Student Guild of Curtin University 2018 Annual General Meeting To be held at 12:15pm on Wednesday 23 rd of May 2018 In The Tavern Beer Garden & Agora Courtyard AGENDA 1. Acknowledgement of the Traditional Owners: 2. Attendance: a. Members Present; b. Others Present; 3. Minutes of the Previous Meetings: Motion: That the General Meeting approves the Minutes of the Meeting on the 31/05/17 as a true and accurate record of the proceedings at that meeting. Moved: Dylan Heywood (General Secretary) Seconded: 4. Matters arising from the Minutes – N/A 5. Reports 5.1. President’s Report 5.2. Education Vice President’s Report 5.3. Activities Vice President’s Report\ 5.4 General Secretary’s Report 5.5 Managing Director’s Report 6. General Business 6.1. Annual Report Motion: That the 2017 Annual Report and the 2017 Audited Financial Statements be noted. Moved: Dylan Heywood (General Secretary) Seconded: 6.2. Questions from Guild Members 6.3. Socialist Alternative Club Motion: That the Annual General Meeting recommends to the Guild Council that it de- register the Socialist Alternative Club for consistently abusive behaviour toward students and activists.
Transcript
Student Guild of Curtin University
2018 Annual General Meeting
To be held at 12:15pm on Wednesday 23rd of May 2018
In The Tavern Beer Garden & Agora Courtyard
AGENDA
1. Acknowledgement of the Traditional Owners:
2. Attendance: a. Members Present; b. Others Present;
3. Minutes of the Previous Meetings:
Motion: That the General Meeting approves the Minutes of the Meeting on the 31/05/17 as a true and accurate record of the proceedings at that meeting. Moved: Dylan Heywood (General Secretary) Seconded:
4. Matters arising from the Minutes – N/A
5. Reports
5.1. President’s Report
5.2. Education Vice President’s Report
5.3. Activities Vice President’s Report\
5.4 General Secretary’s Report
5.5 Managing Director’s Report
6. General Business
6.1. Annual Report
Motion: That the 2017 Annual Report and the 2017 Audited Financial Statements be noted.
Motion: That the Annual General Meeting recommends to the Guild Council that it de-register the Socialist Alternative Club for consistently abusive behaviour toward students and activists.
Moved: Dylan Botica Seconded: Matthew Savich
6.4 Guild Regulations Amendments
Motion: In the interest of maintaining the democratic principle of student control over student affairs, this AGM opposes the Guild Regulations amendments passed in Guild council #5 on April 26 2018.
Moved: Erin Russell Seconded: Scott Sandon
Student Guild of Curtin University
2017 Annual General Meeting
Held at 12:27pm on the 31st of May 2017
In the Tavern Courtyard
1. Acknowledgement of the Traditional Owners – Given by Liam O’Neill
2. Attendance:
a. Members Present; Felicia Primis, Bonnie Poon, Avery Perkins, Sally Walker, Wendy Andres, Monique Carter, Thi Mony Hwpen Docen, Huly Octoga, Timonthy Gomez, Cullen Dans, Mohammad Shohal, Gautami Sithambaram, Jasper Mejet, Luke Presenza, Connor Latimer, Aatish Patel, Yasmin Bogne, Ethan Pope, Youle Beatty, Laur Lopo, Andy Michael, Dylan McGrath, Dominik Foake, Kym Gildersleave, Angeline Khoo, Katie Ashforth, Ellie-Rose Markovic, Ayush Phane, Jordan Bay, Isabelle MacDonald, Shubhika Lal, Sanin Krakonja, Oakojak Scott, Edward Withers, Mackenzie Boujos, Jack Faulkner, Shenton McPherson, Daniel Tabein, Michaela Knoppert, Belinda Yeon, Ethan Gallagher, Jufel Tobary, Richie Jatmatama, Fiona Tran, Thomas Schioeter, Chantal Milford-Jones, Ashley Atkinson, Jessica Wood, Janice Lee, Jhoanna Garcia-Jamieson, Elise Forman, Andrew Curley, James Palmer, Thomas O’Brien, Matthew Marinoni, Virgil Houbrechts, Andrew Watt, Dony Wuon Lee, Tristen Baccula, Cameron Pike, David McCarthy, Lucia Caravia, Sonia Shekhar, Brooke Iriks, Maxwell Swaney, Rebekah Bergeron, Kieran Gulvin, Elly Bijlsma, Ryan Cable-Neal, Robert Regan, Tim McGillin, Joshua Di-Draudi, Trent Bowles, Jayden Chin, Damien MacRae, Caitlin Jarvis, Kris Sardara, Jose Calder, Carl Bikawkas, Lachlan Lea, Alexander John-Ahern, Nathan Clark, Luke Jakovic, Alexander Natale, Robert Beal, Aysh Alossarasan, Kelly Zaccheus, Zaaren Dhoubloora, Jacob Alan-Shaw, Denis Zafer-Hilliard, Rowan Stark, Corey Morris, Ryan Billing, Mohammedreza Rajabifar, Christine Anchugov, Harry Wellington, Ahmed Ademoglu, Naomi Worthy, Meg Allen, Victoria Barker, Jaisa Elsener, Debbi Um, Ronald Yip, Stephanie Wong, Elizabeth Goh, Matt Savich, Norma Bertram, Todd Nyawayi, Keaton McSweeney, Emily Whitney, Sharon Jayawordena, Matthew Corker, Julian Turner, Jeremy de la Fuenta, Pralay Baiaria, Matthew Reffold, Jacob Sheldrake, Alexandra Vogel, Tom Howard, Gabrielle Allan, Franklin Lee, Finlay Nolan, Dorin Loppins, Abhishek Singh, Jayde Frank, Lucas Fleming, Joshua Bumbak, Shane Spyker, Chris Norman, Alex Cornwall, Mitchell Barker, Jirokmela Burhy, Liam O’Neill, Jordan Piggott, Keira Salord, Anna Griffin, Jemma Chin, Dylan Heywood, Liam Olden, Harlan Crane, Lyle Shields, Meg Vaisey, Sophie Preston, Dylan Ferrier, Kate Lester, Skye Pringle, Meg Thompson, Amy Fiddes, Samantha Keesing, Michael Barker, David Piovsan, Denone Elliott-Hobbs, Amber-Marie Vennitti, Annalise Webster, Carlo Marriott, Ranie Perez, Chris Malajczuk, Brayden Stiles, Brayden Linaker, Ben Chimielewski, Patrick Dean, Harry Baris, Antonio Jacoby, Ming Jeen Chia, Kishan Gosrani, Alisha Mazzotti, Samuel Rawlings, Peter Baker, Grace Harman, Claire Thomas, Eden Symonds, Karla Hall, James Ly, Mike Higham, Alex Wildsmith, Bonnie Bellenzier, Mitchell Scott, Aneeta Bujoy, Caitlin Ford, Brody Mellberg, Steffan Thomson, Adam Ting. b. Others Present; Brent Penberthy (Managing Director), Corrie Fillmore (Minute Secretary)
3. Minutes of the Previous Meeting:
AGM Resolution #1/2017
Motion: That the minutes of the General Meeting on the 25/05/2016 be approved as a true and accurate record of the proceedings of that meeting. Moved: Jemma Chin (General Secretary) Seconded: Abhishek Kumar Singh (PSC President)
4. Matters Arising from the Minutes – N/A
5. Reports
5.1. President’s Report
Liam discussed the work of the previous Guild President, Jake Wittey: Creation of the strategic plan Save Our Voice Campaign Changes to the governance model and staffing structure Student experience improvements with improved club participation, events,
and activities on campus
Liam discussed plans for 2017 including: The closure of many Guild services in exchange for the G-Mart SSAF expenditure plans New lease arrangements
