COMPANY REGISTRATION NUMBER: 2659355
CHARITY REGISTRATION NUMBER: 1007270
MIT
Since 1923
The Merthyr Tydfil Institute for the Blind
Company Limited by Guarantee
Financial Statements
31 March 2024
WALTER HUNTER & CO LIMITED
Chartered accountants & statutory auditor
24 Bridge Street
Newport
South Wales
NP20 4SF

The Merthyr Tydfil Institute for the Blind
Company Limited by Guarantee
Financial Statements
Year ended 31 March 2024
Page
Trustees, annual report (incorporating the directorfs report)
Independent auditor's report to the members
Statement of financial activities (induding income and
expenditure account)
14
19
Statement of financial position
20
Statement of cash flows
21
Notes to the financial statements
22

The Merthyr Tydfil Institute for the Blind
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Directorfs Report) (contlnued)
Year ended 31 March 2024
The trustees, who are also the directors for the purposes of company law, present their report and the
financial ststements of the charity for the year ended 31 March 2024.
Reference and administrative details
Registered Charty name
The Merthyr Tydfil Institute for the Blind
Charfty registration number
1007270
Company registration number 2659355
Principal office and reglstered Unit 4 Triangle Business Park
office
Pentrebach
Merthyr Tydfil
CF48 4TQ
The trustees
Mr G Meredith
Mr A Bush
Mr R Cooper
Mrs L Mytton
Mr A Gunter
Mr J Ellis
Mrs J Morgan
(Chairman)
(Passed away 2111112024)
Company secretary
R A Welfwt
Prlncipal OfficerslKey
Management Personnel
Mr R A Welfoot
Mrs P Kennedy
Mrs M Davies
Mr A Phillips
Mr E Silbum
Ms J Warwick
Mr A Trythall
Chief Executive Officer & Company Secretary
Deputy Chief Executrve Officer
Employment & Training Manager
Manufacturing Manager
Commercial Manager
Operations Manager
ICT Officer
Audltor
Walter Hunter & Co Limited
Chartered accountants & statutory auditor
24 Bridge Street
Newport
South Wales
NP20 4SF
Bankers
Lloyds Bank PLC
69 High Street
Merthyr Tydfil
CF47 8AD
Solicitors
Hugh Jarres
2 Central Squa
Cardiff
CF10 1FS
Cart￿n Law Partners
Creative Quarter
Morgan Arcade
Cardiff
CF10 1AF

The Merthyr Tydfil Institute for the Blind
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Directorfs Report) {eonflnued)
Year ended 31 March 2024
Structure. governance and management
Status
The organisation is a charitsble company limited by guarantee, incorporated on 31 st October 1991 and
registered as a charity in June 1923.
The company was established under a Memorandum of Association, which sets out the objects and
powers ofthe charitable company and is govemed under itsArtides of Association. Underthose Articles,
the members of the Management Committee are elected annually at the AGM.
Governance of the Charity
Matters of Finance, Business Development and Business Operations are reported at regular full board
meetings. Day to day management is the responsibility of the Chief Executive Officer, who reports
directly to the Trustees and is in regular contact with the Chairman to discuss any issues that arise,
where it may require a Board meeting to be convened.
Rocrultment and appointment of Trustees
Periodically the board will decide whether new Trustees need to be recruited to bring knowledge and
experience within specific areas required by the business. Nominations are invited from existing
Trustees, which are discussed by the board in order to review the respective nominee's credentials.
Successful candidates, approved by the board. are then formalty invited to become a trustee. Following
acceptance, the new trustee re￿iVeS an induction regarding all aspects of the organisation by the
executive management and meets key employees. Trustees are encouraged to attend appropriate
extemal training events where these will facilitate the undertaking of their role.

The Merthyr Tydfil Institute for the Blind
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Directorfs Report) (continu
Year ended 31 March 2024
Objectlves and activities
Purpose of The Merthyr Tydfil Institute for the Blind
The Merthyr Tydfil Institute for the Blind (MTIB) is a registered charity providing cost effective training.
development and employment opportunities for persons with disabilities and those who are
disadvantaged, economically inactive or unemployed. The Charity achieves this through a delicate
balancing of the commercial demands on the organisation with the social ethos of providing employment
and training opportunities for its clients.
We have referred to the guidance contained in the Charity Commissions, general guidance on public
benefit when reviewing our aims and objectives and in planning our future activities. In particular, the
Trustees consider how planned activities will contribute to the aims and objectives they have seL
MTIB'S aim is to provide people who have disabilities, or are disadvantaged, economically inactive or
unemployed, the opportunity ft)r sustained employment.
The main areas of charitable activity are the operation of a Supported Business. via a wood working
manufacturing unit at Pentrebach, Merthyr Tydfil, servicing the UK fumiture industry that directly
employs disabled and disadvantaged persons. along with an Employment and Training Department,
which delivers programmes that support the employment of persons with disabilities and health
condf(ions, along wtth those that are disadvantaged, economicalty inactive or unemployed within
mainstream employment throughout South Wales.
The Manufacturing Unit provided sustained direct employment for 32. 25 (2023, 35, FTE 28)
disabled persons within a commercial manufacturing environment with 7. 2 (2023, 2, FTE 1) hosted
to local employers. Employees are encouraged to engage in training activtties to expand and develop
their skills to benefitthemselves and the organisation. In addition, the manufacturing unit is used to offer
work trials and work placement opportunities to clients seeking to gain experience within a work
environment, which include those with reaming disabilities who access the local council's Day Care
SeNices, as well as students at local schools and colleges.
Administration of the Employment and Training Department also operates from the Pentrebach site and
directly employed an average of 11, FTE 8 (2023 12, FTE 8) disabled persons during the year. The
Department matches disabled and disadvantaged clients seeking to gain or retain employment with
mainstream 'Host' employers and provides a wide range of supported work opportunities that meet the
differing needs of people with disabilities. whilst reflecting the demands of the local labour market. MTIB
offers a range of support to both employers and employees including practical help, such as, a job
trainer, job coach. mentoring from colleagues as well as advice and awareness help to the employer
and employees, along with financial support to the employer. All support activities are focused with the
goal of creating and sustaining the employment of the disabled client.
The main programmes delivered during the year include the Restart and Jobsense contracts, the
UKSPF Programme project and our Local Authority SLA Reach Up project. Supported Business grant
continues to be funded via Access to Work under the Transitional Employer Support Grant (TESG). This
funding model was originally extended to 30th September 2024 and now to 31 st March 2025, to allow
the delayed transfer to the new Atw+ funding model.
Our subcontract with Serco to deliver the DVbP Restart programme, supporting disadvantaged persons
back into employment, conts'nues to be challenging due to the change in the quality of referrals and the
onerous compliance regime. However, the Team has perfomied well to meet the

