b'NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 30 JUNE 202220222021 20222021$$ $$NOTE 2: REVENUE AND OTHER INCOME NOTE 7:FINANCIAL ASSETS Provision of accommodation services1,474,458602,264 CurrentSales of food and beverage580,690399,609 Fixed interest deposits700,000 1,700,000Poker machine takings-(700) Non Current Rent received58,16342,693 Investments in equity instruments designated as Members subscriptions45,82550,980 at fair value through other comprehensive income Room hire104,340132,276 Listed investments:Interest received3,39720,030 - shares in listed corporations 558,919 597,448Dividends received21,94318,696Compensation payments received368,14556,500 Investments in equity instruments comprise Australian Government Covid-19 cash boost-37,500 investments in the ordinary share capital of various Other1,107185 entities. There are no fixed returns or fixed maturity Total revenue2,658,0681,360,033 dates attached to these investments. The Club Other income/(expense): is not-for-profit entity and, as such, is unable Net gain/(loss) on disposal of property,to distribute imputation credits derived from its plant and equipment dividend revenue.Net gain/(loss) on disposal of investments50,110(3,675) NOTE 8:INVENTORIES 50,110 (3,675) Current - at costNet (loss)/gain on available-for-sale financialRaw materials assets at fair value (after tax effect) (60,287) 107,082 Liquor and beverage, held for sale in the ordinaryNet (loss)/gain on fair value of financial assets course of business22,728 12,568has been determined with reference to theNOTE 9:OTHER ASSETSmarket value of the investments at reporting date. CurrentPrepayments45,18849,968NOTE 3: LOSS BEFORE INCOME TAX Income tax recoverable47,047 47,047Depreciation of buildings315,930294,890Depreciation of plant and equipment5,051260,71892,23597,015Auditors remunerationfor audit services28,00021,474 NOTE 10:PROPERTY, PLANT & EQUIPMENTAuditors remunerationfor taxation services5,424 3,050 (a)Land and BuildingsNOTE 4:INCOME TAX EXPENSE Freehold land at independent valuation 202013,000,00013,000,000The components of tax expense comprise:Buildings, lifts and integral plant and equipmentCurrent tax -(47,047) - at independent valuation 202024,800,00024,800,000Deferred tax(26,727)(37,608) (26,727)(84,655) Accumulated depreciation(605,718) (294,890)The prima facie tax on loss from ordinary24,194,28224,505,110activities before income tax is reconciled toBuilding improvementsat cost683,96240,164the income tax expense as follows:Accumulated depreciation(5,103) -Prima facie tax recoverable at 25% (2021: 26%)(38,062)(319,278) 678,859 40,164Add/(less) tax effect of: Total buildings 24,873,14124,545,274Income tax rate change on deferred tax assets-5,395 Total land and buildings 37,873,14137,545,274Mutuality rate change on timing differences(3,643)9,806Franked dividends received(5,907)(4,967) (b)Plant and Equipment Net non-allowable/non-assessable items(5,797)(15,987)Net mutual income and non-allowable items49,756105,842 Plant, furniture and equipmentat cost2,453,5902,432,764Prior years income tax paid recoverable-(47,047) Accumulated depreciation (2,437,814)(2,432,764)(Tax losses recouped)/benefit of tax losses not taken up (23,074)181,581 15,776 -Income Tax Benefit (26,727) (84,655) Capital works in progressat cost653,165 831,860The applicable weighted average effective tax rates are: 17.55% 6.89% Total plant and equipment653,165 831,860NOTE 5:CASH AND CASH EQUIVALENTS Total property, plant and equipment38,542,08238,377,134Cash on hand5,0005,000Cash at bank 1,160,656242,689 Movements in carrying amounts 1,165,656247,689 The movement in the carrying amounts for each class of property, plant and NOTE 6:TRADE AND OTHER RECEIVABLES equipment between the beginning and the end of the current financial year:Current FreeholdBuildings Plant andTotalTrade receivables102,43039,350 Land EquipmentProvision for impairment(5,155)(5,155) $ $ $ $Other receivables 30,64813,868 127,923 48,063 Balance at the beginning of the year 13,000,000 24,545,274 831,860 38,377,134Lease commitments receivable Additions - 3,990 481,939 485,929Future minimum lease payments receivable fromnon-cancellable operating leases at reporting date:Transfers - 639,807 (639,807) -Receivable - Not later than one year41,600- Depreciation - (315,930) (5,051) (320,981)Later than one year and not later than five years40,040 - Carrying amount at81,640 - the end of the year 13,000,000 24,873,141 668,941 38,542,082Lease receivables relate to premises owned and let by the Club. 16NSW Masonic Club October 2022'