DEBT JUSTICE
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024
Charity Reg18tration No. 1055675
Company Règlstratlon No. 3201959 (England and Wales)

DEBT JUSTICE
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024
Contents
Page
Trustees, report
Statement of Trustees, responsibilities
Independent examiner's report
Statement of financial activities
Balance sheet
Statement of cash flows
Notes to the accounts
Legal and Administrative Information
3-15
16
17
18
19
20
21-31
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DEBT JUSTICE
TRUSTEES, REPORT
The Trustees present their report and accounts for the year ended 31 December 2024.
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 13 people, a
growing community of online activists, 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-commlttees
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 2024 and had four sub-committees (all continuing):
The Finance & Resources Committee oversees all aspects of the budget including banking,
insurance and fundraising
The Management Committee oversees staffing and office issues
The Risk Committee leads on assessment and management of strategic risks
The Recruitment Committee oversees the appointment and re-appointment of Trustees
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
Head of Campaigns and Engagement
Head of Policy and Advocacy
Head of Finance and Operations
Head of Fundraising
Policy Director (Head of Policy until August 2024)
Digital Campaigns Manager
Campaigns Manager
Lead Organiser
Activism Manager
Senior Policy Officer (Household debt) - Until August 2024
Heidi Chow
Eva Watkinson
Jerome Phelps
Matt Gardner
Debby Boon
Tim Jones
Zak Suffee
Elizabeth Baines
Richard Dunbar
Skye Golding
Joe Cox

DEBT JUSTICE
TRUSTEES, REPORT
Policy Advisor (Global South)
Operations Support Officer
Tess Woolfenden
Fin Fitzgerald
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 be￿een 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 be￿een the highest and lowest points of the
salary scales may never be greater than 2.5 to 1. In 2024, the ratio between the highest and lowest
paid staff members was unchanged from 2023 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 Inductlon
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 Rlsk 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 appelite 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 groupsl organisations who
have provided vital funding or given freely of their time and expertise in support of Debt Justice.
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. In 2024, we reviewed and updated our donation
acceptance policy. We have a publicly available fundraisin
com
laints
olic
In 2024 we received
no (2023.. nil) formal complaints regarding our fundraising procedures.

DEBT JUSTICE
TRUSTEES, REPORT
3. Purpose, vision and mission
Debt Justice is a UK charity working to end povety. inequality and exploitation caused by unjust
debt. Our charitable objectives, as set out the Memorandum and Articles of Association, are: The
relief of glob31 poverty in particular by advancing education r81ating 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 have a 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 play a key role in the global debt movement and also
work with UK based organisations and groups challenging poverty and debt. We are part of and
support wider movements for economic justice, such as the new economy movement in the UK
and movements for trade. tax and climate justice internationally.
4. Strategy
Our current strategy covers a five year period, be￿een 2020 and 2025. Our strategic objectives
from our organisational strategy are-
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.
To increase the number and diversity of strategically relevant organisations who are actively
and effectively campaigning for an ambitious, systemic debt justice agenda.
To build a critical mass of UK individuals who are supportive of debt justice and willing and
empowered to take action in support of it.
To help drive a shift in UK public attitudes and values in relation to debt.
To secure strategic policy and legislative change to advance our vision and mission.
To ensure a strong, effective and dynamic Debt Justice, 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.
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
TRUSTEES, REPORT
Debt Justice delivers benefit to a wide range of stakeholders in the UK and overseas. Our
beneficiaries include..
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
povety alleviation, social protection, public services, and climate action.
Individuals and communitles in the UK who face problem debt or are at risk of it: We
work to tackle the structural causes of the debt-povety trap and to lift the debt burdens of
households who are caught in problem debt.
The general public, civil society, the medla, policy4nakers and decislonwmakers 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.
6. Organisational performance in 2024
Our work to relieve povety and educate the public had two main focal points during 2024: the
sovereign debt crisis in the global south and the household debt crisis in the UK. The following
summarises key 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 crisls
Summary..
We are pleased to report that we made great progress in our work to tackle the global south debt
crisis in solidarity with people from affected countries. We advocated for new legislation to compel
private creditors to participate in debt cancellation and as a result of our activities, the new
government made the issue of debt an international development priority. This gave us leverage to
mobilise supporters and to build public pressure for new legislation. We supported campaigners
and civil society organisations in countries in debt crisis by providing policy expertise and original
research on debt restructuring deals in Ethiopia, Zambia and Ghana. We continued to raise
awareness on the intersections between debt, climate and colonialism through political education,
new research and resourcing global movements with policy analysis and expertise.
Context..
During 2024, 54 countries remained in a debt crisis as debt repayments continued to undermine
the ability of lower-income country governments to support essential public serVI￿S and tackle the
climate crisis. Lower-income country debt payments have trebled in the last decade and external
government debt payments in 2024 were at the hi
hest level since 1994. 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. Only four
countries have applied for debt relief through the process. Chad received no debt relief. Ethiopia,
Ghana and Zambia are still negotiating relief with at least some of their creditors. Even after debt
relief, they will all be one economic or climate shock away from being plunged back into debt crisis.
Urgent action is needed to ensure there are more effective, fair and responsive debt restructurings
to address the current debt crisis and prevent future ones.

