Grieg Foundation Annual Report 2017

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Annual Report

FRONT PAGE: The healing garden at Stine Sofies Centre





Children and youth projects





Grieg Foundation contributed with MNOK 31.8 to philantropic projects all over the world in 2017. Since the start in 2002, Grieg Foundation’s total contribution is MNOK 546.5.

Other philantropic projects

Medical research

Other culture







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Grieg Foundation was established in its present form in 2002. The foundation was then given 25% of the ownership of the Grieg Group. The foundation contributes substantial amounts to a wide range of activities. Internationally and in Norway, there is an increasing need to support children and youth. Many of the projects Grieg Foundation supports are in the intersection between youth work and culture work. Other contributions are given towards health, research and other philantropic projects mainly in Western Norway. The main focus in the Grieg Foundation’s contribution relates to:

What matters are the footprints we leave as we go along.

• Support and education of children and young people on a global basis • Musical art, other cultural activities • Medical research and health projects in general During the last years a growing number of projects relating to envi-

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ronment and climate challenges have been the beneficiary of donations from the Grieg Foundation. Per Grieg Sr. (86) is the secretary of Grieg Foundation. He spent most of his professional years building Grieg Group and Star Shipping to become a leading company in Norway. Since the generation shift in 2000-2002 the four members of the next generation has continued the strong growth, diversification and strengthening of Grieg Group. Presently two of Elna and Per Sr.’s grandchildren have a leading position within the Grieg Group’s about 2,000 strong workforce. Three generations of the Grieg family is represented in the Board of the Grieg Foundation. The long time support of SOS Childrens Villages, and the life long support of the cultural life in Bergen of Per Grieg sr. has been the basis for Grieg Foundation. Read more:

Grieg Foundation shall continue to help the weakest links in trying to achieve the best possible balance of living standard and human understanding throughout the world

I have recently been thoroughly fascinated by reading the book: ÂŤSapiens: A brief history of humankindÂť. Even if it is called brief, it is a heavy book as it deals with the evolution of homo sapiens from the very beginning when it became evident that humans was becoming the winner in the race of dominance of the world. Five different humanlike species were in the final race. What made homo sapiens the winner was our ability to build on experience. We are the only living creature who can use former generations experiences to build our civilization more and more sophisticated. I have reflected on where this has brought us technology wise with the extremely fascinating and somewhat frightening perspectives, based on artificial intelligence. Are we again in the process of developing a tool that has the potential to bring about the destruction of our race? In one of his chapters, the author Yuval Harari, reflects on the ques-

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tion of happiness. In this super-developed and highly praised civilization on which our lives here in Norway is built, are we more happy than the ancient nomadic people gathering wild food and vegetables and hunting in the most primitive manner? Has the agricultural revolution, the industrial revolution, the communication revolution made us a more happy people? And is the meaning of life to create happiness? Animals are repeating their lives cycles fairly unchanged from generation to generation over hundreds of years, whilst the difference between our lives and the lives of only three generations before us is startling. Does this make animals more happy than us? Personally, I feel that one has to add satisfaction to the word happiness, if we should arrive at some sort of meaningful goal for our lives. If our lives are not giving reasonable amount of satisfaction from what we spend our lives doing, the whole object of living can seem quite meaningless. It is perhaps this

strive for satisfaction that makes us use our unique ability and drive to bring the world forward technologically and in all other aspects based on the built up experiences and work of previous generations. In another chapter, the author reflects on war. This dreadful and meaningless struggle of powers which has been an inherent part of humankind right from its nomadic beginning. His reflections on the theme are quite optimistic. He feels that the combination of the atom bomb and the accelerating globalization of our planet leads to a situation where war finally is becoming completely meaningless. Nobody can any longer secure a constructive victory as a result of war, at least not if it leads to a major international conflict.

ness for as many people as possible. With this in mind Grieg Foundation shall continue to help the weakest links in trying to achieve the best possible balance of living standard and human understanding throughout the world. Grieg Foundation has both last year and this year been blessed with extraordinary high dividend benefits from its investments in Grieg Maturitas, and we are therefore in the position to reach out to even more people. We experience that our work is greatly appreciated and we are in turn deeply grateful to everybody within the Grieg Group who through their dedicated hard work create the basis for the dividends to Grieg Foundation.

