UoN BusCom Annual Report 2015

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University of Newcastle Business & Commerce Association ANNUAL REPORT 2015

Transcript of UoN BusCom Annual Report 2015

Page 1: UoN BusCom Annual Report 2015

University of Newcastle Business & Commerce Association

ANNUAL REPORT

2015

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Our Key Objectives

1. To facilitate enhanced social and networking interaction among business and commerce

students, staff and other individuals with an interest in business across the University of

Newcastle

2. To provide opportunities for academic, career and personal development in business,

commerce and associated fields.

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Contents

Our Key Objectives ........................................................................................................................................................................................... 2

Meet The Directors ............................................................................................................................................................................................ 4

President Address ............................................................................................................................................................................................... 5

Vice President Address .................................................................................................................................................................................... 7

Treasurer’s Report ............................................................................................................................................................................................. 8

Statement of Comprehensive Income .......................................................................................................................................................... 9

Statement of Financial Position .................................................................................................................................................................. 10

Notes to the Financial Statements .............................................................................................................................................................. 11

Directors Declaration ..................................................................................................................................................................................... 13

Director of Communications Report ......................................................................................................................................................... 14

Director of Professional Events Report .................................................................................................................................................... 15

Director of Social Events Report................................................................................................................................................................ 17

Director of Sport Report ............................................................................................................................................................................... 18

Director of Membership Report ................................................................................................................................................................. 19

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Meet The Directors

PRESIDENT Benjamin Foster

VICE PRESIDENT Rebecca Cramp

SECRETARY Claire Pavey

TREASURER Nigel Allen

DIRECTOR OF COMMUNICATIONS Briannan Culley

DIRECTOR OF PROFESSIONAL EVENTS Dominic May

DIRECTOR OF SOCIAL EVENTS Isabel Hurley

DIRECTOR OF MEMBERSHIP Bethany White

DIRECTOR OF SPORT Alex Patten

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President Address

Dear Members,

It is with great pleasure that I present to you the 2015 University of Newcastle Business and

Commerce Association Annual Report.

I would like to take this opportunity to personally thank each member of the 2014/15 Board

for their passion and enthusiasm. Whilst being a Board Member provides you a number of

opportunities to create meaningful relations and develop a variety of skills it also requires

patience and dedication.

The University of Newcastle Business and Commerce Association has continued to prosper

in 2014/15. With over 360 members and 4 Corporate Partners, BusCom has matured to

provide unprecedented levels of student engagement. All from a society that is only four

years old.

The current Board has worked hard to successfully organize and run a variety of professional

and social events for our members. These include ones such as our infamous Wine tour, an

amazing opportunity for members to interact on a social level and to learn a little more about

the local area in which they are based. In addition to this our Inaugural Q&A was a great

success with advice and expertise flowing freely. I think it is safe to say that all involved

were able to take home something invaluable to their lives, both professional and personal.

In addition to this inspiring event, UoN BusCom has been working hard to prepare our

upcoming Women in Business Breakfast. This event is shaping up to be our largest

professional event of the year and it is all due to the hard work of the Board in particular our

Director of Professional events Dominic May.

I would also like to thank out generous Corporate Partners for 2015; Chartered Accountants

Australia and New Zealand, CPA Australia, PwC and KMPG as well as The Faculty of

Business and Law. The resources they provide are instrumental in our continuation as an

association. Without their support BusCom would not be able to provide such a diverse

range of opportunities for members.

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As a final note I would like to reflect on time with UoN BusCom so far and the opportunities

it has provided. I have been with the association now for over two and a half years now. In

that time I have seen some tremendous change and been involved with activities that have

developed and shaped my professional life. From organizing and running meetings, leading

the association, to securing sponsorship and reconstructing constitutions. The lessions I have

learnt have been invaluable to me. I hope to be able to continue to provide value to the

association and help it continue to grow setting up a solid foundation for the years to come.

I strongly advise anyone, if you are a passionate proactive professional UoN BusCom is an

amazing opportunity to developing your business acumen and leadership skills as well as

create relationships that will last you a lifetime.

I am incredibly proud of our association and what it has and can achieve and I look forward

to watching it prosper into the future.

Yours Truly,

Benjamin Foster

President

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Vice President Address

Dear Members,

This year we have had the amazing opportunity to partner with Chartered Accountants

Australia and New Zealand, CPA Australia, PwC and KPMG. As a result this has seen the

largest increase in sponsorship for the association to date; almost doubling, from $2,300 in

2014 to $5,500 in 2015.

