14 NSW Masonic Club October 2017 ANNUAL REPORT 2017 STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2017 Note 2017 2016 $ $ CURRENT ASSETS Cash and cash equivalents 5 340,658 415,171 Trade and other receivables 6 118,134 121,019 Financial assets 7 3,400,000 2,200,000 Inventories 8 34,228 42,405 Other assets 9 55,059 49,084 Deferred tax assets 12 26,303 65,606 TOTAL CURRENT ASSETS 3,974,382 2,893,285 NON-CURRENT ASSETS Financial assets 7 358,383 267,966 Property, plant and equipment 10 35,334,744 22,136,681 Deferred tax assets 12 10,761 61,118 TOTAL NON-CURRENT ASSETS 35,703,888 22,465,765 TOTAL ASSETS 39,678,270 25,359,050 CURRENT LIABILITIES Trade and other payables 11 329,745 278,259 Income tax payable 12 6,815 - Employee benefits liabilities 13 239,840 233,916 Other liabilities 14 446,004 83,632 TOTAL CURRENT LIABILITIES 1,022,404 595,807 NON-CURRENT LIABILITIES Employee benefits liabilities 13 12,548 25,964 TOTAL NON-CURRENT LIABILITIES 12,548 25,964 TOTAL LIABILITIES 1,034,952 621,771 NET ASSETS 38,643,318 24,737,279 MEMBERS’ EQUITY Reserves 32,755,676 19,364,421 Retained earnings 5,887,642 5,372,858 TOTAL MEMBERS’ EQUITY 38,643,318 24,737,279 STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2017 Retained Earnings $ Capital Reserve $ Asset Revaluation Reserve $ Financial Asset Reserve $ Total $ Balance as at 30 June 2015 5,100,387 1,319,388 18,054,177 11,498 24,485,450 Profit attributable to Members 272,471 - - - 272,471 Transfers - - - - - Total other comprehensive income for the year - - - (20,642) (20,642) Balance as at 30 June 2016 5,372,858 1,319,388 18,054,177 (9,144) 24,737,279 Profit attributable to Members 514,784 - - - 514,784 Transfers - - - - - Total other comprehensive income for the year - - 13,403,860 (12,605) 13,391,255 Balance as at 30 June 2017 5,887,642 1,319,388 31,458,037 (21,749) 38,643,318 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2017 Note 2017 2016 $ $ CASH FLOWS FROM OPERATING ACTIVITIES Receipts from Members and guests 5,323,622 4,082,515 Payments to suppliers and employees (4,167,319) (3,700,342) Rent received 208,295 205,573 Dividends received 12,425 8,299 Interest received 63,348 42,570 Income tax payments - - Net cash provided by operating activities 1,440,371 638,615 CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of property, plant and equipment - - Payments for property, plant and equipment (217,977) (157,250) Proceeds from sale of investments 58,630 - Payments for investments in listed securities (155,537) (135,746) Funds (invested in)/withdrawn from term deposits (1,200,000) (400,000) Net cash provided by/(used in) investing activities (1,514,884) (692,996) Net increase/(decrease) in cash (74,513) (54,381) Cash and cash equivalents at beginning of the financial year 415,171 469,552 Cash and cash equivalents at end of the financial year 5 340,658 415,171 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017 The financial statements are for the New South Wales Masonic Club (the “Club”) as an individual entity, incorporated and domiciled in Australia. The Club is a company limited by guarantee. NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Preparation The financial statements are general purpose financial statements that have been prepared in accordance with Australian Accounting Standards – Reduced Disclosure Requirements of the Australian Accounting Standards Board and the Corporations Act 2001. Australian Accounting Standards set out accounting policies that the AASB has concluded would result in financial statements containing relevant and reliable information about transactions, events and conditions. Material accounting policies adopted in the preparation of these financial statements are presented below and have been consistently applied unless otherwise stated. The financial statements have been prepared on an accruals basis and are based on historical costs, modified, where applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities. Accounting Policies (a) Income Tax The income tax expense (revenue) for the year comprises current income tax expense (income) and deferred tax expense (income). Current income tax expense charged to the profit or loss is the tax payable on taxable income calculated using applicable income tax rates enacted, or substantially enacted, as at the end of the reporting period. Current tax liabilities (assets) are therefore measured at the amounts expected to be paid to (recovered from) the relevant taxation authority. Deferred income tax expense reflects movements in deferred tax asset and deferred tax liability balances during the year as well as unused tax losses. Current and deferred income tax expense (income) is charged or credited outside the profit and loss when the tax relates to items that are recognised outside the profit and loss. Deferred tax assets and liabilities are ascertained based on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax assets also result where amounts have been fully expensed but future tax DIRECTORS’ REPORT 2017 continued