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2023-12-31-accounts

DEBT JUSTICE

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

Charity Registration No. 1055675

Company Registration No. 3201959 (England and Wales)

DEBT JUSTICE

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Contents

Page

Trustees’ report 3-18
Statement ofTrustees' responsibilities 19
Auditors’ report 20-22
Statement offinancial activities 23
Balance sheet 24
Statement of cash flows 25
Notes to the accounts 26-36
LegalandAdministrativeInformation 37

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DEBT JUSTICE

TRUSTEES’ REPORT

The Trustees present their report and accounts for the year ended 31 December 2023.

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

1. Structure, governance and management

1.1 Structure

Debt Justice 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 staff team of 12 people, a growing community of online activists, four local groups formed of people in debt to lead campaigns, and an Academic Advisory Network who advise on our research and policy work. We work in partnership with the global debt justice movement, including international partners across Africa, Asia, Latin America, the US and Europe.

1.2 Board and sub-committees

The Board has a skills-based model and Trustees are appointed by the Board, after hearing recommendations from 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 2023 and had four sub-committees (all continuing):

An Executive Director is appointed by the Trustees to manage the staff and the day-to-day operations of the charity.

1.3 Staff

The staff team consisted of:

Executive Director Heidi Chow
Head of Policy
Head ofCampaigns and Engagement Eva Watkinson
Head ofAdvocacy Jerome Phelps
Head of Finance and Operations Matt Gardner
Head of Fundraising (from May 2023) Debby Boon
Senior Digital Campaigner Zak Suffee
Senior Campaigner (Parental leave cover—from Elizabeth Baines
September2023

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SeniorCommunity Organiser (until March 2023) Louie Herbert
SeniorCommunity Organiser (from May 2023) Richard Dunbar
Skye Golding
Senior Policy Officer(Household debt)
Senior Policy Officer(Global South) TessWoolfenden
OperationsSupportOfficer FinFitzgerald

The Executive Director and Heads comprise the key management personnel of the charity.

1.4 Remuneration

Staff are paid salaries in line with the charity's pre-agreed salary scales. These are adjusted every year by negotiation between Debt Justice and the trade union, taking RPI as a benchmark but also considering the financial position of the charity. The organisation’s salary policy was last reviewed and salary scales benchmarked in 2020. The ratio between the highest and lowest points of the salary scales may never be greater than 2.5 to 1. In 2023, the ratio between the highest and lowest paid staff members was unchanged from 2022 at 2 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.

1.5 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.

1.6 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.

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 control 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.

2. 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 Debt Justice.

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Grant fundraising is overseen by the Executive Director and undertaken as part of their role by five other employees. The Head of Fundraising is responsible for our individual giving fundraising strategy with support from other staff.

Debt Justice 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.

We have a publicly available fundraising complaints policy. In 2023 we received no (2022: nil) complaints regarding our fundraising procedures.

3. Purpose, Vision and Mission

Debt Justice is a UK charity working to end poverty, inequality and exploitation caused by unjust debt. Our charitable 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 area of work for us. In 2015 we broadened our charitable purpose to be able to work on the connection between debt and poverty at both the UK and 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.

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 havea highly skilled team of staff 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 UK new economy movement and the global movement for economic justice through everything we do.

4. Strategy

Our current strategy covers a five year period, between 2020 and 2025. Our strategic objectives from our organisational strategy are:

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TRUSTEES’ REPORT

5. 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)’.

Debt Justice delivers benefit to a wide range of stakeholders in the UK and overseas. Our beneficiaries include:

6. Organisational Performance in 2023

Our work focused on two main campaigns during 2023: the sovereign debt crisis in the global south and the household debt crisis in the UK. The following summarises key campaign activities and outcomes from each of these campaigns as well as our work to build UK activism on debt justice and our key organisational development activities.

6.1 The Global South Debt Crisis

Context:

During 2023, lower-income countries in the global south continued to face Significant economic pressure following the aftermath of the pandemic, wars in Ukraine and Gaza, food and fuel price spikes, rising interest rates and climate-related disasters. 54 countries are in a debt crisis where resources are being diverted away from essential public services and tackling the climate crisis towards debt repayments, including to wealthy creditors in the global north. Debt repayments are now at their highest levels in 25 years and lower income countries are spending 12.5 times more on debt repayments than on tackling the climate crisis. This is contributing to worsening poverty and inequality rates across the global south as well as exacerbating the impacts of the climate crisis. The Common Framework — a G20 initiative set up during the pandemic - was supposed to provide a process for debt restructuring to provide countries with a route out of debt crisis but has largely failed. Effective, fair and responsive debt cancellation mechanisms are needed more than ever to enable countries to recover.

'

Activities and outcomes:

Stop cowboy lenders campaign

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TRUSTEES’ REPORT

This year, we launched a public campaign to win new UK legislation to compel private lenders to participate in debt cancellation. Almost all the debt of countries eligible for the Common Framework is governed by English law, and the rest is under New York law.

