Islands Trust Conservancy Financial Statement March 31, 2019

Extracted text (beginning)

Financial Statements of 
 
THE ISLANDS TRUST  
CONSERVANCY 
 
Year ended March 31, 2019 
  

 
 
 
 
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 is a Canadian limited liability partnership and a member firm of the KPMG network of independent  
member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. 
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, 2019 
  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, 2019, 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, 2019 
and March 31, 2018 
  the  donations  revenues  and  excess  of  revenues  over  expenses  reported  in  the 
statements of operations for the years ended March 31, 2019 and March 31, 2018 
  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, 2019 and March 31, 2018 
  the excess of revenues over expenses reported in the statements of cash flows for the 
years ended March 31, 2019 and March 31, 2018. 

 
The Island Trust Conservancy 
Page 2 
 
 
 
Our opinion on the financial statements for the year ended March 31, 2018 was qualified 
accordingly because of the possible effects of this limitation in scope.  
We  conducted  our  audit  in  accordance  with  Canadian  generally  accepted  auditing 
standards.    Our  responsibilities  under  those  standards  are  further  

First 3,000 characters. Open the original for the whole document.