DEBT JUSTICE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Charlty R•9lstrntlon No. 1055675 Company R•glslr•tlon No. 3201959 (England and Wal}
DEBT JUSTICE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2026 Contents Page Trustees, report Stalemenl of Trustees, responsibilities Independent examiner's report Statemenl of financial activrt$ Balan sheet Statement of cash flows Notes to the accounts Legal and Administrative Information 3-14 15 16 17 18 19 20-30 31
DEBT JUSTICE TRUSTEES. REPORT The Trustees present their report and accounts for the year ended 31 December 2025. The accounts have been prepared under the Compan$ Act 2006 and in accordarte with the Charities Stalement of Recommended Practice 2019 (Charities SORP IFRS 102)). Financial Reporting Standard 102 (FRS 1021 and the Charities Act 2011. Strategic report 1. Structure, governance and management 1.1 Structurè D6bt 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, 30,000 supporters, 8 growing communty of activists and local gTOUPS formed of people with lived èxperience of debt who lead local caMpan5. We work in partnership wtth grassroots, communrty- based organisations. NGOS and the debt sector in the UK as well as with the global debt justice movement, including international partners across Africa. Asia, Latin America, the US and Europe. 1.2 Board and sub<ommlttees The Board has a skills-based model and Trustees are appointed by the Board, after hearing recomméndations from a su1kcommee of the Board and can serve for a maximum of iwo terms of three years. The Board is limited to a maximum size of 12 Trustees {th 10 as an ideal number). The Board of Trustees met three times in 2025 and had four Su1CoMmitteeS (all continuing): The Finance & Resources Commrttee oversees all aspects of the budget induding banking, insurance and fundraising The Management Committee oversees staffing and office issues The Risk Committee bads on assessment and management of strategic risks The Recrurtmenl Committee oversees the appointrnent and re-appointment of Trustees An Executive Director is appointed by the Trustees to mana98 the staff and the day-tcpday operations of the charity. 1.3Stsff The staff leam consisted of.. ExecLrtive Director Head of Campaigns and Engagefflent Head of Policy and Advocacy Head of Finance and Operations Head of Fundraising Policy Director Digital Campaigns Manager Campaign$ Manager Lead Organiser Activism Manager Campaigns and Policy Manager (Household debt) - from Februa 2025 Heidi Chow Eva Walkinson Jerome Phelps Matt Gardner Debby Boon Tim Jones Zak Suffee Elszabeth Baines Richard Dunbar Skye Golding Toby Murray
DEBT JUSTICE TRUSTEES. REPORT Policy Advisor {Global South) Operations Support Officer Tess Wooifenden Fin Frtzgerald The Executive Director and Heads cornprise the key management personnel of the charity. 1.4 Remunoratlon Staff are paid salaries in line wrth the charty's pr&agreed salary SCas. These are adjusted every year by negotiation belween Debt Justice and the trade union. taking RPI as a benchmark bul also considering the financial posf(ion of the charty. The organisalion's salary policy was last reviewed and salary scales benchmarked in 2020. The ratio beeen the highest and lowest points of the salary scales may never be greater than 2.5 to 1. In 2025, the rats'o ben the highest and lowest paid staff members was unchanged from 2024 at 2 to 1. All staff are offered pension contritJutK)ns arKI we meet the requirements of pension autO-8nrolment legislation. No Trustee receives remuneration for their twne spent on behalf of the charty. 1.5 Inducllon New Trustees receive an induction session to the Organisatn and its staff, as well as infonn8tion on the role and responsibility of being a Trustee. Changes in Trustee responsibili118s 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 rlsks to which the Charity is exposed. and Ihe 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 rSsk register foms the basis of the organisation's risk management and is reviewed regularly by senior staff and annually by the Board's Risk Managemenl Committee and then the full Board. The register identrfEs the major risks faced by the organisalion in relation to the following areas. along with control mechanisms and mrtualion actions.. regulatory compliance, financial, legal. safeguarding, reputational, business continuity. slralegic. and organisational. A further Board discussion Considered and approved the risk register and agreed a shared understanding of Ihe Board's risk appetrte in respect of the most swnfficant nsks. Trustees have given consideration to the major risks to which the charty is exposed and sab'sfied themselves that systems and procedures are established in der to manage those risks. 2. Fundraising The Trustees wish to thank the many indNiduals, trusts and affiliated groupsl organisations who have provided vital funding or given free of their time and expertise in support of Debt Justice. Grant fundraising is overseen by the Execulive tlirector and undertaken as part of their role by five other employees. The Head of Fundraising is responsible for our individual giving fundraising strategy Wtth support from other staff. Debt Justice is registered with the Fundraising Regulator arKI follows the Fundraising Regulator's rules and guidelines to ensure that members of the public are prolected from unreasonable fundraising practices and to protect their privacy. In 2024, we reviewed and updated our donation acceptance policy. We have a public available fundraisin Com laints olic In 2025 we received no (2024.. niF) fomial complaints regarding our fundraising procedures.
DEBT JUSTICE TRUSTEES, REPORT 3. Purpose, vlslon and mlssion Debl Justice is a UK charity working to end poverty, inequality and exploitation caused by unjust debt. Our charitable objectives, as s81 out the Memorandum and Articles of Association, are.. The relief of global poverty in particular by aotrancing education relating to the PbleMS of accumulating debts. Found&J in 1996, V are the successor for the Jubilee 2000 campaign. Our original focus was the sovefeign debt yoblems of ¢ounlries in the global Soulh, 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 beeen debt and poverty at both the UK and glotrjal ve1. Our vision is of a wodd that is fair, democratic arKI sustainab, where everyone has their basic needs met, their human rights respected. and the opportunty to flourish, live a dignified lrfe. and conlribute lo their community and to SoCty as a whole. This is a wortd where finance and the banks servè the public interest. and where no-one is exploited. oppressed or driven into poverty by debt. To advance our objectives. we undertake research, educats'on, organising and campayning, in partnership with allies in the UK and around the world. We aim lo tsckle exploitative and irresponsible lending, to secure the write-off of uniusl and unsustainable debts to give people and countries a fresh slart, and lo address the underlying reasons vthy so many paople and countries have no option but lo borrow just lo survive. We have a highly skilled team of staff with an agile, creats've and fiexiblè approach, a netsvork of local activists across the UK, a growing communty of online activists. and a strong netsvork 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 movèments for trade. tax and climate justice internationally. 4. Strategy Our Current strategy covers a five year period. t*fvn 2020 and 2025. Our slrategic objectives from our organisational strategy are.. To support people and govemments vkno are directly affected by prObM debt to stand up for their righls against credrtors and to take a teadership rok in debt justice campaigning. To increase the number and diversity of strategically relevant organisations who are actively and effeIvelY campaigning for an ambitious. systemic delA justsce agenda. To build a critical mass of UK Indivua1S vtho are supportrve of debt justice and willing arKI empowered lo take action in support of it. To help drive a shift in UK public attrtudes and values in relation lo debt. To secure strategic policy and legislatNe change to advance our vision and mission. To ensure a slrong, effective and dynamic Debt Juslice, operating fully in line wtth our values and our strategy, and wth the resources, cutture. polKies. and govemance in place to deliver our strategic objectives. 5. Publlc Beneflt Charity trustees have a duty to develop strategic plans to ensure that they provide public benefrt and achieve the objectives as set out in the charty's governing document. In shaping our objectives and planning oui activtties for the year, OUT Trustees have paid close regard to Ihe Charrty Commission's guidance on public benefft. including the guidance 'Public benefft." running a charity {PB2)'.
