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 