Notes to the financial statements (cont’d) For the year ended 30 June 2012 26 Reserves The equity-settled employee benefits reserve arises on the grant of performance rights and share options to executives and senior  employees under the employee share plan. Amounts are transferred out of the reserve and into issued capital when the shares are  transferred to employees or options are exercised. Further information about share-based payments to employees is made in note 31 to the financial statements. page 100 Consolidated Parent 2012 2011 2012 2011 $’000 $’000 $’000 $’000 Asset revaluation reserve 1,072  1,072  - - Available-for-sale investment revaluation reserve 319  5,283  - - Business combinations reserve (301) (301) - - Share buy back revaluation reserve (14,034) (19,097) - - Share-based payments reserve 3,458  5,287  7, 053 8,246  (9,486) (7,756) 7, 053 8,246  Asset revaluation reserve Balance at 1 July 1,072  1,072  - - Amount recognised during the year - - - - Balance at 30 June 1,072  1,072  - - The asset revaluation reserve has arisen on the revaluation of the existing 25% interest in the adviser relationship asset held at the time  of the acquisition of Financial Partnership Pty Ltd.  Available-for-sale investment revaluation reserve Balance at 1 July 5,283  1,751  - - Valuation gain/(loss) recognised (65) 5,398  - - Fair value gain on investment in DKN (refer note 30) (9,587) - - - Impairment loss recognised in profit or loss 1,179  - - - Related income tax 3,509  (1,866) - - Balance at 30 June 319  5,283  - - The available-for-sale investment revaluation reserve arises on the revaluation of available-for-sale financial assets. Where a revalued  financial asset is sold that portion of the reserve which relates to that financial asset, and is effectively realised, is recognised in profit or loss. Where a revalued financial asset is impaired that portion of the reserve which relates to that financial asset is recognised in profit or loss. Share buy back revaluation reserve Balance at 1 July (19,097) (9,124) - - Valuation gain/(loss) recognised 5,063  (10,112) - - Derecognition of non-controlling interest subject to buy-back - 139  - - Balance at 30 June (14,034) (19,097) - - Share-based payments reserve Balance at 1 July 5,287  3,278  8,246  5,903  Share-based payments expense recognised (note 8) 3,013  3,232  - - Share-based payment expense recognised in controlled entities - - 2,950  3,098  Replacement share-based payment awards on acquisition of subsidiary (note 30) 234  - - - Transfer of lapsed share options to retained earnings (note 27) (3,469) - (2,536) 1,077  Transfer to issued capital on exercise of options (note 31) (444) (440) (444) (1,049) Adviser performance rights vested during the year (note 31) (427) (453) (427) (453) Performance rights vested during the year (note 31) (736) (330) (736) (330) Balance at 30 June 3,458  5,287  7, 053 8,246 