Balance Sheet - Retained earnings?

[John Whitmore]

I'm using GnuCash to produce a balance sheet report and in the output of the
report I've got:

Equity
Retained Earnings         457.04
Total Equity              457.04

My probelm is that there are no transactions in the Retained Earnings
account. It's only there because it would have been created when I first
created my initial business accounts. So there's zero transactions, so zero
balance but the balance sheet is coming up with a number for it.

I'm a bit confused, as that number ain't showing up anywhere either. Actually
I'm totally confused by it.

John