Islands Trust Conservancy Financial Statement March 31, 2013

Extracted text (beginning)

Financial Statements of 
THE ISLANDS TRUST FUND 
Years ended March 31, 2013 and 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  statements  of  financial  position  as  at  March  31,  2013,  March  31,  2012  and  April  1,  2011,  the  
statement of remeasurement gains and losses for the year ending March 31, 2013, the statements of 
operations,  changes  in  fund  balances  and  cash  flows  for  the  years  ended  March  31,  2013  and      
March  31,  2012,  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  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. 
 
Auditors’ Responsibility 
 
Our  responsibility  is  to  express  an  opinion  on  these  financial  statements  based  on  our  audits.  We  
conducted  our  audits  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 managem

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