Attached files

file filename
EXCEL - IDEA: XBRL DOCUMENT - CURRENCYSHARES BRITISH POUND STERLING TRUSTFinancial_Report.xls
10-K - 10-K - CURRENCYSHARES BRITISH POUND STERLING TRUSTd449428d10k.htm
XML - IDEA: XBRL DOCUMENT - CURRENCYSHARES BRITISH POUND STERLING TRUSTR2.htm
XML - IDEA: XBRL DOCUMENT - CURRENCYSHARES BRITISH POUND STERLING TRUSTR9.htm
XML - IDEA: XBRL DOCUMENT - CURRENCYSHARES BRITISH POUND STERLING TRUSTR8.htm
EX-3.2 - EX-3.2 - CURRENCYSHARES BRITISH POUND STERLING TRUSTd449428dex32.htm
EX-4.4 - PARTICIPANT AGREEMENT - CURRENCYSHARES BRITISH POUND STERLING TRUSTd449428dex44.htm
EX-23.1 - EX-23.1 - CURRENCYSHARES BRITISH POUND STERLING TRUSTd449428dex231.htm
EX-32.1 - EX-32.1 - CURRENCYSHARES BRITISH POUND STERLING TRUSTd449428dex321.htm
EX-32.2 - EX-32.2 - CURRENCYSHARES BRITISH POUND STERLING TRUSTd449428dex322.htm
EX-31.1 - EX-31.1 - CURRENCYSHARES BRITISH POUND STERLING TRUSTd449428dex311.htm
EX-31.2 - EX-31.2 - CURRENCYSHARES BRITISH POUND STERLING TRUSTd449428dex312.htm
XML - IDEA: XBRL DOCUMENT - CURRENCYSHARES BRITISH POUND STERLING TRUSTR1.htm
XML - IDEA: XBRL DOCUMENT - CURRENCYSHARES BRITISH POUND STERLING TRUSTR6.htm
XML - IDEA: XBRL DOCUMENT - CURRENCYSHARES BRITISH POUND STERLING TRUSTR3.htm
XML - IDEA: XBRL DOCUMENT - CURRENCYSHARES BRITISH POUND STERLING TRUSTR4.htm
XML - IDEA: XBRL DOCUMENT - CURRENCYSHARES BRITISH POUND STERLING TRUSTR5.htm
XML - IDEA: XBRL DOCUMENT - CURRENCYSHARES BRITISH POUND STERLING TRUSTR17.htm
XML - IDEA: XBRL DOCUMENT - CURRENCYSHARES BRITISH POUND STERLING TRUSTR23.htm
XML - IDEA: XBRL DOCUMENT - CURRENCYSHARES BRITISH POUND STERLING TRUSTR21.htm
XML - IDEA: XBRL DOCUMENT - CURRENCYSHARES BRITISH POUND STERLING TRUSTR19.htm
XML - IDEA: XBRL DOCUMENT - CURRENCYSHARES BRITISH POUND STERLING TRUSTR18.htm
XML - IDEA: XBRL DOCUMENT - CURRENCYSHARES BRITISH POUND STERLING TRUSTR22.htm
XML - IDEA: XBRL DOCUMENT - CURRENCYSHARES BRITISH POUND STERLING TRUSTR16.htm
XML - IDEA: XBRL DOCUMENT - CURRENCYSHARES BRITISH POUND STERLING TRUSTR20.htm
XML - IDEA: XBRL DOCUMENT - CURRENCYSHARES BRITISH POUND STERLING TRUSTR12.htm
XML - IDEA: XBRL DOCUMENT - CURRENCYSHARES BRITISH POUND STERLING TRUSTR15.htm
XML - IDEA: XBRL DOCUMENT - CURRENCYSHARES BRITISH POUND STERLING TRUSTR24.htm
XML - IDEA: XBRL DOCUMENT - CURRENCYSHARES BRITISH POUND STERLING TRUSTR14.htm
XML - IDEA: XBRL DOCUMENT - CURRENCYSHARES BRITISH POUND STERLING TRUSTR13.htm
XML - IDEA: XBRL DOCUMENT - CURRENCYSHARES BRITISH POUND STERLING TRUSTR7.htm
XML - IDEA: XBRL DOCUMENT - CURRENCYSHARES BRITISH POUND STERLING TRUSTR11.htm
v2.4.0.6
Redeemable Capital Shares
12 Months Ended
Oct. 31, 2012
Redeemable Capital Shares [Abstract]  
Redeemable Capital Shares
4. Redeemable Capital Shares

Shares are classified as “redeemable” for financial statement purposes, since they are subject to redemption. Shares are issued and redeemed continuously in Baskets in exchange for British Pounds Sterling. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. Only Authorized Participants (as defined below) may place orders to create and redeem Baskets. An Authorized Participant is a DTC participant that is a registered broker-dealer or other institution eligible to settle securities transactions though the book-entry facilities of the DTC and which has entered into a contractual arrangement with the Trust and the Sponsor governing, among other matters, the creation and redemption process. Authorized Participants may redeem their Shares at any time in Baskets.

Due to expected continuing creations and redemptions of Baskets and the three-day period for settlement of each creation or redemption, the Trust reflects Shares created as a receivable. Shares redeemed are reflected as a liability on the trade date. Outstanding Shares are reflected at a redemption value, which is the NAV per Share at the period end date. Adjustments to redeemable capital Shares at redemption value are recorded against retained earnings or, in the absence of retained earnings, by charges against the cumulative translation adjustment.

Activity in redeemable capital Shares is as follows:

 

                                                 
    Year ended
October 31, 2012
    Year ended
October 31, 2011
    Year ended
October 31, 2010
 
    Shares     U.S. Dollar
Amount
    Shares     U.S. Dollar
Amount
    Shares     U.S. Dollar
Amount
 

Opening balance

    600,000     $ 96,109,435       700,000     $ 111,336,567       850,000     $ 139,786,516  

Shares issued

    250,000       39,142,894       750,000       119,639,040       1,500,000       232,490,556  

Shares redeemed

    (400,000     (62,590,899     (850,000     (135,533,965     (1,650,000     (255,726,018

Adjustment to period Shares due to currency movement and other

    —         (922,619     —         667,793       —         (5,214,487
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ending balance

    450,000     $ 71,738,811       600,000     $ 96,109,435       700,000     $ 111,336,567  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

The Trustee calculates the Trust’s NAV each business day. To calculate the NAV, the Trustee subtracts the Sponsor’s accrued fee through the previous day from the British Pounds Sterling held by the Trust (including all unpaid interest accrued through the preceding day) and calculates the value of the British Pounds Sterling in USD based upon the Closing Spot Rate. If, on a particular evaluation day, the Closing Spot Rate has not been determined and announced by 6:00 PM (London time), then the most recent Closing Spot Rate will be used to determine the NAV of the Trust unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate to use as the basis for the valuation. If the Trustee and the Sponsor determine that the most recent Closing Spot Rate is not an appropriate basis for valuation of the Trust’s British Pounds Sterling, they will determine an alternative basis for the valuation. The Trustee also determines the NAV per Share, which equals the NAV of the Trust, divided by the number of outstanding Shares. Shares deliverable under a purchase order are considered outstanding for purposes of determining NAV per Share; Shares deliverable under a redemption order are not considered outstanding for this purpose.