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 caMpa￿n5. 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 su1kcomm￿ee 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 Su1￿CoMmitteeS (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 SCa￿s. 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 be￿een the highest and lowest points of the
salary scales may never be greater than 2.5 to 1. In 2025, the rats'o be￿n 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 Organisat￿n 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 P￿bleMS 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
be￿een 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 SoC￿ty 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 prOb￿M 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 effe￿IvelY campaigning for an ambitious. systemic delA justsce agenda.
To build a critical mass of UK Indiv￿ua1S 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 kno￿edge, 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 carnpa￿ns 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 ap￿led 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 $657 million judgment against the country. These
developmenls highligm the urgent need for stronger international action and robust legislation to
curb creditor holdouts.
8.1.2 Actlvltles and Outcomes
Campaignlng for a now debt Justice law
We conlinued to advocate for new UK logis￿tion to compel private lenders to participate in debt
cancellalion. Around 90 /• of the t￿*ndS of countries eligible for the Common Framework are
governed by English law. This means that new legislation could prevent private ¢reditOTS from
suing countries in default for more than they woukl have received if they had participated in debt
restructuring. Legislation could also ensure that debt payments are suspended during negotiations
and require that loans be published on an Open-a￿$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 V￿uld 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 addres￿n9 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 CoUntr￿S 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 CoVe￿d 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 SoC￿ty 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
v￿bInarS, 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 Ne￿0[￿ 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 mill￿n 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 enfor￿ment pradices, including the use of
bailiffs by local authortlies for council lax colleCt￿n 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) Consu￿atIon 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 revIe￿ng 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 JUSt￿e 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 experienc￿0
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 neI￿OrkIng 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 thr￿gh 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 202￿2030, 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 Hea￿h 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 priorit￿S 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 CaMpa￿Ding 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 V0￿eS 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 act￿n$ 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 wh￿h £553,912 was restricted) and the expenditure
£874,764 (£586,402 restricted), resu￿Ing 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 V￿uld 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 TreaSu￿r 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 rev￿ed 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 A￿pIed 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 operat￿n$.
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....,soFkLa￿rf 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 aCtivrt￿s
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 r￿Qgnised 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 a￿rual$ ba￿8.
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 u￿lMate 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 antI￿pated
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 AcCou￿rS
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 8ctrwrt￿S
Public edU￿tIOn and CaMpa￿ning
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). a￿1 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 V￿re £335,226 (2024.. 4.8,
£341,676).
One employee r￿1Ved 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 y￿und 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 caMpa￿nerS 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 fO￿ardS 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 D￿ernber 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 nOn￿an￿lIable op8ratiTrJ leases are payable..
Plant and Machlnery
2025
2024
Land and Buildings
2026
2024
wrthin one year
Be￿a&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 JuSt￿e 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 Limit￿1
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