With the support of each of these companies, as well as the Faculty of Business and Law, we

have been able to provide the students of UoN BusCom access to great sporting

opportunities and amazing events.

With the generosity and continued support of both the University Faculty and each of our

partners, our association will continue to flourish in the future.

Best Wishes,

Rebecca Cramp

Vice President

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Treasurer’s Report

Dear Members,

The University of Newcastle Business and Commerce Association is in its fourth year of

existence and I am proud to announce pleasing results for the year.

The association has revealed a surplus of $2,299 that can be jointly attributed to an amount

of $2,000 of unallocated sponsorship income from CPA Australia which was received

towards the end of the financial year ending 30 June, 2015 and an amount of $890

reimbursed from the University of Newcastle for hosting the Food for Fort Function in a

prior year.

Throughout the year in organising events we have looked to run the association’s events as

effectively and efficiently as possible. Our aim has been to break even financially or provide

the events at a small cost to the association. This mindset has allowed the association to not

only maintain but to increase the of amount of cash and cash equivalents to be used as

working capital, which is essential for organising larger events and running events

concurrently into the future years ahead as the association grows.

The University of Newcastle Business and Commerce Association remains in a strong

financial position with total current assets of $7,319 and no liabilities. This sound financial

position would not have been possible without the university reimbursements, corporate

sponsorship and generous volunteering of time, effort and skills from the current board.

I believe that the University of Newcastle Business and Commerce Association will be able

to maintain and increase its sound financial position in the 2015/16 financial year and is well

equipped to provide its members with various benefits at the professional and social levels

into the future.

Yours Sincerely,

____________

Nigel Allen

Treasurer

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Statement of Comprehensive Income

June-14 June-15

Income ($) ($)

Membership Contributions 1,343 1,450

Sponsorship Income 2,300 5,500

Event Income 5,375 2,690

Other Income 1,855 1,690

Total Income 10,872 11,330

Expenses

Event and Catering Expenses 6,645 3741

Administrative expenses 519 93

Office supplies and consumables 263 50

Promotional Material 1,968 1359

Sporting Expenses 2,675 3788

Warranty Expenses 54 -

Total Expenses 12124 9031

Surplus/ (Loss) (1,252) 2,299

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Statement of Financial Position

Note June – 14 June – 15

Assets

Current Assets

Cash 2 5,020 6,764

Trade Debtors - 55

Deposits Paid in Advance 3 - 500

Total current assets 5,020 7,319

Non – current assets

Total non – current assets - -

Total Assets 5,020 7,319

Liabilities

Current liabilities - -

Revenue received in advance - -

Total liabilities - -

Net assets 5,020 7,319

Equity

Current year surplus (1,252) 2,299

Retained surplus 6,272 5,020

Total Equity 4 5,020 7,319

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Notes to the Financial Statements

1. Summary of significant accounting policies

The principle accounting policies adopted in the preparation of these consolidated

financial statements are set out below. These policies have been consistently applied

throughout the year.

(a) Comparative financial statements

These financial statements, and the notes which accompany them, summarise the financial

transactions occurring during the period from 1 July 2014 to 30 June 2015. The comparative

balances summarise the financial transactions occurring during the period 1 July 2013 to 30

June 2014.

(b) Basis of preparation

These special purpose financial statements have been prepared on an accruals basis. They

have been prepared under historical cost convention.

Revenue recognition

Revenue is measured at the fair value that it is received or receivable. Amounts disclosed as

revenue are net of returns, allowances or rebates as applicable.

Membership revenue is recognised in the period in which it is earned by the

association.

Sponsorship revenue is recognised in the period in which a commitment by a third

party is made to provide the association with financial assistance.

Event entry revenue is recognised in the period in which the association is obliged to

provide the service. Event entry revenue collected before events is recognised as event

revenue in advance, and represents a commitment to members.

Other revenue is recognised in the period in which it is earned by the association.

(c) Cash

For the purposes if presentation in this report, cash includes cash on hand and deposits held

at call with financial institutions.

(d) Trade Debtors

Trade receivables are recognised initially at fair value and subsequently measured at

amortised cost, less provision for doubtful debts. Trade receivables are generally due for

settlement within 30 days

(e) Property, Plant and equipment

Property, plant and equipment is stated at historical cost less depreciation. This asset has

been depreciated from the month it was purchased. The assets residual values and useful

lives are reviewed and adjusted if appropriate at the end of each financial period.

(f) Trade payables

Trade payables represent liabilities for goods and services provided to the group prior to the

end of the financial year which are unpaid. These amounts are unsecured and usually paid

within 30 days of recognition.

