Group pArent 2012 nZ$’000 2011 nZ$’000 2012 nZ$’000 2011 nZ$’000 Share Option Plan 2009 22 169 22 169 Executive Directors and Key Management Personnel 200 103 200 103 Senior Management 149 107 149 107 371 379 371 379 (A) reSerVeS Group pArent 2012 nZ$’000 2011 nZ$’000 2012 nZ$’000 2011 nZ$’000 (i) Cash flow hedging reserve Opening balance (9,055) (4,000) - - Revaluation - gross 6,967 (6,161) - - Deferred tax (1,072) 869 - - Transfer to net profit - gross (149) 237 - - Closing balance (3,309) (9,055) - - (ii) Foreign currency translation reserve Opening balance 3,889 2,480 - - Currency translation differences 3,739 1,409 - - Closing balance 7,628 3,889 - - (iii) Share based payments reserve Opening balance 625 246 625 246 Current year amortisation 371 379 371 379 Transfer to Share Capital on vesting of shares to Employees (249) - (249) - Share Options / Performance Rights lapsed (8) - (8) - Closing balance 739 625 739 625 Total Reserves 5,058 (4,541) 739 625 kAThMANdu  annual report 2012 61 Expenses arising from share based payments: 20 RESERVES ANd RETAINEd EARNINGS Nature and purpose of reserves (i) Cash flow hedging reserve (iii) Share based payments reserved (ii) Foreign currency translation reserve are accumulated in equity and recognised in profit and loss  when the foreign operation is partially disposed of or sold. the share based payments reserve is used to recognise the  fair value of share options and performance rights granted  but not exercised or lapsed. amounts are transferred to share  capital when vested options are exercised by the employee or  performance rights are granted. the hedging reserve is used to record gains or losses on a  hedging instrument in a cash flow hedge that are recognised  directly in equity, as described in policy 2 (n) (ii). the amounts  are recognised in profit and loss when the associated hedged  transaction affects profit and loss. the foreign currency translation reserve is used to record gains  or losses on investments in foreign operations. the amounts 