We probably have to live with the fact that humankind is of a nature where progress in technology and all other types of human endeavors will continue. Our task will have to be to lead this progress in the pursuit of satisfaction and happi-

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1.54 MNOK

Mada Woodlands






The Mada Woodlands school project works to build safe and functional school houses in rural Madagascar.

One brick at a time

2125 children has gone to school at the Grieg School in Malekai

Almost 1.5 million children in Madagascar does attend primary school. Only 30 percent of them make it through all the way to the fifth grade. The situation is even worse in rural areas. Lack of funding means there is limited support for new classroom construction with the vast majority of Malagasy children studying in dilapidated and overcrowded classrooms with few learning materials.

worse, the pillars of the old school were near to breaking.

In 2013, Mada Woodlands built the first Grieg Foundation supported school in Malekal. The old school had 600 pupils, divided in five groups, the biggest group having 227 students. The classrooms in the old school were of the size of what you in Norway would use for 25 pupils. In Malekal ten times as many would gather to learn. To make things

Built on the success from Malekal, Mada Woodlands started new and similar projects in other parts of rural Madagascar last year. Grieg Foundation has fully funded two of these schools. In addition, a special brick machine has been bought to speed up the production of bricks.

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Representatives for Mada Woodlands, a forestry company in Madagascar, found the situation intolerable. Mada Woodlands took on a project management role, with Grieg Foundation funding the project. Together with the local community they built a new school for the children. Today the school has 475 pupils.

Photo: Mada Woodlands

An instructor from South Africa visited the building site to teach how to use the new bricks

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Photo: Tiril Skarstein, NRC


340.000 NOK


WWF Philippines

people live in Cagayancillo in the middle of the Zulu sea

Climate change is a threat to many local communities around the world. In The Philippines, WWF works to help these communities cope with the changes.

When climate change threatens unstable weather has resulted in working animals dying.

have been delivered, with 11 more coming in the summer of 2018.

In 2017 WWF started a project in the community, replacing the lost working animals to make it possible for the farmers to have the land ready in time for planting season. So far, five heads of caraheifers

A food dehydrator has also been bought to service the local fisheries, seed weed farming and farming in general. The plan is to start producing dried food for selling, to make it possible for the local families to afford food not grown on the island, like rice. The project has also started the construction of a combined sail and motor boat. The boat will be used in eco-tourism, which is a new and promising business on Cagayancillo. Grieg Foundation has supported several project with WWF Philippines in the past, and also supports the Cagayancillo project.

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Photo: WWF Philippines

Cagayancillo is a small municipality in the middle of the Zulu sea. It is a part of the Palawan province, and exists of 31 islands and inlets. Climate change has brought serious challenges to the community of just over 1,000 housholds. Warmer sea water makes it more difficult to catch fish, and drought and

Read more:



Stine Sofies Senter



Photo: Stine Sofies Stiftelse


140 children has visited the centre

Stine Sofies Centre is a haven for abused children and their relatives. Now they are building a healing garden.

A garden to heal and focus Violence and sexual abuse have agreat impact on a lot of childrens lives. They often live in a state of fear, watchfulness and stress. Stine Sofies Centre in Grimstad, Norway, is a place for the victims of such abuse to learn and to manage to master their lives.

A crucial factor for the ability for new learning is to get a sense of security. Another factor is to be able to live in the moment. Stine Sofies Centre wanted to build a garden for healing. By using all their senses, the visitors at the centre will be able to forget the past and the future - and focus on the present. 9 Annual report 2017

Grieg Foundation has contributed to the building of the centre, and decided on contributing to the healing garden. Read more:



Vognhallen 400,000 MNOK

Photo: Vognhallen i Os


Vognhallen in 1894

From carriage to culture An abandoned railway carriage shed in Os, Norway, has been turned into a cultural arena.

The old railway between Os and Bergen operated for 40 years before it was closed down. After being used as a bus garage, the carriage shed was abandoned, and threatened by demolition. But eager voluntaires saved the shed, and it is now a vibrant arena for all kinds of culture, even housing blues and jazz concerts. A part of the shed is now being turned into a new room with a small scene. The room is planned to house exhibitions, workshops and atelier for visiting artists. Read more:

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Photo: Vognhallen i Os






The agricultural yields in Sub--Saharan Africa compared to global average

Voxtra is investing in agriculture in eastern Africa, with the intention of having a positive social impact - not for profit alone.

