Annual Report 2020-2021
Word of the Chairman The academic year 2020-2021 has come to an end, which means that the XLIIIrd STAR Board has left the office and the time has come to look back at the incredible year we have had and what we have accomplished together. This annual report provides a comprehensive overview of the year 20202021 and its events and strategic accomplishments, as well as STAR’s financial performance. The year 2020-2021 has been different in so many aspects. COVID-19 has had a great influence on the operations of STAR but more importantly on student life. It became a factor everyone had to keep in mind, which was difficult from time to time. It required everyone involved in the association to be flexible and creative. Together with our active members, I am extremely proud of what has been achieved. We have found new ways of adding value for students, making sure the association did not stand still. Creative new ways were found for active members to still interact with each other and develop themselves professionally. Together we were still able to reach our mission; ‘to enrich RSM student life’. Our events and strategy were greatly influenced by COVID-19 as well. Almost all events had to be transformed into hybrid or fully online versions, which meant everything had to be redesigned. Strategically, it meant there was more time to take a step back and think about where STAR was at the beginning of the academic year and where it was supposed to be at the end of the year. Multiple initiatives have been undertaken to improve the association and I am
XLIIIrd STAR Board proud of the results, which will be elaborated on further in this report. Also, I would like to thank our faculty, the Rotterdam School of Management, Erasmus University, and our main partner PwC. The relationship with these partners and their support have had a great influence on the ability of STAR to continue enriching RSM student life. It was an absolute honor to lead RSM STAR together with my eight fellow board members in these uncertain and challenging times. It has been an amazing experience. Now that we’ve handed our responsibilities over to the XLIVth STAR Board, I would like to wish them a lot of fun and all the best in reaching new heights with STAR. On behalf of the XLIIIrd STAR Board, Thom van Dalen
About STAR
History of STAR Rotterdam School of Management IIn 1969, the ‘Interfaculteit Bedrijfskunde’ (and later on ‘Interuniversitair Instituut Bedrijfskunde’ – IIB) 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 contacts, internal contacts 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.
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 multiple teams from top business schools from all around the world compete 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.
XLIIIrd STAR Board
Supervisory Board
Thom van Dalen Demi Koeleman Bente Koeleman Matthijs van Kesteren Lieke Venema Esther Jellema Stijn van der Klis Aniek Vuurmans Simone Barendse
Léon Hartkoorn Treasurer 40th STAR Board Bas van Leeuwen Brand Manager 41st STAR Board Bodine Daams Chairman Erasmus Recruitment Days 2017 Danique Rook Project Manager Master 38th STAR Board Daphne Slingerland Project Manager Career 41st STAR Board Davey van Gilst Commercial Relations Manager 39th STAR Board Enzo Neefjes Study Trip Coordinator MSC F&I 2016-2017 Lars van Straaten Information Processes Manager 42nd STAR Board Mark Wolvert Chairman Race of the Classics 2015-2016 Max van Soest Information Processes Manager 39th STAR Board Okke Bergers Program Manager Eurekaweek Committee 2015-2016 Simon van Heijst Commercial Relations Manager 41st STAR Board
Chairman Secretary Treasurer Commercial Relations Manager Brand Manager Project Manager Bachelor Project Manager Master Project Manager Career Information Processes Manager
Verification Committee Astrid van der Zanden Jasmijn Bolhuis Lars van Boom Michiel Colijn Tristan Boer Per Kamerman
XLIIIrd STAR Board
Project Manager Master 40th STAR Board Treasurer STAR Management Week 2019 Treasurer 41st STAR Board Treasurer 42nd STAR Board Project Manager Master 42nd STAR Board Information Processes Manager 40th STAR Board
Strategy
Initiatives
On a yearly basis, STAR develops and executes a policy that is in line with its mission: ‘to enrich RSM student life’. In October 2020, the XLIIIrd STAR Board developed the policy for 2021, thereby considering the views of STAR’s main internal and external stakeholders. The policy development process has been critically reviewed, improved on, and supervised by STAR alumni with relevant experience. STAR’s Supervisory Board and Verification Committee have reviewed the final policy for 2021 and it was officially approved at the semi-annual General Assembly of Members in 2021.
The policy for 2021 exists of six initiatives, focusing on the following areas:
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.
• Launch events in collaboration with other associations to play into specific interests • Support students in choosing their Bachelor track and Master studies • Increase awareness for diversity among members • Increase engagement among passive members through new initiatives • Institutionalise processes that stimulate innovation • Redefine the commercial proposition to better fit student interests This annual report provides a high-level overview of STAR’s policy for 2021 and its defined strategic goals and objectives. For an in-depth explanation of all initiatives, I refer to the Policy 2021 document that can be found at rsmstar.nl
Achievements Value Driver Launch events in collaboration with other associations to play into specific interests
Result Multiple events with different (new) associations have been set-up.
