b'< NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2019 NUMBER OF DETAILS SHARES$Opening balance 1 July 20172,376,653 999,484 Shares issued to employees(1,781,429)(766,014)Balance 30 June 2018595,224 233,470 Balance 30 June 2019595,224 233,470 NOTE 25. EQUITYRESERVES CONSOLIDATED20192018 $$Revaluation surplus reserve1,855,327 1,855,327 Foreign currency reserve37,244,147 17,875,486 Employee share option reserve3,088,689 2,809,65142,188,163 22,540,464 REVALUATIONSHARE-BASEDFOREIGNSURPLUS PAYMENT CURRENCY RESERVE RESERVE RESERVE TOTALConsolidated $ $ $ $Balance at 1 July 20171,855,327 3,295,396 4,275,055 9,425,778 Foreign currency translation13,600,431 13,600,431 Shares allocated to employees (766,014) (766,014)Employee share options 280,269280,269 Balance at 30 June 20181,855,327 2,809,651 17,875,486 22,540,464 Foreign currency translation19,368,661 19,368,661 Employee share options 279,038279,038 Balance at 30 June 20191,855,327 3,088,689 37,244,147 42,188,163 NATURE AND PURPOSE OF EQUITY RESERVES Foreign currencyRevaluation surplus Exchange differences arising on translation of the foreign controlled entity are recognised in other comprehensive The revaluation surplus reserve is used to record increments andincome as described in Note 1 and accumulated in a separate decrements in the fair value of net assets of disposed entities. reserve within equity. The cumulative amount is reclassifiedShare-based payment to profit or loss when the net investment is disposed of.The reserve is used to recognise:the grant date fair value of options issued to key management personnel but not exercisedthe issue of options held by the Employee Share Option Trust to key management personnelDONACO INTERNATIONAL LIMITED 2019 ANNUAL REPORT 69'