1

ANNUAL%
REPORT%
%
For%the%year%ended%%
31%December%2015%
 2
MELBOURNE)PRESS)CLUB)
Contents))

)
President’s)Report)2015) ) ) Page)3)
)
Treasurer’s)Report)2015) ) ) Page)4)
) ) ) )
Events)Calendar)2015) ) ) Page)5)
)
Board))2015))) ) )) ) Page)6)
)
Quill)Awards)2015) ) ) ) Page)7H8)
)
MPC)Sponsors)2015) ) ) Page)9)
)
Financial)Report)2015) ) ) Page)10)
) )
 3
MELBOURNE)PRESS)CLUB)
President’s)Report)2015)
)
The%last%12%months%has%demonstrated%how%the%Melbourne%Press%Club%continues%to%stay%
relevant%in%a%rapidly%changing%media%environment.%
%
A%string%of%events%boasting%highJprofile%speakers%attracted%large%audiences%as%current%issues%
and%challenges%were%explored%in%sometimes%robust%fashion.%
%
Communications%Minister%Mitch%Fifield%canvassed%options%for%media%reform,%The%Washington%
Post's%Jeremy%Gilbert%explained%how%journalists%had%to%exploit%Twitter%and%Facebook,%Kerry%
O'Brien%reflected%on%the%state%of%political%journalism,%while%John%Cleese,%in%a%highly%
entertaining%cocktail%event,%chronicled%his%battle%with%the%UK%tabloids%and%looked%back%on%his%
epic%comedy%career.%
%
Another%highlight%was%the%joint%appearance%by%the%female%CEO's%of%Twitter%Australia,%Microsoft%
Australia,%Pandora%Australia%and%REA%Group,%highlighting%the%transformative%role%women%are%
playing%in%the%country's%media%and%technology%sectors.%
%
While%looking%to%the%future,%the%MPC%also%continues%to%respect%the%past.%In%October%more%than%
one%hundred%people%gathered%to%commemorate%the%40th%anniversary%of%the%death%of%
crusading%Age%Editor%Graham%Perkin.%
%
A%month%earlier,%at%a%Press%Freedom%dinner%jointly%organised%with%the%MEAA,%the%club%marked%
the%40th%anniversary%of%the%murders%of%the%Balibo%Five%and%Roger%East%during%Indonesia's%
1975%invasion%of%East%Timor.%
%
Nearly%600%people%attended%our%flagship%annual%event,%the%Quill%Awards.%The%Age's%Adele%
Ferguson%took%out%both%the%Gold%Quill%and%the%Graham%Perkin%Australian%Journalist%of%the%
Year%award%for%her%peerless%business%reporting.%The%inimitable%Mike%Sheahan%was%given%the%
Lifetime%Achievement%award%for%his%influential%and%always%entertaining%footy%journalism.%%
%
I%would%like%to%once%again%extend%my%thanks%to%the%club's%loyal%and%generous%sponsors%for%
enabling%us%to%continue%our%mission%of%promoting%journalistic%excellence.%We%were%very%
pleased%to%welcome%Virgin%Australia%as%a%new%principal%coJsponsor%(alongside%Monash%
University),%Domain%as%a%new%premium%sponsor%and%Australia%Post%and%the%TAC%as%major%
sponsors.%%
%
I%would%like%to%thank%our%CEO,%Mark%Baker,%for%another%year%of%extraordinary%achievement%
both%on%the%event%and%sponsorship%fronts.%Mark%has%been%more%than%ably%assisted%by%Kate%
Handley,%David%Fisher%and%Jenny%Denton.%
%
The%last%year%has%also%marked%several%changes%at%board%level.%In%particular,%I%want%to%pay%
tribute%to%Mike%Smith,%who%stepped%down%after%many%years%of%devoted%and%energetic%service.%
Mike%was%the%driving%force%behind%the%Media%Hall%of%Fame%and%his%wise%counsel%will%continue%
to%be%sought%in%the%years%ahead.%My%thanks%too%to%Alicia%Hall%for%her%contributions%to%board%
deliberations.%
%
New%board%members%Adele%Ferguson,%Simon%Pristel,%Nicole%Denton%and%Ashlynne%McGhee%
have%made%a%great%impact%over%the%last%twelve%months.%A%special%thanks%to%Ashlynne%for%
pioneering%'The%Edit',%a%series%of%popular%events%targeting%young%journalists.%%
%
I%thank%all%of%my%fellow%board%members%for%their%diligence%and%for%giving%the%club%their%precious%
time.%
%
Finally,%I%want%to%extend%my%appreciation%to%all%MPC%members%for%your%continued%support.%
None%of%this%can%be%done%without%you.%

