global South debt crisis for the last five years, including work to raise awareness of the debt crisis among key decisionmakers and influencers, and pushing the IMF to create the ‘Catastrophe Containment and Relief Trust’ in response to the Ebola crisis in 2015. Furthermore, we initiated and facilitated joint rapid response work with international allies at the start of the Covid-19 crisis which helped to articulate clear shared civil society demands at the moment that the G20 and IMF were considering their response.
2. Progress on lending transparency Our work pushing for a stronger transparency framework for private sector lending also saw important steps forward this year, with the OECD agreeing to host the voluntary private sector loan registry agreed in 2019, and the UK Treasury agreeing to funding it. The OECD has committed to consulting with us and our civil society allies on how the registry is created, and took on board our suggestion to proactively add debt data to the registry from other sources in addition to the voluntary disclosures by banks. This will mean the registry is more comprehensive and meets our objectives of loan information being available in one place.
3. Growing pressure for UK legislation on vulture funds We also achieved growing support in 2020 for our proposal for the UK Government to update the Debi Relief (Developing Countries) Act 2010 in order to provide legal protections for developing countries who suspend debt payments to private creditors in response to Covid-19. The President of the World Bank David Malpass has become a vocal proponent of such actions, calling for the UK and the US to address the barriers their legal systems pose to debt restructurings by developing
9
## JUBILEE DEBT CAMPAIGN
## TRUSTEES’ REPORT
countries. Here in the UK, the Labour Party has also publicly called on the government to adopt the legislation we have proposed.
4. Progress on debt justice for Mozambique Our longstanding work with Mozambican allies to secure debt justice for Mozambique in relation to the secret loans from UK banks also saw an important step forward with the Mozambique Constitutional Court declaring $1.4 billion of the debt contracted as void. The ruling says that the government guarantees given to the loans were illegal and therefore the Mozambique government does not owe the debts. The case was brought to the Constitutional Court by our partners the Mozambique Budget Monitoring Forum, a coalition of Mozambique civil society organisations working on public finance transparency and accountability.
5. Conclusion of capacity- building project phase 1 We're extremely pleased with the final activities under our first capacity-building project aimed at strengthening global civil society capacity in relation to the monitoring and analysis of debt risks. Our new Debt Data Portal — an online resource aimed at making key debt information more accessible for civil society organisations, Parliamentarians and journalists around the world — was launched in August and has been viewed 9,414 times at the time of writing, with the frequency of views increasing on a monthly basis.
We also received very positive feedback from participants in our webinar series aimed at African civil society organisations, and our new guide to accessing debt information. 100% of webinar participants said that they would recommend the series to colleagues, and so far the debt information guide has been downloaded 465 times, with lots of our partners in developing countries reporting to us their intention to share the guide with other civil society allies in their countries.
6. Strengthening debtor voice and power: ‘Together Against Debt’ We're also very pleased with the progress of our Community Organising project in household debt, with the project set-up nearly complete and initial activities going well despite the considerable constraints put on the project from having to work remotely. Louie, our Organiser, has met over 100 people in North-West Manchester as part of building the project's presence there: a mixture of debtors, debt advice specialists, and other third sector workers that have an interest in poverty/debt issues, including people involved in trade unions, food banks, law centres, and, poverty organisations. The project has also held two listening meetings, identified a group of 17 local members with whom we will be launching our first local campaign sometime in the first quarter of 2021, and gained the support of two local MPs. In addition, we have helped the Unfair Debt Group in East London to secure their first major campaign victory: a debt write-off of £6,500 for one of its members.
7. Media coverage of our campaigns 2020 was by far our most successful year in terms of major media coverage of our campaigns since we began detailed tracking in 2011. We secured 80 pieces of major coverage this year, defined as direct coverage of our activities or views in major media outlets such as the Guardian, Financial Times, Reuters, BBC Worid Service, This is compared to 49 in 2015, and 39 in 2019. Major media coverage secured in 2020 included at 13 Guardian mentions (mostly stories solely focused on our research); 12 mentions in Reuters; nine mentions in the Financial Times; seven in Bloomberg; a series of broadcast on the BBC World Service; and the front page of the Wall Street journal in July 2020.
This very successful year for media coverage, and the real world policy wins that it has helped deliver, has once again confirmed to us that some of our most effective and impactful work is agile, rapid response work which takes advantage of the increased spotlight on our issues during crisis poinis.
10
JUBILEE DEBT CAMPAIGN
## JRUSTERS'REPORT
8. Progress with supporter recruitment and engagement While it is still ongoing, our supporter engagement review is already yielding tangible improvements on key supporter engagement metrics. For example:
- e Our average email open rate increased from 19% in 2019 to 23% in 2020 e¢ Our number of Twitter followers increased by 1000
- e We recruited 5,200 new supporters
- e We had our most successful Big Give match fundraising campaign ever
9. Organisational growth Finally, we have made major progress this year on our objective to grow the capacity of organisation. Our strategy, agreed in 2020, set out an aim of doubling the size of the organisation from 6 to 12 staff in order to increase our impact and deliver our new strategic aims. Successful fundraising meant we were able to make rapid progress towards achieving this aim in 2020, with:
- e The creation of and successful recruitment to two new siaff posts — Head of Advocacy and Senior Policy & Research Officer (Global South) - at the end of 2020.
- e Funding secured for two further posts — Activism Organiser and Operations Officer — with recruitment planned for spring 2027.
- e Plans in place to bring in a fifth new post — Senior Policy & Advocacy Officer (Household Debt) — in late spring 2021, pending successful fundraising.
lf everything proceeds as planned, this will bring our headcount to eleven by summer 2021.
- C. Principal Risks & Challenges
1. Covid-19 The Covid-19 pandemic has had a profound impact on our work in 2020, necessitating an overnight move to full organisation remote-working and a major and rapid strategic pivot in both of our priority campaigns in response to the dramatic changes in the political and economic context.
