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Board and Staff LiSting 4Chairman’S report 5preSident’S report 7Ceo’S report 9programS 12heaLth, Sport and reCreation 13CommuniCationS and marketing 16trading report 18retaiL report 18food and Beverage report 20human reSourCeS report 21

TABLE of conTEnTs

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Staff LiSting for 2013 annuaL report

Chief financial officer Mr Alan Riley

Sport & recreation Manager Ms Aimee purcell

food & Beverage Manager Mr Geoff Brooke-Smith

retail Manager Mr paul Brien

Social Clubs & programs Manager Ms laura Earl

Senior Hr officer Mr peter Rudd

Communications and Marketing Manager Ms Angelique temple – [until 26 April 2013] Ms Angie Ruperto – [commenced 5 June 2013]

BoARD & sTAff 2013

utS union BoarD

Chair Emeritus professor Robert lynch [appointed 20 February 2012]

treasurer Emeritus professor tony Moon [appointed 1 February 2006]

president Mr James Fox [until 6 october 2012]

Vice president Mr John Marcus [from 6 october 2012]

3rd Council appointee Mr Bill paterson [appointed 1 January 2009]

Staff Directors Ms Jacqui Wise [from 7 october 2010] Ms Janet Currie [from 29 March 2011]

Student Directors Mr nic Bentley [until 6 october 2013] Mr John Marcus [until 6 october 2012] Mr Ali Sayed [until 6 october 2012] Mr Ben turner [until 6 october 2012] Mr Danny Butnaru [until 6 october 2012] Mr Aaron ngan [until 6 october 2013] Mr Yannick Gächter [appointed 3 october 2012] Mr Akshay “Rajat” Kumar [appointed 3 october 2012] Mr lloyd Wood [appointed 3 october 2012] Mr Rayan Jericho Calimlim [appointed 3 october 2012]

Ceo Ms Elizabeth Brett [appointed 27 February 2012]

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chAiRmAn’s REpoRT2013 was a positive and constructive year for the utS union. the organization achieved its engagement targets, improved upon its governance and risk management processes, built upon the strong and positive relationship with the university and ensured all planning and preparation was complete for a number of key capital works projects that are set for completion in early 2014.

In the second full year of funding via the Student Services and Amenities Fee (SSAF) the union was able to deliver upon its key SSAF objective of broadening its engagement with the student population and delivering a range of activities, events and programs that are relevant to the ever changing utS population. In doing so, the union remains a relevant and vibrant organization.

2013 Key prinCipLeS utS union LtD

the key strategic principles driving the utS union, in 2013, were:

1. planning and prioritising the funds received from the university to ensure the union continues to provide modern, attractive spaces and facilities so that members of utS’ diverse community continue to derive benefit from them;

2. Broadening engagement with, and demonstrating value for money to, the student body;

3. Expanding the range of services, activities and programs for students, that are engaging and enriching for the utS population;

4. Supporting the university’s strategic goals through an ongoing positive and collaborative partnership;

5. Maintaining an efficient and adaptable administrative structure; and

6. Maintaining profitable and sustainable enterprises.

the union Board was instrumental in ensuring the organization delivered upon each of the key drivers outlined above. none more so that the first. In 2013 the union Board was active in planning and preparing for numerous capital works projects, to ensure the union spaces and outlets remain fresh and vibrant. A summary of these redevelopment projects can be found in the attached table.

Scope expense practical Completion

utS Haberfield Rowing Club Redevelopment

$8,500,000* March 28, 2014

utS Fitness Centre upgrade $1,000,000 March 7, 2014

level 3 Refreshment $1,500,000 March 28, 2014

utS Sports Stadium @ SBH $500,000 June/July 2014

loft Bar Refreshment $100,000 June/July 2014

*Includes a $2million contribution from utS

A strong and positive working relationship with the university is reflected in the various collaborative projects that are outlined in the table above, the most notable being the redevelopment of the utS Haberfield Rowing Club. After many years of discussion, consideration and planning, works commenced on site in 2013. At the conclusion of the year, the project was on time and within budget. the project is set to be completed by March 2014 and will result in the university and union having an elegant and functional new facility, overlooking the water in Haberfield. the Rowing facilities within the new building will be world-class and should assist in utS rowing once again reaching international acclaim. In addition to the Haberfield redevelopment, the union worked with the university on a number of other projects including redevelopment of the union’s newsagency, Fitness Centre and sports stadium at Sydney Boys High. the university also provided funding for the union to pursue the redevelopment of its operations in level 3 operations, including Food & Beverage and Retail as well as an upgrade for the loft Bar.

tHe union BoarD anD CoMMitteeS

As the complexity and scope of the union has expanded over the years, this has placed additional responsibilities on members of the Board, all of whom give their time and expertise in an honorary capacity. the mixture of Staff and Student Directors has worked well since instituted however in 2013, the contributions of both Students and Staff on the Board were outstanding.

Student Directors participated as Chairs of Board sessions, member and Chairs of various Committees, official attendees at a variety of union and university events, advisors to Student colleagues in addition to putting in place some excellent initiatives for Student Clubs and Societies.

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Staff Directors have assumed the role of Chair for each of the union’s Committees and others sit as members of these Committees. Given the volume of facilities being developed and the need to better maintain existing facilities, a new Committee was implemented in late 2012, the physical Resources Committee. the Risk and Audit Committee was given a major review and expanded terms of Reference and all other Committees expanded their activities. My thanks to all Student and Staff Director Committee members for their contributions but in particular to tony Moon, Chair of the Finance Committee and Bill paterson, whose expertise has been central to the major reworking of the Risk and Audit Committee. the union also owes a debt to Angie Clements from utS Facilities Management for her contributions to the union’s physical Resources Committee in addition to her project Management roles - in particular the utS Haberfield Club.

union Staff

During 2013 there were considerable pressures placed on union Staff at all levels. I wish to pay a particular tribute to liz Brett who, in her second year in the job as CEo, oversaw a very successful year with major improvements in student engagement, oversight of several major building projects, constructive liaison with utS senior staff and utS union Board members and the creation of a positive staff morale. the union’s Senior staff have responded well to what can only be described as a period of major change and they have guided their staff well through what could be described as the busiest in the history of the union. An indicator of the pace of physical change is that in a couple of years, the relatively new Aerial Function Centre will be the oldest of the union’s facilities.

the union Board and its various Committees require a considerable amount of coordination and record keeping. liz Brett does some of the coordinating however I want to pay tribute to Susan Davies who has been Secretary to the union Board and to its key Committees for some years now. She has done a great job in her Board and Committee roles and I wish to acknowledge this on behalf of the Board and also wish her all the very best in the future, as she has indicated that she will move on from the union in early 2014. thank you Susan.

utS Senior exeCutiVe anD Senior Staff

As the CEo has mentioned, the union enjoys a constructive and positive relationship with utS Senior staff. I want to thank VC Ross Milbourne for his ongoing support, ‘above and beyond the call of duty’ in relation to the union and he will be greatly missed by all members of the union, athletes across the university and his beloved Rugby league team. on behalf of the union I want to acknowledge all that Ross did to support the union, his outstanding achievements as Vice Chancellor and wish him a very successful 2014, leading up to his retirement from utS.

Deputy Vice Chancellor Shirley Alexander has a key relationship with the union and I wish to thank her for her involvement in and support of union activities and the union’s senior staff. Deputy Vice Chancellor patrick Woods has also been a great supporter of the union’s activities and I wish to acknowledge the access he has allowed us in relation to the major building developments underway which relate to the union – very much appreciated.

there are many other utS senior staff to whom the union owes a debt, particularly in Facilities Management, for their work on utS union projects, Committees and selection panels. the union is grateful for your contributions.

All in all it has been a very good year for the utS union in fulfilling its considerable charter, thanks to the contributions of many.

rob Lynch Emeritus professor and Chair, utS union Board

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pREsiDEnT’s REpoRTAs the 40th year of the utS union, 2013 was a significant milestone for this very important organisation. While noting the historical significance of the year, 2013 was also marked by the union’s extensive practical and noteworthy initiatives that aimed to benefit and enhance the utS Community more than ever before. With the support of the Student Services Amenities Fee for a second year, the utS union has ensured that utS students and staff have been given the opportunities to have the best university experience possible.

2013 preSiDentiaL goaLS

With the commencement of my role as union president at the end of 2012, I set out five overarching goals for the year ahead, each aimed at delivering a richer university experience for students, while also enhancing utS’s cosmopolitan atmosphere for the entire university community. these goals were outlined and explained at the 2013 Board planning Day so as to set a measurable benchmark for what was to be worked towards throughout the year. those five goals for 2013 and their consequential results are explained below:

1. Encouraging greater student involvement outside the classroom;

this goal involved improving and increasing the union’s levels of student engagement. one of the strategies implemented to achieve this aim was to increase support to utS union clubs and societies, as these organisations are the main providers of on campus activities for students. Support was provided through increased funding support and the creation of the utS Club & Society Development program. Furthermore, the utS union programs Committee was also expanded in size so that its members would represent students from all backgrounds, enabling utS union events to be devised that would interest multiple student groups. As is outlined in the CEo’s report, 2013 saw the greatest level of student involvement ever with over 69,000 touch points recorded by the utS union. this result is a direct consequence of the several new on campus initiatives, as well as the increased funding support delivered towards utS union sporting and social programs.

