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Notes to the Consolidated Financial Statements31 December 2024238ADVANCING AHEAD42.PERPETUAL CAPITAL SECURITIES (continued)Movements of the perpetual capital securities are as follows:PrincipalDistributionTotalUS$%u2019000US$%u2019000US$%u2019000At 1 January 2023739,5473,154742,701Profit attributable to holders of perpetual capital securities%u201341,92041,920Distributions to holders of perpetual capital securities%u2013(41,755)(41,755)At 31 December 2023 and 1 January 2024739,5473,319742,866Profit attributable to holders of perpetual capital securities%u201342,21242,212Distributions to holders of perpetual capital securities%u2013(42,061)(42,061)At 31 December 2024739,5473,470743,01743.RESERVES(a)GroupThe amount of the Group%u2019s reserves and the movements therein are presented in the consolidated statement of changes in equity of the financial statements.(i)Statutory reserveIn accordance with the Company Law of the People%u2019s Republic of China, the subsidiaries in China are required to allocate 10% of the statutory after tax profits to the statutory reserve until the cumulative total of the reserve reaches 50% of the subsidiaries%u2019 registered capital. Subject to approval from the relevant China authorities, the statutory reserve may be used to offset any accumulated losses or increase the registered capital of the subsidiaries. The statutory reserve is not available for dividend distribution to shareholders of China subsidiaries.(ii)Merger reserveThe merger reserve of the Group represents the reserve arising pursuant to the reorganisation of subsidiaries.(iii)Exchange fluctuation reserveThe exchange fluctuation reserve represents exchange differences arising from the translation of the financial statements of foreign operations whose functional currencies are different from the Group%u2019s presentation currency.