2004 Crown Investments Corporation of Saskatchewan Annual Report

Crown Investments Corporation of SaskatchewanNon-Consolidated Financial StatementsResponsibility for FinancialStatementsThe accompanying Non-Consolidated FinancialStatements have been prepared by management ofCrown Investments Corporation of Saskatchewan toillustrate the financial position and results of operationsof the corporate entity only. They have been prepared,on a non-consolidated basis, in accordance with the basisof accounting described in Note 1(a) to the financialstatements, consistently applied, using management’sbest estimates and judgements where appropriate.Management is responsible for the reliability and integrityof the Non-Consolidated Financial Statements, the notesto the Non-Consolidated Financial Statements and otherinformation contained in this Annual Report.The Corporation’s Board of Directors is responsible foroverseeing the business affairs of the Corporation andalso has the responsibility for approving the financialstatements. The Board of Directors is responsible forreviewing the annual financial statements and meetingwith management, KPMG and the Provincial Auditor ofSaskatchewan on matters relating to the financial process.Management maintains a system of internal controls toensure the integrity of information that forms the basisof the financial statements. The internal controls providereasonable assurance that transactions are executed inaccordance with proper authorization, that assets areproperly guarded against unauthorized use and thatreliable records are maintained. The Provincial Auditor ofSaskatchewan has reported to the Legislative Assemblythat these controls are adequately functioning.KPMG has audited the Non-Consolidated FinancialStatements. Their report to the Members of the LegislativeAssembly, stating the scope of their examination andopinion on the Non-Consolidated Financial Statements,appears opposite.Auditors’ReportTo the Members of the Legislative Assembly ofSaskatchewanWe have audited the non-consolidated statement offinancial position of Crown Investments Corporationof Saskatchewan as at December 31, 2004 and the nonconsolidatedstatements of operations and retainedearnings and cash flows for the year then ended. Thesenon-consolidated financial statements have beenprepared at the request of the Legislative Assemblyof Saskatchewan. These non-consolidated financialstatements are the responsibility of the Corporation’smanagement. Our responsibility is to express an opinionon these non-consolidated financial statements based onour audit.We conducted our audit in accordance with Canadiangenerally accepted auditing standards. Those standardsrequire that we plan and perform an audit to obtainreasonable assurance whether the financial statementsare free of material misstatement. An audit includesexamining, on a test basis, evidence supporting theamounts and disclosures in the financial statements.An audit also includes assessing the accounting principlesused and significant estimates made by management,as well as evaluating the overall financial statementpresentation.In our opinion, these non-consolidated financialstatements present fairly, in all material respects, thefinancial position of the Corporation as at December31, 2004 and the results of its operations and its cashflows for the year then ended in accordance with thebasis of accounting described in Note 1(a) to the financialstatements.These non-consolidated financial statements, whichhave not been, and were not intended to be, prepared inaccordance with Canadian generally accepted accountingprinciples, are intended for the purpose of tabling with theLegislative Assembly of Saskatchewan.Tom J. Waller, Q.C.President & CEOMarch 14, 2005Blair Swystun, CFAVice-President & CFOChartered AccountantsRegina, SaskatchewanMarch 14, 200594