Legislation in these two jurisdictions could strengthen global south countries’ hands to negotiate fair debt restructurings, by preventing private creditors from suing countries in default for more than they would have received if they had participated in debt restructuring with other creditors. We are working closely in partnership with campaigners for similar legislation in New York. Legislation could also require that loans be published on an open-access registry to be legally enforceable.

If passed, this legislation could help bypass the deadlock of the Common Framework and facilitate more effective and responsive debt cancellation as well as introduce much needed transparency around debt contracts to strengthen the hand of global civil society in holding creditors and governments more accountable.

This year we made the following progress:

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Campaigning with countries in debt crisis

In addition to running a public campaign to win new legislation, we engaged in solidarity work with civil society groups in Zambia as a response to its debt crisis. In 2023 we coordinated a Campaign with UK organisations calling on Zambia’s main private creditor, BlackRock, to cancel Zambia's debt, working closely with allies including CAFOD, Christian Aid, Global Justice Now, ONE, Jubilee Scotland and ACTSA. We worked collaboratively with the Zambian Civil Society Debt Alliance to supportSri Lankatheirand demandsGhana. in restructuring negotiations and undertaken solidarity action with groups in

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TRUSTEES’ REPORT

to an article in the Guardian, as well as extensive media coverage in Sri Lanka and other international outlets such as Bloomberg. This resulted in Sri Lanka-based think tanks organising meetings which we and the academics spoke at, alongside former heads of the central bank and finance minister, to raise public awareness and build the public case for debt cancellation. We worked collaboratively with Ghanaian civil society organisations on a joint statement on the country’s default and debt restructuring, which was covered by Reuters and in the Ghanaian media. We worked with the Ghanaian organisations to calculate how much of Ghana's external debt needs to be cancelled, which the Ghanaian groups used in their conversations with the government and media to build the public case for debt cancellation as the route out of Ghana’s debt crisis.

Building the global debt movement

Building a strong and broad global movement for debt cancellation is an important strand of our theory of change. In 2023, we continued to support global south leadership in international debt justice campaigning and platforming the voices of affected communities.

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TRUSTEES’ REPORT

We also brought representatives from Caribbean civil society to meet senior UK MPs with an interest in the region, to speak about the impact of debt in the region. We produced three social media videos, telling the stories of debt in Barbados and Antigua and Barbuda through interview footage with our grassroots partners.

Campaigning on the interconnected debt and climate crises

Lower income countries are spending 12.5 times more on debt repayments than addressing the impacts of the climate crisis, but the debt crisis has not until recently featured in campaigning for climate justice. Over the last few years, we have been working with the global climate movement to ensure there is wider awareness on the interconnections between the debt and climate crises, in order to build a broader movement calling for debt justice. We launched public campaigning actions around two key moments for debt and climate: the international summit on financing held in Paris in June, and the global climate negotiations, COP28, in December. We used both moments to make our campaign demands for debt cancellation so global south countries can fight the climate crisis and for measures to ensure the climate crisis doesn’t lead to an explosion of debt.

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TRUSTEES’ REPORT

worked with Development Finance International on a briefing showing how lower income countries are spending 12.5 times more on debt repayments than they are on adapting to the climate crisis, which was covered by the Guardian.

We mobilised supporters through a series of actions and activities including a petition with over 5,000 signatories calling for the UK to provide leadership on debt at COP28, which we handed in to Downing Street just before COP28. We also launched a highly successful video ‘If you care about the climate crisis, here’s why you should care about the debt crisis’ which was shared widely in the UK and globally and had over 13,000 views and a reach of over 66,000 across all social media platforms. We kept up the public pressure through asking supporters to send us messages which we projected onto Parliament. In total, we received over 300 supporter messages.,.

Our Executive Director attended the COP 28 summit in Dubai and organised a protest on the links between debt and climate, together with debt and climate activists from around the world. This protest took place inside the negotiation zone to raise awareness and build pressure on national delegations. We also co-organised or spoke at different side-events to build awareness among negotiators and participants at COP28 including: Climate Action in Times of Debt Crisis, Making Just Transition Possible through Debt Relief and Transforming the Global Financial Architecture for Climate Justice.

Communicating debt in the context of colonialism

We continued with our political education project on debt and colonialism to connect our narrative on debt to issues of colonial and neo-colonial racial injustice to reach wider audiences and mobilise new supporters.

