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Royal Mint Annual Report 2004-05

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Royal Mint Annual Report 2004-05 Royal Mint Annual Report 2004-05 Royal Mint Board of Directors NON-EXECUTIVE DIRECTORS Hugh Beevor Chairman Robert Guy Chairman of the Audit Committee Jan Smith David Wertheim Chairman of the Remuneration Committee EXECUTIVE DIRECTORS Gerald Sheehan Chief Executive Tony Burnell Director of Human Resources Phil Carpenter Director of Circulating Coin Production Keith Cottrell Director of Sales Contents Huw Edwards Director of Finance Review of the Year Michael Slater Chairman’s Statement 3 (retired April 2005) Chief Executive’s Report 4 Alan Wallace Financial Summary 5 Director of Collector Coin Operating and Financial Review 6 Circulating Coins and Blanks 9 BOARD SECRETARY Collector Coin 13 Martin Cragg People 16 Royal Mint, Llantrisant CF72 8YT Telephone: 01443 623058 Royal Mint Advisory Committee, 2004-05 18 E-mail: informationoffi[email protected] Website: www.royalmint.com Royal Mint Trading Fund Bankers Bank of England Financial and General Reports 22 Statement of Trading Fund’s External Auditors Comptroller and Auditor General and Accounting Officer’s Responsibilities 24 Internal Auditors Mazars LLP, Chartered Accountants Corporate Governance – Statement on Internal Control 24 The Certificate of the Comptroller and Auditor General The Accounts of the Royal Mint Trading Fund to the Houses of Parliament 27 as at 31 March 2005, together with the Certificate Operating Account 28 and Report of the Comptroller and Auditor Balance Sheet 30 General thereon, are prepared pursuant to section Cash Flow Statement 31 4(6) of the Government Trading Funds Act 1973. (In continuation of House of Commons Paper Notes to the Accounts 32 No 688 of 2003-04.) Presented pursuant to Report by the Comptroller Act 1973, c.63, s.4(6). and Auditor General 39 HC 242 Ordered by the House of Commons to be printed 18 July 2005. 1 Review of the Year 2004-05 Chairman’s Statement This has been a difficult but pivotal year for the commemorative products with the improved Royal Mint. Significant progress has continued, skills available and be ready to take full advantage improving both productivity and unit costs. of the demand for products associated with Her However, lower United Kingdom coin demand Majesty the Queen’s eightieth birthday. and transitional problems in Circulating Coin The coming year will be one of historic production prevented the Mint from showing its change when the Royal Mint is incorporated as true potential this year. a Government-owned company – an evolution The Royal Mint’s Circulating Coin business is from a Civil Service department to a business in the middle of an ambitious programme to with clearer commercial goals. This is the right become the lowest cost producer in this highly structure for a business operating in changing competitive international market. Several and very competitive markets and which, to be important steps have already been implemented, successful, must attract high-calibre employees. including the expansion of its highly efficient The groundwork for incorporating the business plating plants, the streamlining of its foundry is considerable. Much has been done but a process and several new managerial heavy programme of work remains to put appointments. Part of this programme involves everything correctly in place by the end of this the adoption of flexible working throughout the calendar year. business. This has been the norm in most of The Board is appreciative of the extremely good the private sector for a considerable time, work put in by employees and their understanding offering benefits to both employees and to the of the difficult market conditions in which their Left: One pound coins business. In pilot schemes in the Collector Coin business operates. We thank Michael Slater dated 2005 will bear a side of the business, the advantages have been who recently retired and we wish him well in his depiction of the Menai Bridge by Edwina Ellis. grasped by many employees who like the new activities. (Photolibrary Wales) scope for individual and team initiative as well Phil Carpenter joined the Board at the end of as the opportunity, at times, to finish work the year and brings with him most valuable Below and right: To mark the earlier. The agreement of the Circulating Coin technical and operational skills. 