Islands Trust Conservancy Regular Meeting Addendum

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Islands Trust Conservancy
Addendum
 

Date:Tuesday, May 24, 2022
Time:10:00 am
Location:Electronic Zoom Meeting
Pages
5.BUSINESS
5.1.Items for Approval
5.1.1.Audited Financial Statements - Request for Decision
2 - 43

 
Islands Trust Conservancy  Request For Decision Page 1 
 
 
 
 
REQUEST FOR DECISION 
 
 
To:   ITC Board  For the Meeting of: May 24, 2022 
     
From:  Staff  Date Prepared: May 20, 2022 
     
SUBJECT: 2022/21 Audited Financial Statements 
 
 
RECOMMENDATION: That the Islands Trust Conservancy approve the Audited Financial Statements 
for the 2021/22 fiscal year, and refer the statements to Islands Trust Council for information. 
  
 
1 PURPOSE: To review and approve the Audited Financial Statements for 2021/22 fiscal year. 
 
2 BACKGROUND: The Islands Trust Conservancy (ITC) undergoes an annual audit each year. The 
Audited Financial Statements and Audit Findings Report are provided to the board for review and 
approval. There are no findings that require any action. 
 
3 IMPLICATIONS OF RECOMMENDATION  
 
ORGANIZATIONAL: There are no findings that require action. 
 
FINANCIAL:  None. 
 
POLICY: None. 
 
IMPLEMENTATION/COMMUNICATIONS: The approved Audited Financial Statements will be 
posted to the ITC website, included in the 2021/22 Annual Report and provided to Trust Council in 
June as an information item.  
 
FIRST NATIONS: Where known, Indigenous names of protected areas are used in the Financial 
Statements.  
 
CLIMATE CHANGE: Note 1 (f) of the Financial Statements notes the importance of Natural Assets. 
The monetary value of natural assets from ITC lands is not shown on the Financial Statements. 
 
OTHER: New items included in the 2021/22 financial statements are highlighted in the Audit 
Report. These include income and expenses associated with grants and the movement of land 
gifted through the Ecological Gifts Program from the Endowment Fund to the Capital Fund. 
 
4 RELEVANT POLICY(S): None. 
 
5 ATTACHMENT(S): 
 Islands Trust Conservancy Audit Findings Report for the Year Ended March 31, 2022 
 Audited Financial Statements of the Islands Trust Conservancy Year Ended March 31, 2022  
 
 
RESPONSE OPTIONS 
 
Recommendation: That the Islands Trust Conservancy approve the Audited Financial Statements for the 
2021/22 fiscal year, and refer the statements to Islands Trust Council for information. 
  
Alternative: None identified. 
 
 
Prepared By:  Kate Emmings, Manager, Islands Trust Conservancy 
2

Islands Trust 
Conservancy 
 
 
Audit Findings Report 
for the year ended March 31, 2022 
 
 
 
 
 
 
 
 
For the meeting on May 24, 2022 
 
kpmg.ca/audit 
3

 
 Audit Findings Report 
Table of contents 
 
EXECUTIVE SUMMARY 1 
AUDIT RISKS AND RESULTS 2 
FINANCIAL STATEMENT PRESENTATION AND DISCLOSURE 5 
UNCORRECTED DIFFERENCES AND CORRECTED ADJUSTMENTS 6 
CONTROL DEFICIENCIES AND OTHER CONTROL OBSERVATIONS 7 
APPENDICES 8 
 
4

 
 Audit Findings Report  Page | 1 
Executive summary 
Purpose of this report
1
 
The purpos

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