DEBT JUSTICE TRUSTEES. REPORT Debt Justice delNers benefft lo a wide range of stakeholders in the UK and overseas. Our beneficiaries include.. Indlvlduals and communltles In countries in debt crisi$ or at rlsk of falling Into debt crlsls: We work lo tackle and prevent debt crises in order to safeguard public rèsources for Jvefty alleviation. sttial protection, publi¢ services, and climate action. Indlvldual$ and communities in the UK who face problem debt or are at rlsk of It: We work to tackle the struclural causes of the debt-poverty irap and to lift Ihe debt burdens of households who are Caught in problem debt. The general publlc. clvll so¢lety. the media, policy-makern and decislonamakers In the UK and overseas.. We work to advance knoedge, education and understanding about the structural causes of unjust debt,. the role that accumulats'ng debts play in creating and perpetuating poverty and inequalty.. and the policy changes needed lo prevent problem indebtedness and lId financial resilience and sustainabilty for people and countries. 6. Organlsational porfomiance In 2025 Our work to relieve povety and educate the public had iwo focal points during 2025.. the sovereign debt crisis in the global south and the household debt crisis in the UK. The following summarises key activrties and outcomes from each of these carnpans as well as our work to buibJ UK activism on debt justicè and our key organisalional development actNrties. 6.1 The global south debt crlsls 6.1.1 Context In 2025, 54 lower income countr$ remained in debt iyisis as mounting repayments undemiined their abilily to fund essential public services and climate actKJn. The G20's Common Framework, set up during the pandemic to address debt crises. continued to prove Ineffective al providing dèbt relief. Only four countries have apled for debt relief through the process. Chad receNed no debt relief. Ethiopia, Ghana and Zambia are still negotiating relEf wrth 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. Meanwhile, vulture funds reemerged, buying distressed debt cheaply and threatening to sue for full repayment. Their actions slalled debt reslru¢tunngs in Ukraine and Ethiopia and forced these countries into bad deals, profiting at the expense of public spending and other creditors. Private lenders also escalated legal action in UK courts.. fossil fuel trader BB Energy is suing South Sudan over unpaKI debts, and Afreximbank secured a $657 million judgment against the country. These developmenls highligm the urgent need for stronger international action and robust legislation to curb creditor holdouts. 8.1.2 Actlvltles and Outcomes Campaignlng for a now debt Justice law We conlinued to advocate for new UK logistion to compel private lenders to participate in debt cancellalion. Around 90 /• of the t*ndS of countries eligible for the Common Framework are governed by English law. This means that new legislation could prevent private ¢reditOTS from suing countries in default for more than they woukl have received if they had participated in debt restructuring. Legislation could also ensure that debt payments are suspended during negotiations and require that loans be published on an Open-a$S registry to be legally enforceable. This would facilitate fair debt restructurings and build trust to unlock a wider package of improvements
DEBT JUSTICE TRUSTEES, REPORT to the Common Framework. It Vuld also improve transparency around lending, that would enable civil society to hold govemmenls and lenders accountable. New wislats'on would play a role both in addresn9 the current debt crisis as well as in helping to pievent future crises. This year we made the fdlowing progress in this work.. Mobili$ed public pressure for new legislation- We launched the Cancel Debt Choose Ho ecam ai n, coordinating a coalition of UK organisations as part of the global Jubileè Year 2025 mobilisation. We organised a su rter rall outside the Treasu , which was cov the Guardian, as well as produced an ex lainer video. We drafted and coordinated a oint ublic statement setting out key campaign demands. syned by 23 organisations. With allies we handed in a petition lo Downing Street with over 22,OCKI signatUTes. We held a su webinar featuring partners from Zimbabwe and Malawi to highlight the need for concrete action on the debt crisis. We participated in a mass event in parliament organised by The Climate Coalition. which 5000 people joined. Our work through the Coalition ensured that debt was one of the main policy asks during the day, and we were invited lo be on the opening panel highlighting the interconnection befyveen debt and climate. We also held a stall at the event. We estimate that over 100 MPS mel with their constituents to discuss the debt relief bill. At the end of the year, we handed in a petltion wtth over 68,000 signatures, together with our allies from Chrisitan Aid and Cafod. We also supported Project Everyone to produce a video that was viewed almost 4 million times. Bullt cross-party support for new leglslatlon.. We have engaged with parliamentarians from across different parties to raise awareness of the need for new legislation. This included promoting a Private Member's Bill on debl legislats'on. which was drafted by academic experts from the Universrties of Leeds and Warwick. and was the subject of a Westrninster Hall debate. We also supported discussions through roundtables and briefings attended by MPS and P88fS and provided evidence-based proposals in meets'ngs with ministers and officials. We worked wrth ACTSA and Christian Aid to coordinate a oinl letter from African hi commission of the Southern African Development Communty to the Chancellor to support our call for legislation on private credrtors, as government ministers and officials had been repeating that global south goveinments were not calling for legislalion. Eight high commissioners and ambassadors signed the letter. which was covered in the Guar Ralsed awareness through undertaklng orlginal research and Influenced the medla narratlve. We have been exposing the role of private creditors in debt restruclurings. In August, we ublished new research, covefed b Reuters, which found that lower-income countries, external debt payments to private lenders remain three times higher than payments to China. This highlighled the importance of new legislab.on to compel the participation of privale creditors in debl restructurings. We also published new ana sis and research with Ethiopian civil society organisation The Horn Economic and Social Policy Institute IHESPI) and Afrodad in January. which found that Ethiopia's bondholders would still have made 30YD profrt from an Ethiopian government debt restruduring proposal which was reiecled by bondholders in October 2024. Our research was quoted in the Financial Times, coverage of hold-out bondholders threatening to sue. Our reaction to a bfeakdown in negotiations between Ethiopia and bondholders wa5 covered by Reuters and Bloomber in October 2025. In April we ublished new searCh on the relationship between external debt payments and government spending. The research found thal for govemments spending over 15,/0 of revenue on exieinal debt payments, real public spending per person was on average 5¢/0 lower in 2023
