Saskatchewan Government Growth Fund III Ltd. - Crown ...

FINANCIAL STATEMENTSSaskatchewan Government Growth Fund III Ltd.Statement of Operations and Retained EarningsYear ended December 31 20062005(restated –Note 4)RevenuesIncome from cash and publicly-traded and short-terminvestments $ 17,350 $ 14,287Income from other investments 4,400 52,800Other income - 2,50021,750 69,587Gains realized on disposal of other investments 145,890 -Losses realized on disposal of other investments (23,750) (248,186)Losses realized on disposal of publicly-traded andshort-term investments (3,529) -Increase in fair value of investments 188,913 5,234,325307,524 4,986,139Net revenue 329,274 5,055,726ExpensesAdministration (Note 13) 153,606 321,187Interest on obligations to investors - 233153,606 321,420Net income for the year 175,668 4,734,306Retained earnings (deficit), beginning of year,as previously reported 905,547 (3,710,578)Accounting change (Note 4) 634,401 516,220Retained earnings (deficit), beginning of year,as restated 1,539,948 (3,194,358)Retained earnings, end of year $ 1,715,616 $ 1,539,948See accompanying notes to the financial statements.SGGF III 2006 Annual Report 11