Note 10: Equity and movements in equity

10.1 Reconciliation of equity

	Accumulated results		Asset revaluation reserves		Total equity
	2007 $’000	2006 $’000	2007 $’000	2006 $’000	2007 $’000	2006 $’000
Balance at 1 July	733,376	743,704	34,704	1,021	768,080	744,725
Net surplus/(deficit)	25,747	(8,381)	-	-	25,747	(8,381)
Decrease in equity associated with *CLAF proceeds	(2,674)	(504)	-	-	(2,674)	(504)
Revaluation increments
Land and buildings	-	-	39,623	33,197	39,623	33,197
Heritage	-	-	266	486	266	486
GST adjustment	-	(1,443)	-	-	-	(1,443)
Prior year corrections	294	-	-	-	294	-
Recognition of Allport Library and Museum of Fine Arts bank account	285	-	-	-	285	-
Balance as at 30 June	757,028	733,376	74,593	34,704	831,621	768,080

*CLAF - Crown Lands Administration Fund

a) Nature and purpose of reserves

Asset revaluation reserve

The asset revaluation reserve is used to record increments and decrements on the revaluation of non-current assets, as described in accounting policy note 2.11.

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10.2 Asset revaluation reserve by class of asset

The balance within the asset revaluation reserve for the following class of assets is:

	2007 $’000	2006 $’000
Land and buildings	72,820	33,197
Heritage	1,773	1,507
Total	74,593	34,704

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10.3 Administrative restructuring

As a result of a restructuring of administrative arrangements, the department relinquished responsibility for Youth Affairs to the Department of Premier and Cabinet during 2005-06.

In respect of activities relinquished, the department transferred the following assets and liabilities. Net liabilities assumed on restructure of administrative arrangements:

	2007 $’000	2006 $’000
Total assets relinquished	-	-
Total liabilities relinquished - employee entitlements	-	(23)
Net liabilities assumed on restructure	-	(23)

Total revenues and expenses of transferred activities: Office of Youth Affairs
Revenues
Recognised by the Department of Education	-	671
Recognised by the Department of Premier and Cabinet	-	80
Total revenues	-	751
Expenses
Recognised by the Department of Education	-	673
Recognised by the Department of Premier and Cabinet	-	80
Total expenses	-	753

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