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Royal Mint Annual Report 2003-04

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Royal Mint Annual Report 2003-04 Royal Mint Annual Report 2003-04 Royal Mint Board of Directors and Management Structure As at 31 March 2004 EXECUTIVE DIRECTORS Gerald Sheehan Chief Executive Tony Burnell Director of Human Resources – appointed 1 May 2003 Keith Cottrell Director of Sales Huw Edwards Director of Finance – appointed 1 October 2003 Michael Slater Director of Circulating Coin Production Alan Wallace Director of Collector Coin NON-EXECUTIVE DIRECTORS Hugh Beevor Non-Executive Chairman – appointed 1 March 2004 Contents Robert Guy * Non-Executive Director – appointed 15 March 2004 Review of the Year Message from the Chairman 3 Jan Smith Non-Executive Director – re-appointed 15 March 2004 Chief Executive’s Report 4 David Wertheim ** Financial Summary 5 Non-Executive Director – appointed 15 March 2004 United Kingdom Circulating Coinage 7 * Chair of the Audit Committee ** Chair of the Remuneration Committee Overseas Circulating Coins and Blanks 9 BOARD SECRETARY Collector Coin 11 Medals 13 Martin Cragg Royal Mint, Llantrisant CF72 8YT People 14 Telephone: 01443 623058 Royal Mint Advisory E-mail: informationoffi[email protected] Committee, 2003-04 16 Website: www.royalmint.com Royal Mint Trading Fund Bankers Bank of England Financial and General Reports 20 Statement of Trading Fund’s External Auditors Comptroller and Auditor General and Accounting Officer’s Responsibilities 22 Internal Auditors Mazars, Chartered Accountants Corporate Governance – Statement on Internal Control 22 The Accounts of the Royal Mint Trading Fund The Certificate and Report of the as at 31 March 2004, together with the Certificate Comptroller and Auditor General and Report of the Comptroller and Auditor to the Houses of Parliament 25 General thereon, are prepared pursuant to section Operating Account 26 4(6) of the Government Trading Funds Act 1973. Balance Sheet 28 (In continuation of House of Commons Paper No 821 of 2002-03.) Presented pursuant to Cash Flow Statement 29 Act 1973, c.63, s.4(6). Notes to the Accounts 30 Ordered by the House of Commons to be printed 20 July 2004 HC 688 LONDON: The Stationery Office £12.00 1 Review of the Year 2003-04 Message from the Chairman Two-thirds of the Mint’s sales are earned in David Stark, the previous Chairman, started commercial markets, the toughest of which is this change process with Gerald Sheehan’s the important overseas circulating coin and help. David Trapnell and Lyndon Haddon retired blank business where there are some highly- as Non-Executive Directors during the year. The efficient competitors. Management under Gerald commitment, enthusiasm and encouragement Sheehan has brought considerable realism to of all Non-Executive Directors was greatly raising the Mint’s efficiency towards best practice, appreciated by management. The Board was involving all employees in appreciating the size able to retain the services of Jan Smith, with her of this challenge. Great progress in reducing strong marketing skills, as well as recruiting costs has been made but competitors also Robert Guy, with his relevant City experience, improve their efficiency, so much still remains to and David Wertheim, who has led and be done at Llantrisant. The Board thanks all managed two large management buy-ins after employees for their valuable efforts in raising a long international business career. standards and serving customers well. The direct relationship of the Mint with the As a Trading Fund, responsibility to Parliament new Shareholder Executive is already proving through Ministers rests with the Accounting valuable to the Mint in its fast-moving market. Left: A new series of Officer, Gerald Sheehan. However, it has been Furthermore, with clear lines of responsibility reverse designs for the both his intention and the wish of Ministers that and focused goals, the Mint is now well placed one pound coin by Edwina Ellis was inaugurated with the Mint’s Corporate Governance should be to show its full potential. the release of the coin for modern with a strong Board of Directors Scotland depicting the Forth Railway Bridge. exercising effective supervision of management. Hugh Beevor Above and right: On 18 February 2004 Sir Roger Bannister helped to launch the fifty pence piece commemorating his remarkable achievement of being the first man to run a mile in under four minutes. (Photograph courtesy of PA) 3 2003-04 Review of the Year Chief Executive’s Report This year the Royal Mint has continued to build repeated because there were no equivalent on the progress made during the previous year, thematic events during the year. However, the with operating profit before exceptional items Collector Coin business continues to develop, increasing to £2.1 million. The ongoing achieving a higher than planned turnover and restructuring programme is focusing on the profitability. introduction of flexible working to satisfy the After a sluggish first half because of poor variability in customer and seasonal demand. overseas demand, the Circulating Coin business It is anticipated that the full benefits of the recovered in the second half of the year, programme will be seen in the second half of achieving increased sales to overseas markets. 