Islands Trust Financial Statement March 31, 2013

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Financial Statements of
ISLANDS TRUST
Year endedMarch 31, 2013

ISLANDS TRUST
Financial Statements
Year endedMarch 31, 2013
Financial Statements
Management's Responsibility for the Financial Statements1
Independent Auditors' Report2
Statement of Financial Position3
Statement of Operations4
Statement of Change in Net Financial Assets5
Statement of Cash Flows6
Notes to Financial Statements7

MANAGEMENT'S RESPONSIBILITYFORTHE FINANCIAL STATEMENTS
The accompanying financial statements of  Islands Trust (the  "Trust")  are  the  responsibility of  the
Trust's management and have been prepared in compliance with legislation, and in accordance with
generally accepted accounting standards for local governments as established by the Public Sector
Accounting Board of The Canadian Institute of Chartered Accountants.  A summary of the significant
accounting policies are  described in  note 1 to the financial statements. The preparation of financial
statements necessarily involves the use of estimates based on management’s judgment, particularly
when transactions affecting the current accounting period cannot be finalized with certainty until future
periods.
The Trust’s  management  maintains a  system of  internal controls designed to  provide reasonable
assurance that assets are safeguarded, transactions are properly authorized and recorded in
compliance with legislative and regulatory requirements, and reliable financial information is available
on  a  timely basis for  preparation of  the  financial statements. These systems are  monitored and
evaluated by management.
The Trust, acting through its Audit Committee, meets with management and the external auditors to
review the  financial statements and discuss any significant financial reporting or  internal control
matters prior to their approval of the financial statements. 
The financial statements have been audited by KPMG LLP, independent external auditors appointed
by Trust Council. The accompanying Independent Auditors’ Report outlines their responsibilities, the
scope of their examination and their opinion on the Trust’s financial statements.
1

KPMG LLP
Telephone(250) 480-3500
Chartered Accountants
Fax(250) 480-3539
St. Andrew's Square IIInternetwww.kpmg.ca
800-730 View Street
VictoriaBCV8W 3Y7
Canada
INDEPENDENT AUDITORS' REPORT
To the Trustees of Islands Trust and the Minister of Community, Sport and Cultural Development
We have audited the accompanying  financial statements of  Islands Trust, which comprise the
statement of financial position as at March 31, 2013, statement of remeasurement gains and losses,
the statements of operations, change in net financial assets and cash flows for the year then ended,
and notes, comprising a summary of significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with Canadian public s

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