MPC%President%%
Melbourne%Press%Club%
24%July%2016 %
 4
MELBOURNE)PRESS)CLUB)
Treasurer’s)Report)2015)
)
The%Club%consolidated%its%financial%position%in%2015%thanks%largely%to%the%efforts%of%our%CEO,%
Mark%Baker%and%our%Board,%with%an%increase%in%overall%sponsorship%notwithstanding%the%
challenges%faced%by%all%in%the%media%sector.%.%%%%
%
In%2015%we%held%a%number%of%successful%signature%events.%%The%2014%Quill%Awards%again%
demonstrated%why%it%is%the%Victoria%media's%'night%of%nights'.%%We%were%privileged%to%hold%the%
inaugural%Melbourne%Press%Freedom%Dinner%in%September%and%in%December%we%launched%the%
Australian%Media%Hall%of%Fame%at%the%State%Library%of%Victoria.%%%%
%
Please%refer%to%the%financial%statements%for%full%details%of%the%year's%results.%%The%Club%remains%
fortunate%that%it%has%no%significant%ongoing%financial%commitments%other%than%salaries,%event%
venue%deposits,%and%office%expenses,%but%ongoing%viability%continues%to%depend%on%securing%
sufficient%sponsorship%to%meet%these%commitments.%%We%again%received%very%pleasing%ongoing%
support%from%our%sponsors,%and%in%particular%are%grateful%to%our%longJstanding%principal%
sponsor%Monash%University,%and%our%new%joint%principal%sponsor%Virgin%Australia.%%
%
The%value%of%annual%sponsorship%income%rose%to%$362,000%during%financial%2015/16.%%Due%to%
the%Club%reporting%on%a%calendar%year%basis,%however,%we%have%reported%a%loss%in%the%2015%
calendar%year%of%$39,657,%following%the%previous%year's%surplus%of%a%similar%amount.%At%time%of%
writing%the%Club's%current%financial%position%is%strong%with%reasonable%cash%reserves,%and%
significant%sponsorship%payments%pending.%
%
We%added%$92,000%in%new%cash%sponsorships%in%2015%with%Virgin%Australia%becoming%joint%
principal%sponsor%in%July,%Domain%becoming%a%premium%sponsor%in%October,%and%TAC%
(December)%and%Australia%Post%(February%2016)%becoming%major%sponsors.%During%2015%we%
lost%Ten%Network%as%a%major%media%sponsor.%
%
There%was%a%substantial%increase%in%club%activity%in%2015%with%a%total%of%21%events%staged.%
Attendances%at%these%events%totalled%more%than%2800.%
%
The%increased%club%activity%saw%a%corresponding%increase%in%operating%costs%and%the%
expansion%of%the%secretariat%staff.%
%
An%increased%number%of%events%were%held%as%'media%lunches'%at%a%popular%restaurant%venue.%%
As%these%lunches%are%less%expensive%to%attend,%revenue%remained%relatively%static%over%the%
year.%%%
%
The%highlights%of%financial%performance%included:%
%
•% Membership%revenue%increased%to%$31,322,%and%we%have%made%significant%progress%
towards%an%automatic%renewal%system,%which%will%assist%in%maintaining%membership%
levelse%
•% Revenue%from%functions%declined%slightly%to%$187,617%from%$202,074%–%as%predicted%in%
the%last%report%this%was%in%part%due%to%our%current%Hall%of%Fame%cycle%having%been%
completed.%
%
Our%secretariat%continued%to%perform%well.%%%
%
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%again%this%year.%%%
%

%
David%Poulton%
Treasurer%
Melbourne%Press%Club%
1%August%2016%
%
%
 5
MELBOURNE)PRESS)CLUB)
Events)Calendar)2015)
)
) CORPORATE)LUNCHES) MEDIA)LUNCHES) OTHER)EVENTS)
%

January) % % %
) % %
%
February) % % % %
) Thai%Media%Bash% Private%lunch%with%
) Noel%Tennison%Book%launch%–%% –%Alan%Morison% County%Court%
Metropolitan%Hotel%J%11%Feb%% Drinks%%J%4%Feb% Judge%–%Minter%
50%ppl% Ellison%Dining%
91%ppl% % Room%J%19%Feb%
% 14%ppl%

