98 NOTEs TO THE FINANCIAL sTATEMENTs  23. REsERVEs (CONTINUED) nATuRe And PuRPoSe oF ReSeRVeS (A) Asset revaluation reserve (B) Foreign currency translation reserve (C) Cashflow hedge reserve (d) net investment hedge reserve (e) Share-based payment reserve FAIRFAx MEDIA LIMITED AND CONTROLLED ENTITIES FOR THE PERIOD ENDED 30 JUNE 2013 The asset revaluation reserve is used to record increments and decrements on the revaluation of non-current assets. From  1 July 2004, changes in the fair value of investments classified as available for sale investments are recognised in the asset  revaluation reserve, as described in Note 1(M). The foreign currency translation reserve is used to record exchange differences arising on translation of foreign controlled  entities and associated funding of foreign controlled entities, as described in Note 1(F). The hedging reserve is used to record the portion of gains and losses on a hedging instrument in a cash flow hedge that is  determined to be an effective hedge, as described in Note 1(N). Refer to further disclosures at Note 16. The net investment hedge reserve is used to record gains and losses on a hedging instruments in a fair value hedge, as  described in Note 1(N). Refer to further disclosures at Note 16. The share-based payment reserve is used to recognise the fair value of shares issued but not vested and transfers to fund the  acquisition of Share Trust shares, as described in Note 1(T)(ii). 30June 2013 $’000 24 JUNE 2012 $’000 (C) CASHFLOWHEDGERESERVE Balance at beginning of the financial year   (7,088)  1,220  Gains/(losses) arising during the year on interest rate and cross currency swaps  2,543   (10,731) Gains arising during the year on currency forward contracts  864   82  Reclassification adjustments for gains included in the income statement  –   (1,220) Tax effect of net changes on cashflow hedges  (1,022)  3,561  Balance at end of the financial year   (4,703)  (7,088) (D) NET INVESTMENT HEDGE RESERVE Balance at beginning of the financial year  2,669   5,167  Effective portion of changes in value of net investment hedges  (18,431)  (3,568) Tax effect on net investment hedges  5,530   1,070  Balance at end of the financial year   (10,232)  2,669  (E) SHARE-BASEDPAYMENTRESERVE Balance at beginning of the financial year  7,764   6,971  Share-based payment expense  2,038   1,068  Disposal of subsidiaries, net of tax  (495)  –  Tax effect on share-based payment expense  (508)  (275) Balance at end of the financial year   8,799   7,764  (F) ACQUISITIONRESERVE Balance at beginning of the financial year  177,759   563  Acquisition of non-controlling interest  (3,005)  717  Disposal of non-controlling interest in subsidiary  6,294   187,321  Tax effect of disposal of non-controlling interest in subsidiary  –   (10,842) Balance at end of the financial year   181,048   177,759  (G) GENERAL RESERVE Balance at beginning of the financial year  (6,837)  (6,837) Balance at end of the financial year   (6,837)  (6,837)