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Royal Mint Trading Fund ® Royal Mint Trading Fund ANNUAL REPORT AND ACCOUNTS 2020–21 ® Royal Mint Trading Fund ANNUAL REPORT AND ACCOUNTS 2020–21 Presented to Parliament pursuant to section 4(6) of the Government Trading Funds Act 1973 as amended by the Government Trading Act 1990 Ordered by the House of Commons to be printed on 20 July 2021 HC 507 Annual Report and Accounts 2020–21 ROYAL MINT TRADING FUND Royal Mint Trading Fund Accounting Officer is Tim Jarvis. THE ROYAL MINT LIMITED DIRECTORS THE ROYAL MINT MUSEUM AND ROYAL MINT MUSEUM SERVICES LIMITED Graham Love* DIRECTORS CHAIRMAN Dr Andrew Burnett CBE Anne Jessopp CHAIRMAN CHIEF EXECUTIVE Lord Nick Macpherson of Earl’s Court CGB Nicola Howell CHIEF COMMERCIAL OFFICER Crispin Wright Andrew Mills Victoria Rogers DIRECTOR OF CURRENCY Anna Brennand Huw Lewis Blondel Cluff CHIEF FINANCIAL OFFICER Anne Jessopp Xenia Carr-Griffiths* Cheryl Toner* The Royal Mint, Llantrisant, Pontyclun, CF72 8YT Michael Clayforth-Carr* Email: [email protected] William Spencer* Website: royalmint.com Shimi Shah* Jamie Carter* Website: royalmintmuseum.org.uk Representative of the Royal Mint Trading Fund and HM Treasury as shareholder *Non-Executive Directors External auditor to the Royal Mint Trading Fund Comptroller and Auditor General COMPANY SECRETARY Christopher Inson Independent auditor to The Royal Mint Limited and EXECUTIVE MANAGEMENT TEAM The Royal Mint Museum Group Anne Jessopp PricewaterhouseCoopers LLP CHIEF EXECUTIVE Internal auditor to The Royal Mint Limited © Crown copyright 2021 Andrew Mills KPMG LLP DIRECTOR OF CURRENCY This publication is licensed under the terms of the Open Government Licence v3.0 except where otherwise stated. To view this licence, visit nationalarchives.gov.uk/doc/open-government-licence/version/3 Nicola Howell CHIEF COMMERCIAL OFFICER The Accounts of the Royal Mint Trading Fund at 31 March 2021, together with Where we have identified any third party copyright information you will need to obtain permission from the copyright holders concerned. the Certificate and Report of the Comptroller and Auditor General thereon, are Leighton John prepared pursuant to section 4 (6) of the Government Trading Funds Act 1973. This publication is available at www.gov.uk/official-documents DIRECTOR OF OPERATIONS In continuation of House of Commons Paper No 1244 of 2017-18. Presented pursuant to Act 1973, c.63, s.4 (6). Huw Lewis Any enquiries regarding this publication should be sent to us at The Royal Mint Limited, Llantrisant, Pontyclun, CF72 8YT CHIEF FINANCIAL OFFICER or email: [email protected] Sarah Bradley HC 507 ISBN 978-1-5286-2792-4 DIRECTOR OF HR AND SHE CCS0621856588 07/21 Sean Millard CHIEF GROWTH OFFICER Printed on paper containing 75% recycled fibre content minimum Printed in the UK by the APS Group on behalf of the Controller of Her Majesty’s Stationery Office ROYAL MINT TRADING FUND | ANNUAL REPORT AND ACCOUNTS 2020–21 3 Accounting Officer’s Contents Statement 05 Accounting Officer’s Statement As the Treasury’s Director of Companies and Overall, The Royal Mint Trading Fund recorded a Although the Royal Mint Experience, the tourist 06 Report of the Chief Executive of The Royal Mint Limited Economic Security, I serve as Accounting Officer consolidated net profit before tax for 2020–21 of attraction in South Wales, remained closed to the for The Royal Mint Trading Fund. The Trading £12.9 million (2019–20: £0.2 million), a significant public for the majority of the year, it continued to Fund operates as a holding company for The Royal improvement from last year. The Royal Mint Limited provide educational activities for families. The Royal 08 Performance Report Mint Limited (‘The Royal Mint’), The Royal Mint also satisfied all its ministerial targets of Economic Mint Museum also made significant progress in Museum (‘The Museum’) and their subsidiaries. This Value Added (EVA), along with delivery targets achieving its charitable objectives. During the year, report covers the operations of those two groups, and relating to UK Circulating Coins, Commemorative online workshops were delivered to primary and 16 Sustainability Report these accounts consolidate their financial statements Coins, and Medals. secondary schools on a range of topics, including with the Trading Fund account (‘The Group’). decimalisation. Resources available on the Museum I would also like to recognise the considerable website were updated and improved so that 20 Financial Summary I would like to start by recognising the record resilience shown by The Royal Mint in 2020-21 educational content could be enjoyed remotely. revenue of £1.1 billion (2019-20: £568.6 million) in the face of the Covid-19 pandemic. In 2020, This allowed the Museum to reach children far 21 Key Ministerial Targets achieved by The Royal Mint in 2020-21. The in light of the rising demand for PPE, staff at The beyond its usual local audience and will form a much Consumer business delivered revenues of £112.6 Royal Mint were redeployed to produce two million more meaningful part of the Museum’s educational million, compared to £76.7 million in the previous visors for the NHS, while the space usually used for programme in future. 