Islands Trust Conservancy Financial Statement March 31, 2021

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Financial Statements of 
 
THE ISLANDS TRUST  
CONSERVANCY 
And Independent Auditors’ Report thereon 
 
Year ended March 31, 2021 
  

 
 
 
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 AUDITORS’ REPORT 
To the Trustees of The Islands Trust Conservancy Board, the Trustees of Islands Trust and 
the Minister of Municipal Affairs and Housing 
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, 2021 
• 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,  except  for  the  possible  effects  of  the  matter  described  in  the  ‘Basis  for  
Qualified  Opinion’  section  of  our  auditors’  report,  the  financial  statements  present  fairly,  in  
all material respects, the financial position of the Entity as at March 31, 2021, 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 Qualified Opinion 
In   common   with   many   not-for-profit   organizations,   the   Entity   derives   revenue   from   
donations,  the  completeness  of  which  is  not  susceptible  to  satisfactory  audit  verification.  
Accordingly,  verification  of  these  revenues  was  limited  to  the  amounts  recorded  in  the  
records of the Entity.  
Therefore, we were not able to determine whether any adjustments might be necessary to: 
• the current assets reported in the statements of financial position as at March 31, 2021 
and March 31, 2020 
• the  donations  revenues  and  excess  of  revenues  over  expenses  reported  in  the  
statements of operations for the years ended March 31, 2021 and March 31, 2020 
• the fund balances, at the beginning and end of the year, reported in the statements of 
changes in fund balances for the years ended March 31, 2021 and March 31, 2020 

 
The Island Trust Conservancy 
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• the excess of revenues over expenses reported in the statements of cash flows for the 
years ended March 31, 2021 and March 31, 2020. 
Our  opinion  on  the  financial  statements  for  the  year  ended  March  31,  2020  was  qualified  
accordingly because of the possible effects of this limitation in scope.  
We   conducte

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