The Merthyr Tydfil Institute for the Blind
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Directorfs Report) (contlnued)
Year ended 31 March 2024
contract compliance and performance targets, regularly being in the top quartile of the suppty chain.
Consequently, MTIB were awarded an increase in contract delivery when Restsrt referrals were
extended for 2 years from 1st Juty 2024. Additionally, our Jobsense project, supporting those with sight
andlor hearing impairment in South and West Wales. being our final EU Funded project, delivered in a
ollaborative consortium with 3 other likeminded third sector providers of employment support to
disabled and disadvantaged people, was successfully completed in September 2023. The MTIB Team
performed very well during the period and was allocated, delNered and funded an extra 41J/o of the
project.
We continue to provide much needed training, development and work placement opportunities to people
with severe learning disabilities in the Merthyr Area and following a retender of the Reach Up contract
with Merthyr Tydfil CBC, we successfully secured the contract until March 2024. Unfortunately, due to
funding cuts Merthyr Tydfil CBC has not renewed the contract for 2024125.
During the year, 354 disabled and disadvantaged people were supported by MTIB via its training and
employment contracts, achieving and sustaining a total of 144 jobs.
During the year, our Restart contract supported 173 customers gaining 68 jobs, with our UKSPF project
supporting 71 individuals in the period, of which. 19 entered employment. Jobsense engaged with 41
sensory impaired clients and SUC￿SsfullY secured 2 jobs, which was very encouraging for this client
group.
Our Reach Up project supported 20 indNiduals V*ith leaming disabilities, with 2 sustaining volunteer
placements, along with 1 newjob and 5 maintaining Supported Permitted Wlork in the period.
Since April 2019, MTIB'S disabled and disadvantaged employees within the Supported Business have
originally been funded by the repla￿ment 3-year Transitional Employment Support Grant (TESG) via
Access to Work (Atw). This funding has Sin￿ been extended to, September 2024, with the latest
extension to March 2025. During the year our Supported Business directy supported an average of 38
individuals on the TESG programme.
MTIB'S clients are provided with the opportunity to participate within our programmes at their chosen
level. MTI B's provision facilitates a progressive process, from entry via a directly employed supportive
manufacturing environment, through assessment. training and development in specific skill areas,
through to the opportunity for placement with a 'Host' employer. Eventualty. by tapering support, those
who are able, can be fully integrated into mainstream employment. An important feature of MTIB'S
delivery is that individuals can enter the programme at any stage, to suit their own particular needs and
abilities and reap the attendant benefits associated with gaining. retaining and sustaining employment
There is no charge for our services to the client or'HosV employer. Eligibility for our Ser¥I￿S is restricted
to persons with disabilities and those disadvantaged. economically inactive and unemployed persons
as defined by the individual programmes we deliver. Demand for our services continues to be high
especially as the gap between the employment of disabled persons compared to non-disabled remains
stubbomly high. MTIB'S consistent proactive approach over the years of Su￿ssfUllY over delivering on
its contracts, has to date facilitated our ability to support each eligible client that has been referred to
us. MTIB also continues to expand and develop the services that it is able to provide in line with the
varying needs of our clients. However, where client's requirements would be better served through
another provider. we refer the client to them where appropriate.
We ensure our activities deliver our ain￿ by reviewing our aims, objectives and activities each year via
our business planning process. This review looks at what we achieved and the outcome of our

The Merthyr Tydfil Institute for the Blind
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Directorfs Report) (continued)
Year ended 31 March 2024
work in the previous 12 months. The review looks at the success of each key activity and the benefits
brought to those groups of people we are set up to help. This helps us to ensure our aims, objectives
and activities remained focused on our stated purposes.
The training, development and support we provide to create and sustain employment opportunities for
our clients is always focused on the individual to ensure that the client's health condition is not adversely
affected by their employment and is monitored on a regular basis. In addition, any changes in financi81
circumstances affected by employment are considered with the necessary agencies. so that clients can
make an informed decision.
All members of the Board gtve their time voluntarily and r￿1Ved no benefits from the charity. Any
expenses reclaimed from the charity are set out in note 15 to the accounts.

The Merthyr Tydfil Institute for the Blind
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Directorfs Report) (eontlnued)
Year ended 31 March 2024
Achievements and perfomiance
MTIB has continued to successfully meet the increased demand from its commercial customers and
clients of its employment programmes. Since the Covid-19 pandemic, MTIB adopted more flexible
working from home practices with relevant staff where agreed. which importantly has ensured continuity
of delivery of our employment and training contracts.
Furthermore, MTIB'S continued membership of the Supported Business Steering Group (SBSG) wrth
DWP provides our ability to lobby Dl4VP and ensure we are instrumental in securing an extension of
TESG funding to 30th September 2024 and further to 31st March 2025. to allow time for transition to
the new funding model.
Having successfully delivered the Restart sutKontract for Serco. when the extension was announced.
we were rewarded with the offered an over 2.5 fold increase in delivery of referrals for 2 years from 1 st
July 2024.
MTIB'S focus on securing the exiskn'ng income from tts contracts, whilst securing new ones, coupled with
ability to increase manufacturing capability as customer demand increased. has helped us to maintain
and develop our products and services. However. there still remains more work to be done each year,
especially as following Brexit, there will be no more employment and training contracts from EU Funds,
now that our final one, Jobsense, ended in September 2023.
However, the fact that MTI B is able to secure and deliver these contracts continues to justify the Board's
decision to invest in our staff resources, whilst replacement contracts are secured in order to
demonstrate our ability to successfully deliver. Our aim has been achieved in the shorttemi, by securing
a UK Shared Prosperity Fund project with Merthyr Tydfil CBC for 2 years from April 2023 supporting
disabled and disadvantaged people into work. along with the increased Restart contract extension.
Consequently, we will continue to perpetuate this course of action with the goal of generating further
income wherever possible.
A forecast loss was budgeted for the year, due mainly to the increased wage costs related to the
increase in the National Minimum Wage, energy costs, the limited employment and training contract
opportunities following Brexit. along with the un￿rtain sales demand from our commercial activities in
a climate of increasing costs.
Through our focus on maximising income from our employment and training contracts as well as
generating sales opportunities within the manufacturing unit, whilst controlling costs, we achieved an
unrestricted surplus of £227,436 as per the statement of financial activits.es shown at page 19, (£67,939,
2023). This was an outstanding. unprecedented result, which demonstrated the success of our efforts.
The manufacturing management team has continued to focus on a targeted marketing strategy to
generate sales opportunities and secure material supply at lower prices, whilst improving production
effectiveness and efficiency where possible. Vvhen an office fu miture customer. with which MT18 was
collaborating, ceased trading at the end of October 2023. management took the opportunity to quickly
decide to employ one of their staff and offer our services to their failed customers. As a result, MTIB
secured opportunities with RCTCBC and Camwrthenshire CC to deliver their office fumiture solutions.
which due to our successful perfO￿an￿ and delivery, has persisted to date. Additionally, MTIB
SecU￿d a contract for the design and manufacture of Welsh Forestry Signs on behalf of the Welsh
Government
Consequently, sales income from the manufacturing business in¢￿ased to £1,103,910. (£983,611.