Impact investing In Sub-Saharan Africa, the majority of poor people are smallholder farmers. The low productivity of smallholder agriculture is the primary reason for the pervasive high rates of malnutrition in Africa.

ment assistance and philanthropy is not enough to solve the problems of poverty and environmental degradation. Commercial capital,

as well as government and philanthropic resources, need to be harnessed. Read more:

To assist in solving the problems, Voxtra practices Impact Investment in Kenya, Tanzania and Uganda. Impact investing is a recognition of the fact that despite significant global efforts, traditional develop-

Photo: Neil Palmer, CIAT (CC BY-SA 2.0)

Large productivity gains can be achieved in a relatively short time by introducing better agricultural inputs: seeds, fertilizer, crop protection or irrigation technologies.

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Photo: Tiril Skarstein, NRC




Kolibri CARF

homeless people in São Paulo accoprding to official accounts. Some estimate the number to be 20,000.




Life is tough in the favelas of São Paulo, Brazil. But through the PACE-programme of Kolibri, hundreds of children get stability, care and new knowledge.

Education beyond school In the poorest parts of São Paulo, children grow up with violence, crime, drug abuse and poor health and eduaction services. Some of the children live on the streets. Since 1992, Kolibri CARF has worked to help these children to get a better life. A part of this work is the PACE programme: Programa de Arte, Cultura, Cidadania e Educação. The foundation of the programme is incooperation with parents and caregivers. Children who commit to go to ordinary school, is offered to join the programme. At PACE they will be able to do art, breakdance, capoeira, football, grafitti, theater, percussion, guitar, cooking and training within journalism/media. In addition children between 11 and 13 years of age, may join the Young Warriors 12 Annual report 2017

programme. At any given time 100 children are a part of Young Warriors. They take part in solidarity actions, camping, contact and exchange with childeren in other societies, art and sports. When the children grow older, they will be given educational and vocational guidance as well as training in social entrepreneurship and giving back to the community. The goal is to teach them to get to know themselves and be ready for a life as young adults. Grieg Foundation has been a sponsor of these programmes for several years.

Read more:

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Photos: Kolibri CARF





Helse Bergen

2.85 MNOK

medical researchers work at Helse Bergen

Freezing the cancer cells By freezing tumors and insecting immune cells, the University Hospital of Bergen hopes to help pasients with a wide variety of cancer.

The cryo immune therapy project at the University Hospital of Bergen has been going on for several years. By freezing cancer cells, and injecting immune cells (dendritic cells) they have achieved a high degree of success in fighting prostate cancer. The research team see a considerable potential for innovation and next generation therapy in the results. They are now looking into using the same technique on other cancer forms, and want to expand their research to also include kidney cancer, gynecological cancer, pancreas cancer and acute leukemia.

Photo: Helse Bergen

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Grieg Foundation has been a sponsor of this work for several years, as well for several other projects at the hospital. In 2017 we supported among other things an art therapy project at the childrens hospital, several research projects within heart medicine, as well as a seperate fund for education and development within surgical gastroenterology, The Elna and Per Griegs fond for utdanning og utvikling innen Kirurgisk Gastroenterologi.


Photo: Neil Palmer, CIAT (CC BY-SA 2.0)



Collective Insurance

3 billion

people world wide withour insurance coverage

Lack of insurance threaten to send people in a vulnerable position deeper into poverty

Tech gives insurance for all Only three percent of Kenyans are insured. An accident or bad luck may send the uninsured into deeper poverty. Traditional insurance is too expensive for poor people to afford. DDFinance is testing a system to rectify this. Using technology and automation, they have developed a concept called Collective-Based Insurance.

In CBI people register digitally, and enrolls in collectives with people they trust and can vouch for. Each member may thereafter buy insurance individually based on their own needs. 90% of Kenyans have a cell phone, and 68% use mobile money transfer systems. CBI builds on this, and lets the insurance customers handle the

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whole transaction through their cell phone. To be able to make this a permanent solution, funded by bigger organisations, DDFinance need to show a successful pilot project. A target group of 26,000 women in Kenya is the pilot group, and Grieg Foundation has participated in funding the project.


