93 AGL Energy Limited Annual Report 2011 2011 2010 $m $m Note 34 – Reserves Investments revaluation  – – Employee equity benefits  0.6 4.7 Hedging  (97.3) (163.6) Other  (0.4) (0.5) (97.1) (159.4) Movement in reserves Investments revaluation reserve Balance at beginning of financial year  – (1.1) Loss on revaluation of available-for-sale financial assets  – (0.9) Loss reclassified to profit or loss on impairment of available-for-sale financial assets  – 2.0 Balance at end of financial year  – – 2011 2010 $m $m Employee equity benefi ts reserve Balance at beginning of financial year  4.7 2.0 Share-based payment plans expense  2.0 5.1 Purchase of shares on-market under AGL Share Reward Plan  (1.6) (1.5) Purchase of shares on-market under AGL Long-Term Incentive Plan  (4.5) (0.9) Balance at end of financial year  0.6 4.7 2011 2010 $m $m Hedging reserve Balance at beginning of financial year  (163.6) 12.2 Loss in fair value of cash flow hedges  (118.4) (252.9) Reclassified to profit or loss  178.4 30.6 Transferred to initial carrying amount of hedged item  4.6 1.0 Share of gain/(loss) in reserve attributable to an associate  22.8 (20.9) Deferred income tax  (21.1) 66.4 Balance at end of financial year  (97.3) (163.6) 2011 2010 $m $m Other reserve Balance at beginning of financial year  (0.5) (0.1) Share of gain/(loss) in reserve attributable to an associate  0.1 (0.4) Balance at end of financial year  (0.4) (0.5) The other reserve represents the consolidated entity’s share of the reserves of associates and jointly controlled entities. The hedging reserve represents the cumulative portion of gains and losses on hedging instruments deemed effective in cash flow hedges  that are recognised in other comprehensive income. The cumulative deferred gain or loss on the hedging instrument is reclassified to profit  or loss when the hedged transaction affects the profit or loss, or is included as a basis adjustment to the non-financial hedged item. 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 48 for further information on share-based payment plans. The investments revaluation reserve represents accumulated gains and losses arising on the revaluation of available-for-sale financial assets  that have been recognised in other comprehensive income, net of amounts reclassified to profit or loss when those assets have been  disposed of or are determined to be impaired.