DEBT JUSTICE
TRUSTEES, REPORT
Activities and outcomes..
Advocatlng for a new debt justice law
We continued to advocate for new UK legislation to compel private lenders to participate in debt
cancellation. Around 90 % of the bonds of countries eligible for the Common Framework are
governed by English law, and the rest are 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 and suspending debt payments
during negotiations. Legislation could also require that loans be published on an open-access
registry to be legally enforceable.
If passed, this legislation could facilitate fast, sufficient and fair debt restruclurings, and build trust
to unlock a wider package of improvements to the Common Framework. It would also improve
transparency around lending to enable civil society to hold governments and lenders accountable.
New legislation would play a role both in addressing the current debt crisis as well as help prevent
future crises.
This year we made the following progress.,
The UK government has made debt a key development priority - Following our advocacy
over several years, the government has made "tackling unsustainable debt" a priority area
within international development, building on a manifesto pledge. The Foreign Secretary and
Development Minister have both repeated the commitment in speeches, but it is not yet clear
whether they will support our demand for new legislation.
Moblllsed public pressure for new legislation - We intensified public pressure on all parties
during the election period. We launched a petition. which obtained over 5,000 signatures,
asking party leaders to commit to a new debt justice law. We recruiled and trained up an
"election squad" of activists to take part in actions to raise the profile of our campaign with all
parliamentary candidates. The election squad organised a stunt outside the offices of major
private creditors BlackRock, attended hustings and obtained coverage of our campaign in local
press.
We published a sign-on petition letter from our Ghanaian ally Bernard Anaba to the Prime
Minister, which was signed by 4,000 supporters. At the end of the year, we asked supporters to
sign Christmas cards to the Foreign Secretary and delivered more than 3,000 cards to his
office. We held a public online rall to educate supporters and activists and raise public
awareness about the debt crisis, jointly with Debt for Climate, with five speakers who are
campaigning against unjust debt in Kenya, Suriname, Zambia, Sri Lanka and Ghana, alongside
video content and spoken-word poetry on colonialisrn. 130 people joined. and we had excellent
feedback on the dynamic and engaging format.
Bullt broad cross-party support for new legislation - We continued with parliamentary
advocacy to build a cohort of supportive MPS. In February 2024, together with our partners
Christian Aid and CAFOD, we organised a parliamentary event with keynote speakers
renowned economist Joseph Stiglitz and New York State Senator Gustavo Rivera, alongside
our global south partners Projekta Suriname and AFRODAD. Following the event, we
supported Liam Byrne MP and Senator Rivera to write a joint article calling for legislation in
both jurisdictions, which was
ublished in Devex.
Following the election, we worked with Christian Aid and CAFOD again to host a parliamentary
event to meet the new intake of MPS, which was attended by 35 MPS and four peers. Debt
Justice asked supporters across the UK to write to their MPS to ask them to attend: supporters

DEBT JUSTICE
TRUSTEES, REPORT
sent 1,253 emails to 514 MPS. and many of the 35 MPS who came told us that they attended
because they had received emails from their constituents to attend. Development Minister,
Annaliese Dodds attended and briefly discussed the issue with us.
Ralsed publlc awareness through undertaking original research and influenced the
media narrative We secured media coverage of our original research and analysis, to support
our advocacy and public education on debt cancellation. Our research found that lower-
income country debt payments trebled in the last decade, according to fi
ures calculated
based on IMF and World Bank data, which show that external government debt payments in
2024 were at the highest level since 1994. The research was covered b the Guardian.
Our research showing that private lenders would still make $14 billion profit on loans to lower-
income countries, even after agreeing limited debt relief, was covered in the Financial Times.
ublished research calculated from World Bank and IMF data showing that in 2024
external debt payments would be at their highest level since at least 1990. The research was
re
orted in the Guardian and has hel ed us to build a
ublic narrative that the debt is reachin
record levels and that ur
ent action is needed.
We wrote a re
ort with Christian Aid as an introduction to the debt crisis and included new
analysis, which was covered in The Inde
endent, and later in the year, in The Dail Tele
ra
The report was helpful in educating and explaining the issue to both Debt Justice and Christian
Aid supporters.
We supported the Government Revenue and Development project at the University of St
Andrews and University of Leicester on research showing that debt relief could lead to 17
million people gaining access to clean drinking water, 5 million more children attending school,
and over 59,000 children and mothers, lives being saved in lower-income countries. The
research was covered in the Guardian illustratin
clearl to wider
ublic audiences the
otential im
act of effective debt relief.
Solldarlty actlons w5th countr5es In debt cr1555
We continued to monitor developments on the global south debt crisis and to act in solidarity with
civil society organisations in affected countries in their demands for debt cancellation:
Supported Zamblan clvll soclety wlth origlnal and swift analysls - We have been publicly
campaigning in solidarity with Zambian campaigners for the past two years to raise public
awareness of the need for debt cancellation and apply pressure on private creditors to engage
in the process. Zambia agreed a debt restructuring with bondholders in March 2024 through
the G20's debt relief initiative, the Common Framework. The deal is significantly better than a
previous deal that we and our allies in Zambia were critical of in October 2023. In total the
agreement cancels the equivalent of $1.4 billion of debt payments to private creditors. The
baseline deal is likely to make Zambia's debt sustainable, if replicated with other private
creditors. However, there are provisions for significantly increasing debt payments if Zambia's
economy does better than expected in the late 2020s, which could make Zambia's debt
unsustainable again.
Following the deal that was struck in March, we produced detailed original analysis of the deal
which has been a helpful resource for Zambian and international debt campaigners. We
presented our analysis to a debt meeting of IMF. World Bank and UN staff, alongside civil
society organisations.
Conducted research on a debt r8Structuring deal for Ghana - Ghana reached a deal with
is bondholders in June 2024 which is comparable to the debt relief offered by governments