The organisation was able to respond very effectively to these challenges as a result of our prior efforts to make the benefits of remote-working more available to staff and the detailed scenarioplanning we undertook in the very early stages of the pandemic before the national lockdown was announced. This prior work meant that our enforced move to remote-working went very smoothly, and ihe organisaiion has been able to maintain a high degree of effectiveness and good staff morale under the new, highly constraining arrangements we have faced this year.
Further challenges were presented because of the childcare pressure on staff because of the closing of schools and nurseries, which has led to a squeeze on capacity at various points during the year.
Despite the above challenges, our strong organisational emphasis on agility and prior experience of implemeniing rapid response campaigns in response io debt, extreme weather and other crises also meani we were able to deliver a rapid reassessment of our campaigns at the beginning of the pandemic, and to take advantage of the significant opportunities arising from the increased spotlight on our issues brought about by the pandemic and its impacts.
2. Building a broad coalition on UK Household Debt The other main challenge we have faced this year has been in building alignment around shared proposals and plans with other organisations in the UK poverty and debt advice sectors. We are finding it hard to find allies in these spaces who share our desire to tackle the root causes of the UK’s household debt crisis and are willing to campaign for solutions commensurate with the scale of the problem.
Our global South debt work is strongly embedded in partnership work with global allies and networks. However, while we have identified and built strong relationships with a small number of key partners
11
## JUBILEE DEBT CAMPAIGN
## TRUSTEES’ REPORT
in the UK household debt space, including the Centre for Responsible Credit and the Joint Public Issues Team, it is proved harder to build similar coalitions in the UK space. Organisations in this space are largely focused on insider advocacy and place very little value on public campaigning and mobilisation. They are also largely focused on very narrow, short-term policy proposals.
As a result of these challenges, we have re-assessed our approach, and decided the most effective role Jubilee Debt Campaign can piay on household debt for the next few years will be to undertake campaigning by ourselves and our closely-aligned allies to change the terms of the public conversation on household debt and create political space for other organisations in the space to adopi a more ambitious agenda.
## D. Plans for future periods
Our 2021 priorities are as follows:
1. Global South Debi Crisis e Securing progress in tackling the global South debt crisis and preventing its re-occurrence will remain one of our two campaign priorities in 2021. We will undertake research and policy development, advocacy, media work, and supporter education and mobilisation in order to secure comprehensive debt cancellation across all external creditors for countries in debt crisis, and new transparency rules to make lending more responsible in future.
- e In addition, we will also launch a new three-year project focused specifically at the debt crisis in the Caribbean, working in partnership with allies in the Caribbean, Brussels and Germany. This new project aims to secure greater fiscal sustainability for the Caribbean region by reducing public debt down to a sustainable !evel, strengthening the capacity of Caribbean civil society to ensure responsible and accountable borrowing, and strengihening access to low cost finance sources for sustainable development and climate resilience. As part of this, we will develop a set of activities on the connection between climate change and debt in the run up to the UN Climate taiks in the UK in November 2021.
2. UK Household Debt Crisis e Our work on the UK household debt crisis will continue to be our other main priority campaign in 2021. We will seek to make progress in the establishment of the Together Against Debt network, with a continuation of the Community Organising work in North West Manchester, continued support for the Unfair Debt Group in East London, and efforts to launch new Community Organising Projects in a new London location, and a fourth location elsewhere in the UK. We will also seek to engage the newly-established community groups in a first burst of collective campaigning activity, and will launch our training programme for the community group leaders.
e We will campaign for a debt write-off to deal with £30bn problem debt faced by households in the context of Covid
e And finally, we are also hoping to be able to strengthen our household debt policy and advocacy work in 2021, undertaking more detailed monitoring of key policy debates relating to household debt and increasing our communication with key decision-makers and influencers in order to help advance the aims of the Together Against Debt network and our own campaigning.
3. Organisational Development Key organisational pians in 2021 include:
- e Conclusion of our Supporter Engagement Review, including conclusion of our brand review, and reviewing our affiliation model.
- e Securing a new office space that meets the needs of staff and the organisation
- e Integrating new staff and team-building efforts after a period of rapid growth in capacity e Reviewing and updating our remote-working and appraisal policies
- e Developing a new internal culture and behaviours framework and reviewing our staff code of conduct
12
## JUBILEE DEBT CAMPAIGN ITRUSTEES’ REPORT a rr re
- e Developing a new organisational ‘How To Guide’ consolidating guidance and instruction on a range of organisational functions and processes
- e Recruitment of a new Aciivism Organiser and Operations Officer
- e A diversity audit of the Board, and a review of the Board skills matrix, both feeding into the recruitment of new Trustees.
## Structure, Governance & Management
## Structure
Jubilee Debt Campaign is governed by our Board of Trustees according to our Memorandum and Articles of Association, as a charitable company limited by guarantee. We have a small staff team of 6 people, a growing community of online activists, a network of affiliated local groups and national agencies, and an Academic Advisory Network who advise on our research and policy work. We work in parinership with the global debt justice movemeni, including international pariners across Africa, Asia, Latin America, the US and Europe.
## Board and sub-committees
The Board has a skills-based model and Trustees are appointed by a sub-committee of the Board and can serve for a maximum of two terms of three years.
The Board is limited to a maximum size of 12 Trustees (with 10 as an ideal number).
The Board of Trustees met three times in 2020 and had five sub-committees (all continuing):
- e The Finance & Resources Committee oversees all aspects of the budget including banking, insurance and fundraising;
- e The Management Committee oversees staffing and office issues; e The Risk Committee leads on assessment and management of strategic risks; e The Local Activities Committee disperses smail grants to local groups for activities carried out in furtherance of our objectives;
- e The Recruitment Committee oversees the appointment and re-appointment of Trustees.
