If you are a potential donor, then dig a bit deeper. Don’t just get the calculator out and do a quick calculation based on the latest accounts. Demand explanation and ask to understand what is going on.
One charity I spoke to recently seemed to have doubled the cost of its fundraising in just one year. Yes, they eagerly told me. The overseas affliction they were dealing with was forecast to double almost overnight and they were worried they were going to fail an increasing percentage of their key stakeholders. Therefore, they were doubling their fundraising efforts in response. They got my money!