Islands Trust Financial Statement March 31, 2026

Extracted text (beginning)

Financial Statements of
ISLANDS TRUST
Year ended March 31, 2026
ISLANDS TRUST
Financial Statements
Year ended March 31, 2026
Financial Statements
Management's Responsibility for the Financial Statements 1
Independent Auditor’s 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
MANA GEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
The accompanying financial st atements 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 N ote 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 Auditor ’ s Report outlines their responsibilities, the
scope of their examination and their opinion on the Trust’s financial statements.
Chief Administrative Officer Director , Financial and Employee 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 AUDITOR’S REPORT
To the Trustees of Islands Trust and the Minister of Housing and Municipal Affairs
Opinion
We have audited the financial statements of Islands Trust which comprise:
• the statement of financial position as at March 31, 2026
• the statement of operations for the year then ended
• the statement of change in net financial assets for the year then ended
• the statement of cash flows for the year 

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