2. Developing the arts on campus;

In 2013 several new initiatives were created and implemented by the programs Committee, the utS union Art Collection Curator (Susan Davies) and myself to further develop the arts on campus. Just some of the initiatives included:

• ThelaunchofO’WeekwithDavidHasslehoff;

• MusicWeek;

• ArtExpo;

• ThecreationoftheUTSRevueSociety;

• ComedyFestival;

• AMuscUTSevent;

• TheloaningofUTSUnionartworks,whichhavebeeninstorage, to utS Faculties for display around campus.

overall, 2013 saw a new level of arts initiatives on campus that allowed students and staff to experience and be involved with the arts more than ever outside of the classroom.

3. Encouraging the active engagement of student board directors;

As president of the union I felt it was critical that the involvement of the other student directors on the board be encouraged and fostered to enable all utS students to look to their elected student directors as their hardworking representatives within the union. In 2013 we were lucky enough to have a wonderful group of engaged and enthusiastic student directors who each set out their own aims for the year and engaged with the greater student body to ensure that students’ voices were being heard within the utS union. this engagement was noticed at the utS union board meetings, at the new Student Director Meetings, chaired by myself, as well as through the many new initiatives undertaken by the student directors themselves, which included developing the utS Club & Society Development program, Harmony Week, pride Week and postgraduate Cocktail events. I would like to thank each of the student directors for their hard work and efforts in 2013, which saw the greatest amount of student director involvement and initiative in the organisation’s recent history.

4. Enhancing utS union clubs and societies through training programs and knowledge pooling;

2013 also saw the creation of the utS Club & Society Development program (CSDp), an initiative created by the utS union student directors to assist utS union affiliated clubs and societies to reach their full potential.

the program itself was designed to assist clubs and societies to improve in key areas of operations and activities by providing

UTS CSDPUTS Club & Society Development Program

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materials, workshops and online forums for club executives. After its launch halfway through 2013 and following on from several releases of CSDp Information Chapters and Interactive Workshops, this initiative has been a great first step in providing beneficial support for utS union clubs and societies. the program is also being developed further in 2014 to become a permanent source of knowledge and tools for utS union club executives.

5. promoting greater awareness on campus of the utS union and the work that it does.

2013 also saw the initial signs of a major shift in the utS union’s communication strategy. A marketing rebrand initiative was commenced with a new website and innovative marketing strategies developed in 2013. the increased amount of utS union events on campus along with tailored utS union organised student activities further assisted in making students and staff aware of the many programs and initiatives organised by the utS union. one of the key measures of success related to this goal is evident by viewing the 2013 utS union Student Directors Election where over 6,000 votes were cast, more votes in a utS union student election than ever before. other messages that were communicated more clearly in 2013 was the charity work that the union is involved in, the work the organisation does with Indigenous communities, and other key programs that continue to ensure that the professional, caring and hardworking image of the union is maintained.

ConCLuSion

2013 has been a year like no other. the utS union Board seized upon the opportunity before it to make the utS union an even better organisation than it already was. 2013 was a year that saw the union embrace its strengths as a friendly, dedicated organisation, devoted to improving the lives of utS staff and students for years to come.

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2013 was a year of great achievement for the utS union. Celebrating 40 years of service, the union can be extremely proud of the work it has done to ‘Enrich the utS Community.’ In 2013 the union took a collaborative approach in the creation of events, activities and programs that enhance key graduate skills that are complementary to the education that students receive at utS.

A key objective of the union is to ensure it remains a sustainable and viable organization and the 2013 end of year financial position fulfilled that objective. Having budgeted for a reforecast surplus of $769,000 in 2013, the union in fact finished the year with a surplus of $3.202M. It’s important to note that during the year, the university provided the union with $2.3M in funding, specifically for 2014 capital works projects. the remaining surplus amount of $902,000 is the result of strong trading and good control of expenses in a number of outlets across the union.

In the second full year with Student Services and Amenities Fee (SSAF) support, the union was able to once again deliver value to the utS community. Although the union received $4.47M in SSAF funding, the organisation contributed over $5M towards activities, programs and events that fall within the legislations allowable list of expenditure items. the union’s commitment to enriching the utS community resulted in the creation of 69,767 touch-points across programs, publications, activities, clubs and societies, and health, sport and recreation. this is an increase of 39% on 2012 figures.

Key engageMent aCHieVeMentS in 2013

• In2013theUnioncreated69,767pointsofengagement,or touch-points.

• Thisisanincreaseof39%onlastyear.

• Pleasingly7,707ofthesetouch-pointswerecreatedvianew union initiatives.

• Union programs engagement increased engagementby 49%

• Engagementinsport&recreationincreasedby13%

• UnionaffiliatedClubs&Societiesarehometo16,654utS student members and total club membership increased by 35%.

the union is a key partner for the university in the creation of a sticky campus. the union supported multiple university events

1 A touch-point is created when a utS student engages with the union in an activity, event, program, club or society

cEo REpoRT

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to thank Director Bill paterson, who in 2013 assisted the union in reviewing its approach to risk management. the Audit and Risk committee, which Director paterson chairs, developed and implemented a new Risk policy and Framework that will make for a stronger, more accountable and transparent organisation in 2014.

I would like to thank the union’s senior management and all staff for their ongoing commitment to the organization. 2013 was a year that saw the union elevate itself to a new level of professionalism and delivery capability.

I commend this Annual Report to the university community.

sticky campus. the union supported multiple university events including Ride to Work Day, open Day(s), Infusion Week as well as providing grants, subsidies and donations to university Departments including SSu, Events & Exhibitions, Jumbunna and Kuring-gai Sport and leisure Centre.

With a stable financial environment, the union was able to plan and deliver a wider variety of events and activities for students of utS in 2013. new initiatives included:

1. Harmony Week: A week of events and activities that brought together all religions to foster peace and understanding on campus.

2. pride Week: A week of events and activities to raise awareness for the lGBtIQ community, engaging students, staff and representatives from local and state government.

3. 4D Series: A series of 4 lectures and practical exercises for students on Cooking, Finance, Australian History and Government designed to assist utS students in their understanding and practical application.

4. project pitch: utS project pitch was a lean entrepreneurship weekend which provided utS students the opportunity to develop and start up their own business. the winner received a cash prize of $10 000, and they will represent utS at the Virginia tech Knowledge Works Global Challenge in 2014.

5. postgraduate Cocktail Events: Held in Semester 1 and 2, these events were specifically for utS’ postgraduate community, bringing together industry and senior academics with postgraduate students to foster networking within and external to, individual faculties.

6. utS Roller Rink: Set up out the front of the tower Building the union Roller rink engaged over 4000 students across the week. this generated interest from the wider community, with the Channel 9 today Show broadcasting their weather reports from the rink.

Elsewhere in this report the achievements of union sport and recreation as well as social and cultural programs are summarized. I would like to acknowledge the outstanding achievements of our university Games teams who for the fourth year in a row won the EuGs and then went on to finish in 4th place at the Australian university Games, a best ever result for utS.

2013 was the final year of service for a number of Board Members. president of the union, Mr nic Bentley, Vice president, Mr John Marcus and student Director, Aaron ngan all finished their terms in october 2013. I would like to thank each of them for their valued contribution to the union, in particular nic Bentley who showed wonderful leadership for all the student directors throughout the year. I would also like

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attended the event across the weekend with 100 officially registering to lead 13 businesses. Including both social and for profit business, the winning group developed a program called ‘How Much to pay’. the winning team consisted of 2 post graduate students and 1 undergraduate and they will be representing utS at Virginia tech in 2014.

Working closely with the union’s Food and Beverage department, affiliated clubs and societies assisted greatly in the transformation of the unions bars in 2013. Clubs drove new events including the Foam party and Coco Chanel ball, where the Glasshouse Bar was completely transformed for a night of fun and frivolity.

Replacing the Ice Rink, the union Roller Rink made its way to the tower Forecourt in 2013. Student and staff feedback was excellent and there was also a great deal of external engagement with the rink, following its appearance on ‘the today Show’.

the joint Club of the Year winners were announced at the Annual Dinner as BuilD Student Society and FRESS – French Speaking Society

the Chancellor’s Volunteer of the Year award went to natalia Krslovic, who had participated in both sports and social clubs on campus including BuilD and Amnesty International as well as competing at the 2013 Australian university Games, representing utS in tennis.

the union programs Department fulfilled its strategic objectives and key deliverables in 2013 and certainly contributed to the creation of a sticky campus.

pRogRAmsIn 2013 the programs department continued to build its yearly events calendar by having recurring events with similar branding but an enhanced or different schedule. Students began to recognise and prepare for certain events throughout the year with Winterfest being one of the key additions.

throughout the year the programs department broadened its scope of activities, events and programs for students of utS. overall the department created 42,432 touch points in 2013. Most notable was the increase in clubs and society engagement. Social and cultural clubs affiliated with the union surpassed 100 and collectively they engaged 14,775 student members, a 41% increase on the previous year.

the union’s orientation program broadened its scope in 2013 to a week of activities and events. 5,500 students attended o’day, over 1,500 attended Markets Day (dedicated to post Graduates) and the union delivered 10,000 orientation bags across the Broadway, Haymarket and Kuring-gai campuses. o’fest (the union’s nine hour music festival during o’week) was the largest it has ever been, with the inclusion of the laneway stage. pleasingly all 3 venues sold out.

