cab 2011 annual report

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Annual Report &Financial Statements

2010-2011


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There are 1,153 characters in this advertisement. Not one more, not one less.

You can count them if you like.* But theres really no need, we do it for a living.

At the CAB we audit newspapers, magazines, websites and exhibitions to

make sure you are getting all of what you are paying so much for. People.

You want to know how many people are receiving the publication, visiting

the website or even attending the trade show that you are either paying

big dollars to advertise with or spending your client dollars on. There is

a lot of money at stake, but a surprisingly large number of advertisers

and media agencies seem to just trust the numbers they are given by

unaudited media. We just dont understand why. Why would a media

agency risk a client finding out they are paying too much? Why would

an advertiser risk paying too much for too little? Put your mind at rest,

insist that you only use media that has been CAB audited. Hopefully, we

will find that the numbers are fine. But ask yourself this, what kind of media

outlet wouldnt want to be audited? We think you can work that out for

yourself. Look after your investment, look out for CAB audited websites,

publications, exhibitions and other media. www.auditbureau.org.au

You can

count on us.

*Go ahead, if we are wrong well gladly send you an iPad 2. But dont hold your breath.


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Index

Table of Contents______________________________________________________________ 3

Notice of Meeting _____________________________________________________________ 4

Board of Directors 2010-2011 ___________________________________________________ 5

Presidents Report Mr Rob Yeomans ___________________________________________ 6

Hon. Treasurers Report Mr John Engisch _______________________________________ 8

Financial Report 2010-2011____________________________________________________ 9

Board of Directors Report_______________________________________________________ 10

Income Statement _____________________________________________________________ 11-13

Balance Sheet_________________________________________________________________ 14

Notes to the Financial Statement ________________________________________________ 15-19

Statement by Members of the Board of Directors __________________________________ 20

Independent Auditors Report ___________________________________________________ 21-22

Certificate by Members of the Board of Directors __________________________________ 23


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Annual General Meeting

NOTICE OF MEETING

We hereby give notice that the Annual General Meeting of the CAB will take place at 11.00am on Thursday

October 6, 2011 at the Piato Restaurant, 123 Blues Point Road, North Sydney.

Business of Annual General Meeting: To receive and consider a report of the proceedings of the CAB for the past year

and the financial statements, duly audited.

To transact any and all business which may be transacted at the Annual GeneralMeeting of the CAB in accordance with the CABs Rules.

Members who wish to raise any business for discussion and/or determination at the Annual GeneralMeeting must submit details in writing to the Chief Executive Officer at least seven (7) days prior to thedate of the Annual General Meeting.

CIRCULATIONS AUDIT BOARDPaul Dovas

Chief Executive Officer

Rule 67.2 - Proxies:A Full Member entitled to attend and vote at a Meeting ofMembers may appoint any other Full Member as theirproxy to attend and vote at that meeting instead of theabsent Full Member.

Rule 68.2 - A quorum for a Meeting of Members:is Thirteen (13) Financial Full Members present in person;or Fifty Financial Full Members present in person or byproxy, Seven (7) of whom must be present in person; and

must include at least one Financial Full Member present inperson from each Membership Group.


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Board of Directors 2010-2011PRESIDENT:Rob Yeomans, Managing Director, Rank Publishing Co Pty Ltd

VICE PRESIDENT:Adrian Farrow, Director, Westwick-Farrow Media

HON. TREASURER:John Engisch, Managing Director, Torch Publishing Company Pty Ltd

BOARD MEMBERS:John Lewis, Senior Manager-Marketing, Insurance Australia GroupScott McClellan, Chief Executive Officer, Australian Association of National AdvertisersCarol Morris, Executive Officer, Media Federation of AustraliaChristopher OKeefe, CEO, Initative PerthMatthew Pearce, Managing Director, Diversified Exhibitions AustraliaAngela Raso, Business Manager, The Exchange, Mindshare Pty LtdHarley Slatter, Managing Director, Slatter & Partners CommunicationsMichael Tate, Marketing Manager, Leading Edge TelecomsCatherine Woodside, Circulation Director, News Limited

AUDITORSJames Mathers & Co.27 Bydown Street,Neutral Bay NSW 2089

CAB STAFF:Paul Dovas Chief Executive OfficerHeather Craven Director of Marketing & CommunicationsAlexx Cass Digital Services ManagerMargaret Crichton Business Development ManagerHelen Dai Audit & Database OfficerClaire Dollard Marketing OfficerArry Kusnadi Manager, Media Audit DivisionJill Park Communications OfficerSue Pemberton Office & Accounts ManagerLisa Thomas AuditorFabien Thoumazeau Compliance Manager

The Circulations Audit Board adheres to the internationally accepted principle of tripartitemembership.


