MPC 2014 Annual Report - Melbourne Press Club · including principal sponsor Monash University and premium sponsors Crown Resorts, Minter Ellison and RACV. We also welcomed on board

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ANNUAL%REPORT%

%For%the%year%ended%%31%December%2014%

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MELBOURNE)PRESS)CLUB)

Contents))

)

President’s)Report)2014) ) ) Page)3)

)

Treasurer’s)Report)2014) ) ) Page)4)

) ) ) )

Events)Calendar)2014) ) ) Page)5)

)

Board))2014))) ) )) ) Page)6)

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Quill)Awards)2014) ) ) ) Page)7H8)

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MPC)Sponsors)2014) ) ) Page)9)

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Financial)Report)2014) ) ) Page)10)

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3 MELBOURNE)PRESS)CLUB)

President’s)Report)2014)

)

2014 was a truly legendary year for the Melbourne Press Club. In October 31 towering industry figures were added to the Victorian Media Hall of Fame in one of most successful events of the Press Club’s 43 year history. Laurie Oakes, Les Carlyon, Jana Wendt and Phillip Adams were among those accepting the honour and talking about their inspiring careers in front of a crowd of more than 400 people at Melbourne’s Grand Hyatt hotel. The dinner capped off the first stage of the Hall of Fame, a project that will be expanded nationally in the years ahead. Equally successful was the annual Quill awards in March. Nearly 600 people packed Crown’s Palladium to celebrate excellence in Victorian journalism. The Herald Sun’s James Campbell took home the Gold Quill while the Age’s Caroline Wilson was named the Graham Perkin Journalist of the Year for her stand-out coverage of the Essendon crisis. News-reading legend Mal Walden fittingly received a Lifetime Achievement Award. The Club attracted a range of high profile speakers for its 2014 lunch events. We kicked off the year with a nationally televised speech by Opposition Leader Bill Shorten. We also heard from Premier Denis Napthine, Fairfax CEO Greg Hywood, former News Corp Australia CEO Kim Williams and the US Ambassador to Australia, John Berry. It wasn’t always serious. Rob Sitch and Santo Cilauro put on quite a show in our joint lunch with the Melbourne Theatre Company and talkback titans Neil Mitchell went at it during a lively discussion about their decades-old radio rivalry. All the Club’s activities were made possible by the continued and generous support of our sponsors, including principal sponsor Monash University and premium sponsors Crown Resorts, Minter Ellison and RACV. We also welcomed on board new sponsors: AAP, MediaXpress and the Eileen Berry Trust. 2014 was our first full year with a Chief Executive at the helm and my thanks to Mark Baker for an exceedingly successful twelve months. New sponsors and robust attendances at club events have helped secure our future. Mark has been more than ably assisted by a professional team including Kate Handley, Anna Marulli and Jenny Denton. After several years of dedicated service, we farewelled from the board News Corp’s Toni Hetherington. Toni’s energy and ideas will be sorely missed. My thanks too to the Nine Network’s Gemma Thomas for the enthusiasm she brought to boardroom discussions during her time with us. We welcomed to the board News Corp’s Nick Richardson, Nine’s Jonathan Kearsley and Seven’s Drew Warne-Smith. I would like to express my appreciation to all of my fellow board members for their tireless efforts in helping make the Melbourne Press Club the respected organisation it is today. Michael%Rowland%

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MPC%President%%Melbourne%Press%Club%24%July%2015%


Treasurer’s)Report)2014)

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%David%Poulton%Treasurer%Melbourne%Press%Club%24%July%2015%


Events)Calendar)2014)

%) CORPORATE)LUNCHES) MEDIA)LUNCHES) OTHER)EVENTS)

%January)

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% %%

%%

February)

)

)

Bill%Shorten%Lunch%–%114ppl)Crown%Palladium%20/2/14%

% %%%

March)

)

% % Quill%Awards%Dinner%–%635ppl%Crown%Palladium%21.3.2013%%

April)

)

)