5.2. Education Vice President’s Report Jordan discussed the work of Sarah Franz, the Education VP from 2016:
Queer Collaborations conference Rad Sex and Consent Week Your Rights at Work Campaigns Save Our Voice Campaign
Jordan discussed his work and contributions for 2017 including:
Academic Calendar Working Group Assessment and Appeals Policy Reforming Grok Magazine Mature Age Orientation Change the Date Campaign Staff Cuts Campaigns Distribution of 4,000 condoms
5.3. Activities Vice President’s Report
Anna discussed the work of her predecessor, Jack Martin in 2016 End of Semester Bash expansion into the Courtyard Grasslands Music Festival Breakfasts and Brinners Newbie Guides Trivia Nights Dogs on Campus
Anna briefly outlined events and activities in 2017
Guild Ball Grill the Guild and Breakfasts Relay for Life Clubs Colloab Event
5.4. General Secretary’s Report
Jemma discussed the work of Liam’s work in 2016
2017 Budget Report Revisions to the governance documents including Regulations and Rules Replace the Statute from last year Boards and Committees, University Council, Curtin Student Advisory Forum,
etc. Rewriting the Guild’s Statute Book with the University
Jemma noted that the she has been exploring options for improving the timesheet system for 2017.
5.5. Managing Director’s Report
Brent discussed the 2016 financials, which included: Current assets of $4,405,538 including cash reserves totalling $1,294,514. Liabilities of $3,224,523 Net assets and total equity of $4,732,364 Total comprehensive loss of $2,628,698 including non-cash items such as
amortisation and depreciation costs of $1,463,524. He noted that the Guild has three primary sources of income:
Business operations revenue of about $14.2M SSAF revenue of about $2.7M University Grant funding $750,000
He said that the Guild incurs significant expenditure in the following areas:
Labour expenses of about $9.57M Cost of sales of about $5.73M Discounts of about $987,000
He discussed a number of previous and ongoing initiatives to move the Guild into a better position in the future. These included:
Ongoing improvement of the CASS survey satisfaction rates Change management Lease negotiations Invest in clubs and Catering and functions Retail Strategy Creation and Execution of the Guild Master Plan Expansion of services Continued focus and investment in clubs and improving the student experience
6. Business on Notice
6.1. Annual Report
AGM Resolution #2/2017
Motion: That the 2016 Annual Report and the 2016 Audited Financial Statements be noted. Moved: Jemma Chin (General Secretary) Seconded: Noni Elliott-Hobbs (Guild Councillor) 6.2 Guild Master Plan (Uniquely University – The Vision)
AGM Resolution #3/2017 Motion: That the Guild’s Master Plan (Uniquely University – The Vision) be noted. Liam discussed the retail consolidation and the future plans for the capital expenditure. Moved: Liam O’Neill (Guild President) Seconded: Kiera Salord
7. General Business – Members were invited to ask questions.
Question: What was the Guild’s response to the Federal Budget in 2017? Jordan noted that the Guild was strongly opposed to the lowering of the repayment threshold to $44,000, the increase in course fees, and the equivalent reform which would see the deregulation of fees for NZ citizens and permanent residents. He outlined that the Guild was a supporter of the NUS National Day of Action, the Guild has written to every WA MP and to the Senate Crossbenchers, and will be submitting a document in opposition to the changes to the Senate Inquiry regarding the proposed legislation.
Meeting Closed at 12:49pm
2017Annual Report
Our Mission.
Our Vision.
Our Values.
Create a fun and vibrant community that maximises the student experience.
To be the leading independent student-run
organisation in Australia, which is highly valued by all of the university community, especially
our members.
AutonomyStudent control of student affairs for the benefit of our members.
IntegrityOur behaviour builds trust.
DiversityValuing difference between people and standing for equity, equality and fairness.
CURT IN S TUDENT GUILD ANNUAL REPORT 2016
1.President’s ReportPage 1
2.Managing Director’s ReportPage 3
3.2017 Student RepresentativesPage 5
Contents.Mr Colin BeckettChancellor of Curtin UniversityKent Street, Bentley, PerthWestern Australia, 6102
Dear Chancellor,
In accordance with section 12 (3) of the Curtin University Act 1966 – Statute No.4 Student Guild, on behalf of the Guild Council, we hereby submit for your information and presentation to Council of Curtin University the Annual Report of the Student Guild of Curtin University for the year ended 31 December 2017.
In accordance with section 12 (2) of the Statute No.4-Student Guild, this Annual Report will be submitted to the Annual General Meeting of the Student Guild on the 23rd of May 2018.
In accordance with the SSAF Expenditure and Guild Grant Agreement and Section 9(b)(ii) of Statute No.27-Student Services and Amenities Fee, we hereby submit for your information and presentation to Council of Curtin University the Student Services and Amenities Fee expenditure report and Guild Grant expenditure report of the Student Guild of Curtin University for the year ended 31 December 2017.
The Student Guild of Curtin University spent revenue from the Student Services and Amenities Fees strictly in accordance with the Higher Education Support Act 2003 and the Administration Guidelines made under the Act. The fee was spent strictly in accordance with the Act and only on services and amenities specified in subsection 19-38(4) of the Act
Yours sincerely,
Liam O’Neill Dylan HeywoodPresident General Secretary
On behalf of the Guild CouncilDated this 29th day of March 2018
Statement of Compliance.
4.Education and Representation ActivitiesPage 9
5.Student ServicesPage 11
6.Commercial ActivitiesPage 13
7.Student Services and Amenities Fee (SSAF) Expenditure in 2017Page 15
8.Grant Expenditure in 2017Page 17
9.Financial ReportsPage 19
CURT IN S TUDENT GUILD ANNUAL REPORT 2017CURT IN S TUDENT GUILD ANNUAL REPORT 20171 2
Our accomplishments in 2017 include:
• Campaigning against the drastic changes the Federal Government sought to introduce to higher education.
• Engaging in a productive dialogue to guide significant changes to the Assessment and Student Progression Manual.
