AND DEBATING UMON CHAIUTABLE TRUST R¢port and Flnxncial Stat¢ments for the year ended 30tlt June 2025
THE OXFORD LITERARY APID DEBATING UNION CHARITABLE TRUST TRUSTEES, ANNUAL REPORT For the year ended 30th June 2025 OBJECTIVES AND ACTIVETIES The objectiv¢ of the Oxford Literary and D¢bating Union Charitable Trust Is the advancement of ¢ducation within the Universty of Oxford by the provision of debates and the maintenance of Libr and R¢adin8-room fa¢ilities which Univ¢rsity meEnbers tnay use. ACHtEVEMENTS AND PERFORMANCE The Trnst has appointed the Oxford Union Society as its delegate for the provision of these servKes. The delegate rnns the debatin& library and reading-room facilAties in th¢ TTUSt's premises in Frewin CourL Oxford, which the Society. as th¢ Tnt'S delegate, cccupies for this purpose. Non-members of the Oxford Union Society are able to attend the functions and us¢ the facilities provided by th¢ Society as the TTUSt's delegate on payment of a fee. Th¢ Trust provid¢s grallts to the d¢legat¢ for ¢ducational puryoses when resources so perniit. In furtherance of these aim4 the Oxford Union Society held 28 fornial debates and 89 Speaker m¢etings and ron$ duriu8 the year ended 30th June 2025, acquired a fijrther 761 books for its librnry and made 2,273 b¢xik loans to its readers (2024: 25 debates, 68 speaker m¢etings and forums, 714 book acquisitions and 5,004 book loans). As part of its own direct activities the TnL8t a]so swnsored a m¢morial d¢bating competition duTin8 th¢ Spring and awarded prizes to the best debater and best debating team. The Oxford Union So¢i¢ty, which is reCols¢d &8 one of the top ComptItiVe debating SletieS in the world, also continued throughout the year to 5UPWrt a number of internal and ¢xternal national debating competitions and educational events in sch¢x)Is. Th¢ Trust Iw continued to raise funds during the yw in order to support its obje¢tiv¢s of providing debating and library facilities in the Grade ll* listed prop¢rti¢$ it owns in central Oxford, originally built for the Oxford Union Soci¢ty. and still occupied by them. Fundrnising has been disrupted du¢ to the departiire of the DIrtOr of Development employed by the Truses delegate. Prior to her d¢parture ft series of programm¢s on past presidents and olficers. deSIed to attract donors was carried out and the series is available on YouTube. Fundraisins has also been adversely affected when, during the year, there was criti¢i5m in the Pr¢ss regardin8 ODe of the debate topics undertaken by our d¢le8ate as well as statements made since the year end of 2025 by a representative of our d¢legate albeit in his personal capacity. To counter this, the TTU5t has been actively explaining the importCe of upholding its Gommitment to freedom of sp¢ech within the law well as workin8 hard with its delegate to ¢nsur¢ that its values continue to be upheld. As set out below, funds have been spent in the cunEnt year on ¢ompleting th¢ r¢fibighrnent of the debating chamlxr and in contributing to the costs. shared between the Trust and its delegate, to establish the necessary works to pr¢serv¢ the historic buildings and provide a programm¢ of ongoing maintenance. During the year a survey was undertsken by th¢ Oxford Union Society on the WO required to refurbish an important aspect of the Librarfs heritage, th¢ Pre-Raphaelite murals. The Trust continues to work actively on seeking ways to raise the money for th¢se works and for future maint¢nance of the whole butldings over the cours¢ of th¢ next few years in order to ensure that debatin8 can remain in its bistoric home and can benefit from improvements such &s better disabled access and wider involvement. To this end we shall also b¢ supporting the rruItMent of a new Director of D¢v¢lopment by the Tn$ delegate to assist with fundraising. Pag¢ I
