If ANY charity was truly working as a charity, then EVERY single last penny would make it to the destination it was intended for.
It's a very interesting subject. If a charity doesn't spend money on fundraising, will it achieve the same level of income and have as much money to distribute as it will get if it employs expensive fundraising professionals?
I spent six months working on contract for one of the major charities. I reduced my rates by about 20%, but I still felt guilty about taking money that was collected from the public for the purpose of helping children in Africa. I think that my work helped a bit, and they got back more than I cost them, but I was never very sure.
It is clear, however, that if you have to administer funds amounting to several million pounds a year, you can't do your accounts on the back of a fag packet. And if you are running long-term projects overseas (or at home), you have to make provision to ensure regular cash flow. So you have to buy computers and software and employ people to run them. And it costs. As do the mailshots and throwaway pens and street collectors and recruiters and PR people and everything else that corporate multinationals need.
It all comes down to the bottom line...