• Launching our Uniquely University Master Plan as we negotiated to renew our lease with Curtin University. The Master Plan has seen us successfully renew our tenure at this University with the expectation that a new lease will be signed in the first quarter of 2018.
• Defeating an effort by the University to remove a tuition free week each semester from the Academic Calendar.
• Renegotiating an agreement with the University relating to the SSAF and Guild Grants ensuring a stable funding model for representation and student services.
• Responding decisively to the outcome of the Australian Human Rights Commission survey into sexual assault and harassment at Universities.
• Clearing our SSAF liability that had accumulated since 2012.
• Breaking records with the highest ever number of registered clubs: 121 in total.
• Helping 1,196 students who sought support through our Student Assist program.
• Maintaining our free membership program providing hundreds of thousands of dollars in discounts to Curtin students.
We also farewelled our Managing Director, Brent Penberthy, and appointed his successor, Dr David Luketina.
These successes also came with challenges. The significant losses that the Guild accumulated now leave us in a complex position having to balance our desire to implement our plans to renew our facilities against our organisational sustainability. The $1,706,965 loss in 2017, while significant, represents the final expenditure of built up SSAF funding. Work undertaken last year will mean that the Guild lives within its means while accumulating the necessary funding to deliver its redevelopment plans.
We recognise that our sustainability measures did have an impact on the Curtin student experience with a decrease in our overall satisfaction rating by four points to 83%. This figure however remains at an all-time high with no rating above 80% registered prior to 2015. For me this represents the ongoing support that Curtin students have for our Guild.
I would like to pay tribute to Mr Brent Penberthy who left us at the end of 2017 after 16 years of service to the Guild, the last five of which were spent in the role of Managing Director. Brent oversaw our efforts to transform the Guild to create a more effective organisational structure and more sustainable business model. He left big shoes to fill.
After a rigorous selection process, Dr David Luketina was appointed to the role. David is highly qualified and was appointed at the start of 2017 as the Guild’s Associate Director – Corporate Services. Prior to working
with us, David was the General Manager – Business Services at the Water Corporation and as well he had considerable experience as a university academic. David is well placed to lead the Curtin Student Guild through an exciting period of consolidation and opportunity.
As we move forward in 2018, my focus will be on staying the course that we have set to ensure the long term sustainability of the Guild. However, this does not mean the Guild will be inactive. In 2018, we will continue to develop our new strategic plan. Our governance structure changes will be completed with the enactment of a new Guild Statute finally allowing us to complete the changes we set out to achieve in 2015. Finally, we will continue to grow our role at this University with the implementation of a student partnership agreement at Curtin.
It has never been a better time to be a student at Curtin University.
Liam O’Neill49th Guild President
As the first Guild President since 1984 to serve a second term in office, I am happy to have the rare opportunity to reflect on the Guild’s achievements for a second year. President’s
Report.
Moving forward in 2018.
CURT IN S TUDENT GUILD ANNUAL REPORT 2017CURT IN S TUDENT GUILD ANNUAL REPORT 2017 43
2017 was a year of great change and renewal for the Guild as we implemented our transforming the Guild program. The first staffing restructure since 2004 created a f luid and nimble structure that has enabled us to work within the modern University environment.
The new operational structure comprises three divisions - Student Services, Commercial Services and Corporate Services and brings customer service to the fore. Improvements were made to a significant number of areas to enhance efficiency and effectiveness. For example, point of sales systems have been standardised and event planning consolidated.
We consolidated our retail services with the aim of turning a set of loss-making businesses into a profitable new one with the opening of our G Mart.
The total comprehensive loss of $1,706,965 at 31 December 2017 includes the non-cash cost of $986,827 for depreciation and amortisation. The key components of the 2017 revenue were $10,951,982 from trading services and $3,573,204 from grants and SSAF (student services amenities fee). The main costs were $8,799,498 for staffing and $4,069,940 for the cost of sales expenses. Discounts of $866,402 were provided to members.
The Financials.
The restructure has allowed us to create a budget for 2018 which brings our spending into line with the income available. Overall, the 2018 Operating Budget projects a Net Profit before amortisation and depreciation of $560k.
The 2018 Capital Budget includes only essential spending so that the Guild will have sufficient reserves to embark on Stage 1 of the Guild Master Plan. Stage 1 includes relocating and improving the functionality of the current Club HQ.
The Guild’s strong focus on governance included appointing a new external audit partner to provide fresh eyes and scrutiny on our finances, establishing an Audit Risk and Compliance Committee with provision for external members, implementing a Workplace Health and Safety Management Plan, and progressing a risk policy and framework.
We unveiled a bright, bold and confident new look for the Curtin Student Guild that aligns with the Guild’s role as the heart of student life on campus. Our brand is about reinforcing our collective strength and the vibrant diversity that we both serve and help foster.
The high standard of our service and staff was ref lected in the many hundreds of thousands of coffees cheerfully served, Kirribilli catering being certified as a Gold Licence Caterer for another year, and wonderful events such as Grasslands.
As part of being an even better organisation for students, we have clarified and simplified our values:
• Autonomy – student control of student affairs for the benefit of our members
• Integrity – our behaviour builds trust
• Diversity – valuing difference between people and standing for equity, equality and fairness
I am proud to work for an organisation that upholds and delivers on these values and look forward to helping create a fun and vibrant environment for Guild members in 2018 and onwards.
David LuketinaManaging Director
Managing Director’s Report.
CURT IN S TUDENT GUILD ANNUAL REPORT 2017CURT IN S TUDENT GUILD ANNUAL REPORT 2017 65
GUILD PRESIDENTLiam O’Neill
ACTIVITIES VICE PRESIDENTAnna Griffin
GENER AL SECRETARYJemma Chin
EDUCATION VICE PRESIDENTJordan Piggott
BUSINESSVictoria Barker
(Education Vice President September - November 2017)
SCIENCE & ENGINEERINGDeclan Mulheron
HEALTH SCIENCEDylan Heywood
HUMANITIESFinlay Nolan
Executive
Faculty Representatives
2017 StudentRepresentatives.
WOMEN’S OFFICERElly Bijlsma
INDIGENOUS OFFICERSarah Bellottie
QUEER OFFICERSRidley Bergeron & Avery Perkins
Equity Departments
POSTGR ADUATE STUDENT COMMITTEE PRESIDENT
Abhishek Singh
INTERNATIONAL STUDENT COMMITTEE PRESIDENT
Ahmed Ademoglu
STUDENTS WITH DISABILITIES OFFICER
Joshua Mackenzie
CURT IN S TUDENT GUILD ANNUAL REPORT 2017CURT IN S TUDENT GUILD ANNUAL REPORT 2017 87
The Guild Council is the governing body of the Curtin Student Guild and its powers are set out in Curtin University of Technology Act 1966 - Statute No.4 - Student Guild.