The Merthyr Tydfil Institute for the Blind
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Directorfs Report) (contlnued)
Year ended 31 March 2024
2022123), representing a 12.20A increase on the previous yea¢s good perfonnance, resulting in a 20.40
increase in added value. The encouraging sales were mainly due to a continued increased dernand
from existing and new customers for existing products, ak)ng the office fumiture and signage
business secured highlighted above.
The Employment and Training Department continued to perform well during the year on the Restart
contract, whilst completing our final EU Funded project, Jobsense, in September 2023, achieving
excellent results. The remaining income was generated from our UKSPF project secured with Merthyr
Tydfil CBC, Disability Confident assessments and the Adult services Merthyr Tydfil CBC contracL
Consequentty, overall financial performance achieved wtthin the department was very encouraging,
realising a surplus of around £226k.
Within the manufacturing unit. we continue to focu5 on improvements to ensure its continued long-term
viability. The aim remains for it to achieve a break-even posibon and then generate a surplus, so as to
become less reliant on funding, which is ever reducing. Addttionalty, the Employment and Training
department needs to continue to successfully secure and deliver contracts to maintain its contribution
to the organisation. especialty where contract opportunities are less prevalent. The Board and
Management Team continue to review perf0m￿nCe and acttvtties, whilst seeking replacement funding
from various other sources so that financial stability can be fully realised. Adopting this approach, MTIB
secured an extension of the Restart subcontract with Serco from 1st July 2024 with an increased
contract percentage and are awaiting infomFtion from Merthyr Tydfil CBC on UK Shared Prosperity
Fund {UKSPF) project funding for 2025126.
The charity's main objectives for the year were to build on the progress of the financial perfomiance of
the manufacturing unit and to successfully deliver its Employment and Training contracts, by aiming to
maximise related outputs and financial retum from all projects. Additionally, to further develop and
expand MTIB'S training resources and facilities seeking to secure and deliver further replacement
employment and training contract income. This has been achieved through our successful delivery of
the Restart, Jobsense and UKSPF projects. where we have. since the year end. secured a Restart
contract extension increase and await the UKSPF extensKJn.
During the year, we have continued to deliver quality services to our disabled and disadvantaged
customers incorporating online activities and have secured continued fijnding income. The ability of our
staff to successfully adapt and be flexible in delivering the various contracts secured. has resulted in a
perfomiance that has facilitated our suNival throughout this most challenging of years, whilst developing
future opportunities.
Our objectives focus on the need to develop and expand our training resources and facilities to secure
and deliver employment related training. MTIB has met its objective to successfully deliver its
employment and training contracts by Maximi￿ng the outputs and related income from all contracts.
Our successful perft)mance is SUPFK>rted by our continued Investors in People and Matrix
accreditations.
We have also met our objective to improve the effectiveness and efficiency of the Supported Business
manufacturing unit, increasing sales and added value beyond that of pre Covid-19 levels and increase
the training and employment opportunities for our disabled and disadvantaged workforce. MTIB has
also maintained its FSC accreditation following audit and notably seCU￿d office fumiture opportunittes
with two local authorities and signage business with Welsh GovemmenL
Matters regarding Finance, Business Development and Business Operations are reported on at full
board meetings. This has proved an effective way of conducting the business of the organisation, as

The Merthyr Tydfil Institute for the Blind
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Directorfs Report) (contlnu
Year ended 31 March 2024
all Trustees are updated on all progress and developments, whilst ensuring that meetings can take place
should some be unable to attend. Addrtionally. the CEO provides regular updates to the board via email,
whilst, there is also the flexibility to hold extra meetings in addition to the scheduled board meetings to
discuss and address any specific issues that arise either, in person, virtually or a hybrid of both.
Board structure
The board and executive management were very pleased with the results during the year, but are also
acutely aware of the challenge to generate future contract income, since the end of EU funds following
Brexit. Consequently. they will continue to utilise the business planning process to manage the
organisation. In conjunction with the invofvement of all staff, they reviewed the strategic direction and
agreed a Business Plan for 2024r25, agreeing to commit to maintain staff levels, by utilising reserves if
required.
Training, development and personnel
The training and development of MTIB'S disabled and disadvantsged dients is a key aspect of the
organisation's employment and training delivery. The Board and Management are committed to strive
for continual improvement of the quality of all of MTIB'S services. whilst increasing the training,
development and employment opportunities to disabled. disadvantaged. economically inactive and
unemployed persons. The facilities and resources made available through the legacy of the Blueprint
Project continues to help the realisation of this goal by provKling enhanced work-based training,
assessment and ICT training services. which, not only allow more clients the Chan￿ to take up
employment opportunities, but also provide further opportunities to develop the organisation in the
future.
The securing of extra contract income and new contracts during the year, all contribute to the delivery
of employability training for those disabled, disadvantaged, economically inactive or unemployed clients
seeking to improve their skills, gain qualffications and develop their employment opportunities.
Our focus on our Core Values, communication and the development support of our people, have all
been major contributory factors to MTIB'S ability to cope with the issues as they arise and to successfiJlly
adapt to meet the challenges they may present.
During the year, all staff continued to be regularfy updated on the developments ofthe business. MTIB'S
Core Values and Management Behaviours have helped to reinforce a positive organisational culture
towards change, where all employees have stated that they are prepared to adapt to meet future
requirements in order to fa￿ the challenges ahead. As such, the Board and Management believe that
the continual development of posrtive working relationships between all employees has resulted in a
more effective business operation. which has again been evidenced by this yea¢s perfomiance.
Supported Business Protected Places
MTIB continued to effectively utilise lis places on our Supported Business agreement, which was
extended to 30th September 2024 and more recently to 31st March 2025, under the DWP Access to
Work TESG scheme (Transitional Employer Support Grant), during which transition to the new funding
model will take place.
This resulted in an average of 52 individuals (55, 2023) being directly employed by MTIB. In addition, a
further 305 (236, 2023) persons with disabilities were supported by MTIB with the aim of achieving

The Merthyr Tydfil Institute for the Blind
Company Limlted by Guarantee
Trustees. Annual Report (Incorporating the Directorfs Report) (continued)
Year ended 31 March 2024
sustainable mainstream employment. Of those engaged in 2023124, MTIB'S support provided ongoing
or new employment for 144 (2023, 162) individuals during the period.
MTIB'S continued flexibility and proactive approach to the delNery of all its contracts has ensured that
we have successfully maximised the outputs and related income to the end of contracts (Jobsense).
Consequently, we have achieved high levels of contract quality and perfomance, which has built MTIB
an ex￿lIent track record that has allowed us to take advantage of future contract opportunities.
Income
MTIB'S Restart, Jobsense and UKSPF projects, along wth the Supported Business TESG grant via
DWP'S Access to Work programme, have been the main sources of income. where the objectives were
to achieve their planned outputs in orderto obtain the maximum funding. During the year, output ￿lated
income has been maximised where possible and the Supported Business contract has been extended
to 31 st March 2025. Although the Merthyr Tydfil CBC contract was not extended beyond 31 st March
2024, extra funding was secured from our final EU Funded project Jobsense, along with increased
contract delivery of the Restart contract. Furtherrrhjre, the 2 year from 1 st April 2023 UKSPF project
secured with Merthyr Tydfil CBC will be extended to 31 st March 2026 and the increased Restart contract
extension has been secured to July 2027. However, all these contracts are relatively short term, so
further funding streams will need to be secured as the new UK and V*Jelsh Govemments develop their
employability programme plans.
We continue our efft)rts to reduce costs and increase sales within the Supported Business to secure
MTIB'S future viability. Our pla￿ on the NPS Office and Educational Fumiture framework has already
presented opportunities where we are collaborating with other socialty minded organisations to bid jointly
on future contract opportunities.
Further potents'al opportunities are currentty being expk)red with the DV¥P, MTCBC and Welsh
Government programmes amongst others. but are less developed, due to the uncertainties of funders.
priorities within the current economic climate.
We continue to cultivate and develop our relationships and seNices with local and National Government.
In add￿On, as a member of the Supported Business Alliance. MTIB sits on the Supported Business
Steering Group with the British Association of Supported Employment (BASE) working with DI￿P, which
has secured transitional funding for Supported Businesses from April 2019 to March 2025 and are
awaiting confirmation of the replacement funding model beyond that date.

