b'NOTES TO THE FINANCIAL STATEMENTSFOR THE yEAR ENDED 30 JUNE 201920192018 20192018$$ $$ NOTE 2: REVENUE AND OTHER INCOME NOTE 7:FINANCIAL ASSETS (continued)Sales of goods and provision of services3,993,1324,225,604 Listed investments:Poker machine takings7,6428,861 - shares in listed corporations 434,273 452,072Rent received110,938221,950 Investments in equity instruments comprise investments in the ordinary Members subscriptions68,20473,036 share capital of various entities. There are no fixed returns or Room hire114,45486,786 fixed maturity dates attached to these investments.Interest received89,65485,819Dividends received21,90416,242 NOTE 8:INVENTORIESCompensation payments received168,590340,000 Current - at costOther1,97943,740 Raw materials Total revenue4,576,4975,102,038 - Beverages and consumables25,77337,218Other income/(expense): - Car parking vouchers Netgain/(loss)ondisposalofinvestments243(3,372)25,77337,218Netgain/(loss)onavailable-for-salefinancial NOTE 9:OTHER ASSETSassets at fair value (after tax effect) 9,9198,480 CurrentNet loss on fair value of financial assets has been Prepayments49,54594,731determined with reference to the market value ofIncome tax recoverable 29,840 -the investments at reporting date.NOTE 3: PROFIT BEFORE INCOME TAX79,38594,731Depreciation of buildings306,000301,919 NOTE 10:PROPERTy, PLANT & EQUIPMENTDepreciation of plant and equipment217,220192,478 (a)Land and BuildingsAuditors remunerationfor audit services21,50021,500 Freehold land at independent valuation 201713,000,00013,000,000Auditors remunerationfor other services3,6003,100Bad debts written offtrade and other receivables-6,364 Buildings, lifts and integral plant and equipmentNOTE 4:INCOME TAX EXPENSE - at independent valuation 201722,000,00022,000,000The components of tax expense comprise:Accumulated depreciation(604,048)(301,919)Current tax47,047177,89521,395,95221,698,081Deferred tax(23,656) (31,251) Building improvementsat cost696,993- 23,391146,644 Accumulated depreciation(3,871) -The prima facie tax on profit from ordinary693,122 -activities before income tax is reconciled to the income tax expense as follows:Total buildings 22,089,07421,698,081Prima facie tax payable at 27.5% (2018: 27.5%)20,478188,040 Total land and buildings35,089,07434,698,081Less tax effect of: (b)Plant and Equipment Income tax rate change on deferred tax assets Plant, furniture and equipmentat cost2,481,6622,293,252Mutuality rate change on timing differences3,150(9,797) Accumulated depreciation (2,078,777) (1,861,557)Franked dividends received(5,907)(4,330)402,885 431,695Netnon-allowable/non-assessableitems (535) (781)Net mutual income and non-allowable items 6,205(26,488) Capital works in progressat cost 33,145 90,132Income Tax Expense 23,391 146,644 Total plant and equipment 436,030521,827 The applicable weighted average effective tax rates are:31.4%21.4%NOTE 5:CASH AND CASH EQUIVALENTS Total property, plant and equipment35,525,10435,219,908Cash on hand17,00017,000 Movements in carrying amountsCash at bank237,274497,689 The movement in the carrying amounts for each class of property, plant and 254,274514,689 equipment between the beginning and the end of the current financial year:NOTE 6:TRADE AND OTHER RECEIVABLES FreeholdBuildings Plant andTotalCurrent Land EquipmentTrade receivables86,70064,664 $ $ $ $Provision for impairment Balance at the Other receivables 40,941 37,777 beginning of the year 13,000,000 21,698,081 521,827 35,219,908 127,641102,441 Independent Lease commitments receivablerevaluation - - - -Future minimum lease payments receivable from Additions - 696,993 131,423 828,416non-cancellable operating leases at reporting date: Receivable -Disposals - - - -Not later than one year31,276112,085 Depreciation - (306,000) (217,220) (523,220)Later than one year and not later than five years 26,991 177,969 Carrying amount at the58,267290,054 end of the year 13,000,000 22,089,074 436,030 35,525,104Lease receivables relate to premises owned and let by the Club.Asset revaluationsNOTE 7:FINANCIAL ASSETSThe freehold land and buildings were independently valued at 30 June 2017 Current by Andrew Nock Pty Limited. The valuation was based on fair value less Fixed interest deposits 3,400,000 3,600,000 cost to sell. The critical assumptions adopted in determining the valuation Non Currentincluded the location of the land and buildings, recent sales data for land Investments in equity instruments designated as at fair and buildings in the area and took into account the heritage status of the value through other comprehensive income building. The valuation resulted in a valuation increment of $13,403,860 being recognised in the revaluation reserve for the year ended 30 June 2017.20NSW Masonic Club October 2019'