100 Consolidated  Notes to the  Financial  Statements 2012  $m 2011  $m Note 35 – Reserves Employee equity benefits 2.6  0.6  Hedging 19.4  (97.3) Other –  (0.4) 22.0  (97.1) Movement in reserves Employee equity benefits reserve Balance at beginning of financial year 0.6  4.7  Share-based payment plans expense 6.4  2.0  Purchase of shares on-market under AGL Share Reward Plan (1.1) (1.6) Purchase of shares on-market under AGL Long-Term Incentive Plan (3.3) (4.5) Balance at end of financial year 2.6  0.6  Hedging reserve Balance at beginning of financial year (97.3) (163.6) Gain/(loss) arising on changes in fair value of cash flow hedges 14.1  (118.4) Income tax related to gains/(losses) recognised in other comprehensive income (4.2) 35.5  Cumulative loss arising on changes in fair value of cash flow hedges reclassified to profit or loss 115.9  178.4  Income tax related to amounts reclassified to profit or loss (34.8) (55.2) Transferred to initial carrying amount of hedged item 40.3  4.6  Income tax related to amounts transferred to initial carrying amount of hedged item (12.1) (1.4) Share of (loss)/gain in reserve attributable to an associate (38.7) 22.8  Cumulative loss reclassified to profit or loss of pre-existing equity interest in an acquired entity 36.2  –  Balance at end of financial year 19.4  (97.3) Other reserve Balance at beginning of financial year (0.4) (0.5) Share of gain in reserve attributable to an associate 0.3  0.1  Cumulative loss reclassified to profit or loss of pre-existing equity interest in an acquired entity 0.1  –  Balance at end of financial year –  (0.4) The hedging reserve represents the cumulative effective portion of gains and losses arising on changes in fair value of hedging instruments entered into  for cash flow hedges. The cumulative gain or loss on changes in fair value of the hedging instruments will be reclassified to profit or loss only when the  hedged transaction affects the profit or loss, or is included as a basis adjustment to the non-financial hedged item. The other reserve represents the consolidated entity’s share of the reserves of associates and jointly controlled entities. The employee equity benefits reserve is used to record the value of share-based payments to employees, including key management personnel, as part of  their remuneration. Refer to Note 49 for further information on share-based payment plans.