October 2017 NSW Masonic Club 13 90th Birthday Edition ANNUAL REPORT 2017 material capital expenditure on the hotel. Other potential issues concerning the operations of the Club and the consequent financial impact in future years have not been included in this report, as such information would potentially result in unreasonable prejudice against the Club. Significant Changes in State of Affairs Other than matters referred to elsewhere in this report, there were no significant changes in the state of affairs of the Club during the year. Environmental Issues The Club’s operations are not regulated by any significant environmental regulation under a law of the Commonwealth, a State or Territory, other than compliance with the regulations relating to smoking within the Club’s premises and relating to workplace health and safety issues. Proceedings on behalf of the Club No person has applied for leave of Court to bring proceedings on behalf of the Club or intervene in any proceedings to which the Club is a party for the purpose of taking responsibility on behalf of the Club for all or any part of those proceedings. The Club was not a party to any such proceedings during the year. Liability of Members on a Winding Up For every class of membership the amount for which every Member is liable to contribute if the Club is wound up is: (i) Such amount as may be required not exceeding $4.00; (ii) In the event that the liability of any Member of any class becomes unlimited, then such other amount as may be required according to the circumstances in which that event occurred. Any Member’s liability becomes unlimited if that Member makes (or knowingly consents to or assists in the making of) an unauthorised payment or transfer of any part of the income or property of the Club to any Member or former Member of the Club or to any person claiming through them. If the Club is wound up the total amount payable by all Members of every class will, except in any case of unlimited liability, be not more than an amount equal to the number of Members of every class multiplied by $4.00. Indemnifying Officer or Auditor The Club has not, during or since the end of the financial year, in respect of any person who is or has been an officer or auditor of the Club or a related body corporate: • Indemnified or made any relevant agreement for indemnifying against a liability incurred as an officer, including costs and expenses in successfully defending legal proceedings; or • paid or agreed to pay a premium in respect of a contract insuring against a liability incurred as an officer for the costs or expenses to defend legal proceedings; with the exception of the following matter:- During or since the end of the financial year the Club has paid premiums to insure all directors and officers against liabilities for costs and expenses incurred by them in defending any legal proceedings arising out of their conduct while acting in the capacity of officer of the Club, other than conduct involving a wilful breach of duty in relation to the Club. Membership At 30 June 2017 total Members numbered 1,777 comprising 650 Mason Members, 1,093 Associate Members, 12 Gold Members, 1 Patron and 21 Honorary Members. Core Property The Core Property of the Club as at 30 June 2017 was the property known as 169-173 Castlereagh Street, Sydney. As at that date the Non-Core Property of the Club was nil. Auditor’s Independence Declaration The auditor’s independence declaration as required under Section 307C of the Corporations Act 2001 is set out below. Signed in accordance with a resolution of the Board of Directors: Stephen G Bates Peter Read (President) (Treasurer and Director) Dated: 4th day of October 2017 AUDITOR’S INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE CORPORATIONS ACT 2001 TO THE DIRECTORS OF NEW SOUTH WALES MASONIC CLUB I declare that, to the best of my knowledge and belief, during the year ended 30 June 2017, there have been: (i) no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the audit; and (ii) no contraventions of any applicable code of professional conduct in relation to the audit. MEAGHER, HOWARD & WRIGHT Ken Wright Date: 4th day of October 2017 Suite 505, Level 5 55 Grafton St BONDI JUNCTION NSW 2022 PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 30 JUNE 2017 Note 2017 2016 $ $ Revenue 2 4,530,732 3,847,524 Other income 2 10,446 - Raw materials and consumables used (322,538) (224,132) Employment benefits expense (1,935,260) (1,839,777) Depreciation of property, plant and equipment 3 (423,774) (415,952) Occupancy expense (886,061) (724,456) Other expenses (357,953) (324,572) Profit before income tax expense 615,592 318,635 Income tax expense 4 (100,808) (46,164) Profit for the year 514,784 272,471 STATEMENT OF OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2017 Note 2017 2016 $ $ Profit for the year 514,784 272,471 Other comprehensive income after income tax: Net gain on revaluation of non-current assets 10 13,403,860 - Net loss on revaluation of available-for-sale financial assets 2 (12,605) (20,642) Other comprehensive income for the year, net of tax 13,391,255 (20,642) Total comprehensive income for the year 13,906,039 251,829 Total comprehensive income attributable to: Members of the Club 13,906,039 251,829 DIRECTORS’ REPORT 2017 continued M E M B ER REWARD POIN T S M E M B ER REWA W RD POIN T S R E N E W YOUR MEM B E R S H I P W BY 31/12/17 TO RECIEVE: N H 7 7 R EVE R H B R R R M M M PO B E B B B DETAILS PAGE 9 R R M B E E R R S S H H Don't forget!INCREASE YOUR MEMBERS’ BENEFITS FAST! Simpy renew your membership in person, via post or online, by Sunday 31st December 2017, to receive 500 Member Reward Points. fill out the form on page 3 or visit www.nswmasonicclub.com.au