Total assets have increased by the amount of the net
surplus reported combined with the increase in fair
value of the investments held. The significant increase
in the value of property, plant and equipment is due
to the acquisition of Naree Station in northern NSW,
whilst the increase in investments held is due to both
the investment of the Midlands Conservation Fund
contributions and a general increase in the market
value of the Bush Heritage investment portfolio.
of Equity
The individual equity reserves are detailed and
further described in Note 5. In the current financial
year the Bush Heritage General Reserve was established.
The balance of this reserve represents the accumulated
supporter contributions and other earnings that
Bush Heritage Australia has received since inception
and which have been applied to the acquisition of
land and other capital assets for conservation purposes.
The relevant amount has been transferred from
Retained Earnings to this newly established reserve
in order to reflect the past application of these funds
to our conservation purposes.
Bush Heritage does not have any borrowings other
than finance leases on equipment. Total equity
increased by $3.1 million in the year ended 31 March
2013 and now stands at $39.5 million. This level of
equity within the company reflects the carrying value
of all Bush Heritage-owned properties as well as the
value of Bush Heritage investments, working capital
and the Midlands Conservation Fund.
for the year ended 31 March 2013
of Changes in Equity should
be read in conjunction with
the accompanying notes.