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Presidents ReportMr Rob Yeomans

ach year the CAB moves forward with positive programmes to assist themembership, and the past year has been no exception with many firsts such asthe first auditor accreditation programme, first business development managerappointed and more recently the first CAB conference. The CAB has beenextremely busy working to ensure it meets the demands of the expanding facets

of media.Our inaugural conference Accountability in Ad Spend, held at the Sydney Hilton inJuly, addressed the changing needs of media providers and media suppliers alike.Wed like to thank all those who attended and supported the event in its inaugural

year and look forward to continuing the discussion in 2012.

The CAB has continued its investment in people in 2011. In May 2011 we welcomed Margaret Crichtonto the CAB team. She joins the organisation from her role as general manager at the Exhibition & EventAssociation of Australasia (EEAA) with her initial focus on the CAB's Exhibition audit services. Expectmore details of the updated service shortly.

CABs web audit service has also continued to grow over the past year. In the two years since itslaunch, digital services manager Alexx Cass has grown the membership to 255 sites and tackled the

issue of auto-refresh head on, with the Green Tick campaign.

We also launched a marketing programme aimed directly at agencies and advertisers. The results ofthis are starting to come in and it appears that the ads: are effective in creating awareness of the CAB.This programme will be continuing over the second half of the year.

For the 2010-2011 financial year the CAB has reported a profit after tax of $75,419 attributed largely tothe uptake of our audit services.

The CAB Boards continued investment in new services alongside the traditional print audits has helpedensure the financial security of the organisation as the global financial crisis continues to reverberatearound the world.

The Board would like to recognise the work of the CAB secretariat in its continued hard work to deliverpositive financial results in what has been an extremely busy year for the organisation.

The end of this financial year will mark the end of my time as CAB president. After 20 years on theBoard and 10 years as President, I am stepping down and embracing retirement. I would like to thankall of the Board members past and present who have made my time with the CAB so enjoyable. Iwould particularly like to thank my Vice President Adrian Farrow who will also be stepping down thisyear. Adrian joined the Board in 2000 and has been an integral member ever since. He steps downfollowing the sale of his company Westwick-Farrow Media to Universal Magazines.

Treasurer John Engisch will also be stepping down from his position on the Board. John has steeredthe finances of the CAB with great success over the past year and his hard work has contributed to thecontinued financial success of the organisation.

E


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Presidents Report continued

Finally, I would like to thank the Board for their ongoing support and participation at meetings, in sub-committees and work with the CAB secretariat. I have no doubt that they will continue to drive theorganisation forward into 2012 and beyond.

I look forward to watching the continued good work of the CAB in 2012.

Rob YeomansCAB President


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Treasurers ReportMr John Engisch

s the President has mentioned, we finished the year with a profit after tax of$75,419, compared with a budgeted surplus of $28,796.

This major turn around was due in no small part to the diligent efforts and day today financial management by the Secretariat.

A key factor impacting the result was further growth in member audits. Thisgrowth has allowed the CAB Board to release additional marketing expenditure

of $100,000 to fund a marketing programme, which included initiatives, such as the inaugural CABmember Conference held earlier this year and several activities carried forward from 2009/2010.

This very positive result also means that our Reserves have increased from $805,335 for 2010 to$880,754 for 2011.

Unfortunately, I will be stepping down from the role of Treasurer after a year in the position andleaving the CAB Board. I have been involved with the Board since 2008 and am leaving it in sound

financial shape. During my tenure, the organisation has been quick to adapt to the new digitalenvironment and the developments in this area will ensure the organisations future growth andsuccess. I would like to thank the Board and the Secretariat for all their hard work and wish themembers well as we enter the 2011-2012 financial year.