UNIVERSITYCOUNCIL
GUILDCOUNCIL
GUILDPRESIDENT
GUILDEXECUTIVE
REPRESENTATION
COMMITTEES
MANAGINGDIRECTOR
STUDENTSERVICES
CORPORATESERVICES
COMMERCIALSERVICES
HR & WHS
FOOD & BEVERAGE
TAVERN & RETAIL
TECHNICAL SERVICES
FACULTY
INTERNATIONAL
POSTGRADUATE
QUEER
WOMEN’S
INDIGENOUS
DISABILITIES
FIRST YEAR
LEGAL
FINANCE
ACTIVITIES
STUDENT ASSIST
FINANCE
COMMERCIALKITCHEN
CORPORATERELATIONS
STUDENTEXPERIENCE
HEALTH ANDSAFETY
COMMERCIALSERVICES
AUDIT, RISK ANDCOMPLIANCE
CURT IN S TUDENT GUILD ANNUAL REPORT 2017CURT IN S TUDENT GUILD ANNUAL REPORT 2017 109
Academic Calendar ReviewIn late 2016, Curtin University commenced a process to review Curtin’s academic calendar. In 2017, a taskforce was formed to propose final changes to the calendar. The Guild was represented on this taskforce by Guild Education Vice President, Jordan Piggott. A number of proposals including the reduction of one tuition free week each semester, trimesters and hexmesters (six study periods) were all introduced. After receiving strong student feedback supporting the current arrangements and opposing the University’s proposals, no changes were made by the University to the current model.
Australian Human Rights Commission (AHRC) Survey into Sexual Assault and Harassment at Australian Universities.
In August 2017, the AHRC Survey into sexual assault and harassment at Australian universities was released. Women’s Officer Elly Biljsma led our response to this important issue and we made a series of recommendations to the University addressing student safety concerns. One case of sexual assault or harassment is too many and Curtin University needs to stand by that principle.
Student PartnershipThe Guild President worked to implement a student partnership agreement at Curtin University. The principles outlined in the agreement, developed by Professor Sally Varnham of UTS, aim to increase student involvement in University decision-making. We made a presentation to the University Academic Board and won a commitment by Curtin to adopt the student partnership agreement.
Parking on Campus Parking is the perennial issue of all Curtin Students. Consistent Guild pressure in this area has seen parking fees frozen for a number of years. Students raised concerns with the Guild about some aspects of the premium service offered by Curtin’s private parking provider CellOPark and we gained significant media attention in relation to additional fees being charged by the service provider.
Unit Outlines AuditThe Guild Faculty Representatives and Education Vice President Victoria Barker carried out an audit of Unit Outlines for policy compliance. The report produced by the audit was well received by Curtin staff and highlighted irregularities which are in the process of being corrected.
Representation – Your Voice on Campus2017 was a busy year for our student representatives with an Academic Calendar review, marriage equality postal survey, higher education policy changes and the release of the report into sexual assault and harassment at Australian Universities.
Australia Day – Change the DateThe 2017 representatives began the year by supporting the fight to change the date of Australia Day. January 26th recognises the day that the first f leet arrived in Australia. For Indigenous people in Australia, this date marks a day of dispossession and disempowerment as the lands they had occupied for tens of thousands of years were taken from them. We received a great response from our members in support of our stance and the campaign driven by the Indigenous Department.
Kalgoorlie CampusIn 2017, WASM Student Guild became an official branch of the Curtin Student Guild. Our Guild President and Science and Engineering Representative visited the Kalgoorlie campus ensuring that the students in regional Western Australia had the opportunity to engage with their representatives.
Penalty RatesThe decision by the Fair Work Commission to slash penalty rates for hospitality and retail workers directly affected many of the Guild’s members. The Guild remains strongly opposed to this decision. With students overrepresented in the retail and hospitality industries, this was an issue with great resonance among the student body.
The Guild’s commercial services were also affected by these changes and in line with our previous decision to not pay junior rates, the Guild decided to continue to pay penalty rates at their previous levels.
State ElectionThe Guild prepared a guide outlining key policies related to students and higher education for the 2016 State election. The guide was well received, particularly the instructions highlighting voting system differences between the state and federal election.
University Council PresentationFor the first time, the Curtin Student Guild was invited by the Chancellor of Curtin University to lead a 60 minute strategic discussion with the University Council. This presentation achieved great outcomes for the Guild and highlighted our significant role in providing a unique experience to Curtin students.
Renewed SSAF and Guild Grant AgreementThe process of renegotiating the Guild’s SSAF Agreement was completed in 2017. The new agreement gives greater security to the Guild in the long term and underscores the value of the partnership between Curtin University and the Curtin Student Guild in delivering the best possible student experience.
Higher Education ChangesIn 2017, in the Federal Budget the Government announced a series of changes to higher education which included fee increases for students, reduced funding to universities and the repayment of graduate debt earlier. There were plans as well to substantially increase fees for New Zealand citizens and Australian Permanent Residents.The Guild, along with the National Union of Students, campaigned against the changes and gained significant media attention in Western Australia. Some of the changes were eventually dropped in the December Mid Year Economic and Fiscal Outlook announcements, while others remain to be opposed throughout 2018.
Education and Representation Activities.
Marriage EqualityThe historic Australian Marriage Law Postal Survey resulted in the most significant campaign run in 2017 by the Guild in support of the “yes” vote. With young people so heavily engaged in the process to grant equality to their LGBTIQ+ peers, this campaign was overwhelmingly supported by our members. The Guild hosted phone banks, stalls, barbecues and provided a drop off location for students to return their postal votes. With the result being a decisive victory for the “yes” vote, a great number of staff and students stood proud of their efforts.
Visit to Curtin MalaysiaGuild President Liam O’Neill was sponsored by Curtin’s International office to visit Curtin’s Malaysia campus in Miri, Sarawak. This was the first time a Guild President had visited an international Curtin campus. This was a great opportunity to highlight the role of the Guild in representing all Curtin students, including those at Curtin’s overseas campuses.
CURT IN S TUDENT GUILD ANNUAL REPORT 2017CURT IN S TUDENT GUILD ANNUAL REPORT 2017 1211
The Postgraduate Mentor Program returned to a more traditional peer-mentoring format in 2017, following participant feedback from Higher Degree by Research students who took part in group workshops rather than one-on-one mentoring in 2016. A new website portal was launched in semester one which streamlined the application process. By the end of year, 92 students had participated in the program as mentees. They were supported by 69 mentors. A quarter of participants were HDR students. Many of the students involved—both mentees and mentors—indicated that they would volunteer for the program in 2018.
The Guild supports clubs to create a positive student experience for their members. Additional SSAF has allowed clubs to grow their presence on campus, engage with more students and add a vibrant and visible impact to campus life.
