Annual Report 2004 - UTS Union - University of Technology_ Sydney by liuhongmeiyes


Union Board                 2
Senior Staff                2
Chair’s Report              3
President’s Report          4
CEO’s Report                5
Catering                    7
Functions Catering          9
Bars                        11
Retail                      13
Publications & Promotions   15
Programs                    17
Sport & Recreation          19
Fitness Centre              23
Financial Statements        25

             Dr Judy Johnston - Chair
            Mr David Pacey - Treasurer
             Mr Vikas Gour - President               CHAIR’S REPORT
        Ms Jacquie Delaney - Vice President
                Ms Louise Abrams                     As is noted in the President and CEO’s report, 2004 was an           The Board certainly acknowledged that Michael was going
       Mr Peter Bryant - Resigned April 2004         extremely important year for the UTS Union Ltd and its Board         to be a hard person to follow. The recruitment process was
                                                     of Directors. As a newly incorporated entity, the new Board of       commenced by Siri Norman and as Chair, I convened the
                 Mr Matthew Day
                                                     Directors began the year by acknowledging the wealth of Union        selection committee of the Executive of the Board. Out of a
 Mr George Hasanakos - Commenced 28 July 2004
                                                     achievement over time. The important contributions made by           small impressive field, Tom O’Sullivan was appointed as the
                Mr Robert Johnston                   Union staff to the incorporation process was acknowledged,           new CEO. Tom came to UTS with similar experience at Sydney
                Ms Sofia Koutoulas                    as was the dedication of Union staff to their primary constituents   University and is now firmly entrenched as the second CEO
               Ms Felicity McMahon                   - members of the University community at UTS. So as we               of the incorporated UTS Union. The Board is grateful to Tom
                 Mr Paddy Parkhill                   embarked upon our work in 2004, we recognised that we                for his wise counsel in many matters related to Board
                                                     needed to consolidate achievement to date but also to look           decision-making and we acknowledge the excellent leadership
                   Ms Kate Prior
                                                     forward to see what exciting possibilities we could develop to       contribution that he has already made as CEO and also as
Mr Michael Georgeson - CEO - Resigned 30 June 2004   enhance student life at UTS. We wanted to build the Union as         a Director of the Board.
 Mr Tom O’Sullivan - CEO - Commenced 1 July 2004     an even more professional entity that could be seen as a model
                                                                                                                          Additionally, our partnership with the University in 2004
                                                     organisation for other universities. Incorporation also meant
                                                                                                                          has become increasingly closer and professional, and joint
                                                     that governance procedures and responsibilities as Directors
                                                                                                                          discussions about a range of matters have ensued.
                                                     became increasingly important for the Board. To that end,
                                                                                                                          We obviously value that partnership and the support that
                                                     the Corporate Governance Committee of the Board was
                                                                                                                          we receive from the University as a whole but also from a
                                                     convened to consider important and complex issues in more
   SENIOR STAFF                                      depth, from time to time.
                                                                                                                          number of key individuals, too numerous to mention here,
                                                                                                                          who are always there for us and who go way beyond the call
                                                     Overall, 2004 was a year of consolidation, considered change         of duty. On behalf of the Board, I would especially like to
            Administration & Accounts                management and new ideas. In the new structure all members           thank the (former) Chancellor Sir Gerard Brennan, the Vice
             Mr Tom O’Sullivan - CEO                 of the Board made major and significant contributions to the          Chancellor Professor Ross Milbourne, the Registrar Dr Jeff
       Mrs Siri Norman - Personnel Manager           results, as outlined in this Annual Report and we specified           FitzGerald and the staff in the Facilities Management Unit.
                                                     roles for key office bearers in a way that had not been done
          Mr Peter Ng - Facilities Manager                                                                                Obviously the Union Board would have little to do without
                                                     before. The Student President Vikas Gour reported, as did the
                                                                                                                          the contribution of students in Union activities. For example,
                     Services                        Vice President Jacqui Delaney, the CEO and the Chair of the
                                                                                                                          many UTS students are involved in the Clubs & Associations
                                                     Finance Committee David Pacey, at every Board meeting.
Mr David Redden - Programs & Publications Manager                                                                         that the Union supports. The achievements in these areas
                                                     Many new initiatives were conceived during Board meetings
 Ms Amanda Fielding - Sport & Recreation Manager                                                                          are often remarkable and well-publicised but they can also be
                                                     with a high level of follow-up and energy by all concerned.
      Mr Joe Ferreira - Fitness Centre Manager                                                                            quiet achievements, which we celebrate as well. So thank you
                                                     There were also important well-articulated dissenting views
                                                                                                                          to all of the students and staff who contribute to in so many
                                                     from time to time, which meant that contentious issues were
                      Trading                                                                                             ways to this success.
                                                     well-discussed and different perspectives considered. Especially,
         Mr Ray Singe - Catering Manager             I would like to acknowledge here the wonderful and professional      Not least of all, as Chair and on behalf of the Board I would
     Mr Robert Doran - Bar Operations Manager        contribution that all members of the Board made in 2004,             like to thank all Union staff, again, for the way they have
    Mr Pieter Mackay-Smith - Functions Manager       in such a responsible way. The Board also could not do without       welcomed and embraced change and for their contribution
        Mr David Johnson - Retail Manager            the exemplary minute-taking professionalism of Lindy Fawcett.        to the UTS Union Ltd in its first year of operation as an
                                                                                                                          incorporated entity. As the year ended though, the likelihood
                                                     In the middle of the year, the Union Board celebrated with staff
                                                                                                                          of Voluntary Student Unionism loomed near. If the legislation
                                                     and friends the twenty-six years of dedicated management
                                                                                                                          is enacted, the Board will be confronted with a range of difficult
                                                     and leadership of the Union by Chief Executive Officer (CEO)
                                                                                                                          decisions in 2005. However, the excellent achievements of 2004
                                                     Michael Georgeson at his retirement. It is difficult to express
                                                                                                                          mean that the Board of the Union could not be in a better
                                                     the value Michael’s contribution to the Union in a few words
                                                                                                                          position to venture down that difficult decision-making path.
                                                     in an Annual Report, but it was undoubtedly considerable.
                                                     It was largely due to Michael’s excellent leadership that the
                                                                                                                          Judy Johnston
                                                     Union worked towards its incorporation in the seamless way
                                                     that it did.

In 2004, the Union operated for the first time as a company
limited by guarantee. For this to happen, the Union
                                                                 Another project that the Union has committed to is the
                                                                 Haberfield renovation. The club is in a prime location and      CEO’S REPORT
underwent fundamental changes with regards to the Board          is the home of the renowned UTS Rowing Club. The Board
structure, membership, fees, and also its relationship with      has taken an active interest to ensure that the building is    2004 was the first year of operation of the newly incorporated      At the same time, the Union was able to support a number
the University. The incorporation means that the Directors       improved in many aspects and its members are provided          UTS Union Ltd and it is pleasing to be able to report such a       of key University programs including the Community Law
of the Board officially have a fiduciary duty to make              with an aesthetically pleasing environment.                    successful year for the organisation in its new status. Previous   Centre, Child Care Services, Alumni Services, International
responsible decisions in the best interests of the Union.        These investments demonstrate the Union’s commitment           Boards of Directors and management should be congratulated         Students Orientation Program and University Information
It also means that there will be increased interaction with      to providing relevant and exciting opportunities to the        for the smoothness of the transition from an unincorporated        and Advisory events.
University management - which is a positive byproduct of         UTS community.                                                 association.
                                                                                                                                                                                                   During the course of the year a dark cloud appeared on the
the incorporation. In the last year, the Union has definitely
                                                                 One of the major challenges the Union will face in the         The Union’s operating surplus of almost $2.5 million is a          horizon of this and all Australian university unions in the
enjoyed the frequent contact and support provided by
                                                                 coming years is the implementation of the Federal              commendable outcome and the product of strong working              form of the Commonwealth Government’s proposed legislation
the University. and has been in a better position to serve
                                                                 Government’s Voluntary Student Unionism (VSU)                  relationships between staff, management and the Board.             to prohibit the University from collecting student fees.
its staff, students and alumni.
                                                                 legislation. This legislation prohibits university student     This sound financial performance allowed for the completion         This would have a horrendous effect upon the Union’s
2004 was undoubtedly one of the most challenging years           unions from receiving revenue from the levying of a general    of a $2 million refurbishment of the Fitness Centre and Sports     capacity to provide services and facilities to the community
for the Union. Our long serving CEO of twenty-six years,         service fee on all students as a condition of enrolment.       offices which were due to re-open for Semester One 2005.            and is an unfortunate example of a continued push by this
Michael Georgeson, had made the decision to retire and           Implementation of VSU will undoubtedly have a significant       Investigation continued into an upgrade of the UTS                 Government towards rationalist and user pays approaches.
the newly formed Corporate Governance Committee was              impact on university campus life and could potentially         Haberfield Club which will address various compliance               The Union, in conjunction with our National Professional
responsible for the hiring of a new CEO. The committee was       cease all non-academic activities on campus. The Board         issues as well as improving the amenity of the upstairs            Association (The Australasian Campus Union Managers
comprised of the Chair, Treasurer, President, Vice President     is opposing the legislation and will do its very best to       facility for members and the functionality of the downstairs       Association) is taking many steps, both locally and nationally,
and Council appointee. After a very comprehensive                ensure that the Union continues to provide valuable            rowing operations.                                                 to dissuade the Government from its legislative intentions.
recruitment process and much deliberation the committee          services as well as the vibrant atmosphere on campus.                                                                             In this campaigning, the support of the University has again
                                                                                                                                In its first incorporated year the Union’s senior management
made a decision to hire Tom O’Sullivan to lead the                                                                                                                                                 been invaluable.
                                                                 The year 2004, although challenging, has been a rewarding      and Board invested much time and energy on reviewing and
management of the Union. Tom has a strong background
                                                                 period. Not only for students, staff and alumni but also       improving the Union’s Corporate Plan which was positively          Finally, I would like to thank all the managers and staff
in student unions and I have every confidence that his
                                                                 for the Directors of the Board and employees of the Union.     endorsed by University Council. This plan will provide a           of the organisation for the commitment they continuously
leadership of the Union will continue to provide great
                                                                 It is very gratifying to see the Union fulfill its vision and   clarity of direction for the organisation and will ensure that     deliver to the organisation’s goals and ultimately for the
services to the students, staff and alumni of UTS.
                                                                 goals through the diligence and commitment of the Board        the close working relationship with the University continues       excellent financial results for 2004. Equally, the success
The results for 2004 are indicative of the fact that the Union   and the employees. I would like to take this opportunity       to strengthen. As with all our endeavours, the Union owes          of the Union would not be possible without the direction
is performing exceptionally well and maintains a sound           to thank all the Union employees that have done a fantastic    a debt of gratitude to the University for its ongoing support.     and dedication of the Board of Directors. In particular,
financial position. Once again, the Union has continued           job to make the UTS campus such a lively and fun place         In particular, the Vice Chancellor, Registrar, Chief Financial     the leadership of the Board in our Chair, Dr Judy Johnston
to make large grants in Sports, Clubs & Activities and           to be. I strongly believe that the Union is continuing         Officer and Director of the Facilities Management Unit have         and our President, Vikas Gour has set a fine example for
other non-academic areas. One of the most exciting               to make the university experience more exciting and            been generous with their time for Union issues and supportive      other Directors and all staff.
developments throughout this year has been the                   worthwhile for students, expanding their horizons and          in practice by their attendances and involvement in various
                                                                                                                                                                                                   I commend this Annual Report to the University community.
multi-million-dollar refurbishment of the Union Fitness          enabling them to receive a more complete education.            Union events and activities.
Centre - an incredible transformation of a facility heavily                                                                                                                                        Tom O’Sullivan
                                                                 I would also like to thank the Directors for giving me the     The Union continued its key role in supporting the University
used by the University community.                                                                                                                                                                  CEO
                                                                 opportunity to lead the Board towards achieving its goals      community and in delivering ever changing social, sporting
                                                                 and also for their continual support and encouragement.        and recreational programs. $3 million of Union funds was
                                                                                                                                expended in these areas to add to the life of the University’s
                                                                 Vikas Gour                                                     campuses and to provide developmental and recreational
                                                                 President                                                      opportunities to students and staff.

