AVBOB Financial Statements 2018

95 AVBOB MUTUAL ASSURANCE SOCIETY AND ITS SUBSIDIARIES SUMMARISED STATEMENTS OF CHANGES IN RESERVES FOR THE YEAR ENDED 30 JUNE 2018 SOCIETY GROUP 2018 2017 2018 2017 R 000 R 000 R 000 R 000 DISTRIBUTABLE RESERVE Balance at the beginning of the year 6 180 916 5 778 852 6 221 446 5 808 737 Profit for the year 2 130 402 077 6 952 413 699 Other comprehensive income/(loss) Remeasurement of the net defined employee benefits 326 ( 13) 642 ( 766) Transfer to non-controlling interests - - 105 ( 194) Dividends - - - ( 30) Balance at the end of the year 6 183 372 6 180 916 6 229 145 6 221 446 REVALUATION RESERVE Land and buildings Balance at the beginning of the year - - - - Other comprehensive income/(loss) Revaluation 3 184 2 841 374 5 895 Realisation of depreciation ( 2 106) ( 1 993) ( 2 935) ( 1 213) Net change in liabilities for insurance contracts arising from unrealised gains on owner-occupied properties ( 1 078) ( 848) 2 561 ( 4 682) Balance at the end of the year - - - - NON-CONTROLLING INTERESTS Balance at the beginning of the year - - 2 799 2 605 Transfer from distributable reserve - - ( 105) 194 Balance at the end of the year - - 2 694 2 799 TREASURY SHARES Balance at the beginning of the year - - 648 554 Issue of share trust units - - 62 94 Balance at the end of the year - - 710 648 The distribution of the reserve is limited by the capital adequacy requirement of R1,2 billion (2017: R1,3 billion). 95