DEBT JUSTICE
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such as the UK. However, other private lenders, including banks in the UK, have yet to agree
to debt relief. Our research on an earlier proposal, covered in Bloomber
found that it would
have seen bondholders repaid 150/0 more than government creditors. We also held a protest
outside the offices of leading private creditor BlackRock, which was re
orted in the Times to
highlight the role of BlackRock in stalling debt negotiations.
Provided policy analysis to African and Ethiopian civil soclety organisations - We
published
'ieik' I'psecircli with Ethiopian civil society organisation, the Horn Economic and
Social Policy Institute (HESPI) and AFRODAD in January 2025, which found that Ethiopia's
bondholders would still have made 30,/0 profit from an Ethiopian government debt restructuring
proposal which was rejected by bondholders in October 2024, compared to if they had lent to
the US government instead.
Bulldlng the global debt movement
Building a strong and broad global movement for debt cancellation is an important strand of our
theory of change. In 2024. we continued to support global south leadership in international debt
justice campaigning and to platform the voices of affected communities.
Helped strengthen the Caribbean debt movement - We worked with Projekta Suriname.
Paler Ahlbrink Stichting and Caribbean Policy Development Centre to hold two in-person debt
training events in Suriname: a workshop focusing on civil society and a panel discussion
geared to the political class. We also presented on the global debt crisis and the strategies
and demands of the global debt movement at two training and discussion workshops in the
Bahamas held by ORG Bahamas, and at a National Debt Consultation in Dominica.
Platformed more voices of affected communltles in medla and soclal media spaces -
We interviewed a range of civil society leaders about the Surinamese experience of the debt
crisis, and produced videos of interviews with leaders of Pro
ekta, Women's Wa
Foundation
and a women's refu
We co-wrote with the Director of Projekta an article in Jacobin on the
gendered impact of debt crises. focusing on the experience of Suriname.
Moblllslng actlon on th6 Interconnected debt and cllmate crises
Over the last few years, we have been working with the global climate movement to ensure there is
wider awareness on the interconnections be￿een the debt and climate crises, in order to build a
broader movement calling for debt justice.
Developed strategic approach to movement bullding - We worked closely with the global
climate coalition, Climate Action Network to prioritise our debt demands across their network,
which comprises 1,900 members across 130 countries. The network plafformed and supported
debt demands during COP29 in November 2024, and in briefings and letters to MPS. We
worked with Climate Action Network and other global debt campaigners to convene a Debt and
Climate Working Group, to plan and coordinate efforts between debt and climate organisations.
Mobilised global climate movement to take debt actions: We worked with the global
climate movement to increase the profile of debt amongst climate actors and to create political
momentum for debt cancellation as part of the climate justice movement. We co-hosted a
global day of action for debt justice as a part of the Global Week of Action for Climate Finance
and A Fossil Free Future. This was co-hosted with the global climate coalitions Climate Action
Network and Demand Climate Justice. We also worked with youth climate activist Vanessa
Nakate on a video calling for wealthy countries to provide climate finan￿ at COP29.

DE8T JUSTICE
TRUSTEES, REPORT
Increased awareness on false debt solutions: We supported the global climate movement
through original research and policy analysis to highlight the interconnections between the debt
and climate crises. We wrote a re
ort. published with sign-on from 35 global and UK networks
and organisations, debunking the false solutions that are distracting from efforts to address the
debt crisis. We also published a briefin
focusing specifically on debt swaps that fall short in
practice and can harm global south countries and communities, and co-developed a technical
submission on debt and climate links for the New Collective Quantified Goal process ahead of
COP29.
Communicating debt In the context of colonialism
We continued with our political education project on debt and colonialism, connecting debt to
issues of colonial and neo-colonial racial injustice, to reach wider aUdIen￿S and mobilise new
supporters.
Reached new and dlverse audiences on our debt narrative - We used our discussion pack
and related materials to do outreach work, including initiating a partnership and holding
workshops with students at Queen Mary University. We also held a webinar on debt
colonialism and
ower, jointly with CAFOD, featuring our Ghanaian ally Bernard Anaba.
6.2 Household debt
Summary
We won nationa5 level policy change on energy debt this year as Ofgem announced a new debt
write off scheme for households with energy debt. A new scheme will benefit 2.3 million
households who are experiencing energy debt, poverty and hardship. We also won local policy
change. Our 'Together Against Debt, group in Manchester, which is comprised of people with lived
experience of debt, won its campaign on bailiff use. Manchester City Council agreed to exempt all
households eligible for Council Tax Support from bailiff use. This exemption protects 48,000
households across the city of Manchester from bailiff fees and visits. Alongside policy change, we
elevated the views of people with lived experience of debt, by setting out their collective demands
to policy makers in our groundbreaking report, Together Against Debt People's Manifesto.
Context
There are now almost 10 million adults struggling with heavy debt. Poor quality housing and high
energy prices have pushed UK households into a record £3.8billion of ener
debt and arrears.
Council tax debt is at £6bn, 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
eo
le in debt have a mental health
problem and every year over 400.000 people in problem debt in England consider taking their own
life. Our work to build 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, is
more needed than ever to tackle the mountains of unpayable debt accumulating in UK households.
Activities and Outcomes
Winning national level change
In response to the cost of living crisis and the political and public attention on high energy prices,
we launched a campaign to write off energy debt in 2023. This work has been important to tackle
the impact of high energy prices and to build political space and public awareness for the idea of
debt write-off in a UK context. At the end of 2024. we were pleased to achieve a significant
10