In 2017:
• There were 121 registered clubs • More than 15,500 students were
involved with clubs on campus• A significant increase in club events
and activities on and off campus• Improved support and assistance
for clubs• A measurable diversification of
club events through specialised and targeted grants
The Guild coordinated 26 major events in 2017 as well as numerous small activations. These student experiences aimed to:
• Make students feel welcome into the University environment
• Showcase the Guild as a support service provider as well as an integral part of campus life
• Create a vibrant and inviting atmosphere for students on campus
Major events ranged from single day to week-long activities. These included:
• Semester One and Two Orientation Days (record attendance at both events)
• Yokai & Djeran (Indigenous-focussed events)
• Guild Presidents 50 year reunion • Season sets (a month-long series of
music and activity events )• Pasar Malam multicultural night
market (record attendance of more than 12,000 students and community members)
The Guild delivered a number of recurring events throughout the year including:
The Guild’s independent support service, Student Assist, increased its caseload by five per cent in 2017 working with 1,196 cases across a range of academic, welfare and personal issues.
Due to decreasing student numbers at the Kalgoorlie campus, we reluctantly relocated our Student Assist service to Bentley. Support services were successfully delivered by phone, Skype and email with a Student Assist officer visiting Kalgoorlie campus at key times during the year.
A Tax-Help centre delivering an Australian Tax Office program to students was coordinated by the Guild again in 2017. The program recruited and trained volunteers to assist students in complying with their tax obligations. Five volunteers coordinated close to 500 appointments.
The Guild’s successful Life Hacks program provided affordable life skills and vocational training to Curtin students through extra-curricular courses, programs, and workshops. More than 1,150 students completed a course or workshop in 2017 with 36 different courses offered in semester one and 12 in semester two.
Curtin students were able to take advantage of a range of grants, emergency assistance and financial counselling offered by the Guild. These included emergency assistance for childcare as well a grant to help PhD students meet the costs of attending conferences. Unfortunately, the Bookshop Grant was discontinued because of lack of funding however the Guild was able to offer hardship grants to assist students with essential services. The Guild’s Reboot Laptop Loan program continued to benefit students with 47 students taking part including some who received repeat loans.
Student Assist provided financial counselling to 89 students with 17 people accessing emergency aid, mainly food parcels from FoodBank WA.
StudentServices.
Supporting our Students.
Student Assist Cases.Academic / University
Related Issues(962)
Welfare Issues(124)
Childcare Assistance Grants(6)
PhD Conference Grants(5)
Personal Issues(110)
Clubs, Events, and Activities.
CURT IN S TUDENT GUILD ANNUAL REPORT 2017CURT IN S TUDENT GUILD ANNUAL REPORT 2017 1413
CommercialActivities.
Savour Awards for ExcellenceFor a second year Kirribilli Catering was a finalist in the Savour Awards for Excellence, having previously won the award in the catering category in 2015. The prestigious national competition judges all facets of catering including food quality, event sales and customer service.
Guild OutletsGuild outlets remained responsive to customer needs by introducing new food ranges while staying sensitive to student demand for affordable options.
Changes at the Bubble Lab enhanced service delivery and a new pop up café, Hot Stuff, emerged from the smallest of budgets as a wonderful relaxation zone for students and staff, offering wallet-friendly toasties and barista and American-style filter coffee.
We introduced more healthy options at The Vege Patch and The Cubby including:
• Crunchbox plant-based desserts that are gluten free, vegan friendly and free of refined sugar,
• Rok Kombucha made in Margaret River by Curtin Alumni Trent Carroll, and
• Rawlicious Delights raw bliss balls made in the Swan Valley.
We reinvigorated campus dining with a new salad bar menu at the Main Café, a range of house-made muesli at The Vege Patch and new menus for hot meals and Halal foods.
While many new products proved successful, a stuffed spud option where customers could select their own fillings did not gain traction with low sales forcing us to drop this from our menu.
During the year, the Guild welcomed a new executive chef whose kitchen culture focussed on production
efficiencies to reduce costs and wastage as well as the training and development of staff. We established new systems for wastage, cleaning and stock control.
The Tavern continued to offer students a complete social experience opening for meals, private and club functions as well as regular and one off events. Daily meal deals, weekly trivia nights, karaoke and Open Mic Comedy were popular with students enjoying the opportunity to dine and socialise on campus. The Tav’s larger scale start-up and end of semester events were well-patronised, although rising set-up costs proved challenging.
The Guild launched a one-stop convenience shop in 2017, consolidating a number of retail services in the one location. The G Mart offers staff and students essentials including faculty uniforms, merchandise, stationery, confectionary, printing and binding and second-hand books.
Top sellers at a glance.
Coffee (of course).Almost 1 million shots ofespresso were drawn.
35,700+ middies poured during Happy Hour at The Tav.
Sushi Me(119,640)
Home-made cinnamon donuts(119,640)
Hot meals(106,870)
CURT IN S TUDENT GUILD ANNUAL REPORT 2017CURT IN S TUDENT GUILD ANNUAL REPORT 2017 1615
2017 SSAF*
*SSAF RECEIVED
ACTIVITIES & ACTIVATION FACILITY
UPGRADES
REPRESENTATION & SUPPORT
TRAINING & EDUCATION
DISCOUNTS & EXTENDED HOURS
Student Services and Amenities Fee (SSAF) Expenditure in 2017.
CURTIN UNIVERSITY
50% 50%
24%
17%
28%
22%
9%
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Grant Expenditurein 2017.
Grant Acquittal 2017Since 2007 the Guild has received an annual grant from Curtin University to support student life at Curtin University. This grant is provided under the SSAF and Guild Grant Agreement and is currently set at $750,000 ex GST. The grant is spent on a broad range of activities outlined in the agreement.
The Guild Grant forms core funding for the Guild’s activities particularly in Student Representation and to our Student Assist program. Without this funding programs would not be able to achieve the success they do. The administrative support provided from this funding is also crucial in ensuring that the Guild can be properly supported by highly qualified professional staff.
*This is paid to Curtin University
*
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FinancialReports.
Student Guild of Curtin University.Financial StatementsFor the Year Ended 31 December 2017
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Contents of Financial Statements.
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23
24
26
27
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Statement by Guild Council
Auditor’s Independence Declaration
Independent Auditor’s Report
Statement of Profit or Loss and Other Comprehensive Income
Statement of Financial Position
Statement of Changes in Equity
Statement of Cash Flows
Notes to the Financial Statements 30
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The accompanying notes form part of these financial statements.
Statement of profit or loss and other comprehensive income for the year ended 31 December 2017.