A Director is appointed by ihe Trustees to manage the staff and the day-io-day operations of the charity.
## Secretariat
The staff team consisted of:
Director Head of Policy & Advocacy Head of Campaigns & Engagement Head of Finance & Operations Campaigns and Communications Officer (until March) Campaigns and Communications Officer (from March to August) Digital Campaigner (from September) Community Organiser (from July) Campaigns Support Officer (until October)
**----- Start of picture text -----**
Sarah-Jayne Clifton
Tim Jones
Eva Watkinson
Matt Gardner
Jenny Nelson
Zakeera Suffee
Zakeera Suffee
Louie Herbert
Abi Kumarakurunathan
**----- End of picture text -----**
The Director and Heads comprise the Key Management Personnel of the charity.
13
## JUBILEE DEBT CAMPAIGN
## TRUSTEES’ REPORT
## Remuneration
Staff are paid salaries in line with the charity’s pre-agreed salary scales. These are adjusted every year by negotiation between the Board and the trade union, taking RP! as a benchmark but also considering the financial position of the charity. In 2020 we aiso reviewed the organisation’s salary policy and benchmarked the salary scales. The ratio between the highest and lowest points of the salary scales may never be greater than 2.5 to 1. In 2020, the actual ratio between the highest and lowest paid staff members was 1.8 to 1 (2019: 1.6 to 1).
All staff are offered pension contributions and we meet the requirements of pension auto-enrolment legislation.
No Trustee receives remuneration for their time spent on behalf of the charity.
## Induction
New Trustees receive an induction session to the organisation and its staff, as well as information on the role and responsibility of being a Trustee. Changes in Trustee responsibilities are discussed at Board meetings. Role descriptions exist for the Chair, Vice-Chair and Honorary Treasurer, as well as a standard description for all Trustees to help them fulfil their role.
## Risk Management
The Board’s Risk Management Committee leads on assessment and management of the major risks to which the Charity is exposed, and the systems established to mitigate those risks. The full Board has overall responsibility for risk management and oversight, and decides membership of the Risk Committee.
In 2020 the Risk ‘Management Committee undertook a review of Jubilee Debt Campaign's risk regisier, including assessment of the likelihood, financial impact and reputational impact of each identified risk.
The risk register forms the basis of the organisation’s risk management, and is reviewed regularly by senior staff and annually by the Board’s Risk Management Committee and then the full Board. The register identifies the major risks faced by the organisation in relation to the following areas, along with contro! mechanisms and mitigation actions: regulatory compliance, financial, legal, safeguarding, reputational, business continuity, strategic, and organisational.
A further Board discussion considered and approved the risk register, and agreed a shared understanding of the Board’s risk appetite in respect of the most significant risks. Trustees have given consideration to the major risks to which the charity is exposed and satisfied themselves that systems and procedures are established in order to manage those risks.
## Fundraising
The Trustees wish to thank the many individuals, trusts and affiliated groups/organisations who have provided vital funding or given freely of their time and expertise in support of Jubilee Debt Campaign.
Fundraising is overseen by the Director and undertaken as part of their role by four other employees. Jubilee Debt Campaign is registered with the Fundraising Regulator and follows the Fundraising Regulator's rules and guidelines to ensure that members of the public are protected from unreasonable fundraising practices and to protect their privacy. Ne professional fundraisers were used during the year. We received one complaint regarding our fundraising activities in 2020. relating to the fact that it was only possible to donate to us online as part of the Big Give Christmas Challenge
14
JUBILEE DEBT CAMPAIGN
## TRUSTEES’ REPORT
match funding appeal. We responded to complaint explaining that in order to participate in and benefit from the Big Give Christmas Challenge it is necessary for us to follow their rules, and that we are satisfied as to the security of their online donations function.
## Financial Review
The income of the Charity was £426,748 (of which £232,340 was restricted) and the expenditure £353,499 (£192,330 restricted), resulting in a surplus of £73,249. This surplus includes an increase of £40,010 io restricted funds and an increase of £14,500 to designated funds, so the general unrestricted surplus for the year was £18,739.
In 2020 total expenditure was significantly higher than 2019 (an increase of £81k or 30%). This reflects an increase in the charity's activity and staffing levels as a result of successful fundraising in 2019 and 2020. Total income was £62k higher than 2019 (a 17% increase) thanks to continued successful fundraising from trusts and individuals, as well as a legacy of £18k. Significant new grants were awarded by the Standard Life Foundation, Trust for London and the Open Society Foundations. The trustees are very grateful for the continued support of many individual donors (totalling £187k, 44% of the charity's income), which along with the contributions of grant funders (E200k) make the charity’s work possible.
## Reserves and Investment Policy
The trustees reviewed their reserves policy in 2015 and confirmed that it accurately meets the organisation’s needs:
“In order to allow for fluctuations in funding and in recognition of long-term funding commitmenis, such as to staff, the trustees aim to have funds equivalent to around six months’ total unrestricted forecast expenditure’ in reserves. The minimum acceptable level of reserves shall be three months’ total unrestricted forecast expenditure and the maximum shall be nine months’ total unrestricted forecast expenditure.”
“To ensure we keep within this range, we will monitor reserve levels every three months and take action if reserves fall below six months’ expenditure and three months’ expenditure, and if they rise above nine months’ expenditure.”
“A minimum of three months’ reserves would normally be deposited in a high-interest instantly accessible account. The balance of the reserves may be invested in a no — or very low — risk ethical investment with longer-term access, at the discretion of the Honorary Treasurer and Director.”
The current general unrestricted reserves (of £117,266) is almost exactly six months’ unrestricted expenditure, and above three months’ unrestricted expenditure. The charity is also carrying forward a high level of restricted reserves due to the timing of many resiricied grants (which are awarded part-way through the year and expended gradually over a 12 month period). All restricted fund balances at the balance sheet date (£166,645) are planned to be spent in 2021, although some restricted income from longer-term grants has been deferred to 2022 and 2023. The 2021 budget agreed by the trustees therefore shows a deficit on restricted funds, but aims to break even on unresiricied funds. Unrestricted reserves are not projected to fall below three months expenditure in 2021.
