Notes to the Financial Statements (continued)  CONSOLIDATED PARENT 2003  2002  2003  2002  $000  $000  $000  $000  27. Reserves  Asset revaluation 173,442  133,822  -  -  Foreign currency translation  (1,753)  2,295  -  -  Total reserves  171,689  136,117  -  -  These comprise: (a) Asset  Revaluation  The asset revaluation reserve is used to record increments and decrements in the value of non-current assets. The reserve  can only be used to pay dividends in limited circumstances.  Movements during the year:  Balance at beginning of year  133,822  113,763  -  -  Share of joint venture partnership’s reserve  increments arising during the year 2,960  1,462  -  -  Revaluation increments on revaluation of:  - land 26,061  14,568  -  -  - buildings 10,599  4,029  -  -  Balance at end of year  173,442  133,822  -  -  (b) Foreign Currency Translation The foreign currency translation reserve is used to record exchange differences arising from the translation of the financial  statements of self-sustaining foreign operations.  Movements during the year:  Balance at beginning of year  2,295  2,128  -  -  Gain/(loss) on translation of overseas  controlled entities (4,048)  167  -  -  Balance at end of year  (1,753)  2,295  -  -  HARVEY NORMAN HOLDINGS LIMITED AND ITS CONTROLLED ENTITIES – ANNUAL REPORT 2003 49 