6.2 Household debt

Context

In the UK, unsecured debt continues to rise as households turn to debt to fill the gap between chronic falling incomes and high inflation. There are now almost 13 million adults struggling with heavy debt. Poor quality housing and high energy prices has pushed UK households into a record £2.9 billion of

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TRUSTEES’ REPORT

energy debt and arrears. Four in five councils are seeing a rapid rise in rent arrears, and bailiff visits have become a huge source of stress for millions of people in debt. Workers, carers, parents, women, renters, people with disabilities and communities of colour are all disproportionately affected by debt. 50% of people in debt have a mental health problem and every year over 400,000 people in problem debt in England consider taking their own life. Building the collective power of people in debt to advocate for solutions such as energy debt write offs, personal insolvency reform and reform to government debt collection are needed to tackle the mountains of unpayable debt accumulating among UK households.

Activities and Outcomes

Together against Debt groups

This resulted in a significant campaign win. In July 2023 and January 2024 Manchester City Council agreed to introduce a series of measures to support people struggling to pay their council tax, through hardship grants and payment reductions. It also included a vital exemption from enforcement agent action for all households eligible for Council Tax Support. This exemption will protect 48,000 households across the city of Manchester from bailiff fees and visits. The changes we have won in one of UK’s major cities will make a big difference to people with council tax arrears and is a model for other councils across the UK taking positive steps to tackle bailiff use.

e Won the cancellation of school meal debt In Glasgow which contributed to prompting the intervention of the Scottish Government to write down all school meal debt across the country, worth £1.5 million. The ‘Together Against Debt’ group in Glasgow working in coalition with Unite the union and the Scottish Trades Union Congress, campaigned for 18 months for school meal debt to be cancelled and in 2023, the council announced it would cancel the debt across the City. The group had organised two local rallies, gained the support of other local community groups, launched a city-wide petition and directly lobbied councillors. This led to Glasgow City Council agreeing to write off £300,000 of school meal debt. In addition to alleviating the stress and impacts on child hunger associated with school meal debt, this victory in a strategically important local authority created the political space and momentum for the wider

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DEBT JUSTICE

TRUSTEES’ REPORT

National campaign to End Energy Debt

In response to the cost of living crisis and the political and public attention on high energy prices in 2023, we launched a campaign to write off energy debt. This campaign has been important to tackle the impact of high energy prices and also to build political space and public awareness for the idea of debt write off in a UK context.

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DEBT JUSTICE

TRUSTEES’ REPORT

regulator Ofgem’s review of ‘bad debt’. Following the consultation, Ofgem decided not to increase costs of bills to cover these debts. However, this is now under review again as part of a new consultation. We also contributed to campaign wins with our campaigning allies such as a pause on forced installation of prepayment meters and strengthened protections for people in energy debt.

Pushing the UK’s household debt crisis up the political agenda

In addition to our local ‘Together Against Debt’ groups and our national energy campaign, we have also platformed the voices of debtors in policy spaces and mainstream media to push debt up the political agenda. We are really pleased to report the following campaign successes through our national level influencing work.

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DEBT JUSTICE

TRUSTEES’ REPORT

6.3 Activism

Mobilising people to take our campaigning actions is a core part of our theory of change and so this year, we continued to develop our activism work. We held a national activist gathering in Bristol in September, where activists from around the country attended training sessions on campaigning, protest rights and participated in campaign action planning workshops. Activists heard from climate activist Vanessa Nakate, Gargi Battacharyya, Professor of sociology and member of our colonialism advisory group, and Yesmin Begum, a member of the Unfair Debt Group in East London.

At the start of the year, we held a very well attended webinar marking 70 years since the cancellation of German debt following the second world war that over 150 supporters signed up to attend.

7. Organisational development

This year we started the implementation of our anti-oppression strategy that was developed collaboratively with staff, with the following actions:

In other areas of organisational development, we took the following actions:

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8. Principal risks and challenges

Building long-term financial sustainability - We continue to face the challenge of growing and diversifying our income both in the short and long term to sustain our campaigns and achieve our organisational objectives. We have been implementing and adapting the strategies recommended by the grant and individual fundraising reviews that were conducted in 2021 and 2022 to increase our income from all sources to meet this challenge. Income from individual giving has been dampened across the sector in the last few years due to the cost of living crisis and we continue to face the perennial challenge of winning grant-based funding for economic justice issues which require long-term investment to win the systemic level changes that our campaigns are fighting for.

9. Plans for 2024

Our key priorities for 2024 are as follows:

Global south debt

Household debt

Activism

Organisational development

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TRUSTEES'REPORT

10.0 Financial Review

The income of the Charity was £900,360 (of which £556,941 was restricted) and the expenditure £818,132 (£625,869 restricted), resulting in a surplus of £82,228. This surplus includes a decrease of £68,928 to restricted funds and an increase of £3,448 to designated funds, so the general unrestricted surplus for the year was £147,708.

In 2023 total expenditure was noticeably higher than 2022 (an increase of £96k or 13%). This reflects an increase in the charity's activity and staffing levels as a result of successful fundraising in previous years. Total income was £116k higher than 2022 (a 15% increase) thanks to continued successful fundraising from trusts and individuals. The Trustees are very grateful for the continued support of many individual donors (totalling £198k, 22% of the charity's income), which along with the contributions of grant funders (£694k) make the charity's work possible.