UTS Union Ltd Catering took advantage of opportunities to lift our
operations to a higher standard of service and quality.

The success of any campus catering operation is achieved           The flag ship of Catering remains the Concourse Café,
through a proactive approach to the needs of our unique            still very popular with staff and students alike. This centrally
customer base; the construction of a timely marketing plan         located café is a hive of activity every day. It is a convenient
to ensure these needs are met; and an understanding of the         meeting place promoting great Lavazza coffee, quality cakes
adjacent commercial environment. UTS Union Ltd Catering            and pastries and a modern fresh menu. The open plan
took advantage of opportunities to lift our operations to a        kitchen is constantly active, adding to the ambience of this
higher standard of service and quality, through changes to         vibrant meeting place. Customers have the choice of dining
visual food displays, the addition of new products such as         inside, or outdoors under the Lavazza umbrellas in the
in-house meal deals, specials, competitions and promotions         Concourse Courtyard.
by our high profile suppliers.
                                                                   Catering, in conjunction with the Activities department
The introduction of the popular Jolly Good Indian Diner to         and the Bar, played a major role in this years occasions
our Broadway food service completed a successful combination       - providing support with barbeques and buffets for O’Day,
of authentic cuisines, complementing the already established       Information Day, Advisory Day and St Patrick’s Day festivities,
Middle Eastern and Alice’s Asian outlets. The ever popular         as well as special Union Awareness Weeks, Melbourne Cup Day
Union Eatery still thrives daily offering quick service of         and during the Christmas celebrations. Catering worked well
prepared foods, sandwiches made to order, light menu lunch         with Clubs and Societies on all campuses, assisting with
combinations, as well as a broad selection of popular beverages.   membership drives and other special occasions such as
                                                                   commencement and end of semester parties.
The addition of lounge seating has enhanced the ambience
at our Kuring-gai Union Centre where students and staff            Food is an essential ingredient in Union social life.
can relax and enjoy both meals, coffee and bar beverages.          Throughout both semesters, the well designed multi-purpose
A new chef at Kuring-gai Eatery injected fresh ideas and           Union Centres are alive and buzzing with activity, from
on-going menu changes such as meal deals and special               lunchtime entertainment at Broadway, a comedian or a
lunch combinations, keeping our students and staff                 Karaoke performance on stage at Markets, to an Activities
interested in this service.                                        Lunch at Kuring-gai or Beer Bingo and a free barbeque at
                                                                   St. Leonards campus.
Our Markets Deli and Eatery still remain popular although
competition in this area is high with Market City directly         We look forward to the continuation of new ideas, menus
across the road and Chinatown a short walk from the campus.        and products in 2005.
Changes to this operation have been discussed and 2005
should see a consolidation of both Markets Deli and Eatery.
This will involve new menus and a made to order sandwich
service which is extremely popular at both Kuring-gai and
Broadway Eateries.

The Function Departments’ focus for 2004 was to increase the use
of its services within University grounds without compromising
service quality and standards.

In 2004, the Gallery Function Centre achieved its highest        With the opening of the Loft in 2004 to the wider University
annual revenue recorded during its years of operation with       community, the Functions Department was unable to book as
an increase in sales of over 14% and coming in 5% above          many events into the Loft as it had in previous years. Whilst we
forecast. The Function Departments’ focus for 2004 was to        strongly support this new policy, it has none the less affected
increase the use of its services within University grounds       our revenue. However this was more than compensated by
without compromising service quality and standards.              an increase in general bookings during 2004.
This focus was maintained throughout the year despite the
                                                                 In 2004 we catered for over 1,650 events which in turn totalled
loss of key department staff mid year. To maintain standards
                                                                 over 113,500 guests. Functions also experienced a decrease
these positions were immediately replaced using contract
                                                                 in cancelled bookings of 16% compared to 2003 (this represents
staff. Due to the difficulty in replacing the key positions the
                                                                 a total decrease of over 33% since 2002).
contracted staff remained until the end of the year, which
dramatically affected our budget. However, this sacrifice was     Our focus in 2005 will be to capitalise on the hard work
made to ensure that members and clients were not adversely       and sacrifices made in the second part of 2004. With those
affected by the situation and to ensure their repeat business.   foundations laid down we aim to increase the number of
                                                                 bookings and guests serviced in 2005 with a concentration
The rewards for this will be seen by the Functions Department
                                                                 on the Gallery Function Centre’s occupancy and usage.
with a continued increase in bookings in 2005 due to higher
                                                                 We will also be undertaking a review of our facilities and
client satisfaction, as well as the improved quality and
                                                                 the services we offer to maximise benefit for all end users.
standards reached during 2004. The key position was filled
                                                                 With the looming threat of VSU we will also be looking at
and confirmed at the commencement of 2005. This will lead
                                                                 ways to be self sufficient in varying degrees based on
to further stability and cost efficiency within the department.
                                                                 different levels of commercial activity - the degree of which
                                                                 will be dependent upon the passing or otherwise of the
                                                                 Federal Government’s VSU legislation.

Our challenge is to provide the mix of entertainment
and atmosphere that will be attractive to the student population.

