Islands Trust Conservancy Financial Statement March 31, 2012

Extracted text (beginning)

Financial Statements of 
THE ISLANDS TRUST FUND 
Year ended March 31, 2012 

ABCD 
KPMG LLP 
Chartered Accountants 
St. Andrew’s Square II Telephone    (250) 480-3500 
800-730 View Street Fax (250) 480-3539 
Victoria BC V8W 3Y7 Internet www.kpmg.ca 
 
1 
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  Fund  Board,  the  Trustees  of  the  Islands  Trust  Council  and  the  Minister  of  
Community, Sport and Cultural Development 
We  have  audited  the  accompanying  financial  statements  of  The  Islands  Trust  Fund,  which  comprise  the  
statement of financial position as at March 31, 2012, the statements of operations and changes in fund balances 
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   generally   accepted   accounting   principles,   and   for   such   internal   control   as   management   
determines   is   necessary   to   enable   the   preparation   of   financial   statements   that   are   free   from   material   
misstatement, whether due to fraud or error. 
 
Auditors’ Responsibility 
 
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our 
audit  in  accordance  with  Canadian  generally  accepted  auditing  standards.  Those  standards  require  that  we  
comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether 
the financial statements are free from material misstatement. 
 
An  audit  involves  performing  procedures  to  obtain  audit  evidence  about  the  amounts  and  disclosures  in  the  
financial statements. The procedures selected depend on our judgment, including the assessment of the risks of 
material  misstatement  of  the  financial  statements,  whether  due  to  fraud  or  error.  In  making  those  risk  
assessments, we consider internal control relevant to the entity’s preparation and fair presentation of the financial 
statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose 
of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the 
appropriateness  of  accounting  policies  used  and  the  reasonableness  of  accounting  estimates  made  by  
management, as well as evaluating the overall presentation of the financial statements. 
 
We  believe  that  the  audit  evidence  we  have  obtained  is  sufficient  and  ap

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