2.5.1 Foreign exchange risk - the AGSA delivers a small portion of its audit services based on fixed sum contracts in foreign currencies. Trade accounts receivable include receivables of Euro 21,161 in the 2010/11 financial year in respect of services delivered in foreign currencies not hedged by forward exchange contracts. These balances have been translated at the year-end exchange rate of Euro 1 equal to R9.5286 in 2011 and Euro equal to R9.8329 in 2010. Included in the bank balances at 31 March 2011 is an amount of 471,249 USD, in 2010 2,429,484 USD. These balances have been translated at the year-end exchange rate of 1 USD equal to R6.7713 in 2011 and 1 USD equal to R7.3249 in 2010. The AGSA indicated that its policy does not take out forward cover on foreign exchange transactions.