DEBT JUSTICE TRUSTEES, REPORT than 2015. This was followed up by further or inal research in Octoter which found that tower- income CoUntrS that have been refused the opportunty to seek debt relief by the IMF have instead cut health and UCatIon spending by a sixth, while the IMF is breaking its own policies by finding external debts in these countries to be sustainable. The research was re orted in the Guardian. Our messaging on debt was also CoVed in articles in the Guardian and Dail Tele ra Lh during the IMF Annual Meetings in the same month. In June 2025 we blished research. with the Institute of Political Economy Sri Lanka, which found that global debt and austerity poliaes are fuelling the rise of authoritarianism across the global south demonstrating the widespread wnpact of debt crises and the urgent need for concrete action. Solldarlty actions wlth global south campaigners We continued to acl in solidarty wrth cNil SoCty organisations and actNisls in affected countries in their demands for debt cancellation: Supported global campalgners durlng the UN Flnanclng for Development Summlt: As part of a global week of coordinaled action to build public pressure for a new UN debt en convention al the UN Financing for Development summrt, we org8nised a QLLLLa stunt and ralty on London's South Bank. Participants were invrted to pull out blocks representing debt payments that led to other blocks, rewesenting education and heallhcare, tumbling, as a visual representation of how debt undermines public services. In total over 50 actions were organised across Ihe world as a visual demonstralion of global demands for a new UN debt convention. Opposrtion from the UK government and other rich countries watered down the outcome and so the final declaration only commrtted to an intergovernmental process to make non-bindirKJ recommendations on the debt system. However, the declaration did affim that countries should consider passing legislation to Compel private lenders to participate in debt restructuring. which we can use as an argument in our ongoing advocacy work. Moblllsed actlon on the Intsrconnected debt and cllmate cr1808 Over the last few years, we have been working wtth Ihe global climate movement to ensure there 1$ wider awareness on the interconnections between Ihe debt and climate crises, in order to build a broader movement calling for debt justice: Jolntly convened the Cllmate and Debt Worklng Group wlth our global south partners. Our steering group agr*d an ambitious workplan and we delNered capacity-building vbInarS, published educational briefings. and supported high-impact mobilisations at the UN Financing for Development Summrt. where multiple climate juslice groups joined in person. We also cfrhosted a dedicated side event on debt and climate al the conference. The group has now grown to 67 organisational members across the worfd. Tho UK chapter of the global Cllmate Actlon Network made Jubllee 2025 a prlorlty. This enabled our campaign demands to be amplthed by the global climate movement at key multilateral meetings. Ernbedded debt Justice withln global cllmate processes {UNFCCCl8onnl. Our tethnical submissions and advocacy guide for the Bonn Climate Conference helped shape discussions, while Climate Action Ne0[ and t)ebt Justi successfully proposed expert speakers for UNFCCC workshops. Produced a new set of briefings to support negotlations at COP30. This included a strat icen emenl uide and a briefin series to debunk false solutions being promoted at COP and other key intemational spaces.
DEBT JUSTICE TRUSTEES, REPORT Collaborated with The Big Shift Gas WorkFng Group to produce a landmatk paper on the links between debt and fossil fuels ahead of Financing for Cwelopment summit. ensuring this critical issue remains on the agenda through to COP30. Publlshed new research on the debt4elated outcomes for debt-for-nature swaps. This has helped build the case against debt swaps being an adequate solution to the debt and climate crises. 6.2 Household debt 6.2.1 Context Household debt remains at crisis levels. driven by stsgnats'ng inwmes. Cuts to weffare. and a cost- of-living crisis that forces millions into debt to pay for essentials. Over 10 million people are overindebted, wrth energy bills, council tax arrears. and credit card debt approaching record highs. Meanwhile, 5 milln people live on a negative l)udget. meaning their income cannot cover essential expenses and are forced to rely on mounting debt Just to get by. While all types of debts are on the rise, council tsx arrears are growing at a staggering Tal.4 million people are currently in debt, up by over 8 million in a year. Enforcement is severe.. missing one payment can trigger a demand foT the full yearfs bill wrthin hvo weeks. Bailrff use adds fees. deepens hardship. and often involves harassment. Neaty half of those in arrears report mental health issues, and many describe bailiff visits as traumatic. leading to isolation and anxiety. 6.2.2 Actlvltles and Outcom Natlonal campalgn to end balllff use This year we launched a new national campaign to 'Ban the Bailiffs,, callin9 for urgent reform to council tax collection practices. The campaign is pushing for key policy changes.. the revocation of Section 45 of the Council Tax Regulations 1992, which currently allows councils to instruct bailrffs without checks or balances, and the introducbon of a new Duty of Care that would place a legal obligation on councils to priorilise the wellbeing of residents when collecting council tax These policy demands aim to eliminate harmful enforment pradices, including the use of bailiffs by local authortlies for council lax colleCtn thal often lead to violence and intimidation of people in debt. We made the following progress.. The launch of our campaign was covered in an exclusNe media slo inTheiPa r. alongside further arts'cles in The Telegraph, The Express and Yahoo News. The media coverage included our new research that 1.2 million more people have fallen into council tax debt, bringing the total lo 4.4 million. One in three people in council tax arrears are now living in povety-up from one in five just 15 yeais ago. We launched a supporter Fetition wsth 4000 svJnatures and an email to MP action, which linked to local data on bailiff use. We also launched a supporter action linked to the Ministry for Housing, Communities and Local Government IMHCLG) ConsuatIon on council tax debt collection, through vlhich we facilitated 20LKI people to give views directty to the department on council tax debt and bailiff use.