March) % % Quills%Dinner%–%20%March%
) 560%ppl%

April) % Chris%Reason%Lunch% %
) 15%April%–%Mr%Hive%
) 90%ppl%

May) % MTC%Lunch%with%Alan%and% %
) Kylie%Trounson%
)
7%May%J%Mr%Hive%
(61%ppl)%
June) Premier%Dan%Andrews%Lunch%% Beyond%The%Big%“R”%Lunch% %
) 17%June%–%Crown%River%Room%% 3%June%–%Mr%Hive%%
) (145%ppl)%% (52%ppl)%
%
Peter%Greste%Lunch%%
24%June%–%Mr%Hive%%
(85%ppl)%
July) Women’s%CEO%Lunch%% Forum%on%Suppression%Orders%% %
) 30%July%–%Crown%River%Room%%J%(275%ppl)% 9%July%–%Mr%Hive%(78%ppl)%
) ABC%24%News%5%year%
Anniversary%Lunch%with%Gaven%
Morris%%22%July%–%Mr%Hive%%
(75ppl)%%
August) % Press%Council%Chair%Lunch%% The%Edit%Launch%Drinks%J%24%August%–%
) 6%August%–%Mr%Hive%(62ppl)% Ferdyderke%(50ppl)%%
)
September) Press%Freedom%Dinner%–%25%September%J % %
) RACV%Level%17%%
) (217ppl)%
th
October) % % Dinner%for%40 %Anniversary%of%Graham%
) Perkin’s%death%–%RACV%(115ppl)%
)

November) % Storyology%lunch%with%Jeremy% The%Edit%with%Bachelard%&%Milligan%–%%%

) Gilbert%J10%November%–%Mr% 9%November%J%%Ferdyduke%(38ppl)%
) Hive%
) %
) (89%ppl)%
) Keating%&%Beyond%lunch%with% Watchdogs%or%Masters?%%joint%event%
) Kerry%O’Brien%–%27%Nov%–%Mr% with%Monash%on%Canberra%reporting%J%
) Hive% 23%Nov%%
)
) (84%ppl)%

December) % % Cocktail%Launch%of%HOF%permanent%
) gallery%J%2%Dec%J%State%Library%%
)
(80%ppl)%
The%Edit%with%Hamish%McDonald/Xmas%
Party%J%14%Dec%J%Ferdyderke%
(45%ppl)%
%

)
)
)
)
 6
MELBOURNE)PRESS)CLUB)
Board)2015)
)
)
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%
)
Board:) ))
David)Broadbent,)Broadbent%Media%Services) )
Rob)Curtain,)Communications%Specialist%
Nicole)Denton,)3AW)(casual'vacancy'July'2015)!
Adele)Ferguson,)The%Age%(casual'vacancy'Feb'2015))
Alicia)Hall,)Project%PR%(resigned'June'2015)'
Olivia)HillHDouglas,)Media%Consultant%
Bob)Kearsley,)Business%Essentials%
Jonathan)Kearsley,)Nine%News%
Ashlynne)McGhee,)ABC%(casual'vacancy'Aug'2015)!
Pat)O’Beirne,%Six%O’Clock%Advisory)
Isabelle)Oderberg,)Australian%Red%Cross%
Mike)Osborne,%Australian%Associated%Press%
Simon)Pristel,%Seven%Network%(elected'July'2015)'
Justin)Quill,)M+K%Lawyers%
Nick)Richardson,%News%Limited%
Veronica)Scott,)Minter%Ellison%
Mike)Smith,)Inside%PR%(resigned'June'2015)'
Drew)WarneHSmith,)Seven%Network%(resigned'March'2015)'
%
 7
MELBOURNE)PRESS)CLUB)
Quill)Awards)Honour)Roll)2015)
__________________________________________________________________________)

