notes to the Consolidated Financial Statements (cont’d) The aggregate value of transactions and outstanding balances with related parties is as follows: * Amounts are classified as accounts receivable/accounts payable respectively  All outstanding balances with these related parties are priced on an arm’s-length basis and are to be settled in cash within 12 months  of the reporting date. None of the balances are secured. There have been no guarantees provided or received for any related party  receivables or payables. As at December 31, 2011, January 1, 2011 and January 3, 2010, the Company has not recorded any impairment  of receivables relating to amounts owed by related parties. This assessment is undertaken each financial year through examining the  financial position of the related party and the market in which the related party operates. At December 31, 2011, the Company held foreign currency forward contracts designated as hedges of expected future purchases from  suppliers transacting in U.S. dollars, which the Company has qualified as highly probable forecasted transactions. The foreign  currency forward contracts are being used to hedge the foreign currency risk of the highly probable forecasted transactions. There  were no highly probable transactions for which hedge accounting has been claimed that have not occurred and no significant  element of hedge ineffectiveness requiring recognition in the income statement. Notional amounts are provided below. Foreign currency hedge hedging activitieS 93 AnnuAl RepoRt 2011 22. FINANCIAl INSTRUmENTS (Amounts in $000s)  December 31, 2011 January 1, 2011  January 3, 2010 Associates to the Company: Maritime Paper Products Ltd.  Purchases from related parties  $   NA  $   4,284 $   3,571  Amounts owed to related parties*  NA  76  32  Clearwater Seafoods Limited Partnership  Purchases from related parties  NA  4,611  8,643  Amounts owed to related parties*  NA  417  426  Other Related Parties: Crystal Cold Storage & Warehousing Inc.  Purchases from related parties  896  NA  NA  Amounts owed to related parties*   –   NA NA  Pier 17 Realty Trust Inc.  Purchases from related parties  454  NA  NA  Amounts owed to related parties*  –  NA  NA  Joint venture in which the Company is a venturer: Qingdao Dencan Seafoods Ltd.  Purchases from related parties  23,985  13,489  – Amounts owed to related parties*  –  –  – Total purchases from related parties  $   25,335 $   22,384 $   12,214  Total amounts owed to related parties*   –   493  458  Other financial assets:  Other financial liabilities: December 31,  January 1,  January 3, December 31,  January 1,  January 3,  (Amounts in $000s) 2011 2011  2010  2011 2011  2010 Financial instruments at fair value through  other comprehensive income Cash flow hedges  Foreign exchange forward contracts  $  1,346 $  890  $ 1,590  $  793 $ 2,334  $ 3,989  Interest rate swap  –  –  –  –   207  928 