Support students in choosing their A Track Quiz, the RSM STAR Track Bachelor track and Master studies Orientation Fair, Master Fair and other initiatives have been worked out. Increase awareness for diversity among members
The Buddy Program, Code of Conduct, Let’s Talk about it podcast season and the D&I policy have been introduced.
Value Driver
Result
Increase engagement among passive members through new initiatives
Several initiatives have been set-up, a new social page on the website was introduced and a new promotional video was recorded.
Institutionalise processes that stimulate innovation
The Best idea of STAR was launched, an Innovation Taskforce was recruited, and the Innovation Fund was founded.
Redefine the commercial proposition to better fit student interests
A lot of research has been done to identify where we can better help students in their student journey which is all summarized for the following board to further work out and startup fair was organized.
Balance Sheet Assets
Balance Sheet (continued) 31/07/2021
31/07/2020
Intangible Assets
Liabilities & Equity
31/07/2020
31/07/2019
Liabilities
Share ERD
7,000
7,000
Share ER Total: Intangible
75,000
75,000
Assets
82,000
82,000
Furniture
2,246
4,166
Equity
IT & Electronics
0
3,446
Brand Assets
13,168
Website Total: Fixed Assets (note 1)
Payables
14,808
46,315
Services still to be delivered (note 2)
-2,832
22,345
Total: Liabilities
11,976
68,660
Retained Earnings
505,911
521,127
20,245
Result of the year (note 3)
43,882
-15,216
2,782
14,689
Reservations and Provisions
49,893
45,073
18,196
42,544
Total: Equity
599,687
550,985
Inventory
-
-
Cash and Cash Equivalents
422,306
279,389
Accrual Accounts
-1,641
62,890
Receivables
90,802
152,821
Total: Current Assets
511,467
495,100
Total: Assets
611,663
619,645
Total: Equity and Liabilities
611,663
619.645
Fixed Assets
Current Assets
Note 1: The fixed assets decreased due to less investments than previous years. Note 2: The Services Still To Be Delivered does not contain any revenues from the STAR Management Week, unlike last year. Note 3: Due to COVID-19, less events took place and only half of the allocation was used. Therefore, the result of FY2020 is higher than last year.
Income Statement Revenues
FY 2021
Income Statement (continued) FY 2020
Revenues
FY 2021
FY 2020
G&A expenses
Revenues Contribution students
40,186
411.787
Office supplies
(16,475)
(18,093)
Acquisition revenues
115,095
221,838
Usage & depreciation
(24,936)
(40,556)
Contribution other
76,356
75,303
Project costs
(45,798)
(48,534)
Sales books
-
-
Day programme costs
(742)
(762)
Provision revenues
-
-
Travelling costs
(37)
(590)
Total: Revenues (note 4)
231,637
419,282
Board costs
(22,264)
(25,638)
Marketing costs
(128)
(1,174)
Other costs
8,829
1,561
Total: G&A expenses
(101,550)
(133,786)
Cost of Sales (Committees) Office supplies
(14,650)
(19,208)
Usage & depreciation
(34)
(140)
Project costs
(98,097)
(232,429)
Financial results
Day programme costs
(18,577)
(31,966)
Cash register surplus
-
-
Travelling costs
(3,958)
(29,943)
Interest revenues
10
10
Recruitment costs
(285)
(37)
Interest costs
(23)
-
Marketing costs
(24,818)
(44,798)
Total: Financial results
(13)
10
Costs books
-
-
Total: Cost of Sales (note 5)
(160,419)
(807.302)
Revenues and costs previous book year
(5,479)
15,723
Incidental results (note 8)
(1,312)
(27,829)
Result Erasmus Recruitment
55,835
54,875
Other
25,184
15,031
Total: Other results
74,228
57,800
Result
43,882
(15,216)
Note 4: The decline in revenues is caused by the consquences of COVID-19. Note 5: Due to COVID-19, less events took place and therefore the Cost of Sales declined.
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.
Other results
XLIVth STAR Board During the academic year of 2021-2022, the XLIVth STAR Board will be there for you. Renske Vermeer Deamy Verhoeven Jasper Muller Femke van den Berg Lars Bloksma Anna Aapkes Koen van Cappelle Thomas Wilmink Tom van Gogh
XLIVth STAR Board
Chairman Secretary Treasurer Commercial Relations Manager Brand Manager Project Manager Bachelor Project Manager Master Project Manager Career Information Processes Manager
Colophon Authors: Thom van Dalen, Bente Koeleman & Lieke Venema Copyright © 2021 Study Association Rotterdam School of Management, Erasmus University Bides 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 compiling 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