% Quills%Winners%Lunch%–%58ppl%Metropolitan%Hotel%%16/4/14%

Lunch%with%US%Ambassador%John%Berry%–%18ppl)Minter%Ellison%Board%Room%8/4/14%

Thai%Journalist%Chutima%Sidasathian%–%57ppl%Metropolitan%Hotel%29/4/14%

May)

)

)

The%Speechmaker%MTC%Lunch%Langham%Hotel%–%141ppl%28/7/14%

% %

June)

)

)

Faine%v%Mitchell%Lunch%–%142ppl%Crown%Promenade%12/6/14%

Transparency%International%–%Huguette%Labelle%–%84ppl)Metropolitan%Hotel%19/6/14%%

EC%Vice%President%Neelie%Kroes%Z%120ppl)RMIT%University%18/6/14%

July)

)

)

Greg%Hywood%Lunch%–%100ppl%Oaks%on%Collin%18/7/14%%

Ron%Iddles%Lunch%Z%98ppl%Metropolitan%Hotel%31/7/14%

%

August)

)

)

% % Melbourne%Day%Lunch%–%130ppl%RACV%Club%30/8/14%

September)

)

)

% Kim%Williams%–%72)ppl%Mr%Hive,%Crown%3/9/14%

%%

October)

)

)

US%Ambassador%John%Berry%–%%90)ppl)

Palladium%C3,%Crown%29/10/14%

Melbourne%Cup%Lunch%Mr%Hive%or%Metropolitan%30/10/14%H)CANCELLED%

Hall%of%Fame%dinner%–%%Grand%Hyatt%10/10/14%Evening%at%The%Shrine%–%%96)ppl%28/10/148%%

November)

)

)

Transport%Debate%–%103)ppl%Crown%River%Room%12/11/14%%

Geraldine%Douge%Book%Launch%–%Corrie’s%bookshop%10/11/14%(evening)%

Windsor%Cocktail%Party%for%Hall%of%Fame%Book%Media%Legends%30ppl)

Windsor%Hotel,%13/11/14%

Denis%Napthine%–%100)ppl%

Mr%Hive%Kitchen%&%Bar%

25/11/14%


Board)2014)

)

)

)

)

President:) ) ) Michael)Rowland,)ABC%%CEO:%% % % % Mark)Baker,%Melbourne%Press%Club%)

Vice)Presidents:) ) Eileen)Berry,%The%Eileen%Berry%Trust)) ) ) ) Philip)Chubb,%Monash%University%) ) ) ) ) ) ) ) )

Treasurer:) ) ) David)Poulton,)Minter%Ellison))

Secretary:) ) ) Richard)Leder,)Corrs%Chambers%Westgarth%)

Committee:) ))

David)Broadbent,)Broadbent%Media%Services) )

Rob)Curtain,)3AW%

Alicia)Hall,)Project%PR%

Olivia)HillHDouglas,)Network%Ten%

Bob)Kearsley,)Business%Essentials%

Jonathan)Kearsley,)Nine%News%

Pat)O’Beirne,%Haystac))

Isabelle)Oderberg,)Australian%Red%Cross%

Mike)Osborne,%AAP%

Justin)Quill,)M+K%Lawyers%

Nick)Richardson,%News%Limited%

Veronica)Scott,)Minter%Ellison%

Mike)Smith,)Inside%PR%

Drew)WarneHSmith,%Seven%Network%

)

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MELBOURNE)PRESS)CLUB)Quill%Awards%Honour%Roll%2014%

__________________________________________________________________________)

The)Monash)University)Gold)Quill)

Adele%Ferguson,%Deb%Masters%&%Mario%Christodoulou%|%The$Age$&%ABC$Four$Corners$$%The)Graham)Perkin)Award)for)the)Australian)Journalist)of)the)Year)

Chris%Reason%|%Seven$Network$%Lifetime)Achievement)Award)

Derryn%Hinch%

)

Victorian)Government)Quill)for)Reporting)on)Disability)Issues)