NOTE 2017 ($) 2016 ($)
Continuing Operations Revenue
Sale of Goods 10,951,982 12,097,586
Rendering of Services 286,063 383,184
Rental Income 127,139 140,478
Finance Income 14,346 62,579
2 11,379,530 12,683,827
Cost of Sales 3 (iv) (4,069,940) (4,739,037)
Gross Profit 7,309,590 7,944,790
Other Income 2 4,007,706 4,011,680
Employee Benefits Expense (8,799,498) (9,567,156)
Distribution Expenses (965,248) (1,169,823)
Marketing Expenses (1,310,094) (1,478,417)
Occupancy Expenses (1,501,137) (1,905,481)
Administrative Expenses (357,181) (382,583)
Finance Costs (91,103) (81,705)
(13,024,261) (14,585,165)
Loss before Income Tax (1,706,965) (2,628,695)
Loss from Continuing Operations (1,706,965) (2,628,695)
Net Loss for the Year 3 (ii) (1,706,965) (2,628,695)
Continuing Operations Revenue
Loss for the year (1,706,965) (2,628,695)
Other comprehensive income for the year - -
Total comprehensive Income for the year (1,706,965) (2,628,695)
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The accompanying notes form part of these financial statements.
Statement of financial positionas at 31 December 2017.
Statement of changes in equityfor the year ended 31 December 2017.
NOTE 2017 ($) 2016 ($)
Current Assets
Cash and cash equivalents 4 172,764 1,290,754
Trade and other receivables 5 1,655,980 2,574,470
Inventories 6 186,434 458,478
Other current assets 7 58,965 81,836
Total Current Assets 2,074,143 4,405,538
Non-Current Assets
Property, plant and equipment 8 3,452,851 3,709,602
Total Non-Current Assets 3,452,851 3,709,602
Total Assets 5,526,994 8,115,140
Current Liabilities
Trade and other payables 9 1,562,713 2,438,579
Short-term provisions 10 894,234 785,943
Total Current Liabilities 2,456,947 3,224,522
Non-Current Liabilities
Long-term provisions 10 44,648 158,254
Total Non-Current Liabilities 44,648 158,254
Total Liabilities 2,501,595 3,382,776
Net Assets 3,025,399 4,732,364
Equity
Retained Earnings 2,913,132 4,625,043
Capital Development Reserve 112,267 107,321
Total Equity 3,025,399 4,732,364
Retained Earnings ($)
Capital Development
Reserve ($)
Total Equity ($)
Balance at 1 January 2016 7,232,975 128,085 7,361,060
Total Comprehensive Income/(Loss) for the year (2,628,696) - (2,628,696)
Transfer from/(to) retained earnings 20,764 (20,764) -
Balance at 31 December 2016 4,625,043 107,321 4,732,364
Balance at 1 January 2017 4,625,043 107,321 4,732,364
Total Comprehensive Income/(Loss) for the year (1,706,965) - (1,706,965)
Transfer from/(to) retained earnings (4,946) 4,946 -
Balance at 31 December 2017 2,913,132 112,267 3,025,399
The accompanying notes form part of these financial statements.
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The accompanying notes form part of these financial statements.
Statement of cash flowsfor the year ended 31 December 2017.
Notes to the financial statementsfor the year ended 31 December 2017.
Note 1: Statement of Significant Accounting Policies
The financial statements are general purpose financial statements that have been prepared in accordance with Australian Accounting Standards - Reduced Disclosure Requirements of the Australian Accounting Standards Board (AASB), the Australian Charities and Not-for-profits Commission Act 2012 and the Curtin University Act 1966.
The Student Guild of Curtin University is a not-for-profit entity for financial reporting purposes under Australian Accounting Standards. The Guild was established under the Curtin University Act 1966 and related Statutes.
The following is a summary of the material accounting policies adopted by the Guild in the preparation of the financial report. The accounting policies have been consistently applied, unless otherwise stated.
(a) Income Tax
No provision for income tax has been raised as the entity is exempt from income tax under Div 50 of the Income Tax Assessment Act 1997.
(b) Inventories
Inventories are measured at the lower of cost and net realisable value.
Costs incurred in bringing each product to its present location and condition are accounted for as follows:
• Finished goods – purchase cost on a first-in-first-out basis.
(c) Property, Plant and Equipment
Each class of property, plant and equipment is carried at cost less, where applicable, any accumulated depreciation and impairment losses.
Plant and equipmentThe carrying amount of plant and equipment is reviewed annually to ensure it is not in excess of the recoverable amount from these assets. The recoverable amount is assessed on the basis of the expected net cash flows that will be received from the assets employment and subsequent disposal. The expected net cash flows are discounted to their present values in determining recoverable amounts.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Guild and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the statement of profit or loss and other comprehensive income during the financial period in which they are incurred.
DepreciationThe depreciable amount of all fixed assets including buildings and capitalised leased assets, is depreciated on a straight line basis over their useful lives to the Guild commencing from the time the asset is held ready for use. Leasehold improvements are depreciated over the shorter of either the unexpired period of the lease or the estimated useful lives of the improvements. The depreciation rates used for each class of depreciable assets are:
Class of Fixed Asset Depreciation RateBuilding improvements – other Rate required based on Lease termsFurniture, fittings & equipment 10% - 50%Motor Vehicle 25%
NOTE 2017 ($) 2016 ($)
Cash flows from operating activities
Receipts from students/customers 13,468,174 14,636,289
Receipts from SSAF 2,823,204 5,881,589
Payments to suppliers and employees (16,677,380) (18,296,831)
Payments (Reimbursement) of SSAF to University - (2,820,794)
Interest received 14,346 62,579
Net cash provided by operating activities (371,656) (537,168)
Cash flows from investing activities
Purchase of property, plant and equipment (746,334) (580,621)
Net cash flows used in investing activities (746,334) (580,621)
Net increase / (decrease) in cash held (1,117,990) (1,117,789)
Cash at beginning of financial year 1,290,754 2,408,543
Cash at end of financial year* 4 172,764 1,290,754
* Cash at end of financial year includes cash and cash equivalents and term deposits.
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Notes to the financial statementsfor the year ended 31 December 2017.
Notes to the financial statementsfor the year ended 31 December 2017.
Note 1: Statement of Significant Accounting Policies (continued)
(c) Property, Plant and Equipment (continued)
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount.
Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains or losses are included in the statement of profit or loss and other comprehensive income.
(d) Leases
Leases of fixed assets where substantially all the risks and benefits incidental to the ownership of the asset, but not the legal ownership that are transferred to the Guild are classified as finance leases.
Finance leases are capitalised by recording an asset and a liability at the lower of the amounts equal to the fair value of the leased property or the present value of the minimum lease payments, including any guaranteed residual values. Lease payments are allocated between the reduction of the lease liability and the lease interest expense for the period.
Leased assets are depreciated on a straight-line basis over their estimated useful lives where it is likely that the Guild will obtain ownership of the asset or over the term of the lease.
Lease payments for operating leases, where substantially all the risks and benefits remain with the lessor, are charged as expenses in the periods in which they are incurred.
Lease incentives under operating leases are recognised as a liability and amortised on a straight-line basis over the life of the lease term.
(e) Provisions
Provisions are recognised when the Guild has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured.