The Merthyr Tydfil Institute for the Blind
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Directorfs Report) (continu
Year ended 31 March 2024
Financial review
Results and principal actlvltles
The profit and loss ac￿Unt for the period is set out on page 19 showing an unrestricted surplus of
£227,436 and a restricted deficit of £40,468, with an overall surplus of £186,968 (£25,976, 2023). The
principal activities of the company are the provision of supported employment. training and development
for disabled persons and those who are disadvantsged. economically inactive or unemployed.
Review of business and future developments
Both the level of business and the year end financial posrtion were sab'sfactory considering the
challenging circumstances. The Trustees are sats'sfied that there are plans in place to secure
opportunities of replacement contract income following the end of exisb'ng contracts and have committed
to maintain the level of staff, whilst covering any shortfall using reserves. with regular reviews up to that
date.
Principal Funders
MTIB'S principal funders were v￿F0 via our remaining EU funded Jobsense projeot, our Restsrt
contract and our UKSPF project with Merthyr Tydfil CBC, as well as Atw TESG Funding. All other
contracts are smaller in value and for shorter durations of between 12 to 18 months.
Reserves pollcy
MTIB aims to retain sufficient free reserves to ensure that commttments made to providing services to
disabled persons can be made with confidence. The Trustees believe that the value of reserves needed
equates to 12 months of the resou￿5 expended, excluding materials. The free reserves figure used is
calculated as the total of unrestricted reserves less those related to fixed assets, which are compared
to the forecast expenditure for the following year. At 31 st March 2024 free reseNes were £1,974,641
(2023.. £1,738,337), which is 14 months of the forward resources expended, excluding materials. The
ongoing effects of Brexit, the Energy Crisis and the attendant increase in inflation and cost of living on
the future economic climate, provide continued uncertainty of our ability to generate the required level
of income from our Employment and Training contracts to cover the Supported Business, which
although improved, still trades at a deficrt. Consequently, our excess reserves will be utilised to cover
periods where income does not cover expenditure. so that Se￿1￿ to our disabled employees and
customers can be maintained until replacement income or cost reductions are implemented.
Investment policy
The Trustees have wide investment powers and adopted a risk adverse policy to investments. The
investments, shown in note 19 to the accounts. have been made in the Charities Official Investment
Fund which provides income and the opportunity for capital growth on the investment
Risk revlew
Key risks within MTIB have been Klentified and a contingency plan is set out within the Business Plan
each year. The Board and management team have set in place systems to mitigate these risks and
continue to evaluate and monitor them.
One of the main risks to the business is to achieve the minimum perfomiance levels of all its
10

The Merthyr Tydfil Institute for the Blind
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Directorfs Report) (continued)
Year ended 31 March 2024
employment and training contracts to ensure that there is no risk of losing them. even with those that
have less financial impact due to their relativety lower value. However, the potsntial resultant
undesirable loss in reputation is why MTIB prioritises efft)rts to ensure that contract quality and
performance levels are met and strive to ex￿ed them where possible. This is achieved by ensuring our
staff are skilled, focussed, motivated and supported with the necessary resources to successfvlly deliver
all our contracts.
Due to the ending of EU funding following Bre￿t. MTIB'S final EU funded Jobsense project ended in
September 2023 and our Merthyr Tydfil CBC Adult services contract ended March 2024. The UK
Govemment developed the UK Shared Prosperity Fund (UKSPF) to be administered by local authorities
throughout the UK, for the 2-year period to March 2025 and MTIB secured a contractwith Merthyr Tydfil
CBC for the period which has been extended to March 2026 with reduced fijnding. However, there is
yet to be announced a framework for funding beyond March 2026. Although MTI B has secured UKSPF
funding, currently it is relativety short lived. so as usual. we will keep up to date of potential opportunities
as they arise. The economic climate and rise in unemployment will likely provide further opportunities
either within our existing Restart subcontract or new programmes. Should replacement funding for the
UKSPF not be realised, to help bridge the funding gap, MTIB will consKler ts options depending on the
circumstances at the time.
As a resuSt of the energy crisis, MTIB'S forecast for gas and electricity was set to rise from £45k to £113k
pa from April 2023, so we have invested in energy reducing measures to help reduce the impact, which
have proved successful. Further. investment options to generate energy cost savings are being
explored. Operating within a commercial environment there is a considerable risk of our manufacturing
unit not being able to improve its financial performance from its current loss. especially with the future
uncertainties surrounding the forecast economic climate for 2025. Consequently, senior managernent
focus efforts on developing existing and new customers, along with idents'fying new opportunities. This
is complimented by concerted efforts to control costs, whilst reviewing and implemenb'ng production
efficiencies to ensure financial improvements are achieved.
Underpinning the potential negative financial effects of the risks highlighted above is our level of free
reseNes, which would allow the business time to assess the situation and implement a plan of recovery,
in the best interests of our disabled workforce.
Employment pollcy
The company has an equal opportunity policy, which it adopts within its operating environment of
Supported Employment.
Pay policy for Key Management Personnel
The trustees and the senior management team comprise the key management personnel of the charity
in charge of directing and controlling, running and operating the charty on a day to day basis. The senior
management team are considered to be those stated below within the Directors, Trustees, Members
and Chief Officers sects'on.
All trustees give their time freely and no trustee received remuneration in the year. Details of wage costs
of key management personnel and trustees. expenses including related paty transactions are disclosed
in notes 14 and 15 respectivety, to the accounts.
Senior management pay and staff pay is based on market rates and aligned to the National Minimum
Wage. An inflationary rise is awarded upon the di$￿tIOn of the Trustees following consideration of
the aforementioned comparators and where funds are available. In￿MentS and bonuses may be
11

The Merthyr Tydfil Institute for the Blind
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Director's Report) (contlnued)
Year ended 31 March 2024
awarded,. however, they are not automatic and are given at the discretion of the Chief Executs've and
the Board of Trustees.
Political and charitable donations
The company has made no political or charitable donations.
CONCLUSION AND PLANS FOR THE FUTURE
Celebrating our 100th year anniversary. MTIB has made excellent progress on the encouraging
performance achieved last year with continued promising business demand. We have secured
continued income from the sponsors of our employment and training contracts and used our close
relationships with our commercial customers to maintain arKI generate new business opportunities for
the future.
New Supported Business Commercial opportunities have been developed bringing the potential for new
customers, new markets along with new skills to be leamt, vthich provides a good platform on which to
build. MTIB'S facilities and resources, coupled with the commitment and flexibility of our workforce, will
give us the opportunity to fully realise the required recovery to drive the business forward.
The Board and Management believe that the development of the business planning process has
continued to help us lead the business following the Covid-19 crisis and has ensured that everyone is
focussed on delivering the business objectives. which continue to be an important factor in our
continuing success to date.
2023124 has been another challenging year, where we have had to draw on the skills. resourcefulness,
flexibility, adaptability and resilience of our stsff to maintain the employment of our disabled workforce
and continue to deliver the invaluable services to disabled and disadvantage persons within South
Wales. This has been mainly due to the sustained strong commercial demand within the Supported
Business, the Employment and Training Team successfully achieving delivery of contracts during the
year and management securing commercial and contract opportunities. However. we must not be
complacent as we need to build on production efficiencies and try to maintsin the increased sales
opportunities to generate our own incowE to become less reliant on ever decreasing funding.
Additionally, the employment and training contracts are for relatively short durations. so will need to be
replaced when completed. We will continue to adapt and develop our services, focusing our efforts to
meet the requirements of any new contract opportunities. As a result, we can continue to demonstrate
our excellent track record of delivery and perfon￿an￿ to commissioners, ensuring that additional
contracts are secured.
We are focused on delivering our existing contracts. whilst seeking to secure future contracts, as well
as delivering further significant improvements in the financial perfomiance of the manufacturing unit.
MTIB'S involvement with DWP regarding the Supported Business Steering Group will have a major
impact on MTIB. As such, we will continue our inVo￿ement and monitor developments closely,
promoting MTIB'S services to Dl4VP, JCP, potential prime contractors, MPS and Ams, in order to
influence and position ourselves in the best interests of our disabled employees, clients and
organisation. However, the fijture develops, the Board are committed to make every effort to secure the
future of the business and continue to develop our ServI￿S of providing training and employment
opportunities for persons with disabilities and health conditions and those who are disadvantaged,
economically inactive and unemployed. Consequently, we look fO￿ard to meeting the challenges ahead
during 2024125 and beyond.
12