Nick%McKenzie,%Richard%Baker,%Peter%Cronau,%Karen%Mitchelmore,%Max%Murch%%

ABC$Four$Corners$&$The$Age$%Young)Journalist)of)the)Year)Award)

Alexis%Daish%|%Nine$Network$%RACV)Transport)Quill)

Josh%Gordon%&%Henrietta%Cook%|%The$Age$$%Grant)Hattam)Quill)Award)for)Investigative)Journalism)in)any)Medium)

Ruth%Lamperd%|%Herald$Sun$%Keith)Dunstan)Quill)for)Best)Columnist/Blogger)

John%Silvester%|%The$Age$)

Best)Sports)News)Story)in)any)Medium)

Patrick%Bartley%|%The$Age$%Best)Sports)Feature)in)any)Medium)

Jake%Niall%|%The$Age$%Best)Business)Story)in)any)Medium)

Adele%Ferguson,%Deb%Masters%&%Mario%Christodoulou%|$The$Age$&%ABC$Four$Corners$$%Best)Camerwork)

Phil%Loschiavo%|%Seven$News$%Best)News)Photograph)

Wayne%Ludbey%|%Herald$Sun$%Best)Sports)Photograph)

Colleen%Petch%|%Herald$Sun$$%Best)Features)Photograph)

Eddie%Jim%|%The$Age$%Best)Three)Headlines)in)any)Medium)

Warwick%McFadyen%|%%The$Age$%Best)Illustration)or)Graphics)in)any)Medium)

Jim%Pavilidis%|%The$Age$$

8

%

Best)Coverage)of)an)issue)or)Event)

Ruth)Lamperd)&)Monique)Hore)|)Herald%Sun%

Best)Cartoon)

Ron%Tandberg%|%The$Age$

Best%Breaking%News%Coverage%Damon%Johnston,%Gary%Oxley,%Nathaniel%Bane%&%Kiah%Doodie%|%Herald$Sun$%Best)Use)of)the)Digital)or)Social)Media)

Tom%McKendrick,%Felicity%Lewis,%Bridie%Smith,%Mark%Stehle,%Joe%Benke%&%Nathanael%%Scott%|%

theage.com.au$%

Best)Suburban)Report)in)Writing)

Dana%McCauley%&%Fiona%Sexton%|%Port$Phillip$Leader$%Best)Regional)or)Rural)Affairs)Report)in)any)Medium)

Sue%Neales%|%The$Australian$%Best)TV)or)Video)News)Report)

Laura%Turner%|%Nine$News$%Best)Radio)News)Report)

Yvette%Gray%|%3AW$%Best)TV)or)Video)Current)Affairs/Feature)under)10)Minutes)

James%Bennett%and%Simon%Winter,%7:30$–$ABC$%Best)TV)or)Video)Current)Affairs/Feature)over)10)Minutes)

Ali%Russell,%Caro%MeldrumUHanna,%Max%Murch%and%Clare%Blumer%|%ABC$Four$Corners$

Best%Radio%Current%Affairs%Report%Neil%Mitchell,$3AW$%Best)News)Report)in)Writing)

Richard%Baker,%Nick%McKenzie%|%The$Age$%Best)Feature)in)Writing)

Jewel%Topsfield%|%The$Age$


Sponsors)2014)

)

)

The Melbourne Press ClubIncorporatedABN 2771 3079 515

Financial reportFor the year ended 31 December2014

Pitcher PartnersLevel 1915 William StreetMelbourne VIC 3000Telephone (03) 8610 5000

TABLE OF CONTENTS

Committees' report ............................................................................................................................. 1 ‐ 2

Financial report

Statement of comprehensive income ....................................................................................... 3

Statement of financial position ................................................................................................. 4

Statement of changes in members funds .................................................................................. 5

Statement of cash flows ............................................................................................................ 6

Notes to financial statements ................................................................................................... 7 ‐ 11

Statement by members of the committee .......................................................................................... 12

Independent auditor's report .............................................................................................................. 13 ‐ 15

THE MELBOURNE PRESS CLUB INCORPORATEDABN 2771 3079 515

COMMITTEES' REPORT

The committee members present their report together with the financial report of The Melbourne PressClub Incorporated for the year ended 31 December 2014 and auditor's report thereon. This financial reporthas been prepared in accordance with Australian Accounting Standards.