The day to day running of the Loft came under the control         Bars have run other successful promotions throughout the
of the Union Bar Department in January 2004. This area            year. We started with a Union designed promotional t-shirt,
was opened up to students for the first time and has proven        which was sponsored by Tooheys. This was a loyalty based
to be very successful. There was a refurbishment completed        promotion with the t-shirt as the prize. Tooheys also sponsored
which saw changes to the counter position and style, as well      a number of self-run promo’s with prizes ranging from
as the introduction of lounge furniture. The product mix was      ‘foosball tables’ to ‘Sony Discmans’ and a ‘mini bar fridge’.
changed with a new focus on drinks rather than food, which
                                                                  We ended the year with reduced prices on Tooheys Extra Dry
included Lavazza coffee, biscotti and cakes, frappes, mixed
                                                                  at the end of semester parties and some instant win prizes
drinks and international beers. There was a demand for more
                                                                  included. Additional promotional activity included ‘Bacardi
substantial food items and we introduced fresh baked pizzas
                                                                  Breezer’, ‘Archers Spri’ and ‘Red Bull’. Oktoberfest saw a return
in October. They received a positive response and more items
                                                                  of the popular glass stein. This promotion, which ran for the
will be introduced in 2005. An entertainment program was
                                                                  month of October, filled the pint sized stein for the price of a
developed for the Loft with an Acoustic Session supported by
                                                                  schooner. This was very well received with almost all of the
a Happy Hour every Wednesday afternoon. This has been a
                                                                  steins sold.
huge success with a great turnout each week.
                                                                  However, sales at the bars have shown mixed results.
Orientation was a positive start to the year as Bars had a
                                                                  The Glasshouse Bar sales are down, the Markets Bar sales
stall on Level 4 with the Activities Department. The stall
                                                                  remain consistent, while sales at Kuring-gai Bar are up,
advertised upcoming events and promotions with posters
                                                                  mainly due to the successful parties held. The end of year
and flyers handed out. The Loft was heavily marketed on the
                                                                  Beach Party recorded sales in excess of $16k which was a
day with free coffee vouchers handed out which included a
                                                                  record for the Kuring-gai Bar. At the Glasshouse, the numbers
location map. Sponsored by Lavazza, we offered a free coffee
                                                                  attending the events on Thursday nights continued to decrease.
with a discounted biscotti purchase. This promotion was run
                                                                  The major event parties were very poorly attended, especially
in both semesters.
                                                                  the end of Semester One and recommencement of Semester
The coffee club promotion (every 5th coffee free) run at each     Two events. A refurbishment of the Glasshouse Bar area was
bar (except the Loft) is still a very popular promotion and the   intended but this did not eventuate due to unforseen issues.
results show an increase in coffee sales across each bar.
                                                                  Overall, Bars have had a good year except for the sales at
                                                                  the Glasshouse Bar, which have been most disappointing.
                                                                  Our challenge is to provide the mix of entertainment and
                                                                  atmosphere that will be attractive to the student population.
                                                                  Combining this with a continuation of positive outcomes from
                                                                  promotional activity, we expect to see a better result in 2005.

Retail continued to maintain its strong presence as a
supportive service provider for student life on campus.

A year of conflicting trading results between shops with          This was the first full year when Course Notes became
consolidation and alignment to the Union is how I would          available from each campus location. With distribution
define 2004. Retail involved itself in events such as O’Day       through each Union shop students were provided with
and Union week, something we had not done previously.            improved accessibility. A catalogue was installed on to the
                                                                 Union website displaying University memorabilia, improving
Retail strengthened its relationship with the University
                                                                 availability and awareness of the range.
by extending its services throughout all shops. Consisting
                                                                 Further improvements to the design of the clothing range
of four campus shops and the Union Newsagency, Retail
                                                                 are planned for 2005 - the University and Union have
continued to maintain its strong presence as a supportive
                                                                 sourced an exclusive supplier to assist with this project.
service provider for student life on campus.
                                                                 In 2005, Retail will focus on further endorsement and
Trading results varied substantially. Operational trends
                                                                 commitment to maintaining service levels, competitive
experienced throughout 2003 appeared to manifest with
                                                                 pricing, stock availability and customer service. Some minor
further decline for both Haymarket and Kuring-gai shops;
                                                                 re-fit and design adjustments are planned for both the
while sustained growth continued for both the DAB
                                                                 Union Newsagency and Broadway shop throughout 2005
and Broadway shops. Supporting its budget forecast,
                                                                 to support Retail’s position as a supportive service provider.
the Union Newsagency traded well until September.
External factors such as the closure of Carlton Brewery
caused the immediate reversal to its results with the
loss of regular customers we had serviced for many years.

Retail maintained its financial commitment to students by
retaining its service policy in the face of increased external
retail competition. Retail’s annual operation contributed
$2,943,600 gross sales to the Union’s 2004 performance
- an increase of 1.6% on the previous year.

The Union website was completely revamped... This new site has
been very well received from both within and outside the UTS Community.

The Publications Department plays an important role in         The Union’s working relationship with the University
communicating with the UTS Community through servicing         during joint promotions continued in 2004, with the
the printing and publications needs of all departments         Union being an integral part of the International
within the Union. In addition, the Publications Department’s   Students Orientation Program, Orientation,
resources are extensively used by over 100 affiliated Clubs     Information Day, Advisory Day, International Student
& Societies.                                                   Information Day and other joint events.

Some of the publications produced in 2004 included             The Union website was completely revamped by the
‘Student Life’ (a 16 page weekly magazine), the UTS Union      University’s Institute of Interactive Media & Learning
and UTS Rowers Annual Reports, posters, flyers, brochures       and was launched on Orientation Day on 25 February.
and of course the Union Diary. Our Diary had minor changes     This new site has been very well received from both
made to it from the 2003 model and feedback was very           within and outside the UTS Community due to the site
positive. All 25,000 copies of the Diary were given away to    being more user-friendly, modern and interactive.
students and staff, with this publication being regarded as
a must-have by the UTS Community.

... the Acoustic Session was phenomenally successful, with huge crowds,
great weather and an impressive line-up of Sydney’s best acoustic performers...

Social & Cultural Programs                                      Clubs & Societies
In 2004 the Union provided and supported a comprehensive        In 2004, the number of affiliated Activities Clubs & Societies
and diverse range of social and cultural programs. These        peaked at 78, divided into 49 Category One Clubs and 29
included successful Band, DJ and Art & Photo Competitions,      Category Two Clubs. The number of clubs and variety of
as well as regular movie screenings and other entertainment.    clubs show a great breadth and diversity in student interests
                                                                as well as commitment to be involved in University & Union life.
UTS Union hosted the State Band Competition Semi-Final,
which was a terrific night - the eventual winners (from the      New Category One Clubs in 2004 were Catholic Student
University of New England Union) finishing second in the         Movement, Planetary Society, Spirit of Punjab and Wu Wei.
State Final.                                                    New Category Two Clubs were Amazing Race Society,
                                                                Clubbers & Ravers United, KoOEE, Motor Sports Club, Praxis,
Comedy continued at Markets, Kuring-gai and Broadway
                                                                Working Students Union Network and Young Disciples of Jesus.
campuses, with excellent attendance and very positive
feedback from patrons.                                          Activities Clubs & Societies succeeded in enhancing student
                                                                life through their presence and activities at Markets,
With the renovated Loft being opened for the first time to
                                                                Broadway and Kuring-gai campuses throughout the year.
students in 2004, a regular Acoustic Session was introduced
                                                                Clubs increasingly utilised the Union’s functions and
on Wednesday afternoons during semester. Combined with
                                                                photocopying subsidies and also took advantage of the
a Happy Hour, the Acoustic Session was phenomenally
                                                                Union Grants, with 39 being awarded to Category One Clubs
successful, with huge crowds, great weather and an impressive
                                                                in 2004.
line-up of Sydney’s best acoustic performers, making
Wednesday at the Loft a weekly campus highlight.                Events held by clubs included barbeques, regular meetings,
                                                                seminars, awareness weeks, annual dinners, presentation
Indigenous Cultural Awareness Week and Sexuality Week in
                                                                nights, gala balls, concerts, plays and performances,
Spring Semester were highly successful theme weeks organised
                                                                film screenings, trivia nights, harbour cruises, cocktail
in conjunction with Jumbunna and the Out2Party clubs
                                                                parties, pub tours, sporting events, paintball, go-carting,
respectively. Sexuality Week activities included hip-hop,
                                                                demonstrations and professional development sessions.
karaoke and comedy held in the Glasshouse Bar & the Loft,
with great food and themed movies shown daily.                  The Law Society and the Debating Society held major
                                                                Australian Intervarsity Conferences/Competitions at
St Patrick’s Day, Oktoberfest and Melbourne Cup events were
                                                                UTS Broadway in July 2004. In addition to this, other clubs
staged successfully, with Melbourne Cup Day a well-attended
                                                                involved in various national and international conferences
highlight at both the Glasshouse Bar and Kuring-gai.
                                                                and competitions included AIESEC, AYBC, Christian
The Blast Volunteer Program continued in 2004, with many        Students, Credo, the Engineering Society, MASA, Out2Party
students getting involved - at lunchtimes and during events     and United Nations. Many clubs also participated in
such as the commencement and end of semester parties,           University events such as Information Day, Advisory Day
Comedy and the Loft Acoustic Sessions - informing patrons       and Orientation.
of upcoming Union activities and performing brief surveys
                                                                Club of the Year was awarded to the Engineering Society for
to provide feedback and assist in programming.
                                                                its many successes within the UTS Community, not least of
                                                                which was the Engineering O-Camp run at Cataract Dam for
                                                                all first year students enrolled in the Engineering Faculty.

2004 saw the Sport & Recreation Department grow in both its involvement
in the University community and reputation within all facets of sport in Australia.

Sport & Recreation Clubs                                             Recreation
2004 saw the Sport & Recreation Department grow in both              In 2004, the recreation program was at its largest ever in
its involvement in the University community and reputation           both events and participation numbers. With over 100
within all facets of sport in Australia. As a relatively new         activities being offered to UTS students in 2004 through the
University and a considerably smaller base than other more           general Recreation Program and the International Students
‘sporting’ universities, UTS should be proud of its level of         Orientation Program, more and more students were able to
participation and the results achieved by its students.              participate in the vast array of programs and activities.