Broadening the scope of activities and events for utS’ postgraduate students was a priority for the programs department. the post Graduate Cocktail Affair was included in 2013 and it engaged 450 across semester one and two. Another key strategic objective for programs was to build the entrepreneurial community within utS. Working closely with utS Business, utS International as well as the ACESutS entrepreneurial society the union launched the project pitch entrepreneurial weekend in semester two. 1,500 people

SoCiaL anD CuLturaL CLuBS affiLiateD witH tHe union SurpaSSeD 100 anD CoLLeCtiVeLy tHey engageD 14,775 StuDent MeMBerS, a 41% inCreaSe on tHe preViouS year.

41%2013

increaseon 2012 figuresStuDent MeMBerS

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hEALTh, spoRT AnD REcREATionHeaLtH

Health, Sport and Recreation continue to be very important elements of utS life, and the union plays a key role in delivering these opportunities to the utS community. through health and well-being initiatives, activities and events, intervarsity sporting opportunities and our sports clubs network, there are plenty of opportunities for students, staff and alumni to engage. In 2013, the Sport and Recreation Department created 12466 touch points for students, an increase of 13% from 2012.

City2Surf

team utS has gone from strength to strength in recent years and 2013 was no different with the team hitting a record 450 participants. 355 students and 95 staff, alumni and utS community ran, walked and crawled the 14km to the utS Marquee on Bondi Beach. this was a 39% increase in student participation, due to the subsidies provided by the union via SSAF funding.

prior to the day there were a number of warm-up walks and runs, evidently paying off as utS came 2nd overall in the Corporate Division, just missing out on the trophy by seconds. there was a great sense of community von the day, and the team in teal looked fantastic. thank you to DVC Shirley Alexander for her long standing support and enthusiasm for this event.

riDe2utS

the union strengthened its partnership with utS Green in running and promoting Ride2utS Day, encouraging the utS community to jump on their bikes and ride into the City campus. the 2013 Ride2utS Day expanded to include the coordination of bike buses as well as bike maintenance workshops.

MuLti-purpoSe SportS HaLL (MpSH) anD fitneSS Centre

utS SoCiaL SportS

the utS Social Sport program, held in the MpSH doubled in 2013, with eight sporting competitions run on a weekly basis. Adding to the four existing sports of mixed futsal, men’s futsal, netball and basketball was dodgeball, badminton, women’s futsal and the hotly contested wheelchair basketball, run in conjunction with the utS Equity and Diversity unit. participation grew by 101% from 2012, with 1915 people engaging in social sport in total, 83% of these participants were utS students.

uniVerSity graDuate SCHooL (ugS) prograM

After a successful 2012 program for post-graduate students who wanted to play sport on a weekly basis, the uGS initiative continued in 2013. Every week of semester in 2013, a dedicated group of 20 students played badminton and volleyball at the MpSH in a social setting, with sports drinks provided courtesy of the union.

aLL aBiLitieS prograM

In 2013 the utS Fitness Centre continued to provide health and well-being opportunities for over 4000 students. A specific initiative managed by the utS Fitness Centre and working together with the Student Services unit was the All Abilities

2013 touchpointsspoRt & REcREAtionDEpARtmEnt

12,466 191513%

created for students

people engaging in social sport

increaseon 2012 figures 83%

uts student

2013

2012

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program, which began in 2012 and aims to provide support for students living with a disability through specific training programs at the Fitness Centre. In 2013, the program assisted 21 students who were referred by the utS Student Services unit.

reCreation

Following details consultation with students, the utS Recreation program was refreshed in 2013 with the aim of providing a wider range of activities for students from diverse backgrounds to enjoy. the refreshment had a positive outcome as engagement in recreational activities and events rose by 32%, with 1097 students in total participating throughout the year.

A number of events were also run by the Sports Department, along with the traditional recreational activities, including the utS Sports Challenge, Survival of the Fittest and the ever popular Amazing Race..

Sport

SportS CLuBS

In 2013, utS had 34 affiliated and amalgamated sports clubs, ranging from student based clubs such as netball and touch Football, to elite clubs including the utS Rowing Club, utS norths Athletic Club and Gordon Rugby union.

In 2013, the Sports Clubs Manager also developed several new partnerships, amalgamating with utS northside Futsal Club, competing in the nSW State league; and utS entered a team in the Asia-pacific tennis league, a new semi-professional tennis competition run by tennis Australia. In total, the utS Sports Clubs network engagement is just shy of 5000 active members, the majority being utS students, staff and alumni.

interVarSity CoMpetitionS

In 2013 utS had the best year yet on the intervarsity sporting scene. 895 students, an increase of 26% from 2012, were involved in intervarsity tournaments, with utS participating in every single competition throughout the year, with all registrations being subsidised by SSAF funding.

At the end of 2013, utS had won Eastern university Games for the fifth year in a row, as well as taking out first place in the Australian university Championships for Men’s Surfing, Men’s and Women’s triathlon, and gold medals at Australian university Games in Rugby 7’s, Mixed netball, Men’s touch, Women’s Softball, Kendo and Handball and a 4th placing overall. these amazing results also meant that utS finished in 4th place in the overall university Champion tally at the end of the year, missing out on 3rd place to Sydney uni on a medal count back.

eLite atHLete prograM

In 2013 utS had a huge increase in Elite and Emerging Athlete program Scholarships awarded, with 162 athletes on scholarship, with 95 considered elite and 67 considered emerging. this was an increase of 48 scholars from 2012.

the utS EAp Housing Scholarships were also awarded for the first time, with Chris Dyson (water polo) and nick Karlowatz (skiing) receiving the inaugural scholarships which provided free accommodation at utS Housing for both athletes for one year.

2013 was a Summer universiade year, and three athletes were selected to represent the Australian universities team in Kazan, Russia. utS EAp Housing Scholar Chris Dyson competed in water polo, Cheryl Chan in fencing and talissa taurins in kayaking.

As 2013 was the 40th anniversary of the utS union, the 2013 Blues Sporting Awards of Excellence invited back the past Sportsmen and Women of the Year for this time period, with 25 past winners in attendance.

the following athletes were also recognised

2013 HaLf BLue winnerS

Dylan Dudley Athletics

Madeleine powell Athletics

Steven washburn Athletics

Matthew Cox Athletics

Cheryl Chan Fencing

James ridley Handball

Kirsten-Leigh pearce Hockey

David Spence Hockey

talissa taurins Kayaking

Steven Le Kendo

Victoria Delipetar Rowing

Lauren temm Rowing

Matthew waugh Rugby league

Jack Dempsey Rugby union

Hugh tait Sailing

Scott Cotton Sailing

2013

UTS haS won EaSTErn UnivErSiTy GamES for ThE fifth year in a row

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tom potter Sailing

Mikaela Mahony Softball

Jessie Quinn Swimming

James Stacey Swimming

andrew akib taekwondo

Madalitso Masache touch Football

nicholas Harrington triathlon

Kieran roche triathlon

Samuel Morrison Volleyball

Caitlin Cockburn Volleyball

alexandra Devlin Volleyball

Ben Lalic Volleyball

Stephanie el Safty Water polo

Chris Dyson Water polo

Sam Cocokios Water polo

2013 fuLL BLue winnerS

alyssa Healy Cricket

pat Cummins Cricket

Bethany Sweeny Futsal

tim anderson Handball

Duy pham Kendo

Steven philpot netball

Samuel figg Rugby 7’s

Lucinda whitty Sailing

Hayder Shkara taekwondo

trudi Stout Water Skiing

Sarah teelow Water Skiing

SportS Manager of tHe year

James wee utS Swimming Club

SportS teaM of tHe year awarD

utS Mixed netball

utS SportS CLuB of tHe year awarD

utS Volleyball Club

utS SportSwoMan of tHe year

trudi Stout Water Skiing

utS SportSMan of tHe year awarD

Hayder Shkara taekwondo

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commUnicATions AnD mARKETingEngaging our campus population beyond the hallowed halls of academia, to experience the greater university life has been the key focus for utS union in this past year. the Communications and Marketing department provided significant support to each and every department within the organisation in order for them to achieve key goals and targets. In addition to the ongoing support provided to all departments, particularly Events and Sports, the below major projects and initiatives were prominent throughout 2013.

orientation weeKS – SeMeSter 1 anD 2

the Communications and Marketing team played a significant role in the delivery of the orientation events for both Semesters 1 and 2. Key supporting marketing collateral and campaigns were developed and implemented for both events including the 2013 Student Diary and showbag for Semester 1 o’Day.

