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 2018 NSW Masonic Club October 2016 18 NSW Masonic Club October 2016 ANNUAL REPORT 2016 ANNUAL REPORT 2016 2016 2015 $ $ NOTE 15: RELATED PARTY TRANSACTIONS The following benefits were provided to directors and their guests under the terms of the Club’s constitution: Meetings – food and beverages 7,589 8,854 Accommodation and travelling - 1,850 President’s dinner - 10,049 Board partner’s night 3,170 1,906 Professional development 791 748 Food and beverage allowance - directors 20,643 23,741 Directors fees paid or payable to all directors of the Club 60,250 63,750 No. No. The number of directors whose income from the Club fell within the following bands: $0 - $10,000 11 8 $10,001 - $20,000 1 - $20,001 - $30,000 - 1 NOTE 16: RESERVES (a) Capital Profits Reserve The capital profits reserve records profits on sale of non-current assets. (b) Asset Revaluation Reserve The revaluation surplus records revaluations of non-current assets. (c) Financial Assets Reserve The financial assets reserve records revaluation of financial assets. NOTE 17: CAPITAL AND LEASING COMMITMENTS (a) Finance lease commitments There are no commitments (2015 – nil). (b) Operating lease commitments There are no commitments (2015 – nil). (c) Capital expenditure commitments Capital expenditure commitments contracted for at the reporting date amounted to $Nil (2015 – $26,640). NOTE 18: FINANCIAL RISK MANAGEMENT The Club’s financial instruments consist primarily of deposits with banks, local money market instruments, short-term investments, accounts receivable and payable, listed securities and leases. Totals for each category of financial instruments, measured in accordance with AASB 139 as detailed in the accounting policies to these financial statements, are as follows: 2016 2015 $ $ Financial Assets Cash and cash equivalents 415,171 469,552 Loans and receivables 2,321,019 1,866,379 Available-for-sale financial assets, at fair value: - Listed investments 267,966 161,709 Total Financial Assets 3,004,156 2,497,640 Financial Liabilities Financial liabilities at amortised cost - Trade and other payables 278,259 217,080 Total Financial Liabilities 278,259 217,080 NOTE 19: MEMBERS’ GUARANTEE The Club is a company limited by guarantee, incorporated and domiciled in Australia. If the Club is wound up, the Memorandum of Association states that each Member is required to contribute a maximum of $4 each towards meeting any outstanding obligations of the Club. At the reporting date the number of Members was 1,832 (2015 – 1,929). In any case, where a Member has been in breach of paragraph 4 of the Club’s constitution, entitled “Memorandum of Association”, the liability of a Member on winding up is unlimited. Please refer to “Liability of Members on a Winding Up” as set out in the Directors’ Report. NOTE 20: SPECIAL REPORTING REQUIREMENTS The Registered Clubs Act (as amended) requires the Club to make available to Members the following information in relation to the financial year: (i) Number of employee remuneration packages equal to or more than $100,000: Band: $120,000 and $130,000 1 (ii) Financial interest acquired in a hotel declared as required. Nil (iii) Purpose and details of overseas travel by a director, secretary or manager of the Club. Nil (iv) Total profits from gaming machines in the Club during the 12 month period ended 30 November in the financial year to which this report relates. $29,148 (v) Amount applied by the Club to community development and support during the 12 month period ended 30 November in the financial year to which this report relates. Nil (vi) Loans made to employees of the Club. Nil (vii) There was no contract approved under Section 41M of the Act which was entered into by the Club. (viii) No consultant to the Club was paid in excess of $30,000. (ix) Total consultancy fees paid. Nil (x) There was no settlement made with a Member of the governing body or employee as a result of a legal dispute. (xi) No legal fees were paid on behalf of a Member of the governing body or an employee. (xii) There are no employees of the Club who are close relatives of a top executive as defined by Section 41B(1) of the Act. (xiii) The Core Property of the Club as at 30 June 2016 was the property known as 169-171 Castlereagh Street, Sydney. As at that date the Non-Core Property of the Club was nil. DIRECTORS’ DECLARATION The directors of the New South Wales Masonic Club (the “Company”) declare that: 1. The financial statements and notes are in accordance with the Corporations Act 2001 and: (a) comply with Accounting Standards; and (b) give a true and fair view of the financial position as at 30 June 2016 and performance for the year ended on that date of the Company, 2. in the directors’ opinion there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable. This declaration is made in accordance with a resolution of the Board of Directors. STEPHEN G BATES PETER READ (President) (Treasurer and Director) Dated: 5th day of October 2016 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016