Melbana Energy Limited Annual Report 2022

18 Reserves (continued) Foreign currency reserve The reserve is used to recognise exchange differences arising from the translation of the financial statements of foreign operations to Australian dollars. It is also used to recognise gains and losses on hedges of the net investments in foreign operations. Share-based payments reserve The reserve is used to recognise the value of equity benefits provided to employees and Directors as part of their remuneration, and other parties as part of their compensation for services. Information relating to the Consolidated Entity’s details of options issued, exercised and lapsed during the financial year and options outstanding at the end of the reporting period, is set out in the Consolidated statement of changes in equity on page 25. Movements in reserves Movements in each class of reserve during the current and previous financial year are set out below: Financial assets at fair value through other comprehensive income reserve $ Share based payment reserve $ Foreign currency reserve $ Total $ Balance at 1 July 2020 (759,971) 1,380,293 620,322 Revaluation increments (358,379) (358,379) Foreign Currency Translation Reserve (235,486) (235,486) Lapse of performance rights (1,380,293) (1,380,293) Balance at 30 June 2021 (1,118,350) 0 (235,486) (1,353,836) Issue of Performance Rights 636,241 (636,241) Conversion of performance rights (636,241) (636,241) Issue of Options 1,728,655 1,728,655 Conversion of Options (274,796) (274,796) Disposal of assets 1,118,350 1,118,350 Foreign Currency Translation Reserve (579,033) Balance at 30 June 2022 0 1,453,859 (814,519) 639,340 19 Dividends There were no dividends paid, recommended or declared during the current or previous financial year. 41 Melbana Energy Limited Annual Report 2022