The)Monash)University)Gold)Quill)
Adele%Ferguson%|%The$Age$
%
The)Graham)Perkin)Award)for)the)Australian)Journalist)of)the)Year)
Adele%Ferguson|%The$Age$
%
Lifetime)Achievement)Award)
Mike)Sheahan)
)
Harry)Gordon)Australian)Sports)Journalist)of)the)Year)Award)
Gerard%Whateley%%
)
Victorian)Government)Quill)for)Reporting)on)Disability)Issues)
Ruth%Lamperd%|%Herald$Sun%
%
Young)Journalist)of)the)Year)Award)
Tom%Minear%|%Herald$Sun$
%
RACV)Transport)Quill)
John%Trevorrow%&%Jesse%Wray?McCann|%Leader$Newspapers$
%
Grant)Hattam)Quill)Award)for)Investigative)Journalism)in)any)Medium)
Caro%Meldrum?Hanna%&%Sam%Clarke|%ABC$Four$Corners$
%
Keith)Dunstan)Quill)for)Best)Columnist/Blogger)
Waleed%Aly%|%The$Age$
)
Best)Sports)News)Story)in)any)Medium)
Grant%Baker,%Michael%Warner%&%Carly%Crawford%|%Herald$Sun$
%
Best)Sports)Feature)in)any)Medium)
Mark%Robinson|%Herald$Sun$
%
Best)Business)Story)in)any)Medium)
Adele%Ferguson,%Sarah%Danckert,%Klaus%Toft%|$The$Age$&%ABC$Four$Corners$$
%
Best)Camerwork)
Will%Pristel%|%Seven$News$
%
Best)News)Photograph)
Joe%Armao%|%The$Age$
%
Best)Sports)Photograph)
Colleen%Petch%|%Herald$Sun$$
%
Best)Features)Photograph)
Michael%Rayner%|%The$Weekly$Review$
%
Best)Three)Headlines)in)any)Medium)
Duska%Sulicich%|%%The$Sunday$Age$
%
%
Best)Illustration)or)Graphics)in)any)Medium)
Richard%Giliberto%|%The$Sunday$Age$$
$
$
 8
Best)Breaking)News)Coverage%
Jacqueline)Felgate)&)Emily)Angwin)|)Seven%News%

Best)Coverage)of)an)Issue)or)Event)
Annika%Smethurst%&%Rob%Harris%%|%Herald$Sun$
%
Best)Cartoon%
Andrew%Dyson%|%The$Age$
%
Best)Use)of)the)Digital)or)Social)Media)
Mark%Stehle,%Felicity%Lewis,%Nathanael%Scott,%Tom%McKendrick%&%Adele%Ferguson%|%The$Age$
%
Best)Suburban)Report)in)Writing)
Nicholas%Payne,%Fiona%Sexton%&%Jon%Andrews%|%Bayside$Leader$
%
Best)Regional)or)Rural)Affairs)Report)in)any)Medium)
Mandy%Squires%|%Geelong$Advertiser$
%
Best)TV)or)Video)News)Report)
Cameron%Baud%|%Seven$News$
%
Best)Radio)News)Report)
Lauren%Hilbert%|%3AW$

Best)Radio)Current)Affairs)Report)
Jon%Faine,%Dan%Ziffer%&%Tess%Armstrong,$774$ABC$Melbourne$
%
Best)TV)or)Video)Current)Affairs/Feature)under)10)Minutes)
Tom%Whitty%&%Waleed%Aly,%The$Project$Network$Ten$
%
Best)TV)or)Video)Current)Affairs/Feature)over)10)Minutes)
Nick%McKenzie,%Richard%Baker%&%Klaus%Toft%%|%ABC$Four$Corners/The$Age$
%
Best)News)Report)in)Writing)
Annika%Smethurst%|%Herald$Sun$
%
Best)Feature)in)Writing)
Margaret%Simons%&%Dave%Tacon%|%The$Monthly$
 9
MELBOURNE)PRESS)CLUB)
Sponsors)to)December)2015)
)

)
)
 10
MELBOURNE)PRESS)CLUB)
Financial)Report)2015))
__________________________________________________________________________)
 TABLE OF CONTENTS

Board report ....................................................................................................................................... 1 ‐ 3
Financial report
Statement of profit or loss and other comprehensive income ................................................ 4
Statement of financial position ................................................................................................ 5
Statement of changes in members funds ................................................................................. 6
Statement of cash flows ........................................................................................................... 7
Notes to financial statements .................................................................................................. 8 ‐ 12
Statement by members of the board ................................................................................................. 13
Independent auditor's report ............................................................................................................. 14 ‐ 16
 THE MELBOURNE PRESS CLUB INCORPORATED
ABN 2771 3079 515

BOARD REPORT

The board members present their report together with the financial report of The Melbourne Press Club
Incorporated for the year ended 31 December 2015 and auditor's report thereon.