John Engisch,CAB Honorary Treasurer

A


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Circulations Audit Board

ABN 90 644 757 696

Financial Report

For the Year Ended

30 June 2011


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Board of Directors ReportYour Board members submit the financial report of the Circulations Audit Board for the financial year ended30 June 2011. The names of Board members throughout the year and at the date of this report are:

PRESIDENT:Rob Yeomans Rank Publishing Co Pty Ltd

VICE PRESIDENT:Adrian Farrow Westwick-Farrow Media

HON. TREASURER:John Engisch Torch Publishing Co Pty Ltd

BOARD MEMBERS:John Lewis Insurance Australia GroupCarol Morris Media Federation of AustraliaChristopher OKeefe Initiative PerthMatthew Pearce Diversified Exhibitions AustraliaAlun Probert Department Technology & AdministrationAngela Raso Mindshare Pty LtdHarley Slatter Slatter & Partners CommunicationsMichael Tate Leading Edge Group Telecoms DivisionCatherine Woodside News Limited

MEMBERS OF THE CAB BOARD REPLACED DURING THE FINANCIAL YEAR ENDED 30 JUNE, 2011AMY RAPPO (nee Woodward), Mindshare replaced by NICK DRAPER, Mindshare replaced by ANGELARASO, MindshareDEAN SHELL, Universal MCCann replaced by CHRISTOPHER OKEEFE,, Initiative Perth,

Principal ActivitiesThe principal activities of the association during the financial years were: to verify and disseminate auditeddistribution and other data to its members.

Significant ChangesNo significant change in the nature of these activities occurred during the year.

Operating ResultThe profit after providing for income tax amounted to $75,419.00.

Signed on behalf of the CAB Board of Directors.

John Engisch, CAB Hon. Treasurer

Dated this 28th day of September, 2011.


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Income Statement

For the Year Ended June 30 20112011 2010

Note $ $

INCOMEINCOMEINCOMEINCOME

Membership Subscriptions 395,912 370,430

Report Sales - 473

Audit Fees - Member Audits 529,319 362,671

925,231 733,574

OTHER INCOMEOTHER INCOMEOTHER INCOMEOTHER INCOME

Interest Received 41,024 27,215

966,255 760,789

The accompanying notes form part of these financial statements


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Income Statement continued


Note $ $

EXPENDITUREEXPENDITUREEXPENDITUREEXPENDITURE

Accountancy & Auditing Fees 10,500 8,224

Bad Debts Written Off 14,150 23,002

Bank Charges 1,867 1,902

Compliance Costs 12,293 -

Computer Expenses 22,430 20,408

Consultancy Fees 450 -Contractual Audit Fees 10,498 10,146

Depreciation & Amortisation 37,998 34,542

Electricity 2,810 2,358

Fringe Benefits Tax 827 880

General Expenses 493 547

Holiday Pay 7,022 2,730

IFABC Expenses 4,929 -

Insurance 6,633 4,760

Leasing Charges 1,580 395

Long Service Leave 3,899 5,028

Marketing Expenses 133,017 25,859Meeting Expenses 5,904 4,078

Payroll Tax 7,095 6,566

Postage 1,536 3,071

Printing & Stationery 5,294 5,618

Rent 67,436 62,881

Repairs & Maintenance 211 395

Rule Review 501 12,431

Salaries & WagesSalaries & WagesSalaries & WagesSalaries & Wages

Part Time Salaries 10,790 7,160

Share oShare oShare oShare of Employment Costsf Employment Costsf Employment Costsf Employment Costs

Full Time Salaries 385,223 404,557Part Time Salaries 24,230 8,814

Contractors 4,741 -

Allowances Paid 1,690 10,140

415,884 423,511

Staff Training & Welfare 393 788

Staff Amenities 1,342 -

Subscriptions 1,722 1,295

Superannuation Contributions 36,700 33,078

Telephone 10,420 9,454

Travelling Expenses 6,583 5,979

Web Audit Fees 35,882 12,641

879,089 729,727



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Income Statement continued


Note $ $

Profit before income tax 87,166 31,062

Income tax expense 2222 11,747 7,594

Profit after income taxProfit after income taxProfit after income taxProfit after income tax 75,419 23,468

Retained earnings at the beginning of thefinancial year 805,335 781,867

RetaRetaRetaRetained earnings at the end of the financialined earnings at the end of the financialined earnings at the end of the financialined earnings at the end of the financialyearyearyearyear

880,754 805,335



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Balance Sheet

As at June 30 20112011 2010

Note $ $

ASSETSASSETSASSETSASSETS

CURRENT ASSETSCURRENT ASSETSCURRENT ASSETSCURRENT ASSETS

Cash and cash equivalents 78,671 1,336Trade and other receivables 3333 115,517 71,415