5.2 MNOK

Culture in Norway


Number of visitiors at the Bergen International Festival 2017



Grieg Foundation support a wide variety of cultural projects and institutions each year.

Creating a better understanding

Photo: Bergen Opera

Through music, theater, dance, paintings, sculpture and other forms of art, humans share their thoughts and ideas. That way we create a better understanding of each other, and thus reducing the risk of conflict and xenofobia.

interest in innovative art and classical music amongst youngsters. Many children have their first experience with art at Festspillene and is a tradition possible to continue through support from Grieg Foundation.

To support these arts, has always be a corner stone of the work of Grieg Foundation. At the centre of this is our support of the Bergen International Festival, Opera Bergen and Bergen Philharmonic Orchestra.

Opera Bergen is an independent opera company from the western part of Norway, with international orientation and cooperation through more than 30 years. In 2017 the company produced well known operas like Verdi’s Aida and Puccini’s Tosca - both with support from Grieg Foundation.

A central part of the programme at Bergen International Festival is the programme for children and youth. engages and help to enhance cultural competencies and create

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Read more:

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Photo: Bergen International Festival/Andrew L Lang


350.000 MNOK


Vestnorsk utvandringssenter

Over 800.000 Norwegians emigrated to the USA through the 1800s. The history about their lives can be seen at Vestnorsk Utvandringssenter.

Number of US Americans with Norwegian heritage

Foto: Vestnorsk utvandringssenter

Live emigration history From 1800 to 1900 the number of inhabitants in Norway increased from one million to 2.2 million people. In the same period over 800,000 Norwegians emigrated to the USA. Vestnorsk Utvandringssenter tries to tell the story about the lives of

these Norwegians in the Midwest of USA. Several houses from Norwegian communities in the Midwest have been transported back to Sletta, just 50 minutes by car from Bergen. Among these are the Brampton Lutheran Church from Nort Dakota and Elizabeth’s Jail and Town Hall from Minnesota.

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Together these houses form a small American nineteen century village. The centre is open for everyone, and is often used by schools to teach about this period of Norwegian and American history. Read more:



Foto: Care Norway



105,000 People indirectly benefitting by phase 3 of the Literacy and Numeracy for Women’s Empowerment project

Eradicating illiteracy by 2020 Since 2011, more than 55,000 women have received literacy training through Care’s Literacy and Numeracy for Women’s Empowerment project Literacy rate among people above 15 years in Rwanda was 69% in 2016. Among women the rate is below 65%. The Rwandan government has set a goal to eradicate illiteracy by 2020. Nationally, 30,5% of households in Rwanda is led by a woman. At the same time, women led housholds are more likely to be poor than male led households.

In 2011 Care started the Literacy and Numeracy for Women’s Empowerment Project. So far more than 55,000 women has been a part of the project, with 90% graduating. The project has received praise from national authorities, and has now started its third phase. For the next three years, the goal is to graduate another 10,000 women a year. The project works cloesly

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with the Ministry of Education, and training modules have been developed in cooperation with the Rwanda Education Board. Teaching is carried out at village level by skilled teachers. Grieg Foundation has been a part of the project since day one, and support phase 3 as well. Read more:












Right to Sight Vulcanus






Photo: Pestalozzi

Pestalozzi is a UK-based charity that award scholarships to exceptional 16-19 year olds who are academically gifted but have limited educational prospects in their home countries. Grieg Foundation started its support for Pestalozzi in 2009, making a loan to help finance their new assembly and school building. In 2017 we donated three million NOK to Pestalozzi.

Photo: Right to Sight

More than 65% of African eye surgeons currently emigrate. They are faced with working in clinics and hospitals with poor facilities, poor equipment and little or no trained staff with the result that the surgical outcomes tend to be of a lower quality. Right to Sight partners with African eye surgeons to provide them with the skills, training and support required to build a successful, sustainable eye care center.

Photo: Vulcanus taubĂĽtkompani

The old tug boat Vulcanus was built in 1959, and has been a treasured part of Bergen harbour ever since. The boat was designed by the then young naval architect Per Grieg Sr. A group of volunteers has spent time and resources on keeping the boat operational after the previous owners wanted to sell it in 2009. In 2016 and 2017 a much needed overhaul was completed, partly paid for by Grieg Foundation.






