Financial Statements

Statement of Changes in Equity

For the year ended 30 June 2014

    Council Group
  Note Actual
2014
$000
Budget
2014
$000
Actual
2013
$000
Actual
2014
$000
Actual
2013
$000
EQUITY - Opening balances            
Accumulated funds and retained earnings 24 4,922,977 4,950,327 4,897,679 4,970,809 4,943,343
Revaluation reserves 25 1,417,323 1,417,693 1,417,693 1,529,130 1,529,500
Hedging reserve 26 (9,955) (23,896) (23,896) (9,956) (24,050)
Fair value through other comprehensive income reserve 27 93 586 154 93 154
Restricted funds 28 17,960 13,878 14,701 20,647 17,301
TOTAL EQUITY - Opening balance   6,348,398 6,358,588 6,306,331 6,510,723 6,466,248
CHANGES IN EQUITY            
Retained earnings            
Net surplus for the year 24 27,465 35,667 28,187 30,988 30,442
Transfer to restricted funds 24 (4,779) (767) (4,072) (5,097) (4,639)
Transfer from restricted funds 24 8,056 761 813 8,307 1,293
Transfer from revaluation reserves 24 - - 370 - 370
             
Revaluation reserves            
Fair value movement - property, plant and equipment - net 25 (45,290) 176,121 - (47,163) -
Effect of changed shareholding in associates 25 - - - 38 -
Transfer to retained earnings 25 - - (370)   (370)
             
Hedging reserve            
Movement in hedging reserve 26 9,552 - 13,941 9,553 14,094
             
Fair value through other comprehensive income reserve            
Movement in fair value 27 (30) - (61) (30) (61)
             
Restricted funds            
Transfer to retained earnings 28 (8,056) (761) (813) (8,307) (1,293)
Transfer from retained earnings 28 4,779 767 4,072 5,097 4,639
TOTAL COMPREHENSIVE INCOME   (8,303) 211,788 42,067 (6,614) 44,475
EQUITY - Closing balances            
Accumulated funds and retained earnings 24 4,953,719 4,985,988 4,922,977 5,005,007 4,970,809
Revaluation reserves 25 1,372,033 1,593,814 1,417,323 1,482,005 1,529,130
Hedging reserve 26 (403) (23,896) (9,955) (403) (9,956)
Fair value through other comprehensive income reserve 27 63 586 93 63 93
Restricted funds 28 14,683 13,884 17,960 17,437 20,647
TOTAL EQUITY - Closing balance   6,340,095 6,570,376 6,348,398 6,504,109 6,510,723

The notes on pages 116 to 198 form part of and should be read in conjunction with these financial statements.