Committee members names

The names of the committee members in office at any time during or since the end of the year are:

Michael Rowland (ABC Breakfast): President

Mark Baker (Fairfax Media): Chief Executive Officer

Phil Chubb (Monash University): Vice President

Eileen Berry (MMP): Vice President

David Poulton (Minter Ellison): Treasurer

Richard Leder (Corrs Chambers Westgarth): Secretary

Anna Marulli: Secretariat

Jenny Denton: Secretariat

Rob Curtain (3AW)

Olivia Hill‐Douglas (Ten Network)

Bob Kearsley (Business Essentials)

David Broadbent (Dept of Business & Innovation)

Veronica Scott (Minter Ellison)

Pat O'Beirne (Haystac)

Mike Smith (Inside PR)

Isabelle Oderberg (News Ltd)

Justin Quill (Kelly Hazell Quill)

Alicia Hall (Project PR)

Mike Osborne (AAP) Appointed: 1 March 2014

Nick Richardson (News Ltd) Appointed: 1 April 2014

Jonathan Kearsley (Nine News) Appointed: 1 July 2014

Leanne Lane Resigned: 28 February 2014

Toni Hetherington (News Ltd) Resigned: 31 July 2014

Gemma Thomas (Nine News) Resigned: 31 July 2014

Rowan Callick (The Australian) Resigned: 31 July 2014

‐ 1 ‐


COMMITTEES' REPORT

Committee members names (Continued)

The committee members have been in office since the start of the year to the date of this report unlessotherwise stated.

Results

The surplus of the association for the year amounted to $38,651.

Review of operations

The association continued to engage in its principal activity, the results of which are disclosed in theattached financial statements.

Significant changes in state of affairs

There were no significant changes in the association's state of affairs that occurred during the financial year,other than those referred to elsewhere in this report.

Principal activities

The principal activity of the association during the year were:

‐ Annual Quill Awards for Excellence in Victorian Journalism;‐ Social functions for members;‐ Journalism conferences;‐ Regular club lunches with high profile speakers; and‐ Forums for debate on professional issues.

No significant change in the nature of these activities occurred during the year.

Signed in accordance with a resolution of the members of the committee.

Committee member:Mr David Poulton

Dated this day of 2015

‐ 2 ‐


STATEMENT OF COMPREHENSIVE INCOMEFOR THE YEAR ENDED 31 DECEMBER 2014

Note 2014 2013$ $

Revenue and other incomeSales revenue 2 552,249 440,720Other revenue 2 20,039 19,125

572,288 459,845Less: expensesDepreciation and amortisation expense 3 (1,262) (896)Employee benefits expense (209,923) (152,089)Finance costs 3 (449) (170)Sponsorship, conference and function expense (271,252) (295,719)Other expenses (50,751) (47,799)

(533,637) (496,673)Surplus / (deficit) 38,651 (36,828)Other comprehensive income for the year ‐ ‐Total comprehensive income 38,651 (36,828)

The accompanying notes form part of these financial statements.‐ 3 ‐


STATEMENT OF FINANCIAL POSITIONAS AT 31 DECEMBER 2014

Note 2014 2013$ $

Current assetsCash and cash equivalents 4 89,699 22,765Other assets 5 9,961 30,341Total current assets 99,660 53,106

Non‐current assetsIntangible assets 6 9,837 ‐Property, plant and equipment 7 2,014 2,686Total non‐current assets 11,851 2,686Total assets 111,511 55,792

Current liabilitiesPayables 8 38,805 41,843Provisions 9 10,934 8,549Other liabilities 10 39,096 21,426Total current liabilities 88,835 71,818

