ANNUAL

REPORT
For the year ended
31 December 2013
 2

MELBOURNE PRESS CLUB

Contents

President’s Report 2013 Page 3

Treasurer’s Report 2013 Page 4

Events Calendar 2013 Page 5

Board 2013 Page 6

Quill Awards 2013 Page 7-8

MPC Sponsors 2013 Page 9

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MELBOURNE PRESS CLUB

President’s Report 2013
____________________________________________________________________________________

The year 2013 was a significant one in the life of the Melbourne Press Club as we built strongly on our commitment
to promote excellence in journalism – as well as Victoria’s rich media heritage - through a range of events and
activities.!

On October 27 some of the finest journalists, photographers, broadcasters and cartoonists in our state’s history were
inducted into the Victorian Media Hall of Fame. They included the first three living Hall of Famers: Rupert Murdoch,
Harry Gordon and Bruce Petty. Legendary columnist Keith Dunstan, who died just weeks before the ceremony, was
inducted posthumously. The sold-out dinner at the State Library of Victoria attracted a who’s who of the Victorian
media and set the stage for next October's third and final foundation dinner. The Hall of Fame is now attracting
significant national interest, thanks to the scope and calibre of the inductees.!

In July, the Club hosted one of its most successful corporate lunches yet, when the CEOs of digital powerhouses
REA Group, Carsales and Seek explained the secrets of their business success to a capacity audience at Crown.!

The Club attracted other high-profile speakers to its 2013 lunches including the recently-appointed News Corp
Australia Chief Executive Julian Clarke, Premier Denis Napthine, Melbourne Cup-winning trainer Gai Waterhouse
and Cricket Australia Chief Executive James Sutherland.!

Media industry-focused events included a highly entertaining and informative panel of Melbourne’s TV news directors
explaining how TV journalism works and how the industry is evolving in the 24/7, digital age.!

As always, the annual Quill Awards night lived up to its reputation as the Club’s flagship event with an array of top-
quality journalism celebrated by a record attendance of more than 600 people. The Herald-Sun's James Campbell
took home the Gold Quill for his police tapes expose while the Age's Caroline Wilson won the Graham Perkin Award
for her series of stories on the Essendon drugs saga. Recently retired Ten Network newsreader Mal Walden received
a Lifetime Achievement award.

All the Club’s activities were made possible by the continuing support of our loyal sponsors, including principal
sponsor Monash University.!

Special thanks also must go to our hard-working administrative team including Kate Handley, Leanne Lane and Will
Kulich.!

2013 marked the last full year of Mark Baker’s successful presidency of the MPC. He has now moved on to become
the Club’s first Chief Executive Officer, a role that will help foster our growth in the years ahead.!

My thanks also go to the Club’s board members, all of whom volunteer their precious time to help advance our goals
of promoting excellence in journalism. Their work is greatly appreciated.!

The Club is also grateful for the efforts of Gen Brammall, Peter Bartlett, Dermot O’Brien, Duska Sulicich and Kate
McGrath, who all stepped down from the board over the course of the year. Former vice president Peter Bartlett also
stepped down and was honoured with a life membership in recognition of his 13 years' service.!

The new year, 2014, continues to present challenges as the Club moves to strengthen revenues and sponsorships in
the fast-changing and volatile media landscape.!

Now, more than ever, the Melbourne Press Club needs to reinforce its reputation and value as the organisation firmly
committed to standing up for quality journalism.!

Michael Rowland

MPC President
Melbourne Press Club
24 July 2014
 4

MELBOURNE PRESS CLUB

Treasurer’s Report 2013
____________________________________________________________________________________

The Club in 2013 faced continuing financial challenges. In the last two years I have referred to the way in
which ongoing uncertainty about the economy continued to restrict spending on discretionary activities
such as functions and sponsorship. In spite of that trend continuing, we were able to increase revenue,
but at the same time expenses continued to increase.

In response to these challenges the Club already has put in place a number of expense control measures
to address our ongoing financial challenges.