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2. Cash Expense

June - 14 June - 15

Cash on hand - 106

Cash at bank 5,020 6,658

Total 5,020 6,764

3. Deposits Paid in Advance

June - 14 June - 15

Deposits paid in Advance - 500

Total - 500

This amount of $500 was a deposit paid in advance for a room booking with Wharf Pavilion

Pty Ltd Trading as The Harborview Function Centre for the Women in Business Breakfast

professional event scheduled to be held on Friday the 23rd October, 2015.

4. Equity

June – 14 June – 15

Retained surplus/ deficit 6,272 5,020

Current year surplus (1,252) 2,299

5,020 7,319

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Directors Declaration

In the directors opinion, the financial statements and notes set out on pages 9 to 12 of this

report represent a true and fair view of the associations financial position as at 30 June, 2015

and its performance for the financial period ending on that date.

This director’s declaration is made in accordance with a resolution of the directors.

________________

Benjamin Foster

President

________________

Nigel Allen

Treasurer

Dated this day the 26th August, 2015.

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Director of Communications Report

Dear Members,

Our aim at Uon BusCom is to provide benefits to our members. I am proud that through my

position as Director of Communications I was able to work with the new and existing

members help grow the voice of UoN BusCom. The 2014/15 Board worked with passion and

enthusiasm to develop the foundations that will allow the 2015/16 Board to make BusCom

bigger and better than ever before.

When undertaking this position, I set myself objectives that assisted in facilitating a sense of

direction regarding where I wanted to take UoN BusCom. By utilising social media

platforms to engage with our members, removing the Facebook ‘friend’ page and primarily

focusing on developing the ‘like’ page, more than doubling page “likes”, increasing

engagement and improving overall Event attendance. In conjunction with this the

inrtroduction of competitions (e.g. O-Week photo upload to win 1 of 3 $100 Co-op

Vouchers), and adding a bit of personality, we were able to build a stronger relationship with

our members that will only continue to flourish.

2014/15 has seen the introduction of UoN BusCom on Instagram along with the BusCom

Twitter account. These are two mediums that I hope the new Director of Communications

will invest in more thoroughly now that Facebook has gained solid traction and output.

Throughout this year we have worked to develop the “UoN BusCom, get involved” branding

through Facebook, Instagram and Mailchimp email communications. This is something I

would thoroughly enjoy to see continued throughout as means of pursuing consistency and

frequency in engaging and informing members. I feel our members just want to know what

is going on - the more they are informed, the better they respond.

I am very proud of the direction our member engagement has taken I can’t wait to see where

the Association will go. As cliché as my posts may have sounded in the lead up to the AGM,

your University experience is dependent on how much you put in. The experience is

invaluable, so challenge yourself and work together to make UoN BusCom bigger and better.

It’s up to you now, do us proud.

Best Wishes,

Briannan Culley

Director of Communications

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Director of Professional Events Report

Dear Members,

One of the two primary functions The Business and Commerce Association is to conduct

Professional Events. These events are instrumental to the development of the Association,

students and sponsors. During the past year the Association has run several professional

events including, the “Newcastle Career Connect” which saw not only sponsor companies of

the Association but also other companies from accounting, business/personal advisory and

other professional services backgrounds interact with students and staff from the University.

As a result of this event many meaningful professional relationships were created.

Progressing throughout the year, the Association held another very successful event in the

“BusCom Q and A”. This fun and interactive evening hosted guest speakers including those

from local businesses and also individuals who were domestic excursionists. Speakers

originated from a variety of industries including our very own HR professional employed by

the University, project managers of multi-national companies, researchers in space law,

entrepreneur’s and business specialists. As I’m sure those who attended would agree, these

amazing people inspired us all! Thank you Kristi Granata, Matt Doyle, Christian Cramp and

Joel Dennerley.

More recently students have been involved in our PwC BBQ where we saw PwC, one of our

major sponsors, come to the University for a day to speak to students about their careers and

programs offered. This event incorporated PwC staff, student representatives and also

included our very own former Treasurer of BusCom, Jordan Symons, employee of PwC and

former student of the University of Newcastle. This event was open to all students and staff

across all faculties, it benefitted the Association by connecting BusCom with the rest of the

University, it also provided just over 500 people food for the day and was quite possibly the

best BBQ help on campus all year!

In semester two of this year we are already into the first of our two professional workshops

run by PwC at the University. “Preparing your Professional Self” and “Working in the

Professional World” are elements of a two part series leading into a valuable “Networking

event @ PwC” this event following the workshops will be run in the evening at PwC

Newcastle Headquarters in Watt St, Newcastle; it will provide students the opportunity to

liaise with PwC employees and gain insight into their day to day operations.

