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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2008
NOTE 27: BALANCE SHEET
AASB AMENDMENT STANDARDS AFFECTED OUTLINE OF AMENDMENT
AASB 2007-3 Amendments to
Australian Accounting Standards
The directors of the Club declare that:
1. the statement of fi nancial performance, statement of fi nancial position,
statement of cash fl ows and notes to the fi nancial statements are in
accordance with the Corporations Act 2001:
(a) comply with Accounting Standards and the Corporations Regulations
2001; and
(b) give a true and fair view of the fi nancial position as at 30 June 2008
and performance for the year ended on that date of the Club,
2. in the directors’ opinion there are reasonable grounds to believe that the
Club 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.
GRAHAM GRAHAM L. L BERRY
STEPHEN G. BATES
(President) (Treasurer, Director)
Dated: 3rd October 2008
AASB 5: Non-Current Assets Held for
Sale and Discontinued
AASB 6: Exploration for and Evaluation of
Mineral Resources
AASB 102: Inventories
AASB 107: Cash Flow Statements
AASB 119: Employee Benefits
AASB 134: Interim Financial
AASB 136: Impairment of Assets
AASB 1023: General Insurance
AASB 1038: Life Insurance Contracts
The disclosure requirements of AASB 114: Segment
Reporting have been replaced due to the issuing
of AASB 8: Segment Reporting in February 2007.
These amendments will involve changes to segment
reporting disclosures within the financial report.
However, it is anticipated there will be no direct
impact on recognition and measurement criteria
amounts included in the financial report.
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF NEW SOUTH WALES MASONIC CLUB
Abridged Version
Independence
In accordance with ASIC Class Order 05/83, we declare to the best of our
knowledge and belief that the auditor’s independence declaration set out
on the page directly following the Director’s Report has not changed as at
the date of providing our audit opinion.
Audit Opinion
In our opinion, the fi nancial report of the New South Wales Masonic Club is
in accordance with:
(a) The Corporations Act 2001, including:
(i) giving a true and fair view of the Club’s fi nancial position as at
30 June 2008 and of its performance for the year ended on that
date; and
(ii) complying with Accounting Standards in Australia, and the
Corporations Regulations 2001; and
(b) other mandatory professional reporting requirements in Australia.
Name of Firm: Meagher Howard & Wright
Name of Partner: Ken Wright
Address: P O Box 653
Bondi Junction NSW 1355
Signed:
Dated this 7th day of October 2008.
Application Application
Date of the
Standard
Date for
Group
1-Jan-09 1-Jul-09
AASB 8 Operating Segments AASB 114: Segment Reporting As above 1-Jan-09 1-Jul-09
AASB 2007-6 Amendments to
Australian Accounting Standards
AASB 1: First time adoption of AIFRS
AASB 101: Presentation of Financial
Statements
AASB 107: Cash Flow Statements
AASB 111: Construction
AASB 116: Property, Plant & Equipment
AASB 138: Intangible Assets
The revised AASB 123: Borrowing Costs issued
in June 2007 has removed the option to expense
all borrowing costs. This amendment will require
the capitalization of all borrowing cost directly
attributable to the acquisition, construction or
production of a qualifying asset. However, there will
be no direct impact to the amounts included in the
financial entity as they already capitalise borrowing
costs related to qualifying assets.
1-Jan-09 1-Jul-09
AASB 123 Borrowing Costs AASB 123 Borrowing Costs As above. 1-Jan-09 1-Jul-09
AASB 2007-8 Amendments to
Australian Accounting Standards
AASB 101: Presentation of Financial
Statements
AASB 101 AASB 101: Presentation of Financial
Statements
DIRECTORS’ DECLARATION
The revised AASB 101:
Presentation of Financial Statements issued in
September 2007 requires the presentation of a
statement of comprehensive income and makes
changes to the statement of changes in equity.