As we noted in our letter to our auditors: 'Subsequent to 31 December 2013 the committee has sought to
improve the financial position through obtaining inflows for membership, sponsorship and events and
continues to seek these opportunities. The entity is solely dependent upon the committees continuing
ability to obtain such contributions and manage expenditures within this constraint.'

Importantly, we have also made a significant appointment, that of our former president, Mark Baker, as
our inaugural CEO on a three days per week basis. This appointment is already bolstering our
sponsorship and other marketing endeavours.

In 2013 our new signature event – the Victorian Media Hall of Fame, was held at The State Library and
was a great success both in terms of the event itself and also financially for the Club. The 2012 Quill
Awards were also very successful.

Our financial report again signals a need for caution. While the Club is fortunate that it has no significant
ongoing financial commitments other than salaries and office expenses, viability very much depends on
securing sufficient sponsorship to meet these commitments. one example of our cautious approach is
our decision to confine prize money at the Quills to a few major categories. We again received very
pleasing ongoing support from our sponsors, in particular our principal sponsor Monash University.

Revenue increased by $43,000 but expenses kept pace, resulting in a similar loss of $36,828 for 2013.

The highlights of financial performance included:

• Sponsorship receipts for the year declined slightly to $261,629,from the 2012 position of
$279,629;
• Membership revenue declined to $ 17317partly due to timing issues – membership remained at a
reasonably steady level;
• Revenue from functions increased significantly from $102,266 to $161,797, due in part to the Hall
of Fame event;
• The bank balance at the end of 2013 was $34,740.

Our secretariat performed well under difficult circumstances with much credit going to our acting general
manager, Leanne Lane, who filled in for Kate Handley during her maternity leave. We have now
welcomed back Kate on a part-time basis.

We have continued to observe the procedures required by our auditors to ensure that accounting and
association standards are met. I would like to thank our auditors, Pitcher Partners, for their efficient and
timely service.

David Poulton
Treasurer
Melbourne Press Club
24 July 2014
 5

MELBOURNE PRESS CLUB

Events Calendar 2013
____________________________________________________________________________________

CORPORATE LUNCHES MEDIA LUNCHES OTHER EVENTS

January

February

March TV Director’s Panel – 124 ppl

Oaks on Collins
6.3.2013

Quill Awards Dinner – 580 ppl

Crown Palladium
15.3.2013

April David Galbally lunch – 247 ppl

Crown Palladium
18.4.2013

May Denis Napthine lunch – 121 ppl Antony Catalano lunch –

Crown Palladium 50 ppl
17.5.2013 Metropolitan Hotel
8.5.2013
June Russel Howcroft lunch –
62 ppl
Metropolitan Hotel
5.6.2013
July New Rivers of Gold lunch – 325 ppl Colleen Ryan lunch – 75
Crown Palladium ppl
25.7.2013 Metropolitan Hotel
10.7.2012

August Mitchell/Faine lunch – 176 ppl

Crown Palladium
1.8.2013

September John Bertrand lunch – 85 ppl

Crown River Room
18.9.2013

October They Hit the Line/Gai Waterhouse Hall of Fame dinner – 194 ppl
lunch – 83 ppl State Library of Victoria
17.10.2013 11.10.2013
November Ashes to Bashes – 112 ppl
MCC Members Dining Room, MCG
13.11.2013

December Julian Clarke lunch – 90

ppl
Metropolitan Hotel
4.12.2013
 6

MELBOURNE PRESS CLUB

Board 2013
____________________________________________________________________________________

President: Mark Baker, Fairfax Media

Vice Presidents: Michael Rowland, ABC

Toni Hetherington, News Corp

Treasurer: David Poulton, Minter Ellison

Secretary: Richard Leder, Corrs Chambers Westgarth

Secretariat: Leanne Lane

Kate Handley

Committee: Peter Bartlett, Minter Ellison

Eileen Berry, Metro Media Publishing
David Broadbent, Dept of Business and Innovation
Rowan Callick, The Australian
Phil Chubb, Monash University
Rob Curtain, 3AW
Alicia Hall, Project PR
Olivia Hill-Douglas, Network Ten
Bob Kearsley, Business Essentials
Isabelle Oderberg, News Ltd
Pat O’Beirne, Haystac
Justin Quill, Kelly Hazell Quill
Veronica Scott, Minter Ellison
Mike Smith, Inside PR
Gemma Thomas, Nine News
 7

