Annual Report 2019-2020
Word of the Chairman Now that we, as XLIInd STAR board, have left the office, it is time to look back at the academic year 2019-2020. And what a year it has been. Not only to STAR, but (student) life in general. Faced with a great deal of uncertainty, we were especially grateful to have our partners and Active Members around us. Their persistence, creativity and resilience allowed us to adapt to the changing circumstances. This report provides you with a comprehensive overview of the year 2019-2020 and its events, strategic accomplishments and STAR’s financial performance. Throughout the year, more than 300 Active Members helped us enrich the life of RSM students. It has been great to see all of them grow in their respective roles and committees, become friends and develop themselves. Together, they were able to organise a diverse range of activities and events. When times demanded, they even demonstrated the ability to completely redesign well-known activities and set up new heart-warming initiatives. Strategically, this year provided us with the opportunity to further broaden STAR’s online offering and redesign internal procedures and policies. Amongst others, the Erasmus Recruitment platform was renewed and we introduced an online study platform. Moreover, we welcomed a new flagship, the Case Club, and re-introduced the premaster committee. I would like to thank all of those that were vital to making this year a success. First of all, the Supervisory Board and Verification Committee, whose continuous and tireless support navigated us through deep waters. Moreover, I would like to thank our faculty, the Rotterdam School of Management, and
XLIInd STAR Board
our main partner PwC. The close partnership that we have built over the years have played a significant role in the success of STAR, and its ability to enrich the life of RSM students. It has been an honour to lead STAR together with my eight fellow board members. Thanks to you, STAR has been able to continuously improve itself. However, more importantly, without you this year would not have been the amazing roller-coaster ride it was. I now feel confident to hand over to the XLIIIrd STAR Board, who will undoubtedly do a great job in writing STAR’s next chapter. On behalf of the XLIIst STAR board, Tommy van Thiel Chairman XLIInd STAR board
History of STAR Rotterdam School of Management In 1969 the ‘Interfaculteit Bedrijfskunde’ (and later on ‘Interuniversitair Instituut Bedrijfskunde’ – llB) was established, a joint initiative of various faculties of both Erasmus University and Delft University of Technology. In 1977, S.V.I.I.B. (Studievereniging IIB) was founded, an association focused on external contracts, internal contracts with scientific staff, and, of course, mutual contacts among business students. The exact meaning of S.V.I.I.B. was lost in 1984, when the faculty of Business Administration became an official part of Erasmus University,and so the name changed to Sviib. As with the establishment of Rotterdam School of Management (RSM) as we know it today, which led to a more cohesive organization of BA, IBA, and MBA studies, the aim was to achieve the same cooperation among study associations. Several daughter associations were established and later on consolidated as Master Study Clubs. More importantly, in early August 2005, Sviib and Bactive (association for students of the program in International Business Administration) merged to become STAR (Study Association of the Rotterdam school of Management), an association of both worlds and an international focus.
About STAR Our best known events are the STAR Management Week, which is the largest off-campus recruitment event of the Benelux; and STAR Erasmus Consulting, where students conduct research for companies in countries all around the world. Together with EFR, the study association of Erasmus School of Economics, STAR organizes the Erasmus Recruitment Days, which is the largest on campus recruitment event in Europe. Moreover, STAR hosts the RSM STAR Case Competition, where twelve teams from top business schools from all around the world compete with each other by presenting their solutions to real-life business cases. Lastly, during Consultancy Castle seven top Strategy Consulting firms present their company and host workshops to challenge and recruit students.
