October 2018 NSW Masonic Club 13 ANNUAL REPORT 2018 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. Membership At 30 June 2018 total Members numbered 1,651 comprising 613 Mason Members, 1,005 Associate Members, 9 Gold Members, 1 Patron and 23 Honorary Members. Core Property The Core Property of the Club as at 30 June 2018 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 GRAHAM BYRNE (President) (Director) Dated: 3rd day of October 2018 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 2018, 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: 3rd day of October 2018 Suite 505, Level 5 55 Grafton St BONDI JUNCTION NSW 2022 PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 30 JUNE 2018 Note 2018 2017 $ $ Revenue 2 5,102,038 4,530,732 Other income 2 (3,372) 10,446 Raw materials and consumables used (466,372) (322,538) Employment benefits expense (1,935,359) (1,935,260) Depreciation of property, plant and equipment 3 (494,397) (423,774) Occupancy expense (1,014,374) (886,061) Other expenses (504,380) (357,953) Profit before income tax expense 683,784 615,592 Income tax expense 4 (146,644) (100,808) Profit for the year 537,140 514,784 STATEMENT OF OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2018 Note 2018 2017 $ $ Profit for the year 537,140 514,784 Other comprehensive income after income tax: Items that will not be reclassified subsequently to profit or loss: Net gain on revaluation of non-current assets, net of tax 10 - 13,403,860 Net gain/(loss) on revaluation of available-for-sale financial assets, net of tax 2 8,480 (12,605) Other comprehensive income for the year, net of tax 8,480 13,391,255 Total comprehensive income for the year 545,620 13,906,039 Total comprehensive income attributable to: Members of the Club 545,620 13,906,039 STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2018 Note 2018 2017 $ $ CURRENT ASSETS Cash and cash equivalents 5 514,689 340,658 Trade and other receivables 6 102,441 118,134 Financial assets 7 3,600,000 3,400,000 Inventories 8 37,218 34,228 Other assets 9 94,731 55,059 Deferred tax assets 12 53,233 26,303 TOTAL CURRENT ASSETS 4,402,312 3,974,382 NON-CURRENT ASSETS Financial assets 7 452,072 358,383 Property, plant and equipment 10 35,219,908 35,334,744 Deferred tax assets 12 11,865 10,761 TOTAL NON-CURRENT ASSETS 35,683,845 35,703,888 TOTAL ASSETS 40,086,157 39,678,270 CURRENT LIABILITIES Trade and other payables 11 405,014 329,745 Income tax payable 12 102,458 6,815 Employee benefits liabilities 13 214,553 239,840 Other liabilities 14 145,227 446,004 TOTAL CURRENT LIABILITIES 867,252 1,022,404 NON-CURRENT LIABILITIES Employee benefits liabilities 13 29,967 12,548 TOTAL NON-CURRENT LIABILITIES 29,967 12,548 TOTAL LIABILITIES 897,219 1,034,952 NET ASSETS 39,188,938 38,643,318 MEMBERS’ EQUITY Reserves 32,764,156 32,755,676 Retained earnings 6,424,782 5,887,642 TOTAL MEMBERS’ EQUITY 39,188,938 38,643,318 DIRECTORS’ REPORT 2018 continued