1 This should be based on a detailed forecast for the preceding three months 15
TRUSTEES’ REPORT i a ee ee
## JUBILEE DEBT CAMPAIGN
## Going concern
The trustees consider that there are sufficient funds available to fulfil the charity's obligations for the foreseeable future and it remains appropriate to treat the charity as a going concern.
## Independent examiners
We appointed Jacob Cavenagh & Skeet as auditors, following a selection process, on 28 October 2008. The Finance and Resources Committee of the Board reviewed their appointment in 2019/20 and concluded that it was appropriate for the relationship to continue. Our 2019 and 2020 accounts were only subject to independent examination, although it is expected that we will require a full audit of our 2021 accounts. Jacob Cavenagh & Skeet were reappointed by the trustees at our Annual General Meeting on 16 June 2020. They have indicated their willingness to continue in office and in accordance with the provisions of the Companies Act it is proposed they be re-appointed as auditors or independent examiners for the ensuing year.
The trustees’ report has been prepared in accordance with the special provisions relating to small companies within part 15 of the Companies Act 2006.
On behaif of the Board of Trustees
Jesse Griffiths, Chair Trustee Dated: ALE [21
16
JUBILEE DEBT CAMPAIGN
## STATEMENT OF TRUSTEES’ RESPONSIBILITIES
The trustees (who are also direciors of Jubilee Debt Campaign for the purposes of company law) are responsible for preparing the Trustees’ Report (incorporating the Directors’ Report) and the financial statements in accordance with 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).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the income and expenditure of the charitable company for that period. In preparing these financial statements, the trustees are required to:
- e select suitable accounting policies and apply them consistenily; e observe the methods and principles in ihe Charities SORP;
- make judgements and accounting estimates that are reasonable and prudent;
- ® state whether applicable UK Accounting Standards have been followed, subject to any materiai departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concem basis unless it is inappropriate to presume thai the charitable company will continue its operations.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and enable them io ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention of fraud and other irregularities.
17
## JUBILEE DEBT CAMPAIGN
## INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF JUBILEE DEBT CAMPAIGN (THE COMPANY) et i report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2020 set out on pages 19 to 31.
## Responsibilities and basis of report
As the charity's trustees (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, | report in respect of my examination of your charity's accounts as carried out under section 145 of the Charites Act 2011 (‘the 2011 Act’). In carrying out my examination | have followed the directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## Independent examiner’s statement
Since the Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. | confirm that | am qualified to undertake the examination because | am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. | have completed my examination. | confirm that no matters have come to my attention in connection
with the examination giving me cause to believe:
1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of 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 the Republic of Ireland (FRS 102)
| 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 accounts to be reached.
Miriam Hickson CTA FCA Jacob Cavenagh & Skeet a 5 5 Rabin Hood Lane Sutton Cc LA, Surrey SM1 2SW
## Date: Asle6/202|
18
:
## JUBILEE DEBT CAMPAIGN
## STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020 I am
**----- Start of picture text -----**
||||||||||
|---|---|---|---|---|---|---|---|---|
|Unrestricted|Restricted|Total|Total|
|funds|funds|2020|2019|
|Notes|£|ss|£|£|
|Income|from:|
|Donations|and|legacies|3|189,236|232,340|421,576|363,823|
|Charitable|activities|5|5,097|-|5,097|458|
|Other|trading|activities|-|-|.|-|
|investments|and|other income|4|75|=|75|135|
|Total|194,408|232,340|426,748|364,416|
|Expenditure|on:|
|Raising funds|28,092|24,150|52,242|38,905|
|Charitable|activities|6,7|
|Public education and campaigning|88,338|98,284|186,622|145,105|
|Advocacy|8,683|43,904|22,587|24,609|
|Policy and|research|13,221|22,459|35,680|33,655|
|Movement|building|22,835|33.533|56,368|_ 29.919|
|133,077|= 168,180|304,257|233,288|
|Total|161,169|192,330|353,499|272,193|
|Net income/(expenditure)|33,239|40,010|73,249|92,223|
|Transfers|between|funds|16|-|=|:|-|
|Net movement in|funds|33,239|40,070|73,249|92,223|
|Total|funds|brought forward|(1|January)|106,187|126,635|232,822|140,599|
|Total funds|carried forward|(31|December)|139,426|166645|306,071|232,822|
**----- End of picture text -----**
The £33,239 surplus of unrestricted funds includes an increase to designated funds of £14,500 (see note 17). The net movement of general unrestricted funds in 2020 therefore shows a surplus of £18,739.
There were no recognised gains or losses other than those included above. None of the charity’s activities were acquired or discontinued during the above two years. The notes on pages 21 to 31 form part of the accounts.
19
## JUBILEE DEBT CAMPAIGN
## BALANCE SHEET
## AS AT 31 DECEMBER 2020
**----- Start of picture text -----**
||||||||
|---|---|---|---|---|---|---|
|2020|2019|
|Notes|2!|£|£|£|
|Fixed|assets|
|Tangible|assets|10|71,090|1,208|
|Current|assets|
|Stocks|-|344|
|Debtors|11|358,092|77,977|
|Cash|at bank|and|in|hand|211,988|175,531|
|Total current assets|570,080|253,852|
|Creditors:|amounts|falling|due|within|
|one year|12|(141,536)|(22,238)|
|Net current|assets|428,544|231,614|
|Creditors:|amounis|falling|due|after|
|one year|ye|(123,563)|-|
|Total|assets|less current|liabilities|306.077|232,822|
|The funds|of the|charity:|
|Restricted|income funds|16|166,645|126,635|
|Designated|funds|17|22,160|7,660|
|General|funds|117,266|98,527|
|Unrestricted|funds|139,426|106,187|
|Total|charity funds|18|306,071|232.822|
**----- End of picture text -----**
The Trustees consider that the company was entitled to the exemption under S477 of the Companies Act 2006 and no notice has been deposited under S476 in relation to its accounts for the financial year.