Financial assets 4444 730,000 740,000

TOTAL CURRENT ASSETSTOTAL CURRENT ASSETSTOTAL CURRENT ASSETSTOTAL CURRENT ASSETS 924,188 812,751

NONNONNONNON----CURRENT ASSETSCURRENT ASSETSCURRENT ASSETSCURRENT ASSETS

Property, plant and equipment 5555 35,077 56,364

TOTAL NONTOTAL NONTOTAL NONTOTAL NON----CURRENT ASSETSCURRENT ASSETSCURRENT ASSETSCURRENT ASSETS 35,077 56,364

TOTAL ASSETSTOTAL ASSETSTOTAL ASSETSTOTAL ASSETS 959,265 869,115

LIABILITIESLIABILITIESLIABILITIESLIABILITIES

CURRENT LIABILITIESCURRENT LIABILITIESCURRENT LIABILITIESCURRENT LIABILITIESSundry CreditorSundry CreditorSundry CreditorSundry Creditor

Sundry Creditor - Audit Bureau of Circulations 13,617 28,044

Trade Creditors 39,634 -

Accruals 6,000 6,000

GST Payable 14,289 14,960

NAB Bank Account No. 16-214-8614 - 8,931

Provision for Income Tax 6666 4,971 3,595

Income in Advance - 2,250

TOTAL CURRENT LIABILITIESTOTAL CURRENT LIABILITIESTOTAL CURRENT LIABILITIESTOTAL CURRENT LIABILITIES 78,511 63,780

TOTAL LIABILITIESTOTAL LIABILITIESTOTAL LIABILITIESTOTAL LIABILITIES 78,511 63,780

NET ASSETSNET ASSETSNET ASSETSNET ASSETS 880,754 805,335

MEMBERS' FUNDSMEMBERS' FUNDSMEMBERS' FUNDSMEMBERS' FUNDS

Retained earnings 7777 880,754 805,335

TOTAL MEMBERS' FUNDSTOTAL MEMBERS' FUNDSTOTAL MEMBERS' FUNDSTOTAL MEMBERS' FUNDS 880,754 805,335



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Notes to the Financial

Statements

For the Year Ended June 30 2011

1 Statement of Significant Accounting Policies

This financial report is a special purpose financial report prepared in order to satisfy the financialreporting requirements of the Associations Incorporation Act . The committee has determined thatthe association is not a reporting entity.

The financial report has been prepared on an accruals basis and is based on historic costs and doesnot take into account changing money values or, except where specifically stated, currentvaluations of non-current assets.

The following significant accounting policies, which are consistent with the previous period unlessotherwise stated, have been adopted in the preparation of this financial report.

Income TaxIncome TaxIncome TaxIncome Tax

The income tax expense (revenue) for the year comprises current income tax expense (income) anddeferred tax expense (income).

Current income tax expense charged to the profit or loss is the tax payable on taxable income.Current tax liabilities (assets) are measured at the amounts expected to be paid to (recovered from)the relevant taxation authority.

Deferred income tax expense reflects movements in deferred tax assets and deferred tax liabilitybalances during the year as well as unused tax losses.

Current and deferred income tax expense (income) is charged or credited directly to equity instead

of profit or loss when the tax relates to items that are credited or charged directly to equity.

Except for business combinations, no deferred income tax is recognised from the initial recognitionof an asset or liability where there is no effect on accounting or taxable profit or loss.

Deferred tax assets and liabilities are calculated at the tax rates that are expected to apply to theperiod when the asset is realised or the liability is settled and their measurement also reflects themanner in which the committee expects to recover or settle the carrying amount of the relatedasset or liability.

Deferred tax assets relating to temporary differences and unused tax losses are recognised only tothe extent that it is probable that future taxable profit will be available against which the benefits ofthe deferred tax asset can be utilised.


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Notes to the Financial Statements

continued


PropertyPropertyPropertyProperty

Freehold land and buildings are shown at their fair value (being the amount for which an asset could

be exchanged between knowledgeable willing parties in an arm's length transaction), based onperiodic, but at least triennial, valuations by external independent valuers, less subsequentdepreciation.

Property, Plant and Equipment (PPE)Property, Plant and Equipment (PPE)Property, Plant and Equipment (PPE)Property, Plant and Equipment (PPE)

Leasehold improvements and office equipment are carried at cost less, where applicable, anyaccumulated depreciation.

The depreciable amount of all PPE is depreciated over the useful lives of the assets to theassociation commencing from the time the asset is held ready for use.

Leasehold improvements are amortised over the shorter of either the unexpired period of the leaseor the estimated useful lives of the improvements.

