These are just my observations and opinions as a developer. They are totally subjective and my opinion only:
There is a disconnect between senior management and what's going on on the ground.
The company vision has become unambitious yet paradoxically senior management is persistently coming up with unrealistic growth projections (and growth requirements for new products), widening the gap between plans and reality to such an extent that plans became a de-motivational tool rather than inspiring employees to reach them (due to their unrealistic nature).
Cost cutting and profit maximizing replaced the principle of doing what is right when it comes to decision making.
Core company values and culture have vanished compared to two years ago with low moral and unmotivated employees abounding.
JustGiving has lost the excitement of talented people coming together to make a difference. It has become a very corporate feeling environment and now feels just like working for an employer that could be in any sector (may as well be a financial service institution).
Core talent pool is degrading and years of experience have, and are busy pouring out of the organisation at an unsustainable pace.
Innovation and experimentation in products have given way to a culture of fear of trying. Limited budgets are stifling innovation to thrive.
Product managers are not empowered to own and evolve products.
Team structures are not cross functional and formed in an agile manner to address product needs. Rather, teams are being decided at a managerial level and seems to have formed to make management feel more secure rather than to address a need in an agile manner.
Recruitment is failing to address a shortage in key areas like QA and front end development.