XLIInd STAR Board Tommy van Thiel Eva de Graaf Michiel Colijn Meike Conijn Jaap Cox Lisa van Embden Tristan Boer Niek Kirchner Lars van Straaten
Chairman Secretary & HR Manager Treasurer Commercial Relations Manager Brand Manager Project Manager Bachelor Project Manager Master Project Manager Career Information Processes Manager
XLIInd STAR Board
Supervisory Board Danique Rook Sander Ouwejan Davey van Gilst Floor Theunissen Max van Soest Léon Hartkoorn Bas van Leeuwen Mark Wolvert Anne de Jong Bodine Daams Enzo Neefjes
Project Manager Master 38th STAR Board Project Manager Campus 38th STAR Board Commercial Relations Manager 39th STAR Board Secretary & HR Manager 39th STAR Board Information Processes Manager 39th STAR Board Treasurer 40th STAR Board Brand Manager 41st STAR Board Chairman Race of the Classics 2015-2016 Commissioner of Events STAR Management Week 2016 Chairman Erasmus Recruitment Days 2016-2017 Studytrip Coordinator MSC F& I 2016-2017
Verification Committee Lizz Jansen Rik Helsloot Léon Hartkoorn Astrid van der Zanden Per Kamerman Iza Kwaaitaal Lars van Boom
Treasurer 39th STAR Board Project Manager Master 39th STAR Board Treasurer 40th STAR Board Project Manager Master 40th STAR Board Information Processes Manager 40th STAR Board Treasurer STAR Management Week 2017 Treasurer 41st STAR Board
Strategy
On a yearly basis, STAR develops and executes a policy that is in line with its mission: ‘to enrich RSM student life’. In November 2019, the XLIInd STAR board developed the policy for 2020, thereby considering the views of STAR’s main internal and external stakeholders. The policy development process has been critically reviewed, improved and supervised by STAR alumni with relevant experience. STAR’s Supervisory Board and Verification Committee have reviewed the final policy for 2020 and it was officially approved at the General Assembly of Members in March 2020. STAR’s policy is developed within the framework of the association’s longterm strategy consisting of three strategic pillars, namely: Career Start Support, Development & Academic Support and Social Interaction. These three pillars are underpinned by the personal and professional development of our active members and the belief that every initiative at STAR should aim to have a positive impact on society.
Initiatives The policy for 2020 exists of seven initiatives, focusing on the following areas: • • • • • • •
Drive the propostion for students with specific interest. Provide a central access point for the exchagne of study materials. Revamp STARs career platform to drive participation & retention. Reduce organizational complexity & bureaucracy. Ensure we walk the talk on sustainability Continue to develop the team experience of Active Members Create a playbook for perfect targeting of events
This annual report gives you a high-level overview of STARs policy for 2020 and its defined strategic goals and objectives. For an in-depth explanation of all initiatives, I refer you to the policy 2020 document that can be found at rsmstar.nl
Achievements Value Driver Revamp our career platform to drive participation & retention
Result We worked hard on improving Erasmus Recruitment by building a new platform with our developer and created a new house style. This all, in collaboration with EFR.
Drive the proposition for students with specific interest
After analyzing the different needs that student have, we developed the STAR Tech Club and the pre-master committee.
Provide a central access point for the exchange of study material
The need for students to exchange student material is rising. Because of this, we created a platform where students could exchange summaries of different courses.
Reduce organizational complexity & bureaucracy
We implemented a new way of working regarding budgeting, with the goal to create faster feedback rounds and reduce the time between the different steps.
Ensure we walk the talk on sustainability
We started a partnership with Corekees to compensate for the CO2 of our flights and created different guidelines and making sustainable promotions the standard.
Value Driver
Result
Continue to develop the team experience of Active Members
There is a more structured training schedule created for the active members in order to provide a better learning experience.
Create a playbook for perfect targeting of events
After reviewing different marketing strategies and trends over the past years, we concluded that there is not ‘one perfect playbook’ for the different events that STAR organises.