MELBOURNE PRESS CLUB

Quill Awards Honour Roll 2013
____________________________________________________________________________________

The Monash University Gold Quill

James Campbell, Herald Sun

The Graham Perkin Award for the Australian Journalist of the Year
Caroline Wilson, The Age

Lifetime Achievement Award

Mal Walden

Victorian Government Quill for Reporting on Disability Issues

Kirsten Veness, 7.30 - ABC

Young Journalist of the Year Award

Ashlynne McGhee, ABC

RACV Transport Quill

Josh Gordon, The Age

Grant Hattam Quill Award for Investigative Journalism in any Medium

James Campbell, Herald Sun

Keith Dunstan Quill for Best Columnist/Blogger

Caroline Wilson, The Age

Best Sports News Story in any Medium

Damian Barrett, National Nine News

Best Sports Feature in any Medium

Chip Le Grand, The Australian

Best Business Story in any Medium

Adele Furguson & Chris Vedelago, The Age

Best Camerwork
Rohan Wastell, Channel 7

Best News Photograph

Jason Sammon, Herald Sun

Best Sports Photograph

Michael Dodge, Getty Images (published in The Age)

Best Features Photograph

Justin McManus, The Age

Best Three Headlines in any Medium

Adrian Nesbitt, Herald Sun

Best Illustration or Graphics in any Medium

Matthew Davidson, The Age Melbourne Magazinr

Best Coverage of an issue or Event

Richard Baker, Nick McKenzie, Caroline Wilson, Jake Niall & Samantha Lane, The Age
 8

Best Cartoon
John Ditchburn, Ballarat Courier

Best Breaking News Coverage

Brendan Roberts, Seven News

Best Use of the Digital or Social Media

Christie Cooper, The Age

Best Suburban Report in Writing

Fiona Sexton, Dana McCauley & Nicole Precel, Port Phillip, Caulfield and Bayside Leaders

Best Regional or Rural Affairs Report in any Medium

Shane Fowles, Greg Dundas, Anthea Cannon, Peter Begg, Geelong Advertiser

Best TV or Video News Report

Daniel Oakes, ABC

Best Radio News Report

Lauren Hilbert, 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

Luke Waters, SBS World News

Best Radio Current Affairs Report

Neil Mitchell, 3AW

Best News Report in Writing

Michael Warner, Mark Robinson and Chip Le Grand, The Herald Sun & The Australian

Best Feature in Writing

Jo Chandler, The Global Mail
 9

MELBOURNE PRESS CLUB

Sponsors 2013
____________________________________________________________________________________

MELBOURNE PRESS CLUB

CLUB SPONSORS

PRINCIPAL

PREMIUM

MAJOR MEDIA

MAJOR

CORPORATE

MEPC Sponsors 2013_REVISED.indd 1 23/10/13 3:23 PM

The Melbourne Press Club
Incorporated
ABN 2771 3079 515

Financial report
For the year ended 31 December
2013

Pitcher Partners
Level 19
15 William Street
Melbourne VIC 3000
Telephone (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 10
Statement by members of the committee .......................................................................................... 11
Independent auditor's report .............................................................................................................. 12 13
 THE MELBOURNE PRESS CLUB INCORPORATED
ABN 2771 3079 515

COMMITTEES' REPORT

The committee members present their report together with the financial report of The Melbourne Press
Club Incorporated for the year ended 31 December 2013 and auditor's report thereon. This financial report
has 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:
Mark Baker (Fairfax Media): President
Michael Rowland (ABC Breakfast): Vice President
Toni Hetherington(News Ltd): Vice President
David Poulton (Minter Ellison): Treasurer
Richard Leder (Corrs Chambers Westgarth): Secretary
Leanne Lane: Secretariat
Phil Chubb (Monash University)
Rowan Callick (The Australian)
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)
Gemma Thomas (Nine News)
Eileen Berry (MMP)
Justin Quill (Kelly Hazell Quill)
Alicia Hall (Project PR)
Isabelle Oderberg (News Ltd)
Mike Smith (Inside PR)
Peter Bartlett (Minter Ellison)
Genevieve Brammall (Herald & Weekly Times) Resigned: 31 July 2013
Rebeccas Matthews (ABC Television) Resigned: 31 July 2013
Bill Birnbauer (Monash University) Resigned: 31 July 2013
Kate McGrath (Nine News) Resigned: 31 July 2013

