b'NoTes To The FiNaNCiaL sTaTemeNTsFOR THE yEAR ENDED 30 JUNE 2021NOTE 10:PROPERTy, PLANT & EqUIPMENT (continued) NOTE 16:KEy MANAGEMENT PERSONNEL COMPENSATIONAsset revaluations Any person(s) having authority and responsibility for planning, directing The freehold land and buildings were independently valued at 30 June 2020and controlling the activities of the entity, directly or indirectly, including any by Andrew Nock Pty Limited. The valuation was based on fair value lessdirector (whether executive or otherwise) of that entity, is considered key cost to sell. The critical assumptions adopted in determining the valuationmanagement personnel (KMP).included the location of the land and buildings, recent sales data for landThe totals of remuneration paid to KMP of the Club during the year are as follows:and buildings in the area and took into account the heritage status of the20212020building. The valuation resulted in a valuation increment of $2,825,456 being$$recognised in the revaluation reserve for the year ended 30 June 2020. TheKMP compensation 193,821 239,441Directors have performed a desktop valuation during the current financial year and determined there to be no material change to the fair value derivedNo.No.at 30 June 2020. KMP compensation91220212020 There were no other related party transactions during the year other than $$ as disclosed in Note 23. Transactions between related parties are on normal NOTE 11:TRADE AND OTHER PAyABLES commercial terms and conditions no more favourable than those available Current to other parties unless otherwise stated.Trade payables33,021193,438Sundry payables and accrued expenses150,53074,517 NOTE 17:RESERVES183,551 267,955 (a) Capital ReserveNOTE 12:INCOME TAX The capital reserve records profits on sale of non-current assets.Deferred Tax Assets comprise:(b) Asset Revaluation ReserveProvisions and accruals49,02245,067 The revaluation reserve records revaluations of non-current assets.Property, plant & equipmenttax allowances84,33951,582 (c) Financial Assets ReserveRevaluation adjustments taken directly to equity(29,179) 6,866 The financial assets reserve records revaluation of financial assets.Capital losses carried forward 1,518623 NOTE 18:CAPITAL AND LEASING COMMITMENTSTotal net non-current deferred tax assets105,700 104,138 Capital expenditure commitmentsCapitalexpenditurecommitmentscontractedforatthereportingdate NOTE 13:EMPLOyEE BENEFITS LIABILITIES amounted to $391,558 (2020 $nil).Current NOTE 19:FINANCIAL RISK MANAGEMENT Employee entitlementsAnnual leave149,945132,474 The Clubs financial instruments consist primarily of deposits with banks, Long service leave54,952 47,357 localmoneymarketinstruments,short-terminvestments,accounts receivable and payable, listed securities and leases.204,897179,831 Totals for each category of financial instruments, measured in accordance Non-Currentwith AASB 9 as detailed in the accounting policies to these financial Employee entitlements statements, are as follows:Long service leave56,190 47,424 20212020$$A provision has been recognised for employee benefits relating to long serviceFinancial Assets at Amortised Costleave for employees.In calculating the present value of future cash flows inCash and cash equivalents247,689363,044respect of long service leave, the probability of long service leave being takenTerm deposits and receivables1,748,0632,760,375is based upon the historical data.The measurement and recognition criteria for employee benefits have been included in Note 1(f). Investments in equity instruments at fair 20212020 value through OCI:$$ - Listed investments 597,448454,513NOTE 14:OTHER LIABILITIESCurrent Total Financial Assets2,593,2003,577,932Subscriptions received in advance28,56631,557 Financial LiabilitiesAdvance booking deposits37,53327,574 Financial liabilities at amortised costSecurity deposits held relating to leased premises-952 - Trade and other payables 183,551267,955Deferred income-66466,099 60,747 Total Financial Liabilities 183,551267,955NOTE 15:RELATED PARTy TRANSACTIONS NOTE 20:CONTINGENT ASSETS AND CONTINGENT LIABILITIESThe following benefits were provided to directors and their guests under theThere are no contingent assets or liabilities.terms of theresolutions passed at the 2020 Annual General Meeting:20212020 NOTE 21:MEMBERS GUARANTEE$$ The Club is a company limited by guarantee, incorporated and domiciled in Meetingsfood and beverages8,4108,428 Australia.If the Club is wound up, the Memorandum of Association states Accommodation and travelling that each Member is required to contribute a maximum of $4 each towards Presidents dinner meeting any outstanding obligations of the Club.At the reporting date the Board members partners night-3,243 number of Members was 1,389 (20201,454).Professional development427- In any case, where a Member has been in breach of paragraph 4 of the Food and beverage allowance - directors6,65312,210 Clubs constitution, entitled Memorandum of Association, the liability of a Directors fees paid or payable to all directors of the Club27,66651,500 Member on winding up is unlimited.Please refer to Liability of Members on a Winding Up as set out in the Directors Report.No.No. NOTE 22:EVENTS AFTER THE REPORTING PERIODThe number of directors whose income from Transport for NSWs construction of the Sydney Metro station to the the Club fell within the following bands: immediate south of the Clubs building continues, with the project now in $0 - $10,000810 the construction stage of the Metro train station. To this date there has $10,001 - $20,000-1 been minimal effect on the Clubs building and its operations resulting October 2021 NSW Masonic Club17'