70 / 96
66
8 RESERVES AND RETAINED EARNINGS
Consolidated
2016
$'000
2015
$'000
(a) Revaluation reserves
Farm and owner occupied properties
15,580
14,344
15,580
14,344
Consolidated
Note
2016
$'000
2015
$'000
Farm and owner occupied properties
Balance at beginning of year
14,344
13,523
Revaluation gain during the year
16
1,236
821
Balance at end of year
15,580
14,344
Nature and purpose of reserves
Farm and owner occupied properties reserve recognises the change in fair value of properties held in this category.
(b) Retained earnings
Movements in retained earnings were as follows:
Consolidated
2016
$'000
2015
$'000
Balance at beginning of year
837,794
755,012
Net surplus for the year
76,853
81,873
Dividends
-
-
Acquisition of non-controlling interest - Hamilton Riverview Hotel Limited
-
910
Balance at end of year
914,647
837,795
WAIKATO RAUPATU LANDS TRUST
Notes to the financial statements
FOR THE YEAR ENDED 31 MARCH 2016