DEBT JUSTICE
TRUSTEES, REPORT
campaign win.
Won our natlonal campaign on energy debt - At the end of 2024, Ofgem - the energy sector
regulator - announced that it will look at introducing a new scheme to write off energy debt that
built up during the cost of living crisis. It is scoping a £1 bn scheme to 'Reset the Debt,,
recognising the severity of the crisis. This scheme will help to alleviate poverty and hardship for
2.3 million households This campaign win comes at the end of two years of campaigning. in
which we worked with allies to campaign for a write-off of the unprecedented levels of energy
debt that had built up. Activities have included a 17,000-strong supporter petition, supporting
people in energy debt to speak to the media. and direct lobbying of Ofgem. We have played a
key role in widening support among UK civil society groups for debt write-off by supporting the
Warm This Winter coalition to take on this policy demand as one of their key campaign asks.
Local 'Together against Debt, groups
Our approach to tackling the household debt crisis in the UK is rooted in the community organising
approach of building the collective power of people with lived experience of debt. We developed
local 'Together Against Debt. groups that are led by people in debt and through training and
facilitation. These groups choose their own campaign priorities and run local campaigns to win
changes to the debt system that affect them.
Won a new exemptlon for vulnerable households from bailiff use In the clty of
Manchester - The Manchester Together Against Debt group won their campaign in January
2024 when Manchester City Council agreed to exempt all households eligible for Council Tax
Support from bailiff use. This exemption protects 48,000 households across the city of
Manchester from bailiff fees and visits. This success was a result of sustained campaigning by
the local group, supported by our staff Lead Organiser who provided support through training,
advice and facilitation and working in coalition with the local branch of the community union
Acorn. The group's tactics involved getling local media coverage, holding regular meetings and
public campaigning events, and meetings with councillors and council officers.
Bullt influence with the Mayor of Manchester- The Manchester group organised a Greater
Manchester Mayoral hustings event in April. Hosted in Harpurhey. the 'Debt Reality: People's
Crisis, event was attended by around 80 people. The mayoral candidates heard powerful
speeches from people who have experienced debt. The re-elected Greater Manchester Mayor
Andy Burnham endorsed the Together Against Debt Manifesto at the event and mentioned
Debt Justice in his acce
tance s
eech, committing to build a Greater Manchester where
people are free from the 'fear of debt,.
More participants tralned In East London - Our Unfair Debt Group in East London has built
its membership, agreed clear priorities, and undertaken campaigning activities which address
the debt issues faced by members. They have decided on a campaign focus of ending bailiff
visits resulting from parking fines and council tax debt in Tower Hamlets. The group has held
meetings with local councillors to test the appetite for banning bailiffs in Tower Hamlets. These
initial meetings have focused on sharing information and building relationships.
Members of the group are now planning actions at council meetings to push the issue further
up the political agenda and work towards change. based on learning from our success in
Manchester. One participant told us.. "Getting involved in Unfair Debt Group has given me a
really positive outlet for local campaigning on an issue I feel deeply passionate about - ending
the misery and isolation of unfair debt. Through collective organising, I've leamt skills and ideas
from fellow members, and I've also felt much more powerful and hopeful that I can be part of
making the transformative change we desperately need."

DEBT JUSTICE
TRUSTEES, REPORT
Pushlng the UK'S household debt crlsls up the political agenda
We platformed the voices of people in debt in policy spaces and mainstream media to raise
awareness and push debt up the policy agenda.
Elevated political demands of people In debt - In March we launched our TogetherAgainst
Debt People's Manifesto, a groundbreaking report based on the views of people with lived
experience of debt, setting out their collective demands to policy makers. The nine-month co-
production process involved in-person and online workshops, a national survey and nationally
weighted polling. The Manifesto was launched at an event in parliament, at which members of
our East London group spoke about their experiences and engaged directly with
parliarnentarians and policy makers. The demands formed the basis of policy demands made
of all candidates in the mayoral and general elections.
Bullt awareness of experiences of debt with parliamentary candldates - When the general
election was called in May, we launched an online action enabling supporters to email their
parliamentary candidates, calling on them to end the UK'S household debt crisis. Our
supporters sent over 2,000 emails to candidates, demanding that they tackle the debt crisis if
elected. We also held an online rally, attended by over 70 people, at which members of the
London groups spoke about the impact of debt on their lives. Following the election, we sent
copies of the Manifesto to all MPS and have since held follow-up meetings with new MPS.
Raised the Issue of debt wlth mayoral candldatos - In the run-up to the mayoral elections in
London and Manchester, we supported group members to raise the debt crisis at local hustings
events and through emailing candidates. We also developed and shared briefings to mayoral
candidates that included key facts and stories from people with lived experience of debt.
Ralsed publlc awareness through medla coverage - We won over 40 pieces of media
coverage during the year. This included national coverage in 15 outlets, including the Guardian
of original research carried out as part of the launch of the Together Against Debt Manifesto,
showing that record numbers of people are falling behind on bills. Channel 4 News also
rofiled
our work during the general election campaign in a national news broadcast on the challenges
of the cost of living crisis. Group members with lived experience of debt were interviewed and
shared their stories and called for systemic change.
The Unfair Debt Group also obtained local media coverage for their campaigning in the
Whitechapel LDN, and coverage for the bailiffs campaign on LBC radio. This coverage has
helped to raise awareness of the structural nature of the debt crisis by highlighting the fact that
millions more people have been pushed into debt as a result of the cost of living crisis and
systemic economic and social inequalities. Hearing directly from people in debt is a powerful
way to educate the public and show that anyone can get into debt.
6.3 Actlvlsm
Mobilising people to take higher-level actions is a core part of our theory of change. This year we
trialled a new activism proposition and offered our supporters the opportunity to join an 'election
squad, _ a group of activists who would be trained and mobilised ready for a period of heightened
campaigning activity during the general election campaign. The group planned and delivered a
stunt outside BlackRock to highlight its role in stalling debt restructuring negotiations. The stunt
was covered in the Times
wall
.This core group of activists also attending local hustings events
and obtained local media coverage calling for action on debt to be prioritised by all parties.
12

