Corporate report
DFID Annual Accounts 2011-2012 - Financial instruments
Updated 2 June 2013
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| Department for International Development | Accounts 2011-12 | |||||||
|---|---|---|---|---|---|---|---|---|
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| 14. Financial Instruments | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| 14.1 Non-Current Financial Assets - Equity Investments | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Not set | Not set | Not set | Not set | Not set | International Financial Institutions | CDC Group Plc | Actis LLP | Total |
| Not set | Not set | Not set | Not set | Not set | £000 | £000 | £000 | £000 |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| At 1 April 2010 | Not set | Not set | Not set | Not set | 3,047,533 | 765,036 | 1,086 | 3,813,655 |
| Additions | Not set | Not set | Not set | Not set | 5,756 | - | - | 5,756 |
| Revaluations | Not set | Not set | Not set | Not set | 47,245 | - | 555 | 47,800 |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| At 1 April 2011 | Not set | Not set | Not set | Not set | 3,100,534 | 765,036 | 1,641 | 3,867,211 |
| Additions | Not set | Not set | Not set | Not set | 30,544 | - | - | 30,544 |
| Revaluations | Not set | Not set | Not set | Not set | 152,750 | - | - | 152,750 |
| Reclassification in year to current | Not set | Not set | Not set | Not set | - | - | (1,641) | (1,641) |
| At 31 March 2012 | Not set | Not set | Not set | Not set | 3,283,828 | 765,036 | - | 4,048,864 |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Current Financial Assets | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Actis LLP | Total |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | £000 | £000 |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| At 1 April 2011 | Not set | Not set | Not set | Not set | Not set | Not set | - | - |
| Additions | Not set | Not set | Not set | Not set | Not set | Not set | - | - |
| Reclassification in year from non-current | Not set | Not set | Not set | Not set | Not set | Not set | 1,641 | 1,641 |
| Revaluations | Not set | Not set | Not set | Not set | Not set | Not set | 37 | 37 |
| At 31 March 2012 | Not set | Not set | Not set | Not set | Not set | Not set | 1,678 | 1,678 |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| The above relates to assets held by DFID. CSC and ICAI do not hold any assets. | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Subsidiaries and associates: key data from last audited financial statements | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Restated |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | 31 December 2011 | 31 December 2010 |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | £m's | £m's |
| CDC Group plc - Ordinary shares | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Portfolio return (before tax) | Not set | Not set | Not set | Not set | Not set | Not set | (66.3) | 258.5 |
| Total return after tax | Not set | Not set | Not set | Not set | Not set | Not set | (72.0) | 268.7 |
| Total net assets (valuation basis) | Not set | Not set | Not set | Not set | Not set | Not set | 2,608.2 | 2803.5 |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Actis LLP - Members capital | Not set | Not set | Not set | Not set | Not set | Not set | US $bn's | US $bn's |
| Funds under management | Not set | Not set | Not set | Not set | Not set | Not set | 4.5 | 4.6 |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | $m's | $m's |
| Profit / (loss) for the financial year available for division among Members | Not set | Not set | Not set | Not set | Not set | Not set | 4.6 | 10.6 |
| Total net assets | Not set | Not set | Not set | Not set | Not set | Not set | 4.7 | 6.6 |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Department for International Development | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Accounts 2011-12 |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| 14. Financial Instruments (continued) | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| All investments in IFIs are classified as 'available for sale' financial assets, as they do not meet the criteria for the other categories of financial assets specified in IAS 39. There is currently no intention to sell any of the investments shown above other than those classified within Current Financial Assets. | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Public Sector Bodies | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| DFID, on behalf of the Government, owns 100% of the issued ordinary share capital of CDC Group plc. In 2004, fund management activities previously carried out by CDC were transferred to a newly formed limited liability partnership (Actis LLP). As a result DFID, on behalf of the Government, owned 40% of the members capital of Actis LLP. | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| In accordance with the FReM, investments in public corporations falling outside the resource accounting boundary, such as CDC and Actis LLP, are recognised at historical cost less any impairment. Impairments are assessed by comparing the historic cost to DFID's share of net assets, with any impairment being taken to the statement of comprehensive net expenditure. | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| HMT further requires that self financing public corporations achieve a rate of return, described as "cost of capital" to ensure that the opportunity cost of departments' investments is covered. If the corporation does not meet its rate of return over each CSR period, then the shareholding department may face a further charge to the extent that such a return has not been met. | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| During CSR period 2008-2010 both Actis and CDC met their HMT determined rate of return and as a result no underperformance charge was levied. | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| International financial institutions | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Investments in International Financial Institutions (IFIs) are valued at fair value. There is no market in these investments - all shareholders are sovereign states. Fair value has been assessed as DFID's share of the net assets of the IFI, based on the number of shares subscribed by DFID. The Articles of Agreement of all the IFIs specify that this is the value that DFID would receive on the dissolution of the IFI. | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| All investments in IFIs are denominated in a currency other then sterling. DFID is therefore exposed to currency risk if the value of these currencies was to fall against sterling. DFID is also exposed to market risk, as the value of each investment is dependent upon the net assets of the IFI. | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Base currencies of investments in International Financial Institutions are shown below. $(US) figures include those bodies for which US$ are used as the working equivalent for units of account formally expressed in Special Drawing Rights (SDR). Revaluations for IFIs include £55 million (net) of unrealised losses (2010-11: losses of £117 million) arising from changes in exchange rates. | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Department for International Development | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Accounts 2011-12 |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| 14. Financial Instruments (continued) | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| International financial institutions (continued) | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Not set | Not set | Not set | Not set | Not set | 2011-12 | Not set | 2010-11 | Not set |
| Not set | Not set | Not set | Not set | Not set | Currency | Not set | Currency | Not set |
| Not set | Not set | Not set | Not set | Not set | ' 000 | £000 | ' 000 | £000 |
| International Bank for Reconstruction and Development | Not set | Not set | Not set | Not set | $1,766,200 | 1,103,241 | $1,655,231 | 1,032,583 |
| International Finance Corporation | Not set | Not set | Not set | Not set | $1,035,734 | 646,962 | $937,671 | 584,947 |
| European Bank for Reconstruction and Development | Not set | Not set | Not set | Not set | € 1,186,660 | 988,702 | € 1,116,857 | 988,719 |
| Asian Development Bank | Not set | Not set | Not set | Not set | $338,660 | 211,541 | $368,263 | 229,734 |
| Inter-American Development Bank | Not set | Not set | Not set | Not set | $183,218 | 114,445 | $194,011 | 121,030 |
| African Development Bank (in Units of Account) | Not set | Not set | Not set | Not set | 141,787 | 145,275 | 79,809 | 80,891 |
| Caribbean Development Bank | Not set | Not set | Not set | Not set | $73,160 | 45,698 | $57,987 | 36,174 |
| Multilateral Investment Guarantee Agency | Not set | Not set | Not set | Not set | $44,769 | 27,964 | $42,409 | 26,456 |
| Not set | Not set | Not set | Not set | Not set | Not set | 3,283,828 | Not set | 3,100,534 |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| 14.2 Forward Currency Contracts | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| During the year under review DFID entered into the purchase of forward purchases to cover its forecast net exposures in relation to a significant currency transaction in an area where the department operates. No contracts matured in the period under review. | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Forecast unrealised losses on forward purchases maturing in future periods, based on the actual exchange rates at the reporting period date, are analysed as follows: | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Not set | Not set | Not set | Foreign currency value | Sterling value | Unrealised gains | Unrealised losses | Maturing in | Not set |
| Not set | Not set | Not set | Not set | £000 | £000 | £000 | Not set | Not set |
| Current assets and liabilities | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| South African Rand | Not set | Not set | 440,332,513 | 36,377 | - | (1,206) | 2012-13 | Not set |
| Not set | Not set | Not set | Not set | 36,377 | - | (1,206) | Not set | Not set |
| Non Current Assets and Liabilities | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| South African Rand | Not set | Not set | 484,677,155 | 38,146 | - | (1,561) | 2013-14 | Not set |
| South African Rand | Not set | Not set | 243,103,976 | 18,443 | - | (854) | 2014-15 | Not set |
| Not set | Not set | Not set | Not set | 56,589 | - | (2,415) | Not set | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Total | Not set | Not set | Not set | 92,966 | - | (3,621) | Not set | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Department for International Development | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Accounts 2011-12 |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| 14. Financial Instruments (continued) | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| 14.3 Interest rate exposure - 2011-12 | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Not set | Not set | Not set | Not set | Fixed rate | Floating rate | No interest | Total | Fixed rate weighted average interest rate |
| Not set | Not set | Not set | Not set | £000 | £000 | £000 | £000 | % |
| 2011-12 Financial Assets/(Liabilities): Cash | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Sterling | Not set | Not set | Not set | - | 1,019 | (5,909) | (4,890) | - |