THE OXFORD LITERARY AND DEBATING UNION CHARITABLE TRUST TRUSTEES, AI¥Ii¥UAL REPORT For tbe year ended 30th June 2025 FANCIAL REVIEW Review oftheyear The Trust's principal long-tenn source8 of fimds are: the incom¢ from a £1 million Trust Fun(L th¢ Mitsubishi UFJ Trust Oxford Foundation, generously set up by the Mitsubishi UFJ Trnst and Bllnking Coryoration in D¢rnber 1988. £59.463 (2024: £40,918) was e1Ved from this source during the year, rents on its inv¢stsn¢nt PTop¢ty in Frewin Cou¢ amountiftg to £34.100 (2024: £34.100) and hire fees from its deleg2t¢ in respect of certain roorns within its premises wh¢r¢ thos¢ rooms are let to third parties by the delegat¢, which arnount¢d to £8,617 (2024: £7.543). Donations of £163,942 were r¢ceiv¢d in the year (in¢ludin8 the Mitsubishi UFJ Trust Oxford Foundation income and gift aid r0Verable) (2024: £189,139). Fund raising costs during the year amounted to £5,000 (2024: £35,552). Expenditure on ch8ritable a¢tiviti¢s included specifi¢ 8rants for varAOUS works prowmes of £68.349 (2024: £50.000), th¢ remaining debating ¢hamt¢T seating at £31,002 (2024.. £24,966) and a 8¢neral gront to the Oxford Union Society of £12.000 (2024: £14.000) as a contribution towards the costs of providing educational services the del¢gat¢ of the Trust and for the 5UPPOrt of th¢ ¢ducational and r¢adin8-room faGilAties. Adminisli0n and inv¢stment manas¢ment costs 4mount¢d to £269 and £2,391 reSptiVelY (2024: £2.800 and £3,193). Th¢ day-tfrday administratiott of th¢ Trust during the year continued to be carried out by th¢ OfficS and Tnees. The Offic¢rs and th¢ TStee5 work on a voluntay, unpaid basis. Jnter¢st and inveslmcnt income received amounted to £9,791 (2024.. £5.312). Interest charged on10gn funding from Mitsubishi UFJ Trust Oxford Foundation amounted to £39,463 for the year (2024: £40.918). After a¢wunting for the above and independent examination fees, net income for th¢ year was £55,892 (2024: £65,550). Free res¢e4 being the net current assets attributsble to the unrestrictsd fimd, atnounted to £461,260 (2024". £426,945) and £327,743 w&$ held as net current assets in restricted funds (2024.. £306.166). Total funds at 30th June 2024, including the investment property at eurT¢nt value, amounted to £921,903 (2024: £866.011). Since the year end a grant of £4,000 ha5 been made to the delegate in res¢1 of the Provision of educationa] services carri¢d out by th¢ d¢l¢gat¢ in the past y¢ar. Reserves The Trust manag¢5 its re¢S on a cash basis having r¢gard to commltted tUre An¢om¢ and expected expenditure including adequate provision for ongoing administration costs, maintenance of the listed buildings owned by the Trust and paent of its liabilit&¢s as tIKy fall due. The Board of Trnsl¢¢s a$ssed th¢ l¢v¢l of reserves and. whilst it beli¢ved that res¢rv¢s are suificient to mect day-l(aY exp¢nditur¢, concluded thal to PT¢serve its buildtngs inlo ihe Ions terni and provide a Contingen fund for unforeseen events, fijrther sources of funds needed to be sou8ht. This appeai launched in 2023. which continu¢s. has been designed to meet this aim. Th¢ Truste¢s wnsid¢r that the finances of th¢ TrusL taking into account undrawn loan faciliti¢s and future tti¢ome from the Mitsubishi UFJ Trust Oxford Foundatio are sufficient to mcet its Cu¢nt and future committed obligations. The Board of TTU5t¢¢s manages tho Trust's affairs such that projects are undertaken only onrA the sources of funding for those projects have been identified and committed. Page 2
THE OXFORD LITERARY AIYD DEBATING UNION CIIARITABLE TRUST TRUSTEESI ANNUAL REPORT For the year ended 30th June 2025 STRUCTURQ GOVERNANCE AND MANAGEMEKr The Trust was established ty Trust Deed dated 2 1st July 1975. The Trust is matsaged by th¢ Bijard of Trustee4 who m¢et fornially at le&st once a year, and through ¢ommitteeg or working-p8rties oppointed by the Board. All significant deKisions are taken by th¢ Bojrd of Trnstees as a whole and all expenditsre is authorised by a Trustee. The Tntst's direct administration is cwried out through the Honorary Olyr& of the Trnst who are appoint¢d by the Trustees. The Trustees r¢view and direct th¢ work of the otTicers and monitor the activities of the delegate to ensure that the Trust's objectives ctinue to bo met An th¢ most effective maTm¢r. The Trust has no employe¢s. Trnstees are appoith¢d for a r¢newable terni of six years. New Trustees are appoint¢d by the