In Semester 2, the team spearheaded and managed the Channel 9 toDAY Show’s appearance at the utS RollerRink for Winterfest.

utS union weBSite

the development and implementation of the revamped utS union website was a major achievement in 2013. launched in April 2013, the new site featured a contemporary look and feel and much more engaging interface, more in line with user requirements. overall, there was a very positive response received from the student population. the new website also took the winner’s podium for Best Website at the 2013 ACuMA / tAG Conference.

SponSorSHip anD aDVertiSing prograM

A key target for the department was to increase the revenue sourced through an active sponsorship and advertising program. opportunities to drive this program throughout the year were identified through activations at the two biggest days of the university calendar: o’Week (Semester 1) and Winterfest (Semester 2). Additional activation opportunities were also driven throughout the year – focusing on external organisations having a presence on campus in order to reach their target market more effectively. this program saw revenue increased by 44%.

utS union ViDeo CHanneL

the utS V channel continued to grow and at the conclusion of 2013 the union had 16,099 views on utS V.

utS union reBranD

the utS union rebrand project was launched in late August with in-depth qualitative and quantitative research being undertaken to gain an understanding of the organisation’s brand equity within the utS community. this research was vital to inform the basis of the brand’s positioning, offering and architecture. throughout late 2013, the Communications and Marketing team worked with an independent creative consultant to further develop the new naming, brand architecture and visual identity for the organisation. A number of stakeholders were consulted throughout the process including undergraduate and postgraduate students from across all faculties, utS union staff, utS union board members and some of the Senior Executive of utS. the new brand was formerly endorsed by the utS union board in november 2013, with the official launch to coincide with o’Week in February 2014.

utS appareL

Cementing the relationship with utS for the production, supply and sale of their branded apparel was a key deliverable for Reatil in 2013 and the union’s Marketing & Communications department played a key role in achieving this. In late 2013 the Communications and Marketing department began working through a new, revitalised merchandise range in collaboration with the utS union Retail department and utS’ Marketing and Communications unit (MCu). the project included conducting student research on the current range of branded apparel and gaining an understanding of what students would like to see in future apparel ranges (why students purchase, and when they purchase). A new range was developed in collaboration with MCu which includes a core and limited edition range. this strategy was developed to increase sales, encourage customer engagement with the utS brand through the branded apparel, and create a distinctive, unique and identifiable branded apparel range for utS. the new range of branded apparel will be available for sale through utS union retail outlets from late April 2014.44%sponsorship

& adVertising saw reVenue increased By

16,099Views on uts V

in 2013

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SoCiaL MeDia

understanding the changing requirements and tools of interaction for our current, and future, target markets is imperative to ensure the organisation remains relevant and reachable to the campus population. utS union continued to grow its online presence through Facebook in 2013. the organisation’s twitter continued to dwindle, indicating the trend that showed the youth demographic turning off twitter in favour of more visual stimulating social media trends such as Instagram. As such, the utS union twitter account was closed down at the conclusion of 2013, with plans to launch the utS union Instagram account in February 2014 to coincide with the rebrand launch.

the key focus of the organisation’s social media was to create engaging and relevant content for union followers. this went beyond pushing out utS union ‘advertising’ (such as events) to creating ‘conversations’ with followers, encouraging them to enter into the organisation through images, topical content that they were discussing with their peers.

By the end of 2013 the utS union facebook page had over 5000 likes and was rising. By far the most popular posts are those related to competitions and posting of photos that include students. 40uts union page

liKes & rising

5000

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TRADing

the provision of a safe, inclusive and flexible work environment, for students of utS, is at the forefront of the unions employment strategy. of the 150 casual staff that work within the union, the target of 30% student employment was achieved, demonstrating the union’s commitment to student employment.

Sustainable products and practices are integrated across all union trading outlets. In 2013 across all trading departments, the union offered

• Sustainablecertifiedcoffee inall cafeoutlets

• the ‘Ground for Good’ coffee re-useprogram

• saleofanddiscountsfor‘ownHotdrinkcup’ use

• salesoffullrangeof‘green’stationary

• supportofsustainableseafoodday

• useoffreerangeeggsinalloutlets

• ‘SydneyTap’freewaterandrefillprogram

• theongoingpurchasingcommitmenttoreduce packaging, purchase locally and support local suppliers

RETAiLIt was a challenging year for the Retail department in 2013 and the financials certainly reflect this. the Hub at Haymarket lead the way with a credible 3% increase in sales, which was reflective of good management, a modern facility and relevant offerings to the community. Whilst the other retail outlets did not perform as well, there were individual categories within retail that were extremely pleasing and showed promise of future upward trends. these included Memorabilia sales increasing by 5%, Graduation sales up 9% and faculty uniform sales up 12%.

through its association with the tertiary Access Group (tAG), union Retail worked with several suppliers to provide sustainable products at competitive prices. Certainly the SSAF 10% discount for all students assisted in affordability for students of utS.

the department advanced technologically with the introduction of the latest point of Sale system to all stores. this system will allow the department to provide a more efficient shopping experience for students, as well allowing for greater stock control and more timely information to the union’s Finance Department at month’s end.

overall whilst the department did not meet its sales expectation it still managed to contribute over $73k in net profit to the company.

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40

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fooD AnD BEvERAgEIn 2013 utS union Food & Beverage operations continued meet the needs of the campus population, evidenced by the 550,000+ customers, served through union bars, cafe and eateries. the 10% SSAF discount continued to provide value for money and all outlets continued to improve upon their service objective of providing quality food and beverages, and a positive customer experience for students and staff of utS.

2013 was a significant year of planning for Food & Beverage. In particular the second half of the year saw the completion of plans to redevelop the level 3 space, including the union Eatery and Glasshouse Bar. these works, which are to take place in early 2014 will see the refreshment of key spaces within the union, spaces that support student engagement. Within the redevelopment planning is a new outlet that will also open in 2014, known as Bites. this new business will provide a flexible menu including fresh seasonal produce that meets the changing dietary requirements of the utS community.

the union continued to support the needs of students and staff at the Kuring-gai campus, despite the challenges associated with operating on a campus with a declining population. the Kuring-gai Food & Beverage team focussed on creating a positive customer experience, combined with fresh food and great coffee. While the trading environment continues to become more challenging, the union is committed to ensuring the food and beverage needs of the Kuring-gai campus are met.

union cafes had a mixed year, with strong trading being offset by higher than budgeted expenses. the Harris St Cafe continued to be by works on alumni green however once these have been completed in 2014 the cafe is expected to perform better. With a greater focus on expenses, the Concourse Cafe is also predicted to perform better in 2014.

the loft and Glasshouse bars have continued to be key areas for student based events and activities on campus. In 2013, initiatives including ‘live at the loft Comedy’ and Wine and cheese events, proved very popular, generating loyal followings and increasing customer transactions and sales. the

pizza bar generated new business for the loft, including more functions and events on weekends. Continued review and updating of cocktails, ciders, beer and wine varieties worked well to improve sales and net returns for the union. In 2013 the loft increased sales by 14% on the previous year.

Aerial utS Function Centre performed exceptionally well in 2013. Sales and net returns surpassed those from 2013 and with a team focussed on excellence in customer service standards, the retention of past and existing clients and attracting new clients to our venue contributed to another stellar year. In 2013 Aerial’s net profit increased by 29%.

overall 2013 was a steady year for Food and Beverage. the significant planning and preparation for 2014 will ensure this department continues to best meet the future needs of the utS campus population.

29%

net profit increase

2013

2012

14%

increaseon 2012 figures

2013

2012

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hUmAn REsoURcEsutS union Human Resources successfully completed a number of functions in 2013 including recruitment, training and organisational adherence to multiple areas of legislation.

Strengthening of the departmental structure in both Communications & Marketing and Social Clubs & programs areas was implemented in order to improve the organisations objective of student engagement. populating the structure was done with great care and in accordance with EEo principles and with a desire to acquire qualities including professionalism, adaptability, dependability and the ability to work within a team.

the union committed to expanding its professional development in 2013, demonstrating the organisations commitment to the development of individual and broader skills which facilitate growth of the person and further career opportunities within and external to the union. this year, with the valuable assistance of utS Equity and Diversity unit (Discrimination) and utS training and Development Services (Customer Service) the union provided training to meet the technical, personal, business and management needs of our employees across all classifications and departmental locations.

MaJor DeVeLopMent SeSSionS were DeLiVereD on;

• Discrimination Harassment and Bullying in theWorkplace (45 managers, supervisors and staff);

• CustomerService(30frontlinestaff);

• Workplace Health and Safety (40 managers,supervisors and staff); and

• Leadership(6membersoftheseniormanagement group).

Individual skills and personal development were also addressed, including developmental training in:

• TimeManagement

• ITskills

• EffectiveSupervision

• ManagementAccounting

• PayrollIntensive

• Marketing/PromotionalEffectiveness

the health and safety of all persons employed by, and those persons visiting the utS union, is of the utmost importance and accordingly resources were made available to ensure compliance with all Acts and Regulations and the safety and risk potential of the workplace was monitored. Ensuring workplace safety, the union conducted;

• Bi-yearlytaggingandtesting;

• Hazardidentificationandreportingprocedures;

• Upgrading and implementation of the organisationsIncident Report Form;

• FirstAidOfficertraining;

• Emergencyevacuationwardentraining;and

• Workplace safety training (as part of the Learning &Development program).