Impairment of AssetsImpairment of AssetsImpairment of AssetsImpairment of Assets

At the end of each reporting period, the association reviews the carrying valuesof its tangible andintangible assets to determine whether there is any indication that those assets have beenimpaired. If such an indication exists, the recoverable amount of the asset, being the higher of theasset's fair value less costs to sell and value in use, is compared to the asset's carrying value. Ayexcess of the asset's carrying value over its recoverable amount is recognised immediately in theincome and expenditure statement.

Cash and Cash EquivalenCash and Cash EquivalenCash and Cash EquivalenCash and Cash Equivalentstststs

Cash and cash equivalents include cash on hand, deposits held at-call with banks, other short-termhighly liquid investments with original maturities of three months or less, and bank overdrafts. Bankoverdrafts are shown within borrowings in current liabilities on the balance sheet.


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continued


Revenue and Other IncomeRevenue and Other IncomeRevenue and Other IncomeRevenue and Other Income

Revenue is measured at the fair value of the consideration received or receivable after taking into

account any trade discounts and volume rebates allowed. For this purpose, deferred considerationis not discounted to present values when recognising revenue.

Interest revenue is recognised using the effective interest rate method, which for floating ratefinancial assets is the rate inherent in the instrument.

Revenue recognition relating to the provision of services is determined with reference to the stageof completion of the transaction at the end of the reporting period and where outcome of thecontract can be estimated reliably. Stage of completion is determined with reference to the servicesperformed to date as a percentage of total anticipated services to be performed. Where theoutcome cannot be estimated reliably, revenue is recognised only to the extent that relatedexpenditure is recoverable.

Goods and Services Tax (GST)Goods and Services Tax (GST)Goods and Services Tax (GST)Goods and Services Tax (GST)

Revenues, expenses and assets are recognised net of the amount of GST, except where theamount of GST incurred is not recoverable from the Australian Tax Office (ATO).

Receivables and payables are stated inclusive of the amount of GST receivable or payable. The netamount of GST recoverable from, or payable to, the ATO is included with other receivables orpayables in the balance sheet.


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continued


$ $

2222 Income Tax ExpenseIncome Tax ExpenseIncome Tax ExpenseIncome Tax Expense

The components of tax expense comprise:Income Tax Expense 11,747 7,594

3333 Trade and Other ReceivablesTrade and Other ReceivablesTrade and Other ReceivablesTrade and Other Receivables

CurrentCurrentCurrentCurrent

Sundry Debtor 4,045 -

Trade Debtors 111,472 71,415

115,517 71,415

4444 Financial AssetsFinancial AssetsFinancial AssetsFinancial Assets

CurrentCurrentCurrentCurrentBank Term Deposits 730,000 740,000

5555 Property, Plant and EquipmentProperty, Plant and EquipmentProperty, Plant and EquipmentProperty, Plant and Equipment

Land and BuildingsLand and BuildingsLand and BuildingsLand and Buildings

Leasehold Improvements 12,232 12,232

Less: Accumulated Amortisation (12,232) (12,232)

- -

Total Land and BuildingsTotal Land and BuildingsTotal Land and BuildingsTotal Land and Buildings - -

Office Furniture & Equipment 54,785 47,374

Less: Accumulated Depreciation (45,534) (40,685)

9,251 6,689

Software 17,496 8,196


9,270 5,570

Web Site Development 74,680 74,680


16,556 44,105

Total Plant and EquipmentTotal Plant and EquipmentTotal Plant and EquipmentTotal Plant and Equipment 35,077 56,364

Total ProTotal ProTotal ProTotal Property, Plant and Equipmentperty, Plant and Equipmentperty, Plant and Equipmentperty, Plant and Equipment 35,077 56,364


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continued


$ $

6666 TaxTaxTaxTax

LiabilitiesLiabilitiesLiabilitiesLiabilities

CurrentCurrentCurrentCurrent

Provision for Income Tax 4,971 3,595

7777 Retained EarningsRetained EarningsRetained EarningsRetained Earnings

Retained earnings at the beginning of the financial year805,335 781,867

Net profit attributable to the association 75,419 23,468

Retained earnings at the end of the financial year 880,754 805,335


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Statement by Members of the

CAB Board of DirectorsThe CAB Board has determined that the association is not a reporting entity and that this special purposefinancial report should be prepared in accordance with the accounting policies outlined in Note 1 to thefinancial statements.

In the opinion of the CAB Board the financial report as set out on pages 10 to 20:

1. Presents a true and fair view of the financial position of Circulations Audit Board as at 30 June2011 and its performance for the year ended on that date.