DEBT JUSTICE TRUSTEES, REPORT We submitted evidence to the MHCLG consultation on council tsx adminrstratKin. a key vehicle through which we may see changes which will lead to a reduction in bailiff use. We staged a stunt outside the Minist of Housin Communities and Local Government, to deliver a giant repossession notice to help raise public awafeness of the issue. We continue to convene the Council Tax Collection Coalition, which now brings together 40 representatives from 20 organisations across ErKJland, Wales. and Scotland. It remains a powerful campaigning vehicle. As a coalition, we sent open letters as part of the sentencing review calling for an end lo imprisonment for people in council tax debt. We also made representations to Jim Mcmahon MP on counol tax collection in England. The Welsh overnment launched a c ullalion on counal tax enforcement reform-a direct resur( of pressure from our coalition. The consullalion is revIeng how quickly council tsx debts escalate and will update current enforcement guidan. We made submissions al)oul reforming debt collection practices to this consult*ion. In public statement. Mark Dr keford credited he coalition's influence on the rocess. We set up a new netsvork 'Ban the Bailrfts local campaign network, bringing together over 20 local campaigns for ending bailrff use for council tax debl collection 6.2.3.2 Communlty organlslng Community organising sits at the heart of our theory of change on household debt. The best people to lead change are the people directty affected by an issue. Using a community organising methodology, we support people wth lived experience of debt to build their collective power to win change to the household debt system. Our groups in Manchester and East London startéd working on local bailiff campaigns in 2024 and this year they continued to build on their progress.. Manchester Following the group's 2024 success in forcing Manchester City council to end the use of bailiffs for people on council tax support, the group launched the Greater Manchester Ban the Bailiffs Organising Group. uniting people with INed experience, campaigners, and sector allies. The Ban the Bailiffs campaign has built traction across Grealer Manchester. One debt adviser recently noted. 'w8 am heanng about Debt JUSte everywhernl" In May, the group met wf(h the Greater Manchestér Mayor Andy Burnham. This was a promised follow up meeting from our huslings event that we organised ahead of 2024's mayoral elections. Six individuals shared powerful lestimonies. The mayor endorsed the campaign and committed to fomiing a regional working gToutyincluding all 10 local authorty leaders in the Greater Manchester regM)n, campaigners, and people with lived experienc0 address the root causes of debt. We spoke at the Greater Manchester Money Advice Group's enforcement conference (alongside bailiff firms and the Enforcement Conduct Board). attended a neIOrkIng event organised by funder Civic Power Fund. and Joined the launch of the Greater Manchester mayorfs Living Income pilot. London The group has been building Tts power base this year by deepening communty ties, revising its strategy and having a greater presence at local events. The group organised powerful public meetings, bringing logether people that are hit hardest by council tax tlebt and bailiffs and has buill a broad alliance wrth debt advisers, trade unions, and housing groups. 10
DEBT JUSTICE TRUSTEES. REPORT The group pursued an opportunty with the Mayor of Tower Hamlets to engage in a dialoguè on bailiffs this year and will build on connections made into nexi year. Other household debt areas In March, Mi hael Sheen brou ht national attention to the secondary debt market and the case for debt cancellation thrgh his documentary on unaffordable credit. We welcomed the intervention and published a response letter in Th6 Guardian. calling for a more systemio approach to tackling problem debt. We conlinued our broader engagement work. induding attending a Scottish conference on public sector debt and ¢hihJ poverty, and conlributing to media such as Voic8 of Islam radio, the London Spy newslettèr, and the Endless Mixiape substack. We've also issued press stat8ments in response to the proposed cuts to disabilty benefrts, and added our name to a letter calling for action on hTrgh cost credrt that was published in the Financial Times. We have also sutxnitted two consultations on Ofgem's 'Help to Repay, scheme. with the objective of ensuring that the widest possible group of people can access debt relief for energy debt through this scheme 6.3 Actlvlsm In addition lo our actNists taking part in the campaigning activities listed above, we held our national activist gathering in November, a full day supporter training and engagement event was held in London. The event included sessions on both our global south and household debt campaigns as well as broader movement building sessions on campaigning in the current climate. We had a number of external speakers and facilitators. including Sotez Chowdhury. Director of Activism and Education for Amnesty Intemational, Accessibilty Trainer Tatum Swrthènbank. and Jo Barker-marsh from our local campaign group in Manchester. 6.4 Organlsatlonal development New organlsatlonal strategy Our current five-year strategy concluded at the end of 2025. Throughout the year, we undertook series of facilitated discussions and stakehohJer consuttation$ to shape a new strategic plan for the organisation. The new five-year strategy, covering 2022030, provides a clear framework for how we will drive change over the next period and ensures alignment our vision, mission, and values. Mental heafth and wellbelng We trained up a second Mental Health Advocate role {also known as a Mental Heah First Alder) to help foster a culture where mental health and wellbeing are openly disoussed. recognised, and supported within the organisation. The Iwo members of staff Ihat have laken on this rose have provided invaluable support to the team. In addf(ion, we created dedicaled wellbeing spaces to offer staff safe and supportive spaces to promote understsnding and care and have worked on a new mental health and wellbeing policy. New remuneratlon pollcy This year we developed a new remuneration policy to faidy iecognise the time and expertise that people with lived experience of household debt contribution to our work. The policy enables us to offer payments for specific activrties across our campaigns- including advocacy, policy, media work and participative research while incorporating safeguards to ensure that remuneration does not negatively impact anyone receiving beneffts. This approach str8ngthens our commrtment to
DEBT JUSTICE TRUSTEES. REPORT centring lived experience in all aspects of our local and nth'onal campaigns and ensures that people Ihat affected by the injustices in the debt system are supported to help shape the solutions. Embedding antlaoppression learning and practlce We continue to grow in our learning journey to embed anti-oppression into our organisation. Our staff team undertook training on giving and receNing feedback and disability justice, slrengthening our culture of inclusion and accountability. We updated leave policies to better support staff wellbeing and recruitment practices were revised to improve accessibilty and equrty. We developed guidelines to ensure equitable participation for people taking part in our public stunts, actions and events. 