Board of TnS &s a whole. The Board seeks to ensure that the Board has a wide range of 8ki115 covering the Trusvs requirements including Trustees who maintain appropriate links with the Trnsvs ben¢ficiarie4 delegates, donors md potential donors. In view of the size of the Trust and the desire to ke¢p ov¢rhead expendIre to the n¢Ssary minimum, the Trust does not trdining progrdmm¢s for its Trustees but expe£ts ihe Trustees to maintain and update their skills as appropriat¢. All Trustees are given full briefmgs before their fwst meeting as necessary. during each meetlng. All Trustees are kept infornied of the activities of the TrusL whether or not they aT¢ involved in the day- to-day operation5 of the TrusL and are abl¢ lo question other Board membas OT the Ofiyicers at any time. The Tntst may also. from time to tlme, appoint Patrons. Patrons bave no mana8ment duties or Tesponsibilittes within the TTUSt but assist the Truste in fund Jaising activities. The major risks to which th¢ Trust is exposed are r¢vi¢w¢d at a Trustees, meeting at least annually. Th¢ Stafrment of Trustees, Responsibilities in respect ofthis Annual Report and the fAnan¢ial statements is set out on page 16. The TsleeS ar¢ satisfi¢d that the Trust's objediv¢ and a¢tivities meet the public benefit test contained in th¢ Charities Act 2011 and confrm that th¢y have referr to the guidan¢e ¢ODtained in the Charity Commission's general guidanc¢ on public benefit when carying out th¢ir r¢view and in planning existing and future activities. TRUSTEES The Trustees diiTing the year and to the date of this report wer¢: Victoria Schofield. Chair Th¢ Rt. Hon. Sir Jacob Re¢s-Mogg Fraser Campbell KC Michael Crick Indran¢il Mahapatra Jo Joyce Nicholas Butler. appointed 10th January 2026 Nicholas Ma50n. resigned JlthJaMthry 2025 Helen Whittow KC, resigned23rdApril 2025 David Soskin, resigned IsiJune 2025 Ashvir Sangh4 resigned J& January 2026 PagE 3
THE OXFORD LITERARY AND DEBATING UNION CHARITABLE TRUST TRUSTEES, ANNUAL REPORT For the year ended 30th June 2025 PATRONS The Rt. Hon. Lord mltin¢ CH The founder of th¢ TrusL Sir Jeremy Lever. KC. has died 5inc¢ the Trust's last annual report. Sir Jeremy was a past Pr¢5id¢nt of the Oxford Union Society. a TTUSte¢ of the Oxford Literary DebAting Union Trust for many y¢aTS and, after he retired. r¢mained a Patron of the Trust until his death. The Trustees would like to COrd their coL8idernble thanks for his support for th¢ Union Society and th¢ Trust throughout his life. OFFICERS The Officers of th¢ Tst duringthe year and to the dats of this r¢t were: Hon Secretary: N A Field-Johnson, to 6th April 2024 J E Thy¢¢.fvm 6ihApri12024 to 12th Seplember 2025 M G Bacchus (acting)from 12th Seplember 2025 Hon. Treasurer. Kl G Bawhus, FCA OTHER INFORTrAATION The Tnt is a registered Charity (number 2702Y2). Other names: The TTUSt is also known os the Oxford Literary Ènd Debatitig Union T$¢ or OLDUT clo The Oxford Union Society, Frewin Cour4 Oxford. OX13JB Th¢ Oxford Union Sooidy, Frewin Court, Oxford. OXI 3JB Barclays Bank plc. Hi8h Street, Oxford. OXI 3HS Hemnans Fr¢eth LLP, 5000 Oxford Business Perk South, Oxford. OX4 2BH Fi¢ld Sullivan Limil¢d. Charterwj Accountant4 Registered AudÉtors, 9 Hare & Billet Road. IA)ndon, SE3 ORB offi$. Delegate of the Trust: Ballkers.. SolicitOTS: Indepdent ¢xamitiers'. This report W8s approved by the Trustees on 28th January 2026 and sId on their behalf by Victoria Schofield c11rMi Page 4
THE OXFORD LKTERARY AND DEBATING UNION CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES For the year ended 30th Jun¢ 2025 2024ns Restricted Funds 2023124 Unrestricted Fund Totsl Not¢ Income and endowments from: Donations and legacies CharAtabl¢ activities Investsnents Total Expendlture on: Raising funds Charltable activities IDvesthient management costs 163,942 163942 617 43891 216A50 189,139 7.543 39,412 236,094 8,617 41.886 50.503 2.005 165,947 (5.000) (13,797) (101.143) (2,391) (16,188) (106,143) {5,000) (35,552) (114,940) (93J38) {2J91) (3,193) (122J31) (132,083) Net gAln8100gses) on investsaents Int¢r¢st payable Change An valu¢ of investtnents Total Net Income 4nd Det movement on funds Reconclliation orrunds: Total funds brought forward Totsl fimds carried fonvard (39,463) l236 (38,227) 21,577 (39,463) 1336 (38227) 55092 (40,918) 2.457 {38,461} 65,550 34,315 559,845 £ 594,160 306,166 £ 327,743 866,1111 800.461 £ 921.903 £ 866.011 Further inf0mtIOn on restrACted funds is given note 3. Page 5