Hjelp Moldova MOLDOVA

Edvard Grieg Ungdomskor


Sahara Forest Project





Photo: Edvard Grieg Kor

Edvard Grieg Ungdomskor (youth choir) is a project based choir which was set up in the summer of 2013. With the professional choir, Edvard Grieg Kor (previously KorVest) as its mentor choir, the youth choir is based predominantly in Bergen, yet consists of choristers living in many other places. Edvard Grieg Ungdomskor sings mostly classical music.

Photo: Hjelp Moldova

Since 1993, “Hjelp Moldova� has worked to help less fortunate people in Moldova in Eastern Europe. In the beginning the organisation focussed on first aid. Since 2001 their main work has been to rehabilitate and integrate visually impaired, so that they may take part in normal social life; school, work, home, leisure. Grieg Foundation donated 250,000 NOK in 2017 to support the important work of the organisation.

Photo: Sahara Forest Project

The Sahara Forest Project uses salt sea water and the ever present sun to make the deserts of the Middle East and North Africa a bit greener. In august 2017 The Sahara Forest Project opened their own facility in Jordan, after years of developing the technology. This facility will produce 2,5 tons of vegetables per week, 10 000 liters of fresh water per day, employing 10 people and combining exciting new environmental technologies in ways never been done before.






SOS Childrens Villages Oseana





Vil Vite





Photo: Oserana Kunst og kultursenter

Oseana kunst og kultursenter (art and culture centre) is rather unique in Norway. Over time the minicipality and private donors have insvested 200 million NOK to create an amazing building for all kind of arts and music. Parts of the Grieg Art Collections is exhibited in the centre, and it is a venue for several of the concerts and shows during the Bergen International Festival.

Photo: SOS Childrens Villages, Katerina Ilievska

SOS Childrens Villages is a global federation working to protect and care for children who have lost parental care, or who stand at risk of losing it. They work with communities, partners and states to ensure that the rights of all children, in every society, are fulfilled. When children can no longer live with their families, they work with communities and state partners to provide children with loving and supportive alternative care. 22 Annual report 2017

Photo: VilVite

A science centre is a popular scientific experience – as well as a learning centre for technology and the natural sciences. Vil Vite - Bergen Science Centre’s primary concern is conveying the excitement of scientific work and experiments, rather than just the scientific results. One of VilVite’s primary goals is to inspire and motivate children and youth to learn more about the natural sciences and technology and choose an education in these subjects in order to secure recruitment within these fields in Norway.








The Ethiopia Fund ETHIOPIA

Stiftelsen Zmarties

Statsraad Lehmkuhl NO


Photo: Statsraad Lehmkuhl, Valery Vasilevskiy

The “Statsraad Lehmkuhl” is a 3-masted steel bark from 1914. It was built as a training ship for the German merchant marine. It was put into service as a sail training vessel under the Norwegian flag from 1923 to 1967. From 1978 it has been owned by the Statsraad Lehmkuhl Foundation. Grieg Foundation support the continued operation of the ship as a living lesson in history and seamanship.




Photo: Pixabay/mojzagrebinfo

Zmarties Foundation has developed a concept consisting of activity and follow-up programmes to help children, youths and parents to cope with lack of activity, eating too much sugar and sleeping too little. The goal is to make sure the children avoid having health problems later in life, related to bad habits when young.

23 Annual report 2017

Photo: The Ethiopia Fund

The Ethiopia Fund is a self-owned organization that aims to raise funds to help women in Ethiopia in connection with pregnancy, childbirth, and related childbirth fistula problems. In addition, they aim to support and further education in these areas. The Ethiopia Fund’s collected donations went initially primarily to supporting the Fistula Department at the new Women’s ward at Arba Minch hospital.

Report from the Board of Trustees The Grieg Foundation receives its revenues from its 25% ownership in the Grieg Group. Total income from dividends and interest were NOK 69,826 million. The Foundation’s contributions mainly focus on support and education of children and young people both in Norway and world-wide. The Foundation also supports musical art, other cultural activities, medical research, environmental, and community projects. We follow our main projects closely. The administration for the foundation consists of two part-time positions. In addition, Per Grieg sr. performs a significant unpaid work for Grieg Foundation. The Board of Trustees consists of five members and one deputy member. The Foundation operates no business activity and all its funds are used to the benefit of the society in accordance with the Statutes of the Foundation.

