b'STATEMENT OF FINANCIAL POSITION STATEMENT OF CASH FLOWSAS AT 30 JUNE 2020 FOR THE YEAR ENDED 30 JUNE 2020Note20202019 Note20202019$$ $$CURRENT ASSETSCASH FLOWS FROM OPERATING ACTIVITIES Cash and cash equivalents5363,044254,274 Receipts from Members and guests3,633,5005,098,421Payments to suppliers and employees(3,821,153) (4,813,773)Trade and other receivables6160,375127,641 Rent received49,672122,223Financial assets72,600,0003,400,000 Dividends received19,51221,904Inventories 818,14125,773 Interest received65,66486,848Government grants received227,100-Other assets956,894 79,385 Income tax refunds/(payments) 29,840(179,345)TOTAL CURRENT ASSETS3,198,4543,887,073 Net cash provided by operating activities204,135 336,278NON-CURRENT ASSETSCASH FLOWS FROM INVESTING ACTIVITIESFinancial assets7454,513434,273 Proceeds from sale of property, Property, plant and equipment1038,509,989 35,525,104 plant and equipment3,909-Deferred tax assets12104,138 84,992 Payments for property, plant and equipment(856,570)(828,416)Proceeds from sale of investments2,64155,546TOTAL NON-CURRENT ASSETS 39,068,64036,044,369 Payments for investments in listed securities(45,345)(23,823)TOTAL ASSETS42,267,09439,931,442 Funds withdrawn from term deposits 800,000 200,000CURRENT LIABILITIESNet cash used in investing activities (95,365)(596,693)Trade and other payables11267,955313,102 CASH FLOWS FROM FINANCING ACTIVITIES Employee benefits liabilities13179,831225,116 Net cash provided by/(used in) financing Other liabilities14 60,747 112,435activities - - TOTAL CURRENT LIABILITIES508,533 650,653 Net increase/(decrease) in cash108,770(260,415)Cash and cash equivalents at beginning of theNON-CURRENT LIABILITIES financial year254,274 514,689Employee benefits liabilities1347,424 30,858 Cash and cash equivalents at end of theTOTAL NON-CURRENT LIABILITIES47,424 30,858financial year5363,044 254,274TOTAL LIABILITIES555,957 681,511NET ASSETS41,711,13739,249,931 NOTES TO THE FINANCIAL STATEMENTSMEMBERS EQUITYFOR THE YEAR ENDED 30 JUNE 2020Reserves35,583,337 32,774,075Retained earnings 6,127,8006,475,856The financial statements cover the New South Wales Masonic Club (the Club) as an individual entity, incorporated and domiciled in Australia. The TOTAL MEMBERS EQUITY41,711,13739,249,931 Club is a company limited by guarantee.The financial statements were authorised for issue on 7 October 2020 by the directors of the Club.NOTE 1:SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESBasis of PreparationThese general purpose financial statements have been prepared in accordance STATEMENT OF CHANGES IN EQUITY withtheCorporationsAct2001andAustralianAccountingStandards FOR THE YEAR ENDED 30 JUNE 2020 ReducedDisclosureRequirementsandInterpretationsoftheAustralian Accounting Standards Board. The Club is a not-for-profit entity for financial reportingpurposesunderAustralianAccountingStandards.Material accounting policies adopted in the preparation of these financial statements RetainedCapital AssetFinancialTotal arepresentedbelowandhavebeenconsistentlyappliedunlessstated Earnings Reserve Revaluation Assetotherwise.Reserve Reserve The financial statements, except for the cash flow information, have been $ $ $ $ $ prepared on an accruals basis and are based on historical costs, modified, Balance as atwhere applicable, by the measurement at fair value of selected non-current 30 June 2018 6,424,782 1,319,388 31,458,037 (13,269) 39,188,938 assets, financial assets and financial liabilities. The amounts in the financial Profit attributablestatements have been rounded to the nearest dollar.to Members 51,074 - - - 51,074 New or amended Accounting Standards and Interpretations adoptedTotal otherThe Club has adopted all new or amended Accounting Standards and comprehensiveInterpretationsissuedbytheAustralianAccountingStandardsBoard income for the year - - - 9,919 9,919 (AASB) that are mandatory for the current reporting period. Any new Balance as atoramendedAccountingStandardsorInterpretationsthatarenotyet 30 June 2019 6,475,856 1,319,388 31,458,037 (3,350) 39,249,931 mandatoryhavenotbeenearlyadopted.ThefollowingAccounting Standards and Interpretations are most relevant to the Club:Loss attributableAASB 15 Revenue from Contracts with Customersto Members (348,056) - - - (348,056)Total otherThe Club has adopted AASB 15 from 1 July 2019. The standard provides a comprehensivesingle comprehensive model for revenue recognition. The core principle of income for the year - - 2,825,456 (16,194) 2,809,262 the standard is that an entity shall recognise revenue to depict the transfer of promised goods or services to customers (performance obligations), at Balance as atan amount that reflects the consideration to which the entity expects to be 30 June 2020 6,127,800 1,319,388 34,283,493 (19,544) 41,711,137 entitled in exchange for those goods or services. AASB 16 LeasesThe Club has adopted AASB 16 from 1 July 2019. The standard replaces 12NSW Masonic Club October 2020'