Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |
Oct. 31, 2013 | Apr. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-K | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Oct-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'FY | ' |
Trading Symbol | 'FXB | ' |
Entity Registrant Name | 'CURRENCYSHARES BRITISH POUND STERLING TRUST | ' |
Entity Central Index Key | '0001353611 | ' |
Current Fiscal Year End Date | '--10-31 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 600,000 |
Entity Public Float | ' | $92,070,000 |
Statements_of_Financial_Condit
Statements of Financial Condition(USD ($)) | Oct. 31, 2013 | Oct. 31, 2012 |
Current Assets: | ' | ' |
British Pound Sterling deposits, interest bearing | $47,544,974 | $71,759,412 |
British Pound Sterling deposits, non-interest bearing | ' | ' |
Receivable from accrued interest | 2,475 | 3,969 |
Total Current Assets | 47,547,449 | 71,763,381 |
Current Liabilities: | ' | ' |
Accrued Sponsor's fee | 16,150 | 24,570 |
Total Current Liabilities | 16,150 | 24,570 |
Commitments and Contingent Liabilities (note 9) | ' | ' |
Redeemable Capital Shares, at redemption value, no par value, 13,000,000 authorized -300,000 and 450,000 issued and outstanding, respectively | 47,531,299 | 71,738,811 |
Shareholders' Equity: | ' | ' |
Retained Earnings | ' | ' |
Cumulative Translation Adjustment | ' | ' |
Total Liabilities, Redeemable Capital Shares and Shareholders' Equity | $47,547,449 | $71,763,381 |
Statements_of_Financial_Condit1
Statements of Financial Condition (Parenthetical) (USD $) | Oct. 31, 2013 | Oct. 31, 2012 |
Statement Of Financial Position [Abstract] | ' | ' |
Redeemable Capital Shares, par value | $0 | $0 |
Redeemable Capital Shares, shares authorized | 13,000,000 | 13,000,000 |
Redeemable Capital Shares, shares issued | 300,000 | 300,000 |
Redeemable Capital Shares, shares outstanding | 450,000 | 450,000 |
Statements_of_Comprehensive_In
Statements of Comprehensive Income (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | |
Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Income | $8,302 | $11,763 | $10,999 | $9,200 | $13,660 | $25,715 | $28,519 | $36,779 | $40,264 | $104,673 | $192,387 |
Total Income | 8,302 | 11,763 | 10,999 | 9,200 | 13,660 | 25,715 | 28,519 | 36,779 | 40,264 | 104,673 | 192,387 |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sponsor's fee | -56,786 | -77,839 | -69,852 | -68,935 | -82,080 | -94,266 | -94,016 | -97,138 | -273,412 | -367,500 | -498,370 |
Total Expenses | -56,786 | -77,839 | -69,852 | -68,935 | -82,080 | -94,266 | -94,016 | -97,138 | -273,412 | -367,500 | -498,370 |
Net Loss | -48,484 | -66,076 | -58,853 | -59,735 | -68,420 | -68,551 | -65,497 | -60,359 | -233,148 | -262,827 | -305,983 |
Basic and Diluted Earnings per Share | ($0.13) | ($0.13) | ($0.12) | ($0.14) | ($0.13) | ($0.11) | ($0.11) | ($0.10) | ($0.52) | ($0.45) | ($0.39) |
Weighted-average Shares Outstanding | 360,326 | 509,239 | 475,281 | 434,783 | 515,217 | 602,174 | 606,667 | 622,826 | 444,658 | 586,612 | 780,274 |
Cash Dividends per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Loss: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Currency translation adjustment | -757 | 620 | -1,008 | 613 | -598 | 79 | -1,491 | -562 | -532 | -2,572 | -5,138 |
Total Comprehensive Loss | ($49,241) | ($65,456) | ($59,861) | ($59,122) | ($69,018) | ($68,472) | ($66,988) | ($60,921) | ($233,680) | ($265,399) | ($311,121) |
Statements_of_Changes_in_Share
Statements of Changes in Shareholders' Equity (USD $) | Total | Retained Earnings [Member] | Cumulative Translation Adjustment [Member] |
Cumulative Translation Adjustment, Beginning of Year at Oct. 31, 2010 | ' | ' | ' |
Retained Earnings, Beginning of Year at Oct. 31, 2010 | ' | ' | ' |
Net Loss | -305,983 | -305,983 | ' |
Adjustment of redeemable capital shares to redemption value | ' | 305,983 | ' |
Currency translation adjustment | -5,138 | ' | -5,138 |
Adjustment of redeemable capital shares to redemption value | ' | ' | 5,138 |
Cumulative Translation Adjustment, End of Year at Oct. 31, 2011 | ' | ' | ' |
Retained Earnings, End of Year at Oct. 31, 2011 | ' | ' | ' |
Net Loss | -262,827 | -262,827 | ' |
Adjustment of redeemable capital shares to redemption value | ' | 262,827 | ' |
Currency translation adjustment | -2,572 | ' | -2,572 |
Adjustment of redeemable capital shares to redemption value | ' | ' | 2,572 |
Cumulative Translation Adjustment, End of Year at Oct. 31, 2012 | ' | ' | ' |
Retained Earnings, End of Year at Oct. 31, 2012 | ' | ' | ' |
Net Loss | -233,148 | -233,148 | ' |
Adjustment of redeemable capital shares to redemption value | ' | 233,148 | ' |
Currency translation adjustment | -532 | ' | -532 |