| US dollars | Not set | Not set | Not set | - | 1,229 | - | 1,229 | - |
| Euro | Not set | Not set | Not set | - | (90) | - | (90) | - |
| Other currencies | Not set | Not set | Not set | - | 722 | - | 722 | - |
| Total | Not set | Not set | Not set | - | 2,880 | (5,909) | (3,029) | - |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| 2011-12 Financial Assets: Loans and receivables | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Sterling | Not set | Not set | Not set | 6,292 | 11,074 | 13,967 | 31,333 | 3.21% |
| US dollars | Not set | Not set | Not set | - | - | - | - | - |
| Euro | Not set | Not set | Not set | - | - | 60,538 | 60,538 | - |
| Other currencies | Not set | Not set | Not set | - | - | - | - | - |
| Total | Not set | Not set | Not set | 6,292 | 11,074 | 74,505 | 91,871 | 3.21% |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| 2011-12 Financial Assets: Available for sale | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Sterling | Not set | Not set | Not set | - | - | - | - | - |
| US dollars | Not set | Not set | Not set | - | - | 2,149,851 | 2,149,851 | - |
| Euro | Not set | Not set | Not set | - | - | 988,702 | 988,702 | - |
| Other currencies | Not set | Not set | Not set | - | - | 145,275 | 145,275 | - |
| Total | Not set | Not set | Not set | - | - | 3,283,828 | 3,283,828 | - |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| 2011-12 Financial liabilities: promissory notes at amortised cost | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Sterling | Not set | Not set | Not set | - | - | 2,587,391 | 2,587,391 | - |
| US dollars | Not set | Not set | Not set | - | - | 1,343 | 1,343 | - |
| Euro | Not set | Not set | Not set | - | - | - | - | - |
| Other currencies | Not set | Not set | Not set | - | - | - | - | - |
| Total | Not set | Not set | Not set | - | - | 2,588,734 | 2,588,734 | - |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| 2011-12 Financial liabilities: other payables at amortised cost | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Sterling | Not set | Not set | Not set | - | - | 220,089 | 220,089 | - |
| Other currencies | Not set | Not set | Not set | - | - | - | - | - |
| Total | Not set | Not set | Not set | - | - | 220,089 | 220,089 | - |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Department for International Development | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Accounts 2011-12 |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| 14. Financial Instruments (continued) | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Interest rate exposure - 2010-11 | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Not set | Not set | Not set | Not set | Fixed rate | Floating rate | No interest | Total | Fixed rate weighted average interest rate |
| Not set | Not set | Not set | Not set | £000 | £000 | £000 | £000 | % |
| 2010-11 Financial Assets: Cash | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Sterling | Not set | Not set | Not set | - | 1,356 | (20,681) | (19,325) | - |
| US dollars | Not set | Not set | Not set | - | 1,100 | - | 1,100 | - |
| Euro | Not set | Not set | Not set | - | - | - | - | - |
| Other currencies | Not set | Not set | Not set | - | 1,149 | - | 1,149 | - |
| Total | Not set | Not set | Not set | - | 3,605 | (20,681) | (17,076) | - |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| 2010-11 Financial Assets: Loans and receivables | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Sterling | Not set | Not set | Not set | 7,144 | 11,434 | 13,298 | 31,876 | 3.20% |
| US dollars | Not set | Not set | Not set | - | - | - | - | - |
| Euro | Not set | Not set | Not set | - | - | 96,296 | 96,296 | - |
| Other currencies | Not set | Not set | Not set | - | - | - | - | - |
| Total | Not set | Not set | Not set | 7,144 | 11,434 | 109,594 | 128,172 | 3.20% |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| 2010-11 Financial Assets: Available for sale | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Sterling | Not set | Not set | Not set | - | - | - | - | - |
| US dollars | Not set | Not set | Not set | - | - | 2,030,924 | 2,030,924 | - |
| Euro | Not set | Not set | Not set | - | - | 988,719 | 988,719 | - |
| Other currencies | Not set | Not set | Not set | - | - | 80,891 | 80,891 | - |
| Total | Not set | Not set | Not set | - | - | 3,100,534 | 3,100,534 | - |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| 2010-11 Financial liabilities: promissory notes at amortised cost | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Sterling | Not set | Not set | Not set | - | - | 2,242,238 | 2,242,238 | - |
| US dollars | Not set | Not set | Not set | - | - | 1,341 | 1,341 | - |
| Euro | Not set | Not set | Not set | - | - | - | - | - |
| Other currencies | Not set | Not set | Not set | - | - | - | - | - |
| Total | Not set | Not set | Not set | - | - | 2,243,579 | 2,243,579 | - |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| 2010-11 Financial liabilities: other payables at amortised cost | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Sterling | Not set | Not set | Not set | - | - | 209,326 | 209,326 | - |
| Other currencies | Not set | Not set | Not set | - | - | - | - | - |
