Islands Trust Conservancy Financial Statement March 31, 2026

Extracted text (beginning)

Financial Statements of
THE ISLANDS TRUST
CONSERVANCY
Year ended March 31, 2026
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 AUDITOR’S REPORT
To the Trustees of The Islands Trust Conservancy Board, the Trustees of Islands Trust and the
Minister of Housing and Municipal Affairs
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, 2026
• 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, the financial statements present fairly, in all material respects, the financial position of
the Entity as at March 31, 2026, and its results of operations, its changes in fund balances and its
cash flows for the year then ended in accordance with Canadian public sector accounting standards.
Basis for Opinion
We conducted our audit in accordance with Canadian generally accepted auditing standards. Our
responsibilities under those standards are further described in the “ Auditor’s Responsibilities for
the Audit of the Financial Statements ” section of our auditor’s report.
We are independent of the Entity in accordance with the ethical requirements that are relevant to our
audit of the financial statements in Canada and we have fulfilled our other ethical responsibilities in
accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Responsibilities of Management and Those Charged with Governance for the Financial
Statements
Management is responsible for the preparation and fair presentation of the financial statements in
accordance with Canadian public sector accounting standards, 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.
The Island Trust Conservancy
Page 2
In preparing the financial statements, management is responsible for assessing the Entity’s ability to
continue as a going concern, disclosing as applicable, matters related to going concern and using the
going concern basis of accounting unless management either intends to liquidate the Entity or to
cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Entity’s

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