THE OXFORD LITERARY AND DEBATING UNION CHARITABLE TRUST BALANCE SHEET At 30th Jun¢ 2025 2025 2024 Not¢ FLYedassets Tangible assets Investments Total fixed Currenl Sets Debtors Current asset inveskn¢nts Cash at bank and in hand Totsl current assets Curreni IlabUitl&v Creditors falling due within on¢ year Net eurrent A8gets Totsl Assets less curreDt li4bilitieA Creditors falling du¢ aft¢r i)ne year TotAI Det A8Jets io 302,9(10 460,000 762900 302,900 460,0 762.900 12 13 19094 34632 747.697 802223 29.888 33,396 680,939 744223 14 15 (13320) (11,112) 789,iM13 I51,903 (630,(N)O) £ 921903 733.111 1.496.011 (630,000) £ 866.011 16 The fundJ of the ebarity: R¢stri¢ted inwm¢ filluls UnStriCted fimd$ Totsl funds 327.743 594,160 £ 921903 306.166 559.845 £ 866,011 Approved by th¢ Trnstees on 28th January 2026 and si8ned on their behalf by: Vi¢toria Schofi¢ld Chainna PAge 6
THE OXFORD LITERARY AND DEBATING UNXON CHARITABLE TRUST CASH FLOW STATEMENT For the year ended 30th June 2025 2024125 2023124 Cashjlowsfrom oper4ilng acilvliles.. N¢t eash generated by operdting activtiies Co¥hflowNfrom Investing aclivtsies.. Interest aod rents from investm¢nts Chang¢ in c&8h and cash equAvalents in the year Cash and c&8h equivalents at the beginning of the year Cash and cash equivalents at the end of th¢ year 25,038 14,948 41,720 66.758 680,939 £ 747,697 40,841 55,789 625,150 £ 680.939 Note to ihe ¢ash Ilow $t8temellt: Reeonclllatk•n of Det illcome to n¢t flows from operadllg a¢tlvhie8: 2024125 2023124 Net incoftne foT th¢ y Adjustments for.. Interest and rents from investments Dre&sel(ln0re) in d¢btors ex¢ludinB lttterest and rents from invesim¢nts Increas¢I(Decre) in creditors vAcludin8 interest and rents from inv¢sth)¢nts Change Tn valu¢ of CUTrent asset inveslments Net cash g¢n¢rated by operations 55092 65,550 (41086) 10,160 (32,960) (11,74D 2,108 (3.544) (2.457) £ 14.948 (1236) £ 25,038 Page 7
THE OXFORD LfrERARY IIND DEBATING UNION CHAIUTABLE TRUST OTES TO THE FINANCIAL STATEMKNI3 For the year ended 30th JuDe 2025 GENERAL fNFORMATION The Oxford Literary and Deb*ing Union Charltable Trust 15 tegisteT¢d in & Waks with offices clo Th¢ Oxford Union Society. Prewin CoutL Oxford OXI 3JB. ACCOUNTING POLICIES The financial slatements have been Prepar1 und¢r the historic cost convention and in accordance witb the Statement of Recommended Prnctice (SORP) published by the Charity Commi&s1o the Financial Reporting Stantsd applicable in the Unit¢d Kingdom and Republi¢ of Ireland {FRS102) and the Clwi¢ie5 A¢t 2011, with assety other than non-cash donations, shown in the balan¢e the at cost incurred at their date of acquisition or at net realisthle value. if lower. The Trust Constitu a public b¢nefit entity as defed by FRSIO2. Golng concern The Tnthes 0$Id that there are no matsri un¢thainties about the Trust's ability 10 ¢Ontittue as a going concern. Are ofruk {¥1¢er1ty The TNstee$ consider thai the only significant ar¢a of Tisk and uncertainty as reg2rds these fitnCial statements for the current and next reporting period relates to the valuation of the investtnent prop¢ty. Further infonnation relating to the valuation of this property Is given below in these a¢¢OUllting poli¢i¢s and in note I l io the f]Dan¢ial statementr. Income recogntsii Cash donations, other than deposited covenants, Hr¢ tllcluded at their cash amount when received. DeB)si&d covenant in¢ome is credited to the income statement as the funds aTe covenanted ov¢riO the Trust in accordance with the appli1¢ deed of ¢owenaDts. Non-ca5h donations are included in the fmancial slat¢rn¢llts al a fair estimate of their net r¢alisable value onthe date of acquisttion. Gift Aid is includ¢d in th¢ amounts shown for donatsons and amounts receivable from HM Rev¢nue and Custom5 in respect of this