2016 2015
 $’000  $’000
Current Assets/(Liabilities)
Forward foreign exchange contracts and purchased foreign exchange options 3,190 (8,798)
 
Non – current assets/(Liabilities)
Forward foreign exchange contracts and purchased foreign exchange options 17,651 (1,026)

In the year ended June 2016, a gain of $4,640,723 (2015: $2,117,676 gain) in forward exchange contracts was transferred to the income statement.

From time to time, the Company enters into derivative financial instrument contracts to mitigate foreign exchange risk in respect to overseas revenues in accordance with the Company’s financial risk management policies (refer to Note 2). The Company has assessed the contracts for hedge effectiveness with the deferred gain in relation to those contracts assessed as effective hedges recognised in the hedging reserve at balance date, in accordance with accounting policy Note 1(e). The contracts are timed to mature when revenues are due to be received and are treated as cash flow hedges. At balance date, the details of outstanding derivative financial instrument contracts are:

2016 2015
 $’000  $’000
Sell US dollars
Maturing in less than one year 8,672 106,057
Maturing between 1 – 2 years     – 8,672
  8,672 114,729
     
Sell British Pounds    
Maturing in less than one year 26,970 5,441
Maturing between 1 – 2 years  54,398
Maturing between 2 – 5 years 67,959  –
149,327 5,441