Board members names
The names of the board members in office at any time during or since the end of the year are:
Michael Rowland (ABC): President 
Mark Baker: Chief Executive Officer 
Phil Chubb (Monash University): Vice President 
Eileen Berry (The Eileen Berry Trust): Vice President 
David Poulton (Minter Ellison): Treasurer 
Richard Leder (Corrs Chambers Westgarth): Secretary 
Jenny Denton: Secretariat 
David Fisher: Secretariat Appointed: July 2015
Anna Muralli: Secretariat Resigned: December 2015
Olivia Hill‐Douglas (Media Consultant) 
Bob Kearsley (Business Essentials) 
David Broadbent (Broadbent Media ) 
Veronica Scott (Minter Ellison) 
Pat O'Beirne (Six O'Clock Advisory) 
 Mike Smith (Inside PR)
Isabelle Oderberg (Australian Red Cross) 
Justin Quill (M&K Lawyers) 
Jonathan Kearsley (Nine News) 
Mike Osborne (AAP) 
Nick Richardson (News Ltd) 
Rob Curtain (Communications Specialist) 

‐ 1 ‐
 THE MELBOURNE PRESS CLUB INCORPORATED
ABN 2771 3079 515

BOARD REPORT

Board members names (Continued)

Nicole Denton (3AW) Appointed: July 2015
Adele Ferguson (The Age) Appointed: February 2015
Ashlynne McGhee (ABC) Appointed: August 2015
Simon Pristel (Seven Network) Appointed: July 2015
Drew Warne‐Smith (Seven Network) Resigned: March 2015
Alicia Hall (Project PR) Resigned: June 2015

The board 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 amounted to $39,657.

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.

‐ 2 ‐
 THE MELBOURNE PRESS CLUB INCORPORATED
ABN 2771 3079 515

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2015

Note 2015 2014

$ $

Revenue and other income
Sales revenue 2 544,112 552,249
Other revenue 2 20,662 20,039
564,774 572,288
Less: expenses
Depreciation and amortisation expense 3 (5,094) (1,262)
Employee benefits expense (258,772) (209,923)
Finance costs 3 (340) (449)
Sponsorship, conference and function expense (285,564) (271,252)
Other expenses (54,661) (50,751)
(604,431) (533,637)
Surplus / (deficit) (39,657) 38,651
Other comprehensive income for the year ‐ ‐
Total comprehensive income (39,657) 38,651

The accompanying notes form part of these financial statements.
‐ 4 ‐
 THE MELBOURNE PRESS CLUB INCORPORATED
ABN 2771 3079 515

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2015

Note 2015 2014

$ $

Current assets
Cash and cash equivalents 4 75,151 89,699
Other assets 5 ‐ 9,961
Total current assets 75,151 99,660

Non‐current assets
Intangible assets 6 8,594 9,837
Property, plant and equipment 7 4,784 2,014
Total non‐current assets 13,378 11,851
Total assets 88,529 111,511

Current liabilities
Payables 8 46,621 38,805
Provisions 9 16,673 10,934
Other liabilities 10 42,160 39,096
Total current liabilities 105,454 88,835

Non‐current liabilities
Provisions 9 107 51
Total non‐current liabilities 107 51
Total liabilities 105,561 88,886
Net assets (17,032) 22,625

Members funds
Accumulated surplus / (losses) 11 (17,032) 22,625
Total members funds (17,032) 22,625

The accompanying notes form part of these financial statements.
‐ 5 ‐
 THE MELBOURNE PRESS CLUB INCORPORATED
ABN 2771 3079 515

STATEMENT OF CHANGES IN MEMBERS FUNDS
FOR THE YEAR ENDED 31 DECEMBER 2015

Accumulated
Contributed surplus /
equity Reserves (losses) Total equity
$ $ $ $

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

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

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

Balance as at 1 January 2015 ‐ ‐ 22,625 22,625

Deficit for the year ‐ ‐ (39,657) (39,657)
Total comprehensive income for the year ‐ ‐ (39,657) (39,657)

Balance as at 31 December 2015 ‐ ‐ (17,032) (17,032)

The accompanying notes form part of these financial statements.
‐ 6 ‐
 THE MELBOURNE PRESS CLUB INCORPORATED
ABN 2771 3079 515

