Economy
The museum's financial risk is considered to be limited. The museum has investments in securities funds with a total market value of NOK 13,421,098, in addition to bank deposits. The bank loan of NOK 5,575,000 is subject to an interest rate swap agreement that runs until November 2021. The agreement was entered into to secure an upper interest rate in the event of changes in the market interest rate. Installments have been paid in accordance with the loan agreement. Interest costs for the loan in 2020 were NOK 379,203.
Through the merger of the foundations The Norwegian Museum of Science and Technology and The Norwegian Museum of Science and Technology 's fund in 2020, the share capital has increased from NOK 14,000,000 to NOK 18,125,792. The merger also resulted in an increase in accumulated equity of NOK 420,301. The museum has good governance, financial control and liquidity. The Ministry of Culture is responsible for basic financing of the operation with NOK 33,340,000. The Ministry of Health and Care Services, through the Directorate of Health, has contributed NOK 7,250,000 to the National Medical Museum. For the operation and development of the Science Centre, the museum received NOK 8,250,000 from the Science Centre Committee, appointed by the Research Council of Norway on behalf of the Ministry of Education and Research. For the operation of the telecommunications area, the museum received NOK 7,009,238 in grants from the Ministry of Local Government and Modernisation. The museum has received extraordinary grants from the Ministry of Culture with NOK 9,200,000 and the Science Centre Committee with NOK 1,182,973 in extraordinary support in connection with the Covid19 pandemic. In addition, the museum's operation is financed by entrance fees, sales in the museum shop and other own income.
Total operating income in 2020 was NOK 93,874,857. This is NOK 2,106,554 below budget. The result for 2020 shows a surplus of NOK 2,880,291, which is added to equity. The surplus is due to the postponement of a new medical exhibition and that additional grants due to Covid-19 to the Science Center came at the end of the year. The foundation capital and other equity are considered adequate for continued operation. The accounts are based on the principle of going concern, as the basis for this is present. The board believes that the accounts, together with the board's report, provide a true and fair view of the development and results of the museum's activities and financial position.