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Own Source Revenue and Gains

1.2 Own Source Revenue and Gains

2019

2018

$’000

$’000

Own-Source Revenue

1.2A: Sale of Goods and Rendering of Services

Goods

Cost recovery from sale of Australian circulating coin

29,061

33,549

Numismatic coin sales

32,761

59,957

Business to Business

1

29,490

22,970

Other sales non coin product

6,196

2,338

97,508

118,814

Services

Circulating coin supply chain management

2

250

250

Other services

3

464

817

714

1,067

Total sale of goods and rendering of services

98,222

119,881

1

This category was formerly known as Foreign Coin Sales. This revenue category has substantially expanded to include other international coin sales, corporate domestic sales and minting services as well as foreign circulating coins. The category name Business to Business has changed to better reflect the operations.

2

Commercial banks contribute towards the costs incurred by the Mint in managing and administering the Coin Supply Chain $250,000 (2018: $250,000).

3

The Mint received revenue from other services including customised minting and royalty revenue.

Accounting Policy

Cost Recovery from Sale of Australian Circulating Coin

The Mint derives revenue from recovery of cost incurred in the production of circulating coin.

Goods and Services and Other Types of Revenue

Revenue from the sale of goods is recognised when:

- the risks and rewards of ownership have been transferred to the buyer;

- the Mint retains no managerial involvement or effective control over the goods;

- the revenue and transaction costs incurred can be reliably measured; and

- it is probable that the economic benefits associated with the transaction will flow to the Mint.

Interest Revenue

Interest revenue is recognised as interest and accrues using the effective interest rate method. This is a method of calculating the amortised cost of a financial asset and allocating the interest income over the relevant period using the effective interest rate, which is the rate that discounts estimated future cash receipts through the expected life of the financial asset to the net carrying amount of the financial asset. The interest recognised in the financial statements is netted off against payments made under competitive neutrality calculations such as payroll tax, income tax and the royalties paid on the Queen's head.

1.2B: Other Revenue

Other revenue

116

93

Resources received free of charge - remuneration of auditors

200

200

Total other revenue

316

293

Accounting Policy

Resources Received Free of Charge

Resources received free of charge are recognised as revenue when, and only when, a fair value can be reliably determined and the services would have been purchased if they had not been donated. Use of those resources is recognised as an expense. Resources received free of charge are recorded as either revenue or gains depending on their nature.