DEBT JUSTICE
TRUSTEES, REPORT
7. Organisational development
This year we continued the implementation of our anti-oppression strategy which has been the key
vehicle through which we have been developing the organisation. The strategy was developed
collaboratively with staff in 2022. We have built on progress in 2024 by taking the following actions:
Continued to decolonlse our workspaces - This is a key long-temi strand of our anti-
oppression work. This year we introduced a new decision-making model for internal projects
based on the Mana
ement Centre MOCHA decision makin
model. This sets out the multiple
roles that different staff and trustees take in project management and decision-making. We
have also clarified and improved how we run meetings and created a process to communicate
staff working styles. Collectively, these measures all provide greater transparency and clarity
about where power lies within projects and in meeting spaces, while recognising and valuing
everyone's contribution to shared projects.
Introduced a new trans. non-binary and Intersex Inclusion pollcy to assist managers and
trans, non-binary and intersex employees in Debt Justice with practical information on
workplace support.
Introduced a new 'Wellbeing Advocate, role to support colleagues with mental health
challenges. A member of staff has been trained in this role to provide a first-line support and
signposting for any staff that requires wellbeing support.
8. Principal risks and challenges
Bulldlng long-term flnanclal sustainabillty - 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. Though we have had some fundraising successes, we are constantly
reviewing our fundraising strategies to ensure that we can increase 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. The funding landscape for economic justice issues
continues to be challenging due to the limited pool of funders that support economic justice work
as well as contending with funders, strategy reviews, changing priorities and spending down
endowments. 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 2025
In 2025, we will continue to address povety and inequality in the UK and across the world through
our work on challenging the role of debt that is perpetuating and driving worsening poverty and
hardship in both UK households and in lower income countries.
Our key priorities for 2025 are as follows:
Global south debt
Co-convene a UK coalition on the global Jubilee 2025 campaign for debt cancellation.
coordinating with the global movement at key political moments
Continue to build political and public support for new UK legislation to compel private creditors
to take part in debt restructuring
Support the global debt movement in actions around the UN Financing for Development 4
(FfD4) summit
Campaign in solidarity and partnership with campaigners in countries that are in a debt crisis
and create media opportunities to platform the voices of affected communities
Convene global debt campaigners working on the intersection on debt and climate
13

DEBT JUSTICE
TRUSTEES, REPORT
Mobilise younger, more diverse audiences through collaborative projects to design and deliver
creative campaign actions at key campaign moments
Household debt
Research and plan for the launch of a new household debt national campaign on ending the
use of bailiffs for council tax collection.
Campaign for the end of bailiff use in the metropolitan boroughs of Greater Manchester led by
the Manchester Together Against Debt group
Campaign for the end of bailiff use for council tax collection in Tower Hamlets led by Unfair
Debt Group
Support UK coalition campaign to abolish the legislation that allows for imprisonment as a
sanction for the non-payment of council tax
Activism
Develop a new activism strategy to support the new five year organisational strategy.
Organise a range of trainings, workshops and webinars to reach and mobilise new audiences
and supporters.
Work with strategic partners to mobilise younger. more diverse activists to campaign on debt
justice.
Organlsatlonal development
Develop a new five year organisational strategy to cover the period, 2026-2030
Organise baseline Iraining and develop new internal policies on disability and chronic illness
and mental health and wellbeing.
10. Financial Review
The income of the Charity was £681,723 (of which £434,920 was restricted) and the expenditure
£804,786 (£436,403 restricted), resulting in a deficit of £123,063. This deficit includes a decrease of
£1,483 to restricted funds and a decrease of £131 to designated funds, so the general unrestricted
deficit for the year was £121,449.
In 2024 total income was significantly lower than 2023 (a decrease of £218k or 250/0), due to the
non-renewal of grant funding from Open Society Foundations, who had been one of our most
significant funders from 2019-2023 but undertook a strategic review in 2023 and 2024 that resulted
in deprioritisation of their work on debt. Due to several previous years of successful fundraising, we
began the year with a very healthy reseNes balance which enabled us to maintain total expenditure
at a Sevel only slightly lower than 2023 (a decrease of £13k or 2 % )- The Trustees are very grateful
for the continued support of many individual donors (totalling £181 k, 27 /0 of the charity's income).
which along with the contributions of grant funders (£482k) 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."
14

DEBT JUSTICE
TRUSTEES, REPORT
"To ensure we keep within this range, we will monitor reserve levels regularly throughout the year
and take action rf 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 £242,615) is about three months of total expenditure
budgeted in 2025. 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 (£113,485) are planned to be
spent in 2025, in addition to £280.955 of restricted fund income which has been deferred to 2025.
The 2025 budget agreed by the trustees shows a deficit on restricted funds and unrestricted funds,
but further fundraising is planned in order to limit the use of reserves.
Golng 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 Ihe 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.
Indopendent examlners
We appointed JCS Accountants Limited as auditors, following a selection process, on 28 October
2008. The Finance and Resources Committee of the Board reviewed their appointment in 2019120
and concluded that it was appropriate for the relationship to continue. Our 2019 and 2020 accounts
were only subject to independent examination. JCS Accountants Limited were reappointed by the
trustees at our Annual General Meeting on 12 June 2024. 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 behalf of the Board of Trustees
Jesse Griffiths
Trustee
Dated: /!-
..2025
15

