b'NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 30 JUNE 202020202019 20202019$$ $$NOTE 10:PROPERTY, PLANT & EQUIPMENT NOTE 12:INCOME TAX(a)Land and Buildings Deferred Tax AssetsFreehold land at independent valuation 202013,000,00013,000,000 Deferred tax assets comprise: Buildings, lifts and integral plant and equipment Provisions and accruals45,06743,283- at independent valuation 202024,800,00022,000,000 Property, plant & equipmenttax allowances51,58239,372Revaluation adjustments taken directly to equity6,866 1,271Accumulated depreciation - (604,048) Capital losses carried forward623 1,066 24,800,00021, 395,952 Total net non-current deferred tax assets104,138 84,992Building improvementsat cost-696,993Accumulated depreciation-(3,871) NOTE 13:EMPLOYEE BENEFITS LIABILITIES-693,122 CurrentTotal buildings 24,800,000 22,089,074 Employee entitlementsTotal land and buildings37,800,000 35,089,074 Annual leave132,474147,866(b)Plant and EquipmentLong service leave47,35777,250Plant, furniture and equipmentat cost2,410,6742,481,662179,831225,116Non-Current Accumulated depreciation (2,172,045) (2,078,777) Employee entitlements 238,629 402,885 Long service leave 47,424 30,858Capital works in progressat cost 471,360 33,145 A provision has been recognised for employee benefits relating to long service Total plant and equipment 709,989 436,030 leave for employees.In calculating the present value of future cash flows in Total property, plant and equipment38,509,98935,525,104 respect of long service leave, the probability of long service leave being taken is based upon the historical data.The measurement and recognition criteria Movements in carrying amounts for employee benefits have been included in Note 1(f).The movement in the carrying amounts for each class of property, plant and20202019$$equipment between the beginning and the end of the current financial year: NOTE 14:OTHER LIABILITIESFreeholdBuildings Plant andTotal CurrentLand Equipment Subscriptions received in advance31,55736,217$ $ $ $ Advance booking deposits27,57467,908Balance at theSecurity deposits held relating to leased premises9524,292beginning of the year 13,000,000 22,089,074 436,030 35,525,104 Deferred income 664 4,018Independent60,747 112,435revaluation - 2,825,456 - 2,825,456 NOTE 15:RELATED PARTY TRANSACTIONSAdditions - 101,470 755,100 856,570 The following benefits were provided to directors and their guests under the terms of theresolutions passed at the 2019 Annual General Meeting:Disposals - - (173,401) (173,401) 20202019Depreciation - (216,000) (307,740) (523,740) $$Carrying amount atMeetingsfood and beverages8,42811,660the end of the year 13,000,000 24,800,000 709,989 38,509,989 Accommodation and travellingPresidents dinner-8,490Asset revaluations Board members partners night3,243656The freehold land and buildings were independently valued at 30 June 2020Professional development-603by Andrew Nock Pty Limited. The valuation was based on fair value lessFood and beverage allowance - directors12,21016,063cost to sell. The critical assumptions adopted in determining the valuationDirectors fees paid or payable to all directors of the Club51,50055,000included the location of the land and buildings, recent sales data for landNo.No.and buildings in the area and took into account the heritage status of theThe number of directors whose income frombuilding. The valuation resulted in a valuation increment of $2,825,456 beingthe Club fell within the following bands:recognised in the revaluation reserve for the year ended 30 June 2020.20202019 $0 - $10,000108$$ $10,001 - $20,00011NOTE 11:TRADE AND OTHER PAYABLES NOTE 16:KEY MANAGEMENT PERSONNEL COMPENSATIONCurrent Any person(s) having authority and responsibility for planning, directing Trade payables193,43899,601 and controlling the activities of the entity, directly or indirectly, including any Sundry payables and accrued expenses74,517 213,501 director (whether executive or otherwise) of that entity, is considered key 267,955313,102 management personnel (KMP).The totals of remuneration paid to KMP of the Club during the year are as follows:Current 20202019Financial liabilities at amortised cost classified as $$trade and other payables: KMP compensation 239,441 250,823Trade and other payables- Total current267,955313,102 No.No.- Total non-current KMP compensation1210Financial liabilities as trade and other payables267,955 313,102 There were no other related party transactions during the year other than as disclosed in Note 15 and 23. Transactions between related parties are on normal commercial terms and conditions no more favourable than those available to other parties unless otherwise stated.16NSW Masonic Club October 2020'