(f) Employee Benefits
Provision is made for the Guild’s liability for employee benefits arising from services rendered by employees to balance date. Employee benefits that are expected to be settled within one year have been measured at the amounts expected to be paid when the liability is settled, plus related on-costs. Employee benefits payable later than one year have been measured at the present value of the estimated future cash outflows to be made for those benefits.
Contributions are made by the Guild to an employee superannuation fund and are charged as expenses when incurred.
(g) Cash and Cash Equivalents
Cash and cash equivalents include cash on hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within short-term borrowings in current liabilities on the statement of financial position.
Note 1: Statement of Significant Accounting Policies (continued)
(h) Revenue
Revenue from the sale of goods is recognised upon the delivery of goods to customers, net of member trade discounts.
Interest revenue is recognised on a proportional basis taking into account the interest rates applicable to the financial assets.
Revenue from the rendering of a service is recognised upon the delivery of the service to the customers. Revenue from grants or subsidies is recognised when control of the funds passes to the Guild.
All revenue is stated net of the amount of goods and services tax (GST).
(i) Goods and Services Tax (GST)
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Taxation Office. In these circumstances, the GST is recognised as part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and payables in the statement of financial position are shown inclusive of GST.
Cash flows are presented in the statement of cash flows on a gross basis, except for the GST component of investing and financing activities, which are disclosed as operating cash flows.
(j) Financial Instruments
RecognitionFinancial instruments are initially measured at cost on trade date, which includes transaction costs, when the related contractual rights or obligations exist. Subsequent to initial recognition these instruments are measured as set out below.
Financial assets at fair value through profit and lossA financial asset is classified in this category if acquired principally for the purpose of selling in the short term or if so designated by management and within the requirements of AASB 139: Recognition and Measurement of Financial Instruments. Derivatives are also categorised as held for trading unless they are designated as hedges. Realised and unrealised gains and losses arising from changes in the fair value of these assets are included in the income statement in the period in which they arise.
Loans and receivablesLoans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and are stated at amortised cost using the effective interest rate method.
Held-to-maturity investmentsThese investments have fixed maturities, and it is the Guild’s intention to hold these investments to maturity. Any held-to-maturity investments held by the Guild are stated at amortised cost using the effective interest rate method.
Available-for-sale financial assetsAvailable-for-sale financial assets include any financial assets not included in the above categories. Available-for-sale financial assets are reflected at fair value. Unrealised gains and losses arising from changes in fair value are taken directly to equity.
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Notes to the financial statementsfor the year ended 31 December 2017.
Notes to the financial statementsfor the year ended 31 December 2017.
Note 1: Statement of significant accounting policies (continued)
(j) Financial Instruments (continued)
Financial liabilitiesNon-derivative financial liabilities are recognised at amortised cost, comprising original debt less principal payments and amortisation.
ImpairmentAt each reporting date, the Guild assesses whether there is objective evidence that a financial instrument has been impaired. In the case of available-for-sale financial instruments, a prolonged decline in the value of the instrument is considered to determine whether an impairment has arisen. Impairment losses are recognised in the statement of profit or loss and other comprehensive income.
(k) Impairment of Non-Financial Assets
At each reporting date, the Guild reviews the carrying values of its non-financial assets to determine whether there is any indication that those assets have been impaired. If such an indication exists, the recoverable amount of the asset, being the higher of the asset’s fair value less costs to sell and value in use, is compared to the asset’s carrying value. Any excess of the asset’s carrying value over its recoverable amount is expensed to the statement of profit or loss and other comprehensive income.
Impairment testing is performed annually for goodwill and intangible assets with indefinite lives. Where it is not possible to estimate the recoverable amount of an individual asset, the Guild estimates the recoverable amount of the cash-generating unit to which the asset belongs.
(l) Comparative Figures
When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year.
(m) Trade and Other Payables
Trade and other payables represent the liabilities for goods and services received by the company during the reporting period that remain unpaid at the end of the reporting period. The balance is recognised as a current liability with the amounts normally paid within 30 days of recognition of the liability.
(n) Accounts Receivable and Other Debtors
Accounts receivable and other debtors include amounts receivable from customers for goods sold and services rendered in the ordinary course of business. Receivables expected to be collected within 12 months of the end of the reporting period are classified as current assets. All other receivables are classified as non-current assets.
Note 2: Revenue
(a) Transforming the Guild
In 2017 the Guild’s restructure came into effect. Comparative figures for 2016 using the Guild’s 2017 structure would mean that 2016 Catering Revenue was $9,001,423 and 2016 Retail Revenue was $3,096,164.
(b) Student Services and Amenities Fee (‘SSAF’)
In 2017 the Curtin Student Guild received $2,823,204 from the SSAF paid by students, of which $500,000 was returned to the University as a contribution to their Creative Quarter Redevelopment. The funds were collected by the Curtin University and remitted to the Guild in July 2017 and in January 2018. These funds are spent in a prescribed manner as directed by the legislation and as agreed by the SSAF Expenditure Advisory Committee and approved by the Curtin University Vice Chancellor and the Guild. In 2017 the Guild spent an additional amount of $1,793,114 from SSAF collected in prior periods, which included $600,000 for Vege Patch & Courtyard redevelopments. An agreement was reached with Curtin University in 2017 which allowed for a write off of Guild SSAF underspend of $444,715 against the University’s overspend. The Guild has no further underspend to acquit.
NOTE 2017 ($) 2016 ($)
Continuing Operations Revenue
Trading Activities
Catering (a) 8,534,010 10,286,919
Retail (a) 2,417,972 1,810,667
Total Trading Activities 10,951,982 12,097,586
Other Operating Activities
Membership Income 286,063 327,018
Commercial Complex 127,139 140,478
HEPPP Funding - 56,166
Interest Revenue 14,346 62,579
Total Other Operating Activities 427,548 586,241
Total Continuing Operations Revenue 11,379,530 12,683,827
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Notes to the financial statementsfor the year ended 31 December 2017.
Notes to the financial statementsfor the year ended 31 December 2017.
Note 3: Loss from Ordinary Activities Note 4: Cash and Cash Equivalents and Term Deposits
Note 5: Receivables
Note 6: Inventories
(a) Current Year Loss $1,706,965 -SSAF Funding
Over the first four years SSAF was received, 2012 to 2015, the Guild spent less on SSAF projects than amounts collected. In 2017, in order to clear this liability, the Guild overspent SSAF by $1,793,114 (2016 $894,299). This contributes directly to the 2017 loss.
( b) Transforming the Guild
In 2017 the Guild’s restructure came into effect. Comparative figures for 2016 using the Guild’s 2017 structure would mean that 2016 Catering Cost of Sales was $3,119,106 and 2016 Retail Cost of Sales $1,619,931.
(c) Discounts
In 2017 the Guild gave $866,402 worth of membership discounts and in 2016 $986,824. These discounts do not form part of Cost of Sales as Trading Revenue is reported net of discounts.
The effective interest rate on short-term bank deposits was 2.54% (2016:2.77%).