The activity of the Foundation does not negatively affect the environment. There has not been any absence due to illness or injuries. The conditions for continued operations are present.

As a result of significantly increased earnings in 2017 and expected further revenue growth in 2018, the board will gradually increase the Foundation’s allocations of support in the next few years.

The Foundation is subject to and regulated by the Norwegian Foundations Act and is supervised by the Norwegian Foundation Authority.

We wish to sincerely thank all employees of the Grieg Group. It is their hard work over the years that enables the Foundation to continue to develop its charitable activities.

During 2017, the Foundation distributed NOK 31,7 mill. as follows: MNOK


10 800


For the support of musical art

6 455


For the support of other cultural projects

3 582


For the support of medical research and projects

4 060


6 871


31 768


For the support and education of children & youth

For the support of other projects for the benefit of the society Total

Total Distributions years 2002-2017: NOK 546,5 million Administration costs: 2 % of total income.

Bergen, 19th March 2018 Per Hagelien Chair

Elisabeth Grieg

Elna-Kathrine Grieg

Benedicte Willumsen Grieg

Per Grieg sr

Nicolai Hafeld Grieg deputy

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Donations 2017 All numbers in 1000 NOK

SOS-projects, Gender 6 000 Pestalozzi Scholarships 3 500 Oseana: Os Art & Culture Center 1 500 BFO: Bergen Philharmonic Orchestra 250 Bergen Festivals 1 000 Opera Bergen 1 750 Bergen National Opera 500 Krohnengen Brass Band 200 Statsraad Lehmkuhl 150 Kolibri/CARF - Brasil 2 000 Bergen Skogplantingselskap 300 CARE Norway 1 000 Veteranship - Vulcanus 400 Help Moldova 250 Harmoniens Venner 10 Right to Sight 250 Veteranskipet “Stavenes” 192 Mada Woodlands, school Madagaskar 1540 Kystsogevekene 100

Kirkens Bymisjon - Church Aid Vestlandske Teatersenter, Langhaugen Skole Den Nationale Scene The Etiopia Project, women The Sahara Forest Project Mozambique/West Norway Christiegården Dagsenter Bergen Maritime Årstad Menighet - elderly people Edvard Grieg barne/ungdomskor “Kom nærmere”, youth, performance WWF Philippines, climate Os Festival Baccalao Performance Idrettsmat v/Lars Kogstad Summerschool Halsnøy, young musicians Bergen Kunsthall, exhibition BIF UiB/Haukeland Hospital, research cancer

370 100 100 100 500 750 200 75 70 50 250 50 339 100 80 78 50 100 750

Akuttmedisinsk seminar 50 Helse Bergen, surgery Malawi 100 Haukeland Hospital/GF sykehusklovnene 200 Helse Bergenl, research heart 500 Helse Bergen/fond cancer 500 Fotballklubben READY 100 Vestnorsk Utvandringssenter 350 Krigsseilerne, tillegg bevilgning 175 Stine Sofies Stiftelse 1 000 Glenn Erik Haugland, Os 55 Fyllingsdalens Teater, “Hekseringen” 100 Bærekraftig liv Landås Hovedgård 200 Vedholmen Galleri 60 AIESEC, Trondheim 50 WeCare Family, elderly people 200 Helse Bergen research 400 Institutt for biologi/UIB 200 Dale-Oen Experience, youngsters 25 Leadership Foundation 15

IsFit Trondheim 50 Torgdagen i Bergen 20 Røde Kors Hjelpekorps, Os 29 Hjertefondet, Inst. For global helse 150 Stiftelsen Voxtra, agriculture East-Africa 250 Bergen Vitensenter/VilVite 100 Regnbuen Barne-og ungdomsorkester 50 Dag Arnesen/Bergen Big Band 50 Zuccarello stiftelsen, summer camp 100 Os Kulturutvikling, Vognhallen 400 Fana Ungdomslag, restoration hall 200 Catalyst, youth drop out school 300 Barnevakten, skolehefter 35 Kunstgarasjen 150 Irmelin Munch, “Småkårskjerring” statue 100 TV-aksjonen 2017, Unicef 100 Collective Insurance, kenyanske kvinner 400

