Union Board 2
Senior Staff 2
Chair’s Report 3
President’s Report 4
CEO’s Report 5
Functions Catering 9
Publications & Promotions 15
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
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
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
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
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.
SPORT & RECREATION
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.
UTS SPORTING RECORD
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.
UTS UNION LIMITED
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
2. PRINCIPAL ACTIVITIES
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
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
Directors Meeting Attended: 6
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.
7. AFTER BALANCE DATE EVENTS
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)
12. INDEMNIFYING OFFICER OR AUDITOR
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.
13. PROCEEDINGS ON BEHALF OF 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
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.
BASIS OF FINANCIAL STATEMENTS
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%
(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
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”.
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
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.
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
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
Income paid or payable to all Directors of the company
by the company and any related parties 130,825 130,825
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
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
$ $ $ $
11. (b) PROPERTY, PLANT AND EQUIPMENT (cont)
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
(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
19. CASH FLOW INFORMATION
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 :
(a) RECONCILIATION OF CASH
Cash at the end of the ﬁnancial period as shown in
the Statement of Cash Flows is reconciled to the
related items in the Statement of Financial Position
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
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.
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:
22. UNION DETAILS
(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
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
UTS Haberﬁeld Club Limited
J. Johnston D. Pacey