18 NSW Masonic Club October 2017 ANNUAL REPORT 2017 NOTE 17: CAPITAL AND LEASING COMMITMENTS (a) Finance lease commitments There are no commitments (2016 – nil). (b) Operating lease commitments There are no commitments (2016 – nil). (c) Capital expenditure commitments Capital expenditure commitments contracted for at the reporting date amounted to $103,008 (2016 – $Nil). NOTE 18: FINANCIAL RISK MANAGEMENT The Club’s financial instruments consist primarily of deposits with banks, local money market instruments, short-term investments, accounts receivable and payable, listed securities and leases. Totals for each category of financial instruments, measured in accordance with AASB 139 as detailed in the accounting policies to these financial statements, are as follows: 2017 2016 $ $ Financial Assets Cash and cash equivalents 340,658 415,171 Loans and receivables 3,518,134 2,321,019 Available-for-sale financial assets, at fair value: - Listed investments 358,383 267,966 Total Financial Assets 4,217,175 3,004,156 Financial Liabilities Financial liabilities at amortised cost - Trade and other payables 329,745 278,259 Total Financial Liabilities 329,745 278,259 NOTE 19: MEMBERS’ GUARANTEE The Club is a company limited by guarantee, incorporated and domiciled in Australia. If the Club is wound up, the Memorandum of Association states that each Member is required to contribute a maximum of $4 each towards meeting any outstanding obligations of the Club. At the reporting date the number of Members was 1,777 (2016 – 1,832). In any case, where a Member has been in breach of paragraph 4 of the Club’s constitution, entitled “Memorandum of Association”, the liability of a Member on winding up is unlimited. Please refer to “Liability of Members on a Winding Up” as set out in the Directors’ Report. NOTE 20: SPECIAL REPORTING REQUIREMENTS The Registered Clubs Act (as amended) requires the Club to make available to Members the following information in relation to the financial year: (i) Number of employee remuneration packages equal to or more than $100,000: Band: $170,000 and $180,000 1 (ii) Financial interest acquired in a hotel declared as required. Nil (iii) Purpose and details of overseas travel by a director, secretary or manager of the Club. Nil (iv) Total profits from gaming machines in the Club during the 12 month period ended 30 November in the financial year to which this report relates. $17,879 (v) Amount applied by the Club to community development and support during the 12 month period ended 30 November in the financial year to which this report relates. Nil (vi) Loans made to employees of the Club. Nil (vii) There was no contract approved under Section 41M of the Act which was entered into by the Club. (viii) No consultant to the Club was paid in excess of $30,000. (ix) Total consultancy fees paid. Nil (x) There was no settlement made with a Member of the governing body or employee as a result of a legal dispute. (xi) No legal fees were paid on behalf of a Member of the governing body or an employee. (xii) There are no employees of the Club who are close relatives of a top executive as defined by Section 41B(1) of the Act. (xiii) 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. The directors of the New South Wales Masonic Club (the “Company”) declare that: 1. The financial statements and notes are in accordance with the Corporations Act 2001 and: (a) comply with Accounting Standards; and (b) give a true and fair view of the financial position as at 30 June 2017 and performance for the year ended on that date of the Company, 2. in the directors’ opinion there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable. This declaration is made 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 INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2017 Note 2017 2016 $ $ Income Trading profit 2,349,721 1,920,854 Poker machine profit (excluding depreciation) 16,267 21,077 Members subscriptions 74,249 79,856 Donations 250 - Rent received 189,360 186,885 Room hire 77,988 46,598 Interest received 68,582 57,468 Dividends received 12,425 8,299 Net gain on disposal of investments 10,446 - Sundry income 10,012 1,456 2,809,300 2,322,493 Expenses General overhead expenses 908,862 699,313 Administration expenses 572,152 583,289 Bad debts - - Auditors’ remuneration: Audit fees 21,000 20,500 Accountancy and taxation services 3,000 3,000 Donations 3,779 4,110 Social amenities and activities 41,661 53,862 Directors and related persons’ benefits 15 35,199 32,193 Directors fees 56,250 60,250 Depreciation: Building 234,201 182,376 Plant and equipment 189,573 233,576 Rates and taxes 128,031 131,389 2,193,708 2,003,858 Profit before income tax 615,592 318,635 Income tax expense 4 (100,808) (46,164) Profit after income tax 514,784 272,471 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017 DIRECTORS’ DECLARATION