Adjustment of redeemable capital shares to redemption value | ' | ' | 532 |
Cumulative Translation Adjustment, End of Year at Oct. 31, 2013 | ' | ' | ' |
Retained Earnings, End of Year at Oct. 31, 2013 | ' | ' | ' |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 12 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | |
Cash flows from operating activities | ' | ' | ' |
Cash received for accrued income | $41,827 | $116,470 | $192,979 |
Cash paid for expenses | -282,051 | -379,419 | -506,768 |
Net cash used in operating activities | -240,224 | -262,949 | -313,789 |
Cash flows from financing activities | ' | ' | ' |
Cash received to purchase redeemable shares | 107,977,153 | 39,142,894 | 119,639,040 |
Cash paid to redeem redeemable shares | -131,077,496 | -62,590,899 | -135,533,965 |
Net cash used in financing activities | -23,100,343 | -23,448,005 | -15,894,925 |
Adjustment to period cash flows due to currency movement | -873,871 | -659,884 | 974,034 |
Decrease in cash | -24,214,438 | -24,370,838 | -15,234,680 |
Cash at beginning of year | 71,759,412 | 96,130,250 | 111,364,930 |
Cash at end of year | 47,544,974 | 71,759,412 | 96,130,250 |
Reconciliation of net loss to net cash used in operating activities | ' | ' | ' |
Net Loss | -233,148 | -262,827 | -305,983 |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' |
Receivable from accrued interest | -2,475 | -3,969 | -15,791 |
Prior period receivable from accrued interest | 3,969 | 15,791 | 16,264 |
Currency translation adjustment | -150 | 92 | -258 |
Accrued sponsor fee | 16,150 | 24,570 | 36,606 |
Prior period accrued sponsor fee | -24,570 | -36,606 | -44,627 |
Net cash used in operating activities | ($240,224) | ($262,949) | ($313,789) |
Organization_and_Description_o
Organization and Description of the Trust | 12 Months Ended |
Oct. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Organization and Description of the Trust | ' |
1. Organization and Description of the Trust | |
The CurrencyShares® British Pound Sterling Trust (the “Trust”) was formed under the laws of the State of New York on June 8, 2006 when Guggenheim Specialized Products, LLC d/b/a “Guggenheim Investments” (the “Sponsor”) deposited 100 British Pounds Sterling in the Trust’s primary deposit account held by JPMorgan Chase Bank N.A., London Branch (the “Depository”). The Sponsor is a Delaware limited liability company whose sole member is Security Investors LLC (also d/b/a “Guggenheim Investments”). The Sponsor is responsible for, among other things, overseeing the performance of The Bank of New York Mellon (the “Trustee”) and the Trust’s principal service providers, including the preparation of financial statements. The Trustee is responsible for the day-to-day administration of the Trust. | |
The investment objective of the Trust is for the Trust’s shares (the “Shares”) to reflect the price of the British Pound Sterling plus accrued interest less the Trust’s expenses and liabilities. The Shares are intended to provide investors with a simple, cost-effective means of gaining investment benefits similar to those of holding British Pounds Sterling. The Trust’s assets primarily consist of British Pounds Sterling on demand deposit in two deposit accounts maintained by the Depository: a primary deposit account which may earn interest and a secondary deposit account which does not earn interest. The secondary deposit account is used to account for any interest that may be received and paid out on creations and redemptions of blocks of 50,000 Shares (“Baskets”). The secondary account is also used to account for interest earned, if any, on the primary deposit account, pay Trust expenses and distribute any excess interest to holders of Shares (“Shareholders”) on a monthly basis. | |
The accompanying audited financial statements were prepared in accordance with accounting principles generally accepted in the United States of America. |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended |
Oct. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies | ' |
2. Significant Accounting Policies | |
A. Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of the assets, liabilities and disclosures of contingent liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period and the evaluation of subsequent events through the issuance of the financial statements. Actual results could differ from those estimates. | |
B. Foreign Currency Translation | |
The Trustee calculates the Trust’s net asset value (“NAV”) each business day, as described in Note 4. As of November 13, 2008, British Pound Sterling deposits (cash) are translated for NAV calculation purposes at the Closing Spot Rate, which is the USD/British Pound Sterling exchange rate as determined by The WM Company, at 4:00 PM (London fixing) on each day that NYSE Arca is open for regular trading. | |