1-Jan-09 1-Jul-09
As above. 1-Jan-09 1-Jul-09
INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30TH JUNE 2008
Note 2008 2007
$ $
INCOME
Trading profi t 1,912,069 1,817216
Poker machine profi t (excluding amortisation) 60,918 108,455
Members subscriptions 129,771 115,793
Donations 45 40
Rent received 226,597 220,640
Room hire 50,985 45,259
Interest received – other persons 68,105 55,253
Dividends received 41,811 37,838
Sundry income 14,089 3,531
Profi t (loss) on sale of investments 66,107 11,623
Profi t (loss) on sale of plant and equipment 4,729 -
2,575,226 2,415,648
EXPENSES
Indirect trading expenses 281,573 244,135
General overhead expenses 499,216 546,060
Administration expenses 615,543 612,916
Bad debts 125 2,044
Auditors’ remuneration
Audit fees 18,000 19,200
Accountancy, secretarial & tax service 3,600 7,050
Donations 7,000 5,264
Finance lease charges 1 - 1,529
Borrowing costs - 15,952
Social amenities and activities 68,862 81,220
Directors & related persons’ benefi ts 4 46,389 54,538
Directors fees 33,514 41,482
Amortisation – Leased assets 1,600 -
Depreciation
Plant and equipment 173,849 196,062
Building 70,651 56,951
Rates and taxes 107,062 103,595
1,926,984 1,987,998
PROFIT BEFORE INCOME TAX 648,241 427,650
INCOME TAX EXPENSE 4 115,575 (95,264)
PROFIT AFTER INCOME TAX 532,666 332,386
ACCOM “REAGH”
BAR
2008 2007
$ $
NET TAKINGS 82,909 111,201
LESS DIRECT EXPENSES
CELLOS LOUNGE
BAR
Depreciation/amortisation 16,166 9,631
Repairs and maintenance 6,036 7,511
Market Day prizes and raffl es (220) (417)
Sundries 8,941 6,547
Transitional GST funding (8,932) (10,895)
30,923 12,377
PROFIT 60,918 98,824
16
16
NSWMC
NSWMC
Magazine
Magazine
October
October
2008
2008 October 2008 NSWMC Magazine 17
October 2008 NSWMC Magazine 17
TOTAL
2008
TOTAL
2007
$ $ $ $ $ $
INCOME
Sales
EXPENSES
2,950,610 61,498 662,574 256,547 3,931,229 3,980,156
Cost of Sales - 22,164 144,871 65,557 232,592 395,692
Gross Profi t 2,950,610 39,334 517,703 190,990 3,698,637 3,584,464
Direct Labour
Expenses
SOCIAL FUNCTIONS & EVENTS
PRESIDENT’S DINNER 2008
Above: Club Patron & EX Grand
Master Tony Lauer & Ms Judith
Morrice, partner of the Grand
Master of NSW & ACT
Above Right: Ex NSW Masonic
Club GM Alan Eckford & wife
Charm Eckford
Right: President Graham Berry,
Joy Lauer, Margaret Hall & Tony
Lauer
TRADING ACCOUNT
FOR THE YEAR ENDED 30TH JUNE 2008
760,836 50,168 232,704 162,606 1,206,314 1,283,768
Direct expenses 280,728 3,457 223,619 72,450 580,254 483,480
1,041,564 53,625 456,323 235,056 1,786,568 1,767,248
TRADING
PROFIT (LOSS) 1,909,046 (14,291) 61,380 (44,066) 1,912,069 1,817,216
POKER MACHINE OPERATING ACCOUNT
FOR THE YEAR ENDED 30TH JUNE 2008
Club member Bill Harris, a former drug squad detective,
not only turned 92 last month but also had the honour
of being awarded a Commissioner’s Medal. Bill received
the 53rd NSW Police gold plated metal out of only 100
that are available. Pictured above: Bill at his residence,
with NSW Police Commissioner Andrew Scipione.