Islands Trust Conservancy Financial Statement March 31, 2024

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Financial Statements of 
 
THE ISLANDS TRUST  
CONSERVANCY 
 
Year ended March 31, 2024 
  

 
 
 
KPMG LLP 
St. Andrew’s Square II 
800-730 View Street 
Victoria BC V8W 3Y7 
Canada 
Telephone 250 480 3500 
Fax 250 480 3539 
 
 
KPMG LLP, an Ontario limited liability partnership and member firm of the KPMG global organization of independent member firms affiliated 
with KPMG International Limited, a private English company limited by guarantee. KPMG Canada provides services to KPMG LLP. 
INDEPENDENT AUDITOR’S REPORT 
To  the  Trustees  of  The  Islands  Trust  Conservancy  Board,  the  Trustees  of  Islands  Trust  and  the  
Minister of Municipal Affairs  
Opinion 
We  have  audited  the  financial  statements  of  the  Islands  Trust  Conservancy  (the  Entity)  which  
comprise: 
    the statement of financial position as at March 31, 2024 
    the statement of operations for the year then ended 
    the statement of changes in fund balances for the year then ended 
    the statement of cash flows for the year then ended 
    and notes to the financial statements, including a summary of significant accounting policies 
(hereinafter referred to as the “financial statements”). 
In our opinion, the financial statements present fairly, in all material respects, the financial position of 
the Entity as at March 31, 2024, and its results of operations, its changes in fund balances and cash 
flows for the year then ended in accordance with Canadian public sector accounting standards. 
Basis for Opinion 
We  conducted  our  audit  in  accordance  with  Canadian  generally  accepted  auditing  standards.    Our  
responsibilities  under  those  standards  are  further  described  in  the “Auditor’s  Responsibilities  for  
the Audit of the Financial Statements” section of our auditor’s report.   
We are independent of the Entity in accordance with the ethical requirements that are relevant to our 
audit  of  the  financial  statements  in  Canada  and  we  have  fulfilled  our  other  ethical  responsibilities  in  
accordance with these requirements. 
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis 
for our opinion.  
Responsibilities of Management and Those Charged with Governance for the Financial 
Statements 
Management  is  responsible  for  the  preparation  and  fair  presentation  of  the  financial  statements  in  
accordance  with  Canadian  public  sector  accounting  standards,  and  for  such  internal  control  as  
management determines is necessary to enable the preparation of financial statements that are free 
from material misstatement, whether due to fraud or error. 

 
 
 
The Island Trust Conservancy 
Page 2 
 
 
 
In preparing the financial statements, management is responsible for assessing the Entity’s ability to 
continue as a going concern, disclosing as applicable, matters related to going concern and using the 
going  concern  basis  of  accounting  unless  manageme

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