b'NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 30 JUNE 2022NOTE 10:PROPERTY, PLANT & EQUIPMENT (continued) 20222021Asset revaluations $$The freehold land and buildings were independently valued at 30 June 2020NOTE 14:OTHER LIABILITIESby Andrew Nock Pty Limited. The valuation was based on fair value lessCurrentcost to sell. The critical assumptions adopted in determining the valuationSubscriptions received in advance97,37828,566included the location of the land and buildings, recent sales data for landAdvance booking deposits39,99437,533and buildings in the area and took into account the heritage status of theSecurity deposits held relating to leased premises 6,673 -building. The valuation resulted in a valuation increment of $2,825,456 being144,045 66,099recognised in the revaluation reserve for the year ended 30 June 2020. TheNOTE 15:RELATED PARTY TRANSACTIONSDirectors have performed a desktop valuation during the current financialThe following benefits were provided to directors and their guests under the year and determined there to be no material change to the fair value derivedterms of the resolutions passed at the 2021 Annual General Meeting:at 30 June 2020.20222021 20222021$$ $$NOTE 11:TRADE AND OTHER PAYABLES Meetingsfood and beverages6,0428,410Current Professional development50427Trade payables123,57733,021 Food and beverage allowance - directors5,0176,653Sundry payables and accrued expenses 265,210150,530 Directors fees paid or payable to all directors of the Club 38,292 27,666388,787183,551 No.No.NOTE 12:INCOME TAX The number of directors whose income fromDeferred Tax Assets comprise:the Club fell within the following bands:Provisions and accruals66,44549,022 $0 - $10,00078Property, plant & equipmenttax allowances95,16184,339 $10,001 - $20,000Revaluation adjustments taken directly to equity(9,083)(29,179)Capital losses carried forward -1,518 NOTE 16:KEY MANAGEMENT PERSONNEL COMPENSATIONTotal net non-current deferred tax assets152,523 105,700 Any person(s) having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including any director (whether executive or otherwise) of that entity, is considered key NOTE 13:EMPLOYEE BENEFITS LIABILITIES management personnel (KMP).Current The totals of remuneration paid to KMP of the Club during the year are as follows:Employee entitlements 20222021Annual leave189,892149,945 $$Long service leave 84,232 54,952 KMP compensation 152,202 193,821274,124204,897 No.No.Non-CurrentKMP compensation89Employee entitlementsLong service leave66,036 56,190 There were no other related party transactions during the year other than as disclosed in Note23. Transactions between related parties are on normal A provision has been recognised for employee benefits relating to long servicecommercial terms and conditions no more favourable than those available leave for employees. In calculating the present value of future cash flows into other parties unless otherwise stated.respect of long service leave, the probability of long service leave being takenNOTE 17:RESERVESis based upon the historical data. The measurement and recognition criteria for employee benefits have been included in Note 1(f). (a) Capital ReserveThe capital reserve records profits on sale of non-current assets.(b) Asset Revaluation ReserveThe revaluation reserve records revaluations of non-current assets.(c) Financial Assets ReserveThe financial assets reserve records revaluation of financial assets.CASUAL PASSESFOR MEMBERS & HOTEL GUESTSWe are now able to offer casual use of World Gym located in the Castlereagh Club to our Hotel Guests and Members.World Gym is open 24 hours and only a short stroll from the Club, located at 199 Castlereagh Street. If Members or hotel guests would like to visit the gym, please see our staff at reception (ground floor). A casual visit is $12 per day and you can access the gym as many times199 CASTLEREAGH STREET, as you like up until midnight thatSYDNEY, NSW, 2000day. Our staff will issue you with anWORLDGYM.COM/CASTLEREAGHaccess token upon payment. October 2022 NSW Masonic Club17'