I   NON-DISTRIBUTABLE RESERVES
   
  Share-based 
payment 
reserve 
R’000 
Other 
reserve 
R’000 
Total 
R’000 
 
Balance at 1 July 2016  289 821  58 710  348 531    
Revaluation of available-for-sale asset     9  9    
Tax effect of revaluation     (2) (2)   
Share-based expenses transferred from non-distributable reserves  (269 000) –  (269 000)   
Balance at 30 June 2017  20 821  58 717  79 538    
Revaluation of available-for-sale asset     31  31    
Tax effect of revaluation     (7) (7)   
Balance at 30 June 2018  20 821  58 741  79 562    

Other reserves represents a fair value adjustment on the Company’s investment in Group Risk Holdings Proprietary Limited and a reserve created on the repurchase and cancellation of the A and B shares in 2016.