In 2004 over 2,000 UTS students and graduates competed               The yacht ‘Impulse’, owned by the Union, was again very
in approximately 50 sports offered by affiliated clubs of the         popular. Due to the commitment and dedication of several
University, and approximately 500 UTS students participated          highly qualified skippers - students, staff and family were able
in the University Games competition. More than 1,500 students        to explore the harbour on the ‘Impulse’ throughout the year.
participated in the recreational activities provided by the UTS
                                                                     The major events in the recreation calendar for 2004 involved
Union over the year with an exceptionally high number of
                                                                     the annual Central Australia trip, learn to surf programs,
International Students becoming involved in the International
                                                                     tandem sky dives and a weekend at the snow.
Students Orientation Program. With 2004 also being an Olympic
Year, UTS is proud to claim a number of Olympians and Shadow         The UTS Union coordinated a joint staff and student
Olympians as its own.                                                UTS City to Surf team, which saw over 225 student and
                                                                     staff participants in this event. 100 international students
UTS Sporting Clubs                                                   took the opportunity to participate in this local Sydney
                                                                     tradition with even larger numbers expected in 2005!
Ideally, clubs offer activities at a range of levels from beginner
to Olympian. At UTS the sports of fencing, hockey, rowing,
and volleyball all have students competing within elite
competitions. In 2004, there were over 25 sporting clubs
(including a number of recreational clubs that didn’t compete
but did participate) each weekend in various recreational
activities. The 2004 Club of the Year was awarded to the
Rugby League team for their outstanding performance in
Intervarsity competition, their unquestionable commitment
to the UTS community and the promotion of their club
throughout the year.

FOR 2004
University Games & Championships                                Sportsperson of the Year                                   ...the most successful year for UTS students and athletes
                                                                Bo Hanson - Rowing
At the Australian Uni Games held in Perth, UTS was                                                                         in terms of participation and also achievement.
represented by 172 students and achieved excellent results
in athletics, cycling, netball, tennis and touch. UTS Cyclist
                                                                Sports Club of the Year
                                                                                                                           Sports Scholars and Awards - 2004
Phil Thuax won 3 golds and a bronze, James Roff won a           Rugby League
gold in the 400 metre hurdles and Jess Boyd won two track                                                                  There were 64 Sports Scholars selected in 2004 from a wide variety of sports. Many of these athletes went on to win Blues
medals - bronze in the 1,500 metres and silver in the 5,000     Sports Recognition Award                                   and Half Blues for their achievements at both a national and international level as well as the university competitions.
metres.                                                         Marc Carroll – Volleyball
                                                                                                                           Christina Alldis           Athletics                           Rob Mitchell                Rowing
UTS also performed well at the Eastern Uni Games in
                                                                UTS Union Blues recipients                                 Jessica Boyd               Athletics                           David Mathews               Rowing
Wollongong, winning silver in men’s basketball, men’s and
                                                                Tracey Green                Fencing                        Joel Glover                Athletics                           Cassandra Rhodes            Rowing
women’s hockey and men’s volleyball. The Rugby League Club,
                                                                Rebecca Sanders             Hockey                         Rhys Hart                  Athletics                           Mick Outhred                Sailing/Triathlon
the UTS Jets, won the Tertiary League Club Championships.
                                                                Nik Trkulja                 Tennis                         Grant Quick                Athletics                           Nicole Douglass             Sailing
The First Grade team also won their Grand Final by 40
                                                                Magda Rybicki               Volleyball                     James Roff                 Athletics                           Belinda Olding              Skiing
points. The UTS Jets also embarked on a highly successful
                                                                Michael Howard              Fencing                        Annabelle Smith            Athletics                           Arron Child                 Soccer
international tour, playing against teams in England, France
                                                                                                                           Amy Lee                    Badminton                           Adam Demasi                 Soccer
and Japan. The team is now considered one of the most
                                                                UTS Union Half Blues recipients                            Tim Seccombe               Basketball                          Martene Edwards             Soccer
successful University rugby league clubs in Australia.
                                                                                                                           Lucy McBurney              Basketball                          Peter Giurissevich          Soccer
                                                                James Roff                  Athletics
UTS also performed well in rowing, hockey, volleyball,                                                                     Arabella Vescio            Basketball                          George Mclean               Soccer
                                                                Jess Boyd                   Athletics
Australian Rules, triathlon, netball, martial arts, rock                                                                   Beau Day                   Bodyboarding                        Michael Mouyis              Soccer
                                                                Kate Debenham               Hockey
climbing and snow sports.                                                                                                  Timothy Sparke             Cricket                             Peter Vassilis              Soccer
                                                                Jo Day                      Netball
                                                                                                                           Olivia Thornton            Cricket                             Darren Yee                  Swimming
                                                                Kim Purcell                 Netball
Sportsperson of the Year                                                                                                   Cassandra Chan             Cricket                             Layegha Hashemi             Tae Kwon Do
                                                                Katelyn Gray                Rowing
                                                                                                                           Phil Thuaux                Cycling                             Julia Humbert               Tae Kwon Do
UTS Rowing Club member Bo Hanson claimed the UTS                Sarah Murdoch               Rowing
                                                                                                                           David Young                Cycling                             John Ganderton              Tennis
Sportsperson of the Year award for the second time.             Ryan Smith                  Rugby League
                                                                                                                           Tracey Green               Fencing                             Nik Trkulja                 Tennis
Bo has represented Australia at three Olympic Games,            Joel Attenborough           Rugby League
                                                                                                                           Melissa Yeung              Fencing                             Rebecca Watt                Touch
winning bronze in the Men’s 8 at Athens 2004. He is widely      Scott Jones                 Rugby Union
                                                                                                                           James Fordham              Fencing                             Khali Ridge                 Trampoline
regarded as technically the best rower in Australia and is      Belinda Olding              Snowboarding
                                                                                                                           Daniel O’Connor            Gridiron                            Melissa Ashton-Garard       Triathlon
studying towards a Business degree at UTS.                      Alice Bowen                 Soccer
                                                                                                                           Rebecca Sanders            Hockey                              Marco Mueller               Triathlon
                                                                Anne Rutlidge               Soccer
                                                                                                                           Mohamed Rajab              Karate                              Amelia Barrett              Volleyball
Sports Recognition Award                                        Jacky Wong                  Table Tennis
                                                                                                                           Sandra Martin              Karate                              Marc Carroll                Volleyball
                                                                Cassie Chan                 Tennis
The UTS Sports Recognition Award went to volleyballer                                                                      Mark Bellofiore             Kayak                               Robert Hoey                 Volleyball
                                                                Ela Gayck                   Tennis
Marc Caroll. This award pays tribute to students who                                                                       Ben Hankinson              Kayak                               Gary Hui                    Volleyball
                                                                Rebecca Birch               Touch
combine sporting achievement with the administration                                                                       Andrew Le Breton           League                              Kylie Mitchell              Volleyball
                                                                Laura Marvin                Touch
side of running a club. In 2004, Marc organised major                                                                      Scott Beeton               Mt Biking                           Magdalena Rybicki           Volleyball
                                                                Sally Kierath               Touch
fundraisers for the UTS Volleyball Club, as well as the                                                                    Kimberley Purcell          Netball                             Bart Vonhoff                Volleyball
                                                                Kylie Mitchell              Volleyball
Registrar’s Cup, and has represented UTS on the court                                                                      Georgina Glover            Netball                             Erin Douglas                Waterpolo
                                                                Kelly Miller                Waterpolo
for the past three years at the University Games, in the                                                                   James Chapman              Rowing                              Alexis Higlett              Waterpolo
State Volleyball League, and the National Volleyball League.    2004 saw the most successful year for UTS students and     Bo Hanson                  Rowing                              Kelly Miller                Waterpolo
                                                                athletes in terms of participation and also achievement.   Julia Wilson               Rowing

The Union’s contribution to this project has resulted in the added
benefit of providing UTS students and staff access to a very exciting
and vibrant new gymnasium facility.

The UTS Union commenced a major refurbishment of           As a result of this refurbishment, 2004 has been
the Fitness Centre in 2004. This refurbishment marks       difficult with demolition and construction work being
the start of an exciting new era for the Fitness Centre.   the norm for most of the year. The Fitness Centre had
The re-fitting and extension of the University’s science    to be reduced to half its normal capacity to accommodate
building, within which the Fitness Centre is located,      the construction work. Despite this, reasonable attendance
necessitated the removal of the squash court facility.     figures were achieved. Attendance figures exceeded 89,000
The upside of this development is that the Union has       visits for the year while weekly attendance averaged 2,500
invested considerable funds and effort into re-fitting      visits. While these figures are down on those achieved
the available space. The Union’s contribution to this      in previous years, they are still very respectable when
project has resulted in the added benefit of providing      considering the impact of refurbishments on the
UTS students and staff access to a very exciting and       conditions within the facility. With the majority of
vibrant new gymnasium facility.                            this construction work now behind us, the coming
                                                           year promises to be very successful.
The refurbishment of the Fitness Centre has created
approximately 900sqm of additional exercise space.
This includes two new exercise class studios, 350sqm
of weight training area (now one of the largest weight
training rooms in Sydney) and two new cardio theatres
equipped with the latest electronic exercise machines,
all wired to a system of 12 television monitors.
This extensive upgrade has created a facility that will
adequately fulfil the exercise and fitness needs of the
UTS community for many years to come.