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-
select suitable accounting policies and apply them consistently;
observe the methods and principles in the Charities SORP.,
make judgements and accounting estimates that are reasonable and prudent,.
state whether applicable UK Accounting Standards have been followed. subject to any
material departures disclosed and explained in the financial statements.
prepare the financial statements on the going concern basis unless it is inappropriate to
presume that 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 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.
16

DEBT JUSTICE
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF DEBT JUSTICE
I report to the charity trustees on my examination of the accounts of the Company for the year ended
31 December 2024 set out on pages 18 to 31.
Responsibilltles 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. I report 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 I have followed the directions given by the Charity Commission under
section 145(5)(b) of the 2011 Act.
Independent examlner's ststement
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. I confirm that l am qualified to undertake the examination
because l am a member of the Institute of Chartered Accountants in England and Wales, which is
one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection
with the examination giving me cause to believe:
accounting records were not kept in respect of the Company as required by section 386
of the 2006 Act; or
the accounts do not accord with those records., or
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
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)
I have no concerns and have come across no other matters in connection with the examination to
which attention should be drawn in this report in order to enable a proper understanding of the
accounts to be reached.
Miriam Hickson CTA FCA
JCS Accountants Limited
5 Robin Hood Lane
Sutton
Surrey
SM12SW
17

DEBT JUSTICE
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
Unrestricted Restricted
funds
funds
Total
2024
Total
2023
Notes
Income from:
Donations and legacies
Charitable activities
Investments and other income
Total
231,130
2,890
434,920
666,050 891,593
2,890
503
246 803
434 920
681723 900 360
Expenditure on:
Raising funds
Charitable activities
Public education and campaigning
Advocacy
Policy and research
Movement building
65,329
61,398
126,727 105.115
175,989
25,638
36,448
200,277
36,668
52,953
376.266 361,273
62,306 74,929
89,401 108,439
150 086 168 376
678059 713017
303 054
375 005
Total
368 383
436 403
804 786 818 132
Net (expendlture)lincome
(121,580)
(1,483) (123,063) 82,228
Transfers between funds
16
Net movement In funds
(121,580)
(1,483) (123,063) 82,228
Total funds brought forward (1 January)
375 512
114968
490 480 408 252
Total funds carrled forward (31 December)
367 417
The £121.580 deficit of unrestricted funds includes a decrease to designated funds of £131 (see
note 17). The net movement of general unrestricted funds in 2024 therefore shows a deficit of
£121,449.
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.
18

DEBT JUSTICE
BALANCE SHEET
AS AT 31 DECEMBER 2024
2024
2023
Notes
Flxed assets
Tangible assets
10
1,546
4.286
Current assets
Debtors
Cash at bank and in hand
Total current assets
11 261,146
464 398
725,544
140,372
532 854
673,226
Creditors: amounts falling due within
one year
12 (325071)
(187 032)
Net current assets
400 473
Total assets less current liabillties
402.019
490,480
Credltors: amounts falling due after
one year
Net assets
13
The funds of the charlty:
Restricted income funds
16
113,485
114,968
Designated funds
General funds
Unrestricted funds
17
11,317
11,448
375 512
Total charity funds
18
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..
ensuring that the company keeps accounting records complying with S386; and
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 S395. 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 3 June 2025 and signed
on their behalf by:
Jes
Griffit
Trustee
Company number: 3201959
19

DEBT JUSTICE
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
2024
2023
Cash used in operating activities (see below)
(80,878}
(118,304)
Cash flows from investing activitles
Interest received
Payments to acquire tangible fixed assets
Cash provlded by Investlng actlvitles
12,783
8,264
{ 1355)
Net cash outflow
(68,456)
(111,395)
Cash and cash equivalents at 1 January
Cash and cash equivalents at 31 December
Cash flows from operating activities
Net Ideficitllincome for the year
Interest received shown in investing activities
Depreciation
Increase in debtors
Increasel(decrease) in cr6ditors
(123,063)
{ 12,783)
3,101
(120,774)
72
82,228
1 8,264)
3,374
( 11,230}
184 412
Cash used in operating activities
20

DEBT JUSTICE
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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
a period of at least 12 months from the reporting date and there are no material uncertainties about
the 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 Of 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.
21

DEBT JUSTICE
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Staff costs are allocated to various categories of expenditure based on an estimate of the proportion
of time spent on different activities.
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 hlre purchaso commltments
Renls 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 Penslons
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 fund5
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.
22

DEBT JUSTICE
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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 Financlal instruments
The charity only has financial assets and liabilities of a kind that qualify as basic financial instrumenls.
Basic financial instruments are initially recognised at transaction value and subsequently measured
at their settlement value.
1.14 Exchange rate gains I 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 2023
Unrestrlcted Restricted
funds
funds
Total
2023
Notes
Income from:
Donations and legacies
Charitable activities
Investments and other income
Total
334,652
503
556,941
891,593
503
343 419
556 941
900 360
Expenditure on:
Raising funds
Charitable activities
Public education and campaigning
Advocacy
Policy and research
Movement building
36,188
68,927
105,115
84,746
15,515
21,034
276,527
59,414
87,405
133 596
556 942
361,273
74,929
108,439
168376
713017
156075
Total
192 263
625 869
818 132
Net incomel(expenditure)
151,156
(68,928)
82,228
Transfers beJMeen funds
16
Net movement In funds
151,156
(68,928)
82,228
Total funds brought forward (1 January)
224 356
183896
408 252
Total funds carried forward (31 December)
490 480
23

