October 2017 NSW Masonic Club 17 90th Birthday Edition ANNUAL REPORT 2017 2017 2016 $ $ NOTE 9: OTHER ASSETS Current Prepayments 55,059 49,084 NOTE 10: PROPERTY, PLANT & EQUIPMENT (a) Land and Buildings Freehold land at independent valuation 2017 13,000,000 12,500,000 Buildings, lifts and integral plant and equipment - at independent valuation 2017 22,000,000 9,500,000 Accumulated depreciation - (372,131) 22,000,000 9,127,869 Building improvements – at cost - 74,443 Accumulated depreciation - (244) - 74,199 Total buildings 22,000,000 9,202,068 Total land and buildings 35,000,000 21,702,068 (b) Plant and Equipment Plant, furniture and equipment – at cost 1,950,711 1,914,119 Accumulated depreciation (1,669,078) (1,479,506) 281,633 434,613 Capital works in progress 53,111 - Total plant and equipment 334,744 434,613 Total property, plant and equipment 35,334,744 22,136,681 Movements in carrying amounts The movement in the carrying amounts for each class of property, plant and equipment between the beginning and the end of the current financial year: Freehold Land $ Buildings $ Plant and Equipment $ Total $ Balance at the beginning of the year 12,500,000 9,202,068 434,613 22,136,681 Independent revaluation 500,000 12,903,860 - 13,403,860 Additions - 128,273 89,704 217,977 Disposals - - - - Depreciation - (234,201) (189,573) (423,774) Carrying amount at the end of the year 13,000,000 22,000,000 334,744 35,334,744 Asset revaluations The freehold land and buildings were independently valued at 30 June 2017 by Andrew Nock Pty Limited. The valuation was based on fair value less cost to sell. The critical assumptions adopted in determining the valuation included the location of the land and buildings, recent sales data for land and buildings in the area and took into account the heritage status of the building. The valuation resulted in a valuation increment of $13,403,860 being recognised in the revaluation reserve for the year ended 30 June 2017. 2017 2016 $ $ NOTE 11: TRADE AND OTHER PAYABLES Current Trade payables 84,141 66,075 Sundry payables and accrued expenses 245,604 212,184 329,745 278,259 Current Financial liabilities at amortised cost classified as trade and other payables: Trade and other payables - Total current 329,745 278,259 - Total non-current - - Financial liabilities as trade and other payables 329,745 278,259 Credit standby arrangements with banks Credit facility - - Amount utilised at balance date - - Unused credit facility - - 2017 2016 $ $ NOTE 12: TAX Liabilities Current Income tax payable 6,815 - Assets Deferred tax assets comprise: Provisions and accruals 40,464 45,125 Property, plant & equipment – tax allowances (12,051) (23,963) Revaluation adjustments taken directly to equity 8,250 3,919 Revenue losses carried forward - 98,072 Capital losses carried forward 401 3,571 37,064 126,724 Net Deferred Tax Assets Current 26,303 65,606 Non-current 10,761 61,118 37,064 126,724 NOTE 13: EMPLOYEE BENEFITS LIABILITIES Current Employee entitlements Annual leave 155,864 160,082 Long service leave 83,976 73,834 239,840 233,916 Non-Current Employee entitlements Long service leave 12,548 25,964 A provision has been recognised for employee benefits relating to long service leave for employees. In calculating the present value of future cash flows in respect of long service leave, the probability of long service leave being taken is based upon the historical data. The measurement and recognition criteria for employee benefits have been included in Note 1(f). 2017 2016 $ $ NOTE 14: OTHER LIABILITIES Current Subscriptions received in advance 42,606 42,384 Advance booking deposits 151,544 29,394 Security deposits held relating to leased premises 11,854 11,854 Deferred income 240,000 - 446,004 83,632 NOTE 15: RELATED PARTY TRANSACTIONS The following benefits were provided to directors and their guests under the terms of the Club’s constitution: Meetings – food and beverages 10,030 7,589 Accommodation and travelling - - President’s dinner 8,740 - Board members’ partners night 4,550 3,170 Professional development 205 791 Food and beverage allowance - directors 11,674 20,643 Directors fees paid or payable to all directors of the Club 56,250 60,250 No. No. The number of directors whose income from the Club fell within the following bands: $0 - $10,000 8 11 $10,001 - $20,000 1 1 NOTE 16: RESERVES (a) Capital Profits Reserve The capital profits reserve records profits on sale of non-current assets. (b) Asset Revaluation Reserve The revaluation surplus records revaluations of non-current assets. (c) Financial Assets Reserve The financial assets reserve records revaluation of financial assets. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017