2004-05. Business conditions, however, remain challenging, The strategic imperative remains to achieve with sales margins still at historically low levels a strong competitive position in all the Mint’s during the year. products and to continue to build on the significant For the first time the operating results have improvements made in customer service. been presented on a segmental basis in line with the recommendations of both the Public Review of Trading Accounts Committee and the Treasury Select Sales of £89.9 million were slightly below the Committee. previous year (£92.0 million), but higher than anticipated at the beginning of the year. Looking to the Future The significant sales turnover from Golden The action taken to reduce numbers employed, Jubilee products during 2002-03 was not create clear accountability and the drive to introduce flexible working practices will provide the platform to develop the business further. For Circulating Coin, recovery is evident in terms of volume and, to take advantage of the extra demand, shift patterns have been increased. Selling prices remain depressed and there is no expectation of any major recovery in this area of the business during the year. In Collector Coin, the restructuring of the management team will be completed, with a particular focus on product responsibility. Gerald Sheehan Left: Gerald Sheehan (left) examining a section of metal strip in the Melting, Rolling and Blanking Unit. (Molyneux Associates) 4 Review of the Year 2003-04 Financial Summary UNITED KINGDOM / OVERSEAS 2003-04 2002-03 2001-02 2000-01 1999-00 SALES £’000 £’000 £’000 £’000 £’000 £’000 MODIFIED HISTORICAL COST BASIS: 92,021 96,241 95,573 89,890 79,672 United Kingdom sales 62,161 66,489 54,867 50,492 43,444 Overseas sales 27,729 25,532 24,805 45,749 52,129 89,890 92,021 79,672 96,241 95,573 Operating profit/(loss) before exceptional items 2,117 1,285 (6,473) (493) 345 03-04 02-03 01-02 00-01 99-00 Exceptional items - 900 (12,000) - - Operating profit/(loss) 2,117 2,185 (18,473) (493) 345 OPERATING PROFIT/(LOSS) BEFORE EXCEPTIONAL ITEMS £’000 Profit/(loss) for the year 1,294 1,357 (19,301) (683) 668 Dividend (750) - - - (500) 2,117 1,285 Retained profit/(loss) for the year 544 1,357 (19,301) (683) 168 345 (6,473) (493) Capital employed at 31 March 63,084 63,278 69,514 70,483 70,445 Operating profit/(loss) before exceptional items/sales 2.4% 1.4% (8.1%) (0.5%) 0.4% 03-04 02-03 01-02 00-01 99-00 Key Ministerial Targets OPERATING PROFIT/(LOSS) 2004-05 2003-04 2002-03 2001-02 BEFORE EXCEPTIONAL ITEMS/SALES Target 1 a b 2.4% To achieve an average rate Target 4.9% 4.0% 11.0% 11.0% 1.4% of return on net assets Outturn - 3.3% 3.3% (26.4%) (8.1%) (0.5%) 0.4% Target 2 UK Circulating Coin Target 99.0% 99.0% 98.0% 98.0% Delivery of accepted within within within within orders from UK banks 11 days 11 days 11 days 11 days and Post Office Outturn - 98.6% 99.8% 98.0% 03-04 02-03 01-02 00-01 99-00 Target 3 UK Collector Coin Delivery of orders to Target 85.0% 95.0% 95.0% 95.0% FINANCIAL OBJECTIVE RATIO (TARGET 1) individual UK customers, within within within within measured from receipt of 14 daysd 14 daysc 14 days 18 days 3.3% 3.3% order or published due date Outturn - 75.0% 58.0% 68.0% 0.5% (26.4%) (0.7%) Target 4 Medals Orders delivered by agreed Target 98.0% 97.0% 97.0% 97.0% delivery date Outturn - 98.4% 97.5% 96.9% Target 5 Quality Collector products accepted by Target 99.7% 99.7% 99.7% 99.7% individual UK customers Outturn - 99.2% 99.2% 99.6% a 9.0% by 2005-06 b Within the five-year period 1 April 2001 to 31 March 2006 c 61% within seven days (target 60%) d 65% within seven days In addition to the above, ministerial targets also focus on the cost of producing circulating coins and blanks. This information is commercially sensitive and is 03-04 02-03 01-02 00-01 99-00 reported separately to the Treasury. 5 Review of the Year 2003-04 United Kingdom Circulating Coinage Issues ISSUES OF UNITED KINGDOM I Coin issues during 2003-04 were significantly I In addition to working towards improving the CIRCULATING COINS 2003-04 above the planned targets. Although many accuracy of short-term demand estimates, the Number Denomination Face Value of Pieces factors influence demand for United Kingdom members of the Association of Payment and £m Millions coins, three areas are worthy of particular note.
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