Priority 5 – A strong financial future
We will build on our success and achieve long-term sustainability, including by expanding our audiences, philanthropy, programs and partnerships and by diversifying our income sources.
Criterion
The key measures of performance are:
- % of total income that is self-generated (excluding Encounters 2020 revenue)
Criterion source
2019–23 Corporate Plan, p 11
Results
2019–20 target | 2019–20 actual | 2018–19 actual | 2017–18 actual | 2016–17 actual | 2015–16 actual | 2014–15 actual | |
|---|---|---|---|---|---|---|---|
Percentage self-generated revenue (excluding one-offs and Encounters 2020) | 53 | 42.8 | 45 | 43.6 | 39.2 | 36.2 | 33.1 |
Methodology
Financial data, including about the Australian National Maritime Foundation, is derived from the museum’s systems and has been audited and agreed to in the Financial Statements.
Percentage of self-generated revenue is calculated as total revenue received by the museum other than by appropriation from government. Total self-generated revenue has been adjusted for the purpose of this calculation by removing one-off gains (primarily gains on donated assets and insurance proceeds) and grant funding received from the government to deliver the Encounters 2020 program.
Analysis
Self-generated revenue was $19.7M, which is behind target by 16.4% ($3.9M).
2019–20 PBS target $’000 | 2019–20 actual $’000 | 2018–19 actual $’000 | 2017–18 actual $’000 | 2016–17 actual $’000 | |
|---|---|---|---|---|---|
Total self-generated revenue | 23,555 | 19,681 | 18,948 | 17,440 | 17,780 |
| 3,492 | 3,461 | 884 | 749 | |
| 759 | 664 | 668 | 2,114 | 3,580 |
| 3,261 | 993 | 1,902 | 1,914 | 1,160 |
| 500 | 378 | 898 | 744 | 499 |
| 4,975 | 4,441 | 4,739 | 4,331 | 4,022 |
| 2,303 | 1,542 | 2,283 | 1,769 | 2,000 |
| 2,915 | 2,693 | 2,651 | 2,177 | 1,861 |
| 5,350 | 5,509 | 4,103 | 3,507 | 3,909 |
The majority of self-generated revenue lines were severely affected by the closure of the museum as result of COVID-19 during quarter 4, and the suspension of the Encounters 2020 program.
- The museum received insurance proceeds of $1.2M relating to the COVID-19 insurable event, which partially offset some of the commercial revenue losses.
- The museum’s long-term arrangements to accommodate Google and the Australian Maritime College (University of Tasmania) onsite continued to generate important revenue for museum operations.
Visit
https://www.transparency.gov.au/annual-reports/australian-national-maritime-museum/reporting-year/2019-20-17