DEBT JUSTICE
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2024
3 VOLUNTARY INCOME
Unrestricted Restricted
funds
funds
Total
funds
2024
Total
funds
2023
Donations and gifts, including Gift Aid
Legacies receivable
Grants
118,261
869
112000
65,384
183,645 204,311
869
(7,000)
481536 694 282
369 536
Donatlons, gifts, legacies and grants
Unrestrlcted Restricted
funds
funds
Total
funds
2024
Total
funds
2023
Anonymous
Avina (formerly FORGE)
BA Whittle Will Trust
CAFOD
Christian Aid
Estate of Mr J Ady
Gates Foundation
Gift Aid from donors
Joffe Charitable Trust
John Ellerman Foundation
Joseph Rowntree Charitable Foundation
Jubilee Scotland
Mis5 M Dickson
Mr P Linsey
Mr P Merson
New Economics Foundation
Oak Foundation
Open Society Foundations
Others (each under £1,000)
Polden Puckham Charitable Foundation
Reed Foundation - International
ShareGift
The Tudor Trust
Trust for London
Total
10,090
23,500
33,590
32,484
25,758
7,352
10,000
40,000
(7,000)
10,000
10,000
869
10,000
10,000
869
57,168
26,465
2,000
40.000
57,168
5,756
20,709
2,000
40,000
27,468
33,000
40,000
40,000
2,393
8,814
1,500
1,360
1.125
960
5,000
1,125
1,360
5,000
72,909
67,140
14,796 287,471
113,791
118,090
177,083
89,583
7,314
4,850
5,000
40,000
400
72,909
14,796
28,414
177,083
7,314
85,377
5,000
40,000
40,000
24

DEBT JUSTICE
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2024
4 INVESTMENT INCOME
2024
2023
Interest receivable on UK bank accounts
5 INCOME FROM CHARITABLE ACTIVITIES
Unrestricted
funds
Restricted
funds
Total
funds
2024
Total
funds
2023
Provision of services
Promotional activities
Total incom6 from charltable activitles
2.580
310
2,580
310
503
6 EXPENDITURE
Actlvlties
Grant
undertaken funding of
directly actlvities
Support
costs
(note 7)
Total
2024
Total
2023
Raising funds
Charitable expenditure
Total expendlture
Total expenditure 2023
103,891
555 873
22,836
122 186
126,727 105,115
678 059 713 017
Charltable expenditure
Actlvitles
Grant
undertaken funding of
dlrectly activlties
Support
costs
(note 7)
Total
2024
Total
2023
Public education and campaigning
Advocacy
Policy and research
Movement building
Total charitable expenditure
308,463
51,078
73,291
123041
67,803
11,228
16,110
376,266 361,273
62,306
74,929
89,401
108,439
150086 168376
25

DEBT JUSTICE
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2024
7 SUPPORT COSTS
Raising
Public
Policy and Movement
funds education and Advocacy research building
campaigning
2024 2023
Total Total
Support cost
Finance and admin
127
376
63
88
151
805
1.006
Board costs
349
1,038
172
246
414
2,219
7,954
Office and IT costs
1,579
4,688
776
1,114
1.870
10,027 11,703
Professional fees
90
267
44
64
107
572
404
Governance costs: fees payable to independent examiners for independent examination
(2023: audit)
559
1,661
275
395
662
3,552
6,666
Rent and rates
2,999
8,905
1,474
2,116
3,552
19,046 17,940
Staff expenses
463
1,375
228
327
548
2,941
4,456
Staff costs
19 742 105 860 89 842
TotalsupportcostsUfi fjifiQI ]￿2 i22LI
Included in support costs are depreciation of £3,100 {2023'. £3,374) and operating lease payments;
£19,046 in respect of rent included in rent and rates (2023: £17,940), and plant and machinery of
£58 included in office & IT costs (2023.. £58).
TRUSTEES AND RELATED PARTY DECLARATIONS
Three trustees received reimbursement of travel expenses totalling £201 (2023: three trustees were
reimbursed £393). No trustees received any remuneration in 2024 or 2023. In 2024, a company
owned by trustee Rachel Collinson was reimbursed expenses of £700 (2023.. the same company
was paid £900 for consultancy services). No trustees received any other benefits in 2024 or 2023.
There were no other related party transactions during the year.
9 STAFF COSTS
2024
2023
Wages and salaries
Social security costs
Other pension costs
Recruitment costs
Training costs
567,872 515,783
61,020
49,678
50,018
36,754
377
2,332
The average monthly number of employees during the year was:
2024
No.
2023
No.
2024
2023
FTE No. FTE No.
Raising funds
Charitable activities
Support seNices
Aggregate employee-benefits of 4.8 FTE key management personnel were £341,676 (2023: 4.8.
£313,521).
One employee received emoluments be￿een £70,000 and £80,000 (2023- one employee received
annual emoluments be￿een £60,000 and £70,000).
26

DEBT JUSTICE
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2024
10 FIXED ASSETS
Fixtures, fittings
and equipment
2024
2023
Cost
At 1 January
Additions
Disposals
At 31 December
17,203
360
17.203
360
15.848
1,355
Depreciation
At 1 January
Charge for the year
Disposals
At 31 December
12,917
3,100
12,917
3,100
9,543
3,374
Net Book Value
At 1 January
At 31 De￿mber
11 DEBTORS
2024
2023
Gift aid receivable
Other debtors and accrued income
Prepayments
17,192
25,872
234,449 108,088
Included in other debtors are the balance of grants from Trust for London (£47,660) and Gates
Foundation (£171,495) awarded in 2024 but not yet received at the balance sheet date.
12 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
2023
Trade creditors
Taxes and social security costs
Deferred income
Credit cards
Accruals
186
8,124
14,888
12,732
280,955 132,750
1,899
2,188
The deferred income balance comprises four grants {Polden Puckham Charitable Foundation
{£83,333), Trust for London (£26,250), Gates Foundation (£136,886) and Oak Foundation
(£34,486)) to which the charity will be entitled in the following year.
27