1
 THE MELBOURNE PRESS CLUB INCORPORATED
ABN 2771 3079 515

COMMITTEES' REPORT

Committee members names (Continued)

Dermot O'Brien (Ten News) Resigned: 31 July 2013

Kate Osborn (Seven News) Resigned: 31 July 2013
John Ress (Metropolitan Fire Brigade) Resigned: 31 July 2013
Duska Sulicich (The Age) Resigned: 31 July 2013

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

Results
The loss of the association for the year after providing for income tax amounted to $36,828.

Review of operations
The association continued to engage in its principal activity, the results of which are disclosed in the
attached 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 2014

2
 THE MELBOURNE PRESS CLUB INCORPORATED
ABN 2771 3079 515

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2013

Note 2013 2012

$ $

Revenue and other income

Sales revenue 2 440,720 416,511
Other revenue 2 19,125 443
459,845 416,954
Less: expenses
Depreciation and amortisation expense 3 (896) (1,194)
Employee benefits expense (152,089) (186,854)
Finance costs 3 (197)
Sponsorship, conference and function expense (295,719) (220,697)
Other expenses (47,772) (45,956)
(496,673) (454,701)
Loss before income tax expense (36,828) (37,747)
Other comprehensive income for the year
Total comprehensive income (36,828) (37,747)

The accompanying notes form part of these financial statements.

3
 THE MELBOURNE PRESS CLUB INCORPORATED
ABN 2771 3079 515

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2013

Note 2013 2012

$ $

Current assets
Cash and cash equivalents 4 22,765 34,740
Other assets 6 30,341 41,327
Total current assets 53,106 76,067

Non current assets

Property, plant and equipment 5 2,686 3,582
Total non current assets 2,686 3,582
Total assets 55,792 79,649

Current liabilities
Payables 7 41,843 38,702
Provisions 8 8,549 658
Other liabilities 9 21,426 19,487
Total current liabilities 71,818 58,847
Total liabilities 71,818 58,847
Net assets (16,026) 20,802

Members funds
Accumulated surplus / (losses) 10 (16,026) 20,802
Total members funds (16,026) 20,802

The accompanying notes form part of these financial statements.

4
 THE MELBOURNE PRESS CLUB INCORPORATED
ABN 2771 3079 515

STATEMENT OF CHANGES IN MEMBERS FUNDS

FOR THE YEAR ENDED 31 DECEMBER 2013

Contributed Retained
equity Reserves earnings Total equity
$ $ $ $

Balance as at 1 January 2012 58,549 58,549

Loss for the year (37,747) (37,747)
Total comprehensive income for the year (37,747) (37,747)

Balance as at 31 December 2012 20,802 20,802

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

Loss 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)

The accompanying notes form part of these financial statements.

5
 THE MELBOURNE PRESS CLUB INCORPORATED
ABN 2771 3079 515

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2013

Note 2013 2012

$ $

Cash flow from operating activities

Receipts from sponsorship, membership fees and other income 508,451 466,700
Payments to suppliers and employees (520,290) (528,297)
Interest received 34 443
Finance costs (170)
Net cash used in operating activities (11,975) (61,154)

Reconciliation of cash
Cash at beginning of the financial year 34,740 95,894
Net decrease in cash held (11,975) (61,154)
Cash at end of financial year 22,765 34,740

The accompanying notes form part of these financial statements.