Reserves and Investment Policy

The trustees reviewed their reserves policy in 2022 to more accurately meet the organisation’s needs:

“In order to allow for fluctuations in funding and in recognition of long-term funding commitments, such as to staff, the trustees aim to have funds equivalent to around three months’ total forecast expenditure in reserves. The minimum acceptable level of reserves shall be 1.5 months’ total forecast expenditure and the maximum shall be 4.5 months’ total forecast expenditure.”

“To ensure we keep within this range, we will monitor reserve levels regularly throughout the year and take action if reserves are approaching the minimum or maximum levels.”

“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 Executive Director.”

The current general unrestricted reserves (of £364,064) is about five months of total expenditure budgeted in 2024. The charity is also carrying forward restricted reserves due to the timing of many restricted 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 (£114,968) are planned to be spent in 2024, in addition to £132,750 of restricted fund income which has been deferred to 2024. The 2024 budget agreed by the trustees showsa deficit on restricted funds and unrestricted funds, but further fundraising is planned in order to limit the use of reserves.

Going concern

The trustees consider that there are no material uncertainties regarding the Charity’s ability to continue as a going concern. In reaching that conclusion the trustees have considered forecasts of secured and likely income and associated expenditure for a period of three years from the balance sheet date. Sufficient funds are already available to fulfil the charity’s obligations for a period in excess of 12 months from the reporting date and it remains appropriate to treat the charity as a going concern.

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TRUSTEES’ REPORT

Auditors

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, Jacob Cavenagh & Skeet were reappointed as auditors by the trustees at our Annual General Meeting on 14 June 2023. 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.

Disclosure of information to auditors

So far as each Board member at the date of approval of this report is aware, there is no relevant audit information of which the company’s auditors are not aware. The Directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

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 behalf of the Board of Trustees

mee salle Trustee Dated: Ata fohif.200.

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DEBT JUSTICE

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The trustees (who are also directors of Debt Justice 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 that trustees must not approve financial statements unless they are satisfied that they 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:

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 to 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.

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DEBT JUSTICE INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF DEBT JUSTICE ———————— he ee eee Me

Opinion

We have audited the financial statements of Debt Justice for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern fora period of at least 12 months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the annual report, including the directors’ report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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Responsibilities of the directors As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 145 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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

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

Based on our understanding of the company, we identified that the principal risks of non-compliance with laws and regulations related to employment, financial reporting legislation and health and safety regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We ! statementsalso consideredsuch asthose the Companieslaws and regulationsAct 2006. that have a direct impact on the preparation of the financial We assessed the susceptibility of the company's financial statements to material misstatement, including | obtaininginterna! controls an understandingin place andofdiscussion how fraudamongstmight occur, the engagementby making enquiries team. of management, considering the

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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF DEBT JUSTICE

Auditors responsibilities for the audit of the financial statements (continued)

We determined that the principal risks were related to: management bias in accounting estimates, recognition of income in the correct accounting period, presentation of separately disclosed items and management override of controls.

In response to the risks identified we designed procedures which included, but were not limited to challenging significant accounting estimates, reviewing legacy and grant documentation, agreeing financial statement disclosures to underlying supporting documentation, identifying and testing journal entries, reviewing Board and sub-committee meeting minutes and evaluating the company’s internal controls.

There are inherent limitations in the audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

Use of our report

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

Miriam Hickson FCA (Senior Statutory Auditor) for and on behalf of Jacob Cavenagh & Skeet Statutory Auditor 5 Robin Hood Lane Chartered Accountants Sutton Surrey SM1 2SW

Dated: 2. Juus,. 202

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STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023

:

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|||||||||| |---|---|---|---|---|---|---|---|---| |Unrestricted|Restricted|Total|Total| |funds|funds|2023|2022| |Notes|£|£|£|£| |Income|from:| |Donations|and|legacies|3|334,652|556,941|891,593|782,803| |Charitable|activities|5|503|-|503|752| |Investments and|other|income|4|8.264|-|8,264|449| |Total|343,419|556,941|900,360|784,004| |Expenditure|on:| |Raising|funds|36,188|68,927|105,115|84,074| |Chantable|activities|6,7| |Public|education|and|campaigning|84,746|276,527|361,273|341,172| |Advocacy|15,515|59,414|74,929|66,811| |Policy|and|research|2|21,034|87,405|108,439|88,172| |Movement|building|34,780|133,596|168,376|141,095| |156,075|556,942|713,017|637,250| |Total|192.263|625,869|818,132|721,324| |Net income/(expenditure)|151,156|(68,928)|82,228|62,680| |Transfers|between|funds|16|-|-|:|~| |Net movement|in funds|151,156|(68,928)|82,228|62,680| |Total|funds|brought forward|(1|January)|224 356|183.896|408,252|345.572| |Total funds|carried|forward|(31|December)|375,512|114,968|490.480|408,252|

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The £151,156 surplus of unrestricted funds includes an increase to designated funds of £3,448 (see note 17). The net movement of general unrestricted funds in 2023 therefore shows a surplus of £147,708.

