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 20October 2016 NSW Masonic Club 17 October 2016 NSW Masonic Club 17 ANNUAL REPORT 2016 2016 2015 $ $ NOTE 7: FINANCIAL ASSETS Current Fixed interest deposits 2,200,000 1,800,000 Non Current Available-for-sale financial assets at fair value - shares in listed corporations 267,966 161,709 Available-for-sale financial assets comprise investments in the ordinary share capital of various entities. There are no fixed returns or fixed maturity dates attached to these investments. NOTE 8: INVENTORIES Current - at cost Raw materials - Beverages and consumables 41,291 30,524 - Car parking vouchers 1,114 6,254 42,405 36,778 NOTE 9: OTHER ASSETS Current Prepayments 49,084 53,526 NOTE 10: PROPERTY, PLANT & EQUIPMENT (a) Land and Buildings Freehold land at independent valuation 2014 12,500,000 12,500,000 Buildings, lifts and integral plant and equipment - at independent valuation 2014 9,500,000 9,500,000 Accumulated depreciation (372,131) (189,780) 9,127,869 9,310,220 Building improvements – at cost 74,443 24,441 Accumulated depreciation (244) (220) 74,199 24,221 Total buildings 9,202,068 9,334,441 Total land and buildings 21,702,068 21,834,441 (b) Plant and Equipment Plant, furniture and equipment – at cost 1,914,119 1,806,871 Accumulated depreciation (1,479,506) (1,245,929) 434,613 560,942 Capital works in progress - - Total plant and equipment 434,613 560,942 Total property, plant and equipment 22,136,681 22,395,383 Movements in carrying amounts The movement in the carrying amounts for each class of property, plant and equipment between the beginning and the end of the current financial year: Freehold Land $ Buildings $ Plant and Equipment $ Total $ Balance at the beginning of the year 12,500,000 9,334,441 560,942 22,395,383 Additions - 50,003 107,247 157,250 Disposals - - - - Depreciation - (182,376) (233,576) (415,952) Carrying amount at the end of the year 12,500,000 9,202,068 434,613 22,136,681 Asset revaluations The freehold land and buildings were independently valued at 30 June 2014 by Andrew Nock Pty Limited. The valuation was based on fair value less cost to sell. The critical assumptions adopted in determining the valuation included the location of the land and buildings, recent sales data for land and buildings in the area and took into account the heritage status of the building. The valuation resulted in a valuation increment of $4,570,090 being recognised in the revaluation reserve for the year ended 30 June 2014. 2016 2015 $ $ NOTE 11: TRADE AND OTHER PAYABLES Current Trade payables 66,075 70,819 Sundry payables and accrued expenses 212,184 146,261 278,259 217, 080 Current Financial liabilities at amortised cost classified as trade and other payables: Trade and other payables - Total current 278,259 217,080 - Total non-current - - Financial liabilities as trade and other payables 278,259 217,080 Credit standby arrangements with banks Credit facility - - Amount utilised at balance date - - Unused credit facility - - NOTE 12: TAX Liabilities Current Income tax payable - - Assets Deferred tax assets comprise: Provisions and accruals 45,125 62,057 Property, plant & equipment – tax allowances (23,963) (22,052) Revaluation adjustments taken directly to equity 3,919 (4,927) Revenue losses carried forward 98,072 125,393 Capital losses carried forward 3,571 3,571 126,724 164,042 Net Deferred Tax Assets Current 65,606 - Non-current 61,118 164,042 126,724 164,042 NOTE 13: EMPLOYEE BENEFITS LIABILITIES Current Employee entitlements Annual leave 160,082 219,959 Long service leave 73,834 93,343 233,916 313,302 Non-Current Employee entitlements Long service leave 25,964 36,696 A provision has been recognised for employee benefits relating to long service leave for employees. In calculating the present value of future cash flows in respect of long service leave, the probability of long service leave being taken is based upon the historical data. The measurement and recognition criteria for employee benefits have been included in Note 1(f). 2016 2015 $ $ NOTE 14: OTHER LIABILITIES Current Subscriptions received in advance 42,384 44,905 Advance booking deposits 29,394 38,082 Security deposits held relating to leased premises 11,854 11,854 83,632 94,841 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016