University of Newcastle Business & Commerce Association
ANNUAL REPORT
2015
UoN BusCom – Annual Report 2014 2
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.
UoN BusCom – Annual Report 2014 3
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
UoN BusCom – Annual Report 2014 4
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
UoN BusCom – Annual Report 2014 5
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.
UoN BusCom – Annual Report 2014 6
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
UoN BusCom – Annual Report 2014 7
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
UoN BusCom – Annual Report 2014 8
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 $7,319 and no liabilities. This sound financial
position would not have been possible without the university reimbursements, corporate
sponsorship and generous volunteering of time, effort and skills from the current board.
I believe that the University of Newcastle Business and Commerce Association will be able
to maintain and increase its sound financial position in the 2015/16 financial year and is well
equipped to provide its members with various benefits at the professional and social levels
into the future.
Yours Sincerely,
____________
Nigel Allen
Treasurer
UoN BusCom – Annual Report 2014 9
Statement of Comprehensive Income
June-14 June-15
Income ($) ($)
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
UoN BusCom – Annual Report 2014 10
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
UoN BusCom – Annual Report 2014 11
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.
UoN BusCom – Annual Report 2014 12
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.
UoN BusCom – Annual Report 2014 14
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
UoN BusCom – Annual Report 2014 15
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
UoN BusCom – Annual Report 2014 16
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
UoN BusCom – Annual Report 2014 17
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
UoN BusCom – Annual Report 2014 18
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
UoN BusCom – Annual Report 2014 19
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
UoN BusCom – Annual Report 2014 20