Notes to the Group financial statements l Note 8.2 8.2 Other reserves     2015 Rm   2014 Rm   Balance at beginning of the year (2 967)   (5 991)   Share-based payment transactions 532   110   Exchange differences on translating foreign operations 21 033   2 960   Transfer from retained earnings 127   –   Other (130)   (46)   Balance at end of the year 18 595   (2 967)   Consisting of:         Contingency reserve (as required by insurance regulations)1 4   4   Statutory reserve (as required by Rwanda and Congo-Brazzaville legislation)2 211   211   Transactions with non-controlling interests3 (11 396)   (11 396)   Share-based payment transactions4 3 046   2 514   Foreign currency translation reserve5 26 823   5 791   Other (93)   (91)     18 595   (2 967)   1 A contingency reserve has been created in terms of the Short-term Insurance Act, 1988. Transfers to the contingency reserve are treated as an appropriation of income, and the balance of the reserve is disclosed in the statement of financial position as a non-distributable reserve, forming part of shareholders’ funds. On dissolution of the structured entities to which these reserves relate, they will become available for distribution. 2 A statutory reserve has been created in terms of local legislation. Transfers to the statutory reserve are treated as an appropriation of income, and the balance of the reserve is disclosed in the statement of financial position as a non-distributable reserve, forming part of the shareholders’ funds. 3 Non-controlling shareholders are treated as equity participants and, therefore, all acquisitions of non-controlling interests or disposals by the Group of its interests in subsidiary companies where control is maintained subsequent to the disposal are accounted for as equity transactions. Consequently, the difference between the fair value of the consideration transferred and the carrying amount of a non-controlling interest purchased is recorded in equity. All profits or losses arising as a result of the disposal of interests in subsidiaries to non-controlling shareholders, where control is maintained subsequent to the disposal, are also recorded in equity. 4 Refer to the accounting policy in note 8.4 with regards to equity-settled share-based payments. 5 Refer to the translation and disposal of foreign operations sections in accounting policy 1.3.2 Foreign currency. The devaluation of the rand, which is the presentation currency of the Group, against the functional currencies of the Group’s largest operations, contributed significantly to the increase in the carrying amounts of assets and liabilities reflected in the Statement of Financial Position which are translated into the Group’s presentation currency at closing rates at the end of the reporting period.