6
 THE MELBOURNE PRESS CLUB INCORPORATED
ABN 2771 3079 515

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2013

NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

The financial report is a general purpose financial report that has been prepared in accordance with
Australian Accounting Standards Reduced Disclosure Requirements, Interpretations and other
authoritative pronouncements of the Australian Accounting Standards Board and the Associations
Incorporation 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 financial
statements.
The following is a summary of the material accounting policies adopted by the association in the preparation
and presentation of the financial report. The accounting policies have been consistently applied, unless
otherwise 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 to
fair 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 continuity
of normal business activities and the realisation of assets and settlement of liabilities in the ordinary course
of business.
The entity incurred a net loss of $36,828 during the year ended 31 December 2013 and, as of that date, the
companyfs current assets were exceeded by its total liabilities by $18,712. Liabilities include revenue
deferred to the subsequent year of $21,426. Subsequent to 31 December 2013 the committee has sought to
improve the financial position through obtaining inflows for membership, sponsorship and events and
continues to seek these opportunities. The entity is solely dependent upon the committees continuing
ability to obtain such contributions and manage expenditures within this constraint.
The financial report does not include any adjustment relating to the recoverability or classification of
recorded asset amounts nor to the amounts or classification of liabilities that might be necessary should the
entity 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 the
assets shown in the Statement of Financial Position are likely to be significantly less than the amounts
disclosed and the extent of liabilities may differ significantly from those reflected.

7
 THE MELBOURNE PRESS CLUB INCORPORATED
ABN 2771 3079 515

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2013

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 the
sponsor. To the extent that sponsorship is non reciprocal the revenue is recognised upon obtaining control
of the amount.

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

(d) Comparatives

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

NOTE 2: REVENUE AND OTHER INCOME

Functions 161,797 102,266
Membership fees 17,317 34,616
Sponsorships 261,606 279,629
Interest income 34 443
Quills prize money 19,091
459,845 416,954

NOTE 3: OPERATING PROFIT/ LOSS

Profit / (losses) before income tax has been determined after:

Finance costs 170
Depreciation
plant and equipment 896 1,194
Bad debts
trade debtors 7,763
Employee benefits 152,089 186,854

8
 THE MELBOURNE PRESS CLUB INCORPORATED
ABN 2771 3079 515

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2013

2013 2012
$ $

NOTE 4: CASH AND CASH EQUIVALENTS

Cash at bank 22,765 34,740

NOTE 5: PROPERTY, PLANT AND EQUIPMENT

Plant and equipment

Plant and equipment at cost 8,506 8,506
Accumulated depreciation (5,820) (4,924)
2,686 3,582
Total property, plant and equipment 2,686 3,582

(a) Reconciliations

Reconciliation of the carrying amounts of property, plant and equipment at

the beginning and end of the current financial year

Plant and equipment

Opening carrying amount 3,582 4,776
Depreciation expense (896) (1,194)
Closing carrying amount 2,686 3,582

NOTE 6: OTHER ASSETS

CURRENT
Prepayments 30,341 41,327

NOTE 7: PAYABLES

CURRENT
Unsecured liabilities
Trade creditors 36,416 19,984
Sundry creditors and accruals 5,427 18,718
41,843 38,702

9
 THE MELBOURNE PRESS CLUB INCORPORATED
ABN 2771 3079 515

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2013

2013 2012
$ $

NOTE 8: PROVISIONS

CURRENT
Employee benefits (a) 8,549 658

(a) Aggregate employee benefits liability 8,549 658

NOTE 9: OTHER LIABILITIES

CURRENT
Sponsorships received in advance 21,426 19,487

NOTE 10: ACCUMULATED SURPLUS / (LOSSES)

Accumulated surplus at beginning of year 20,802 58,549
Net loss (36,828) (37,747)
(16,026) 20,802

10
 THE MELBOURNE PRESS CLUB INCORPORATED
ABN 2771 3079 515

STATEMENT BY MEMBERS OF THE COMMITTEE

In the opinion of the committee the financial report as set out on pages 3 10:
1. Presents fairly the financial position of The Melbourne Press Club Incorporated as at 31 December 2013
and performance for the year ended on that date in accordance with the Australian Accounting
Standards Reduced Disclosure Requirements and other mandatory professional reporting
requirements.
2. At the date of this statement, there are reasonable grounds to believe that The Melbourne Press Club
Incorporated 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 of
the committee by:

Treasurer:
Mr David Poulton

Dated this day of 2014

11
 THE MELBOURNE PRESS CLUB INCORPORATED
ABN 2771 3079 515

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF THE MELBOURNE PRESS CLUB INCORPORATED

We have audited the accompanying financial report of The Melbourne Press Club Incorporated, which
comprises the statement of financial position as at 31 December 2013, the statement of comprehensive
income, statement of changes in equity and statement of cash flows for the year then ended, notes
comprising a summary of significant accounting policies and other explanatory information, and the
governing committeefs declaration.