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 26 to 36 form part of the accounts.

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BALANCE SHEET

AS AT 31 DECEMBER 2023

—_

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||||||||| |---|---|---|---|---|---|---|---| |2023|2022| |Notes|£|£|x|£| |Fixed|assets| |Tangible|assets|10|4,286|6,305| |Current assets| |Debtors|11.|140,372|129,142| |Cash|at|bank and|in|hand|532,854|644|249| |Total current assets|673,226|773,391| |Creditors:|amounts|falling|due|within| |one|year|12|(187,032)|(356,649)| |Net current|assets|486,194|416,742| |Total|assets|less|current|liabilities|490,480|423,047| |Creditors:|amounts|falling|due|after| |one|year|13|-|(14,795)| |Net assets|490.480|408,252| |The funds|of the|charity:| |Restricted|income|funds|16|114,968|183,896| |Designated|funds|17|11,448|8,000| |General|funds|364.064|216,356| |Unrestricted|funds|375,512|224,356| |Total|charity funds|18|490.480|408,252|

----- End of picture text -----

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 11 June 2024 and signed on their behalf by:

----- Start of picture text -----
foe (pe .
pees ——
Trustee
----- End of picture text -----

Company number: 3201959

24

DEBT JUSTICE

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |ee|a| |2023|2022| |E|£|E|£| |Cash (used|in)/provided|by|operating|activities|(see|below)(118,304)|257,691| |Cash flows|from|investing|activities| |Interest|received|8,264.|449| |Payments|to|acquire|tangible|fixed|assets|(1,355)|(|6,603)| |Cash (used|in)/provided|by|investing|activities|6.909|(|6,154)| |Net cash|inflow|(111,395)|251,537| |Cash|and cash|equivalents|at|1|January|644,249|392,712| |Cash and|cash|equivalents|at|31|December|532,854|644,249| |Cash flows|from|operating|activities| |Net income|for the year|82,228|62,680| |Interest|received shown|in|investing|activities|(|8,264)|(|449)| |Depreciation|3,374|3,019| |Decrease/(increase)|in|debtors|(|11,230)|(|10,626)| |(Decrease)/increase|in|creditors|(184.412)|203,067| |Cash (used|in)/provided|by|operating|activities|118,304)|257,691|

----- End of picture text -----

25

DEBT JUSTICE

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

1 ACCOUNTING POLICIES

Debt Justice (known as Jubilee Debt Campaign until 28 March 2022) is a private Company limited by guarantee incorporated in England and Wales (company no. 3201959) and registered with the Charity Commission in England and Wales (charity no. 1055675). Its registered office is: Oxford House, Derbyshire Street, London E2 6HG.

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

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 102)), Financial Reporting Standard 102 (FRS 102) and the Charities Act 2011. The financial statements are drawn up on the historical cost basis of accounting.

Debt Justice meets the definition of a public benefit entity under FRS102. The financial statements are prepared in sterling, which is the functional currency of the charity, and rounded to the nearest £..

The Trustees have prepared detailed forecasts and cash flow projections which they believe are based on reasonable assumptions. The forecasts show that the charity should be able to operate for the foreseeable future and there are no material uncertainties about te charity’s ability to continue, so the trustees consider it appropriate to prepare the financial statements on the going concern basis.

1.2 Income

All income is recognised once the charity has entitlement to 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 agreements 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 statements 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 longer 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.

26

DEBT JUSTICE

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 ofStaff timecostsspent areon allocateddifferent toactivities. various categories of expenditure based on an estimateZ of the proportion

Costs of raising funds comprise activities for which the main purpose is generating income for charitable expenditure.

Costs of charitable activities comprise the costs of the primary activities of the charity.

1.4 Leasing and hire purchase commitments Rents payable under operating leases are charged against income on a 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 Statement 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

Expenditure on tangible fixed assets over £250 is capitalised.

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

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.

27

DEBT JUSTICE

7

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

1.12 Deferred income

Income that has been received but the charity is not 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.

