Pensions Fund Annual Report 2011-12 , item 18. PDF 4 MB

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F i n a n c i a l s t a t e m e n t s 11 Derivative contracts A significant proportion of the funds quoted equity portfolio is in overseas stock markets. To reduce the volatility associated with fluctuating currency rates, the fund has appointed Record Currency Management to carry out a dynamic currency hedging mandate using their proprietary approach to currency hedging. 31 March 2011 31 March 2011 31 March 2012 31 March 2012 Assets Liabilities Assets Liabilities £ 000 £ 000 £ 000 £ 000 Forward foreign currency contracts* 40,081 (47,065) 33,399 (31,628) The open forward foreign currency contracts at 31 March can also be analysed by sterling against the following major currencies. 31 March 2011 31 March 2011 31 March 2012 31 March 2012 Assets Liabilities Assets Liabilities £ 000 £ 000 £ 000 £ 000 Canadian Dollar 1,931 (2,653) 278 (481) Swiss Franc 4,982 (5,651) 1,568 (1,206) Euro 12,615 (15,923) 5,239 (4,523) Japanese Yen 2,575 (5,075) 12,198 (10,028) United States Dollar 17,978 (17,763) 14,116 (15,389) Other 0 0 0 (1) 40,081 (47,065) 33,399 (31,628) * The gross assets and liabilities at 31 March 2011 have been restated from those shown in last years accounts to show the true level within the forward foreign currency contracts at the time. The net balance of liabilities at 31 March 2011 remains unchanged. DRAFT 42
F i n a n c i a l s t a t e m e n t s 12 Investment management expenses A breakdown of the costs we had to pay in connection with the investment of the fund is set out below. 2010/2011 2011/2012 £ 000 £ 000 Management and administration fees 6,837 7,152 Custody fees 262 176 Performance measurement services 95 81 Other 738 1,096 Total 7,932 8,505 13 Directly held property fund account A summary of the income and expenses associated with the funds directly held property is given below. 2010/2011 2011/2012 £ 000 £ 000 Rental income 10,511 12,832 Direct operating expenses (775) (1,139) Net gain/(loss) 9,736 11,693 14 Directly held property net asset account The account below reconciles the movement in the funds investments in directly held property. 2010/2011 2011/2012 £ 000 £ 000 Balance at start of year 153,775 163,135 Purchases at cost 18,803 47,291 Sale proceeds (14,247) 0 Change in market value 4,804 (3,831) DRAFT Balance at 31 March 163,135 206,595 43
Page 1 and 2: Staffordshire Pension Fund Annual r
Page 3 and 4: Contents 2 3 9 18 27 53 55 Chairman
Page 5 and 6: F u n d m a n a g e m e n t Governa
Page 7 and 8: 7 F u n d m a n a g e m e n t Pensi
Page 9 and 10: F u n d m a n a g e m e n t Adminis
Page 11 and 12: I n v e s t m e n t r e p o r t DRA
Page 13 and 14: I n v e s t m e n t r e p o r t DRA
Page 15 and 16: I n v e s t m e n t r e p o r t Inv
Page 17 and 18: I n v e s t m e n t r e p o r t Inv
Page 19 and 20: I n v e s t m e n t r e p o r t Cur
Page 21 and 22: F u n d m e m b e r s h i p Benefit
Page 23 and 24: F u n d m e m b e r s h i p aT New
Page 25 and 26: F u n d m e m b e r s h i p Benchma
Page 27 and 28: F u n d m e m b e r s h i p Custome
Page 29 and 30: Financial statements Staffordshire
Page 31 and 32: F i n a n c i a l s t a t e m e n t
Page 35 and 36: notesDRAFT DRAFT Assumptions The as
Page 37 and 38: Financial statements F i n a n c i
Page 43: F i n a n c i a l s t a t e m e n t
Page 55 and 56: G l o s s a r y Glossary of terms A
Page 57 and 58: C o n t a c t s If you have any que

Pensions Fund Annual Report 2011-12 , item 18. PDF 4 MB

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