The Trustees acknowledge their responsibilities for:
- e ensuring that the company keeps accounting records complying with S386: and e preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year, and of its surplus or deficit for the financial year in accordance with S394 and $395, and which otherwise comply with the requirements of the Companies Act 2006.
The financial statements were prepared in accordance with the special provisions of the Companies Act 2006 relating to small companies and were approved by the Board on 17 May 2021 and signed on their behalf by:
Jesse Griffiths, Chair Trustee
20
## JUBILEE DEBT CAMPAIGN NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020
## 1 ACCOUNTING POLICIES
## 1.1 Basis of preparation
The financial statements have been prepared under the Companies Act 2006 and in accordance with the Charities Statement of Recommended Practice (Charities SORP (FRS 7102)), Financial Reporiing Standard 102 (FRS 102) and the Charities Act 2011. The financial statements are drawn up on the historical cost basis of accounting.
Jubilee Debt Campaign meets the definition of a public benefit entity under FRS102. The financial statemenis are prepared in sterling, which is the functional currency of the charity, and rounded to ihe nearest £.
The Trustees have prepared detailed forecasts and cash flow projections which they believe are based on reasonable assumptions. The forecasts show that ihe charity should be able to operate for the foreseeable future and so the trustees consider it appropriate to prepare the financial statements on ihe going concern basis.
## 1.2 income
All income is recognised once the charity has entitlementto the income, it is probable that the income will be received and the amount of income receivable can be reliably measured.
Grants received for expenditure that must take place in future periods are deferred until the expenditure occurs. Where grant agreemenis contain conditions that specify the services to be performed, income is recognised only to the extent that the charity has provided the specific services.
## Investment income is recognised on an accruals basis.
Gifts in kind are valued at estimated open market value at the date of the gift in the case of assets for retention or consumption, or at the value to the charity in the case of donated services or facilities. No amounts are included in the financial statemenis for services donated by volunteers.
Legacies are accounted for as soon as the charity is notified of its legal entitlement, the amount due is quantifiable and its ultimate receipt by the charity is probable.
All other income is included in the Statement of Financial Activities in the year in which it is received.
## 1.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is discounted to present value for fonger term liabilities. All expenditure is accounted for on an accruals basis. Overhead and other costs not directly attributable to a particular functional activity category are apportioned in proportion to the direct costs associated with each activity.
Staff costs are allocated io various categories of expenditure based on an estimate of the proportion of time spent on different activities.
Cosis of raising funds comprise activities for which the main purpose is generating income for charitable expenditure.
Costs of charitable activities comprise the costs of ithe primary activities of the charity.
21
## JUBILEE DEBT CAMPAIGN
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020
## 1.4 Leasing and hire purchase commitments
Rents payable under operating leases are charged against income ona straight line basis over the period of the lease.
## 1.5 Stock
Stock is valued at the lower of cost and net realisable value.
## 1.6 Pensions
The charity contributes to certain employees' personal pension plans. These are defined contribution schemes, the assets of which are held separately from those of the charity. Contributions are charged to the Statemeni of Financial Activities on an accruals basis.
## 1.7 Accumulated funds
Restricted funds Restricted funds are those which are subject to donor imposed conditions and can only be used for those purposes. Unrestricted funds These are funds which can be used in accordance with the charitable objects at the discretion of the trustees. Designated funds
These are unrestricted funds which have been designated by the trustees for specific purposes.
1.8 Fixed assets Depreciation is provided on all tangible fixed assets so as to write them off over their anticipated useful lives over the following number of years:
Fixtures, fittings and equipment 3 years
Expenditure on tangible fixed assets over £250 is capitalised.
## 1.9 Debtors
Grants receivable and other debtors are included at the settlement amount due. Prepayments are valued at the amount prepaid.
## 1.10 Cash at bank and in hand
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of opening of the deposit.
## 1.11 Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation arising from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount.
1.12 Deferred income Income that has been received but the charity is net yet entitled to recognise as income, is treated as deferred income.
1.13 Financial instruments The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
22
JUBILEE DEBT CAMPAIGN
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020
## 1.14 Exchange rate gains / losses
Assets and liabilities in foreign currencies have been valued at the rates of exchange at the balance sheet date. Realised exchange rate differences, as well as exchange rate gains or losses resulting from the valuation of receivables and liabilities, have been included in the Statement of Financial Activities.