Non‐current liabilitiesProvisions 9 51 ‐Total non‐current liabilities 51 ‐Total liabilities 88,886 71,818Net assets 22,625 (16,026)

Members fundsAccumulated surplus / (losses) 11 22,625 (16,026)Total members funds 22,625 (16,026)



STATEMENT OF CHANGES IN MEMBERS FUNDSFOR THE YEAR ENDED 31 DECEMBER 2014

Contributedequity Reserves

Accumulatedsurplus /(losses) Total equity

$ $ $ $

Balance as at 1 January 2013 ‐ ‐ 20,802 20,802

Deficit for the year ‐ ‐ (36,828) (36,828)Total comprehensive income for the year ‐ ‐ (36,828) (36,828)

Balance as at 31 December 2013 ‐ ‐ (16,026) (16,026)

Balance as at 1 January 2014 ‐ ‐ (16,026) (16,026)

Surplus for the year ‐ ‐ 38,651 38,651Total comprehensive income for the year ‐ ‐ 38,651 38,651

Balance as at 31 December 2014 ‐ ‐ 22,625 22,625



STATEMENT OF CASH FLOWSFOR THE YEAR ENDED 31 DECEMBER 2014

Note 2014 2013$ $

Cash flow from operating activitiesReceipts from sponsorship, membership fees and other income 647,144 508,451Payments to suppliers and employees (569,373) (520,290)Interest received 39 34Finance costs (449) (170)Net cash from operating activities 77,361 (11,975)

Cash flow from investing activitiesPayment for non current assets (10,427) ‐Net cash used in investing activities (10,427) ‐

Reconciliation of cashCash at beginning of the financial year 22,765 34,740Net decrease in cash held 66,934 (11,975)Cash at end of financial year 89,699 22,765



NOTES TO FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2014

NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

The financial report is a general purpose financial report that has been prepared in accordance withAustralian Accounting Standards ‐ Reduced Disclosure Requirements, Interpretations and other applicableauthoritative pronouncements of the Australian Accounting Standards Board and the AssociationsIncorporation Reform Act 2012 (and its associated Regulations).

The financial report was approved by the committee as at the date of the committees' report.

The Melbourne Press Club Incorporated is a not‐for‐profit entity for the purpose of preparing the financialstatements.

The following is a summary of the material accounting policies adopted by the association in the preparationand presentation of the financial report. The accounting policies have been consistently applied, unlessotherwise stated.

(a) Basis of preparation of the financial report

Historical Cost Convention

The financial report has been prepared under the historical cost convention, as modified by revaluations tofair value for certain classes of assets as described in the accounting policies.

(b) Going concern

The Committee have prepared the financial report on a going concern basis, which contemplated continuityof normal business activities and the realisation of assets and settlement of liabilities in the ordinary courseof business.

The entity earned a profit of $38,561 for the year ended 31 December 2014, and total members funds are$22,625. Liabilities include revenue deferred to the subsequent year of $39,096. The financial position hasimproved significantly during the year ended 31 December 2014 however the entity still relies on obtaininginflows from membership, sponsorship and events, the receipt of which is uncertain. The entity is solelydependent upon the committee's continuing ability to obtain such contributions and manage expenditureswithin this constraint.

The financial report does not include any adjustment relating to the recoverability or classification ofrecorded asset amounts nor to the amounts or classification of liabilities that might be necessary should theentity be unable to obtain sufficient inflows to continue as a going concern.

If the going concern basis of accounting is found to no longer be appropriate, the recoverable amount of theassets shown in the Statement of Financial Position are likely to be significantly less than the amountsdisclosed and the extent of liabilities may differ significantly from those reflected.

‐ 7 ‐



NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(c) Revenue

Revenue from services is recognised upon provision of the underlying services to the recipients.

Interest revenue is recognised as the right to receive the income arises

Sponsorship revenue is recognised in accordance with the provision of underlying services or benefits to thesponsor. To the extent that sponsorship is non reciprocal the revenue is recognised upon obtaining controlof the amount.

Membership revenue is recognised based upon the underlying nature of membership services, andaccordingly is recognised upon receipt.

