currency revaluation

My company buys Euros from World First using a forward contract. At the end of the contract any Euros not 'used' are purchased at the agreed contract rate and held by World First until we are ready to spend them.

This happened over year end. My boss is now telling me that because World First are showing a euro balance, the euros need to be revalued at year end rate. Is this correct even though we have purchased them? I have valued them at the sterling rate we paid for them before the year end.

Thanks