2016 2015
 $’000  $’000
Movements:
   Balance 1 July (5,387) 5,786
   Transfer to net surplus (4,641) (2,118)
   Revaluation 30,666 (9,055)
   Balance 30 June 20,638 (5,387)

The Hedging Reserve is used to record the deferred gains on effective cash flows as described in Note 1(e).