Financial Sustainability: Setting the Right Direction
MyCake and Arts Fundraising & Philanthropy
As the Heritage Compass Programme comes to a close in January 2024, MyCake have conducted a report to assess the journeys of participating organisations, with benchmarks on income, expenditure, deficit, and general financial health.
'This report aims to use data to help us reflect upon the financial sustainability of heritage organisations. It provides a snapshot of organisations at the start of their Heritage Compass journey, prior to the onset of Covid-19. It sets a benchmark against which we can compare future years, particularly as the sector emerges from the challenges of the pandemic. In a period of change, it is also helpful to understand what might be considered ‘normal’ and how your organisation compares.'
Additionally, if you're interested in learning more about how you might use data to inform your strategic decisions, do look into the Heritage Dashboard. It benchmarks your organisation's data against others in your Heritage Compass cohort and across the broader heritage sector. It's a brilliant tool for you build a business model built on relevant sector data, sense check your decisions and understand how the sector is generating funds.
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Report