McConnell Dowell Group Annual Review 2021 89 22. Reserves Note 2021 2020 All figures are in A$000’s Foreign currency translation reserve At beginning of year 1,093 2,365 Current year movement (2,729) (1,272) At end of year 22(a) (1,636) 1,093 Asset revaluation reserve At beginning of year 385 385 Current year movement - - At end of year 22(b) 385 385 Capital and other reserve At beginning of year 2,811 2,811 Current year movement 304 - At end of year 22(c) 3,115 2,811 Total reserves at end of year 1,864 4,289 22(a) - The foreign currency translation reserve is used to translate the assets and liabilities of foreign controlled entities into Australian dollars at rates of exchange ruling at the reporting date. 22(b) - The asset revaluation reserve represents the amount above original cost of land and buildings. 22(c) - The capital and other reserve is used to primarily meet certain statutory obligations of setting up new subsidiaries in foreign jurisdictions. The current year movement relates to the management incentive scheme.
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