Responsibility of Those Charged With Governance

The governing committee is responsible for the preparation and fair presentation of the financial report in
accordance with Australian Accounting Standards g Reduced Disclosure Requirements and the financial
reporting requirements of the Associations Incorporation Act 1981 and for such internal control as the
governing committee determines is necessary to enable the preparation and fair presentation of the
financial report that is free from material misstatement, whether due to fraud or error.

Auditor?s Responsibility
Our responsibility is to express an opinion on the financial report based on our audit. We conducted our
audit in accordance with Australian Auditing Standards. Those standards require that we comply with
relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain
reasonable 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 the
financial report. The procedures selected depend on the auditor's judgement, including the assessment of
the risks of material misstatement of the financial report, whether due to fraud or error. In making those
risk assessments, the auditor considers internal control relevant to the associationfs preparation and fair
presentation of the financial report in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the associationfs
internal control. An audit also includes evaluating the appropriateness of accounting policies used and the
reasonableness of accounting estimates made by those charged with governance, as well as evaluating the
overall presentation of the financial report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinion.

Independence
In conducting our audit, we have complied with APES 110 Code of Ethics for Professional Accountants.

12
An independent Victorian Partnership ABN 27 975 255 196 Pitcher Partners is an association of independent firms
Liability limited by a scheme approved under Professional Standards Legislation Melbourne | Sydney | Perth | Adelaide | Brisbane | Newcastle
An independent member of Baker Tilly International
 THE MELBOURNE PRESS CLUB INCORPORATED
ABN 2771 3079 515

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF THE MELBOURNE PRESS CLUB INCORPORATED

Opinion
In our opinion the financial report presents fairly, in all material respects, the financial position of The
Melbourne Press Club Incorporated as at 31 December 2013, and of its financial performance and its cash
flows for the year then ended in accordance with Australian Accounting Standards g Reduced Disclosure
Requirements and the financial reporting requirements of the Associations Incorporation Act 1981.

Emphasis of Matter
Without qualifying our opinion, we draw attention to Note 1(b) in the financial report which indicates that
the Committee have prepared the financial report on a going concern basis, which contemplated continuity
of normal business activities and the realisation of assets and settlement of liabilities in the ordinary course
of business.

The entity incurred a net loss of $36,828 during the year ended 31 December 2013 and, as of that date, the
companyfs current assets were exceeded by its total liabilities by $18,712. Liabilities include revenue
deferred to the subsequent year of $21,426. Subsequent to 31 December 2013 the committee has sought to
improve the financial position through obtaining inflows for membership, sponsorship and events and
continues to seek these opportunities. The entity is solely dependent upon the committees continuing
ability to obtain such contributions and manage expenditures within this constraint.

The financial report does not include any adjustment relating to the recoverability or classification of
recorded asset amounts nor to the amounts or classification of liabilities that might be necessary should the
entity 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 the
assets shown in the Statement of Financial Position are likely to be significantly less than the amounts
disclosed and the extent of liabilities may differ significantly from those reflected.

This situation indicates the existence of a material uncertainty that may cast significant doubt about the
entityfs ability to continue as a going concern and therefore, the entity may be unable to realise its assets
and discharge its liabilities in the normal course of business.

M J HARRISON PITCHER PARTNERS

Partner Melbourne

13
An independent Victorian Partnership ABN 27 975 255 196 Pitcher Partners is an association of independent firms
Liability limited by a scheme approved under Professional Standards Legislation Melbourne | Sydney | Perth | Adelaide | Brisbane | Newcastle
An independent member of Baker Tilly International