The Guild has a corporate credit card which is guaranteed by the $20,000 term deposit with Bankwest.
During 2017 a temporary overdraft was put in place for three months to cover the period between semesters when trading on campus is low. The Guild did not draw on this facility. A permanent facility was obtained in December 2017 for $1,000,000 to cover planned Capital Expenditure in 2018.
Inventory levels decreased in 2017 due to the Retail Consolidation, part two of Transforming the Guild.
NOTE 2017 ($) 2016 ($)
(i) Operating Expenses
Occupancy Expenses include the following:
Amortisation
Leasehold Improvements 467,685 915,443
Depreciation
Furniture, fittings and equipment 490,824 515,507
Motor Vehicles 28,318 32,574
986,827 1,463,524
(ii) Operating Expenses
Net Deficit has been derived from the following:
Administration (1,941,735) (2,644,202)
Representation Services (876,663) (393,738)
Marketing 109,732 (1,166,017)
Commercial 1,001,701 1,575,262
Operating Deficit from operations (a) (1,706,965) (2,628,695)
(iii) Disposal of Assets
Net Gain on the disposal of:
Other Assets 22,751 2,343
(iv) Cost of Sales
Trading Activities
Catering (b) 2,777,278 3,615,008
Retail (b) 1,292,662 1,124,029
Total Cost of Sales (c) 4,069,940 4,739,037
2017 ($) 2016 ($)
Cash and cash equivalents
Cash at bank and on hand 152,764 107,800
Short-term bank deposits 20,000 1,182,954
Cash and cash equivalents 172,764 1,290,754
2017 ($) 2016 ($)
Current
Trade receivables 287,560 70,596
Provision for impairment of receivables (2,033) (1,765)
Other receivables 1,225,397 2,380,468
GST receivable 145,056 125,171
1,655,980 2,574,470
2017 ($) 2016 ($)
At Cost
Finished Goods 203,481 536,979
Provision for Obsolescence (17,047) (78,501)
186,434 458,478
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Notes to the financial statementsfor the year ended 31 December 2017.
Notes to the financial statementsfor the year ended 31 December 2017.
Note 7: Other Current Assets
Note 8: Property, Plant & Equipment
Note 8: Property, Plant & Equipment (continued)
Note 9: Payables
(a) Movement in Carrying Amounts
Movements in the carrying amounts for each class of property, plant and equipment between the beginning of the year and the end of the current financial year.
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Notes to the financial statementsfor the year ended 31 December 2017.
Notes to the financial statementsfor the year ended 31 December 2017.
Note 10: Provisions Note 14: Leases
Operating leases as lessee
The Guild’s future minimum operating lease payments are as follows:
Note 15: Contingent Liability
The Guild has no contingent liabilities.
Note 16: Related Party Transactions
The following transactions occurred with related party:
Note 11: Key Management Personnel Compensation
Note 12: Financial Instruments
The Student Guild’s of Curtin University principal financial instruments comprise receivables, payables, cash and term deposits.
Note 13: Events After Reporting Period
No matter or circumstance has arisen since 31 December 2017 that has significantly affected, or may significantly affect the Guild’s operations, the results of those operations or the Guild’s state of affairs in future financial years.
Provision for Employee Benefits
A provision has been recognised for employee benefits relating to annual and long service leave. In calculating the present value of future cash flows in respect of long service leave, the probability of long service leave being taken is based upon historical data. The measurement and recognition criteria for employee benefits have been included in Note 1.
The Guild’s management structure changed in 2017.
Lease expenses during 2017 amounted to $106,969 (2016:$97,528). The property lease commitments are non-cancellable operating leases with lease terms of between one (1) and ten (10) years. Increases in lease commitments may occur in line with CPI or market rent reviews in accordance with the agreements.
New leases are currently being negotiated with the University. The following lease terms are expected; Vege Patch, Bookmark Cafe and Basement Cafe to 2021, Angazi Cafe to 2023, and the Guild Head lease to 2027. The Guild, in conjunction with the University has commissioned a market review to determine fair market values. It is estimated that the lease expense within 1 year will be $ 73,753 and the lease expense within 1 to 5 years will be $611,454 and $81,753 after 5 years.
2017 ($) 2016 ($)
Employee Benefits 850,642 937,285
Other 88,240 6,912
938,882 944,197
Current 894,234 785,943
Non-Current 44,648 158,254
938,882 944,197
Curtin University 2017 ($)
Purchases of goods and Services 1,504,488
Revenue for providing goods and services 4,165,747
The following balances are outstanding at the reporting date in relation to transactions with related party
2017 Within 1 year ($) 1 to 5 years ($) After 5 years ($) Total ($)
31 December 2017 2,000 2,000 4,000
31 December 2016 49,272 2,000 51,272
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Notes to the financial statementsfor the year ended 31 December 2017.
Note 17: Prior Period Amendments (continued)
Note 18: Guild Registered Office
The registered office of the Guild is:
Curtin UniversityBuilding 106Kent StreetBENTLEY WA 6102
Note 19: Change of Name
Under the Universities Legislation Amendment Act 2016, effective 2 January 2017 the University was formally renamed from “Curtin University of Technology” to “Curtin University”. Consequently the Student Guild was legally renamed from “Student Guild of Curtin University of Technology” to the “Student Guild of Curtin University”. The Curtin University of Technology Act 1966 is now also to be cited as the Curtin University Act 1966.
Note 17: Prior Period Amendments
Balances relating to the 2016 comparative years have been amended as follows:-
1) Sales have historically been increased by member discounts ($986,824) which were ref lected as cost of sales which is not in line with A ASB 118 “Revenue”. Revenue should be recognised net of member trade discounts.
2) SSAF grants income have historically been increased by unspent grants ($634,299) which were ref lected as marketing expenses which is not in line with A ASB 1004 “Contribution”. Grants revenue should be recognised as income on receipt when control of the funds passes to the Guild.
Both errors have now been corrected in the 2017 financial report.
These changes do not affect the 2016 Net Profit / (Loss).
Effects of the above for the year 2016 are as follows:
Original Balance ($)
Adjustment ($) Closing Balance ($)
Statement of profit or loss and other comprehensive income
Total Other Income Activities 3,893,636 (634,298) 3,259,338
Total Other Income 4,645,978 (634,298) 4,011,680
Total Revenue 18,316,629 (1,621,122) 16,695,507
Note 3 - Surplus / (Loss) from Ordinary Activites
(iv) Cost of Sales
Member discounts 986,824 (986,824) -
Total cost of sales 5,725,861 (986,824) 4,739,037
Notes to the financial statementsfor the year ended 31 December 2017.
CURT IN S TUDENT GUILD ANNUAL REPORT 201743 BUILDING 106F CURTIN UNIVERSITY / KENT STREET WA 6102WWW.GUILD.CURTIN.EDU.AU / E: [email protected] / P: (08) 9266 2900