The functional currency of the Trust is the British Pound Sterling in accordance with generally accepted accounting standards. For financial statement reporting purposes, the U.S. Dollar is the reporting currency. As a result, the financial records of the Trust are translated from British Pounds Sterling to USD. The Closing Spot Rate on the last day of the period is used for translation in the statements of financial condition. The average Closing Spot Rate for the period is used for translation in the statements of comprehensive income and the statements of cash flows. Any currency translation adjustment is included in comprehensive income. | |
C. Federal Income Taxes | |
The Trust is treated as a “grantor trust” for federal income tax purposes and, therefore, no provision for federal income taxes is required. Interest, gains and losses are passed through to the Shareholders. | |
Shareholders generally will be treated, for U.S. federal income tax purposes, as if they directly owned a pro-rata share of the assets held in the Trust. Shareholders also will be treated as if they directly received their respective pro-rata portion of the Trust’s income, if any, and as if they directly incurred their respective pro-rata portion of the Trust’s expenses. The acquisition of Shares by a U.S. Shareholder as part of a creation of a Basket will not be a taxable event to the Shareholder. | |
The Sponsor’s fee accrues daily and is payable monthly. For U.S. federal income tax purposes, an accrual-basis U.S. Shareholder generally will be required to take into account as an expense its allocable portion of the USD-equivalent of the amount of the Sponsor’s fee that is accrued on each day, with such USD-equivalent being determined by the currency exchange rate that is in effect on the respective day. To the extent that the currency exchange rate on the date of payment of the accrued amount of the Sponsor’s fee differs from the currency exchange rate in effect on the day of accrual, the U.S. Shareholder will recognize a currency gain or loss for U.S. federal income tax purposes. | |
The Trust does not expect to generate taxable income except for interest income (if any) and gain (if any) upon the sale of British Pounds Sterling. A non-U.S. Shareholder generally will not be subject to U.S. federal income tax with respect to gain recognized upon the sale or other disposition of Shares, or upon the sale of British Pounds Sterling by the Trust, unless: (1) the non-U.S. Shareholder is an individual and is present in the United States for 183 days or more during the taxable year of the sale or other disposition, and the gain is treated as being from United States sources; or (2) the gain is effectively connected with the conduct by the non-U.S. Shareholder of a trade or business in the United States. | |
A non-U.S. Shareholder’s portion of any interest income earned by the Trust generally will not be subject to U.S. federal income tax unless the Shares owned by such non-U.S. Shareholder are effectively connected with the conduct by the non-U.S. Shareholder of a trade or business in the United States. | |
D. Revenue Recognition | |
Interest on the primary deposit account, if any, accrues daily as earned and is received on a monthly basis. | |
E. Dividends | |
To the extent that the interest earned by the Trust exceeds the sum of the Sponsor’s fee for the prior month plus other Trust expenses, if any, the Trust will distribute, as a dividend (herein referred to as dividends or distributions), the excess interest earned in British Pounds Sterling effective on the first business day of the subsequent month. The Trustee will direct that the excess British Pounds Sterling be converted into USD at the prevailing market rate and the Trustee will distribute the USD as promptly as practicable to Shareholders on a pro-rata basis in accordance with the number of Shares that they own. |
British_Pound_Sterling_Deposit
British Pound Sterling Deposits | 12 Months Ended |
Oct. 31, 2013 | |
Text Block [Abstract] | ' |
British Pound Sterling Deposits | ' |
3. British Pound Sterling Deposits | |