ABN 53 107 038 684


REPORT OF THE DIRECTORS                                                                                                     8.   INFORMATION ON DIRECTORS OF THE BOARD

FOR THE PERIOD ENDED 31 DECEMBER 2004                                                                                            The Directors of the Board holding office as at the date of this report are as follows:

Your directors submit their report on the company and is controlled entity for the financial period ended 31 December 2004        Name: JOHNSTON, Judy                                           Name: McMAHON, Felicity
                                                                                                                                 Qualifications: BA, M.Litt, M.Pub.Pol, PhD                      Experience: Student
                                                                                                                                 Experience: Assoc. Professor                                   Directors Meeting held during Directorship: 10
1.      DIRECTORS OF THE BOARD                                                                                                   Directors Meeting held during Directorship: 10                 Directors Meeting Attended: 10
                                                                                                                                 Directors Meeting Attended: 9
                                                                                                                                                                                                Name: O’SULLIVAN, Tom
        The names of Directors of the Board in office at the date of this report are:
                                                                                                                                 Name: PACEY, David                                             Qualifications: BA, LLB
                                                                                                                                 Qualifications: B.Bus., Grad. Cert. Mgt., Grad. Dip. Bus        Experience: General Manager University of Sydney Union
        Judy JOHNSTON                        Felicity McMAHON
                                                                                                                                 Experience: Director of Governance Support Unit                Directors Meeting held during Directorship: 6
        David PACEY                          Tom O’SULLIVAN (appointed 1 July 2004)
                                                                                                                                 Directors Meeting held during Directorship: 10                 Directors Meeting Attended: 6
        Vikas GOUR                           David BARROW (appointed 7 October 2004)
                                                                                                                                 Directors Meeting Attended: 8
        Kate PRIOR                           Michael NGUYEN (appointed 7 October 2004)                                                                                                          Name: BARROW, David
        Paddy PARKHILL                       Gabriela PULCZYNSKI (appointed 7 October 2004)                                      Name: GOUR, Vikas                                              Experience: Student
        Louise ABRAMS                        Bharti SHARMA (appointed 7 October 2004)                                            Experience: Student                                            Directors Meeting held during Directorship: 2
                                                                                                                                 Directors Meeting held during Directorship: 10                 Directors Meeting Attended: 2
                                                                                                                                 Directors Meeting Attended: 6
                                                                                                                                                                                                Name: NGUYEN, Michael
                                                                                                                                 Name: PRIOR, Kate                                              Experience: Student
        The principal activities of the economic entity was the provision of services to members who are students and
                                                                                                                                 Qualifications: B.Bus., LLB                                     Directors Meeting held during Directorship: 2
        staff of the University of Technology, Sydney and that of a registered club. No significant change in the nature
                                                                                                                                 Experience: Lawyer                                             Directors Meeting Attended: 2
        of these activities occurred during the year.
                                                                                                                                 Directors Meeting held during Directorship: 10
                                                                                                                                                                                                Name: PULCZYNSKI, Gabriela
                                                                                                                                 Directors Meeting Attended: 9
                                                                                                                                                                                                Experience: Student
3.      RESULTS OF OPERATIONS                                                                                                    Name: PARKHILL, Paddy                                          Directors Meeting held during Directorship: 2
        The consolidated profit of the economic entity for the financial period after providing for income tax was                 Experience: University Staff                                   Directors Meeting Attended: 2
        $1,943,874.                                                                                                              Directors Meeting held during Directorship: 10
                                                                                                                                                                                                Name: SHARMA,Bharti
                                                                                                                                 Directors Meeting Attended: 6
                                                                                                                                                                                                Experience: Student
                                                                                                                                 Name: ABRAMS, Louise                                           Directors Meeting held during Directorship: 2
                                                                                                                                 Qualifications: B.Sc., MScM                                     Directors Meeting Attended: 1
        The economic entity is a company limited by guarantee and is therefore restricted from declaring any dividends.
                                                                                                                                 Experience: Research Ethics Officer
                                                                                                                                 Directors Meeting held during Directorship: 10
5.      REVIEW OF OPERATION                                                                                                      Directors Meeting Attended: 10
        The operations of the economic entity during the financial period are set down in the Manager’s Report attached
        hereto and are to be read as being a part of this report pursuant to Section 298(1A) of the Corporations Act
        2001.B297                                                                                                                Directors of the Board who retired, resigned or ceased to hold office during the period are listed as follows:

                                                                                                                                                             Meetings Attended              Meetings Held
6.      SIGNIFICANT CHANGES IN STATE OF AFFAIRS                                                                                  Peter BRYANT                        3                            5
        The following significant state of affairs of the parent entity occurred during the financial period:                      Matthew DAY                         8                            10
                                                                                                                                 Jacqui DELANEY                      8                            10
        (i)      On 14 November 2003 UTS Union Limited a company limited by guarantee was incorporated.                          Michael GEORGESON                   5                            5
                 On 1 January 2004 all the assets and liabilities of UTS Union were transferred to UTS Union Limited.            George HASANAKOS                    3                            3
                                                                                                                                 Sofia KOUTOULAS                      5                            10
        (ii)     The Directors of UTS Union Limited are also Directors of UTS Haberfield Club Limited and therefore
                 consolidated accounts have been prepared for the economic entity.

        No matters or circumstances have arisen since the end of the financial period which have significantly affected
        or may significantly affect the operations of the economic entity, the results of those operations or the state
        of affairs of the economic entity in subsequent financial years.

9.    FUTURE DEVELOPMENTS                                                                                                    UTS UNION LIMITED ABN 53 107 038 684 AND CONTROLLED ENTITY
      The likely developments in the operations of the economic entity and the expected results of those operations
      in future financial years are as follows:                                                                               STATEMENT OF FINANCIAL PERFORMANCE
                                                                                                                             FOR THE PERIOD ENDING 31 DECEMBER 2004
      (i)      The Commonwealth Government of Australia has confirmed its intention to introduce legislation
               prohibiting the University from collecting compulsory fees for organisations such as UTS Union Limited.                                                                       Economic Entity       Parent Entity
                                                                                                                                                                                              14 Nov 2003 to     14 Nov 2003 to
               While the detailed impact of such legislation are unclear, the Union’s Board and Management are working
                                                                                                                                                                                  Note          31 Dec 2004         31 Dec 2004
               closely with the University to prepare for a range of possible outcomes.
                                                                                                                                                                                                           $                   $

                                                                                                                             Revenue from ordinary activities                       2            15,844,716         14,469,714
10.   ENVIRONMENTAL ISSUES                                                                                                   Auditors remuneration                                  3                 (29,835)          (21,175)
      The economic entity’s operations are not subject to significant environmental regulation under the law of the           Cleaning expenses                                                      (275,570)         (226,728)
      Commonwealth and State.                                                                                                Depreciation and amortisation                          3             (1,010,949)         (986,434)
                                                                                                                             Employee benefits expense                                             (4,549,378)       (4,299,797)
                                                                                                                             Grant expenses                                                         (844,357)         (844,357)
                                                                                                                             Raw material and consumables                           3             (4,506,286)       (3,746,538)
11.   OPTIONS                                                                                                                Rent expenses                                                          (813,448)         (798,645)
      There have been no options granted to any director or officer of the economic entity during the financial period.        Repairs and maintenance expenses                                       (236,360)         (215,014)
                                                                                                                             Special events expense                                                 (596,513)         (596,513)
                                                                                                                             Other expenses from ordinary activities                             (1,038,146)          (871,056)
                                                                                                                             Profit from ordinary activities before income
      The company has not, during or since the financial period, in respect of any person who is or has been
                                                                                                                             tax expense                                                          1,943,874           1,863,457
      an officer or auditor of the company or a related body corporate:
                                                                                                                             Income tax expense relating to ordinary activities     4                       -                  -
      *        indemnified or made any relevant agreement for indemnifying against a liability incurred as an officer,
               including cost and expenses in successfully defending proceedings: or                                         Net income from ordinary activities after income
                                                                                                                             tax expenses attributable to members of the
      *        paid or agreed to pay a premium in respect of a contract insuring against a liability incurred as an officer   parent entity                                                        1,943,874           1,863,457
               for the costs or expenses to defend legal proceedings;
                                                                                                                             Total changes in equity other than those resulting
                                                                                                                             from transactions with owners as owners                              1,943,874           1,863,457
      with the exception of the following matters.

      During or since the financial period the company has paid premiums to insure each of the Directors of the Board         The accompanying notes form part of these financial statements
      listed at 7 above against liabilities for costs and expenses incurred by them in defending any legal proceedings
      arising out of their conduct while acting in the capacity of officer of the company, other than conduct involving
      a wilful breach of duty in relation to the company.

      No person has applied for leave of Court to bring proceedings on behalf of the company or intervene in any
      proceedings to which the company is a party for the purpose of taking responsibility on behalf of the company
      for all or any part of those proceedings.

      The company was not a party to any such proceedings during the period.