2. At the date of this statement, there are reasonable grounds to believe that Circulations AuditBoard will be able to pay its debts as and when they fall due.

This statement is made in accordance with a resolution of the Board of Directors and is signed for and onbehalf of the Board of Directors by:

John Engisch, CAB Hon.Treasurer

Dated this 28th day of September, 2011


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Independent Auditors Report

To the Members of the Circulations Audit Board

ABN 90 644 757 696

Report on the Financial ReportReport on the Financial ReportReport on the Financial ReportReport on the Financial Report

I have audited the accompanying financial report, being a special purpose financial report, of Circulations

Audit Board (the association), which comprises the balance sheet as at 30 June 2011, and the incomestatement, a summary of significant accounting policies, other explanatory information and the statement bymembers of the committee.

Committee's Responsibility for the Financial ReportCommittee's Responsibility for the Financial ReportCommittee's Responsibility for the Financial ReportCommittee's Responsibility for the Financial Report

The committee of Circulations Audit Board is responsible for the preparation of the financial report, and hasdetermined that the basis of preparation described in Note 1 is appropriate to meet the requirements of theand is appropriate to meet the needs of the members. The committee's responsibility also includes suchinternal control as the committee determines is necessary to enable the preparation of a financial report thatis free from material misstatement, whether due to fraud or error.

Auditor's ResponsibilityAuditor's ResponsibilityAuditor's ResponsibilityAuditor's Responsibility

My responsibility is to express an opinion on the financial report based on my audit. No opinion is expressedas to whether the accounting policies used, as described in Note 1, are appropriate to meet the needs ofthe members. I conducted my audit in accordance with Australian Auditing Standards. These AuditingStandards require that I comply with relevant ethical requirements relating to audit engagements and planand perform the audit to obtain reasonable assurance whether the financial report is free from materialmisstatement.

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 judgment, including the assessment ofthe risks of material misstatement of the financial report, whether due to fraud or error. In making those riskassessments, the auditor considers internal control relevant to the entity's preparation and fair presentationof 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 entity's internal control. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonableness of accountingestimates made by the committee, as well as evaluating the overall presentation of the financial report.

I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my auditopinion.

IndependenceIndependenceIndependenceIndependence

In conducting my audit, we have complied with the independence requirements of Australian professionalethical pronouncements.


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Independent Auditors Report continued

To the Members of the Circulations Audit Board

ABN 90 644 757 696

Auditor's OpinionAuditor's OpinionAuditor's OpinionAuditor's Opinion

In my opinion, the financial report of Circulations Audit Board presents fairly, in all material respects thefinancial position of Circulations Audit Board as of 30 June 2011 and of its financial performance for the yearthen ended in accordance with the accounting policies described in Note 1 to the financial statements, andthe Associations Incorporation Act .

Basis of Accounting and Restriction on DistributionBasis of Accounting and Restriction on DistributionBasis of Accounting and Restriction on DistributionBasis of Accounting and Restriction on Distribution

Without modifying my opinion, I draw attention to Note 1 of the financial report, which describes the basisof accounting. The financial report has been prepared to assist the association to meet the requirements ofthe Associations Incorporation Act. As a result, the financial report may not be suitable for another purpose.

Name of Firm:Name of Firm:Name of Firm:Name of Firm: James Mathers & Co.

Chartered Accountants

Name of Principal:Name of Principal:Name of Principal:Name of Principal:

Address:Address:Address:Address: 27 Bydown Street, Neutral Bay

Dated this day ofDated this day ofDated this day ofDated this day of WednesdayWednesdayWednesdayWednesday 28282828thththth September 2011September 2011September 2011September 2011


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Certificate by Members of the

Committee

I John Engisch, Hon. Treasurer of Circulations Audit Board and representing Torch Publishing certify that:

(a) I am a member of the Board of Directors of the Circulations Audit Board.

(b) I attended the annual general meeting of the Circulations Audit Board held on WednesdayOctober 20, 2010.

(c) I am authorised as the duly elected Hon. Treasurer by the Board of Directors to sign thiscertificate.

(d) This annual statement was submitted to the members of the association at its annual generalmeeting.

Committee member John Engisch, CAB Hon. Treasurer

Dated this 28th day of September 2011


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North Sydney NSW 2060Tel: +61 2 9954 9800Fax: +61 2 9956 8220

Eml:[email protected]

cab 2011 annual report

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