| Total | Not set | Not set | Not set | - | - | 209,326 | 209,326 | - |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Department for International Development | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Accounts 2011-12 |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| 14. Financial Instruments (continued) | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| 14.4 Currency risk exposures | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| The tables below show the Department’s currency exposures that give rise to exchange rate gains and losses that are recognised in the operating cost statement. Such exposures comprise those monetary assets and liabilities that are not denominated in the Department’s functional currency of sterling. | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | 31 March 2012 | 31 March 2011 | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | £000 | £000 | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| US dollars | Not set | Not set | Not set | Not set | Not set | 1,229 | 1,100 | Not set |
| Euro | Not set | Not set | Not set | Not set | Not set | 58,322 | 96,296 | Not set |
| Other currencies | Not set | Not set | Not set | Not set | Not set | 722 | 1,149 | Not set |
| Total | Not set | Not set | Not set | Not set | Not set | 60,273 | 98,544 | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| The table below shows the functional currency of the Department's investments classed as available for sale. | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | 31 March 2012 | 31 March 2011 | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | £000 | £000 | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| US dollars | Not set | Not set | Not set | Not set | Not set | 2,149,851 | 2,030,924 | Not set |
| Euros | Not set | Not set | Not set | Not set | Not set | 988,702 | 988,719 | Not set |
| Unit of Account (African Development Bank) | Not set | Not set | Not set | Not set | Not set | 145,275 | 80,891 | Not set |
| Total | Not set | Not set | Not set | Not set | Not set | 3,283,828 | 3,100,534 | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| 14.5 Liquidity risk | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| The following tables show the maturity profile of the Department’s financial assets and liabilities other than cash and equity investments. | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | 31 March 2012 | 31 March 2011 | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Financial assets: maturity profile | Not set | Not set | Not set | Not set | Not set | £000 | £000 | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Due on demand | Not set | Not set | Not set | Not set | Not set | - | - | Not set |
| Due within one year, but not on demand | Not set | Not set | Not set | Not set | Not set | 12,168 | 16,752 | Not set |
| Due within one to two years | Not set | Not set | Not set | Not set | Not set | 10,428 | 15,048 | Not set |
| Due within two to three years | Not set | Not set | Not set | Not set | Not set | 8,578 | 16,596 | Not set |
| Due within three to four years | Not set | Not set | Not set | Not set | Not set | 11,202 | 14,045 | Not set |
| Due within four to five years | Not set | Not set | Not set | Not set | Not set | 8,340 | 11,879 | Not set |
| Due after five years | Not set | Not set | Not set | Not set | Not set | 41,155 | 53,852 | Not set |
| Total | Not set | Not set | Not set | Not set | Not set | 91,871 | 128,172 | Not set |
| Department for International Development | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Accounts 2011-12 |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| 14. Financial Instruments (continued) | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| 14.5 Liquidity risk (continued) | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | 31 March 2012 | 31 March 2011 | Not set |
| Financial liabilities: maturity profile | Not set | Not set | Not set | Not set | Not set | £000 | £000 | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Due on demand | Not set | Not set | Not set | Not set | Not set | 2,588,734 | 2,243,579 | Not set |
| Due within one year, but not on demand | Not set | Not set | Not set | Not set | Not set | 173,879 | 171,532 | Not set |
| Due within one to five years | Not set | Not set | Not set | Not set | Not set | 57,097 | 66,565 | Not set |
| Less interest element of finance lease | Not set | Not set | Not set | Not set | Not set | (19,798) | (28,771) | Not set |
| Total | Not set | Not set | Not set | Not set | Not set | 2,799,912 | 2,452,905 | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| 14.6 Credit risk | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk was as follows: | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | 31 March 2012 | 31 March 2011 | Not set |
| Not set | Not set | Not set | Note | Not set | Not set | £000 | £000 | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Fair value financial assets | Not set | Not set | 14.1 | Not set | Not set | 3,283,828 | 3,100,534 | Not set |
| Loans and receivables | Not set | Not set | 16 | Not set | Not set | 91,871 | 128,172 | Not set |
| Cash and cash equivalents | Not set | Not set | 17 | Not set | Not set | (3,029) | (17,076) | Not set |
| Total | Not set | Not set | Not set | Not set | Not set | 3,372,670 | 3,211,629 | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| The Department's ageing analysis was as follows: | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Net loans and receivables | Not set | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | 31 March 2012 | 31 March 2011 | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | £000 | £000 | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Not past due | Not set | Not set | Not set | Not set | Not set | 32,342 | 68,643 | Not set |
| Past due not provided against | Not set | Not set | Not set | Not set | Not set | 59,529 | 59,529 | Not set |