7. Prlnclpal rlsks and challenge3 Bulldlng long-term flnanclal sustalnablllty We continue lo face the challenge of growing and dwersrfying our income both in the short and long lerm to sustain our carnpaigns 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 Ihis challenge. Income from indrvidual giving has been dampened across the sector in the last few years due to the cosl of living crisis. The funding landscape for economic justice issues continues lo be challenging due lo the limited pool of fundets that support economic juslice work as well as contending with funders, strategy reviews. changing prioritS and spending down endowments. We continue to face the perennial challenge of securing mulli-year. grant-based funding for economic iuslice issues which require long-tem investment to win the systernic18vel changes thal our campaigns are fighting for. 8. Plans for 2026 In 2026, we will start work on our new organisalional strategy and challenge the way that debl is perpetuating and driving poverty and inequality for UK households and in lower income countri8S. Our key priorrties for 2026 are as follows.. Global south debt Continue to build support for new UK legislation to compel private creditors to take part in debt restrucluring Mobilise organisations. supporters and activists on debt justice CaMpaDing in preparation for the UK G20 presidency in 2027 Campaign in solidarty and partnefship with Campaigners in countries that ale in a debt crisis and create media opportunities to plafform the V0eS of affected communlties Co-convene and support the Debt and Climate Working Group to build capacty to amplify debt demands at key global climate meetings. Household debt Build the public profile of our national campaign on ending bailiff use for council tax collection. Build a cohort of influential supporters across parties and across local govemment. Support our communty organising groups in Manchester and London to win their local campaigns to end bailiff use in the metropolitan boroughs of Greater Manchester and Tower Hamlets in London. Actlvlsm 12
DEBT JUSTICE TRUSTEES, REPORT Organise a range of trainings, workshops and webinars to skill up activists and to reach new audiences. Create a range of sustsined actn$ and acttvities to keep existing activists engaged with our campaigns Work with strategtc partners to mobilise ne4V activists to campaign on debt juth'ce. Organisatlonal development Introduce and implement new stsff policies on wellbeing and on disabilty and neurodiversity. Develop a new leaming programme on anti¥OPPfession for the staff team Review all slaff policies and contracts to ensure Compliance with statutory changes from the implementation of the Employment Rights Act. 10. Flnanclal Revlew The incom8 of the Charty was £822,854 (of whh £553,912 was restricted) and the expenditure £874,764 (£586,402 restricted), resuIng in a deficit of £51,909. This deficrt includes a decrease of £32,490 to restricted funds and a decrease of £11.317 to designated funds, so the gen8ral unrestricted deficit for the yèar was £8.102. In 2025 total income was signlficantly higher than 2024 (an increase of £141 k or 21 OA), mainly due to increased grant funding (a large grant from the Gales Foundation which began in late 2024, plus additional new funding from the Climate Emergency Collaboration Group). This mean that we were able to increase expendrture Iby £70k or 8°/0 compared lo 2024) while spending down much less unrestricted reserves 1£8k, compared to £122k in 2024). We were therefore able to maintain a comfortable level of reserves at £235k. which is just over 3 months. total expenditure (the middle of the range identified by the reserves policy). The Truslees are very gratefijl for the continued support of many individual donors Itolalling £194k, 240/0 of the charty's income), which along with the contributions of grant funders1£614k) make the charity's Wofk possible. Reserrfes and Invoslment Pollcy The trustees revised their reserves policy in 2022 to more accurately meet the organisation's needs.. 'In order to allow for fluctuations in fijnding and in recognrtion of long-term funding commitments, such as to staff, the trustees aim to have funds equNalent to around three months, total forecast expenditure in reserves. The minimum acceptable level of resetves shall be 1.5 months, total forécast expenditure and the maxirnum shall be 4.5 monlhs. total forecast expenditure." 'To ensure we keep within this range. vft will monrtor reserve levels regularly throughout the year and take action if reserves are approaching the minimum or maximum levels.. 'A minimum of three months, reserves Vuld norrnalty 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 wth longer-term access. at the discrelion of the Honorary TreaSur and Executive Director.. Trustees reviewed this p)li¢y when setting the 2026 budget and agreed it is still appropriate. The current general unrestricted reserves (of £234,513) is about three months of total expenditure budgeted in 2026. The chartty is also carrying forward restricted reserves due to the timing of some restricted income {principally that raised through the Big Give Christmas Challenge in December which is planned to be spenl in the following calendar yearl. All restricted fund balances at the balan sheet date (£80,995) are p1anr to be spent in 2026. in addition to £164,688 of restricted 13
DEBT JUSTICE TRUSTEES. REPORT fund income which has been deferred to 2026 The 2026 budget agreed by the trustees shows a deficit on restricted funds and unreslricted funds. but further fundraising is planned in order to limTI the use of reserves. Golng concern The trustee5 consider that there a no material uncertainlies regarding the Charity's ability to continue as a going concern. In reaching that conclusion the trustees have considered forecasts of secure(l and likely income and associated expendrture for a period of three years from the balance sheet date. While the organisation does not currenuy have sufficient secured income to maintain existing staffing levels and activty delivery for the next 12 months. the Iruslees have considered a range of financial scenarios, including a worsl-ease assumption thal no fvrther funding is secured. Under this scenario, the charity woukl implement a controlled reslructuring process, including reductions in expenditure and staffing. to ensure that core functions can continue. On this basis. the trustees are satisfied that the chanty has adequate resources to continue operating in some capacity for the foreseeable futu and therefore consider rt appropriate to prepare the financial statements on a going concem basis. Independent examlners We appointed JCS Accountants Limited as auditors, following a selection process, on 28 October 2008. The Finance and Resour Committee of the Board reved their appointment in 2019120 and concluded that rt was appyopriate for the relationship lo continue. Our accounts in 2019, 2020, 2024 and 2025 were only subject to independent examination. JCS Accountants Limited were Teappointed by the trustees at our Annual General Meeting on 18 June 2025. They have indicated their willingness lo continue in office and in accordance wrth the provisions of the Companies Act it is proposed they be re-appointed as auditors or Thlependenl examiners for the ensuing year. The trustees, report has been prepared in accordance wth the special provisions relating to small companies within part 15 of the Companies Act 2CN)6. On behaw of the Board of Trustees Amanda Ariss Trustee 026 14
DEBT JUSTICE STATEMENT OF TRUSTEES. RESPONSIBILITIES Th8 trustees (who are also directors of Debt justi 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 kn'ngdom Accounting Standards. including Financial Reporting Standard 102.. the Financial Reporting Standard applicable in the UK and Republic of Ireland (Untled Kingdom Generally ApIed 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 stale 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 T8quired to.. select suitable accounting policies and appty them consistently., observe the methods and prinGiples in the Charities SORP: make judgements and accounting estimates that are reasonable and prudent,. stste whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed and explained in the financial ststements., prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charrtable company will continue its operatn$. The trustees are responsible for keeping proper accounting records which disclose wf(h reasonable accuracy at any time the financial position of the charitable company and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and nce for taking reasonable steps for the prevention of fraud and other irregularth'es. 15
