b'NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 30 JUNE 2020 FOR THE YEAR ENDED 30 JUNE 2020NOTE 17:RESERVES NOTE 23:SPECIAL REPORTING REQUIREMENTS (a) Capital Reserve The Registered Clubs Act (as amended) requires the Club to make available The capital reserve records profits on sale of non-current assets. to Members the following information in relation to the financial year:(b) Asset Revaluation Reserve (i)There were no contracts of employment with a top executive The revaluation reserve records revaluations of non-current assets. of the Club approved during the reporting period. (c) Financial Assets Reserve (ii)Purpose and details of overseas travel by a director or The financial assets reserve records revaluation of financial assets. employee of the Club.Nil(iii)Total profits/(losses) from gaming machines in the Club during theNOTE 18:CAPITAL AND LEASING COMMITMENTS 12 month period ended 30 November in the financialCapital expenditure commitments year to which this report relates.($623)(iv)Amount applied by the Club to community development Capitalexpenditurecommitmentscontractedforatthereportingdateand support during the 12 month period ended 30 November amounted to nil (2019 $nil). in the financial year to which this report relates.NilNOTE 19:FINANCIAL RISK MANAGEMENT(v)Loans made to employees of the Club.NilThe Clubs financial instruments consist primarily of deposits with banks,(vi)No consultants to the Club were paid in excess of $30,000.localmoneymarketinstruments,short-terminvestments,accounts(vii)Total consultancy fees paid, excluding amounts disclosed above$60,300receivable and payable, listed securities and leases. (viii) There was no settlement made with a Member of Totals for each category of financial instruments, measured in accordancethe governing body or employee as a result of a with AASB 9 as detailed in the accounting policies to these financiallegal dispute and no associated legal fees.statements, are as follows: (ix)No legal fees were paid on behalf of a Member of the governing body 20202019 or an employee.$$ (x)The Core Property of the Club as at 30 June 2020 was the Financial Assets at Amortised Cost property known as 169-173 Castlereagh Street, Sydney.Cash and cash equivalents363,044254,274 As at that date the Non-Core Property of the Club was nil.(xi)Set out below are disclosures made by a director, top executive or Term deposits and receivables2,760,3753,527,641 employee in relation to:Investments in equity instruments at fairA material personal interest that a director has in a matter relating to value through OCI: the affairs of the Clubnil.- Listed investments 454,513434,273 A personal or financial interest of a director or top executive in a contract relating to the procurement of goods or services or any major capital Total Financial Assets3,577,9324,216,188 works of the Club:Financial Liabilities Peter Zeilic$20,177Financial liabilities at amortised cost Any financial interest of a director or top executive in a hotel situated - Trade and other payables 267,955313,102 within 40 kilometres of the Clubs premisesnil.A gift or remuneration of $1,000 or more from an affiliated body of Total Financial Liabilities 267,955313,102 the Club or from a person or body that has entered into a contract with the Clubnil.NOTE 20:MEMBERS GUARANTEE (xii)Donations made to the Clubs internal sub-clubs, other entities utilising The Club is a company limited by guarantee, incorporated and domiciled inthe Clubs facilities and charitable institutions amounted to $3,509.Australia.If the Club is wound up, the Memorandum of Association statesTrainingthat each Member is required to contribute a maximum of $4 each towardsThe Board of Directors has met its governance obligations under Part 6 of meeting any outstanding obligations of the Club.At the reporting date thethe Registered Clubs Regulations 2015. The following directors and General number of Members was 1,454 (20191,568). Manager (Club Secretary) have completed the required training, as prescribed:In any case, where a Member has been in breach of paragraph 4 of theRobert EagleshamDirectorClubs constitution, entitled Memorandum of Association, the liability of aPaul BraschGeneral ManagerMember on winding up is unlimited.Please refer to Liability of Members on a Winding Up as set out in the Directors Report.NOTE 21:EVENTS AFTER THE REPORTING PERIOD DIRECTORS DECLARATIONTransport for NSWs construction of the Sydney Metro station to the immediate south of the Clubs building continues, with the project now in the final demolition phase prior the commencement of construction of the Metro train station. To this date there has been minimal effect on theThedirectorsoftheNewSouthWalesMasonicClub(theCompany) Clubs building and its operations resulting from the Metro constructiondeclare that:works.However,thefutureeffectofsuchconstructionworksonthe1.The financial statements and notes are in accordance with the Clubs building and operations cannot be determined at this stage. Corporations Act 2001 and:The Club is progressing its obligations under the Sydney City Council(a) comply with Australian Accounting Standards Reduced Disclosure (SCC) issued Fire Safety Order, supported by our fire safety engineersRequirements applicable to the Company; andand heritage consultants to develop a timeline and engineered solution(b) give a true and fair view of the financial position as at 30 June 2020 that preserves the heritage character of the Clubs building. Substantialand performance for the year ended on that date of the Company,capital expenditure continues to be incurred as funds permit. 2.in the directors opinion there are reasonable grounds to believe that Noothermattersorcircumstanceshavearisensincetheendofthethe Company will be able to pay its debts as and when they become financial year which significantly affected or may affect the operationsdue and payable.of the Club, the result of those operations, or the state of affairs of theThis declaration is made in accordance with a resolution of the Board of Club in future financial years other than the continuing adverse financialDirectors. effects of Covid-19 upon our accommodation and food and beverage revenue streams.NOTE 22:CONTINGENT ASSETS AND CONTINGENT LIABILITIESThere are no contingent assets or liabilities. STEPHEN G BATES(President)Dated: 7th day of October 2020October 2020 NSW Masonic Club17'