included within debtors until rettived. Dhted servi¢e$ of the Thistee8 aud Offi¢¢r3 of the TTU5t are not recogni8ed in the5¢ finanGi41 statements. Interest on fimds on d¢posiL rents receivable and income from tharitable OlratIOnS is included in the fuwi¢Aal statements when it 18 ¢ontT8Ctualty receivable. provid¢d thatthe arnount can be measured reliably. endltsre All expenditure is accounted for on an a¢fflw]s b&sis. Liabilities are recogrtis¢d as expend&twe when there is legal or ¢onstrnctive obligation to pay and the omount of tlLe obligation m¢a5ur¢d ffliably. Costs in respe¢l of rep8irs and renovotion are witteft off to the Encome aDd Expenditure acc(xmt in th¢ yew in which they hre ineurred. ExpelldÉtUTe oll eDbattcement of the property held by the TnLs1 for direct charitable use and o¢¢upi¢d by the ThS delegate is written off to the Income and Expenditure account iti the year tn whith il is ill¢urred 29 the propety is of historic irnportance alld the Thjst gain5 no income therefrom. Expenditure on eDhancement of the Thisvs investment properry is capitalised. Expenses incurred in acquiri8 tenants treated as deferred expenses alld amortised oveT the life of tbe lease. bTecoverable VAT is chargedor c4Pitalised against th¢ exp¢nditure heading for which it wag in¢llrred Depr¢ciolion No d¢prKiation Charge arises on the fre¢hokl pr(yp¢tyheld by the Thist for direct clwitable use which, in the opinion of the Tntees, was acquired at, and is held in the EKyoks a value les$ than that attributable to the undeTtyllig land. No deprrfialion is provided on investroent prop¢rti¢ Phge 8
THE OXFORD LITERARY AND DEBATJNG INION CHARITABLE TRUST IYOTES TO THE FINANCIAL STATEMENTS For tbe year ended 30th Juue 2025 Ie$lenipPUPCrty The investment propffj owned by the Thist is thown at maeKet value being the estimated amount for which the ptDperty could be wld at v8htiOn date given a willing buyer and willing seller in an arni's length transaction after proper mark¢iin8. No deduction ts made for the potential costs of rnarketing and sale in WTiVtllg at this valuation. Further infonnltton relating to the value of the propety is given irLnote I l. Currenl asset Imieslmenf$ CuThent a5S¢t inv¢stsn¢nts. all of which are r¢adily saleable on the open m8rkeL or¢ valued atthe marf(et value at the F¢riod end date. Th¢ chang¢ in va]u¢ of these inv¢skneRts during the period is thowA in the income and expenditure a¢¢ount. Ch ai bont hand Cash at bal and in hand (cash and c&sh ¢quivalents) ¢omprise ¢8sh tn Iwid. bw)k ¢UTrent ac¢ounts and other c&8h d¢posits which have maturity F¢riods of three months OT less. Loans Loans are reColS¢d initially at fair valu¢, net of tran$aetion eost5 incurred. Borrowings are subsequentty caTried at amortised cost with costs incuTred in obtsining new loan fillance are amortised over the period of the loan in order to achieve a constant rate of charge on the canying wrtount of the l¢)an. 3 RESTRtClED FUNDS The Trust hos five r¢stri¢ted funds as set oui below. (J) The Mitsubishi UFJTnui OxfordFowidalionfvnd The Trnst 1$ in annual re¢eipt of income from tb¢ Mitsub&sbi UFJ Trnst Oxford Fowldation (MUTOF). a Ch8ritsble Tmi founded by the Mitsubishi UFJ Trust and Banking Cotporation. The monies provided by MUTOF to the Trust, after paying interest ffi th¢ loatt from the Mitsubisbi UFJ Trust Oxford Foundation, are to be used for spe¢lfic projects d¢cid¢d on. from time to tim4 by the TTUStees of th¢ Oxford Litejwry and Debating Unioll Charitable Thw. Q) The Richardo's11V0n MemorialFwdl"ROShlF') This fund is to be used in the prom10 maintenano. improvemeni ond ¢ducation of y(Nthg p¢ople be¢ell th¢ ages of seventeen attd ihiry by sponsoring debotes or writing competitions. or both. by the publi¢ation of such. (3) The Edmcalional Debitt1pYf ("EDF') This fund is kn be used towards promoting 8 widerparti¢Apation in debating. (4) The 2018Appealfvnd1"20J8fynd') Thi$ fimd r¢presents the expended amount in respect of the appuj launcb¢d in 2018 to rnise money to alry ou¢ ¢¢rtain r¢fud)ishment of its buildings and for a debaling fund to attra¢t new members into debating and to