NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONT 23. RETAINED EARNINGS AND RESERVES Annual Report 2013 91 Asset  Revaluation  Reserve  $000 Capital Profits  Reserve  $000 Cash Flow Hedge Reserve  $000 Employee  Equity Benefits  Reserve  $000 Total  $000 At 1 January 2012 270,062 78,223 (2,249) 4,963 350,999 Net movement in cash flow hedges - - 2,017 - 2,017 Share based payment - - - 60 60 At 31 March 2012 (reviewed) 270,062 78,223 (232) 5,023 353,076 At 1 January 2012 270,062 78,223 (2,249) 4,963 350,999 Revaluation of land and buildings (32,735) - - - (32,735) Tax effect of revaluation 10,081 - - - 10,081 Net movement in cash flow hedges - - (3,830) - (3,830) Share based payment - - -  368  368 At 31 December 2012 247,408 78,223 (6,079) 5,331 324,883 At 1 January 2013 247,408 78,223 (6,079) 5,331 324,883 Tax adjustment relating to prior period  revaluations 300 - - -  300 Net movement in cash flow hedges - - 2,826 - 2,826 Share based payment - - -  130 130 At 31 March 2013 247,708  78,223 (3,253) 5,461 328,139 31 Mar 2013  $000 31 Dec 2012  $000 31 Mar 2012  $000  (reviewed ) (a) Movements in retained earnings were as follows: Opening balance  74,283 82,692 82,692 Net loss  (46,477) (8,409) (5,073) Closing balance  27,806 74,283 77,619 (b) Other reserves (i) Nature and purpose of reserves The asset revaluation reserve is used to record increments and decrements in the fair value of land and buildings to the extent that they offset one  another� The reserve can only be used to pay dividends in limited circumstances� The capital profits reserve is used to accumulate realised capital profits� The reserve can be used to pay dividends� The cash flow hedge reserve is used to record the portion of movements in fair value of a hedging instrument in a cash flow hedge that is  recognised in other comprehensive income� The employee equity benefits reserve is used to record the value of equity benefits provided to employees and Directors as part of their  remuneration� Refer to note 27 for further details of these plans� Employee equity benefits reserve Cash flow hedge reserve Capital profits reserve Asset revaluation reserve 