109 25. Financial risk management objects and policies continued Hedging instruments for Pound Sterling commitments:  Subsequent to 31 December 2012, the Group entered into further forward currency contracts of nominal £25,800,000 at an average forward rate of  1.5807 US$/£. Maturity  Nominal amount £000  Forward rate US$/£ Derivatives  2012  January 2013  1,900  1.5516 February 2013  1,900  1.5515 March 2013  1,900  1.5513 April 2013  1,900  1.5503 May 2013  1,900  1.5501 June 2013  –  - July 2013  –  - August 2013  –  - September 2013  –  - October 2013  –  - November 2013  –  - December 2013  –  - 2011  January 2012  1,900  1.5951 February 2012  1,900  1.5945 March 2012  2,600  1.5897 April 2012  1,900  1.5944 May 2012  1,900  1.5947 June 2012  1,900  1.5908 July 2012  1,900  1.6005 August 2012  1,900  1.6005 September 2012  1,900  1.6001 October 2012  1,900  1.5827 November 2012  1,900  1.5827 December 2012  1,900  1.5827