British Pound Sterling principal deposits are held in a British Pound Sterling-denominated, interest-bearing demand account. For the year ended October 31, 2013, there were British Pound Sterling principal deposits of 69,154,062, British Pound Sterling principal redemptions of 83,948,697 and British Pound Sterling withdrawals (to pay expenses) of 153,852, resulting in an ending British Pound Sterling principal balance of 29,593,513. This equates to 47,544,974 USD. For the year ended October 31, 2012, there were British Pound Sterling principal deposits of 24,786,533, British Pound Sterling principal redemptions of 39,634,561 and British Pound Sterling withdrawals (to pay expenses) of 166,507, resulting in an ending British Pound Sterling principal balance of 44,542,000. This equates to 71,759,412 USD. For the year ended October 31, 2011, there were British Pound Sterling principal deposits of 74,541,458, British Pound Sterling principal redemptions of 84,444,838 and British Pound Sterling withdrawals (to pay expenses) of 195,508 resulting in an ending British Pound Sterling principal balance of 59,556,535. This equates to 96,130,250 USD. | |
Net interest, if any, associated with creation and redemption activity is held in a British Pound Sterling-denominated non-interest-bearing account, and any balance is distributed in full as part of the monthly income distributions, if any. |
Redeemable_Capital_Shares
Redeemable Capital Shares | 12 Months Ended | ||||||||||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||||||||||
Equity [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 Depository Trust Company (“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 | Year ended | Year ended | |||||||||||||||||||||||
31-Oct-13 | 31-Oct-12 | 31-Oct-11 | |||||||||||||||||||||||
U.S. Dollar | U.S. Dollar | U.S. Dollar | |||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||||||||
Opening balance | 450,000 | $ | 71,738,811 | 600,000 | $ | 96,109,435 | 700,000 | $ | 111,336,567 | ||||||||||||||||
Shares issued | 700,000 | 107,977,153 | 250,000 | 39,142,894 | 750,000 | 119,639,040 | |||||||||||||||||||
Shares redeemed | (850,000 | ) | (131,077,496 | ) | (400,000 | ) | (62,590,899 | ) | (850,000 | ) | (135,533,965 | ) | |||||||||||||
Adjustment to period Shares due to currency movement and other | — | (1,107,169 | ) | — | (922,619 | ) | — | 667,793 | |||||||||||||||||
Ending balance | 300,000 | $ | 47,531,299 | 450,000 | $ | 71,738,811 | 600,000 | $ | 96,109,435 | ||||||||||||||||
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. |
Selected_Quarterly_Information
Selected Quarterly Information (Unaudited) | 12 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Selected Quarterly Information (Unaudited) | ' | ||||||||||||||||
5. Selected Quarterly Information (Unaudited) | |||||||||||||||||
Fiscal Period Ended October 31, 2013: | |||||||||||||||||
Three months | Three months | Three months | Three months | ||||||||||||||
ended | ended | ended | ended | ||||||||||||||
October 31, 2013 | 31-Jul-13 | April 30, 2013 | January 31, 2013 | ||||||||||||||
Income | |||||||||||||||||
Interest Income | $ | 8,302 | $ | 11,763 | $ | 10,999 | $ | 9,200 | |||||||||
Total Income | 8,302 | 11,763 | 10,999 | 9,200 | |||||||||||||
Expenses | |||||||||||||||||
Sponsor’s fee | (56,786 | ) | (77,839 | ) | (69,852 | ) | (68,935 | ) | |||||||||
Total Expenses | (56,786 | ) | (77,839 | ) | (69,852 | ) | (68,935 | ) | |||||||||
Net Loss | $ | (48,484 | ) | $ | (66,076 | ) | $ | (58,853 | ) | $ | (59,735 | ) | |||||
Basic and Diluted Earnings per Share | $ | (0.13 | ) | $ | (0.13 | ) | $ | (0.12 | ) | $ | (0.14 | ) | |||||
Weighted-average Shares Outstanding | 360,326 | 509,239 | 475,281 | 434,783 | |||||||||||||
Cash Dividends per Share | $ | — | $ | — | $ | — | $ | — | |||||||||
Other Comprehensive (Loss)/Income: | |||||||||||||||||
Currency translation adjustment | (757 | ) | 620 | (1,008 | ) | 613 | |||||||||||
Total Comprehensive Loss | $ | (49,241 | ) | $ | (65,456 | ) | $ | (59,861 | ) | $ | (59,122 | ) | |||||
Fiscal Period Ended October 31, 2012: | |||||||||||||||||
Three months | Three months | Three months | Three months | ||||||||||||||
ended | ended | ended | ended | ||||||||||||||
October 31, 2012 | 31-Jul-12 | April 30, 2012 | January 31, 2012 | ||||||||||||||
Income | |||||||||||||||||
Interest Income | $ | 13,660 | $ | 25,715 | $ | 28,519 | $ | 36,779 | |||||||||
Total Income | 13,660 | 25,715 | 28,519 | 36,779 | |||||||||||||
Expenses | |||||||||||||||||
Sponsor’s fee | (82,080 | ) | (94,266 | ) | (94,016 | ) | (97,138 | ) | |||||||||
Total Expenses | (82,080 | ) | (94,266 | ) | (94,016 | ) | (97,138 | ) | |||||||||
Net Loss | $ | (68,420 | ) | $ | (68,551 | ) | $ | (65,497 | ) | $ | (60,359 | ) | |||||
Basic and Diluted Earnings per Share | $ | (0.13 | ) | $ | (0.11 | ) | $ | (0.11 | ) | $ | (0.10 | ) | |||||
Weighted-average Shares Outstanding | 515,217 | 602,174 | 606,667 | 622,826 | |||||||||||||
Cash Dividends per Share | $ | — | $ | — | $ | — | $ | — | |||||||||
Other Comprehensive (Loss)/Income: | |||||||||||||||||
Currency translation adjustment | (598 | ) | 79 | (1,491 | ) | (562 | ) | ||||||||||
Total Comprehensive Loss | $ | (69,018 | ) | $ | (68,472 | ) | $ | (66,988 | ) | $ | (60,921 | ) | |||||
Sponsors_Fee