The Merthyr Tydfil Institute for the Blind
Company Limited by Guarantee
Trustees, Annual Report (Incorporating the Directorfs Report) (continued)
Year ended 31 March 2024
Trustees. responsibilitles statement
The trustees, who are also directors for the purposes of company law, are responsible for preparing the
trustees, report and the financial statements in accordan￿ viith applicable law and United Kingdom
Accounting Standards (United Kingdom Generalty Accepted Accounting Practice).
Company law requires the charity trustees to prepare financial ststements for each year which give a
true and fair view of the state of affairs of the charitable company and the incoming resources and
application of resources, including the income and expenditure, for that period.
In preparing these financial statements, the trustees are required to..
select suitsble accounting policies and then apply them consistendy"
obseNe the methods and principles in the applicable Charities SORP.
make judgments and accounting estimates that are reasonable arKJ prudent.
prepare the financial statements on the going concem basis unless it is inappropriate to p￿sume
that the charity will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and
explain the charity's transactions and disclose with reasonable accuracy at any time the financial
position of the charity and enable them to ensure that the financral statements comply with the
Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence
for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a trustee at the date of approval of this report confimis that:
so far as they are aware. there is no relevant audit information of which the charity's audttor is
unaware. and
they have taken all steps that they ought to have taken as a trustee to make themselves aware of
any relevant audit infomiation and to establish that the charity's auditor is aware of that infomiation.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the
small companies exemption.
The trustees, annual report vrfas approved on 04 De￿rnber 2024 and signed on behalf of the board of
trustees by".
R A Welfoot
Charity Secretary
13

The Merthyr Tydfil Institute for the Blind
Company Limited by Guarantee
Independent Auditorfs Report to the Members of The Merthyr Tydfil Institute
for the Blind
Year ended 31 March 2024
Opinion
We have audited the financial statements of The Merthyr Tydfil Institute for the Blind (the 'charity') for
the year ended 31 March 2024 which comprise the statement of financial activities (including income
and expenditure account), statement of financial position, statsment of cash flows and the related notes,
including a summary of significant accounting policies. The financial reporting framework that has been
applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS
102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom
Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of its incoming
resources and application of resources, induding its income and expenditure, for the year then
ended;
have been properly prepared in accordan￿ with United Kingdom Generally Accepted Accounting
Practice"
have been prepared in accordance with the requirements of the Companies Act 2006 and the
Charities Act 2011.
Basis for opinion
We conducted our audit in accordan￿ with Intemational Standards on Auditing (UK) (ISAS (UK)) and
applicable law. Our responsibilities under those standards are further described in the auditor's
responsibilities for the audit of the financial statements secb'on of our report. We are independent of the
charity in accordance with the ethical requirements that are relevant to our audit of the financial
statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical
responsibilities in accordance V•llth these requirements. Vle believe that the audit eviden￿ we have
obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial ststements, we have conduded that the trustees, use of the going con￿rn basis
of accounting in the preparation of the financial statements is appropriate.
Based on the work we have perft)mied, we have not Klenttfied any material uncertainties relating to
events or conditions that, individualty or collectively. may cast s￿nIfICant doubt on the charity's ability to
continue as a going concern for a period of at least twelve months from when the financial statements
are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described
in the relevant sections of this report.
14

The Merthyr Tydfil Institute for the Blind
Company Limited by Guarantee
Independent Auditor's Report to the Members of The Merthyr Tydfil Institute
for the Blind (continued)
Year ended 31 March 2024
Other informatlon
The other information comprises the information inoluded in the annual report, other than the financial
statements and our auditorfs report thereon. The trustees are responsible for the other information. Our
opinion on the financial statements does not cover the other infomiation and, except to the extent
otherwise explicitly stated in our report, we do not express any fonn of assurance condusion thereon.
In connection with our audit of the financial statements, our responsibtlity is to read the other information
and, in doing so, consider whether the other information is rnaterially inconsistent with the financial
statement5 or our knowledge obtained in the audit or otherwise appearB to be materially misstated. If
we identify such material inconsistencies or apparent material misstatements, we are required to
detemiine whether there is a material misststement in the financial statements or a material
misstatement of the other infomiation. If. based on the work we have performed, we conclude that there
is a material misstatement of this other information. we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Cornpanies Act 2006
In our opinion, based on the work undertaken in the course of the audit
the infomiation given in the trustees, report for the financial year for which the financial statements
are prepared is consistent with the financial statements. and
the trustees, report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by gxceptlon
In the light of the knowledge and understanding of the charity and its environment obtained in the course
of the audit, we have not identified material misstatements in the trustees, reporL
We have nothing to report in respect of the following matters in relation to which the Companies Act
2006 and the Charities Act 2011 requires us to report to you if. in our opinion..
adequate accounting records have not been kept. or returns adequate for our audtt have not been
received from branches not visited by us- or
the financial statements are not in agreement with the accounting records and retums. or
certain disclosures of trustees. remunerab'on specified by law are not made., or
we have not received all the infomiation and explanations we require for our audit: or
the trustees were not entitled to prepare the financial ststements in accordance with the small
companies regime and take advantage of the small companies, exemptions in preparing the
directors. ￿pOrt and from the requirement to prepare a strategic report.
15

The Merthyr Tydfil Institute for the Blind
Company Limited by Guarantee
Independent Auditor's Report to the Members of The Merthyr Tydfil Institute
for the Blind (conllnu
Year ended 31 March 2024
Responsibilities of trustees
As explained more fully in the trustees, responsibilities ststement, the trustees (who are also the
directors for the purposes of company law) are responsible for the preparation of the financial statements
and for being satisfied that they gtve a true and fair view, and for such intemal control as the trustees
determine is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or eThor.
In preparing the financial statements. the trustees are responsible for assessing the charity's ability to
continue as a going concern, disclosing. as applicable, matters related to going concem and using the
going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease
operations, or have no realistic alternative but to do so.
16

The Merthyr Tydfil Institute for the Blind
Company Limited by Guarantee
Independent Auditor's Report to the Members of The Merthyr Tydfil Institute
for the Blind (conllnued)
Year ended 31 March 2024
Auditotrs responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement. whether due to fraud or error. and to issue an auditoff s report that
includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an
audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or e￿or and are considered material if, individually or in the
aggregate, they could reasonably be expected to Influen￿ the economic decisions of users taken on
the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulatr'ons. We deS￿n
procedures in line with our responsibilities. outlined above, to detect material misstatements in respect
of irregularities, including fraud. The extent to which our procedures are capable of detecting
irregularities, including fraud is detailed below:
By enquiring with senior management and those charged with governan￿ all area of risk
identffied were considered and any potents'al litigation or claim. if any. were noted
Ensuring by enquiry that there were no issues of non-compliance with laws and regulations
relating to tax and compliance
By obtaining an understanding of the companys policies and procedures on Complian￿ with laws
and regulations, and with best accounting practice
Noting issues discussed with Directors and the Senior Management Team where they relate to
risks faced by the company
Reviewing information received from the company's solicitors, if any. and discussing their
contents with the Directors
Reviewing disclosures in the financial statements and testing to supporting documentation to
assess compliance with applicable laws and regulations
Auditing the risk of management overrides of controls including testing journal entries and other
adjustments for appropriateness and evaluating the business rationale of significant transactions
outside the normal course of business
Through these procedures, we did not become aware of actual or suspected non-compliance.
As part of an audit in accordance with ISAS (UK), we exercise professional judgment and maintain
professional scepticism throughout the aud￿ ljve also:
Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one ￿sUlting from error,
as fraud may involve collusion, forgery. intentional omissions, misrepresentstions, or the override
of internal control.
17