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 2022

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Unrestricted|Restricted|Total| |funds|funds|2022| |Notes|£|£|3| |Income|from:| |Donations and|legacies|a|234,345|548,458|782,803| |Charitable|activities|5|752|-|752| |Investments|and|other|income|4|449|:|449| |Total|235,546|548.458|784,004| |Expenditure|on:| |Raising|funds|38,115|45,959|84,074| |Charitable|activities|6,7| |Public|education|and|campaigning|111,367|229,805|341,172| |Advocacy|8,712|58,099|66,811| |Policy|and|research|8,080|80,092|88,172| |Movement|building|24,594|116,501|141,095| |152,753|484.497|637,250| |Total|190,868|530,456|721,324| |Net income/(expenditure)|44,678|18,002|62,680| |Transfers|between|funds|16|-|-|:| |Net movement|in funds|44,678|18,002|62,680| |Total|funds|brought forward|(1|January)|179,678|165,894|345,572| |Total funds carried|forward|(31|December)|224,356|183,896|408,252|

----- End of picture text -----

28

DEBT JUSTICE

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

3 VOLUNTARY INCOME

Unrestricted Restricted Total Total
funds funds funds funds
2023 2022
£ £ £ ca
Donationsand gifts, including Gift Aid 138,652 65,659 204,311 193,000
Legacies receivable
Grants		 (7,000)
203,000		 -
491,282		 (7,000)
694,282		 -
589,298
Membership subscriptions - - - 505
334,652 556,941 891,593 782,803
Donations, gifts, legacies and grants
Unrestricted Restricted Total Total
funds funds funds funds
2023 2022
£ £ £ £
abrdn Financial Fairness Trust (formerly Standard Life)
-		 - - 60,000
Anonymous : 7,984 24,500 32,484 39,316
Avina (formerly FORGE) - 25,758 25,758 24,249
BA Whittle Will Trust 7,352 - 7,352 -
CAFOD 10,000 - 10,000 -
Christian Aid
Estate ofMrJAdy		 40,000
(7,000)		 -
-		 40,000
(7,000)		 10,000
-
Gift Aid from donors 21,509 5,959 27,468 28,261
JoffeCharitable Trust 33,000 - 33,000 30,000
John Ellerman Foundation 40,000 - 40,000 40,000
Joseph Rowntree Charitable Foundation 40,000 - 40,000 -
Jubilee Scotland 2,393 - 2,393 -
Lipman-Miliband Trust ~ - - 2,000
Miss M Dickson 8,814 - 8,814 -
Mr P Linsey 1,500 - 1,500 1,500
Mr P Merson 960 400 1,360 1,360
Oak Foundation - 67,140 67,140 60,170
Open Society Foundations - 287,471 287,471 276,380
Others (each under£1,000) 88,140 29,950 118,090 116,857
Polden Puckham Charitable Foundation - 89,583 89,583 -
Reed Foundation — International - 4,850 4,850 6,710
The Tudor Trust 40,000 - 40,000 40,000
Trustfor London
Total		 -
334,652		 21,330
556,944		 21,330
891,593		 46,000
782,803

29

DEBT JUSTICE

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

4 INVESTMENT INCOME

2023 2022
Interest receivable on UK bankaccounts £
8,264		 £
449
5 INCOME FROM CHARITABLE ACTIVITIES
Unrestricted
funds		 Restricted
funds		 Total
funds		 Total
funds
2023 2022
Promotional
activities
Total incomefromcharitable activities		 £
503
503		 £
-
_		 £
503
503		 £
752
(52
6 EXPENDITURE
Activities
undertaken
directly		 Grant
funding of
activities		 Support
costs
(note 7)		 Total
2023		 Total
2022
£ £ £ £ £
Raising funds
Charitable expenditure
Total expenditure
Totalexpenditure2022		 87,131
591,030
678,161
601,575		 -


_-		 17,984
121,987
139,971
119,749		 105,115
713,017
818,132
721,324		 84,048
637,250
721,324
Charitableexpenditure Activities
undertaken		 Grant
funding of		 Support
costs		 Total
2023		 Total
2022
directly activities (note 7)
z £ £ £ £
Public education and campaigning
Advocacy
Policy and research
Movement building
Totalcharitableexpenditure		 299,464
62,110
89,887
139,569
591,030		 -
-
-

-		 61,809
12,819
18,552
28.807
121,987		 361,273
74,929
108,439
168,376
713.017		 341,172
66,811
88.172
141,095
637,250

30

DEBT JUSTICE

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |7 SUPPORT|COSTS| |Support cost|Raisingfunds|educationPublic|and|AdvocacyPolicyresearch and|Movementbuilding|Total2023|Total2022| |campaigning| |£|£|E|£|z|£|£| |Finance|and|admin|129|444|92|134|207|1,006|1,022| |Board|costs|1,022|3,512|729|1,054|1,637|7,954|2,090| |Office|and|IT costs|1,504|5,168|1,072|1,550|2,409|11,703|14,159| |Professional|fees|52|178|37|54|83|404|320| |Governance|costs:|fees|payable|to|auditors|for| |audit|856|2,944|610|884|1,372|6,666|6,168| |Rent|and|rates|2,305|7,922|1,643|2,378|3,692|17,940|13,731| |Staff expenses|573|1,968|408|590|917|4,456|4,365| |Staff costs|11,543|39,673|8,228|11,908|18,490|89,842|77,894| |Total|support costs|17,984|61,809|12,819|18552|28807|139.971|119,749|

----- End of picture text -----

Included in support costs are depreciation of £3,374 (2022: £3,019) and operating lease payments; £17,940 in respect of rent included in rent and rates (2022: £13,212), and plant and machinery of £58 included in office & IT costs (2022: £397).