## 2 COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES FOR 2019
**----- Start of picture text -----**
||||||||||
|---|---|---|---|---|---|---|---|---|
|Unrestricted|Restricted|Total|
|funds|funds|2018|
|Notes|3|£|£|
|Income from:|
|Donations|and|legacies|S|173,548|190,275|363,823|
|Charitable|activities|5|458|-|458|
|Other trading|activities|-|-|-|
|investments|and|other|income|4|135|-|135|
|Total|174,141|190,275|364,416|
|Expenditure|on:|
|Raising|funds|24,078|14,827|38,905|
|Charitable|activities|6,7|
|Public education|and|campaigning|77,440|67,665|145,105|
|Advocacy|§,329|15,280|24,609|
|Policy|and|research|12,466|21,189|33,655|
|Movemeni|building|15,672|14,247|29,919|
|114,907|118,381|233,288|
|Total|138,985|433,208|272,193|
|Net income/(expenditure)|35,156|57,067|92,223|
|Transfers|between|funds|16|-|-|-|
|Net movement|in funds|35,156|57,067|92,223|
|Total|funds|brought|forward|(1|January)|71,031|69,568|140,599|
|Total funds|carried forward|(31|December)|106,187|126635|232,822|
**----- End of picture text -----**
23
## JUBILEE DEBT CAMPAIGN
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020
## 3 VOLUNTARY INCOME
||Unrestricted|Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|---|
|||funds|funds|funds|funds|
|||||2020|2019|
|||£|£|£|£|
|Donations and gifts|171,236||232,340|403,576|363,823|
|Legacies receivable||18,000|-|18,000|-|
||189.236||232,340|421.576|363,823|
|Donations and gifts||||||
||Unrestricted||Restricted|Total|Total|
|||funds|funds|funds|funds|
|||||2020|2019|
|||£|£|£|£|
|ActionAid International||-|-|-|1,140|
|Anonymous||12,500|17,000|29,500|24,190|
|BarrowCadbury Trust||-|-|-|15,719|
|Christian Aid||-|10,000|10,000|10,000|
|European Commission||-|5,621|5,621|64,245|
|Friends ofthe Reed Foundation||-|-|-|9,900|
|GiftAidfrom donors
Global JusticeNow|21423
-||6,125
-|27,448
-|28,020
1,622|
|Joffe Charitable Trust||-|20,000|20,000|20,000|
|KristinaJohansson||-|71,000|1,000|-|
|MrP Linsey||1,500|500|2,000|2,250|
|MrP Merson||960|400|1,360|1,436|
|Neiwork for Social Change||-|18,636|18,636|24,042|
|North East CalltoAction on Poverty||1,374|-|1,374|7,272|
|Open Society Foundations||.|11,958|11,958|-|
|Others (each under£1,000)|93,579||31,100|124,679|108,487|
|PhillipWearne (donation from family in his memory)||-|-|-|2,500|
|Publicand Commercial Services union||-|-|-|1,500|
|Reed Foundation — Intemational||-|10,000|10,000|-|
|Standard Life Foundation||-|~ 60,000|60,000|-|
|The TudorTrust|40,000||.|40,000|40,000|
|Trust for London||-|40,000|40,000|-|
|UNISON||-|=|-|1,500|
|Total|171,236||232,340|403.576|363,823|
Jubilee Debt Campaign has benefited from volunteer time; however, this Gift in Kind cannot be quantified in financial terms.
24
## JUBILEE DEBT CAMPAIGN
## NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 EeCsi‘ee et RA (CS 4 INVESTMENT INCOME AND OTHER INCOME
||2020|2019|
|---|---|---|
||£|£|
|Interest receivable on UKbank accounts|75|135|
|Exchange rategain|_-
res)|_-
135|
## 5 INCOME FROM CHARITABLE ACTIVITIES
||Unrestricted
funds|Unrestricted
funds|Restricted
funds|Total
funds|Total
funds|
|---|---|---|---|---|---|
|||||2020|2019|
|||£|3|£|£|
|Promotional activities||168|-|168|278|
|Paymentfor provision ofservices||4,789|-|4,789|-|
|incomefrom events||140|_-|140|180|
|Total incomefrom charitable activities||5,097|=|5,097|458|
|6 EXPENDITURE||||||
||Activities
Grant
undertaken fundingof||Support
costs|Total
2020|Toial
2019|
||directly|activities|(note 7)|||
||£|£|£|x|£|
|Raising funds|38,171|-|14,071|52,242|38,905|
|Charitable expenditure|220.416|(300)|81,141|301,257|233,288|
|Total expenditure|258.587|(300)|95.212|353499|272,193|
|Charitabie expenditure|Activities
undertakenfunding|Grant
funding of|Support
costs|Total
2020|Total
2019|
||directly|activities|(note 7)|||
||E|a|£|£|=|
|Publiceducation and campaigning|136,657|(300)|50,265|186,622|145,105|
|Advocacy|16,503|-|6,084|22,587|24,609|
|Policyand research|26,070|-|9,610|35,580|33,655|
|Movement building
Totalcharitableexpenditure|41,186
220,416|_-
(300)|15,182
81,141|56,368
301,257|29,919
233,288|
Grant funding of activities includes a grant refund of £300 from North East Call to Action on Poverty.
25
## JUBILEE DEBT CAMPAIGN
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020
## 7 SUPPORT COSTS
**----- Start of picture text -----**
|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|Raising|Public|Policy and|Movement|
|Support cost|funds|education and|Advocacy|research|building|Total|
|campaigning|
|=|3|=|-|£|£|
|Finance|and|admin|129|463|56|88|140|876|
|Board|costs|574|2,049|248|392|619|3,882|
|Office and|IT costs|1,574|5,622|681|1,075|1,697|10,649|
|Professiona!|fees|764|2,728|330|522|824|5,168|
|Rent and|rates|2,593|9,263|1,121|1.771|2,798|17,546|
|Staff & volunteerexpenses|65|231|28|a4|70|438|
|Staff costs|8,372|29,909|3,620|5,718|9.034|56,653|
|Total support costs|14.071|50,265|6.084|9.610|15.182|95.212|
|Professional|fees|includes|payments|to the|independent|examiner of £1,800|(2019:|£1,800).|,|
**----- End of picture text -----**
Included in support costs are operating lease payments; in respect of rent amounting to £16,709 included in rent and rates (2019: £20,055), and plant and machinery to £2,107 included in office & §{T costs (2019: £2,107).
## 8 TRUSTEES AND RELATED PARTY DECLARATIONS
Two of the trustees were reimburseda total of £72 in travelling and other expenses (2019: six were reimbursed £1,349). No trustees received any remuneration in 2020 or 2019. No trustees received any other benefits in 2020 or 2019.
