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Priority: Forge a strong financial future

Our vision and goals for the future are bold and ambitious. The long-term success of the museum will depend not only on deploying our creative talent and managing our resources efficiently, but also on effective engagement in entrepreneurial and commercial practices to secure sustainable revenue sources for the museum. We will create meaningful partnerships with supporters and stakeholders to realise our aspirations for growth and exemplary service.

Criterion

The key measures of performance are:

  • self-generated revenue of $15.4M (including revenue achieved through alternative sources, including sponsorship, grants and philanthropic support)
  • percentage of total income that is self-generated annually
  • number of museum Members
  • number of formal partnerships with government and industry stakeholders within Australia and internationally.

Criterion source

2018–22 Corporate Plan, p 26

Results against performance criterion

2018–19 PBS target $’000

2018–19 actual $’000

2017–18 actual $’000

2016–17 actual $’000

2015–16 actual $’000

Total self–generated revenue

15,402

18,948

17,440

17,780

12,429

Grants

1,087

1,704

884

749

653

Donations

535

668

2,114

3,580

164

Sponsorship

1,024

1,902

1,914

1,160

958

Interest

450

898

744

499

484

Admissions

3,525

3,715

3,343

3,072

2,765

Retail

976

1,024

988

950

822

Venue hire

2,099

2,283

1,769

2,000

1,287

Rental

2,563

2,651

2,177

1,861

1,962

Other

3,143

4,103

3,507

3,909

3,334

2018–19 target

2018–19 actual

2017–18 actual

2016–17 actual

2015–16 actual

2014–15 actual

% self-generated revenue (excluding one-offs)

43%

45%

43.6%

39.2%

36.2%

33.1%

Partnerships with Government and industry stakeholders

2018–19 target

2018–19 actual

2017–18 actual

2016–17 actual

2015–16 actual

Total number of formal initiatives (international)

26

44

62

32

Total number of other initiatives (international)

68

37

41

38

Total

30

94

81

103

69

2018–19 target

2018–19 actual

2017–18

2016–17

2015–16

Number of Members at 30 June 2019

14,430

15,340

15,896

13,000

12,700

Methodology

Financial data, including about the Australian National Maritime Museum Foundation, is derived from the museum’s systems and has been audited and agreed to in the Financial Statements.

Data regarding international partnerships is compiled at the operational level following consultation throughout the organisation. Formal initiatives are those initiatives that involve official representatives (eg Ambassador/politician/leading cultural institution). Other initiatives include exhibition exchanges, visits to and from, participation (speakers, panels etc) in conferences/workshops, consultancies/advice, supply of information/materials to diplomatic missions/residences, collaborative programs, repatriation and loans/exchange of works with overseas collecting institutions. Data is not compiled regarding partnerships with Australian entities. The education and research partnerships reported above (under the priority ‘Priority: Research, share knowledge and inspire’) are excluded to avoid double counting.

The number of museum Members is the number of Members as at 30 June recorded at the operational level.

Analysis

Self-generated revenue was $18.95M, well ahead of target ($15.4M). Excluding one-off items, adjusted self-generated revenue was $17.55M, which is $2.15M ahead of target and over $1.5M better than last year’s adjusted results.

The majority of self-generated revenue lines were ahead of budget and better than last year. Some highlights include:

  • admissions revenue was ahead of target, despite the capital works program that affected the museum’s main exhibition building, and the periodic absence of Endeavour while voyaging
  • sponsorship receipts exceeded budget, largely due to the exhibition James Cameron: Challenging the Deep
  • 30 commercial and government sponsors contributed a total cash and in-kind revenue of $1,989,892 in the 2019 financial year (compared to 51 sponsors as at 30 June 2018 and 33 at 30 June 2017)
  • total donations revenue was slightly higher than budget, with the shortfall in cash donations offset by donations of high-value objects, including site-specific sculptures by artist Wang Luyan and a decommissioned Seahawk helicopter.

The museum’s long-term arrangements to accommodate Google and the Australian Maritime College (University of Tasmania) onsite, entered into last year, continued to generate important revenue for museum operations.

The number of partnership initiatives with other countries is significantly ahead of target. The formal initiatives included various ambassadorial and consular engagements, meetings with leading foreign institutions and meetings of the USA Gallery Consultative Committee. The informal initiatives included various international conferences, as well as exhibition and program liaison.

The number of museum Members is ahead of target, which is a good result given that changes arising from the review of the membership program are still being bedded down.