b'NoTes To The FiNaNCiaL sTaTemeNTsFOR THE yEAR ENDED 30 JUNE 202120212020 20212020$$ $$NOTE 2: REVENUE AND OTHER INCOME NOTE 7:FINANCIAL ASSETS Provision of accommodation services602,2642,598,390 CurrentSales of food and beverage399,609354,228 Fixed interest deposits 1,700,000 2,600,000Poker machine takings(700)(761) Non Current Rent received42,69348,205 Investments in equity instruments designated as Members subscriptions50,98065,889 at fair value through other comprehensive income Room hire132,276118,104 Listed investments:Interest received20,03059,418 - shares in listed corporations 597,448 454,513Dividends received18,69619,512Compensation payments received56,50046,000 Investments in equity instruments comprise Australian Government Covid-19 cash boost37,50062,500 investments in the ordinary share capital of various Sale of gaming entitlements-102,667 entities. There are no fixed returns or fixed maturity Other1851,395 dates attached to these investments. The Club Total revenue1,360,0333,475,547 is not-for-profit entity and, as such, is unable Other income/(expense): to distribute imputation credits derived from its Net gain/(loss) on disposal of property,dividend revenue.plant and equipment-(169,491) NOTE 8:INVENTORIESNet gain/(loss) on disposal of investments(3,675)(675) Current - at cost (3,675) (170,166) Raw materials Net gain/(loss) on available-for-sale financialLiquor and beverage, held for sale in the ordinaryassets at fair value (after tax effect) 107,082 (16,194) course of business12,568 18,141Net gain/(loss) on fair value of financial assetsNOTE 9:OTHER ASSETShas been determined with reference to theCurrentmarket value of the investments at reporting date.Prepayments49,96856,894NOTE 3: PROFIT BEFORE INCOME TAX Income tax recoverable47,047 -Depreciation of buildings294,890216,000Depreciation of plant and equipment260,718307,740 97,01556,894Auditors remunerationfor audit services21,47430,420 NOTE 10:PROPERTy, PLANT & EqUIPMENTAuditors remunerationfor taxation services 3,050 3,850 (a)Land and Buildings Freehold land at independent valuation 202013,000,00013,000,000NOTE 4:INCOME TAX EXPENSEThe components of tax expense comprise:Buildings, lifts and integral plant and equipmentCurrent tax(47,047)- - at independent valuation 202024,800,00024,800,000Deferred tax(37,608) (13,551) Accumulated depreciation(294,890)- (84,655)(13,551) 24,505,110 24,800,000The prima facie tax on loss from ordinaryBuilding improvementsat cost40,164-activities before income tax is reconciled toAccumulated depreciation - -the income tax expense as follows: Prima facie tax recoverable at 26.0% (2020: 27.5%)(319,278)(99,442)40,164 -Add/(less) tax effect of: Total buildings24,545,274 24,800,000Income tax rate change on deferred tax assets5,3955,612 Total land and buildings37,545,274 37,800,000Mutuality rate change on timing differences9,806(14,300) (b)Plant and Equipment Franked dividends received(4,967)(5,009)Net non-allowable/non-assessable items(15,987)(17,095) Plant, furniture and equipmentat cost2,432,7642,410,674Net mutual income and non-allowable items105,84219,733 Accumulated depreciation (2,432,764) (2,172,045)Prior years income tax paid recoverable(47,047) 238,629Benefit of tax losses not taken up 181,58196,950 Capital works in progressat cost 831,860471,360Income Tax Benefit (84,655)(13,551) Total plant and equipment 831,860 709,989The applicable weighted average effective tax rates are:6.89% 3.75%NOTE 5:CASH AND CASH EqUIVALENTS Total property, plant and equipment38,377,13438,509,989Cash on hand5,0005,000 Movements in carrying amountsCash at bank242,689358,044 The movement in the carrying amounts for each class of property, plant and 247,689363,044 equipment between the beginning and the end of the current financial year:NOTE 6:TRADE AND OTHER RECEIVABLESCurrent FreeholdBuildings Plant andTotalTrade receivables39,3503,935 Land EquipmentProvision for impairment(5,155)(5,155) $ $ $ $Other receivables 13,868 161,595 Balance at the48,063 160,375 beginning of the year 13,000,000 24,800,000 709,989 38,509,989Lease commitments receivable Independent Future minimum lease payments receivable from revaluation - - - -non-cancellable operating leases at reporting date:Additions - 40,164 382,589 422,753Receivable - Not later than one year-18,692 Disposals - - - -Later than one year and not later than five years- - - 18,692 Depreciation - (294,890) (260,718) (555,608)Carrying amount at Lease receivables relate to premises ownedthe end of the year 13,000,000 24,545,274 831,860 38,377,134and let by the Club.16NSW Masonic Club October 2021'