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2015

Note 2015 2014

$ $

Cash flow from operating activities
Receipts from sponsorship, membership fees and other income 624,266 647,144
Payments to suppliers and employees (631,898) (569,373)
Interest received 45 39
Finance costs (340) (449)
Net cash from/(used in) operating activities (7,927) 77,361

Cash flow from investing activities
Payment for non current assets (6,621) (10,427)
Net cash used in investing activities (6,621) (10,427)

Reconciliation of cash
Cash at beginning of the financial year 89,699 22,765
Net increase/ (decrease) in cash held (14,548) 66,934
Cash at end of financial year 75,151 89,699

The accompanying notes form part of these financial statements.
‐ 7 ‐
 THE MELBOURNE PRESS CLUB INCORPORATED
ABN 2771 3079 515

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2015

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 applicable
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 board 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 and liabilities as described in the accounting policies.

(b) Going concern

The board 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 made a loss of $39,657 for the year ended 31 December 2015, and total members funds are
($17,032). Liabilities include revenue deferred to the subsequent year of $42,160. The financial position has
declined significantly during the year ended 31 December 2015. The entity relies on obtaining inflows from
membership, sponsorship and events, the receipt of which is uncertain. The entity is solely dependent upon
the committee's 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.

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 THE MELBOURNE PRESS CLUB INCORPORATED
ABN 2771 3079 515

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2015

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
All revenue is measured net of the amount of goods and services tax (GST).

(d) Intangibles

Other intangibles
Intangible assets other than those acquired in a business combination are initially recorded at cost. Where
other intangibles were acquired at no cost or for a nominal amount, cost is deemed to be the fair value as at
the acquisition date. Such intangible assets are amortised on a straight line basis over the period of 20 years.

(e) Comparatives

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

2015 2014
$ $
NOTE 2: REVENUE AND OTHER INCOME
Functions 187,617 202,074
Membership fees 31,322 21,759
Sponsorships 325,173 328,416
Interest income 45 39
Quills prize money 20,617 20,000
564,774 572,288

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 THE MELBOURNE PRESS CLUB INCORPORATED
ABN 2771 3079 515

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2015

2015 2014
$ $

NOTE 3: OPERATING PROFIT/ LOSS

Profit / (losses) has been determined after:
Finance costs 340 449
Depreciation & amortisation 5,094 1,262
Employee benefits 258,772 209,923

NOTE 4: CASH AND CASH EQUIVALENTS
Cash at bank 75,151 89,699

NOTE 5: OTHER ASSETS

CURRENT
Prepayments ‐ 9,961

NOTE 6: INTANGIBLE ASSETS
Computer software at cost 13,427 10,427
Accumulated amortisation and impairment (4,833) (590)
8,594 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 beginning
and end of the current financial year

Computer software at cost
Opening balance 9,837 ‐
Additions 3,000 10,427
Amortisation expense (4,243) (590)
Closing balance 8,594 9,837

Amortisation expense in relation to intangible assets has been recognised in depreciation and amortisation
expenses within profit or loss.

‐ 10 ‐
 THE MELBOURNE PRESS CLUB INCORPORATED
ABN 2771 3079 515

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2015

2015 2014
$ $

NOTE 7: PROPERTY, PLANT AND EQUIPMENT

Plant and equipment
Plant and equipment at cost 12,127 8,506
Accumulated depreciation (7,343) (6,492)
Total property, plant and equipment 4,784 2,014

(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 2,014 2,686
Additions 3,621 ‐
Depreciation expense (851) (672)
Closing carrying amount 4,784 2,014

NOTE 8: PAYABLES

CURRENT
Unsecured liabilities
Trade creditors 3,676 9,604
Sundry creditors and accruals 42,945 29,201
46,621 38,805

NOTE 9: PROVISIONS

CURRENT
Employee benefits (a) 16,673 10,934

NON CURRENT
Employee benefits (a) 107 51

(a) Aggregate employee benefits liability 16,780 10,985

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 THE MELBOURNE PRESS CLUB INCORPORATED
ABN 2771 3079 515

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2015

2015 2014
$ $

NOTE 10: OTHER LIABILITIES

CURRENT
Sponsorships received in advance 42,160 39,096

NOTE 11: ACCUMULATED SURPLUS / (LOSSES)
Accumulated surplus / (losses) at beginning of year 22,625 (16,026)
Surplus / (deficiency) (39,657) 38,651
(17,032) 22,625

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