b'due mainly to lower repairs and maintenance coststhe going concern basis of preparation. On 22MembershipandwageandincomesubsidiesreceivedfromMarch 2020, the Government announced forcedAt 30 June 2020 total Members numbered 1,454 the Australian Government. The Clubs operatingclosure of registered and licensed clubs, licensedcomprising 523 Mason Members, 902 Associate result before tax declined by $436,000 comparedpremisesinhotelsandpubs,entertainmentMembers,6GoldMembers,1Patronand22 to the previous year.venuesandcinemas,casinosandnightclubsHonorary Members.TheBoardofDirectors,inconjunctionwitheffective from Midday 23 March 2020 until furtherCore Propertythe General Manager, have made a number ofnotice. As such, the Club was closed for all food,The Core Property of the Club as at 30 June 2020 decisions to mitigate as much as possible thebeverage and function activities from this date.was the property known as 169-173 Castlereagh ongoing financial impact of COVID-19 including: On 1 June 2020, the Club reopened on legislatedStreet, Sydney.Suspending capital expenditure programs associal distancing requirements. This closure has of 16 July 2020; had a significant impact on the Clubs operatingAs at that date the Non-Core Property of the Club Suspending payment of Directors fees from 31cash flows and financial position for the periodwas nil.July 2020 to 30 November 2020; prior to year-end. At the date of this report, theAuditors Independence DeclarationCurtailingtheClubsbuildingmaintenanceClubhasbeentradingforapproximatelyfourTheauditorsindependencedeclarationforthe program, and months, however the financial position has yetyear ended 30 June 2019 has been received and Reducing operating expenses to the extenttosignificantlyrecover.Duetotheuncertaintycan be found adjacent.possible. around the ongoing impacts of COVID and anySignedinaccordancewitharesolutionofthe potential future increases in restrictions, there is aBoard of Directors:After Balance Date Events degree of uncertainty associated with forecasting Transport for NSWs construction of the Sydneycash flows over the following 12 month period. Metro station to the immediate south of the ClubsTherefore, existing cash flow forecasts are based building continues, with the project now in theon minimal cash inflows and known cash outflows final demolition phase prior the commencementto enable the Board to determine the maximumStephen G Batesof construction of the Metro train station. To thismonthly cash flow loss. (President)date there has been minimal effect on the ClubsThe directors believe there are reasonable groundsDated: 7th day of October 2020buildinganditsoperationsresultingfromtheto conclude the company will continue as a going Metro construction works. However, the futureconcern on the basis of the following: effect of such construction works on the ClubsThe Club maintains significant balances of term building and operations cannot be determineddeposit cash and liquid equity investments onAUDITORS INDEPENDENCE at this stage. which to draw, to fund expected shortfalls inDECLARATION TheClubisprogressingitsobligationsundercash flow for a period of over 24 months fromUNDER SECTION 307C OF THE theSydneyCityCouncil(SCC)issuedFiresigning of the financial report; and CORPORATIONS ACT 2001 SafetyOrder,supportedbyourfiresafetyThe Club holds no external debt, and as such isTO THE DIRECTORS OFengineers and heritage consultants to develop anot subject to servicing any significant externalNEW SOUTH WALES MASONIC CLUBtimeline and engineered solution that preservesliabilities.theheritagecharacteroftheClubsbuilding.Liability of Members on a Winding UpSubstantial capital expenditure continues to beFor every class of membership the amount forI declare that, to the best of my knowledge and incurred as funds permit. which every Member is liable to contribute if thebelief, during the year ended 30 June 2020, there No other matters or circumstances have arisenClub is wound up is: have been:sincetheendofthefinancialyearwhich(i)Such amount as may be required not(i)no contraventions of the auditor significantly affected or may affect the operationsexceeding $4.00; independence requirements as set out in the of the Club, the result of those operations, or the(ii)In the event that the liability of any MemberCorporations Act 2001 in relation to the audit; state of affairs of the Club in future financial yearsof any class becomes unlimited, then suchandother than the continuing adverse financial effectsother amount as may be required according(ii)no contraventions of any applicable code of of COVID-19 upon our accommodation and foodto the circumstances in which that eventprofessional conduct in relation to the audit.and beverage revenue streams. occurred.Any Members liability becomes Going Concern unlimited if that Member makes (or knowingly Thefinancialstatementshavebeenpreparedconsents to or assists in the making of) an onagoingconcernbasis,whichcontemplatesunauthorised payment or transfer of any part continuity of normal business activities and theof the income or property of the Club to anyBDO Audit Pty Ltdrealisation of assets and settlements of liabilitiesMember or former Member of the Club or toClayton Eveleighin the ordinary course of business for a periodany person claiming through them. Directorof at least twelve months from the date theseIf the Club is wound up the total amount payable financial statements were approved. by all Members of every class will, except in anyDate: 7th day of October 2020The Club also notes the unpredictability of thecase of unlimited liability, be not more than anLevel 11COVID-19 situation, and the potential impact onamount equal to the number of Members of every1 Margaret Streetclass multiplied by $4.00. SYDNEY NSW 2000PROFIT AND LOSS ACCOUNT STATEMENT OF OTHER COMPREHENSIVE INCOMEFOR THE YEAR ENDED 30 JUNE 2020 FOR THE YEAR ENDED 30 JUNE 2020Note20202019 Note20202019$$ $$Revenue23,475,5474,576,497 (Loss)/profit for the year (348,056) 51,074(Loss)/gain on disposal of assets2(170,166)243 Other comprehensive income (OCI) after income tax:Raw materials and consumables used(338,145)(407,571) Items that will not be reclassified Employment benefits expense(1,837,039) (1,879,404) subsequently to profit or loss:Australian government jobkeeper subsidy227,100- Net gain on revaluation of non-current Depreciation of property, plant and equipment3(523,740)(523,220) assets, net of tax102,825,456-Occupancy expense(778,907) (1,206,660) Net (loss)/gain on revaluation of financial Impairment of trade receivables(5,155)- assets at fair value through OCI, net of tax2 (16,194) 9,919Other expenses (411,102) (485,420) Other comprehensive income (Loss)/profit before income tax expense(361,607)74,465 for the year, net of tax2,809,262 9,919Income tax benefit/(expense)413,551(23,391) Total comprehensive income for the year 2,461,20660,993Total comprehensive income attributable to:(Loss)/profit for the year(348,056)51,074 Members of the Club2,461,206 60,993 October 2020 NSW Masonic Club11'