Sponsor's Fee | 12 Months Ended |
Oct. 31, 2013 | |
Text Block [Abstract] | ' |
Sponsor's Fee | ' |
6. Sponsor’s Fee | |
The Sponsor’s fee accrues daily at an annual nominal rate of 0.40% of the British Pounds Sterling in the Trust (including all unpaid interest but excluding unpaid fees, each as accrued through the immediately preceding day) and is paid monthly. | |
The Sponsor assumes and pays the following administrative and marketing expenses incurred by the Trust: the Trustee’s monthly fee, NYSE Arca listing fees, SEC registration fees, typical maintenance and transaction fees of the Depository, printing and mailing costs, audit fees and expenses, up to $100,000 per year in legal fees and expenses, and applicable license fees. | |
In certain exceptional cases the Trust will pay for some expenses in addition to the Sponsor’s fee. These exceptions include expenses not assumed by the Sponsor (i.e., expenses other than those identified in the preceding paragraph), taxes and governmental charges, expenses and costs of any extraordinary services performed by the Trustee or the Sponsor on behalf of the Trust or action taken by the Trustee or the Sponsor to protect the Trust or the interests of Shareholders, indemnification of the Sponsor under the Depositary Trust Agreement, and legal expenses in excess of $100,000 per year. |
Related_Parties
Related Parties | 12 Months Ended |
Oct. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Parties | ' |
7. Related Parties | |
The Sponsor is a related party of the Trust. The Sponsor oversees the performance of the Trustee and the Trust’s principal service providers, including the preparation of financial statements, but does not exercise day-to-day oversight over the Trustee or the Trust’s service providers. |
Concentration_Risk
Concentration Risk | 12 Months Ended |
Oct. 31, 2013 | |
Risks And Uncertainties [Abstract] | ' |
Concentration Risk | ' |
8. Concentration Risk | |
All of the Trust’s assets are British Pounds Sterling, which creates a concentration risk associated with fluctuations in the price of the British Pound Sterling. Accordingly, a decline in the British Pound Sterling to USD exchange rate will have an adverse effect on the value of the Shares. Factors that may have the effect of causing a decline in the price of the British Pound Sterling include national debt levels and trade deficits, domestic and foreign inflation rates, domestic and foreign interest rates, investment and trading activities of institutions and global or regional political, economic or financial events and situations. Substantial sales of British Pounds Sterling by the official sector (central banks, other governmental agencies and related institutions that buy, sell and hold British Pounds Sterling as part of their reserve assets) could adversely affect an investment in the Shares. | |
All of the Trust’s British Pounds Sterling are held by the Depository. Accordingly, a risk associated with the concentration of the Trust’s assets in accounts held by a single financial institution exists and increases the potential for loss by the Trust and the Trust’s beneficiaries in the event that the Depository becomes insolvent. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Oct. 31, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
9. Commitments and Contingencies | |
Under the Trust’s organizational documents, the Sponsor is indemnified against any liability or expense it incurs without negligence, bad faith or willful misconduct on its part. The Trust’s maximum exposure under this arrangement is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. |
Adoption_of_New_Accounting_Sta
Adoption of New Accounting Standard | 12 Months Ended |
Oct. 31, 2013 | |
Accounting Changes And Error Corrections [Abstract] | ' |
Adoption of New Accounting Standard | ' |
10. Adoption of New Accounting Standard | |
The Trust adopted “Comprehensive Income (Topic 220): Presentation of Comprehensive Income” (“ASU No. 2011-05”) in the 2013 first quarter which amends existing guidance by allowing only two options for presenting the components of net income and other comprehensive income: (1) in a single continuous financial statement, a statement of comprehensive income or (2) in two separate but consecutive financial statements, an income statement followed by a separate statement of other comprehensive income. ASU No. 2011-05 required retrospective application. The adoption of these updates changed the order in which certain financial information is presented, but did not have any other impact on the financial statements. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended |
Oct. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Use of Estimates | ' |
A. Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of the assets, liabilities and disclosures of contingent liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period and the evaluation of subsequent events through the issuance of the financial statements. Actual results could differ from those estimates. | |
Foreign Currency Translation | ' |
B. Foreign Currency Translation | |
The Trustee calculates the Trust’s net asset value (“NAV”) each business day, as described in Note 4. As of November 13, 2008, British Pound Sterling deposits (cash) are translated for NAV calculation purposes at the Closing Spot Rate, which is the USD/British Pound Sterling exchange rate as determined by The WM Company, at 4:00 PM (London fixing) on each day that NYSE Arca is open for regular trading. | |
The functional currency of the Trust is the British Pound Sterling in accordance with generally accepted accounting standards. For financial statement reporting purposes, the U.S. Dollar is the reporting currency. As a result, the financial records of the Trust are translated from British Pounds Sterling to USD. The Closing Spot Rate on the last day of the period is used for translation in the statements of financial condition. The average Closing Spot Rate for the period is used for translation in the statements of comprehensive income and the statements of cash flows. Any currency translation adjustment is included in comprehensive income. | |
Federal Income Taxes | ' |
C. Federal Income Taxes | |
The Trust is treated as a “grantor trust” for federal income tax purposes and, therefore, no provision for federal income taxes is required. Interest, gains and losses are passed through to the Shareholders. | |
Shareholders generally will be treated, for U.S. federal income tax purposes, as if they directly owned a pro-rata share of the assets held in the Trust. Shareholders also will be treated as if they directly received their respective pro-rata portion of the Trust’s income, if any, and as if they directly incurred their respective pro-rata portion of the Trust’s expenses. The acquisition of Shares by a U.S. Shareholder as part of a creation of a Basket will not be a taxable event to the Shareholder. | |
The Sponsor’s fee accrues daily and is payable monthly. For U.S. federal income tax purposes, an accrual-basis U.S. Shareholder generally will be required to take into account as an expense its allocable portion of the USD-equivalent of the amount of the Sponsor’s fee that is accrued on each day, with such USD-equivalent being determined by the currency exchange rate that is in effect on the respective day. To the extent that the currency exchange rate on the date of payment of the accrued amount of the Sponsor’s fee differs from the currency exchange rate in effect on the day of accrual, the U.S. Shareholder will recognize a currency gain or loss for U.S. federal income tax purposes. | |
The Trust does not expect to generate taxable income except for interest income (if any) and gain (if any) upon the sale of British Pounds Sterling. A non-U.S. Shareholder generally will not be subject to U.S. federal income tax with respect to gain recognized upon the sale or other disposition of Shares, or upon the sale of British Pounds Sterling by the Trust, unless: (1) the non-U.S. Shareholder is an individual and is present in the United States for 183 days or more during the taxable year of the sale or other disposition, and the gain is treated as being from United States sources; or (2) the gain is effectively connected with the conduct by the non-U.S. Shareholder of a trade or business in the United States. | |
A non-U.S. Shareholder’s portion of any interest income earned by the Trust generally will not be subject to U.S. federal income tax unless the Shares owned by such non-U.S. Shareholder are effectively connected with the conduct by the non-U.S. Shareholder of a trade or business in the United States. | |
Revenue Recognition | ' |
D. Revenue Recognition | |
Interest on the primary deposit account, if any, accrues daily as earned and is received on a monthly basis. | |
Dividends | ' |
E. Dividends | |
To the extent that the interest earned by the Trust exceeds the sum of the Sponsor’s fee for the prior month plus other Trust expenses, if any, the Trust will distribute, as a dividend (herein referred to as dividends or distributions), the excess interest earned in British Pounds Sterling effective on the first business day of the subsequent month. The Trustee will direct that the excess British Pounds Sterling be converted into USD at the prevailing market rate and the Trustee will distribute the USD as promptly as practicable to Shareholders on a pro-rata basis in accordance with the number of Shares that they own. | |