As of Friday the 23rd of October 2015, for the first time UoN BusCom are going to be

running a “Women in Business Breakfast” this is scheduled to be our largest Annual

Professional Event. It is tailored to men and women, staff and students of the University,

sponsor companies and local business professionals including the Hunter Young

Professionals network. Held at the Harbour View Function Centre, presented by Chartered

Accountants Australia and New Zealand, PwC, One Legacy and UoN BusCom. Key Note

Speaker, 2013 Female Entrepreneur of the Year, 2013 Telstra Marie Claire Australian

Young Business Woman of the Year and 2013 Newcastle University Young Alumni Medal

Winner Chandra Clements (Managing Director of One Legacy) will be providing “Simple

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Strategies to Enhance your Corporate Effectiveness.” This year the “Women in Business

Breakfast” will be the pinnacle example of Professional Events and what is achievable by

UoN BusCom. The Business and Commerce Association endeavour to provide these and

more opportunities to students again this coming year.

Best Wishes,

Dominic May

Director of Professional Events

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Director of Social Events Report

Over the 2014/15 year UoN BusCom hosted three main social events that allowed our

members to interact in a social environment and to potentially get to know some of their

fellow students.

The first social event hosted by the new board in 2014 was Judgement Day held at King

Street Hotel. This was a new social event we decided to host which was a great way to close

the end of a successful University year. It was on the night that course results were released

and albeit a great idea unfortunately we found that because a lot of University students had

already gone home for the holidays it did not have the attendance rate we had hoped. I would

encourage this event to be run again however at the end of the exam period. If not, another

end of year event should be held to celebrate our member’s achievements.

To welcome our existing BusCom members back to UoN and also our new members, we

hosted a Welcome Party at The Argyle House in week three of Semester one. The Welcome

Party was a great success and well attended with a full room. I received great feedback from

members who were excited to join BusCom and it was a fantastic way to start the UoN year.

Our next social event was our Annual BusCom UnCorked Wine Tour. This was our 3rd

Annual Wine Tour and was a great day for all who went! We took 55 people on a Rover

Coaches bus to the Hunter Valley for wine tastings at Lakes Folley, McGuigans, Tyrell’s and

the Hunter Valley Distillery with lunch included and catered by Tuk Tuk Burger Company.

This was our most successful social event held by UoN BusCom this year in terms of

member’s feedback. I feel that it was a fantastic day for our members to interact away from a

University environment and enjoy a day of meeting new people, trying some new wines and

experience something they may not necessarily have had the opportunity to do before. We

look forward to hosting our 4th Annual Wine Tour next March.

Our social events are one of the best ways for BusCom members to interact and the UoN

Business and Commerce Association is excited for the next year to present new events and

expand on our existing ones to make it even more worthwhile for our members!

Best Wishes,

Isabel Hurley

Director of Social Events

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Director of Sport Report

Dear Members,

I am pleased to announce that 2015 was BusCom’s most successful year for sporting

involvement. The association attained a record amount of sponsorship income for sporting

purposes. Our Sporting Partner KPMG has helped enable wider access for BusCom’s

members.

BusCom facilitated seven sporting teams in The Forum’s social competitions this year. Over

40 people have been involved in BusCom sport throughout this year, with the Interfaculty

Sports day yet to come. Many of these 40 people played semester 1 and returned to play

semester 2, resulting in 60 total registrations. These people all contributed to the success of

BusCom sport, making it an enjoyable experience for all involved.

I look forward to seeing the potential of UoN BusCom’s Sport grow into the future.

Best Wishes,

Alex Patten

Director of Sport

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Director of Membership Report

This year we saw huge successes regarding membership of UoN BusCom. With new goals,

ambitions and determination by our Board seen a 65% increase in membership for the

2014/15 period.

Thank you to all Corporate Partners for their support in helping us provide our members with

such great opportunities throughout the year. With continuous support from sponsors and

dedication from the Board we have seen BusCom members given the opportunity to

participate in a variety of activities. More students are utilising UoN BusCom and taking

advantage of the communal atmosphere within the large cohort.

I would like to take this opportunity to encourage our current members to re-join as a

member in 2016 and to spread the word of BusCom to their friends and peers. Without you

we wouldn’t be able to provide the range of opportunities available to each member that we

do, ticking every box to learn, adapt and step into the working world.

Best Wishes

Bethany White

Director of Membership

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