8 TRUSTEES AND RELATED PARTY DECLARATIONS

Three trustees received reimbursement of travel expenses totalling £393 (2022: two trustees were reimbursed £91). No trustees received any remuneration in 2023 or 2022. In 2023, a company owned by trustee Rachel Collinson was paid £900 for consultancy services (2022: £6,324). No trustees received any other benefits in 2023 or 2022. There were no other related party transactions during the year.

9 STAFF COSTS

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |2023|2022| |£|£| |Wages|and|salaries|515,783|447,761| |Social|security|costs|49|678|45,055| |Other|pension|costs|36,754|29,911| |Recruitment|costs|2,332|574| |Training|costs|4,067|2,687| |608.614|525.988|

----- End of picture text -----

The average monthly number of employees during the year was:

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |2023|2022|2023|2022| |Charitable|activities|No.9|No.9|FTE No.8.7|FTE|No.8.7| |Support|services|wo|2|_2.0|me| |12|whch|10.7|10.4|

----- End of picture text -----

Aggregate employee-benefits of 4.8 FTE key management personnel were £313,521 (2022: 4.7, £277,444).

One employee received emoluments between £60,000 and £70,000 (2022 — there was no employee whose annual emoluments were £60,000 or more).

31

DEBT JUSTICE

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

10 FIXED ASSETS

10 FIXED ASSETSASSETS
Fixtures, fittings
and equipment 2023 2022
£ £ £
Cost
At1January
Additions
Disposals		 15,848
1,355
-		 15,848
1,355
-		 9,245
6,603
-
At 31 December 17,203 17,203 15,848
Depreciation
At1January 9,543 9,543 6,524
Charge fortheyear 3,374 3,374 3,019
Disposals - : -
At 31 December 12,917 12,917 9,543
Net Book Value
At
1January
At 31 December		 6,305
4,286		 6,305
4,286		 2,721
6,305
11 DEBTORS
2023 2022
£ £
Gift aid receivable 25,872 25,630
Otherdebtors and accrued income
Prepayments		 108,088
6,412		 90,986
12,526
140.372 129,142

Included in other debtors are three grant payments totalling £89,588 awarded in 2023 but not yet received at the balance sheet date.

12 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023 2022
£ £
Trade creditors 8,124 2,661
Taxes and social security costs
Deferred income		 12,732
132,750		 12,847
318,419
Creditcards
Accruals		 2,188
31,238		 1,335
21,387
187,032 356.649

The deferred income balance comprises four grants (Polden Puckham Charitable Foundation (£60,417), Trust for London (£26,250), Open Societies Foundation (£14,796) and Oak Foundation (£31,287)) to which the charity will be entitled in the following year.

13 CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR

2023 2022
£ £
Deferred income : 14,795
= 14,795

32

DEBT JUSTICE

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

Deferred incomemovement inthe yearended 31 December: 2023 2022
£ £
Balance broughtforward
Grants awarded inyearto be used within oneyear
Grantawarded in yearto be used in more than oneyear		 333,214
117,955
-		 136,397
266,933
14,795
Released in year (318.419) (84.911)
132,750 333,214

_

44 PENSION COSTS

Eligible staff members belong to individual pension schemes to which contributions were due from the charity totalling £36,754 (2022: £29,911). At the balance sheet date £3,619 (2022: £2,733) 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:

Balanceat 1 Income Expenditure Transfers Balance at 31
Jan 2023 Dec 2023
£ £ £ £ £
Caribbean (Climate Debt) 8,819 77,243 (82,476) 22,172 25,058
Global South 86,213 391,229 (383,047) (22,172) 72,223
Household Debt project 88,237 88,469 (160,346) - 16,360
Student Debt project 627 - - - 627
183.896 556,941 (625,869) ____- 114,968
2022 comparative statement:
Balance at 1 Income Expenditure Transfers Balance at 31
Jan 2022 Dec 2022
£ £ £ £ £
Christian Aid grant - 10,000 (10,000) - -
Caribbean (Climate Debt) - 72,080 (100,761) 37,500 8,819
Global South 80,346 300,208 (256,841) (37,500) 86,213
Household Debt project 84,921 166,170 (162,854) - 88,237
Student Debt project 627 - - - 627
165,894 548,458 (530,456) ==__- 183,896

33

DEBT JUSTICE

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

Caribbean project (Climate Debt)