A key initiative for this year was completing a broad but strategic succession plan in order to facilitate the orderly transfer of business to key employees and the next generation in all major business units. the core of this succession plan was updating all job descriptions to clarify the inventory of skills required by the union and identifying a talent pool.

A formal program of employee recognition and reward was developed, for implementation in 2014, to provide a clear link between employee performance and reward. Employees who display excellent organisational values, behaviours or top performance and identified through the performance management system, will benefit under this program. the program helps drive organisation values, behaviours and employee performance, aids human resource development and helps deliver on the union’s culture that exceptional performance will be recognised.

the union was assessed, during this year, to be compliant with the Workplace Gender Equality Act 2012 which promotes gender equality in the workplace. Specifically, the union has worked successfully on;

• Femaleworkforceparticipation;

• Genderpaygap;

• Managergenderbalance;and

• SupportingtheannualWomeninManagementLuncheon.

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finAnciAL REpoRT utS union LtD anD itS ControLLeD entity for year enDeD 31 DeCeMBer 201340

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direCtorS’ report 24Lead auditor’S independenCe deCLaration 27StatementS of finanCiaL poSition 28StatementS of ComprehenSive inCome 29StatementS of ChangeS in memBer’S fundS 30StatementS of CaSh fLowS 31noteS to the finanCiaL StatementS 32direCtorS’ deCLaration 46independent audit report 47

TABLE of conTEnTs

40

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DiREcToRs’ REpoRT for year enDeD 31 DeCeMBer 2013

the directors present their report together with the financial report of utS union ltd (the Company) and of the consolidated entity, being the Company and its controlled entity, for the financial year ended 31 December 2013 and the auditor’s report thereon.

1 DireCtorS

the directors of the Company at any time during or since the end of the financial year are as follows:

profeSSor antHony Moon

BSc (Hons) phD, FAIp

professor Emeritus

Appointed 1 February 2006

wiLLiaM paterSon

BA (Hons), M Ed Admin

university Staff

Appointed 1 January 2009

JaCQueLine wiSe

MMgmt (Mktg) (MGSM)

university Staff

Appointed 7 october 2010

Janet Lynne Currie

tC, AssocDipHEd, BEd(physEd), BHlthSc(Hprom), MEd, MHlthSc(Hons), phD

university Staff

Appointed 29 March 2011

JoHn JaMeS MarCuS

Student


Resigned 8 october 2013

niCHoLaS BentLey

Student



JaKe BaiLey

Student


StepHanie purCeLL

Student


wiLSon Kwong

Student


aaron ngan

Student



profeSSor roBert LiSLe LynCH phD (Illinois), MEd, BEd(hons) (uWA), DipphysEd (Wollongong tC)


eLizaBetH ann Brett

Executive Masters in Business Administration


yanniCK gaCHter

Student


rayan JeriCHo CaLiMLin

Student


LLoyD CHarLeS wooD

Student


aKSHay raJat KuMar

Student


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2 DireCtorS’ MeetingS

the number of directors’ meetings and number of meetings attended by each of the directors of the Company during the financial year are:

BoarD MeetingS auDit & reView finanCe CoMMittee

Director a B a B a B

professor Robert lisle lynch 10 12 1 1 3 3

professor Anthony Moon 10 12 - - 8 10

Mr William paterson 11 12 1 1 7 7

Ms Jacqueline Wise 10 12 - - 2 3

Ms Janet lynne Currie 9 12 - - - -

Mr John James Marcus 4 9 1 1 - -

Mr nicholas Bentley 8 9 1 1 - -

Mr Aaron ngan 7 9 - - 5 8

Ms Elizabeth Brett 12 12 1 1 10 10

Mr lloyd Charles Wood 10 12 1 1 5 8

Mr Rayan Jericho Calmilim 11 12 - - - -

Mr Akshay Rajat Kumar 9 12 - - 5 8

Mr Yannick Gachter 12 12 - - 9 10

Ms Stephanie purcell 3 3 - - 2 2

Mr Wilson Kwong 2 3 - - - -

Mr Jake Bailey 3 3 - - 2 2

a number of meetings attended

B number of meetings held during the time the director held office during the year

3 oBJeCtiVeS anD Strategy

the broad objectives of the Company are to provide recreational, sporting, social and cultural programs and activities for students and provide subsidies for student clubs and societies. they also include providing food and beverage and retail services to the student and campus community. the long term objectives encompass the planning for and providing services infrastructure to facilitate the delivery of programs and services; and to ensure programs and services continue to remain relevant to the student and campus community.

Strategy employed to achieve the objectives of the Company is based on fiscal responsibility with a priority towards achieving budgeted surpluses, thus enabling the organisation to continue to invest in capital and expand funding for student services, while maintaining an appropriate level of autonomy. the Company has also stringently adhered to the regulations of the Student Services and Amenities Fee (SSAF) legislation.

the Board identifies strategic direction in the delivery of student and campus services through an annual corporate plan that identifies a number of financial and operational key performance indicators (KpIs). these KpIs are regularly reviewed by management to gauge the performance of operations and ensure that the measures adopted continue to be relevant in the changing economic environment in which the Company operates.

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4 prinCipaL aCtiVitieS anD perforManCe

the principal activities of the consolidated entity during the course of the financial year were the provision of various member services to students and staff at the university of technology, Sydney, new South Wales.

there were no significant changes in the nature of the activities of the consolidated entity during the year.

the consolidated entity’s profit after tax for the year amounted to $3,138,518 (2012: $2,059,323 profit after tax).

5 MeMBerSHip

the Company is a company limited by guarantee and without share capital. In accordance with the constitution of the Company, every member of the Company undertakes to contribute an amount limited to $5 per member in the event of the winding up of the Company during the period of membership or within one year thereafter. the Company has only one member, being the university of technology, Sydney. the total amount that the member of the Company is liable to contribute if the Company is wound up is $5 (2012: $5).

6 eVentS SuBSeQuent to reporting Date

Subsequent to year end utS union ltd completed the redevelopment of the building and rowing facilities occupied by utS Haberfield Club ltd, the controlled entity. utS Haberfield Club ltd recommenced trading on 12 April 2014.

other than the above, there has not arisen in the interval between the end of the financial year and the date of this report any item, transaction or event of a material and unusual nature likely, in the opinion of the directors of the Company, to affect significantly the operations of the consolidated entity, the results of those operations, or the state of affairs of the consolidated entity, in future financial years.

7 LeaD auDitor’S inDepenDenCe DeCLaration

the lead auditor’s independence declaration is set out on page 27 and forms part of the directors’ report for the financial year ended 31 December 2013.

this report is made with a resolution of the directors:

professor Anthony Moon

Dated at Sydney this 28th day of April 2014.

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LeaD auDitor’S inDepenDenCe DeCLaration unDer SeCtion 307C of tHe CorporationS aCt 2001

to the directors of utS union ltd

I declare that, to the best of my knowledge and belief, in relation to the audit for the financial year ended 31 December 2013, there have been:

(i) no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the audit; and

(ii) no contraventions of any applicable code of professional conduct in relation to the audit.

KpMG

Cameron RoanpartnerSydney28 April 2014

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StatementS of financial poSition for the year ended 31 december 2013

Consolidated Company

In AUD note 2013 2012 2013 2012

Assets

Cash and cash equivalents 4 10,801,877 11,283,193 10,705,633 11,072,268

trade and other receivables 5 335,128 572,777 333,128 570,777

Inventories 6 660,552 797,076 660,552 791,595

prepayments 94,309 102,323 92,046 95,571

total current assets 11,891,866 12,755,369 11,791,359 12,530,211

trade and other receivables 5 - - 82,031 81,391

property, plant and equipment 7 7,043,516 3,149,788 7,043,516 3,143,721

total non-current assets 7,043,516 3,149,788 7,125,547 3,225,112

total assets 18,935,382 15,905,157 18,916,906 15,755,323

Liabilities

trade and other payables 8 801,188 879,692 794,290 817,614

Employee benefits 9 255,742 261,964 255,742 258,026

Revenue received in advance 11,100 64,376 11,100 56,058

total current liabilities 1,068,030 1,206,032 1,061,132 1,131,698

Employee benefits 103,391 73,682 103,391 73,682

total non-current liabilities 103,391 73,682 103,391 73,682

total liabilities 1,171,421 1,279,714 1,164,523 1,205,380

net assets 17,763,961 14,625,443 17,752,383 14,549,943

Member’s funds

General funds 17,763,961 14,625,443 17,752,383 14,549,943

total member’s funds 17,763,961 14,625,443 17,752,383 14,549,943

the notes on pages 32 to 44 are an integral part of these consolidated financial statements.