| Total | Not set | Not set | Not set | Not set | Not set | 91,871 | 128,172 | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Department for International Development | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Accounts 2011-12 |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| 14. Financial Instruments (continued) | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| 14.6 Credit risk (continued) | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| The movement in provisions against loans and receivables was as follows: | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Balance at 1 April 2010 | Not set | Not set | Not set | Not set | Not set | Not set | (108,888) | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Reversal / (increase) in provision | Not set | Not set | Not set | Not set | Not set | Not set | (12,194) | Not set |
| Utilisation of provision | Not set | Not set | Not set | Not set | Not set | Not set | 22,619 | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Balance at 31 March 2011 | Not set | Not set | Not set | Not set | Not set | Not set | (98,463) | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Reversal / (increase) in provision | Not set | Not set | Not set | Not set | Not set | Not set | (24,275) | Not set |
| Utilisation of provision | Not set | Not set | Not set | Not set | Not set | Not set | 14,426 | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Balance at 31 March 2012 | Not set | Not set | Not set | Not set | Not set | Not set | (108,312) | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Bilateral loans, and loans formerly managed by Actis, are made directly with sovereign states; multilateral loans are made with sovereign states through multilateral bodies such as the European Investment Bank. Assessments of credit risk are based on default history, political risks, and the potential future granting of debt relief. | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Credit risk on the Department's cash balances held at Government Banking Service is considered to be very low. Imprest balances are held with various institutions, all of which are major global banks with high credit ratings. | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Department for International Development | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Accounts 2011-12 |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| 14. Financial Instruments (continued) | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| 14.7 Market risk | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Interest rate risk | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| The Department's interest rate risk arises primarily from loans made at a floating rate, and cash balances held overseas. Neither of these represent a significant source of income for the Department - total income from such sources in 2011-12 amounted to £1.2m (2010-11 £5.1m). A 0.75% change in interest rates, with all other variables held constant, would have a 0.001% (£0.1m) impact on net operating costs. | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Foreign currency risk | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| The Department's largest exposure in terms of net assets is in US dollar and Euro. On the statement of financial position, exchange gains on investments are taken to the revaluation reserve. Exchange losses are also charged to the revaluation reserve where a previously accumulated reserve is available; losses in excess of this reserve are charged to operating costs. As at 31 March 2012, £2,150m (2011 £2,031m) of the Department's investments were denominated in US dollars and £989k (2011 £989k) in Euros. Exchange gains and losses on other financial assets and liabilities are charged to operating costs and are minimal based on the composition of assets and liabilities in foreign currency. | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| At 31 March 2012, if sterling had weakened by 10% against the US dollar, with all other variables held constant, net assets would have decreased by £239.1m (2011 £225.7m). Net operating costs would have reduced by £286k (2011 £158k). At the same date if sterling had weakened by 10% against the Euro, with all other variables held constant, net assets would have decreased by £110k (2011 £110k) with no impact on the operating costs. | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| During the year under review DFID did enter into arrangements to mitigate its exposure to currency risk on a large programme denominated in South African Rand where forward contracts were purchased to match milestone payments. At 31 March 2012 note 14.2 shows unrealised losses of £3.6m, which were charged to operating costs during 2011-12. | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Other price risk | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| The Department's investments in IFIs are based on share of the net assets of each IFI. Although there is no public traded market for these investments, changes in the underlying net asset values of the IFIs would impact on the investment value shown in these accounts. As at 31 March 2012, a 10% reduction in net asset values of the IFIs, with all other variables held constant, would result in the Department's net assets being reduced by £328.8m (2011 £310.1m). | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |
| Investments in CDC and Actis are shown at the lower of historic cost or market value. Where market value is lower this will be historic cost less any impairment to take to this value. As at 31 March 2012, a 10% reduction in the net asset value of these organisations, with all other variables held constant, would not have any effect on either the Department's net assets, or net operating costs (2011 nil). This is because market value is in excess of historic cost. | Not set | Not set | Not set | Not set | Not set | Not set | Not set | Not set |