An Oxford Union budget draft reveals that membership intake has fallen by over a quarter since October last year. The document also highlights that expenses for committee dinners have exceeded the budget by 122% this October, and notes that membership revenue has fallen by over £78,000 – this is 22% short of what was budgeted for the period.
Cherwell obtained the budget, drafted by the Union’s Bursar, after it was shared with the Union’s Standing Committee (TSC).
Membership revenue this October amounted to £267,000, down from £361,000 for the same period last year. Based on the 2024/25 accounts, Cherwell estimates that membership revenue in Michaelmas 2023 was approximately £627,000. This represents a consistent decrease over the last two years.
Cherwell used income breakdown from the draft budget and publicly available membership fees to calculate the decrease in member intake in October 2025 relative to the previous year. The estimated drop in the new sign ups is over 25%.
The leaked budget shows that the actual income from life memberships, which accounts for around 80% of memberships sold, was 20% short of the forecast. Revenue from other membership types, including Access and Termly memberships, also fell by around 50%.
The documents consulted by Cherwell do not maintain consistent accounting periods across the years. This assumes that the proportion of memberships bought with freshers’ discount has remained consistent since 2023.
Cherwell can also reveal that the expenses for Standing Committee debate dinners were 122% over the budget this October. The black-tie debate dinners are attended by the eight members of the Standing Committee, speakers at the debates and other guests. More than £4,800 was spent on the dinners, £2,600 over what was planned. An additional £1,500 was spent on debate drinks, which the budget did not include any provisions for.
Other Standing Committee expenses included the printing and delivery of the Michaelmas term card, which totalled £7,836 and was 23% over budget. Membership operating expenses, including software licenses, salaries, pensions, and national insurance, also fell short of the forecast by over £80,000, representing an overall loss of 24% in October 2025.
The income from the Union’s social events fell 71% short of the expected revenue of £23,600. Total operating expenses for socials this October amounted to £15,200, amounting to an overall loss of almost £8,500.
The reduction in membership revenue particularly affected the Union’s access scheme, with the number of memberships purchased by students with household incomes of less than £42,785, falling short of the budgeted revenue by over 50%. The access life membership is priced between £206 and £297, as opposed to the £343 for regular membership.
The decrease in the membership intake continues for the second year in a row. January commentary to the balance sheets noted that the Bursar and Head of Finance “are not sure if the decline in membership enrolment in MT24 is a trend, a result of Union activity in MT24, or lack of effective marketing for MT24”. Additionally, February 2025 commentary from the Bursar stated: “If we do not achieve the revenue in MT[25] it is highly unlikely that we will recover it through the remaining terms. We all must work together to achieve the goal of a financially successful MT25.”
A senior Union official told Cherwell: “The membership in the first two weeks of October fell: the primary reason is the international media scandal we had due to the President-Elect comments and the whole saga that ensued, the disruption of the debate in week 1 in the chamber, and the two votes of no-confidence in the first two weeks of term.”
This follows recent controversies with Oxford Union membership, including the loss of a no-confidence vote by the President-Elect following his comments on the shooting of Charlie Kirk, and more recently an Oxford Union election tribunal finding several senior officials guilty of electoral malpractice.
A balance sheet and accompanying commentary for the 2024/25 financial year authored by the Union’s employed bursar was investigated by Cherwell in Hilary Term 2025. The documents stated that the society has “two years of operation remaining” until it is “no longer a going concern”. A company is a “going concern” if it can continue operating and meeting its financial obligations in the foreseeable future.
The Oxford Union’s Bursar projection that the organisation may only have two years of operational funding left was based on the rate of operational losses at the time. The Union’s budget for the 2024/25 financial year forecasts a deficit of more than £358,000, driven by declining membership numbers, reduced income from other sources, and persistent overspending.
The drop in membership intake has raised concerns about the Union’s financial sustainability. A senior source told Cherwell that “the membership drive is the most significant source of our revenue.” They added that, despite a strong termcard, international media coverage has harmed public perception of the society.
Cherwell approached the Oxford Union for comment.
