GRID-Arendal at 25 - Building on Success: Annual Report 2014

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Independent auditor's report 2014 Stiftelsen Grid-Arendal

rendal

To the The Board of Directors in Stiftelsen Grid-A

INDEPENDENT AUDITOR’S REPORT Report on the Financial Statements We have audited the accompanying financial state profit of NOK 416 897. The financial statements c 2014, and the income statement for the year then e policies and other explanatory information. The Board of Directors and the Managing Directo The Board of Directors and the Managing Directo

Report on Other Legal and Regulatory Opinion on the Board of Directors’ report Based on our audit of the financial statem information presented in the Board of Dir going concern assumption and the propos financial statements and complies with the Opinion on Accounting Registration and D Based on our audit of the financial statem have considered necessary in accordance Engagements (ISAE) 3000, «Assurance E Financial Information», it is our opinion t

Requirements

ments of Stiftelsen Grid-Arendal showing a omprise the balance sheet as at 31 December nded, and a summary of significant accounting

ents as described above, it is our opinion t ectors’ report concerning the financial sta al for the allocation of the profit is consist

hat the

tements, the ent with the

law and regulations.

r’s Responsibility for the Financial Statements

ocumentation

r are responsible for the preparation and fair presentation of these financial statements in accor dance with the Norwegian Accounting Act and accounting standards and practices generally accep ted in Norway, and for such internal control as the Board of Directors and the Managing Director determine is necessary to enable the preparation of financial statements that are free fro m material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express an opinion on thes e financial statements based on our audit. We conducted our audit in accordance with laws, regu lations, and auditing standards and practices generally accepted in Norway, including Internatio nal Standards on Auditing. Those standards require that we comply with ethical requirements a nd plan and perform the audit to obtain reasonable assurance about whether the financial s tatements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The proced ures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In makin g those risk assessments, the auditor considers 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 eff ectiveness 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 m anagement, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtain ed is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements are prepare d in accordance with the law and regulations and give a true and fair view of the financial positi on of Stiftelsen Grid-Arendal as at 31 December 2014, and of its financial performance f or the year then ended in accordance with the Norwegian Accounting Act and accounting standa rds and practices generally accepted in Norway.

ents as described above, and control proce with the International Standard on Assura nce ngagements Other than Audits or Reviews hat the management has fulfilled its duty t

dures, we

of Historical

o produce a proper and clearly set out registration and documentation of the Stiftelsen Grid-Are ndal accounting information in accordance wit h the law and bookkeeping standards and practices generally accepted in Norway. Opinion on distributions and administratio n Based on our audit of the financial statem ents as described above, and control proce dures, we have considered necessary in accordance with the International Standard on Assura nce Engagements (ISAE) 3000, «Assurance E ngagements Other than Audits or Reviews of Historical Financial Information», it is our opinion t hat the foundations administration and dis tributions are in accordance with laws and regulations, t he foundations objectives and articles of a ssociation.

Arendal, 18 March 2015 KPMG AS

Terje H. Holst statsautorisert revisor

[Translation has been made for informatio

n purposes only]

Offices in:

Sandnessjøen Stavanger Stord Straume Tromsø Trondheim Tønsberg Ålesund

Haugesund Knarvik Kristiansand Larvik Mo i Rana Molde Narvik Røros Sandefjord

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Arendal Bergen Bodø

he KPMG network of independent ational Cooperative (“KPMG

KPMG AS, a Norwegian member firm of t member firms affiliated with KPMG Intern

Elverum Finnsnes Grimstad Hamar

International”), a Swiss entity.

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