Comprehensive Income | ' |
The Trust adopted “Comprehensive Income (Topic 220): Presentation of Comprehensive Income” (“ASU No. 2011-05”) in the 2013 first quarter which amends existing guidance by allowing only two options for presenting the components of net income and other comprehensive income: (1) in a single continuous financial statement, a statement of comprehensive income or (2) in two separate but consecutive financial statements, an income statement followed by a separate statement of other comprehensive income. ASU No. 2011-05 required retrospective application. The adoption of these updates changed the order in which certain financial information is presented, but did not have any other impact on the financial statements. |
Redeemable_Capital_Shares_Tabl
Redeemable Capital Shares (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||
Schedule for Redeemable Capital Shares Activity | ' | ||||||||||||||||||||||||
Activity in redeemable capital Shares is as follows: | |||||||||||||||||||||||||
Year ended | Year ended | Year ended | |||||||||||||||||||||||
31-Oct-13 | 31-Oct-12 | 31-Oct-11 | |||||||||||||||||||||||
U.S. Dollar | U.S. Dollar | U.S. Dollar | |||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||||||||
Opening balance | 450,000 | $ | 71,738,811 | 600,000 | $ | 96,109,435 | 700,000 | $ | 111,336,567 | ||||||||||||||||
Shares issued | 700,000 | 107,977,153 | 250,000 | 39,142,894 | 750,000 | 119,639,040 | |||||||||||||||||||
Shares redeemed | (850,000 | ) | (131,077,496 | ) | (400,000 | ) | (62,590,899 | ) | (850,000 | ) | (135,533,965 | ) | |||||||||||||
Adjustment to period Shares due to currency movement and other | — | (1,107,169 | ) | — | (922,619 | ) | — | 667,793 | |||||||||||||||||
Ending balance | 300,000 | $ | 47,531,299 | 450,000 | $ | 71,738,811 | 600,000 | $ | 96,109,435 | ||||||||||||||||
Selected_Quarterly_Information1
Selected Quarterly Information (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Selected Quarterly Information (Unaudited) | ' | ||||||||||||||||
Fiscal Period Ended October 31, 2013: | |||||||||||||||||
Three months | Three months | Three months | Three months | ||||||||||||||
ended | ended | ended | ended | ||||||||||||||
October 31, 2013 | 31-Jul-13 | April 30, 2013 | January 31, 2013 | ||||||||||||||
Income | |||||||||||||||||
Interest Income | $ | 8,302 | $ | 11,763 | $ | 10,999 | $ | 9,200 | |||||||||
Total Income | 8,302 | 11,763 | 10,999 | 9,200 | |||||||||||||
Expenses | |||||||||||||||||
Sponsor’s fee | (56,786 | ) | (77,839 | ) | (69,852 | ) | (68,935 | ) | |||||||||
Total Expenses | (56,786 | ) | (77,839 | ) | (69,852 | ) | (68,935 | ) | |||||||||
Net Loss | $ | (48,484 | ) | $ | (66,076 | ) | $ | (58,853 | ) | $ | (59,735 | ) | |||||
Basic and Diluted Earnings per Share | $ | (0.13 | ) | $ | (0.13 | ) | $ | (0.12 | ) | $ | (0.14 | ) | |||||
Weighted-average Shares Outstanding | 360,326 | 509,239 | 475,281 | 434,783 | |||||||||||||
Cash Dividends per Share | $ | — | $ | — | $ | — | $ | — | |||||||||
Other Comprehensive (Loss)/Income: | |||||||||||||||||
Currency translation adjustment | (757 | ) | 620 | (1,008 | ) | 613 | |||||||||||
Total Comprehensive Loss | $ | (49,241 | ) | $ | (65,456 | ) | $ | (59,861 | ) | $ | (59,122 | ) | |||||
Fiscal Period Ended October 31, 2012: | |||||||||||||||||
Three months | Three months | Three months | Three months | ||||||||||||||
ended | ended | ended | ended | ||||||||||||||
October 31, 2012 | 31-Jul-12 | April 30, 2012 | January 31, 2012 | ||||||||||||||
Income | |||||||||||||||||
Interest Income | $ | 13,660 | $ | 25,715 | $ | 28,519 | $ | 36,779 | |||||||||
Total Income | 13,660 | 25,715 | 28,519 | 36,779 | |||||||||||||
Expenses | |||||||||||||||||
Sponsor’s fee | (82,080 | ) | (94,266 | ) | (94,016 | ) | (97,138 | ) | |||||||||
Total Expenses | (82,080 | ) | (94,266 | ) | (94,016 | ) | (97,138 | ) | |||||||||
Net Loss | $ | (68,420 | ) | $ | (68,551 | ) | $ | (65,497 | ) | $ | (60,359 | ) | |||||
Basic and Diluted Earnings per Share | $ | (0.13 | ) | $ | (0.11 | ) | $ | (0.11 | ) | $ | (0.10 | ) | |||||
Weighted-average Shares Outstanding | 515,217 | 602,174 | 606,667 | 622,826 | |||||||||||||
Cash Dividends per Share | $ | — | $ | — | $ | — | $ | — | |||||||||
Other Comprehensive (Loss)/Income: | |||||||||||||||||
Currency translation adjustment | (598 | ) | 79 | (1,491 | ) | (562 | ) | ||||||||||
Total Comprehensive Loss | $ | (69,018 | ) | $ | (68,472 | ) | $ | (66,988 | ) | $ | (60,921 | ) | |||||
Organization_and_Description_o1
Organization and Description of the Trust - Additional Information (Detail) (GBP £) | 12 Months Ended |
Oct. 31, 2013 | |
Accounts | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' |