All numbers in 1000 NOK

Donations per year Year

Children and youth


Other cultural

Medical and research

Other philantropic



1 229

3 750




6 904


8 810

4 081

1 630

1 140


16 313


6 205

4 673

1 573


1 142

14 154 30 140


4 595

8 350

3 005

3 235

10 955


12 979

4 755

3 123

5 180

11 935

37 972


11 931

5 510

1 859

3 699

2 128

25 127


13 320

3 725

1 605

8 855

8 465

35 970


18 148

4 130

55 835

4 925

5 231

88 269


22 828

3 700

11 890

6 362

5 244

50 024


20 101

6 047

7 623

7 142

3 740

44 653


25 266

3 745

3 050

4 831

5 310

42 202


10 456

3 880

2 515

6 117

9 192

32 160


13 095

3 935

1 755

3 655

6 390

28 830 31 994


15 850

5 461

1 333

3 802

5 548


11 850

6 590

1 929

4 110

5 515

29 994


10 800

6 455

3 582

4 060

6 871

31 768


207 463

78 787

103 217

68 299

88 708

546 474

38 %

14 %

19 %

12 %

16 %

100 %


25 Annual report 2017

Income statement as of 31st of December 2017 2017 Income: Dividends Share premium etc. Interest income Total income



66 013 000 2 733 822 1 079 351 69 826 173

22 500 000 999 493 1 055 394 24 554 887


1 397 963 239 170 1 637 133

1 265 092 595 114 1 860 206



68 189 040

22 694 681

Allocations: Distributions Carrying forward from/to other equity Totals

31 767 500 36 421 540 68 189 040

29 994 000 -7 299 319 22 694 681

Other operating expenses: Losses shares/bonds Total expenses

all numbers in NOK The financial statements have been prepared in accordance with the Norwegian Accounting Act, and generally accepted accounting principles, adapted to charitable foundations. The company has not changed its accounting policy in 2017. Note 2 Note 1 Equity 01.01.17 Shareholdings: Distribution 2017 Cost 01.01.17 1 396 463 100 Result 2017 Access 3 172 649 Equity 31.12.17 Shares/Bonds 31.12.17 1 399 635 749 Note 3 Art investment Dividend: Cost 01.01.17 20 281 760 Grieg Maturitas II AS Access 934 850 Retirement (420 000) Total dividends Cost 31.12.17 20 796 610 Total fixed Assets 1 420 432 359

26 Annual report 2017

1 446 356 579 (31 767 500) 68 189 040 1 482 778 119

66 013 000 66 013 000

Note 4 Expenses: Payroll/Board member fees Administrative costs Other expenses Total expenses

633 341 441 109 323 513 1 397 963

Note 5 Employees: Two persons have been working part-time for the Grieg Foundation during 2017 No Board-members or staff are among the debitors of the Foundation

Balance sheet as of 31st of December 2017 2017 ASSETS Fixed Assets: Art Investments Shareholdings Total Fixed Assets



20 796 610 1 399 635 749 1 420 432 359

20 281 760 1 396 463 100 1 416 744 860

62 425 512 62 425 512

29 776 596 29 776 596

Total assets

1 482 857 871

1 446 521 456

EQUITY Basic capital Equity-capital Total equity

1 243 980 1 481 534 138 1 482 778 118

1 243 980 1 445 112 599 1 446 356 579

48 343 31 410 79 753

48 343 116 534 164 877

1 482 857 871

1 446 521 456

Current Assets: Receivables Cash and bank deposits Total Current Assets

CURRENT LIABILITIES Other short-term liabilities Public debt Total liabilities TOTAL EQUITY AND LIABILITIES

all numbers in NOK Note 6 Fees for board and auditor. In total there are expensed NOK 140.000 as board members fees Board-members from the Grieg family abstain from fees and other remuneration

Paid auditor’s fees NOK 30.800 Note 7 Taxes According to Norwegian Tax act sec. 2-32 Charitable organisations has no tax liability.

27 Annual report 2017



Secretariat: Grieg-Gaarden, PO Box 234 Sentrum, NO-5804 Bergen, Norway,

Financal: Grieg Foundation, Industrivegen 49, 5210 Os, Norway - Enterprise: 984 589 468 - Design/production: Grieg Group, Print: Allkopi AS