      Signed in accordance with a resolution of the Directors:

      Dated at Sydney, this 29th day of April 2005

      J. Johnston                                            D. Pacey
      Chair                                                  Treasurer

UTS UNION LIMITED ABN 53 107 038 684 AND CONTROLLED ENTITY                                         UTS UNION LIMITED ABN 53 107 038 684 AND CONTROLLED ENTITY
STATEMENT OF FINANCIAL POSITION                                                                    STATEMENT OF CASH FLOWS
AS AT 31 DECEMBER 2004                                                                             FOR THE PERIOD ENDING 31 DECEMBER 2004
                                                                 Economic Entity   Parent Entity                                                                   Economic Entity      Parent Entity
                                                    Note                  2004            2004                                                                      14 Nov 2003 to    14 Nov 2003 to
                                                                               $              $                                                        Note           31 Dec 2004       31 Dec 2004
                                                                                                                                                                                 $                 $
CURRENT ASSETS                                                                                     CASH FLOWS FROM OPERATING ACTIVITIES

Cash assets                                            7              9,501,465       9,300,805    Receipts from customers and members                                  16,548,302       15,040,850
Receivables                                            8                428,346         427,047    Payments to suppliers and employees                                 (14,194,576)     (12,785,696)
Inventories                                            9                756,729         730,260    Interest received                                                       444,351          443,641
Other                                                 10                  7,025               -    Net cash provided by operating activities            19c              2,798,077        2,698,795

TOTAL CURRENT ASSETS                                                 10,693,565     10,458,112     CASH FLOWS FROM FINANCING ACTIVITIES

NON-CURRENT ASSETS                                                                                 Proceeds from borrowings - from related entity                                -           26,520
                                                                                                   Proceeds from borrowings - to related entity                                  -                -
Property, plant and equipment                         11              4,743,666       4,674,244    Repayment of borrowings - from related entity                             5,413           41,646
                                                                                                   Repayment of borrowings - to relate entity                                    -                -
TOTAL NON-CURRENT ASSETS                                              4,743,666       4,674,244    Cash assets transferred from UTS Union /
                                                                                                   controlled entities                                  19b             7,887,368         7,688,059
TOTAL ASSETS                                                         15,437,231     15,132,356     Net cash provided by financing                                        7,892,781         7,756,225

CURRENT LIABILITIES                                                                                CASH FLOWS FROM INVESTING ACTIVITIES

Payables                                              12              1,435,840       1,406,797    Proceeds on sale of property, plant and equipment                       102,971           99,091
Provisions                                           13a                354,387         343,581    Payments for property, plant and equipment                           (1,292,364)      (1,253,306)
                                                                                                   Net cash (used in) investing activities                              (1,189,393)      (1,154,215)
TOTAL CURRENT LIABILITIES                                             1,790,227       1,750,378
                                                                                                   Net increase (decrease) in cash held                                 9,501,465         9,300,805
NON-CURRENT LIABILITIES                                                                            Cash at the beginning of the financial year                                   -                 -
                                                                                                   Cash at the end of the financial year                 19a             9,501,465         9,300,805
Provisions                                           13b                 90,276          90,276

TOTAL NON-CURRENT LIABILITIES                                            90,276          90,276    The accompanying notes form part of these financial statements

TOTAL LIABILITIES                                                     1,880,503       1,840,654

NET ASSETS                                                           13,556,728     13,291,702


Retained profits                                      14              13,556,728     13,291,702

TOTAL MEMBERS’ FUNDS                                                 13,556,728     13,291,702

The accompanying notes form part of these financial statements.

UTS UNION LIMITED ABN 53 107 038 684 AND CONTROLLED ENTITY                                                                        (d)   Property, Plant and Equipment (CONT)

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS                                                                                   Depreciation
FOR THE PERIOD ENDING 31 DECEMBER 2004                                                                                                  The depreciable amount of all fixed assets including buildings and capitalised lease assets, but excluding freehold
                                                                                                                                        land, are depreciated on a straight line basis over their useful lives to the economic entity commencing from the
1. SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES AND POLICIES                                                                            time the asset is held ready for use. Leasehold improvements are depreciated over the shorter of either the
                                                                                                                                        unexpired period of the lease or the estimated useful lives of the improvements.
                                                                                                                                        The depreciation rates used for each class of depreciable asset are:
       The financial report is a general purpose financial report which has been prepared in accordance with Accounting
       Standards, Urgent Issues Group Consensus Views, other authoritative pronouncements of the Australian                             Class of Fixed Asset                            Depreciation Rate
       Accounting Standards Board and the Corporations Act 2001.
                                                                                                                                        Buildings                                       2% - 12%
       The financial report covers the economic entity of UTS Union Limited and controlled entities, and UTS Union                       Plant and Equipment                             12% - 33%
       Limited as an individual parent entity. UTS Union Limited is an incorporated body domiciled in Australia and limited             Artwork                                         0%
       by guarantee.
                                                                                                                                  (e)   Employee Benefits
       The financial report has been prepared on an accruals basis and is based on historical costs and does not take
                                                                                                                                        Provision is made for company’s liability for employee benefits arising from services rendered by employees to
       into account changing money values or, except where stated, current valuations of non-current assets.
                                                                                                                                        balance date. Employee benefits expected to be settled within one year together with benefits arising from wages
       Cost is based on the fair values of the consideration given in exchange for assets.
                                                                                                                                        and salaries, annual leave and sick leave which will be settled after one year, have been measured at the amounts
       The following is a summary of the material accounting policies adopted by the economic entity in the preparation                 expected to be paid when the liability is settled plus related on-costs. Other employee benefits payable later than
       of the financial report. The accounting policies have been consistently applied, unless otherwise stated.                         one year have been measured at the present value of the estimated future cash outflows to be made for those benefits.
(a)    Principles of consolidation                                                                                                      Contributions are made by the company to employee superannuation funds and are charged as expenses when incurred.
       A controlled entity is an entity controlled by UTS Union Limited. Control exists where UTS Union Limited has the           (f)   Cash on hand and at bank
       capacity to dominate the decision-making in relation to the financial and operating policies of another entity so
                                                                                                                                        For the purpose of the statement of cash flows, cash includes cash on hand and at call deposits with banks or
       that the other entity operates with UTS Union Limited to achieve the objectives of UTS Union Limited. A list of
                                                                                                                                        financial institutions and investments in money market instruments maturing within less than two months,
       controlled entities is contained in Note 6 to the accounts.
                                                                                                                                        net of bank overdrafts.
       All inter-company balances and transactions between entities in the economic entity, including any unrealised
                                                                                                                                  (g)   Revenue
       profits or losses, have been eliminated on consolidation.
                                                                                                                                        Revenue from the sale of goods is recognised upon the delivery of goods to customers. Interest revenue is recognised
       Where controlled entities have entered or left the economic entity during the period, their operating results have
                                                                                                                                        on a proportional basis taking into account the interest rates applicable to the financial assets.
       been included from the date control was obtained or until the date control ceased.
                                                                                                                                        Revenue from the rendering of a service is recognised upon the delivery of the service to the customers.
       Outside interests in the equity and results of the entities that are controlled are shown as a separate item in the
       consolidated financial report.                                                                                                    All revenue is stated net of the amount of goods and service tax (GST).
(b)    Income Tax                                                                                                                 (h)   Goods and Services Tax (GST)
       Economic Entity                                                                                                                  Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred
       Timing differences which arise due to the different accounting periods in which items of revenue and expense are                 is not recoverable from the Australian Tax Office. In these circumstances the GST is recognised as part of the cost
       included in the determination of accounting profit and taxable income are brought to account as either a provision                of acquisition of the asset or as part of an item of the expense. Receivables and payables in the statement of financial
       for deferred income tax or as a future income tax benefit at the rate of income tax applicable to the period in which             position are shown inclusive of GST.
       the benefit will be received or the liability will become payable.                                                          (i)   Comparative Figures
       Future income tax benefits are not brought to account unless realisation of the asset is assured beyond reasonable                The company was incorporated on 14 November 2003 and the financial report is for a period from 14 November
       doubt. Future income tax benefits in relation to tax losses are not brought to account unless there is virtual                    2003 to 31 December 2004. As this is the first reporting period for the company there are no comparative figures.
       certainty of realisation of the benefit.
                                                                                                                                  (j)   Impacts of Adopting Australian Equivalents to International Financial Reporting Standards (IFRSs)
       The amount of benefits brought to account or which may be realised in the future is based on the assumption that
       no adverse change will occur in income taxation legislation and the anticipation that the economic entity will derive            Australian equivalents to International Financial Reporting Standards (AIFRS) will be adopted in the financial
       sufficient future assessable income to enable the benefit to be realised and comply with the conditions of deductibility           report for the year ending 31 December 2005 and the comparative information presented in that report for the
       imposed by the law.                                                                                                              period ending 31 December 2004.

       Within the economic entity a controlled entity operates as a registered club and is liable for income tax only on income         In preparation for the transition, opening balances as at 14 November 2003 for the comparative period ending
       derived from non-members and from investments in outside entities.                                                               31 December 2004 will be converted to AIFRS in accordance with new accounting standards AASB 1 “First Time
                                                                                                                                        Adoption of Australian International Financial Reporting Pronouncements”.
       Parent Entity
                                                                                                                                        The entity’s management are assessing the significance of these changes and preparing for their implementation.
       The UTS Union Limited is exempt from the payment of income tax pursuant to section 50-5 of the Income Tax
       Assessment Act 1997 and has received endorsement as an income exempt charity pursuant to section 50-B of the               (k)   Corporate Status
       Income Tax Assessment Act.                                                                                                       The company was incorporated on the 14 November 2003 and is an incorporated body domiciled in Australia and
       As a consequence, there is no income tax attributable to the operating result of the parent entity.                              limited by guarantee.

(c)    Inventories                                                                                                                      This financial report covers the period from 14 November 2003 to 31 December 2004.