400th anniversary of the Gunpowder Plot the Mint employees has initially been withheld but in the Operating a manufacturing business in issued a commemorative interests of the future of the business and of the highly-competitive and volatile markets requires £2 coin, the reverse of which has been designed employees, it is now due. strong and agile leadership. I know that each by Peter Forster. Despite the problems suffered this year, the member of the Board, both Executive and Non- In December 2004 outlook for the coming year is favourable. In the Executive, is committed to setting the Royal representatives of the international circulating coins and blanks market Mint on a course of sustained profitable growth. Royal Thai Mint visited the site at Llantrisant. the withdrawal of some competitors has reduced There have been set-backs this year but the excess capacity. A responsible approach to right attitudes are being promoted throughout pricing policy, underwritten by a continued focus the organisation as well as the skills necessary on productivity improvements and a lower cost for achieving the full potential of the business. base, will create the opportunity for growth in market share. In Collector Coin and Classics Hugh Beevor the Mint can develop the demand for 3 2004-05 Review of the Year Chief Executive’s Report With a £2 million operating loss, the results for the forecast for the coming year the targets are realistic year are disappointing, particularly in view of the and with the new management appointments recovery in profits that had been achieved over the Mint is well placed to take full advantage of the previous two years. This loss is despite a strong market potential. very significant increase in productivity and cost In my Report last year I referred to the reduction in all areas. importance of introducing a system of flexible Demand for United Kingdom circulating coin working that would promote a much more efficient was lower than expected at 1.4 billion coins. The use of resources, would help to control costs and Mint was successful, however, in securing an would allow the Mint to respond more effectively increase in orders for overseas coins and blanks, to changes in the market. Advances have been particularly in the second half of the year. made in implementing the new working Difficulties were initially encountered in expanding arrangements but more remains to be done to production volumes and, in the fourth quarter, in ensure that the full benefits of enhanced flexibility commissioning new furnaces. I am confident that are realised. Completing the introduction of the the Mint has learnt from these problems and is new system of flexible working will be crucial to the now well placed to take full advantage of the Mint’s future and its successful implementation encouraging prospects that lie ahead. will enable the full benefits of higher production The Collector Coin business had a mixed year. volumes to be realised. Opportunities are opening The absence of a major thematic event resulted up both internationally and in the domestic in a decrease in the sales of collector coins. Collector Coin business and it is important that However, production departments achieved very everyone at the Mint maintains clear determination impressive increases in productivity, helped by to seize them. new flexible working schemes that were The contribution of the Non-Executive Directors, introduced on a trial basis. under the chairmanship of Hugh Beevor, has Royal Mint Classics performed well below the been very valuable in focusing attention on the targets set. The appointment of new staff in this fundamentals of business success. At the start area, and their focus on product development of the year Michael Slater, who had previously and a more selective approach to promotional been Director of Circulating Coin Production, expenditure, improved the situation by the end took responsibility for a number of key of the year. improvement initiatives in relation to both the Sales of £99.6 million were higher than last Circulating and Collector Coin businesses prior year (£89.9 million) but the impact of lower than to retiring in April 2005. He has made a valuable expected demand for United Kingdom coins, contribution to the development of the Mint’s major increases in steel and energy prices, the production process in recent years. Phil Carpenter initial difficulties in increasing production volumes was appointed as acting Director of Circulating and the lower profits achieved by the Collector Coin Production, a position that was confirmed Coin business resulted in a loss of £2 million. at the end of the financial year. Although this is a set-back, the wide-ranging Within the next twelve months the Mint will improvement initiatives and restructuring become a Government-owned company. The undertaken, place the Mint in a strong position objective of this change in status is to enhance to respond to market opportunities and return to the commercial attitudes within the Mint and to profitability in 2005-06. focus even more on the competitive business Sales margins are continuing to show signs requirements of the Circulating and Collector Coin of recovery. The Circulating Coins and Blanks markets. The Mint could not have remained in business has already secured substantial orders business for over 1000 years without understanding extending over the next twelve months. The the need for change and the benefits it can international market for circulating coins is bring. The change in status offers the chance to progressively moving from homogeneous alloys build on the traditions that have contributed to to lower-cost plated products and the Mint is the Mint’s longevity with the freedom to embrace well positioned to take advantage of this change.
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