promot¢ debating b)th within the Oxford UniixL So¢iety and t1QU8b events across tbe world at which Society members Corne. (5) The 2023 App¢alfynd ("2023fvd') Funds will primarily be used for repairs to the roof of the ade ll* listed debating main IlIdIng$ and Old Library. as well as addres9ing water penetratson and dwnp in other rooms. When available, fijnds will also be used to restore now defom¢d stsined-glass windows and rerAir cracked gl&ss ftn the debating chamlxr, th¢ decorated ceilin8 panels of the Gladstone Room and the Pr¢-Raphaelite mllrals in the Old Librnry. Any remaining fidS will be dire¢ted towards the ongoing mailltenance and monitoring of the condition of the building5. If sufficient funds allow, we will explor¢ th¢ poSsi111ty of power Lssi5ted d{rS and rdTnp$ where cumtly practi. Page 9
THE OXFORD LITERARY IIND DEBATING UNION CHARITABLE TRUST IYOTES TO THE FINANCIAL STATEMENKS For the year ended 30th June 2025 DONATIONS AND LEGACIES 2024125 UDreJtrleted Restricted fund funds 2023124 Tot•1 Totsl Mitsubishi UFJ Tntst Oxford Foundation Appeal donatioos S9,403 104,479 £ 163.942 59,463 104,479 £ 163,942 40,918 148.221 £ 189.139 INCOME FROM CHARITABLE ACTIVITIES The Income from tharitsble artivities c4mwises licen fees from the TTUSt's delegate in re¥et of use of tb¢ Trust's propejw. INCOME FROM ]NVESTMEN18 2024llS Restrlrted nds 2023124 URreJtrkted nd Total Rent from iuveslmentprop¢rty tncome from rellI a5S¢t inve5th1ents Int¢re5t r¢¢eivable 341 34.IIA) 34,1(X) 1,903 3,409 £ 39.412 loos 7.786 £43091 £ 41086 £ 2,1)05 EXPENDITURE ON CHARITABLE AcllviTIES 202413 unrestr Rejtrieted fund fuDd8 2023124 Tot1 GTants to the Trnst's delegate Priw and awards Genernl admini5tratii Maintenance of property JLeid for dire charitable use Independent examination co& 68a49 1,7 80J49 1,71)0 269 64.0(K 177 2.8 31,oin 311 1,620 114,940 24.966 1,572 £ 93.338 1ffj20 £ 13,797 £ 99,443 Detai15 of grdnts made since the yeor¢nd are given iu no 18. PAYMENTS TO TRUSTEES AND EMPLOYMENT COSTS The Trnst has no employees (2024: none). The Trustees Teceived no Temunerntion or reimbursement of expenses during theyear (2024: none). There wer¢ no relatsd party traD5a¢tions with Trust¢¢$ or senior managemeut duru the y¢ar (2024: none). ge12
THE OXVORD LfrERARY AND DEBATING UNION CHARITABLE TR NOTES TO THE FINANCIAL STATLMENrs For the year ended 30th June 2025 ST INVESTMENT MANAGEMENT COSTS IDvesbnent management costs relate to th¢ Jllan4genLenÈ of the investmeDtpropety. io TANGIBLE FIXED ASSETS The tangible fLxed &ssets shoTrvn in the balaDce sherf MpTi5¢ & freehold prop¢ty being the majority of the Oxftsrd Union Society's pr¢mises whith were conveyed to the Trust by the S]ety ID Stages in 1980 and 1985 ID exchange forthe settlemenl of ¢ertain liabilities which the Soeiety had ineutTed. The PTopety is heid for direct use by th¢ harity in pursuance of its charitible Activities. The propety is listed as grade 2. is ieg#rded by the Trustees as an historic propety, and is an integral part of the hIsrical settiT)g of debating An Oxford. Jt is occupied by th¢ Oxford Union SLKi¢ty a8 the Tnts¢'s delegate. The Society pays a licence fe¢ to the TFU8t for the use of certain rooms to geneTat¢ letting income for the Society when such us¢ does not ¢onfliotwith their clwitable usage. the opinion of the Trnstees, wbilsi a new stswcture ¢ould be bui]t which would serve as 4 d¢batiug. r¢ading- room and li facility and meet the Tn$ objectives to provid¢ this, such a strncture would not recreate the uniquen¢s$ of the original buildings. Forthis reason. th¢ incorporation of any valuation in th¢ finallciai statements b45ed on depreciated replacement ¢ost would, in the view of the Ttee4 add no appreciable infonnation to the fjnallcial Ststements. The property is therefor¢ held ill the b)k$ at bistoric Cost which represents the original cost of settling the liabilities tsken over on acquisition. I I ]NVESTMENTS The Trnst's red asset investsllents ¢omprise an investm¢ntproperty of three suite$ of offices in Frnvin Couii Oxfor4 lyjilt to the Trluls 9CkficatIOnS in 1988189. Following the T¢ntreview of the