       Inventories are measured at the lower of cost and net realisable value. Costs are assigned on a first-in first-out basis.          On 1 January 2004, the land buildings, contract rights, inventories, receivable, cash at bank and all other assets
                                                                                                                                        owned by UTS Union were transferred to UTS Union Limited. In consideration for the transfer of assets, UTS Union
(d)    Property, Plant and Equipment                                                                                                    Limited assumed the balance on transfer of liabilities for all liabilities. The effect of the transaction was the complete
       Each class of property, plant and equipment is carried at cost or fair value less, where applicable, any accumulated             transfer of assets and liabilities as at 1 January 2004, reducing the net assets of UTS Union to nil.
       depreciation.                                                                                                                    By the transfer of its net assets to UTS Union Limited, UTS Union has effectively suspended its operations.
                                                                       Economic Entity          Parent Entity                                                                             Economic Entity     Parent Entity
                                                                        14 Nov 2003 to        14 Nov 2003 to                                                                               14 Nov 2003 to   14 Nov 2003 to
                                                                          31 Dec 2004            31 Dec 2004                                                                                 31 Dec 2004      31 Dec 2004
                                                                                     $                     $                                                                                            $                $
                                                                                                                4. INCOME TAX EXPENSE
Operating Activities
                                                                                                                      Economic Entity
        Sale of goods                                                         9,068,183            7,678,777
        Rental income                                                           137,116              119,716          The potential future income tax benefits of $64,677 relating to                                     -
        Members fees                                                          5,750,804            5,750,804          estimated income tax losses carried forward have not been
        Interest                                                                444,351              443,641          included in the accounts because realisation of these benefits
        Miscellaneous income                                                    175,512              211,906          cannot be assumed beyond any reasonable doubts. Realisation
        Rental and room hire                                                    122,461              122,461          of these benefits is contingent upon the future profitability of
        Stadium income                                                           43,318               43,318          the Club’s operations, continued compliance with the conditions
                                                                                                                      for deductibility imposed by the law and the taxation law itself
                                                                            15,741,745           14,370,623           not changing in a manner which would adversely affected the
                                                                                                                      Company in realising those benefits.
Non-operating Activities
                                                                                                                      A member of the economic entity operates as a registered
        Proceeds on disposal of assets                                          102,971               99,091
                                                                                                                      club and is liable for income tax only on income derived from
                                                                                                                      non-members and from investments in outside interests.
Total Revenue                                                               15,844,716           14,469,714
                                                                                                                      Parent Entity

3. PROFIT FROM ORDINARY ACTIVITIES                                                                                    The UTS Union Limited is exempt from the payment of income tax
                                                                                                                      pursuant to section 50-5 of the Income Tax Assessment Act 1997
        Profit from ordinary activities before income tax expense has been determined after:                           and has received endorsement as an income exempt charity
                                                                                                                      pursuant to section 50-B of the Income Tax Assessment Act.
        Expenses:                                                                                                     (a)      The prima facie tax on profits from income derived from
                                                                                                                               non-members of the registered club and from investments
        Cost of sales                                                         4,506,286            3,746,538                   in outside entities is reconciled to the income tax as follows:

        Depreciation of non-current assets                                                                                     The prima facie tax on payable on profits from income
         - buildings                                                            609,014              609,014                   derived from non-members before income tax at 30%
         - plant and equipment                                                  401,935              377,420                    - economic entity                                                    846                 -
        Total depreciation                                                    1,010,949              986,434                    - parent entity                                                         -                -

                                                                                                                               Decrease in income tax expense due to:
        Remuneration of the auditor of the parent entity for:
        - audit or reviewing the financial report                                 21,175              21,175                    Effect of net timing differences                                     (846)                -

                                                                                                                               Income tax expense attributable to operating profit                       -                -
        Remuneration of the auditor of the subsidiary entity for:
        - audit or reviewing the financial report                                  5,750                    -
        - other services                                                          2,910                    -

        Revenue and net gains
        - net gain on disposal of plant and equipment                           16,768               12,888

                                                                        Economic Entity                   Parent Entity                                                                            Economic Entity    Parent Entity
                                                                         14 Nov 2003 to                 14 Nov 2003 to                                                                                       2004            2004
                                                                           31 Dec 2004                     31 Dec 2004                                                                                           $               $
                                                                                      $                              $     7. CASH ASSETS

5. REMUNERATION & RETIREMENT BENEFITS                                                                                             Cash on hand                                                             33,561          20,700
                                                                                                                                  Cash at bank                                                          9,467,904       9,280,105
(a)    Remuneration of Board Directors
                                                                                                                                                                                                        9,501,465       9,300,805
       Income paid or payable to all Directors of the company
       by the company and any related parties                                   130,825                       130,825
                                                                                                                           8. RECEIVABLES
       Number of Directors whose income from the company
       was within the following bands                                                No.                             No.          Trade debtors                                                           278,831         278,831
                                                                                                                                  Provision for doubtful debts                                             (10,000)        (10,000)
       $0                -       $9,999                                             17                               17           Other debtors                                                           159,515         158,216
       $50,000           -       $59,999                                              -                               -
       $60,000           -       $69,999                                              -                               -                                                                                   428,346         427,047
       $110,000          -       $119,999                                             2                               2

       The names of the Board Directors who have held office                                                                9. INVENTORIES
       during the financial year:
                                                                                                                                  Goods at cost for resale                                                756,729         730,260
       Judy JOHNSTON                                            Felicity McMAHON
       David PACEY                                              George HASANAKOS (appointed 28 July 2004)
       Vikas GOUR                                               Tom O’SULLIVAN (appointed 01 July 2004)                    10. OTHER CURRENT ASSETS
       Jacqueline DELANEY (retired 6 October 2004)              David BARROW (appointed 07 October 2004)
       Kate PRIOR                                               Michael NGUYEN (appointed 07 October 2004)                        Prepayments                                                                7,025               -
       Paddy PARKHILL                                           Gabriela PULCZYNSKI (appointed 07 October 2004)
       Louise ABRAMS                                            Peter BRYANT (resigned 30 April 2004)
       Matthew DAY (retired 6 October 2004)                     Michael GEORGESON (resigned 30 June 2004)                  11. PROPERTY, PLANT & EQUIPMENT
       Sofia KOUTOULAS (retired 6 October 2004)                  Bharti SHARMA (appointed 07 October 2004)
       Robert JOHNSTON                                                                                                            The entity from time to time pays for the construction
                                                                                                                                  of buildings and improvements on land which it occupies
(b)    Retirement and superannuation payments                                                                                     under licence from the University. These capitalised
                                                                                                                                  expenditures are written off over their expected useful life.
       Amount of a prescribed benefit given during period                                                                          As at 31 December 2004 refurbishment work on the Sports
       by the company or a related party to a director or                                                                         Centre of $720,666 has not been depreciated as the building
       prescribed superannuation fund in connection                                                                               work was scheduled for completion in 2005. Upon completion
       with the retirement from a prescribed office.                              13,950                           13,950          of the work the costs will be transferred to Buildings at cost
                                                                                                                                  and depreciated at the rates disclosed in note 1.
       Full particulars are not provided as the members
       believe it would be unreasonable.                                                                                          Land and Buildings

                                                                                                                           (a)    Premises occupied under licence
6. CONTROLLED ENTITIES                                                        Country of                    Percentage
                                                                           incorporation                      Owed %                        Buildings - At cost                                         6,202,774       6,202,774
                                                                                   2004                          2004                       Less : Accumulated depreciation                             4,486,584       4,486,584
                Parent Entity:
                UTS Union Limited                                              Australia                               -                    At 31 December 2004                                         1,716,190       1,716,190

                Subsidiary of UTS Union Limited:                                                                           (b)    Premises occupied under lease
                UTS Haberfield Club Limited                                     Australia                               -
                                                                                                                                  (i)       UTS Sydney Boy’s High Stadium
       UTS Union Limited and UTS Haberfield Club Limited are incorporated bodies domiciled in Australia limited by                           Building - At cost                                          1,625,993       1,625,993
       guarantee. On 1 January 2004 all the Members of the Board of UTS Union were appointed Directors of UTS                               Less : Accumulated depreciation                               481,421         481,421
       Union Limited. UTS Union Limited dominate the decision making function of UTS Haberfield Club Limited as
       the Board of Directors of UTS Haberfield Club Limited are also the Board of Directors of UTS Union Limited.                           At 31 December 2004                                         1,144,572       1,144,572

                                                                                                                                  (ii)      UTS Haberfield Club Ltd
                                                                                                                                            Building - At cost                                            750,514         750,514
                                                                                                                                            Less : Accumulated depreciation                               750,514         750,514

                                                                                                                                            At 31 December 2004                                                  -               -

                                                                            Economic Entity                  Parent Entity                                                                            Economic Entity                     Parent Entity
                                                                                      2004                          2004                                                               Notes                    2004                             2004
                                                                                          $                             $                                                                                           $                                 $
                                                                                                                               12. PAYABLES
                                                                                                                                      Unsecured liabilities
                                                                                                                                      Trade creditors                                                          68,983                           52,679
       Buildings occupied under licence                                                                                               Sundry creditors and accrued expenses                                1,247,197                         1,217,598
                                                                                                                                      Amounts payable to related parties                                             -                          26,520
                   Building - At cost                                            8,579,281                      8,579,281             Income received in advance                                             119,660                           110,000
                   Less : Accumulated depreciation                               5,718,519                      5,718,519                                                                                   1,435,840                        1,406,797

                   At 31 December 2004                                           2,860,762                      2,860,762
                                                                                                                               13. PROVISIONS
(c)    Plant, Furniture and Equipment
                   Plant, Furniture and Equipment - At cost                      3,215,377                     2,949,880              Employee entitlements                             13a                  354,387                           343,581
                   Less: Accumulated depreciation                                2,139,814                     1,943,739
                   At 31 December 2004                                           1,075,563                      1,006,141             Employee entitlements                             13a                    90,276                            90,276

(d)    Artwork at cost                                                              86,675                        86,675              (a)       Aggregate employee benefits liability                          444,663                          433,857

(e)    Refurbishment work at cost                                                  720,666                       720,666                                                                                           No.                               No.