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StatementS of comprehenSive income for the year ended 31 december 2013


In AUD note 2013 2012 2013 2012

Revenue 10 17,231,056 17,231,056 17,222,592 15,521,129

other income 11 37,894 - 43,719 -

Change in inventories of finished goods (237,649) 45,363 (131,043) 29,228

Raw materials and consumables used (2,750,604) (3,473,161) (2,853,249) (3,257,136))

Board expenses (88,508) (85,404) (88,508) (85,404)

personnel expenses 12 (5,994,801) (5,842,821) (5,985,453) (5,571,314)

Cleaning expenses (429,124) (441,817) (429,124) (441,817)

Events and function expenses (536,508) (601,569) (536,508) (588,664)

Grant expenses (1,825,490) (1,505,942) (1,825,490) (1,505,942)

Insurance expenses (5,841) (43,816) - -

poker machine expenses (1,663) (7,855) - -

professional services expenses (75,962) (70,107) (50,411) (52,227)

promotions and publications expenses (373,339) (238,580) (373,339) (238,580)

property expenses (352,979) (436,561) (344,140) (350,361)

Rent and rates expenses (138,683) (209,733) (132,805) (136,600)

Repairs and maintenance expenses (254,991) (325,624) (254,234) (293,500)

Depreciation (536,121) (550,795) (535,879) (542,620)

other expenses (948,131) (912,973) (943,253) (884,898)

results from operating activities 2,718,556 1,578,036 2,782,875 1,601,294

Interest income 419,962 481,287 419,565 480,791

profit before income tax 3,138,518 2,059,323 3,202,440 2,082,085

Income tax expense 13 - - - -

profit for the year 3,138,518 2,059,323 3,202,440 2,082,085

other comprehensive income - - - -

total comprehensive income for the year 3,138,518 2,059,323 3,202,440 2,082,085


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StatementS of changeS in member’S fundS for the year ended 31 december 2013

In AUD general funds total

ConSoLiDateD

Balance at 1 January 2012 12,566,120 12,566,120

total comprehensive income for the year

profit for the year 2,059,323 2,059,323

other comprehensive income - -

Balance at 31 December 2012 14,625,443 14,625,443






CoMpany












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StatementS of caSh flowS for the year ended 31 december 2013


In AUD note 2013 2012 2013 2012

Cash flows from operating activities

Cash receipts from customers 18,823,374 17,953,336 18,826,754 17,149,768

Cash paid to suppliers and employees (15,332,697) (15,797,106) (15,217,287) (14,964,855)

Cash from operations 3,490,677 2,156,230 3,609,467 2,184,913

Interest received 419,962 481,287 419,565 480,791

net cash flows from operating activities 3,910,639 2,637,517 4,029,032 2,665,704

Cash flows from investing activities

proceeds from sale of property, plant and equipment 72,459 67,273 72,351 67,273

Acquisition of property, plant and equipment (4,464,414) (593,281) (4,464,306) (593,281)

payment of cash advances (3,712) - (3,712) -

net cash used in investing activities (4,395,667) (526,008) (4,395,667) (526,008)

Cash flows from financing activities

payment of advance to controlled entity - - - -

net cash flows used in financing activities - - - -

net (decrease)/increase in cash and cash equivalents (481,316) 2,111,509 (366,635) 2,111,782

Cash and cash equivalents at beginning of year 11,283,193 9,171,684 11,072,268 8,960,486

Cash and cash equivalents at end of year 4 10,801,877 11,283,193 10,705,633 11,072,268


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noTEs To ThE finAnciAL sTATEmEnTs for year enDeD 31 DeCeMBer 2013

1 reporting entity

utS union ltd (the Company) is a reporting entity and a company limited by guarantee domiciled in Australia. the address of the Company’s registered office is the university of technology, level 16 tower Building, 15 Broadway, ultimo nSW 2007. the consolidated financial statements of the Company as at and for the year ended 31 December 2013 comprise the Company and its subsidiary (together referred to as the consolidated entity and individually as Group entities).

the Group is a not for profit and the principal activities of the consolidated entity during the course of the financial year were the provision of various member services to students and staff at university of technology, Sydney, new South Wales.

2 BaSiS of preparation

(a) Statement of compliance

the consolidated financial statements are tier 2 general purpose financial statements which have been prepared in accordance with Australian Accounting Standards - Reduced Disclosure Requirements (AASBs) adopted by the Australian Accounting Standards Board (AASB), the Corporations Act 2001, the Registered Clubs Amendment Act 2006 and the Gaming Machines tax Act 2001.

the consolidated entity and Company elected to early adopt AASB 1053 Application of tiers of Australian Accounting Standards, AASB 2010-2 Amendments to Australian Standards arising from Reduced Disclosure Requirements and AASB 2011-2 Amendments to Australian Accounting Standards arising from the trans-tasman Convergence project - Reduced Disclosure Requirements for the year beginning on 1 January 2013 to prepare tier 2 general purpose financial statements.

ASIC Class order 10/654 Inclusion of parent entity financial statements in financial reports has been applied to permit the inclusion of parent entity financial statements in the consolidated financial report.

the consolidated financial statements were approved by the Board of Directors on 28th April 2014.

(b) Basis of measurement

the consolidated financial statements have been prepared on the historical cost basis.

(c) functional and presentation currency

these consolidated financial statements are presented in Australian dollars, which is the Company’s functional currency.

(d) use of estimates and judgements

the preparation of consolidated financial statements in conformity with AASBs requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected.

Information about critical judgements in applying accounting policies that have the most significant effect on the amounts recognised in the financial statements and assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment within the next financial year, are included in the notes to the consolidated financial statements.

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3 SignifiCant aCCounting poLiCieS

the accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements, and have been applied consistently by Group entities.

(a) Basis of consolidation

(i) Subsidiary

Subsidiaries are entities controlled by the Company. the result and cash flows of the sole subsidiary are included in the consolidated financial statements of the Company from the date that control commences until the date that control ceases. the subsidiary’s financial position is consolidated with that of the Company at the reporting date.

Where appropriate, the accounting policies of the sole subsidiary have been changed to align them with the policies adopted by the Company on consolidation.

(ii) transactions eliminated on consolidation

Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements.

(b) financial instruments

(i) non-derivative financial assets

Financial assets are recognised initially on the date at which the consolidated entity becomes a party to the contractual provisions of the instrument.

the consolidated entity derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Any interest in transferred financial assets that is created or retained by the consolidated entity is recognised as a separate asset or liability.

the Company has the following non-derivative financial assets: cash and cash equivalents and loans and receivables.

loans and receivables

loans and receivables are financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition loans and receivables are measured at amortised cost using the effective interest method, less any impairment losses.

loans and receivables comprise trade and other receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits with maturities of three months or less from the acquisition date that are subject to an insignificant risk of changes in their fair value, and are used by the consolidated entity in the mangement of its short-term commitments.

(ii) non-derivative financial liabilities

Financial liabilities are recognised initially on the date at which the consolidated entity becomes a party to the contractual provisions of the instrument. the consolidated entity derecognises a financial liability when its contractual obligations are discharged,

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cancelled or expired. Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the consolidated entity has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.

the consolidated entity has the following non-derivative financial liabilities: trade and other payables (excluding accrued expenses).

Such financial liabilities are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition these financial liabilities are measured at amortised cost using the effective interest rate method.

(c) property, plant and equipment

(i) Recognition and measurement

Items of property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses.

Cost includes expenditure that is directly attributable to the acquisition of the asset. the cost of self-constructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the assets to a working condition for their intended use, the costs of dismantling and removing the items and restoring the site on which they are located, and capitalised borrowing costs. purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment.

When parts of an item property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment.

Any gain or loss on disposal of an item of property, plant and equipment (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in profit or loss.

(ii) Subsequent costs

Subsequent expenditure is capitalised only when it is probable that the future economic benefits associated with the expenditure will flow to the consolidated entity. ongoing repairs and maintenance are expensed as incurred.

(iii) Depreciation

Items of property, plant and equipment are depreciated from the date that they are installed and are ready for use.

Depreciation is calculated to write off the cost of property, plant and equipment less their estimated residual values using the straight-line basis over their estimated useful lives. Depreciation is generally recognised in profit or loss, unless the amount is included in the carrying amount of another asset.

the estimated useful lives for the current and comparative years of significant items of property, plant and equipment are as follows:

• Plantandequipment 2-10years • Leaseholdimprovements 8-40years

Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.

(d) inventories

Inventories are measured at the lower of cost and net realisable value. the cost of inventories is based on the first-in first-out principle, and includes expenditure incurred in acquiring the inventories and bringing them to their existing location and condition.

net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and estimated costs necessary to make the sale.

(e) impairment


A financial asset is assessed at each reporting date to determine whether there is objective evidence that it is impaired. A financial asset is impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and that the loss event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably.

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objective evidence that financial assets are impaired can include default or delinquency by a debtor, restructuring of an amount due to the consolidated entity on terms that the consolidated entity would not consider otherwise, indications that a debtor or issuer will enter bankruptcy, or economic conditions that correlate with defaults.

the consolidated entity considers evidence of impairment for receivables at both a specific asset and collective level. All individually significant receivables are assessed for specific impairment. All individually significant receivables found not to be specifically impaired are then collectively assessed for any impairment that has been incurred but not yet identified. Receivables that are not individually significant are collectively assessed for impairment by grouping together receivables with similar risk characteristics.

In assessing collective impairment the consolidated entity uses historical trends of the probability of default, timing of recoveries and the amount of loss incurred, adjusted for management’s judgement as to whether current economic and credit conditions are such that the actual losses are likely to be greater or less than suggested by historical trends.