## 9 STAFF COSTS
**----- Start of picture text -----**
|||||
|---|---|---|---|
|2020|2019|
|=|£|
|Wages and|salaries|231,806|159,828|
|Social|security costs|20,041|13,660|
|Other pension|costs|12,145|9,838|
|Recruitment costs|2,341|1,446|
|Training|costs|2.515|1,737|
|268.848|186.509|
**----- End of picture text -----**
The average monthly number of full time equivalent employees during the year was:
**----- Start of picture text -----**
||||||
|---|---|---|---|---|
|2020|2019|
|Charitable|activities|—|No.4.4|No.3.0|
|Support|services|nO|||0.8|
|9.5|3.8|
**----- End of picture text -----**
Aggregate employee-benefits of 3.6 FTE key management personnel were £187,373 (2019: 3.0, £150,355). There were no (2079: nil} employees whose annual emoluments were £60,000 or more.
26
## JUBILEE DEBT CAMPAIGN
## NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020
## 10 FIXED ASSETS
|10 FIXED ASSETS||||
|---|---|---|---|
||Fixtures, fittings|||
||and equipment|2020|2079|
|Cost|if|£|£|
|At 1 January|5,795|5,795|5,062|
|Additions
Disposals|599
-|599
_|733
a|
|At 31 December|6,394|6,394|5,795|
|Depreciation||||
|At 1 January|4,587|4,587|4,025|
|Charge fortheyear|717|717|562|
|Disposals|-|-|-|
|At 31 December|5,304|5,304|4,587|
|NetBook Value||||
|At 1 January|1,208|1,208|1,037|
|At 31 December|1,090|1,090|1.208|
|11 DEBTORS||||
|||2020|2079|
|Gift aid receivable||'s
23,223|x
30,027|
|Otherdebtors and accrued income||350,52T|46,986|
|Prepayments||1,342|964|
|||358,092|77.977|
|Included in otherdebtors isa multi-yeargrantof£251,117awarded byOpen||Society Foundations||
|in late2020 which had noi yet been received|aithe balance sheetdate.|||
|12 CREDITORS:AMOUNTS FALLING DUEWITHIN|WITHIN ONEYEAR|||
|||2020|2019|
|Trade creditors||£E
5,197|£
$127|
|Taxes and social security costs||8,139|5,581|
|Deferred income||115,591|-|
|Credit cards||315|690|
|Accruals||12,294|12,840|
|||141,536|22,238|
The deferred income balance comprises a grant of £115,591 awarded by Open Society Foundations to which the charity will be entitled in the following year.
## 13 CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR
|||2020|2019|
|---|---|---|---|
|||£|£|
|Deferred|income|123,563|__-|
|||123,563|__-|
27
## JUBILEE DEBT CAMPAIGN
**----- Start of picture text -----**
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2020
**----- End of picture text -----**
The deferred income balance comprises a grant of £123,563 awarded by Open Society Foundations to which the charity will be entitled in 2022-24.
## 14 PENSION COSTS
Eligible staff members belong to individual pension schemes to which contributions were due from the charity totalling £12,145 (2019: £9,838). At the balance sheet date £587 (2019: £273) was outstanding.
## 15 CONTROL
The charity is a company limited by guarantee. In the event of the charity being wound up, the maximum amount which each member has undertaken to contribute is £1.
No one member has overall control of the charity.
## 16 RESTRICTED FUNDS
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
||Balance at 1|Income|Expenditure|Transfers|Balance at31|
|---|---|---|---|---|---|
||Jan 2020||||Dec 2020|
||£|£|£|£|£|
|Christian Aid grant|.|10,000|(10,000)|-|-|
|Climate Debt|26,971|-|(26,971)|.|-|
|Global South|93,662|103,704|(113,725)|-|83,641|
|Household Debt project|$375|118,636|(41,634)|-|82.377|
|Student Debt project|627|-|-|:|627|
||126,635|232,340|(192,330)|-|166,645|
|2019 comparativestatement:||||||
||Balance ai 1|Income|Expenditure|Transfers|Balance at 31|
||Jan 2019||||Dec 2019|
||£|£|2|£|£|
|Christian Aid grant|-|10,000|(10,000)|-|-|
|Climate Debt|53,941|-|(26,970)|-|26,971|
|Global South|15,500|140,514|(62,352)|-|93,662|
|Household Debt project|(500)|39,761|(33,886)|-|5,375|
|Student Debt project|627|-|=|-|627|
||§9.568|190,275|(133.208)|___-|126.635|
## Christian Aid grant
We have a three-year (2018-21) partnership agreement with Christian Aid. The objectives of the agreement are to provide ongoing monitoring and analysis of global debi justice issues, to ensure
28
## JUBILEE DEBT CAMPAIGN
## NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020
an ongoing UK civil society advocacy and campaigning voice on global debt justice issues, and to provide Christian Aid with advice, expertise and strategic support. In 2020 we received a grant of £10,000 under this agreement, which was spent on related staff time.
## Climate Debt project
This project aims to tackle the runaway public debts faced by countries on the frontline of the climate crisis, especially small island developing states such as those in the Caribbean. We raised funds for this project through the Big Give Christmas Challenge in 2018, and spent the funds raised on the staffing related to project activities in 2019 and 2020. We have been awarded a 3-year grant for this project from Open Society Foundations, which will begin in February 2021.
## Global South (formerly known as ‘Averting a new debt crisis’)
This project aims to raise awareness of and secure solutions to the current global south debt crisis, and support debt campaigners in the countries affected or most at risk (principally in Africa) in their efforts to avert or mitigate debt crises. This has been our main project for a number of years and as well as grant funding we raise funds for this project through the Big Give Christmas Challenge most years. In 2020 we spent ihe remainder of a significant 2019-20 grant from the European Commission-funded project ‘Citizens for Financial Justice’, as well as a grant from the Joffe Trust which ended in October 2020. In 2020 we were also awarded a new grant of £20,000 from the Joffe Trust which wilt be spent in 2021 on the salary cost of a new policy and research officer, and a significant 18-month grant from Open Society Foundations which started in November 2020. For more information on the activities undertaken as part of this project, see pages 4-6 of the Trustees’ Report.
