b'STATEMENT OF CHANGES IN EQUITY NOTES TO THE FINANCIAL STATEMENTSFOR THE yEAR ENDED 30 JUNE 2019 FOR THE yEAR ENDED 30 JUNE 2019 RetainedCapital AssetFinancialTotal accordancewiththeCorporationsAct2001andAustralianAccounting Earnings Reserve Revaluation AssetStandardsReducedDisclosureRequirementsandInterpretationsofthe Reserve Reserve Australian Accounting Standards Board. The Club is a not-for-profit entity for $ $ $ $ $ financial reporting purposes under Australian Accounting Standards. Material Balance as at accounting policies adopted in the preparation of these financial statements are 30 June 2017 5,887,642 1,319,388 31,458,037 (21,749) 38,643,318 presented below and have been consistently applied unless stated otherwise.Profit attributable toThe financial statements, except for the cash flow information, have been Members 537,140 - - - 537,140 prepared on an accruals basis and are based on historical costs, modified, where applicable, by the measurement at fair value of selected non-current Transfers - - - - - assets, financial assets and financial liabilities. The amounts in the financial Total otherstatements have been rounded to the nearest dollar.comprehensiveChange in Accounting Policyincome for the year - - - 8,480 8,480 Financial Instruments - Adoption of AASB 9Balance as at The Club has adopted AASB 9 Financial Instruments for the first time in the 30 June 2018 6,424,782 1,319,388 31,458,037 (13,269) 39,188,938 current year with a date of initial adoption of 1 July 2018. The Club has not Profit attributable toidentified any financial impact on the adoption of the new AASB 9 Financial Members 51,074 - - - 51,074 Instruments standard.Transfers - - - - - Thepreviousclassificationofavailableforsaleoffinancialassetsin relation to the Clubs equity investments has been replaced with Fair value Total otherthrough other comprehensive income - equity instruments (FVOCI - equity). comprehensiveClassification of financial assetsincome for the year - - - 9,919 9,919 The financial assets of the Club have been reclassified into one of the Balance as at followingcategoriesonadoptionofAASB9basedonprimarilythe 30 June 2019 6,475,856 1,319,388 31,458,037 (3,350) 39,249,931 business model in which a financial asset is managed and its contractual cash flow characteristics: Measured at amortised costSTATEMENT OF CASH FLOWSFair value through profit or loss (FVTPL) Fair value through other comprehensive income - debt instruments (FVOCI FOR THE yEAR ENDED 30 JUNE 2019 - debt) Fair value through other comprehensive income - equity instruments (FVOCI Note20192018 - equity).$$ Impairment of financial assetsCASH FLOWS FROM OPERATING ACTIVITIESThe incurred loss model from AASB 139 has been replaced with an expected Receipts from Members and guests5,098,4215,233,140 credit loss model in AASB 9 for assets measured at amortised cost, contract Payments to suppliers and employees(4,813,773) (4,659,048) assets and fair value through other comprehensive income. This has not Rent received122,223247,972 resulted in the earlier recognition of credit loss (bad debt provisions).Dividends received21,90416,242 Accounting PoliciesInterest received86,84882,902 (a) Income TaxIncome tax payments(179,345) (82,252) The income tax expense (revenue) for the year comprises current income Net cash provided by operating activities336,278 838,956 tax expense (income) and deferred tax expense (income).CASH FLOWS FROM INVESTING ACTIVITIES Current income tax expense charged to the profit or loss is the tax payable Proceeds from sale of property,on taxable income calculated using applicable income tax rates enacted, plant and equipment or substantially enacted, as at the end of the reporting period.Current tax Payments for property, plant and equipment(828,416)(379,561) liabilities (assets) are therefore measured at the amounts expected to be Proceeds from sale of investments55,54624,481 paid to (recovered from) the relevant taxation authority.Payments for investments in listed securities(23,823)(109,845) Deferred income tax expense reflects movements in deferred tax asset and Funds(investedin)/withdrawnfromtermdeposits 200,000(200,000) deferred tax liability balances during the year as well as unused tax losses. Net cash provided by/(used in) investingCurrent and deferred income tax expense (income) is charged or creditedactivities(596,693)(664,925) outside the profit and loss when the tax relates to items that are recognised outside the profit and loss.CASH FLOWS FROM FINANCING ACTIVITIESDeferred tax assets and liabilities are ascertained based on temporary Net cash provided by/(used in) financingdifferences arising between the tax bases of assets and liabilities and theiractivities - -carrying amounts in the financial statements. Deferred tax assets also Net increase/(decrease) in cash(260,415)174,031 result where amounts have been fully expensed but future tax deductions Cash and cash equivalents at beginning of the are available.No deferred income tax will be recognised from the initialfinancial year514,689 340,658 recognition of an asset or liability, excluding a business combination, where Cash and cash equivalents at end of the there is no effect on accounting or taxable profit or loss. financial year5254,274 514,689 Deferred tax assets and liabilities are calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates enacted or substantively enacted at the end of the reporting period.Their measurement also reflects the manner in which NOTES TO THE FINANCIAL STATEMENTS management expects to recover or settle the carrying amount of the related FOR THE yEAR ENDED 30 JUNE 2019 asset or liability.Deferred tax assets relating to temporary differences and unused tax losses The financial statements cover the New South Wales Masonic Club (theare recognised only to the extent that it is probable that future taxable profit will Club) as an individual entity, incorporated and domiciled in Australia. Thebe available against which the benefits of the deferred tax asset can be utilised.Club is a company limited by guarantee. Current tax assets and liabilities are offset where a legally enforceable The financial statements were authorised for issue on 2 October 2019 byright of set-off exists and it is intended that net settlement or simultaneous the directors of the Club. realisation and settlement of the respective asset and liability will occur.NOTE 1:SUMMARy OF SIGNIFICANT ACCOUNTING POLICIES Deferred tax assets and liabilities are offset where a legally enforceable right of set-off exists, the deferred tax assets and liabilities relate to income Basis of Preparation taxes levied by the same taxation authority on either the same taxable Thesegeneralpurposefinancialstatementshavebeenpreparedinentity or different taxable entities, where it is intended that net settlement or October 2019 NSW Masonic Club17'