The annual accounts for 2023 were finalised and approved by the board on March 7, 2024. The result for 2023 was approximately zero. This is partly due to the fact that cost-saving measures have begun to take effect.
The result, like many other institutions in the sector, is better than the budgeted deficit.
Less money was spent on a number of items across the entire NMH last year, including several million less than budgeted for energy. In addition, NMH received an additional allocation in the summer of 2023 to compensate for wage and price growth. Effective cost-saving measures, lower costs, and the additional grant are therefore the main reasons for the result.
Thanks to everyone who has contributed and gone the extra mile to ensure that the Music Academy now has good control over the finances!
Principal
This gives us increased leeway already from 2024 and opportunities to adjust certain parts of the operations where there is a need. We can put a little more into the redevelopment of the 3rd floor and other investments, and we will look at the strategic use of funds for academic development.
We are also back to normal levels with funds for the academic sections, the centres and (extra) R&D. The Student Council also got a new agreement last year, with a little more resources for the important work SUT does.
At the same time we must remember that we must expect tighter times in higher education in the long run, and that the effect of retracted study places (after the pandemic) will become stronger in the coming years.
It is therefore important now to find the right balance between income and costs. We need to continue to have good control, and at the same time we should use the annual budgets for planned, developmental and inspiring activities and make necessary and desired investments.