22 The Royal Mint Advisory Committee year. The Precious Metals business also saw record The Royal Mint Experience acted as a production revenue growth, at £843.8 million (2019–20: £356.9 cell. Staff worked around the clock to produce It is very pleasing to see The Royal Mint record such million), due in part to the impact of the Covid-19 up to 20,000 visors a day. This was a significant a successful result for 2020-21 and I am confident 24 Accountability and Governance Report pandemic stimulating the precious metals market. achievement and reflects the remarkable talent The that the leadership team will be able to continue The Royal Mint’s market share in Precious Metals Royal Mint has to offer and the commitment of its building a strong business over the coming years, has also grown both in the UK and overseas. This staff. both as an important employer and a provider of 28 Remuneration and Staff Report is a clear reflection of the hard work of The Royal outstanding services to the public. Mint’s staff in a challenging year and testament to its In February 2021, The Royal Mint marked the 50th resilience as a business. anniversary of decimalisation with a commemorative 34 The Certificate and Report of the Comptroller and 50 pence coin featuring a selection of ‘old money’ Auditor General to the Houses of Parliament Nevertheless, The Royal Mint continues to face a and organised a nationwide care home initiative challenging operating environment as the demand in partnership with The Royal Mint Museum. In Tim Jarvis for coin falls globally in response to new technologies October, The Royal Mint issued a ‘Diversity Built ACCOUNTING OFFICER 36 Consolidated Income Statement and the ongoing pandemic. In order to thrive, Britain’ 50 pence coin, marking its commitment to The Royal Mint is addressing these challenges, ensure Britain’s diverse communities are represented restructuring its coin business to provide a sustainable and commemorated in upcoming designs. A 37 Consolidated Statement of Comprehensive Income future, and investing in new lines of business that ‘Diversity Built Britain’ 50 pence was issued to every and Statement of Comprehensive Income make best use of The Royal Mint’s strengths to Primary School in England and Wales as part of an support future employment in South Wales. The education pack produced in partnership with the Currency business has reduced its costs and capacity West India Committee, while ten million coins were 38 Consolidated Statement of Changes in Equity to sustainable levels in the face of disruption from manufactured for general circulation. Covid-19. While lockdowns accelerated trends around declining cash use, The Royal Mint worked 39 Statement of Changes in Equity with UK banks and HM Treasury to respond quickly and ensure retailers had access to coinage. 40 Consolidated Statement of Financial Position 41 Statement of Financial Position 42 Consolidated Statement of Cash Flows 43 Statement of Cash Flows 44 Notes to the Accounts ROYAL MINT TRADING FUND | ANNUAL REPORT AND ACCOUNTS 2020–21 5 Report of the Chief Executive of The Royal Mint Limited REINVENTING The year was challenging for all our teams as they MAKING IT COUNT MAKING A DIFFERENCE MAKING OUR FUTURE THE ROYAL MINT coped with the personal impact of the coronavirus. SECURE We made it a priority to provide support for all I would like to highlight a few areas that demonstrate The last financial year saw a huge shift socially, and In 2018 we launched our ambition to ‘reinvent The our people – focusing on wellbeing and creating an the progress we’ve made in reinventing the business being an ethical and inclusive employer has never Over the next three years we will continue to manage Royal Mint for the twenty-first century’. The strategy environment where anyone could ask for help with into a premium consumer brand: been so important. In 2020 we made a commitment the decline in circulating coin whilst retaining focused on managing the impact of declining cash their mental or physical health. Our reinvention and • With an unrivalled expertise in coin to ensure that The Royal Mint reflects greater our capability to make UK coins; we will grow use, growing our Consumer division and exploring the strong performance of 2020-21 would not have manufacturing, our Commemorative division diversity through its coins, and offers an inclusive internationally thanks to our strong brand appeal and new profitable ventures. been possible without the hard work and dedication continued to expand into larger ‘Masterwork’ workplace for all employees. focus on sustainably expanding our precious of every single member of The Royal Mint, and our pieces.
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