Goldfish is a diverse group of companies which holds investments globally. You are part of the financial team which needs to ensure that the investments below are accounted for in accordance with International Financial Reporting Standards (IFRS) for the financial year ended 31 December 2021.

At 31 December 2020 (the previous year-end), the consolidated equity of Goldfish and its subsidiaries (excluding Starfish Ltd (Starfish) as an associate) comprised of the following:

Total equity worth R14 500 000 of which R3 500 000 is share capital (1 000 000 shares), retained earnings were R2 000 000, the shareholders equity of the parent company was standing on R5 500 000, and non-controlling interest stood on R3 500 000 (for various horisontal subsidiaries)

Current year 31 December 2021:

The Goldfish group earned R3 000 000 profit after tax for the year ended 31 December 2021. Goldfish (the parent company) declared a dividend of R600 000 on 31 December 2021. This profit was correctly determined in accordance with IFRS. Goldfish's policy is to account for all investments in subsidiaries and associates at cost in its separate financial statements.

The non-controlling interests share of the profit and the total comprehensive income amounted for the year ended 31 December 2021 to R1 007 600, and dividends allocated to these shareholders were R200 000.

Investment in Starfish Ltd:

Goldfish acquired a 25% interest in Starfish on 1 August 2019 for R22 000. On 1 August 2019, the share capital of Starfish amounted to R80 000. Since 1 August 2019, Goldfish has participated in managing Starfish.

Since 1 August 2019, Starfishs profit forecasts have seemed optimistic. However, during 2020 Starfish suffered substantial operating losses due to a big oil tanker leakage killing a material number of fish in the ocean. The balance of the retained earnings was as follows on the various dates:

1 August 2019 R20 000

31 December 2019 R25 000

31 December 2020 (R100 000)

31 December 2021 R38 000

Starfish revalued its fish plant on 31 December 2021 and recorded a revaluation surplus of R18 000 in other comprehensive income.

Except for the revaluation above, the Goldfish group did not have any other other comprehensive income.

Ignore any tax consequences on the transactions above.

REQUIRED: Prepare the Consolidated Statement of Change in Equity of the Goldfish Group for the year ended 31 December 2021. Your answer should comply with IFRS. No notes or comparative figures are required. Clearly show all calculations and work to the nearest Rand.