36  Annual Report 14 Equity 2008 2007 a ctual a ctual $ $ g  eneral funds Balance at 1 July 1,903,598 850,976 Transfer from property, plant and equipment revaluation reserves on disposal 11,900 300 Surplus/(deficit) (298,516) 1,052,322 Balance at 30 June 1,616,982 1,903,598 Property, plant and equipment revaluation reserves Balance at 1 July 288,574 0 Revaluations 0 288,874 Transfer from property, plant and equipment revaluation reserves on disposal (11,900) (300) Balance at 30 June 276,674 288,574 Property, plant and equipment revaluation reserves consist of: Library 276,674 276,674 Non-current assets held for sale 0 11,900 Total property, plant and equipment revaluation reserves 276,674 288,574 Total equity at 30 June 1,893,656 2,192,172 15 Borrowings The Law Commission has re-considered its policy regarding leasing of assets. The nature of ongoing asset lease arrangements has warranted a re-classification of the lease nature. 2008 2007 a ctual a ctual $ $ Current borrowings Finance lease 0 7,105 Total current borrowings 0 7,105