Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 2014 NSW Masonic Club October 2016 14 NSW Masonic Club October 2016 ANNUAL REPORT 2016 ANNUAL REPORT 2016 STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2016 Note 2016 2015 $ $ CURRENT ASSETS Cash and cash equivalents 5 415,171 469,552 Trade and other receivables 6 121,019 66,379 Financial assets 7 2,200,000 1,800,000 Inventories 8 42,405 36,778 Other assets 9 49,084 53,526 Deferred tax assets 12 65,606 - TOTAL CURRENT ASSETS 2,893,285 2,426,235 NON-CURRENT ASSETS Financial assets 7 267,966 161,709 Property, plant and equipment 10 22,136,681 22,395,383 Deferred tax assets 12 61,118 164,042 TOTAL NON-CURRENT ASSETS 22,465,765 22,721,134 TOTAL ASSETS 25,359,050 25,147,369 CURRENT LIABILITIES Trade and other payables 11 278,259 217,080 Employee benefits liabilities 13 233,916 313,302 Other liabilities 14 83,632 94,841 TOTAL CURRENT LIABILITIES 595,807 625,223 NON-CURRENT LIABILITIES Employee benefits liabilities 13 25,964 36,696 TOTAL NON-CURRENT LIABILITIES 25,964 36,696 TOTAL LIABILITIES 621,771 661,919 NET ASSETS 24,737,279 24,485,450 MEMBERS’ EQUITY Reserves 19,364,421 19,385,063 Retained earnings 5,372,858 5,100,387 TOTAL MEMBERS’ EQUITY 24,737,279 24,485,450 STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2016 Retained Earnings $ Capital Reserve $ Asset Revaluation Reserve $ Financial Asset Reserve $ Total $ Balance as at 30 June 2014 5,340,743 1,319,388 18,054,177 25,615 24,739,923 Profit/(loss) attributable to Members (240,356) - - - (240,356) Transfers - - - - - Total other comprehensive income for the year - - - (14,117) (14,117) Balance as at 30 June 2015 5,100,387 1,319,388 18,054,177 11,498 24,485,450 Profit attributable to Members 272,471 - - - 272,471 Transfers - - - - - Total other comprehensive income for the year - - - (20,642) (20,642) Balance as at 30 June 2016 5,372,858 1,319,388 18,054,177 (9,144) 24,737,279 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2016 Note 2016 2015 $ $ CASH FLOWS FROM OPERATING ACTIVITIES Receipts from Members and guests 4,082,515 3,512,125 Payments to suppliers and employees (3,700,342) (3,654,411) Rent received 205,573 198,104 Dividends received 8,299 9,099 Interest received 42,570 84,830 Income tax payments - - Net cash provided by operating activities 638,615 149,747 CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of property, plant and equipment - - Payments for property, plant and equipment (157,250) (96,643) Proceeds from sale of investments - - Payments for investments in listed securities (135,746) (1,701) Funds (invested in)/withdrawn from term deposits (400,000) 100,000 Net cash provided by/(used in) investing activities (692,996) 1,656 Net increase/(decrease) in cash (54,381) 151,403 Cash and cash equivalents at beginning of the financial year 469,552 318,149 Cash and cash equivalents at end of the financial year 5 415,171 469,552 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016 The financial statements are for the New South Wales Masonic Club (the “Club”) as an individual entity, incorporated and domiciled in Australia. The Club is a company limited by guarantee. NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Preparation The financial statements are general purpose financial statements that have been prepared in accordance with Australian Accounting Standards – Reduced Disclosure Requirements of the Australian Accounting Standards Board and the Corporations Act 2001. Australian Accounting Standards set out accounting policies that the AASB has concluded would result in financial statements containing relevant and reliable information about transactions, events and conditions. Material accounting policies adopted in the preparation of these financial statements are presented below and have been consistently applied unless otherwise stated. The financial statements have been prepared on an accruals basis and are based on historical costs, modified, where applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities. Accounting Policies (a) Income Tax The income tax expense (revenue) for the year comprises current income tax expense (income) and deferred tax expense (income). Current income tax expense charged to the profit or loss is the tax payable on taxable income calculated using applicable income tax rates enacted, or substantially enacted, as at the end of the reporting period. Current tax liabilities (assets) are therefore measured at the amounts expected to be paid to (recovered from) the relevant taxation authority. Deferred income tax expense reflects movements in deferred tax asset and deferred tax liability balances during the year as well as unused tax losses. DIRECTORS’ REPORT 2016 continued