Islands Trust Conservancy Financial Statement March 31, 2023

Extracted text (beginning)

Financial Statements of 
 
THE ISLANDS TRUST  
CONSERVANCY 
 
Year ended March 31, 2023 
  

 
 
 
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, 2023 
• 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, 2023, 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.  

 
The Island Trust Conservancy 
Page 2 
 
 
 
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. 
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  con

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