2007 / 2008 Annual Report - Eastern Cape Development Corporation

EASTERN CAPE DEVELOPMENT CORPORATION 2007/08CONSOLIDATED ANNUAL FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 MARCH 2008STATEMENT OF CHANGES IN EQUITYGroupOpening balance as previously reportedAdjustmentsPrior year adjustmentsShare capitalFair value adjustmentavailable for sale assetsreserveNon-distributablereservesR’000 R’000 R’000193,823 - 510,606Balance at 01 April 2006 as restated 193,823 - 510,606Changes in equityProfit for the yearIssue of sharesFair value gains transferred45,55062,304Total changes 45,550 - 62,304Balance at 01 April 2007 239,373 - 572,910Changes in equityFinancial Assets 74,173Net income (expenses) recognised directly in equityProfit for the year- 74,173 -Total recognised income and expenses for the yearIssue of sharesChange in degree of controlFair value gains transferredDuplicate property derecognisedLoans originally reinstated now reversed-31,49774,173 -Total changes 31,497 74,173 52,956Balance at 31 March 2008 270,870 74,173 625,866CorporationOpening balance as previously reportedPrior period adjustments53,946(750)(240)193,823 - 499,248Balance at 01 April 2006 as restated 193,823 - 499,248Changes in equityProfit for the yearIssue of sharesFair value gains transferred45,55060,644Total changes 45,550 - 60,644Balance at 01 April 2007 239,373 - 559,892Changes in equityFinancial Assets 74,180Net income (expenses) recognised directly in equityProfit for the year- 74,180 -Total recognised income and expenses for the yearIssue of sharesFair value gains transferredLoans originally reinstated now reversedDuplicate property derecognised-31,49774,180 -Total changes 31,497 74,180 46,378Balance at 31 March 2008 270,870 74,180 606,27047,368(750)(240)72