October 2018 NSW Masonic Club 17 ANNUAL REPORT 2018 NOTE 10: PROPERTY, PLANT & EQUIPMENT Continued 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 13,000,000 22,000,000 334,744 35,334,744 Independent revaluation - - - - Additions - - 379,561 379,561 Disposals - - - - Depreciation - (301,919) (192,478) (494,397) Carrying amount at the end of the year 13,000,000 21,698,081 521,827 35,219,908 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. 2018 2017 $ $ NOTE 11: TRADE AND OTHER PAYABLES Current Trade payables 211,153 84,141 Sundry payables and accrued expenses 193,861 245,604 405,014 329,745 Current Financial liabilities at amortised cost classified as trade and other payables: Trade and other payables - Total current 405,014 329,745 - Total non-current - - Financial liabilities as trade and other payables 405,014 329,745 Credit standby arrangements with banks Credit facility - - Amount utilised at balance date - - Unused credit facility - - NOTE 12: TAX Liabilities Current Income tax payable 102,458 6,815 Assets Deferred tax assets comprise: Provisions and accruals 44,341 40,464 Property, plant & equipment – tax allowances 14,591 (12,051) Revaluation adjustments taken directly to equity 5,033 8,250 Capital losses carried forward 1,133 401 65,098 37,064 Net Deferred Tax Assets Current 53,233 26,303 Non-current 11,865 10,761 65,098 37,064 NOTE 13: EMPLOYEE BENEFITS LIABILITIES Current Employee entitlements Annual leave 142,139 155,864 Long service leave 72,414 83,976 214,553 239,840 2018 2017 $ $ NOTE 13: EMPLOYEE BENEFITS LIABILITIES Non-Current Employee entitlements Long service leave 29,967 12,548 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). 2018 2017 $ $ NOTE 14: OTHER LIABILITIES Current Subscriptions received in advance 38,277 42,606 Advance booking deposits 98,831 151,544 Security deposits held relating to leased premises 4,292 11,854 Deferred income 3,827 240,000 145,227 446,004 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 12,249 10,030 Accommodation and travelling - - President’s dinner 9,353 8,740 Board members’ partners night 3,914 4,550 Professional development 1,950 205 Food and beverage allowance - directors 13,355 11,674 Directors fees paid or payable to all directors of the Club 55,000 56,250 No. No. The number of directors whose income from the Club fell within the following bands: $0 - $10,000 8 8 $10,001 - $20,000 1 1 NOTE 16: KEY MANAGEMENT PERSONNEL COMPENSATION Any person(s) having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including any director (whether executive or otherwise) of that entity, is considered key management personnel (KMP). The totals of remuneration paid to KMP of the Club during the year are as follows: 2018 2017 $ $ KMP compensation 244,362 234,767 No. No. KMP compensation 10 10 There were no other related party transactions during the year. NOTE 17: 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. NOTE 18: CAPITAL AND LEASING COMMITMENTS (a) Finance lease commitments There are no commitments (2017 – nil). (b) Operating lease commitments There are no commitments (2017 – nil). (c) Capital expenditure commitments Capital expenditure commitments contracted for at the reporting date amounted to $62,500 (2017 – $103,008). NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018