18 NSW Masonic Club October 2018 ANNUAL REPORT 2018 NOTE 19: 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: 2018 2017 $ $ Financial Assets Cash and cash equivalents 514,689 340,658 Loans and receivables 3,702,441 3,518,134 Available-for-sale financial assets, at fair value: - Listed investments 452,072 358,383 Total Financial Assets 4,669,202 4,217,175 Financial Liabilities Financial liabilities at amortised cost - Trade and other payables 405,014 329,745 Total Financial Liabilities 405,014 329,745 NOTE 20: 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 1,651 (2017 – 1,777). 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 21: EVENTS AFTER THE REPORTING PERIOD The directors are not aware of any significant events since the end of the reporting period. NOTE 22: CONTINGENT ASSETS AND CONTINGENT LIABILITIES There are no contingent assets or liabilities. NOTE 23: 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) There were no contracts of employment with a top executive of the Club approved during the reporting period. (ii) Purpose and details of overseas travel by a director or employee of the Club. Nil (iii) Total profits from gaming machines in the Club during the12 month period ended 30 November in the financial year to which this report relates. $12,278 (iv) 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 (v) Loans made to employees of the Club. Nil (vi) The following consultants to the Club were paid in excess of $30,000: Adapt Marketing – for marketing services $47,500 Preston Peterson – for design and documentation for bedroom upgrade $62,500 (vii) Total consultancy fees paid, excluding amounts disclosed above $36,699 (viii) There was no settlement made with a Member of the governing body or employee as a result of a legal dispute and no associated legal fees. (ix) No legal fees were paid on behalf of a Member of the governing body or an employee. (x) The Core Property of the Club as at 30 June 2018 was the property known as 169-173 Castlereagh Street, Sydney. As at that date the Non-Core Property of the Club was nil. (xi) There were no disclosures made by a director, top executive or employee in relation to: • A material personal interest that a director has in a matter relating to the affairs of the Club; • A personal or financial interest of a director or top executive in a contract relating to the procurement of goods or services or any major capital works of the Club; • Any financial interest of a director or top executive in a hotel situated within 40 kilometres of the Club’s premises; or • A gift or remuneration of $1,000 or more from an affiliated body of the Club or from a person or body that has entered into a contract with the Club. 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 2018 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 GRAHAM BYRNE (President) Director Dated: 3rd day of October 2018 Note 2018 2017 $ $ Income Trading profit 2,373,784 2,349,721 Poker machine profit (excluding depreciation) 7,620 16,267 Members subscriptions 73,036 74,249 Donations - 250 Rent received 221,950 189,360 Room hire 86,786 77,988 Interest received 85,819 68,582 Dividends received 16,242 12,425 Net gain/(loss) on disposal of investments (3,372) 10,446 Sundry income 383,740 10,012 3,245,605 2,809,300 Expenses General overhead expenses 1,060,201 908,862 Administration expenses 702,478 572,152 Bad debts 6,364 - Auditors’ remuneration: Audit fees 21,500 21,000 Accountancy and taxation services 3,100 3,000 Donations 3,195 3,779 Social amenities and activities 48,725 41,661 Directors and related persons’ benefits 15 40,821 35,199 Directors fees 55,000 56,250 Depreciation: Building 301,919 234,201 Plant and equipment 192,478 189,573 Rates and taxes 126,040 128,031 2,561,821 2,193,708 Profit before income tax 683,784 615,592 Income tax expense 4 (146,644) (100,808) Profit after income tax 537,140 514,784 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 DIRECTORS’ DECLARATION INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2018