85 Note 2023 2022 All figures are in A$000’s Foreign currency translation reserve At beginning of year (2,013) (1,636) Current year movement 3,708 (377) At end of year 22(a) 1,695 (2,013) 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 4,151 3,115 Current year movement 344 1,036 At end of year 22(c) 4,495 4,151 Total reserves at end of year 6,575 2,523 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 meet certain statutory obligations of setting up new subsidiaries in foreign jurisdictions. The current year movement relates to the management incentive scheme (commenced in FY21) and the Long Term Incentive Plan 2022("LTIP") granted to senior executives of the Group for no consideration. The LTIP 2022 is managed at an ulimate parent company level (Aveng Limited). 22. Reserves Consolidated
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