                   Total Property, Plant and Equipment                           4,743,666                     4,674,244              (b)       Number of employees at year end                                    65                                59

(f)    Movement in Carrying Amount
                                                                                                                               14. RETAINED PROFITS
       Movement in carrying amounts for each class of property, plant and equipment
       between the beginning and the end of the current financial period.                                                              Retained profits at the beginning of the financial period                       -                                -
                                                                                                                                      Net profit attributable to members of the parent entity                1,943,874                        1,863,457
       Economic Entity:                            Building    Plant and          Refurbishment   Artworks            Total           Transfer from UTS Union / controlled entities                        11,612,854                       11,428,245
                                                               Equipment                                                              Retained profits at the end of the financial period                    13,556,728                       13,291,702
       Balance at the beginning of the period             -            -                      -          -                -
       Additions                                          -      559,379                720,666     12,319       1,292,364
       Disposals                                          -       86,203)                     -          -          (86,203)   15. CONTINGENT LIABILITIES
       Transfer from UTS Union                    3,469,776      949,443                      -     74,356       4,493,575
                                                                                                                                      As at 31 December 2003, the Board approved a commitment or expenditure of up to $1,500,000 for the Sports and
       Additions through acquisition of entity            -       54,879                      -          -          54,879
                                                                                                                                      Fitness Centre refurbishment. As at 31 December 2004, $720,666 of refurbishment work has been capitalised within
       Depreciation expense                        (609,014)    (401,935)                     -          -       (1,010,949)
                                                                                                                                      Property Plant and Equipment.

       Carrying amount at the end of the period   2,860,762    1,075,563                720,666     86,675       4,743,666

                                                                                                                               16. EVENTS SUBSEQUENT TO THE REPORTING DATE
       Parent Entity:                              Building    Plant and          Refurbishment   Artworks            Total
                                                               Equipment                                                              The Sports and Fitness Centre refurbishment work received a certificate of practical completion on 23 February 2005.
       Balance at the beginning of the period             -            -                      -          -               -            As at this date total expenditure was $767,207
       Additions                                          -      520,321                720,666     12,319       1,253,306
       Disposals                                          -      (86,203)                     -          -         (86,203)
       Transfer from UTS Union                    3,469,776      949,443                      -     74,356       4,493,575     17. RELATED PARTY TRANSACTIONS
       Depreciation expense                        (609,014)     377,420)                     -          -        (986,434)
                                                                                                                                      (a)       The UTS Union Limited supports numerous affiliated clubs and societies through the provision of grants
       Carrying amount at the end of the period   2,860,762    1,006,141                720,666     86,675       4,674,244
                                                                                                                                                and provision of goods and services at discounted rates.

                                                                                                                                      (b)       During the period $462,265 was advanced to the UTS Haberfield Club Limited, and $525,018 paid back.
                                                                                                                                                The balance at period end was -$26,520.

                                                                                                                                      (c)       During the period $11,627 was advanced to the UTS Rowing Inc., and $11,671 paid back. The balance at
                                                                                                                                                period end was $nil.B573

                                                                                                                               18. SEGMENT REPORTING

                                                                                                                                      The UTS Union Limited operates in one business and geographical segment, being the provision of services to members
                                                                                                                                      of the UTS Union Limited at all campuses of the University of Technology, Sydney, Australia.

                                                                      Economic Entity                      Parent Entity       20. FINANCIAL INSTRUMENTS
                                                                       14 Nov 2003 to                    14 Nov 2003 to
                                                                         31 Dec 2004                       31 Dec 2004         (a)    Interest Rate Risk
                                                                                    $                                 $
                                                                                                                                      The economic entity’s exposure to interest rate risk, which is the risk that a financial instrument’s value will
                                                                                                                                      fluctuate as a result of changes in market interest rates and the effective weighted average interest rates on those
                                                                                                                                      financial assets and financial liabilities is as follows :
      Cash at the end of the financial period as shown in
                                                                                                                                                                                     Weighted Average
      the Statement of Cash Flows is reconciled to the
                                                                                                                                                                                     Effective Interest
      related items in the Statement of Financial Position
                                                                                                                                                                                                   Rate                             Total
      as follows:
                                                                                                                                                                                                  2004                              2004
      Cash on hand and at bank                                                 33,561                            20,700
                                                                                                                                      Financial Assets                                               %                                  $
      Cash at bank                                                          9,467,904                         9,280,105
                                                                                                                                      Cash at bank                                               4.65%                           228,564
                                                                            9,501,465                         9,300,805
                                                                                                                                      Deposits at call                                           4.65%                         9,272,901
                                                                                                                                      Total Financial Assets                                                                   9,501,465
(b)   Transfer of UTS Union

               On 1 January 2004, the assets and liabilities of UTS Union were transferred to UTS Union Limited.               (b)    Credit Risk

                                                                                                                                      The maximum exposure to credit risk, excluding the value of any collateral or other security, at balance date to
               Assets and liabilities of UTS Union;
                                                                                                                                      recognised financial assets is the carrying amount of those assets, net of any provisions for doubtful debts, as
                                                                                                                                      disclosed in the statement of financial position and notes to the financial statements.
               Cash assets                     7,688,059
               Receivables                       165,692                                                                              The economic entity does not have any material credit risk exposure to any single debtor or group of debtors
               Inventories                       743,261                                                                              under financial instruments entered into by the economic entity.
               Other assets                       41,646
               Property, plant                 4,493,575                                                                       (c)    Net Fair Values
               & equipment                                                                                                            The net fair values of listed investments have been valued at the quoted market bid price at balance date adjusted
                                                                                                                                      for transaction costs expected to be incurred. For other assets and other liabilities the net fair value approximates
               Total Assets                   13,132,233                                                                              their carrying value. No financial assets and financial liabilities are readily traded on organised markets in
                                                                                                                                      standardised form other than listed investments. Financial assets where the carrying amount exceeds net fair
               Payables                        1,267,701                                                                              values have not been written down as economic entity intends to hold these assets to maturity.
               Provisions                        436,287
               Other                                   -                                                                              The aggregate net fair values and carrying amounts of financial assets and financial liabilities are disclosed in the
                                                                                                                                      statement of financial position and in the notes to the financial statements.
               Total Liabilities               1,703,988

               Net Assets                     11,428,245

      UTS Union Limited assumed the balance on transfer of all liabilities of UTS Union as consideration for the
      transfer of assets. Cash consideration for the transfer was nil.

(c)   Reconciliation of Cash Flows from Operations with Profit
      from Ordinary Activities after Income Tax

      Operating Profit                                                       1,943,874                         1,863,457

      Non-cash flows in profit from ordinary activities

               Depreciation                                                 1,010,949                              986,434
               Profit on sale of non-current assets                             (16,768)                             (12,888)
               Loss on sale of non-current assets                                    -                                    -

      Changes in assets and liabilities

               (Increase) Decrease   in   receivables                         (261,993)                        (261,355)
               (Increase) Decrease   in   inventories                           10,222                           13,001
               (Increase) Decrease   in   other assets                             (88)                                -
               Increase (Decrease)   in   payables                             112,025                          112,576
               Increase (Decrease)   in   provisions                              (144)                           (2,430)

      Cash flows from operations                                             2,798,077                         2,698,795

21. CONTINGENT LIABILITY                                                                                                        UTS UNION LIMITED ABN 53 107 038 684 AND CONTROLLED ENTITY
Economic Entity:                                                                                                                STATEMENT OF MEMBERS OF THE BOARD OF UTS UNION LIMITED
A recent decision handed down by the Federal Court in the case of Coleambally Irrigation Cooperative Limited versus the
Commissioner of Taxation found against the Principle of Mutuality. This Principle has historically been used to calculate the
company’s taxable income. The Australian Taxation Office is currently considering the implication of the decision and the
                                                                                                                                The Directors of the company declare that:
impact it may have on registered clubs, however no outcome has been reached. The potential impact of the decision, if any,
has not been brought to account in the financial report.
                                                                                                                                         1         The financial statements and notes for the period ended 31 December 2004 are in accordance with the
                                                                                                                                                   Corporations Act 2001:
                                                                                                                                             (a)   comply with Accounting Standards and the Corporation Regulations 2001; and
The office of the UTS Union Limited is:
                                                                                                                                             (b)   give a true and fair view of the financial position as at 31 December 2004 and performance of the period
         University of Technology, Sydney
                                                                                                                                                   ended on that date of the company and economic entity
         Level 6, 1 Broadway
                                                                                                                                         2         In the Directors’ opinion there are reasonable grounds to believe that the company will be able to pay its
         NSW 2007
                                                                                                                                                   debts as and when they become due and payable.
The principal activities of the Union was provision of services to members who are students
and staff of the University of Technology, Sydney.                                                                                       This declaration is made in accordance with a resolution of the Board of Directors and is signed for and on behalf
                                                                                                                                         of the members:
The principal places of business are:

         UTS Union Limited
         University of Technology, Sydney                                                                                                Dated at Sydney, this 29th day of April 2005.
         Level 6, 1 Broadway
         NSW 2007

         UTS Haberfield Club Limited
         Dobroyd Parade
         NSW 2045
                                                                                                                                         J. Johnston                                             D. Pacey
                                                                                                                                         Chair                                                   Treasurer


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