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 have been awarded a 3-year grant for this project from Open Society Foundations, which ran from February 2021 to November 2023, and a smaller 18-month grant from FORGE which began in January 2022. We also received a new grant from Avina (which took over FORGE grant-making) at the end of 2023 which will be spent in 2024. In 2023 we also used some funds for this project raised through the Big Give Christmas Challenge in 2022,

Global South

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 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. The grant funds expended on this project in 2023 comprised Open Society Foundations (£251,005) and Polden Puckham Charitable Foundation (84,583). We also spent a total of £47,458 raised for this project through the 2022 Big Give Christmas Challenge, and raised a further £65,659 for 2024 expenditure through the 2023 Big Give Christmas Challenge. The funds raised through the Big Give Christmas Challenge may be spent on either the Global South or Caribbean restricted funds, so we made a transfer between these funds of £37,500 in 2022 and £22,172 in 2023.

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 2023 we received funds for this project from the Oak Foundation (£67,139) and Trust for London (£21,330). Activities funded by this project included our Community Organising project on household debt, as well as policy work to support this project. The amount carried forwards represents the balance of these three grants, which will be spent in 2024.

Student Debt project

In 2015 we agreed a partnership with Create London to receive all donations collected through their art exhibition ‘Day after 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 2023, and the balance of the funds will be spent in 2024.

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 2023 December 2023
£ £ £ £
Windfall income designated fund 8,000 9.166 (5,718) 11,448
8,000 9,166 (5,718) 11,448
----- End of picture text -----

34

DEBT JUSTICE

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

----- Start of picture text -----
,
2022 comparative statement:
Balance at 1 Income Expenditure Balance at 31
January 2022 December 2022
£ £ £ £
Windfall income designated fund 18,000 z (10,000) 8,000
18.000 snail (10,000) 8.000
----- 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 2022 this fund received two discretionary donations from the estates of deceased supporters, totalling £16,156. We also revised the estimated income from a legacy recognised in 2020 but not received until 2024, by £7,000. Expenditure from the fund was incurred on staff training and trustee recruitment.

At the balance sheet date, the remaining designated funds balance is planned to be spent on additional investment in the charity's individual fundraising capacity.

18 ANALYSIS OF NET ASSETS BETWEEN FUNDS

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |Unrestricted|Restricted|Total| |funds|funds| |£|£|Lg| |Fund|balances|at|31|December|2023|are|represented|by:| |Fixed|assets|4,286|-|4,286| |Current|assets|410,643|262,583|673,226| |Creditors:|amounts falling|due within|one|year|(39,417)|(147,615)|(187,032)| |Creditors:|amounts|falling|due|after|one|year|:|-|=| |375,512|114,968|490,480| |2022|comparative|analysis:| |Unrestricted|Restricted|Total| |funds|funds| |£|£|cs| |Fund|balances|at|31|December|2022|are|represented|by:| |Fixed|assets|6,305|-|6,305| |Current|assets|249,771|523,620|773,391| |Creditors:|amounts|falling|due|within|one year|(31,720)|(324,929)|(356,649)| |Creditors:|amounts|falling|due|after one|year|-|(14,795)|(14,795)|

----- End of picture text -----

35

DEBT JUSTICE

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

19 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| |2023|2022|2023|2022| |£|£|£|£| |Within|one year|3,141|2,857|-|-| |Between|one and|five years|-|-|—|-|

----- End of picture text -----

The above commitment represents the two-month notice period the charity must give if it wishes to leave the rental premises.

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |Land|and|Buildings|Plant and|Machinery| |2023|2022|2023|2022| |3|£|£|£| |Operating|lease|rentals|payable|in|the year|17,939|17,142|58|288|

----- End of picture text -----

36

DEBT JUSTICE

LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2023 SE Se ae ee ee

Debt Justice 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

Oxford House Derbyshire Street London E2 6HG

Auditors

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 CAF Bank Ltd Nine Brindleyplace Kings Valley Yew Street 25 Kings Hill Avenue Birmingham Stockport Kings Hill B1 2HB SK4 2JU West Malling ME19 4JQ

Charity Bank Ltd Fosse House 182 High Street Tonbridge TNS 1BE

Trustees/Company directors

AmandaLydia[Baker] Ariss ......................(from 10 October 2023) Rachel Collinson..................(Viee-chair until 28 February 2024) Tiwonge Cohn...................... (from 10 October 2023) Sally Copley...................... (from 10 October 2023) Simon Davey.............:0..+. (Treasurer) Owen Espley Jesse Griffiths...................... (Chair) Luke Harman....................... (until 2 February 2023) Bilal Hussain...............0.. (from 10 October 2023 until 10 May 2024) Sarah Jane Mace Peter Merson ...................... (until 14 June 2023) Morten Thaysen India Thorogood

Company Secretary

Matt Gardner

Executive Director Heidi Chow

37