Initial deposits by Sponsor, Primary deposit account | £ 100 |
Organization formation date | 8-Jun-06 |
Number of deposits accounts in which trust's assets primarily consist of British Pounds Sterling | 2 |
Redemptions Capital Shares, Number of shares in each Block | 50,000 |
Significant_Accounting_Policie2
Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended |
Oct. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Provision for federal income taxes | $0 |
Minimum days required to stay for tax liability | '183 days |
British_Pound_Sterling_Deposit1
British Pound Sterling Deposits - Additional Information (Detail) | 12 Months Ended | ||||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2013 | Oct. 31, 2012 | |
GBP (£) | GBP (£) | GBP (£) | USD ($) | USD ($) | |
Deposits [Abstract] | ' | ' | ' | ' | ' |
British Pound sterling principal deposits | £ 69,154,062 | £ 24,786,533 | £ 74,541,458 | ' | ' |
British Pound Sterling principal redemptions | 83,948,697 | 39,634,561 | 84,444,838 | ' | ' |
British Pound Sterling withdrawals (to pay expenses) | 153,852 | 166,507 | 195,508 | ' | ' |
British Pound Sterling principal balance | £ 29,593,513 | £ 44,542,000 | £ 59,556,535 | $47,544,974 | $71,759,412 |
Redeemable_Capital_Shares_Addi
Redeemable Capital Shares - Additional Information (Detail) | 12 Months Ended |
Oct. 31, 2013 | |
Equity [Abstract] | ' |
Redeemable Capital Shares, Settlement of each creation or redemption Period | '3 days |
Redeemable_Capital_Shares_Sche
Redeemable Capital Shares - Schedule of Redeemable Capital Shares Activity (Detail) (USD $) | 12 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | |
Equity [Abstract] | ' | ' | ' |
Opening balance, shares | 450,000 | 600,000 | 700,000 |
Shares issued, shares | 700,000 | 250,000 | 750,000 |
Shares redeemed, shares | -850,000 | -400,000 | -850,000 |
Adjustment to period shares due to currency movement and other, shares | ' | ' | ' |
Ending balance, shares | 450,000 | 450,000 | 600,000 |
Opening balance, amount | $71,738,811 | $96,109,435 | $111,336,567 |
Shares issued, amount | 107,977,153 | 39,142,894 | 119,639,040 |
Shares redeemed, amount | -131,077,496 | -62,590,899 | -135,533,965 |
Adjustment to period Shares due to currency movement and other, amount | -1,107,169 | -922,619 | 667,793 |
Ending balance, amount | $47,531,299 | $71,738,811 | $96,109,435 |
Selected_Quarterly_Information2
Selected Quarterly Information (Unaudited) - Selected Quarterly Information (Unaudited) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | |
Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Income | $8,302 | $11,763 | $10,999 | $9,200 | $13,660 | $25,715 | $28,519 | $36,779 | $40,264 | $104,673 | $192,387 |
Total Income | 8,302 | 11,763 | 10,999 | 9,200 | 13,660 | 25,715 | 28,519 | 36,779 | 40,264 | 104,673 | 192,387 |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sponsor's fee | -56,786 | -77,839 | -69,852 | -68,935 | -82,080 | -94,266 | -94,016 | -97,138 | -273,412 | -367,500 | -498,370 |
Total Expenses | -56,786 | -77,839 | -69,852 | -68,935 | -82,080 | -94,266 | -94,016 | -97,138 | -273,412 | -367,500 | -498,370 |
Net Loss | -48,484 | -66,076 | -58,853 | -59,735 | -68,420 | -68,551 | -65,497 | -60,359 | -233,148 | -262,827 | -305,983 |
Basic and Diluted Earnings per Share | ($0.13) | ($0.13) | ($0.12) | ($0.14) | ($0.13) | ($0.11) | ($0.11) | ($0.10) | ($0.52) | ($0.45) | ($0.39) |
Weighted-average Shares Outstanding | 360,326 | 509,239 | 475,281 | 434,783 | 515,217 | 602,174 | 606,667 | 622,826 | 444,658 | 586,612 | 780,274 |
Cash Dividends per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive (Loss)/Income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Currency translation adjustment | -757 | 620 | -1,008 | 613 | -598 | 79 | -1,491 | -562 | -532 | -2,572 | -5,138 |
Total Comprehensive Loss | ($49,241) | ($65,456) | ($59,861) | ($59,122) | ($69,018) | ($68,472) | ($66,988) | ($60,921) | ($233,680) | ($265,399) | ($311,121) |
Sponsors_Fee_Additional_Inform
Sponsor's Fee - Additional Information (Detail) (USD $) | 12 Months Ended |
Oct. 31, 2013 | |
Cost of services [Line Items] | ' |
Sponsor's fee accrues daily and paid monthly, annual nominal rate | 0.40% |
Maximum [Member] | ' |
Cost of services [Line Items] | ' |
Legal fees and expenses assumed by Sponsor | 100,000 |
Minimum [Member] | ' |
Cost of services [Line Items] | ' |
Legal fees and expenses not assumed by sponsor | 100,000 |
Adoption_of_New_Accounting_Sta1
Adoption of New Accounting Standard - Additional Information (Detail) | 12 Months Ended |
Oct. 31, 2013 | |
Option | |
Adoption Of New Accounting Standards [Abstract] | ' |
Number of options for presenting the components of net income and other comprehensive income | 2 |