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. |
Visit
https://www.transparency.gov.au/annual-reports/royal-australian-mint/reporting-year/2018-2019-45