By politics.co.uk staff
Labour's financial position "remains difficult", the party's general secretary has said.
Ray Collins told the autumn conference in Liverpool that the party was on track to be out of debt by the 2015 general election - but had to continue repaying £2 million every year in order to do so.
"When it comes to our finances, I want here to set the record straight. When I took over, our financial situation was grave, and it remains difficult," he said.
Mr Collins thanked Labour party members for their own financial contributions as well as "the incredible campaigns that you ran".
"I am proud of all the donations we receive, big and small, because those that contribute to the party want a better Britain, and look to us to effect that change," he added.
The general secretary said he had been determined to continue investing in the party's infrastructure, in spite of the tough financial situation faced by Labour.
"We know the Tories outspent us - but they sure as hell didn't out-campaign us... our campaign was better and smarter than ever before, and we got way more bang for our buck," he told delegates.