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The aggregate value of transactions and outstanding balances with related parties is as follows: 

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* 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. 

## 22. FINANCIAl INSTRUmENTS 

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## hedging activitieS 

## Foreign currency hedge 

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. 