Balance Sheet Assets
31/07/2020
31/07/2019
Intangible Assets 7.000
7.000
-
70.000
75.000
-
82.000
77.000
Furniture
4.166
5.723
IT & Electronics
3.446
14.657
Brand Assets
20.245
24.518
Website
14.689
24.417
Total: Fixed Assets
42.544
69.315
Inventory
-
-
Cash and Cash Equivalents
279.389
331.962
Accrual Accounts (note 3)
62.890
482
Receivables
152.821
116.507
Total: Current Assets
495.100
448.951
Total: Assets
619.645
595.266
Share ERD Share ERP (note 1) Share ER (note 2) Total: Intangible Assets Fixed Assets
Current Assets
Note 1: Because of the new ER investment and the ending of the old one, the share in the ERP has been paid out Note 2: Share in the new ER joint venture with the EFR Note 3: Accrual accounts are higher because of multiple vouchers due to Corona Note 4: The receivables are higher because of the advanced payments due to Corona
Balance Sheet (continued)
Liabilities & Equity
31/07/2020
31/07/2019
Liabilities Payables
46.315
6.225
Services still to be delivered (note 4)
22.345
37.378
Total: Liabilities
68.660
43.603
Retained Earnings
521.127
514.632
Result of the year
-15.216
6.495
Reservations and Provisions
45.074
30.535
Total: Equity
550.985
551.662
Total: Equity and Liabilities
619.645
595.266
Equity
Income Statement Revenues
FY 2019
FY 2018
Contribution students (note 5)
122.141
411.787
Acquisition revenues
221.838
356.073
Contribution other
75.303
98.822
Sales books
-
-
Provision revenues
-
-
Total: Revenues
419.282
866.682
fice supplies
(19.208)
(34.005)
Usage & depreciation
(140)
(432)
Project costs (Note 2)
(232.429)
(421.366)
Day programme costs
(31.966)
(61.282)
Travelling costs
(29.943)
(223.571)
Recruitment costs
(37)
(83)
Marketing costs
(44.798)
(66.563)
Costs books
-
-
Total: Cost of Sales (note 6)
(358.522)
(807.302)
Revenues
Cost of Sales (committees)Of-
Note 5: Barely ticket sales in the second part of this year due to Corona Note 6: No flights, barely location costs, social activity cost etc. due to Corona Note 7: VAT correction of ERP 2015-2016 Note 8: Membership VAT correction 2015-2019
Audit obligation Under section 396 (6) Book 2 of the Netherlands Civil Code, the association is exempt from the obligation to have the financial statements audited by an auditor. Consequently, no audit has been requested and therefore no auditor’s report has been issued.
Income Statement (continued) Revenues
FY 2019
FY 2018
Office supplies
(18.093)
(18.374)
Usage & depreciation
(40.556)
(48.736)
Project costs
(48.534)
(58.767)
Day programme costs
(762)
-
Travelling costs
(590)
(1.398)
Board costs
(25.638)
(30.658)
Marketing costs
(1.174)
(3.351)
Other costs
1.561
28.283
Total: G&A expenses
(133.786)
(133.001)
Cash register surplus
-
-
Interest revenues
10
10
Interest costs
-
-
Total: Financial results
10
10
Revenues and costs previous book year (note 7)
15.723
(11.628)
Incidental results (note 8)
(27.829)
2.166
Result Erasmus Recruitment
54.875
77.552
Other
15.031
12.015
Total: Other results
57.800
80.106
Result
(15.216)
6.495
G&A expenses
Financial results
Other results
XLIIIrd STAR Board During the academic year of 2020-2021, the XLIIIrd STAR Board will be there for you. Thom van Dalen Demi Koeleman Bente Koeleman Matthijs van Kesteren Lieke Venema Esther Jellema Stijn van der Klis Aniek Vuurmans Simone Barendse
XLIIIrd STAR Board
Chairman Secretary Treasurer Commercial Relations Manager Brand Manager & HR Manager Project Manager Bachelor Project Manager Master Project Manager Career Information Processes Manager
Colophon Authors: Tommy van Thiel, Michiel Colijn & Jaap Cox Copyright © 2020 Study Association Rotterdam School of Management, Erasmus University Besides legal exceptions nothing in this publication may be copied and/or made public without prior permission from the publisher. We have taken the utmost care in compling this publication. However, we are not responsible for errors or incomplete information.
Postal address: PO Box 1738 3000 DR Rotterdam The Netherlands
Official Study Association of Rotterdam School of Management, Erasmus University
Visiting address: Room T04-53, T Building Erasmus University Campus Burgemeester Oudlaan 50 3062 PA Rotterdam T +31 (0)10 408 20 48 F +31 (0)10 408 90 23 E info@rsmstar.nl W www.rsmstar.nl