(d) Intangibles

Other intangibles

Other intangible assets other than those acquired in a business combination are initially recorded at cost.Other intangible assets are amortised on a straight line basis over the period of 3 years. The balances arereviewed annually and amounts are written off to the extent the realisable future benefits are considered tobe no longer probable.

(e) Comparatives

Where necessary, comparative information has been reclassified and repositioned for consistency withcurrent year disclosures.

2014 2013$ $

NOTE 2: REVENUE AND OTHER INCOMEFunctions 202,074 161,797Membership fees 21,759 17,317Sponsorships 328,416 261,606Interest income 39 34Quills prize money 20,000 19,091

572,288 459,845

‐ 8 ‐



2014 2013$ $

NOTE 3: OPERATING PROFIT/ LOSS

Profit / (losses) has been determined after:Finance costs 449 170Depreciation & amortisation 1,262 896Employee benefits 209,923 152,089

NOTE 4: CASH AND CASH EQUIVALENTSCash at bank 89,699 22,765

NOTE 5: OTHER ASSETS

CURRENTPrepayments 9,961 30,341

NOTE 6: INTANGIBLE ASSETSComputer software at cost 10,427 ‐Accumulated amortisation and impairment (590) ‐

9,837 ‐

The remaining amortisation period for the computer software is 2 years.

(a) Reconciliations

Reconciliation of the carrying amounts of intangible assets at the beginningand end of the current financial year

Computer software at costOpening balance ‐ ‐Additions 10,427 ‐Amortisation expense (590) ‐Closing balance 9,837 ‐

Amortisation expense in relation to intangible assets is included within depreciation and amortisationexpenses in the statement of comprehensive income.

‐ 9 ‐



2014 2013$ $

NOTE 7: PROPERTY, PLANT AND EQUIPMENT

Plant and equipmentPlant and equipment at cost 8,506 8,506Accumulated depreciation (6,492) (5,820)Total property, plant and equipment 2,014 2,686

(a) Reconciliations

Reconciliation of the carrying amounts of property, plant and equipment atthe beginning and end of the current financial year

Plant and equipmentOpening carrying amount 2,686 3,582Depreciation expense (672) (896)Closing carrying amount 2,014 2,686

NOTE 8: PAYABLES

CURRENTUnsecured liabilitiesTrade creditors 9,604 36,416Sundry creditors and accruals 29,201 5,427

38,805 41,843

NOTE 9: PROVISIONS

CURRENTEmployee benefits (a) 10,934 8,549

NON CURRENTEmployee benefits (a) 51 ‐

(a) Aggregate employee benefits liability 10,985 8,549

NOTE 10: OTHER LIABILITIES

CURRENTSponsorships received in advance 39,096 21,426

‐ 10 ‐



2014 2013$ $

NOTE 11: ACCUMULATED SURPLUS / (LOSSES)Accumulated surplus / (losses) at beginning of year (16,026) 20,802Surplus / (deficiency) 38,651 (36,828)

22,625 (16,026)

‐ 11 ‐


STATEMENT BY MEMBERS OF THE COMMITTEE

In the opinion of the committee the financial report as set out on pages 3 ‐ 11:

1. Presents fairly the financial position of The Melbourne Press Club Incorporated as at 31 December 2014and performance for the year ended on that date in accordance with the Australian AccountingStandards ‐ Reduced Disclosure Requirements and other mandatory professional reportingrequirements.

2. At the date of this statement, there are reasonable grounds to believe that The Melbourne Press ClubIncorporated will be able to pay its debts as and when they become due and payable.

This declaration is made in accordance with a resolution of the committee and is signed for and on behalf ofthe committee by:

Treasurer: Mr David Poulton

Dated this day of 2015

‐ 12 ‐


INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF THE MELBOURNE PRESS CLUB INCORPORATED

We have audited the accompanying financial report of The Melbourne Press Club Incorporated, whichcomprises the statement of financial position as at 31 December 2014, the statement of comprehensiveincome, statement of changes in members funds and statement of cash flows for the year then ended, notescomprising a summary of significant accounting policies and other explanatory information, and thegoverning commitee's declaration.

