Islands Trust Financial Statement March 31, 2021

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Financial Statements of 
 
ISLANDS TRUST 
 
 
Year ended March 31, 2021 
 
 

 
 
ISLANDS TRUST 
Financial Statements 
 
Year ended March 31, 2021 
 
 
Financial Statements 
 Management's Responsibility for the Financial Statements 1 
 Independent Auditors' Report 2 
 Statement of Financial Position 4 
 Statement of Operations 5 
 Statement of Change in Net Financial Assets 6 
 Statement of Cash Flows 7 
 Notes to Financial Statements 8 
 

 
1 
 
 
 
 
 
 
 
MANAGEMENT'S RESPONSIBILITY FOR THE 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 Chartered Professional Accountants of Canada. 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. 
 
 
 
     
Chief Administrative Officer    Director of Administration Services 
 

 
 
 
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. 
2 
 
INDEPENDENT AUDITORS' REPORT 
To the Trustees of Islands Trust and the Minister of Municipal Affairs and Housing 
Opinion 
We have audited the financial statements of Islands Trust which comprise: 
 the st

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