An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset’s original effective interest rate. losses are recognised in profit or loss and reflected in an allowance account against loans and receivables. Interest on the impaired asset continues to be recognised. When a subsequent event (e.g. repayment by a debtor) causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through profit or loss.

(ii) non-financial assets

the carrying amounts of the consolidated entity’s non-financial assets, other than inventories, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. An impairment loss is recognised if the carrying amount of an asset or its related cash-generating unit (CGu) exceeds its estimated recoverable amount.

the recoverable amount of an asset or CGu is the greater of its value in use and its fair value less costs to sell. Depreciated replacement cost is used to determine value in use. Depreciated replacement cost is the current replacement cost of the item less, where applicable, accumulated depreciation to date, calculated on the basis of such cost. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGus.

Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of CGus are allocated to reduce the carrying amounts of the assets in the unit (group of units) on a pro rata basis.

Impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.

(f) employee benefits

(i) Defined contribution plans

A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. obligations for contributions to defined contribution plans are recognised as an employee benefit expense in profit or loss in the periods during which services are rendered by employees.

(ii) other long-term employee benefits

the consolidated entity’s net obligation in respect of long-term employee benefits is the amount of future benefit that employees have earned in return for their service in the current and prior periods plus related on-costs; that benefit is discounted to determine its present value, and the fair value of any related assets is deducted. the discount rate is the yield at the reporting date on government bonds that have maturity dates approximating the terms of the consolidated entity’s obligations.

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(f) employee benefits (continued)

(iii) Short-term employee benefits

Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognised for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the consolidated entity has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.

(g) revenue

(i) Goods sold and services rendered

Revenue from the sale of goods comprises revenue earned from the provision of food, beverage and other goods. It is measured at the fair value of the consideration received or receivable and is recognised in profit or loss when the significant risks and rewards of ownership have been transferred to the customer.

Revenue from services rendered comprises revenue from functions. It is measured at the fair value of the consideration received or receivable and is recognised in profit or loss as the services are provided.

no revenue is recognised if there are significant uncertainties regarding recovery of the consideration due, the costs incurred or to be incurred cannot be measured reliably, there is a risk of return of the goods or there is continuing management involvement with the goods.

(ii) union allocated SSAF

the fee is measured at the fair value of the consideration received or receivable and is recognised in profit or loss as the services are provided.

(iii) Fees - university contribution

Contributions from the university of technology, Sydney are measured at the fair value of the consideration received and recognised in profit or loss on a systematic basis over the period in which the consolidated entity recognises as expenses the related costs for which the contributions are intended to compensate.

(iv) other revenue

other revenue comprises rent and room hire, sponsorships and student program contributions.

(h) grant expenses

Grants are made to Clubs, Societies and individual students to assist with the pursuit of their sporting and cultural activities. In addition, they are also provided, where financial assistance is required, for the provision of equipment and facilities in the furthering of those activities. From time to time grants are made to the university of technology, Sydney (the university) as contribution to the supply of infrastructure and facilities specific to the use of utS union ltd and associated entities.

(i) Lease payments

leases in terms of which the consolidated entity assumes substantially all the risks and rewards of ownership are classified as finance leases. other leases are operating leases and the leased assets are not recognised in the consolidated entity’s statement of financial position.

payments made under operating leases are recognised in profit or loss on a straight-line basis over the term of the lease. lease incentives received are recognised as an integral part of the total lease expense, over the term of the lease.

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(j) interest income

Interest income on funds invested is recognised as it accrues in profit or loss, using the effective interest method.

(k) tax

the Company is not liable for tax as it is a tax exempt charitable entity and as such incurs no liability to pay tax, however the Controlled Entity is not tax exempt. tax expense comprises current and deferred tax. Current tax and deferred tax are recognised in profit or loss except to the extent that it relates to a business combination, or items recognised directly in members funds or in other comprehensive income.

(i) Current tax

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years.

(ii) Deferred tax

Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss.

Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously.

A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.

the Income tax Assessment Act 1997 (amended) provides that under the concept of mutuality, the Company is only liable for income tax on income derived from non-members and from outside entities.

(l) goods and services tax

Revenue, expenses and assets are recognised net of the amount of goods and services tax (GSt), except where the amount of GSt incurred is not recoverable from the taxation authority. In these circumstances, the GSt is recognised as part of the cost of acquisition of the asset or as part of the expense.

Receivables and payables are stated with the amount of GSt included. the net amount of GSt recoverable from, or payable to, the Ato is included as a current asset or liability in the statement of financial position.

Cash flows are included in the statement of cash flows on a gross basis. the GSt components of cash flows arising from investing and financing activities which are recoverable from, or payable to, the Ato are classified as operating cash flows.

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noteS to the financial StatementS for the year ended 31 december 2013


4 cAsh AnD cAsh EquivAlEnts

In AUD 2013 2012 2013 2012

Bank balances 3,280,510 899,630 3,184,266 703,023

Call deposits 7,500,000 10,350,000 7,500,000 10,350,000

Cash on hand 21,367 33,563 21,367 19,245

Cash and cash equivalents in the statements of cash flows 10,801,877 11,283,193 10,705,633 11,072,268

5 tRADE AnD othER REcEivAblEs

In AUD 2013 2012 2013 2012

Current

trade receivables 144,337 190,491 142,337 190,491

Receivable from the university of technology, Sydney 92,848 276,101 92,848 276,101

other receivables 97,943 106,185 97,943 104,185

335,128 572,777 333,128 570,777

non-current

Receivable from the subsidiary - - 82,031 81,391

0 0 82,031 81,391

the movement in the allowance for impairment in respect of trade and other receivables during the year was as follows:

In AUD 2013 2012 2013 2012

Balance at 1 January 11,325 28,927 11,325 28,927

Impairment loss recognised/(reversed) 4,678 (17,602) 4,678 (17,602)

Balance at 31 December 16,003 11,325 16,003 11,325

6 invEntoRiEs

In AUD 2013 2012 2013 2012

Finished goods 660,552 797,076 660,552 791,595


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7 pRopERty, plAnt AnD EquipmEnt

Consolidated

In AUDLeasehold

improvementsplant and

equipmentunder

construction artworks totals

cost

Balance at 1 January 2013 2,951,950 3,004,920 281,397 98,128 6,336,395

Additions - 107,294 4,357,012 - 4,464,306

Disposals - (224,066) - - (224,066)

Balance at 31 December 2013 2,951,950 2,888,148 4,638,409 98,128 10,576,635

Depreciation

Balance at 1 January 2013 1,128,628 2,057,778 - - 3,186,406

Depreciation for the year 199,013 337,108 - - 536,121

Disposals (189,408) - - (189,408)

Balance at 31 December 2013 1,327,641 2,205,478 - - 3,533,119

Carrying amounts

At 1 January 2013 1,823,322 947,142 281,397 98,128 3,149,989

At 31 December 2013 1,624,309 682,670 4,638,409 98,128 7,043,516

Company

In AUDLeasehold

improvementsplant and

equipmentunder

construction artworks totals

Cost

Balance at 1 January 2013 2,951,950 2,686,061 281,397 98,128 6,017,536

Additions - 107,294 4,357,012 - 4,464,306

Disposals - (132,548) - - (132,548)

Balance at 31 December 2013 2,951,950 2,660,807 4,638,409 98,128 10,349,294

Depreciation

Balance at 1 January 2013 1,128,628 1,744,986 - - 2,873,614

Depreciation for the year 199,013 336,866 - - 535,879

Disposals (103,715) - - (103,715)

Balance at 31 December 2013 1,327,641 1,978,137 - - 3,305,778

Carrying amounts

At 1 January 2013 1,823,322 941,075 281,397 98,128 3,143,922

At 31 December 2013 1,624,309 682,670 4,638,409 98,128 7,043,516

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8 tRADE AnD othER pAyAblEs

In AUD 2013 2012 2013 2012

current

trade payables 676,935 467,729 244,059 447,610

payable to the university of technology, Sydney 117,385 33,888 117,385 33,888

other payables and accrued expenses 6,868 378,075 432,846 336,116

801,188 879,692 794,290 817,614

9 EmployEE bEnEfits

In AUD 2013 2012 2013 2012

current

liability for annual leave 195,061 162,821 195,061 158,883

liability for long service leave 60,681 99,143 60,681 99,143

255,742 261,964 255,742 258,026

non current

liability for long service leave 103,391 73,682 103,391 73,682

10 REvEnuE

In AUD 2013 2012 2013 2012

Sale of goods 7,257,956 8,111,021 7,257,465 7,544,263

union allocated SSAF* collected by utS 4,470,003 3,469,997 4,470,003 3,469,997

Rendering of services 989,066 1,208,672 977,193 1,009,204

Fees - university contribution 3,145,004 2,340,591 3,145,004 2,340,591

other revenue 1,369,027 1,149,150 1,372,927 1,157,074

17,231,056 16,279,431 17,222,592 15,521,129

* Student Services amenities fees

11 othER incomE

In AUD 2013 2012 2013 2012

Gain on disposal of property, plant and equipment 37,894 - 43,719 -

12 pERsonnEl ExpEnsEs

In AUD 2013 2012 2013 2012

Wages and salaries 4,935,891 4,793,824 4,923,291 4,535,706

other associated personnel expenses 577,731 339,138 577,731 338,138

Contributions to defined contribution superannuation funds 457,692 437,886 457,006 417,854