south suite for the following five y¢gTS. that part of the inveskneni property w&$ re-valued as at 30th June 2023. The valuation was ¢arTi¢d by Carter Jon&s LLP tn a¢¢ordanre with the wwriate s¢¢tions of th¢ current RICS Prof¢ssional Stoudards and RICS Glob Valuation Standardq 2021 (incorporatillg the Internatiotvdl Valu8tion Standards) and the UK national supplement (the 'R¢dBook'). The TnteeS do not consider that there has been a mat¢rial change itt the Val of the PTop¢rty between the date ofthe valuation and 30th June 2025. The r¢maind¢r of the inyestsnent property has been assigD¢d to the developers on a long lease in considerWi0 for tbe builditig work carried out and the reversionary inÉere5t in this property h&%. in the opinion of the TThstee4 no Si8Dificant valu¢ at the year end. 2025 2024 Cost at the beginning and end of the year 265,INKI 265.(rt10 Revaluation surplus at the beginning of th¢ year iievaluation during the year Revalua¢ion surplus at year end 19STr)O I95.0 195,OiM) 193,¢AJO Book value aty¢w end £ 460.1) £ 460,000 12 DEBTORS 2025 21r24 Trade debtors, amountsreceivable from the Tnt'S delegate Prepayments and ¢nd in¢ome T&xion recoverable on donations and legacies Other debtor5 4,432 I11 3J49 9,402 £19194 7.815 3,565 17,786 £ 29,888 Page 13
THE OXFORD LITERARY AND DEBATING UNION CHARrrABLE TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 30th June 2025 13 CURRENT ASSET INVESThIENTS The cumt asset investsnent comprises an investment in aft authoris¢d UK unit trust whi¢h Is regulated CIMrity Authorised Investment Fulld and is a Commort Inv¢8Èment Fund under the c1itIeS Act 2011. 14 CREDITOBS FALLING DUE V41THIN ONE YEAR 2025 2024 TrJe urditors Accruals and deferred income 300 10,812 £ 11.112 IlJ20 £ 13220 15 FREE RESERVES Free rnerves comprlse those net ¢umt &ssets allrÉbutabJe to the wlle5tricted as fouows: 2025 2024 Net ctrnt 8ssel3 1£&8 ossets held in restrict funth (te 31 789.W3 (327,743) £461JOO 733,111 (306.166) £426,945 16 LONG TERM LOAN The TNst has a long t¢mi108n from the Mitsubisbi UFJ Tnjst Oxford Foundation. Th¢ 102n is on comm¢rci41 tern)s with tnt¢re5t ¢harg¢d at 11141/10 atyive the Foundation's owi) depjsit Tate and 15 repÈyable in variable it)stalments up to 3 1st Dewnber2057. The maximum which may be drawn down on the loan focility, thje¢tto compliallce with its terjnx amounts to £840.0(KJ with T¢payments starting at 30th Jurte 2026: at the present level of loan drawdown. fust rtpaym¢]rt will occur in the year ended 30th June 2041. 17 FINANCIAL INSTRUMENIS Note 202J 2024 Fuweiulwets heldukfeir vgl4ethroughpMJ7tandlw.' Trad¢ debiors T&xation rewverable on doDation5 and l¢gacies Other debtOTS 12 4,432 3249 9,402 34,632 747,697 £ 799,412 7.815 17,786 12 12 Cuuent wet investments Cth and cash equivalen¢S 13 33.396 680,939 £ 740,658 on¢itilll•bUIth held mrtised¢ats.' Trnde creditors 14 3th) Loll8 tern loan 16 630,000 £ 6310) 630,1XK> £ 630.31K> Page 14
THE OXFORD LrrERARY AND DEBATING UNION CHARiTABLE TRUST NOTES TO THE VINANCIAL STATEMENrs For the year ended 30th June 2025 17 FINANCIAL [NSTrUMETs (continued) Creditrisk and liquidity risk is considered to b¢ low as cash and c4sh equiyalents are held with recognised major banking in5titutiolls within th¢ UL The Tt does not make use of deTivatives or compkx finwKial instnllnents. The tmns of the long tenn loan are given in note 16 to the financial statements. The Th15tees manages the athiviti¢s cash flow of the Tntst in order to enswe that it ¢an mew its obligaiions to repy lh¢ loan as ti falls 18 OTHER FANCIAL COMMITMENTS The Trnst ha8 agreed, since the year erf to provide a grnnt of £4.OtM) to the Oxford Union &)¢iety as A ¢i)ntribution towards costs incurred durin8 2024f25 of providing of edu¢ational services as delegate of the Tn Page 15
