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AUDITORS' REPORT
To the Members of L' Association des Francophones de Nanaimo

We have audited the statement of financial position of L'Association des Francophones de
Nanaimo as at March 31, 2003 and the statements of operations, changes in net assets and cash
flow for the year then ended. These financial statements are the responsibility of the association's
management. Our responsibility is to express an opinion on these financial statements based on our
audit.

Except as explained in the following paragraph, we conducted our audit in accordance with
Canadian generally accepted auditing standards. Those standards require that we plan and perform
an audit to obtain reasonable assurance whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the overall financial
statement presentation.

In common with many not for profit organizations, the association derives revenue from donations
and admissions to events the completeness of which is not susceptible to satisfactory audit
verification. Accordingly, our verification of these revenues was limited to the amounts recorded
in the records of the association and we were not able to determine whether any adjustments might
be necessary to donation revenues, excess of revenues over expenses, assets and fund balances.

In our opinion, except for the effects of adjustments, if any, which we might have determined to be
necessary had we been able to satisfy ourselves concerning the completeness of the donations and
admissions referred to in the preceding paragraph, these financial statements present fairly, in all
material respects, the financial position of the association as at March 31, 2003 and the results of its
operations and its cash flows for the year then ended in accordance with Canadian generally
accepted accounting principles. As required by the Society Act (British Columbia), we report that
in our opinion, these principles have been applied on a basis consistent with that of the preceding

year.

SD y(Jacwetd
Nanaimo, B.C. CHARTERED ACCOUNTANTS
May 9, 2003

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. Member, Institute of Chartered Accountants of British Columbia
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