DEBT JUSTICE INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF DEBT JUSTICE I report to the charity trustees on my examination ofthe accounts ofthe Company for the year ended 31 December 2025 set out on pages 17 to 30. Responslbllftlos and basis of report As the charity's tTUStees (and also its directors fcff the purposes of company law) you ar8 responsible for the preparation of the accounts in accordance wrth the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the accounts of ihe Company are not required to b8 audited under Part 16 of the 2006 Act and are eligible foT independenl examination, I report in respect of my examination of your charrty's accounts as carried out under section 145 of the Charrtes Act 20111'the 2011 Act'}. In carrying out my examination I have followed the directions given by the Charity Commission under section 145{51{b) of the 2011 Ad. Independent examlnetrg statement Since the Company's gross income exceeded £250,rJ)O your examiner must be a member of 8 boo listed in section 145 of the 2011 Ad. I confirm that l am qualified to undertake the examination because l am a member of the Instrtute of Chartered Accounlants in England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that no matters have CO 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 accounls give a 'true arKI fair view, which is not a matter considered as part of an independent examination.. or the accounts have not been prepared in accordance wrth the methods and principles of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republio of Ireland IFRS 102) I have no concerns and have come across no other mattets in connection with the examination to which altention should be drawn in this report in order to enable a proper understanding of th8 accounts to be reached. Minam Hick$on CTA FCA JCS Accountants Limited 5 Robin Hood Lane Sutton Surrey SM1 2SW Dats. .....iF....,soFkLarf Zo Z 16
DEBT JUSTICE STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025 Unrestrl¢ted Restricted funds funds Total 2025 Tolal 2024 Notes Income from: Donations and legaci8S Charrtable activities Investments and othei income Totsl 254.071 1,725 553.912 807,983 666,050 1.725 2,890 Expendlture on: Raising funds ChaiFtablg aCtivrts Public education and campaigning Advocacy Policy and resèarch Movement building 57,142 81.862 139,004 126,727 128,069 19,232 32.647 279,374 407.443 376.266 43,752 62,984 62,306 69,240 101,887 89,401 12 174 163446 150086 231 220 Total 86 8 362 04 786 Not {•xpendltureVlncome 119.419) 132,490) 151,909) {123.0631 Transfers btheen funds 16 Net movement In funds 119.419) 132,490) {51,909) 1123.0631 Total funds brought forward (1 January) 253 932 7417 4904 Total funds carTled forward131 December) The £19,419 deficrt of unrestricled funds includes a decrease lo designated funds of £11.317 {see note 17). The nel movement of general unrestricted funds in 2025 therefore shows a deficit of £8,102. There were no recognised gains or losses other than those included above. None of the charity's activities were acquired or discontinued during the al)ove two years. The notes on pages 20 to 30 fomi part of the accounts. 17
DEBT JUSTICE BALANCE SHEET AS AT 31 DECEMBER 2025 2025 2024 Notes Flxed assets Tangible assets 10 5.302 1.546 Current assets Debtors Cash at bank and in hand Total current assets 11 102.628 419462 522,090 261,146 725,544 CredStor8: amounts falling due wtthin one year 325 071 Net current as8et• 47 Total a33ets less current Ilabllltles 316.608 402,019 Credltorn: amounts falliro due after one yéar Net assets 13 Tho funds of the charlty: Restricted income funds 16 80.995 ' 113,485 Designated funds General funds Unrestricted funds 17 11,317 Total charlty funds 18 The Trustees consider that the company was enlrtled to the exemption under S477 of the Companies Act 2006 and no notice has been deposited under S476 in relation to rts accounls for the financial year. The Trustees acknowledge their responsibilities for.. ensuring that the company keeps accounts'ng records complying with S386: and preparing accounts which give a true and fair view of the slate of affairs of the company as at the end of the financial year, and of rts Surplus or deficrt for the financial year in accordan with S394 and S395, and which otherwise comply with the requirements of the Companies Act 20c. The financial statements were prepared in accordance with the speaal provisions of the Companies Act 2006 relating lo small cornpan and were approved by Board on 17 June 2026 and signed on their behalf by.. Amanda Ariss Trustee Company number: 3201959 18
DEBT JUSTICE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025 2025 2024 Cash used In op•ratlng actlvltles (see bel¢)wl (51.5271 {80.8781 Cash flows from Investlng actl¥ltS0¥ Interest receNed Payments lo ¥quir8 tsngibkn fixed assets Cash provided by invosling •clivilies 12.802 12,783 Net c48h oufflow 144.936) {68,456 Cash and eash equivalents al 1 January Cash and cash •qulval•nts at 31 D•cembèr Cash flows from operallng actlvltles Nel deficit for the year Inlere$l receivod shown in investing xtivit*s Depreciation Decre88ellincreasel in debtors Increasel{deerea$e) in cr¢drtors 151,9091 112,8021 2,455 158.518 147 1123,0631 { 12,7831 3,101 1120.774} Cash u¥•d In op•r•tlng actlvltl•s 19
DEBT JUSTICE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 1 ACCOUNTING POLICIES Debt Justice {known as Jubilee Debt Campaign until 28 March 2022) is a private Company limrted by guarantee incorporaled in England and Wales (company no. 3201959) and registered with the Charity Commission in England and Wales Ichartty no. 1055675). Its registered office is: Oxford House. Derbyshire Slreet. London E2 6HG. The principal accounting F)olicies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial slatements are as follows.. 1.1 Basls of preparatlon The financial statements have been prepared under the Companies Act 2006 and in accordance with the Charities Statement of Recommended Practice 2019 (Charities SORP IFRS 1021). Financial Reporting Standard 102 IFRS 1021 and the Charities Ad 2011. The financial statements are drawn up on the historical cost basis of accounting. Debt Justice meets the definition of a wblic benefit entity urnler FRS102. The financial statements are prepared in sterling, which is the functional currency of the charrty, and rounded to the nearest The Trustees have prepared detailed forecasts and cash fl¢)w projections which they lIeVe are based on reasonable assumptions. The forecasts show th* the charity should be able to operate for a period of al least 12 months from the reporting date and there are no matenal uncertainties about the charity's ability to conlinue. so the trustees consider It appropnate to prepare the financial statements on the going concern basis. 1.2 Income All income is rQgnised once the charty has entrtlement to the income, it ts probable that the income wlll be received and the amount of income receivabb Can be reliably measured. Grants received for expendrture that must take place in future periods are deferred until the expenditure occurs. Where granl agreements contain condr¢ions that 5pecfy the services to be performed, in¢ome is recognised only to the extent thal Ihe charty has provided the specific services. Investment income is recognised on an arual$ ba8. 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 chanty in Ihe case of donated services or facilrties. No amounts are included in the financial stalemenls for services donated by volunteers. Legacies are accounted for as soon as the charity is notffied of its legal entrtlement, the amount due is quanlifiable and rts ulMate receipt by the charty is probable. All other income is included in the Statement of Financial Actp4f(ies in the year in which rt is received. 1.3 Expendlture Expenditure is recognised once there is a legal or constructNe obligation to make a payment to a third party, it is probable thal setuement will be required arKI the amount of the obligation can be measured reliably. Expenditure is discounted to present value for bnger term liabilities. All expenditure is accounted for on an accruals basis. Overhead and other costs not directly attributable to a particular functional activty category are apportion in proportion to the direct costs associated wilh each athvity. 20
