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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

  • Grants

3,492

3,461

884

749

  • Donations

759

664

668

2,114

3,580

  • Sponsorship

3,261

993

1,902

1,914

1,160

  • Interest

500

378

898

744

499

  • Admissions & Retail

4,975

4,441

4,739

4,331

4,022

  • Venue hire

2,303

1,542

2,283

1,769

2,000

  • Leasing

2,915

2,693

2,651

2,177

1,861

  • Other

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.