The result in 2020 was 76,253, which amount has been added to the reserves for continuity purposes. The sources for this surplus were as follows:
- Unrestricted income
- Restitution of reserved staff vacation days
- Lower costs (due to COVID)
- Rounding of the tariff rate
TNI’s reserves, at the end of 2020, stood at Euro 1,250,574. Towards the end of the year, the Management and Supervisory Boards reviewed the reserve policy and the method of calculating this. It was agreed that the target is one year’s operating costs. The formula to be used is: liquid reserves/fixed operational costs x 365 days. Liquid reserves are approximately 86% of the amount listed as reserves in our annual accounts, with the remaining 14% requiring the Institute to sell its building. By this method of calculation, we reached 58% of our goal or a survival rate of 212 days at the end of 2020.
The ratio of current assets to short-term liabilities remains healthy at 138% (compared to 153% in 2019).