Movement in liability for annual leave 32,240 231,899 36,178 239,542

Movement in liability for long service leave (8,753) 40,074 (8,753) 40,074

5,994,801 5,842,821 5,985,453 5,571,314

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13 incomE tAx ExpEnsE

numerical reconciliation between tax expense and pre-tax accounting profit

In AUD 2013 2012 2013 2012

proportion of net taxable income attributable to non-members - 547,088 - -

less: proportion of expenses attributable to non-members - (602,748) - -

- (55,660) - -

Add: other taxable income 1,782 55,632 - -

less: other deductible expenses (686) (22,819) - -

net income subject to tax 1,096 (22,847) - -

Income tax expense using the Company’s statutory income tax rate of 30% (2012: 30%)

329 (6,854) - -

unrecognised tax losses (utilised)/reversed (329) 6,854 - -

- - - -

Estimated deferred tax assets have not been recognised in respect of the following items:

In AUD 2013 2012 2013 2012

unrecognised deferred tax assets

Deductible temporary differences - 1,182 - -

tax losses 19,239 21,219 - -

19,239 22,401 - -

the deductible temporary differences and tax losses do not expire under current tax legislation. Deferred tax assets have not been recognised in respect of these items because it is not probable that future taxable profit will be available against which the entity can utilise the benefits from.

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14 opERAting lEAsEs

Leases as lessee

non-cancellable operating lease rentals are payable as follows:

In AUD 2013 2012 2013 2012

less than one year - - - -

Between one and five years - - - -

- - - -

the consolidated entity leases land and buildings under non-cancellable operating leases expiring from 1 - 2 years. leases generally provide the consolidated entity with a right to renewal at which time all terms are negotiated. lease payments comprise a base amount plus an incremental contingent rental. Contingent rentals are based on either movements in the Consumer price Index or operating criteria.

During the year the Group recognised $132,805 as an expense in profit or loss in respect of operating lease rentals (2012: $209,733).

During the year the Company recognised $132,805 as an expense in profit or loss in respect of operating lease rentals (2012: $136,600).

15 cApitAl AnD othER commitmEnts

As at 31 December 2013, the consolidated entity has capital commitments in relation to Haberfield Redevelopment project of $4,095,370 (2012: $8,218,693), level 3 union refurbishment of $1,328,802 (2012: $nil), Fitness Centre project of $711,987 (2012: $nil) and Sydney Boys High project of $500,000 (2012: $nil).

16 contingEnt AssEts AnD contingEnt liAbilitiEs

there are no contingent assets in existence at the reporting date.

the consolidated entity and the Company has the following contingent liabilities at the reporting date:

In AUD 2013 2012 2013 2012

Bank guarantees 25,000 25,000 25,000 25,000

the directors are of the opinion that provisions are not required in respect of these matters, as it is not probable that a future sacrifice of economic benefits will be required or the amount is not capable of reliable measurement.

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17 RElAtED pARtiEs

Key management personnel compensation

the compensation received by non-executive key management personnel included in other expenses is as follows:

In AUD 2013 2012 2013 2012

Director honoraria 7,500 7,500 7,500 7,500

the compensation received by executive key management personnel included in the personnel expenses is as follows:

In AUD 2013 2012 2013 2012

total & eneties

Bank guarantees 194,543 195,742 193,126 181,573

Key management personnel transactions and balances From time to time, key management personnel of the Company, or their related entities, may purchase goods and services from the Company. these purchases are on the same terms and conditions as those entered into by third parties and are trivial or domestic in nature.

Apart from the details disclosed in this note, no other key management personnel has transacted with the Company since the end of the previous financial year and there were no outstanding balances involving key management personnel’s interests existing at year-end.

other related party transactionsthe Company has related party relationships with:

•theUniversityofTechnology,Sydney(entitythatexertssignificantinfluence)•UTSHaberfieldClubLimited(subsidiary)

Balances with related parties

Aggregate amounts receivable from or payable to, each class of related party at reporting date:

In AUD 2013 2012 2013 2012

Current receivables

Entity that exerts significant influence 92,848 276,101 92,848 276,101

non-current receivables

Controlled entity - - 82,031 81,391

Current payables

Entity that exerts significant influence 117,385 33,888 117,385

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17 RElAtED pARtiEs (cont)

other related party transactions (continued)

transactions with related parties

throughout the year, revenue is derived from and expenses incurred from the university of technology Sydney. these transactions are on the same terms and conditions as those entered into by any other entity or individual.

Aggregate amounts brought to account from transactions with the university of technology, Sydney are:

In AUD 2013 2012 2013 2012

Staff fees contribution revenue 94,194 91,628 94,194 91,628

Management fee multi-purpose sports hall 250,810 232,057 250,810 232,057

Donation revenue 2,800,000 2,000,000 2,800,00 2,000,000

total fees - university contribution 3,145,004 2,323,685 3,145,004 2,323,685

union allocated SSAF* collected by utS 4,470,003 3,469,997 4,470,003 3,469,997

Rental expense (132,805) (136,600) (132,805) (136,600)

Functions revenue 1,795,110 1,996,262 1,795,110 1,996,262

* Student Services Amenities Fees

Head Licence agreement

the utS union operates under a Head licence Agreement (HlA), which is a legal agreement between the utS union ltd (licensee) and the university (licensor), that confirms the spaces and uses of the union on the university campus. the HlA is in effect until 31 May, 2018, and the utS union (licensee) can extend the licence for a period of 5 years (rolling), subject to certain conditions in the HlA.

Within the HlA are clauses that outline the responsibilities of both parties, should there be a need to relocate union spaces and facilities. the licensor must pay the actual and reasonable fit out costs of the licensee and any approved sub licensees of the licensee to the extent that such costs relate directly to the relocation. Further, the licensor must compensate the licensee for the depreciated value of the asset that would be written off as a loss as a consequence of the licensee’s relocation.

Aggregate amounts brought to account from transactions with the subsidiary are:

In AUD 2013 2012

Management fee income from utS Haberfield Club limited 5,000 50,000

18 eVentS after tHe reporting perioD

Subsequent to year end utS union ltd completed the redevelopment of the building and rowing facilities occupied by utS Haberfield Club ltd, the controlled entity. utS Haberfield Club ltd recommenced trading on 12th April 2014.

other than the above, there has not arisen in the interval between the end of the financial year and the date of this report any item, transaction or event of a material and unusual nature likely, in the opinion of the directors of the Company, to affect significantly the operations of the con-solidated entity, the results of those operations, or the state of affairs of the consolidated entity, in future financial years.

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UTs Union LTD AnD iTs conTRoLLED EnTiTy DireCtorS’ DeCLaration

In the opinion of the directors of utS union ltd (the Company):

(a) the financial statements and notes that are set out on pages 32 to 44, are in accordance with the Corporations Act 2001, including:

(i) giving a true and fair view of the Company’s and the consolidated entity’s financial position as at 31 December 2013 and of their performance for the financial year ended on that date; and

(ii) complying with Australian Accounting Standards - Reduced Disclosure Requirements and the Corporations Regulations 2001; and

(b) there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

Signed in accordance with a resolution of directors.

professor Anthony Moon

Dated at Sydney this 28th day of April 2014.

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inDEpEnDEnT AUDiT REpoRT To ThE mEmBERs of UTs Union LTDWe have audited the accompanying financial report of utS union ltd (the Company), which comprises the statements of financial position as at 31 December 2013, and statements of comprehensive income, statements of changes in equity and statements of cash flows for the year ended on that date, notes 1 to 18 comprising a summary of significant accounting policies and other explanatory information and the directors’ declaration of the company and the Group comprising the company and the entities it controlled at the year’s end or from time to time during the financial year.

Directors’ responsibility for the financial report

the directors of the company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards – Reduced Disclosure Requirements and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the financial report that is free from material misstatement whether due to fraud or error.

auditor’s responsibility

our responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in accordance with Australian Auditing Standards. these Auditing Standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the financial report is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. the procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the financial report that gives a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial report.

We performed the procedures to assess whether in all material respects the financial report presents fairly, in accordance with the Corporations Act 2001 and Australian Accounting Standards – Reduced Disclosure Requirements, a true and fair view which is consistent with our understanding of the Company’s and the Group’s financial position and of their performance.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

independence

In conducting our audit, we have complied with the independence requirements of the Corporations Act 2001. We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of utS union ltd on 28 April 2014, would be in the same terms if given to the directors as at the time of this auditor’s report.

auditor’s opinion

In our opinion the financial report of utS union ltd is in accordance with the Corporations Act 2001, including:

(i) giving a true and fair view of the Company’s and the Group’s financial position as at 31 December 2013 and of their performance for the year ended on that date; and

(ii) complying with Australian Accounting Standards – Reduced Disclosure Requirements and the Corporations Regulations 2001.

KpMG

Cameron RoanpartnerSydney - 29 April 2014

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