b'NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 30 JUNE 202320232022 20232022$$ $$NOTE 3: LOSS BEFORE INCOME TAX NOTE 8:INVENTORIESDepreciation of buildings333,627315,930 Current - at costDepreciation of plant and equipment36,1745,051 Raw materials Superannuation expense202,950115,402 Liquor and beverage, held for sale in the ordinaryAuditors remunerationfor audit services29,50028,000 course of business14,603 22,728Auditors remunerationfor taxation services 3,734 5,424NOTE 9:OTHER ASSETSNOTE 4:INCOME TAX EXPENSE CurrentThe components of tax expense comprise:Prepayments55,88845,188Current tax Income tax recoverable - 47,047Deferred tax 78,053 (26,727)55,88892,23578,053(26,727) NOTE 10:PROPERTY, PLANT & EQUIPMENTThe prima facie tax on profit/(loss) from ordinary(a)Land and Buildingsactivities before income tax is reconciled toFreehold land at independent valuation 2023 13,000,00013,000,000the income tax expense as follows:Buildings, lifts and integral plant and equipmentPrima facie tax payable/(recoverable) at 25%- at independent valuation 202326,425,00024,800,000(2022: 25%)283,484(38,062) Accumulated depreciation-(605,718)Add/(less) tax effect of:26,425,00024,194,282Mutuality rate change on timing differences(14,500)(3,643) Building improvementsat cost-683,962Franked dividends received2,724(5,907) Accumulated depreciation-(5,103)Net non-allowable/non-assessable items(2,685)(5,797)Net mutual income and non-allowable items(47,331)49,756 - 678,859Prior years tax losses recouped (143,639) (23,074) Total buildings 26,425,000 24,873,141Income Tax Expense/(Benefit) 78,053(26,727) Total land and buildings39,425,000 37,873,141The applicable weighted average effective(b)Plant and Equipmenttax rates are: 6.88%17.55%Plant, furniture and equipmentat cost2,817,2132,453,590NOTE 5:CASH AND CASH EQUIVALENTS Accumulated depreciation(2,460,130) (2,437,814)Cash on hand5,0005,000357,083 15,776Cash at bank1,212,220 1,160,656 Capital works in progressat cost744,608 653,1651,217,220 1,165,656 Total plant and equipment 1,101,691 668,941Total property, plant and equipment40,526,69138,542,082NOTE 6:TRADE AND OTHER RECEIVABLES Movements in carrying amountsCurrent The movement in the carrying amounts for each class of property, plant and Trade receivables138,232102,430 equipment between the beginning and the end of the current financial year:Provision for expected credit losses(5,155)(5,155) FreeholdBuildings Plant andTotalOther receivables 29,850 30,648 Land Equipment162,927 127,923 $ $ $ $Lease commitments receivable Balance at the Future minimum lease payments receivable from beginning of the year 13,000,000 24,873,141 668,941 38,542,082non-cancellable operating leases at reporting date:Additions - 365,451 468,924 834,375Receivable -Revaluation - 1,520,035 - 1,520,035Not later than one year79,96041,600Later than one year and not later than five years 52,458 40,040 Depreciation - (333,627) (36,174) (369,801) 132,418 81,640 Carrying amount at the end of the year 13,000,000 26,425,000 1,101,691 40,526,691Lease receivables relate to premises ownedand let by the Club.Asset revaluationsThe freehold land and buildings were independently valued at 30 June 2023 NOTE 7:FINANCIAL ASSETSby Andrew Nock Pty Limited. The valuation was based on fair value less Current cost to sell. The critical assumptions adopted in determining the valuation Fixed interest deposits1,500,000700,000 included the location of the land and buildings, recent sales data for land Non Currentand buildings in the area and took into account the heritage status of the Investments in equity instruments designated asbuilding. The valuation resulted in a valuation increment of $1,520,035 at fair value through other comprehensive incomebeing recognised in the revaluation reserve for the year ended 30 June 2023.Listed investments:Shares in listed corporations 649,046 558,919 20232022$$Investments in equity instruments compriseNOTE 11:TRADE AND OTHER PAYABLESinvestments in the ordinary share capital of variousCurrententities, and are accounted for at fair value throughTrade payables109,296123,577other comprehensive income. There are no fixedSundry payables and accrued expenses412,464 265,210returns or fixed maturity dates attached to these investments. The Club is not-for-profit entity and,521,760 388,787as such, is unable to distribute imputation credits derived from its dividend revenue.16NSW Masonic Club October 2023'