2004 Crown Investments Corporation of Saskatchewan Annual Report

Notes to Non-Consolidated Financial StatementsDecember 31, 200411. Net Change in Non-Cash Working Capital Balances Related to Operations(thousands of dollars)2004 2003Decrease (increase) in interest and accounts receivableDecrease (increase) in dividends receivableIncrease (decrease) in interest and accounts payable$42113,840987$(133)(105,022)(11,752)$15,248$(116,907)12. Related Party TransactionsIncluded in these non-consolidated financial statements are transactions with various Saskatchewan Crowncorporations, departments, agencies, boards and commissions related to CIC by virtue of common control bythe Government of Saskatchewan and non-Crown corporations and enterprises subject to joint control andsignificant influence by the Government of Saskatchewan (collectively referred to as “related parties”).Routine operating transactions with related parties are settled at prevailing market prices under normaltrade terms. These transactions and amounts outstanding at year end, are as follows (thousands of dollars):2004 2003Category (as per financial statements)Accounts receivableAccounts payableGeneral, administrative and other expensesOther revenue$ 112,36262065$ 5051,412616-In addition, CIC pays Saskatchewan Provincial Sales Tax to the Saskatchewan Department of Finance on all itstaxable purchases. Taxes paid are recorded as part of the cost of those purchases.CIC provides management services to Saskatchewan Government Growth Fund Management Corporation,without charge.These non-consolidated financial statements and the notes thereto separately describe other transactionsand amounts due to and from related parties and the terms of settlement.13. Pension PlanCIC’s employees participate in the Capital Pension Plan (the Plan), a defined contribution pension plan whichis administered by CIC. CIC’s contributions to the Plan include making regular payments into the Plan tomatch the required amounts contributed by employees for current service. The total amount paid to thePlan for 2004 was $215.7 thousand (2003 - $352.8 thousand). Included in the Plan is a Retirement AnnuityFund (the Fund). The Fund provides retirement annuities at the option of retiring members of the Plan. Anactuarial valuation of the Fund is performed annually. The assets of the Fund at December 31, 2004 exceedthe actuarially determined net present value of retirement annuities payable.103