## Household Debt project
This project aims to tackle the accumulation of unjust household debt in the UK economy and secure policy change to prevent it from building up again in future.
In 2020 we received funds for this project from the Network for Social Change, the Standard Life Foundation, and Trust for London. Activities funded by this project included our major new Community Organising project on household debit (see pages 7-8 of the Trustees’ Report). The amount carried forwards represents the balance of these three grants, which will be spent in 2021.
## Student Debt project
In 2015 we agreed a parinership with Create London to receive all donations collected through their art exhibition ‘Day afier Debt’ from 2015-17, and to use them for educational and campaigning activities related to student debt. A small amount of income was received from this source in 2016 and 2017. There was no expenditure on this project in 2020, and the balance of the funds will be spent in 2021.
29
## JUBILEE DEBT CAMPAIGN
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020
## 17 DESIGNATED FUNDS
The unrestricted income funds of the charity include funds comprising the following unexpended balances of donations designated by the trustees for specific purposes:
**----- Start of picture text -----**
Balance at 1 Income Expenditure Balance at 31
January 2020 December 2020
£ £ £ £
Windfall income designated fund 7,660 18,000 (3,500) 22,160
£660 18,000 (3.500) 22,160
2019 comparative statement:
Balance at 1 Income Expenditure Balance at 31
January 2019 December 2019
rs £ £ £
Windfall income designated fund 11,317 _- (3,657) 7,660
11,317 = (3.657) 7,660
**----- End of picture text -----**
## Windfall income designated fund
The trustees have a policy of designating one-off windfall income such as legacies, to be spent on discrete projects which could not otherwise have been afforded, and which will either increase the sustainability of the charity or are campaign-related. This helps to ensure that the core running costs of the charity do not increase unsustainably as a result of income that is unlikely to be repeated.
in 2020 we were notified of entitlement to a legacy estimated at £18,000. Expenditure from the fund was incurred on the final stages of a staff salary review.
At the balance sheet date, part of the designated funds balance is planned to be spent on the conclusion of a branding review. Trustees will take a decision on expenditure of the remaining amount once the legacy income has been received.
## 18 ANALYSIS OF NET ASSETS BETWEEN FUNDS
||Unrestricted|Restricted|Total|
|---|---|---|---|
||funds|funds||
||£|.|£|
|Fund balances at31 December2020 are represented by:||||
|Fixed assets|1,090|-|1,090|
|Currentassets|164,281|405,799|570,080|
|Creditors: amounts fallingdue within oneyear|(25,945)|(115,591)|(141,536)|
|Creditors: amounts falling due afteroneyear|=|(123,563)|(123,563)|
||139,426|166.645|306,071|
30
## JUBILEE DEBT CAMPAIGN
## NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020
## 2019 comparative analysis:
**----- Start of picture text -----**
|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|Unrestricted|Restricted|Total|
|funds|funds|
|Fund|balances|at|31|December;|2019|are|represented|by:|E|£|£|
|Fixed|assets|1,208|-|1,208|
|Current|assets|125,586|128,266|253,852|
|Creditors:|amounts|falling|due within|one year|(20,607)|(1,631)|(22,238)|
|106,187|126.635|232.822|
**----- End of picture text -----**
## 19 COMMITMENTS UNDER OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are payable:
**----- Start of picture text -----**
||||||||
|---|---|---|---|---|---|---|
|Land|and|Buildings|Plant and|Machinery|
|2020|2019|2020|2019|
|£|£|£|£|
|Within|one year|-|5,270|1,967|1,990|
|Between|one and|five years|___-|___-|286|2,254|
**----- End of picture text -----**
The above commitments represent the annual rental of a photocopier and franking machine.
31
## JUBILEE DEBT CAMPAIGN
LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2020
Jubilee Debt Campaign is registered in England and Wales as a company limited by guarantee holding no share capital (no. 3201959) and a registered charity (no. 1055675).
## Registered Office
66 Offley Road London SW9 OLS
## Correspondence address
PO Box 965 Worcester WR4 4JA
## Independent Examiners
## Solicitors
Jacob Cavenagh & Skeet 5 Robin Hood Lane Sutton SM1 2SW
Bates, Wells & Braithwaite 2-6 Cannon Street London EC4M 6YH
## Bankers
Unity Trust Bank The Co-operative Bank Nine Brindleyplace Kings Valley Yew Street Birmingham Stockport B1 2HB SK4 2JU
CAF Bank Lid 25 Kings Hill Avenue Kings Hill West Malling ME19 4JQ
## Trustees / Company directors
Simon Davey ....................... (Treasurer) Owen Espley Kamaljeet Gill David Golding Jesse Griffiths Luke Harman....................... (Vice-chair) Jannat Hossain Sarah Jane Mace Peter Merson.....................-. (Chair) Ruth Tetlow
Company Secretary Matt Gardner
Director
Sarah-Jayne Clifton
32
## JUBILEE DEBT CAMPAIGN
REGISTERED GROUPS AND ORGANISATIONS FOR THE YEAR ENDED 31 DECEMBER 2020
## REGISTERED GROUPS
## ACTSA (Richmond)
All Saints Kings Heath Social Justice Action Group Churches Together in Mold District Dinas Powys Council of Churches Global Justice Sheffield Hartlepool for Global Peace and Justice Hexham St Mary’s Justice & Peace JDC at Newcastle University Jubilee Debt Campaign Birmingham North East Call to Action on Poverty Ombersley Road Methodist Church Spelthorne Area JDC St Dominic’s Haverstock Hill Overseas Aid Group Unison Isle of Wight
## REGISTERED ORGANISATIONS
Christian Aid Commitment for Life (United Reformed Church) Jubilee Scotland National Justice and Peace Network
33