The Merthyr Tydfil Institute for the Blind
Company Limited by Guarantee
Independent Audltor's Report to the Members of The Merthyr Tydfil Institute
for the Blind (wntinwd)
Year ended 31 March 2024
Obtain an understanding of internal control relevant to the audit in order to design audit prO￿dureS
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the intemal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disdosures made by the trustees.
Conclude on the appropriateness of the trustees, use of the going con￿rn basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events
or conditions that may cast significant doubt on the charity's abilty to continue as a going concern.
Ifwe conclude that a material Un￿rtaInty e￿Sts, we are required to draw attention in our auditor's
report to the related disc5osures in the financial ststements or, if such disclosures are inadequate,
to modify our opinion. Our conclusions are based on the audit eviden￿ obtsined up to the date of
our auditor's report However, future events or conditsons may cause the charity to cease to
continue as a going concern.
Evaluate the overall presentation. structure and content of the financial statements, including the
disclosures, and whetherthe financial ststements representthe underfying transactions and events
in a manner that achieves fair presentation.
We communicate with those tharged with governan￿ regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in
internal control that we identify during our audit
Use of our report
This report is made solely to the chanty's members, as a body. in accordance with section 144 of the
Charities Act 2011 and regulations made under section 154 of that ACL Our audit work has been
undertaken so that we might state to the charity's members those matters we are required to state to
them in an auditor's report and for no other purpose. To the fullest extent pemiitted by law, we do not
accept or assume responsibility to anyone other than the charity and the charity's members as a body,
for our audit work, for this report, or for the opinions we have formed.
Jonathan Rhodes Bsc BFP FCA (Senior Ststutory Auditor)
For and on behalf of
Walter Hunter & Co Limited
Chartered accountants & statutory auditor
24 Bridge Street
Newport
South Wales
NP20 4SF
04 De￿mber 2024
18

The Merthyr Tydfil Institute for the Blind
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 31 March 2024
2024
2023
(restated)
Unrestricted
funds
Restricted
funds Total funds Total funds
Note
Income and endowments
Donations and legacies
Charitable activities
Investment income
5,670
2,168,164
58,617
5,670
2.169,164
58,617
245
2,015,912
25,802
2,041.959
1.000
Total income
2,232,451
1,000
2,233,451
Expenditure
Expenditure on charitable activities
Total expendlture
2,048,423
2,048,423
2,048,423
2,048.423
2,015,140
2,015,140
Net gains1(losses) on investments
11
1,940
1.940
(843)
Net income
185.968
1.000
186,968
25,976
Transfers be￿een funds
41.468
(41.468)
Net movement in funds
227,436
(40.468)
186.968
25,976
Reconclliation of funds
Total funds brought foNard
Total funds carried forward
2,159,673
880.377
839.909
3.040,050
3.227,018
3,014,074
3,040,050
2,387,109
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The notes on pages 22 to 34 forni part of these financial statements.
19

The Merthyr Tydfil Institute for the Blind
Company Limited by Guarantee
ststement of Financial Position
31 March 2024
2024
2023
{restatedJ
Fixed assets
Tangible fixed assets
15 1,251,377
1,301,713
Current assets
Stocks
C)ebtors
Investments
Cash at bank and in hand
16
17
18
100,740
355,322
1,268.364
650.405
125,486
258,694
1,324,043
312,428
2,374,831
2.020,651
Creditors: amounts falllng due wlthin one year
Net current assets
19
399,190
282,314
1,975,641
3,227,018
3,227,018
1,738,337
3,040,050
3,040,050
Total assets less current liabilities
Not assets
Funds of the charity
Restricted funds
Unrestricted funds
839,909
2,387,109
880,377
2.159,673
3,040,050
Total charity funds
21
3,227,018
These financial statements have been prepared in accordance with the provisions applicable to
companies subject to the small companies, regime.
These financial statements were approved by the board of trustees and authorised for issue on 04
December 2024. and are signed on behalf of the board by:
Mr G Meredith
Trustee
rs J Morgan
Trustee
The notes on pages 22 to 34 forni part of theso financial ststements.
20

The Merthyr Tydfil Institute for the Blind
Company Limited by Guarantee
ststement of Cash Flows
Year ended 31 March 2024
2024
2023
{restatedJ
Cash flows from operating activitles
Net income
186,968
25,976
Adjustments for
Depreciation of tangible fixed assets
Net gainsl(losses) on investments
Dividends, interest and rents from investments
Other interest receivable and similar income
Accrued (income)lexpenses
102,365
{1,940)
(4,480)
(54,137)
(61,590)
88,663
(7,315)
(18,487)
409
Changes in."
stocks
Trade and other debtors
Trade and other creditors
24,746
(72,939)
154,777
3,341
51,905
47,199
Cash generated from operations
273.770
192,534
Interest received
54,137
18,487
Net cash from operating activities
327,907
211,021
Cash flows fr¢)m investing activities
Dividends, interest and rents from investments
Purchase of tangible assets
Proceeds from sale of other investn￿nts
4,480
(52,029)
57,619
7,315
(82,282)
15,596
(59,371)
Net cash froml(used in) investing activities
10,070
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
337,977
312,428
151,650
160,778
650,405
312,428
The notes on pages 22 to 34 forni part of theso financlal ststements.
21

The Merthyr Tydfil Institute for the Blind
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 March 2024
General Infomiation
The charity is a public benefit entity and a private company limited by guarantee. registered in
England and Wales and a registered charity in England and Wales. The address of the registered
office is Unit 4 Triangle Business Park. Pentrebach. Merthyr Tydfil, CF48 4TQ.
Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial
Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of
Recomrnended practi￿ applicable to charities preparing their accounts in accordance with the
Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities
SORP IFRS 102)) and the Companies Act 2006.
Accountlng policies
Basis of preparatlon
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the currency of the entity, rounded to
the nearest pound.
Going concern
There are no material un￿rtaintieS about the charity's ability to conts'nue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates
and assumptions that affect the amounts reported. These estimates and judgements are
continually reviewed and are based on experience and other factors, including expectations of
future events that are believed to be reasonable under the circumstances.
Fund accountlng
Unrestricted funds are available for use at the discretion of the trustees to further any of the
charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or
commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through
the terms of an appeal, and fall into one of sub-classes" restricted income funds or endowment
funds.
22

The Merthyr Tydfil Institute for the Blind
Company Limited by Guarantee
Notes to the Financial Statements (Continued)
Year ended 31 March 2024
Accounting pollcies (continuedj
Incoming resources
All incoming resources are induded in the statement of financial activities when entitlement has
passed to the charty. it is probable that the economic benefits associated with the transaction will
flow to the charity and the amount can be reliably measured. The following specific policies are
applied to particular categories of income:
income from donations or grants is recognised when there is evidence of entitlement to the
gift, receipt is probable and its amount can be measured reliably.
legacy income is recognised when receipt is probable and enb'tlement is established.
income from donated goods is measured at the fair value of the goods unless this is
impractical to measure reliably. in which case the value is derived from the cost to the donor
or the estimated resale value. Donated facilities and servi￿5 are recognised in the accounts
when received if the value can be reliabty measured. No amounts are included for the
contribution of general volunteers.
income from contracts for the suppty of services is recognised with the delivery of the
contracted service. This is classified as unrestricted funds unless there is a contractual
requirement for it to be spent on a parbcular purpose and returned if unspent, in which case
it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liabilty is incurred. Expenditure includes any
VAT which cannot be fully recovered, and is classified under headings of the statement of financial
activities to which it relates=
expenditure on raising funds indudes the costs of all fundraising activities, events. non-
charitable trading activities. and the sale of donated goods.
expenditure on charitable activities includes all costs incurred by a charity in undertaking
activities that further its charitable aims for the benefit of its beneficiaries, including those
support costs and costs relating to the govemarKe of the charity apportioned to charitable
activities.
other expenditure includes all expenditure that is neither related to raising fvnds for the charity
nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the Esource. Direct Costs
attributable to a single acttvity are allocated directty to that activity. Shared costs are apporttoned
between the activities they contribute to on a reasonable, jusb'fiable and consistsnt basis.
23