Responsibility of Those Charged with Governance

The governing committee is responsible for the preparation of the financial report that gives a true and fairview in accordance with Australian Accounting Standards ‐ Reduced Disclosure Requirements and theCorporations Act 2001 and the financial reporting requirements of the Associations Incorporation ReformAct (2012) and for such internal control as the governing committee determines is necessary to enable thepreparation of the financial report that gives a true and fair view and 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 ouraudit in accordance with Australian Auditing Standards. Those standards require that we comply withrelevant ethical requirements relating to audit engagements and plan and perform the audit to obtainreasonable assurance about whether the financial report is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in thefinancial report. The procedures selected depend on the auditor's judgement, including the assessment ofthe risks of material misstatement of the financial report, whether due to fraud or error. In making thoserisk assessments, the auditor considers internal control relevant to the association’s preparation of thefinancial report that gives a true and fair view in order to design audit procedures that are appropriate in thecircumstances, but not for the purpose of expressing an opinion on the effectiveness of the association'sinternal control. An audit also includes evaluating the appropriateness of accounting policies used and thereasonableness of accounting estimates made by the governing committee, as well as evaluating the overallpresentation of the financial report.

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

Independence

In conducting our audit, we have complied with the independence requirements of the Corporations Act2001.

‐ 13 ‐

An independent Victorian Partnership ABN 27 975 255 196 Pitcher Partners is an association of independent firmsLiability limited by a scheme approved under Professional Standards Legislation Melbourne | Sydney | Perth | Adelaide | Brisbane | Newcastle

An independent member of Baker Tilly International



Opinion

In our opinion, the financial report of The Melbourne Press Club Incorporated is in accordance with theCorporations Act 2001, including:

(a) giving a true and fair view of the association's financial position as at 31 December 2014 and of itsperformance for the year ended on that date; and

(b) complying with Australian Accounting Standards ‐ Reduced Disclosure Requirements and theCorporations Regulations 2001 and the financial reporting requirements of the AssociationsIncorporation Reform Act (2012).

‐ 14 ‐





Emphasis of Matter

Without qualifying our opinion, we draw attention to Note in the financial report which indicates that theCommittee have prepared the financial report on a going concern basis, which contemplated the continuityof normal business activities and the realisation of assets and settlement of liabilities in the ordinary courseof business.

The Committee have prepared the financial report on a going concern basis, which contemplated continuityof normal business activities and the realisation of assets and settlement of liabilities in the ordinary courseof business.

The entity earned a profit of $38,651 for the year ended 31 December 2014, and total members funds are$22,625. Liabilities include revenue deferred to the subsequent year of $39,096. The financial position hasimproved significantly during the year ended 31 December 2014 however the entity still relies on obtaininginflows from membership, sponsorship and events, the receipt of which is uncertain. The entity is solelydependent upon the committee's continuing ability to obtain such contributions and manage expenditureswithin this constraint.

The financial report does not include any adjustment relating to the recoverability or classification ofrecorded asset amounts nor to the amounts or classification of liabilities that might be necessary should theentity be unable to obtain sufficient inflows to continue as a going concern.

If the going concern basis of accounting is found to no longer be appropriate, the recoverable amount of theassets shown in the Statement of Financial Position are likely to be significantly less than the amountsdisclosed and the extent of liabilities may differ significantly from those reflected.

The situation indicates the existence of a material uncertainty that may cast significant doubt about theentity's abilitiy to continue as a going concern and therefore, the entity may be unable to realise its assetsand discharge its liabilities in the normal course of business.

M J HARRISON PITCHER PARTNERS

Partner Melbourne

Date

‐ 15 ‐



Documents

MPC 2014 Annual Report - Melbourne Press Club · including principal sponsor Monash University and premium sponsors Crown Resorts, Minter Ellison and RACV. We also welcomed on board