THE OXFORD LITERARY AND DEBATING UNION CHARITABLE TRUST STATEMENT OF TRUSTEES, RESPONSIBILITIES For the year ended 30tb June 2025 The Trnstees are responsible for Exwing the Annual Report and financial stat¢ments in accordance with appltcable law and r¢gulations. The law applicable to chariti¢s in Fand and Wa1¢5 requires the TrustKs to prepare financial statsments for each fmanciaj year in ac¢ordan¢¢ with United Kin8dom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Th¢ Trustees must not approve th¢ financial statements unless they ar¢ satisfied that they giv¢ a true and fair view of the sLqts of affai of the charity and ofthe incoming r¢sources and applieation of resourc¢& including the income and expenditure, of the charity foT that wiod. ID prepari those fllMicial stat¢m¢nty the Trustees are requir¢d to: S¢Ir suitsble accounting p)li¢ies and apply them consistsntty. obs¢rYe the methods and principles in the Charitie8 SORP; make judgments and estimate$ that are reasonabl¢ and prudent: stat¢ whether app]ible UK Accounting Standards have been followed, subj¢d to aDy material departures disclosed and explained io the financial stat¢m¢nts' prepare the fitwicial statem¢nts on the going concern basis unless it is inappropriats to pr¢sum¢ that the charity will continue in operation. b) d) The Trustees are resp)nsible for keeping sufficient accounting records that di5¢1ose with reasonable uracy at any time the fin8ncial position of the charity and enabl¢ them to ensure tIt the fulancial stst¢ments comply with the Charities Act 2011, the Charity (Accounts and R¢porLs) Regulations 2008 and the provisiot)s of the tnt deed. Th¢y are also r¢sponsibl¢ for safe8uarding the assets of the charity nd hence for taking re&sonable steps for the prevention and deltion of fraud and other irregularities. Pag¢ 16
THE OXFORD LfKERARY AND DEBATING UNION CHAIUTABLE TRUST 1NDEPEiyDE EXAMtNER'S REPORT TO THE TRUSTEES OF THE OXFORD UTERARY AND DEBATING UNION CHARITABLE TRUST I rwort to th¢ trustees on my examination of the accounts of The Oxford Liter and D¢bating Union Charitabl¢ Trust ('th¢ charity,) for the year ¢Dd¢d 30th June 2025 wbich comprise th¢ Stst¢ment of FinoAKial A¢tiviti4 the Balance SheeL the Stat¢ment of Cash Flows and related notes. This rep As made solety to the charity's truste¢4 as a body, in ac¢ordanc¢ with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the ¢h8rity's ttustees those matlers I am r¢quirnl to state to th¢rn in this rewrt and for no other purySe. To the fullest extent pennitt¢d by law, I do n(rt accept or assume responsibility to anyone other than th¢ charity and th¢ haTity's trustees &8 a kndy, for my work for this repo¢ or for the opinions I hav¢ fornied. Resp0DbIlltie8 8Dd ba81s of report As the Ine5 of the charity you are reSp(sble fty the preparation of the aCCOUDts in )rdance with the requirements of the Chariti¢s Act 2011 ('the Act,). I report in r¢spe¢t of my examination of the charity's accounts carried under s¢¢tion 145 of the Act and in carrying out my examination I bav¢ followed all the applicable Dir¢¢tions given by the Charity Commission und¢r section 145(SXb) of th¢ ACL An indep¢ndenl examination do¢5 not involve gath¢ring all th¢ evid¢n¢e that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited SuranCe that an independent examination can provide. Conscqu¢ntly l ¢xpr¢ss no audit opinion on the a¢wunts and my rel is limited to those specific matters set out in the Indendent &MIner'S statanent. Indepelldent emIlle8 Ststement I Ikave cThnpleted my examination. I confirni that no material matt#s h8ve come to my attention in COEme¢tion with the mInall00 giving m¢ uuse to believe that xn any material resp¢rt.' accounting rdS were not kept in reSpt of the charity as requirgj by section 130 of the ACL or the aoUnt5 do not accord with those records. th¢ financial statements do not Comply with the applicable reqLiirem¢nts concerning th¢ fonn and content of accounts set oth in the Charities (Account5 and Reports) Regulfttions 2008 other than any requirement that th¢ awunts give a 'ttve and fair view Fwknich 1$ not a matter consxdered as part of an indendent examination. I hav¢ no wncerns and hav¢ com¢ across no oth¢r matters in comiection with the examination to which att¢ntion should be drnwn in this r¢tM)rt An order to enable a prop¢r und¢rstanding of the accounts to be r¢ached. Field Sullivan Limite41 9 Har¢ & Bill¢t Road London SE3 ORB 28th January 2026 Pa8¢ 17