Welshyorkie, yes, and Osborne was a member too but I don't thinkhe's in the photo. The Bullingdon club (that's what it was) was threatened with an Asbo a couple of years ago.
From Wikipedia:
The club was active in Oxford in 2008/9, although not currently registered with the University, and the retiring proctors' oration recited an incident which, not being on university premises, was outside their jurisdiction: "some students had taken habitually to the drunken braying of ‘We are the Bullingdon’ at 3 a.m. from a house not far from the Phoenix Cinema. But the transcript of what they called the wife of the neighbour who went to ask them to be quiet was written in language that is not usually printed". The members therefore received an Anti-Social Behaviour Contract from the Thames Valley Police, threatening the more common ASBO. The proctor concluded in March 2009: "So I am pleased to say that, except perhaps at the highest level of national politics, the Bullingdon Club this year has been quiescent."