DEBT JUSTICE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 Staff costs are allocated to vaTlOUS categories of expenditure based on an estimate of the proportion of time spent on different activities. Costs of raising funds comprise activitres for vthich the main purpose is generating income for charitable expenditure. Costs of charitable actNities Comprise the costs of the prifflary activities of charty. 1.4 Leaslng and hire purchase commltments Rents payable under operaling leases are charged against income on a straight line basis over the period of the lease. 1.6 Stock Stock is valued at the lowei of cost and net realisable value. 1.6 Penslon8 The charity contributes to certain employees, personal pension plans. These are defined contribution schemes, the assets of which are held separalely from those of thè charity. Contributions are charged to the Statement of Financtal Acts'vities on an accruals basis. 1.7 Accumulated funds Réstrlcted funds Restricted lunds are those which are suty'e¢t to donor imposed conditions and can onty be used for those purposes Unrestrl¢ted funds These are funds which can be used in accordance wrth the charitable obj.ects at the discretion of Ihe trustees. Doslgnated funds These are unrestricted funds which have been designated by the tnjstees for specific purposes. 1.8 Flxed assets Expenditure on tangible ffiX assets over £250 is capitalised. Deprèciation is WOVKled on all tangilje fixed assets so as to ¥wite thern off over their antIpated useful INes over Ihe following number of years: Fixtures, fittings and equipment 3 years 1.9 Debtors Grants receivable and other debtors are included at the settlemenl 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 highty liquid investments with a short matUTity of three months or less from the date of opening of the deposit. 1.11 Credltors and provlslons Creditors and provisions are recognised where the charty has a presenl obligats'on arising from a past event that will probabty result in the transfer of funds to a third party and the amount due to settle the obligth'on can be measured or estimalaJ reliably. Cfeditors and provisions are recognised at their settlement amount 21
DEBT JUSTICE NOTES TO THE AcCourS FOR THE YEAR ENDED 31 DECEMBER 2025 1.12 Deferred incorne Income that has been received but the charity is not yet entitkd lo recognise as income, is treated as deferred income. 1.13 Flnan¢lal Instruments The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments afe initialty recognised at transaction value and subsequenlly 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 dale. Realised exchange rate drfferences, as well as exchange rate gains or losses resurting frorn the valualion of receivables and liabilities. have been included in the Stslement of Financlal Actrvities. 2 COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES FOR 2024 Unmtrlcted Restricted fund8 funds Total 2024 Notes Income from: Donations and legacies Charitable activrties Investments and other income Total 231,130 2,890 434,920 666,050 2,890 681723 Expendlture on: Raisin9 funds Chanl8ble 8ctrwrtS Public edUtIOn and CaMpaning Advocacy Policy and research Movement building 65,329 61,398 126.727 175,989 25,638 36,448 200.277 36.668 52,953 376,266 82,306 89,401 678 059 Total 368 383 Net Incomel(expendlturel {121,580) 11,4831 (123,063) Transfers between funds 16 Net movement In funds 1121,580) 11,4831 (123.063) Total funds brought forward11 January} 375512 490 480 Totsl funds carrfed forward131 December) 367 417 22
DEBT JUSTICE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 3 VOLUNTARY INCOME Unrestrlcted Restrf¢ted funds funds Totsl funds 2026 Total funds 2024 Donations and gifts. including Grft AKI Legacies receivable Grants 128,739 332 125000 64,904 193.643 183,645 332 869 614 008 481 536 489 008 Donatlons. glfts. legacles and grants Unrestricted Restricted funds funds Total funds 2026 Total funds 2024 Anonymous Burslem Bible Centre CAFOD Christian Aid Climate Emergency Collaboration Group Estate of Mr J Ady Gales Foundation Gfft Aid from donors Joffe Charitable Trust John Ellerman Foundation Mr P Linsey Mr P Merson New Economics Foundation Oak Foundation Open Society Foundations Others leach under £1,000) Polden Puckham Charitable Foundation Reed Foundation - Intemational ShareGift The Tudor Trust Trust foT London Weatherall, Mary {donation in memoriam) Total 12.500 2,CK)O 10.500 15.Crt)O 27.300 39,800 2,000 10,500 1S.000 33.904 332 138,041 29,042 50,000 33,590 10.000 10.000 33,904 332 869 57,168 26,465 2,000 40.000 1,125 1,360 5,000 72,909 14,796 112,649 113.791 200,000 177.083 13,161 7,314 5,000 40.000 47.580 138,041 6.301 22,741 50,000 1.125 1,125 1,360 400 77,652 77,652 81.746 30.903 200.000 13,161 50.000 26.250 76,250 23
DEBT JUSTICE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 4 INVESTMENT INCOME 2025 2024 Interest receivable on UK bank accounts 5 INCOME FROM CHARITABLE ACTIVITIES Unrestrlcted funds Restrlcted funds Total funds 2026 Total funds 2024 Provision of services Promotional activities Total Income from charltable adlvltles 2,580 6 EXPENOITURE Actfvltle8 Grant undertaken fundlng of dlrectly actlvltlea Support costs (note 71 Totsl 2025 Total 2024 Raising funds Charitable expenditure Total expendlture Total expendlture 2024 115,069 609 070 23,935 126690 139,004 126,727 735 760 LLL9 Charltable expendituro Actlvltles Grant undortaken funding of dlrectly activiti08 Support costs (note 7) Total 2025 Total 2024 Public educalion and Campaigning Advocacy Policy and research Movement building Total charilable expondlture 337.286 52.139 84.343 70.157 10,845 17,544 407,443 376,266 62,984 62,306 101,887 89,401 163 446 150 086 24
DEBT JUSTICE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 7 SUPPORT COSTS Raising Public Policy and Movernent funds education and Advocacy research building campaigning 2026 2024 Total Total Support cost Finance and admin 201 31 50 81 432 805 Board ¢osls 820 127 205 329 1.761 2.219 Office and IT costs 1,262 3.698 572 925 1,482 7,939 10,027 Professional fees 91 266 41 67 107 572 572 Governancé costs.. fees payable to independent examiners for indèpendent examination 593 1.738 269 435 697 3,732 3,552 3,155 9,247 1.430 2.312 3,710 19.854 19,046 609 1,785 276 446 717 3.833 2,941 21021 112502 105860 69 Rent and rates Staff expenses Staff costs Included in support costs are depreciation of £2,455 {2024'. £3,101) and operating lease payments,. £19,854 in respect of rent included in rent and rates12024'. £19.046). a1 plant and machinery of £58 included in office & IT cosls12024.' £58). 8 TRUSTEES AND RELATED PARTY DECLARATIONS Two trustees received reimbursement of travel expenses totalling £246 (2024". three trustees and one company owned by a trustee were reimbursed travel and other expenses tolalling £9011. No trustees received any remunerab.on in 2025 or 2024. No trustees received any benefits in 2025 or 2024.There were no other relaled party transactions during the year. 9 STAFF COSTS 2026 2024 Wages and salaries Social security costs Other pension costs Recruitment costs Training costs 617,932 567,872 72,016 61,020 52,455 50.018 377 The average monthly number of employees during the year was.. 2025 No. 2024 No. 2025 2024 FfE No. FTE No. Raising funds Charitable actNf(ies Support services Aggregale employee-beneffts of 4.4 FTE key management personnel Vre £335,226 (2024.. 4.8, £341,676). One employee r1Ved emoluments betsveen £70.IXIO and £80.000 {2024- one empbyee received annual emoluments between £70,CIJO and £80.01)0). 25