DEBT JUSTICE
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2024
13 CREDITORS: AMOUNTS FALLING DUE AFfER ONE YEAR
2024
2023
Deferred income
Deferred income movement in the year ended 31 December:
2024
2023
Balance brought forward
Grants awarded in year to be used within one year
Grant awarded in year to be used in more than one year
Released in year
132.750 333,214
280.955 117.955
34.602
132 750)
318419
14 PENSION COSTS
Eligible staff members belong to individual pension schemes to which contributions were due from
the charity totalling £50,018 (2023.. £36,754). At the balance sheet date £11,875 {2023.' £3,619) 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
Jan 2024
Income Expendlture Transfers Balance at 31
Dec 2024
Caribbean (Climate Debt)
Global South
Household Debt project
Student Debt project
25,758
72,223
16,360
627
(25,758)
(299,183}
(111,462)
314,430
120,490
87,470
25,388
627
2023 comparative statement:
Balance at 1
Jan 2023
Income Expenditure Transfers Balance at 31
Dec 2023
Caribbean (Climate Debt)
Global South
Household Debt project
Student Debt project
8,819
86,213
88,237
627
77,243
391,229
88,469
(82,476)
22,172
(383,047) (22,172)
(160,346)
25,758
72,223
16,360
627
114
28

DEBT JUSTICE
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Caribbean
ro
ect
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 received a new
grant from Avina at the end of 2023 for this work which was spent in 2024. From 2025 onwards we
plan to include work on climate debt and Caribbean in our main Global South project.
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 2024 comprised Polden Puckham Charitable Foundation
{177,083), Gates Foundation (£34,412) and Open Society Foundations (£17,047). We also spent a
total of £64,972 raised for this project through the 2023 Big Give Christmas Challenge, and raised
net total of £64,714 for 2025 expenditure through the 2024 Big Give Christmas Challenge.
Household Debt
ect
ro
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 2024 we received funds for this project from the Oak Foundation (£72,909) and Trust for London
(£47,580). 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 two grants. which will be spent in 2025.
Student Debt
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 2024, and the balance of the funds will be
spent in 2025.
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:
Balance at 1
January 2024
Income Expenditure Balance at 31
December 2024
Windfall income designated fund
869
(1000)
29

DEBT JUSTICE
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2023 comparative statement:
Balance at 1
January 2023
Income Expenditure Balance at 31
December 2023
Windfall income designated fund
(5 718)
Windfall income desi
nated 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.
Income for this fund in 2024 comprises an adjustment of £869 for the final balance, received in 2025,
of a legacy recognised in 2020. Expenditure from the fund was incurred on staff training.
At the balance sheet date, the remaining designated funds balance is planned to be spent on
additional investment in staff development, strategic development and the charity's individual
fundraising capacity.
18 ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted Restrlcted
funds
funds
Total
Fund balances at 31 December 2024 are represented by:
Fixed assets
Current assets
Creditors.. amounts falling due within one year
Creditors: amounts falling due after one year
1,546
296,502
(44,116)
1,546
429,042 725,544
(280,955) (325,071)
2023 comparative analysis:
Unrestrlcted Restrlcted
funds
funds
Total
Fund balances at 31 December 2023 are represented by:
Fixed assets
Current assets
Creditors: amounts falling due within one year
Creditors: amounts falling due after one year
4,286
410,643
(39,417)
4,286
262,583 673,226
(147,615) (187,032)
30

DEBT JUSTICE
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2024
19 OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are payable..
Land and Buildings
2024
2023
Plant and Machinery
2024
2023
Within one year
Between one and five years
3,297
3,141
The above commitment represents the ￿0-Month notice period the charity must give if it wishes to
leave the rental premises.
Land and Buildings
2024
2023
Plant and Machlnery
2024
2023
Operating lease rentals payable in the year
31

DEBT JUSTICE
LEGAL AND ADMINISTRATIVE INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024
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
Independent Examlners
Sollcltors
JCS Accountants Limited
5 Robin Hood Lane
Sutton
SM12SW
Bates, Wells & Braithwaite
2-6 Cannon Street
London
EC4M 6YH
Bankers
Unity Trust Bank
Nine Brindleyplace
Birmingham
B12HB
The Co-operative Bank
Kings Valley Yew Street
Stockport
SK4 2JU
Charity Bank Ltd
Fosse House
182 High Street
Tonbridge
TN9 1BE
Trustees I Company dlrectors
Sarah Abbott........ .... .......... (Treasurer. appointed 12 June 2024)
Amanda Ariss
Lydia Baker
Rachel Collinson.......
Tiwonge Cohn
Sally Copley
Simon Davey.........,.............. (Treasurer, resigned 12 June 2024)
Owen Espley
(until 12 June 2024)
Jesse Griffiths...................... (Chair)
Bilal Hussain .
(until 10 May 2024)
Sarah Jane Mace................. (until 12 June 2024)
Morten Thaysen
India Thorogood
(Vice-chair until 28 February 2024)
Company Secretary
Matt Gardner
Executive Director
Heidi Chow
32