NOTES TO THE FINANCIAL STATEMENTS – NOTE 15 15. Reserves 15.1 Non-distributable reserves   GROUP June 2016 R000   GROUP June 2015 R000   Revaluation of: Investment property 14 644 075     13 281 174                            Listed property securities   616 759     616 759                            Derivative instruments   (43 812)    10 706     Realised surplus/(loss) on disposal of: Investment properties   163 656     163 656                                                             Listed property securities   276 630     276 630                                                             Subsidiaries   (118 351)    (118 351)                                                            Associate   17 431     17 431     Shares (African Land)   (2 709)    (2 709)    Other   (55 770)    (22 493)    Non-distributable reserves of associate   125 344     125 344     Impairment of goodwill   (559 713)    (559 713)    Gain on bargain purchase (African Land)   191 235     191 235        15 254 775     13 979 669     15.2 Share-based payment reserve(2)           Share-based payment 18 275    8 356      Total 15 273 05    13 988 025      (2) Relates to the amortised share-based payment cost for the Hyprop Employee Incentive Scheme (CUP) NOTES TO THE FINANCIAL STATEMENTS – NOTE 15