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¢ Tn￿t'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 reCo￿ls¢d &8 one of the top Comp￿tItiVe debating S￿letieS 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 DIr￿tOr of Development employed by the
Truses delegate. Prior to her d¢parture ft series of programm¢s on past presidents and olficers. deSI￿ed
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 import￿Ce 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¢fi￿bighrnent 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 r￿ruItMent 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
F￿ANCIAL 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 r￿0Verable) (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.
Adminis￿li0n and inv¢stment manas¢ment costs 4mount¢d to £269 and £2,391 reSp￿tiVelY (2024:
£2.800 and £3,193). Th¢ day-tfrday administratiott of th¢ Trust during the year continued to be carried
out by th¢ Offic￿S and Tn￿ees. The Offic¢rs and th¢ T￿Stee5 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 pa￿￿ent 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 Oly￿r& 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 c￿tinue 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
Tn￿S &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 expendI￿re 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 T￿sleeS 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 m￿ltin¢ 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¢ T￿st 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 Tn￿t 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:
Indep￿dent ¢xamitiers'.
This report W8s approved by the Trustees on 28th January 2026 and sI￿￿d on their behalf by
Victoria Schofield c1￿1rMi
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 inf0m￿tIOn 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
I￿51,903
(630,(N)O)
£ 921903
733.111
1.496.011
(630,000)
£ 866.011
16
The fundJ of the ebarity:
R¢stri¢ted inwm¢ filluls
Un￿StriCted 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
D￿re&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 Prepar￿1 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 def￿ed by FRSIO2.
Golng concern
The Tnthes ￿0$Id￿ that there are no matsri￿ un¢thainties about the Trust's ability 10 ¢Ontittue as a going
concern.
Are￿ ofruk {¥￿￿1¢er￿1￿ty
The TNstee$ consider thai the only significant ar¢a of Tisk and uncertainty as reg2rds these fit￿nCial 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 appli￿1¢ 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. D￿h￿ted 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 Ol￿ratIOnS 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 Th￿￿S 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 acquiri￿8 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 Tn￿tees, 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
I￿e$l￿enipPUPCrty
The investment propffj owned by the Thist is thown at maeKet value being the estimated amount for which the
ptDperty could be wld at v8h￿tiOn date given a willing buyer and willing seller in an arni's length transaction after
proper mark¢iin8. No deduction ts made for the potential costs of rnarketing and sale in WTiVtllg at this valuation.
Further infonnltton relating to the value of the propety is given irLnote I l.
Currenl asset Imieslmenf$
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.
C￿h 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 reCo￿lS¢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's￿11V0n MemorialFwdl"ROShlF')
This fund is to be used in the prom￿10￿ 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 t1￿QU8b events across tbe
world at which Society members Corn￿e.
(5) The 2023 App¢alfynd ("2023fvd')
Funds will primarily be used for repairs to the roof of the ￿ade ll* listed debating main I￿lIdIng$
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 fi￿dS will be dire¢ted towards the ongoing mailltenance and
monitoring of the condition of the building5. If sufficient funds allow, we will explor¢ th¢ poSsi￿111ty 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
Tot*1
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 hIs￿rical 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 T￿￿tee4 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 r￿ed asset investsllents ¢omprise an investm¢ntproperty of three suite$ of offices in Frnvin Couii
Oxfor4 lyjilt to the Trluls 9￿CkficatIOnS 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 Tn￿teeS 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 Tn￿t'S delegate
Prepayments and ￿¢n￿d in¢ome
T&x*ion recoverable on donations and legacies
Other debtor5
4,432
I￿11
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 c1￿itIeS Act 2011.
14
CREDITOBS FALLING DUE V41THIN ONE YEAR
2025
2024
Tr*Je 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 [NSTrUME￿Ts (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 T￿￿t 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 F￿ANCIAL 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 F￿￿and 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¢I￿r 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]i￿ble 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 tI￿t the fulancial
stst¢ments comply with the Charities Act 2011, the Charity (Accounts and R¢porLs) Regulations 2008
and the provisiot)s of the tn￿t 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 del￿tion 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 pury￿Se. 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.
Resp0D￿bIlltie8 8Dd ba81s of report
As the In￿e5 of the charity you are reSp(￿s￿ble 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 Inde￿ndent ￿&MIner'S statanent.
Indepelldent e￿mIlle￿8 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 reSp￿t of the charity as requirgj by section 130 of the
ACL or
the a￿oUnt5 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 inde￿ndent 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