DEBT JUSTICE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 10 FIXED ASSErs Flxtures. fittings and equlpment 2025 2024 Cost At 1 January Additions Disposals At 31 Decemb8r 15,707 6,211 15,707 6,211 17.203 360 18 056 Depreciation At 1 January Charge for the year Disposals At 31 December 14,161 2,455 14,161 2,455 12,917 3,100 Net Book Value At 1 January At 31 Decemtei 11 DEBTORS 2025 2024 Gift aid receivable Other debtors and accrued income Prepayments 21,516 17,192 61,126 234,449 L6 9505 Included in other debtors is the balance of a grant from Tiust for London (£50,000) awarded in 2025 but not yel received at the balance sheet date. 12 CREDITORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR 2025 2024 Trade creditofs Taxes and social securty costs Deferred income Credit cards Accruals 4,025 186 18,200 14,888 164,688 280.955 2,325 1,899 The deferred income balance comprises four grants {Polden Puckham Charitable Foundatson {£83,333), Climate Emergency Collaboration Group {£10,887), Gates Foundabon1£34,6021 and Oak Foundation {£35,866)) to which the charity will be entitled in the following year. 26
DEBT JUSTICE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 13 CREDITORS: AMOUNTS FALLING DUE AFfER ONE YEAR 2025 2024 Deferred income D8ferr8d income movement in the year ended 31 December: 2026 2024 Balance brought forward Grants awarded in year lo be used V&fjthin one year Grant awarded in year to be used in more than one year Released in year 315,557 132,750 130,086 280,955 34.602 132 750 280 955 14 PENSION COSTS Eligible staff members belong to individual pension schemes lo which contributions were due from the charity totalling £52,455 (2024.. £50,018). At the balance sheet date £3,273 {2024. £11,875) was outstanding. 15 CONTrOL The charity is a company limrted by guarantse. In the èvent of the charty being yund up. the maximum amount which each membw has undertaken to contribute is £1. No one member has overall control of the ¢harity. 16 RESTRICTED FUNDS The income funds of the charity include restricted funds comprising the following un8xpended balances of donations and grants held on Irust for specffic Pufposes". Balance at 1 Jan 2025 Income Expendfture Transfers Balance at 31 Dec 2025 Global South Household Debt project Student Debt project 87,470 25,388 627 444.567 109.345 1455,593) {130,809) 76,444 3,924 627 2024 comparatlve statement: Balance at 1 Jan 2024 Income Expenditure Transfers Balance at 31 Dec 2024 Caribbean (Climate Deb1} Global South Household Debt project Student Debl project 25,758 72,223 16.360 627 (25.758) {299,183) {111,462) 314,430 120.490 87,470 25,388 627 27
DEBT JUSTICE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 Global South This projecl aims to raise awareness of and secure solutions to the current global south debl crisis. and support debt caMpanerS in the countries affecled or most at risk in their efforts lo avert or mrtigate debt cnses. ThLS has been our main project for a number of years and as well as grant funding we false funds for this project through Ihe Big Give Christmas Challenge mosl years. The grant funds expended on this project in 2025 comprised Polden Puckham Charitable Foundation (£200,000), Gates Foundation1£152,555) and Climate Emergency Collaboration Group {£33,904). We also spent a total of £69,134 raised for this project through the 2024 Big Give Christmas Challenge, and raised a net total of £71,905 for 2026 expenditure through the 2025 Big Give Christrnas Challenge. ousehold Debt ro ect This project aims to tsckle the accumulation of unjust household debt in the UK economy and s8cure policy Change to prevent it from building up again in future. In 2025 we recelved funds for this project from the Oak Foundation (£77.653) and Trust for London (£26.2501, as well as £5.442 raised through a matched giving appeal run by the Big GNe. Activities funded by this projed induded our Community Organising project on household debt, as well as policy work to support this project. A further grant of £50,000 was awarded by Trusl for London in November 2025 but this grant is unrestricted. The amount carried fOardS represents the balance of the Oak grant. which will be spent in 2026. dent Debt vo In 2015 we agreed a partnership with Create London to recepie all donations colthted through their art exhibition 'Day after Debt, from 2015-17, and to use them for educats'onal and campaigning activities related to student debt. A small amount of income was received from this source in 2016 and 2017. There was no expendrture on this project in 2025. and the balance of the fijnds will be spent in 2026. 17 DESIGNATED FUNDS Thè unrestricted income funds of the charity include funds ¢omprising the following unexpended balances of donations designated by the trustees for specific purposes.. Balance at 1 January 2025 Income Expendlture Balance at 31 December 2026 Windfall income designated fund 28
DEBT JUSTICE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 2024 comparative statement: Balance at 1 January 2024 Income Expendlture Balance at 31 December 2024 Windfall income deswnated fund 69 Wlndfall Income desl nated fund The trustees have a policy of designaling one-off windfall income such as legacies, to be spent on discrete projects which could not olhefwise 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 resutt of income that is unlikely to be repeated. Income for this fijnd in 2025 comprised an ex-gratia donation of £7k from th8 estate of a dèceased supporter, as well as very small adjustment of £332 for the final balance. received in 2025, of a legacy recognised in 2020. During 2025, the Irustees reviewed the purpose of the fund and determined that, in the absence of any planned discrele projects for which it had been designated, the fund could more effectively utilised to meet staff salary costs that would otherwise have been funded from unrestricted income.. At the balance sheet date, this fvnd had a nil balance. 18 ANALYSIS OF NET ASSETS BEfwEEN FUNDS Unrestrlcted Restrlctod funds funds Total Fund balances at 31 Dernber 2025 are rewesented by.. Fixed assets Current assets Cr8ditors'. amounts falling due within one year Creditors.. amounts falling due after one year 5,302 273.468 {44.257) 5.302 248,622 522,090 (167,627) {211,884) 2024 comparatlve anaty81s: Unrestrlcted Regtrlcted funds funds Totsl Fund balances at 31 December 2024 are represented by: Fixed assets Currenl assets Creditors.. amounts falling due wrthin one year Creditors.. amounts falling due after one year 1,546 296,502 {44,116) 1,546 429,042 725,544 {280,955) 1325,071) 29
DEBT JUSTICE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 19 OPERATING LEASES The total future minimum lease payments under nOnanlIable op8ratiTrJ leases are payable.. Plant and Machlnery 2025 2024 Land and Buildings 2026 2024 wrthin one year Bea&n one and fwe years 3,429 3,297 The above commitrnent represents the trNothmonth notic8 P8riod the charty must give if it wishas to leave the renlal premises. Land and Buildlngs 2025 2024 Plant and Machlnery 2025 2024 Operating lease rentals payable in the yéar 30
DEBT JUSTICE LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2025 Debt JuSte is registered in England and Wales as a company limf(ed by guarant88 holding no share capital {no. 3201959} and a registered chanty (no. 1055675). Reglstered offl¢8 Oxford House Derbyshire Street London E2 6HG Independent Exarninern Sollcftors JCS Accountants Limit1 5 Robin Hood Lane Sutton SM12SW Bates. Wells & Braithwaite 2-6 Cannon Street London EC4M 6YH 8ankers Unity Trust Bank Nine Brindleyplace Birmingham B12HB The C(Foperative Bank Kings Valley Yew Street Slockp)rt SK4 2JU Charty Bank Ltd Fosse House 182 High Street Tonbridge TN9 1BE Trustees I Company dlrector• Sarah Abbott....... (Treasurer) Amanda Ariss..... . (Chair from 18 June 2025) Natalie Amirtage....... . (appointed 18 June 2025) Lydia Baker.............. . (resigned 16 October 2025) Stella Boulougari........ . (appointed 18 June 2025) Tmonge Cohn .... . (resigned 22 May 2025) Salty Copley.............. . (Vice-chair) Rachelle Earwaker.... . (appoinled 18 June 2025> Aliyah Green............. . (appoinled 18 June 2025> JesseGrffiths......-........ . (Chair, resigned 18 June 2025) Chiara Mariotti . . (appoinled 18 June 2025) Shereen Talaat.........-.......... (appointed 18 June 2025) Morten Thaysen India Thorogood............ . (resigned 15 October 2025) Company Secretsry Matt Gardner Executlvo Dlre¢tor Heidi Chow 31