GRID-Arendal: Board Report 2010

Independent auditor's report GRID-Arendal

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Report on Other Legal and Regulatory Requiremen ts Opinion on the Board of Directors’ report Based on our audit of the financial statements as descr

To the Foundation’s Board of Directors for GRID-Are ndal INDEPENDENT AUDITOR’S REPORT Report on the Financial Statements We have audited the annual financial statements of the comprise the balance sheet as at 31 December, 2010, a of NOK 1 212 044 for the year then ended, and a summ other explanatory information. The Board of Directors and the Managing Director’s R The Board of Directors and the Managing Director are presentation of these financial statements in accordanc generally accepted accounting standards and practices the Board of Directors and the Managing Director dete preparation of financial statements that are free from m or error. Auditor’s Responsibility Our responsibility is to express an opinion on these fin conducted our audit in accordance with laws, regulatio generally accepted in Norway, including International require that we comply with ethical requirements and reasonable assurance about whether the financial state An audit involves performing procedures to obtain aud disclosures in the financial statements. The procedures judgment, including the assessment of the risks of mat statements, whether due to fraud or error. In making th internal control relevant to the Foundation’s preparatio statements in order to design audit procedures that are for the purpose of expressing an opinion on the effecti An audit also includes evaluating the appropriateness o reasonableness of accounting estimates made by mana

ibed above, it is our opinion that the information presented in the Board of Directors’ repor t concerning the financial statements, the going concern assumption and the proposal for the allo cation of the profit is consistent with the financial statements and complies with the law and reg ulations. Opinion on Accounting Registration and Documentatio n Based on our audit of the financial statements as descr ibed above, and control procedures we have considered necessary in accordance with the Inte rnational Standard on Assurance Engagements (ISAE) 3000, «Assurance Engagements Other than Audits or Reviews of Historical Financial Information», it is our opinion that the Foun dation’s management has fulfilled its duty to produce a proper and clearly set out registration and documentation of the Foundation’s accounting information in accordance with the law and bookkeeping standards and practices generally accepted in Norway. Opinion on distribution and management Based on our audit of the financial statements as descr ibed above, and control procedures we have considered necessary in accordance with the Inte rnational Standard on Assurance Engagements (ISAE) 3000, «Assurance Engagements Other than Audits or Reviews of Historical Financial Information», it is our opinion that the proce ss of managing the Foundation and its distribution are in accordance with the law, the purpos e of the Foundation and its bylaws

GRID-Arendal Foundation, which nd the income statement showing a profit ary of significant accounting policies and

esponsibility for the Financial Statements responsible for the preparation and fair e with the Norwegian Accounting Act and in Norway, and for such internal control as

rmine is necessary to enable the

aterial misstatement, whether due to fraud

ancial statements based on our audit. We ns, and auditing standards and practices Standards on Auditing. Those standards plan and perform the audit to obtain ments are free from material misstatement.

Arendal, 28. mars 2011 KPMG AS

it evidence about the amounts and selected depend on the auditor’s erial misstatement of the financial

Terje H. Holst State Authorized Public Accountant

ose risk assessments, the auditor considers n and fair presentation of the financial appropriate in the circumstances, but not veness of the Foundation’s internal control. f accounting policies used and the gement, as well as evaluating the overall

Translation has been made for information purposes o nly

presentation of the financial statements. We believe that the audit evidence we have obtained i s sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements give a true and fair view of the financial position of GRID-Arendal as at 31 December, 2010, and of its fin ancial performance for the year then ended in accordance with the Norwegian Accounting Act and accounting standards and practices generally accepted in Norway.

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