The Merthyr Tydfil Institute for the Blind
Company Limited by Guarantee
Notss to the Financial Statements Icontlnued)
Year ended 31 March 2024
Accounting pollcies (continued)
Tangible assets
Tangible assets are initially recorded at cosc and subsequenty stated at cost less any accumulated
depreciation and impaiment Sosses. Any tangible assets carried at revalued amounts are recorded
at the fair value at the date of revaluation less any subsequent accumulated depreciation and
subsequent accumulated impairment losses.
Depreciation
Depreciakn'on is calculated so as to write off the cost or valuation of an asset, less its residual value,
over the usefvl economic life of that asset as follows..
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
2% p.a. Straight Line
20.kn p.a. Straight Line
20 % p.a. Straight Line
20% p.a. Straight Line
Impalrnient of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable
amount being estimated where such indicators exist 10Jhere the carying value exceeds the
recoverable amount, the asset is impaired accordingly. Prior impaimients are also reviewed for
possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and
sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing
the stock to its present location and condition.
Financlal Instruments
A financial asset or a financial liabilty is recognised only when the entity becomes a paty to the
contractual provisions of the instturnenL
Basic financial instruments a￿ initially recognised at the arrK)unt r￿1Vable or payable including
any related transaction costs, unless the arrangement constrtutes a financing transaction, where it
is recognised at the present value of the fvture payments discounted at a market rate of interest
for a similar debt instrumenL
Current assets and current liabilities are subsequently measured at the cash or other consideration
expected to be paid or received and not discounted.
Defined contribution plans
Contrrbutions to defined contribution plans are recognised as an expense in the period in which
the related seniice is provided. Prepaid ￿)ntribUtiOnS are recognised as an asset to the extent that
the prepayment will lead to a reduction in fvture payments or a cash refvnd.
24

The Merthyr Tydfil Institute for the Blind
Company Limited by Guarantee
Notes to the Financial Statements (conflnued)
Year ended 31 March 2024
Limited by guarantee
The company is lirnited by guarantee and has no share capital. The liability of each member under
guarantee is limited to £1.
Number of members as at 31 March 2024 is 7 (2023: 7).
Prior year adjustment
During the period, accruals recognised in prior yearf financial statements, totalling £70,000, have
been reclassified as Designated Funds to disclose these future costs in accordance with the
requirements of the Companies Act and the Charity SORP.
Donations and legacies
Unrestricted Total Funds Unrestricted Total Funds
Funds
2024
Funds
2023
Donations
Donats'ons
5.670
5,670
245
245
Charitable activities
Unrestricted
Funds
Restricted Total FurKIs
Funds
2024
Sales from Supported Buslness
1.103.910
1,103,910
Fundrdising
4.930
4,930
Supported Buslness and Placement Scheme
Access to Work TESG Grant
Merthyr Tydfil CBC SLAS
Coronavirus Job Retention Scheme
WCVA Active Inclusion contract
RESTART contract
JOBSENSE contract
UKSPF Programme Income
Employment Support Programme Contract
192,862
45.000
192,862
45,000
240,043
222,617
286,898
5.510
240,043
222,617
286,898
5,510
Other Grants
WCVA Energy Efficiency Scheme Grant
DIPTr Access to Work Income
1.000
1,000
66,394
66.394
2.168.164
1,000
2,169,164
25

The Merthyr Tydfil Institute for the Blind
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2024
Charitable activities (continued)
Unrestricted
Funds
Restricted Total Funds
Funds
2023
Sales from Supported Business
983,611
983,611
Fundraising
400
400
Supported Business and Placement Scheme
Access to Work TESG Grant
Merthyr Tydfil CBC SLAS
Coronavirus Job Retention Scheme
WCVA Active Inclusion contract
RESTART contract
JOBSENSE contract
UKSPF Programme Income
Employment Support Programme Contract
199,989
45,000
199,989
45,000
16,902
237,488
213,357
268,932
16,902
237,488
213,357
268.932
18,132
18,132
Other Grants
WCVA Energy Efficiency Scheme Grant
DVVP Access to Work Income
32,101
32,101
1,999,010
16,902
2,015,912
Investment income
Unrestricted Total Funds Unrestricted Total Funds
Funds
2024
Funds
2023
Rental income
Bank interest receivable
4,480
54,137
4,480
54,137
7,315
18,487
25,802
7,315
18,487
58,617
58,617
25,802
26

The Merthyr Tydfil Institute for the Blind
Company Limited by Guarantee
Notes to the Financial Statements {conlinued)
Year ended 31 March 2024
Expenditure on charitsble actlvitles by fund type
Unrestricted
Funds
Restricted Total Funds
Funds
2024
Supported Business
Employment & Training
Blueprint Project
Governance
Support costs
1,317,272
405,179
33,906
7,690
284.376
1,317,272
405,179
33,906
7,690
284,376
2,048.423
2,048,423
Unrestricted
Funds
Restricted Total Funds
Funds
2023
{rE5tated)
Supported Business
Employment & Training
Blueprint Project
Governance
Support costs
1,229,466
457,256
32,371
7,475
271.670
16,902
1,246,368
457,256
32,371
7,475
271,670
1,998.238
16.902
2.015,140
10. Expenditure on charltable activities by activity type
Activities
undertaken
directy
Support Total funds
costs
2024
Total fund
2023
(restatedj
Supported Business
Employment & Training
Blueprint Project
Governance
1,317.272
405,179
33,906
7.690
142.188
142.188
1,459.460
547.367
33,906
7,690
1.382,202
593,092
32,371
7,475
2,015,140
1.764.047
284.376
2,048,423
11. Analysis of support costs
Supported Employment
Business
& Training Total 2024 Total 2023
(reststedj
Staff costs
Premises
Administrative costs
Legal & Professional
112,445
7,278
19,365
3,100
112.445
7.278
19.365
3.100
224.890
14,556
38,730
6,200
233,360
18,393
17,050
2,867
271,670
142,188
142,188
284,376
27

The Merthyr Tydfil Institute for the Blind
Company Llmited by Guarantee
Notes to the Financial Statements {continuedJ
Year ended 31 March 2024
12. Net gainsl(losses) on investments
Unrestricted Total Funds Unrestricted Total Funds
Funds
2024
Funds
2023
Gainslllosses) on other investment
assets
1,940
1,940
(843)
(843)
13. Net income
Net income is stated after chargingl(crediting).'
2024
2023
Depreciation of tangible fixed assets
Auditors. remuneration
102,365
7.615
88,663
7,400
14. Staff costs
The total staff costs and employee beneffts for the reporting period are analysed as follows..
2024
2023
{restated)
Wages and salaries
Social security costs
Employer contributions to pension plans
1.050,733
88,115
57,930
1,082,079
91,551
66,096
1,196,778
1,239,726
The average head count of employees during the year 57 (2023: 59). The average number of
fu114ime equivalent employees during the year is anatysed as follows..
2024
2023
No.
No.
Manufacturing
Selling and Distribution
Management and Administration
Employment and Training
25
27
13
12
46
47
The number of employees whose remuneration for the year fell within the following bands, were:
2024
2023
No.
No.
£70.000 to £79,999
28

The Merthyr Tydfil Institute for the Blind
Company Limited by Guarantee
Notes to the Financial Statements (conllnued)
Year ended 31 March 2024
14. Stsff costs {con&nued)
Key Management Personnel
Key management personnel include all persons that have authority and responsibility for planning.
directing and controlling the activities of the charity. The total compensation paid to key
management personnel for services provided to the charty was £351 ,269 {2023: £339,276).
15. Trustee remuneration and expenses
No fees, emoluments or expenses were paid to Trustees during the year (2023: £ Nil)
During the year the charity was not involved in any transactions with organisations associated with
people who are directors of the charity.
16. Tangible fixed assets
Freehold Plant and
Fixtures
property machinery and fith.ngs
Motor
vehicles
Total
Cost
At 1 April 2023 (as restated)
Additions
Disposals
At 31 March 2024
1,697.454
619,685
50,529
(187.306)
482,908
138.360
1.500
(1,622)
138.238
80.382 2,535,881
52,029
(188,928)
80.382 2.398,982
1,697,454
Depreciation
At 1 April 2023
Charge for the year
Disposals
At 31 March 2024
604,164
33,949
452,198
54,253
(187.306)
319,145
125,291
3,471
(1,622)
127,140
52,515 1.234,168
10,692
102,365
(188,928)
63,207 1,147,605
638,113
Carrying amount
At 31 March 2024
1.059,341
163,763
11,098
17,175 1,251,377
27,867 1,301,713
At 31 March 2023
1,093,290
167,487
13,069
17. Stocks
2024
2023
Raw materials and consumables
Work in progress
Finished goods and goods for resale
88,100
10,590
2,050
100,740
117,473
2,274
5,739
125,486
29

The Merthyr Tydfil Institute for the Blind
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2024
18. Debtors
2024
2023
Trade debtors
Prepayments and accrued income
Other debtors
264,380
90,942
189,453
68,509
732
355,322
258,694
19. Inveslments
2024
2023
Charities Official Investment Fund (COIF) see note (a) below
Fixed Rate Deposits
23,375
1,244,989
1.268,364
21,435
1,302,608
1,324,043
(a) Relates to 1144 units in COIF Charities Investment Fund Inc, originally purchased for £1 each.
20. Creditors: amounts falling due within one year
2024
2023
(restated)
Trade creditors
Accruals and deferred income
Social security and other taxes
Other creditors
248,120
52,944
88,303
9,823
399,190
142,417
90,845
39,415
9,637
282,314
21. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution
plans was £19.702 (2023: £19,494).
Defined benefit plans
The company participates in a pension scheme operated by Rhondda Cynon Taff County Borough
Council providing benefits based on final pensionable salary. The assets of the scheme are held
separately from those ofthe company. The company is unableto identify its share of the underlying
(notional) assets and liabilities of the scheme. Accordingly, the company has taken advantage of
the exemption in FRS 102. and has accounted for its contributions to the scheme as if it were a
defined contributs.on scheme. The company has set out below, infomiation available on the fijnding
of the scheme and the implications for the company in tern￿ of the anticipated contribution rates.
The total pension cost of the company was £18,227 (2023: £26,602). The pension cost is assessed
in accordance with the advice of an independent qualified actuary using the projected unit method.
The latest actuarial valuation of the scheme was at 31 st March 2022. The assumptions that have
the most significant effect on the valuation are those relating to discount rate set on the expected
30

The Merthyr Tydfil Institute for the Blind
Company Limited by Guarantee
Notes to the Financial Statements {continuedJ
Year ended 31 March 2024
21. Pensions and other post retirement beneffts (continued)
return on the fund assets and the rates of increase in salaries and pensions. It was assumed that
the discount rate for active members would be 1.3Vo
4.30A per annum and 1.30/ts 4.250/0 per
annurn for members who have left the service" salary increases woukl average 3.55°/ts per annum
and that present and future pensions would increase at the rdte of 2.30A per annum.
At the date of the last actuarial valuation, the market value of the assets of the scheme was
£4,512.1 million and the actuarial value of the assets was sufficientto cover 105.1 of the benefits
which had accrued to members. after allowing for expected fijture increases in earnings. The
contributions of the company will be 29.80A (2023: 33.50A) and for employees 9.9 % and 6.8'A for
the related employees (2023: 9.9% and 6.8°h). Contributions amounting to £3.116 (2023:
£3,816) were payable to the scheme at the year end and are included in creditors.
31

The Merthyr Tydfil Institute for the Blind
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2024
22. Analysls of charitable funds
Unrestricted funds
At
Gains and 31 March
losses
2024
At
1 April 2023
Income Expenditure
Trdnsfers
Capital and
charitable resep4e
Profit and loss
account
Designated funds
469.801
11.363
(2.647)
1,940
480,457
1,619,872 2,221.088 (2,045.776}
70,000
2,159.673 2,232,451 {2,048.423)
17,404
24,064
1,812,588
94,064
41,468
1.940 2,387,109
At
1 April 2022
(restatedj
Gains and At 31 March
losses
2023
Income Expenditure
Transfers
{resta¢ed)
(restate
Capital and
charitable reSe￿e
Profit and loss
account
Designated funds
479.351
(8.707)
(843)
469,801
1,582.383 2,025.057 (1,989.531)
30.000
2,091.734 2.025,057 {1,998,238)
1,963
40,000
1,619,872
70,000
41,963
(843) 2,159,673
The capital and charitable reserve comprises"
A capital reserve which arose on incorporats'on in 1991
352,919
The accumulated balance of fundraising activities and donations which
have been given to the Insts'tute to use for charitable purposes,
together with interest thereon. less expenditure incurred to date.
127 538
480,457
During the period. accruals recognised in prior yeaf financial statements. totalling £70,000, have
been reclassified as Designated Funds to disclose these future costs in accordance with the
requirements ofthe Companies Act and the Charity SORP.
32

The Merthyr Tydfil Institute for the Blind
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2024
22. Analysis of charitable funds {conalnuedJ
Restrlcted funds
At 31 March
2024
1 April 2023
Income Expenditure
Transfers
Job Retention Scheme
Other revenue grants
Other capital grants
Blueprint project
1,000
1,000
27,855
811,054
43.584
836.793
880,377
(15,729)
(25,739)
(41,468)
1,000
839,909
At
1 April 2022
At 31 March
2023
Income Expenditure
Transfers
Job Retention Scheme
Other revenue grants
Other capital grants
Blueprint project
16,902
(16,902)
59,828
862.512
(16,244)
(25,719)
(41,963)
43,584
836,793
922,340
16,902
(16,902)
880,377
Job Retention Scheme is the grant funding from the UK Govemment to support the jobs of those
employees furloughed and flexible furloughed as a result of the Covid-19 pandemic restrictions.
The receipt shown is the release of the clawback provision made in the previous year.
Other capital grants represent grants received from funders that in order to help finance the
acquisition of certain fixed assets. Each funding agreement will have its own conditions attached
to the use of the fijnding in relation to the fixed assel
The Blueprint project represents grants r￿￿ed from the Welsh European Funding Office and
Merthyr Tydfil County Borough Council in relation to the organisation's European Objective 1
Blueprint project to expand its resources and ServI￿S for the training, development and creation
of employment opportunities for blind. partially sighted and disabled persons throughout South
Wales.
33

The Merthyr Tydfil Institute for the Blind
Company Limited by Guarantee
Notes to the Financial Ststements (conllnuedj
Year ended 31 March 2024
23. AnalysSs of net assets between funds
Unrestricted
Funds
Restricted Total Funds
Funds
2024
Tangible fixed assets
Investments
Current assets
Creditors less than 1 year
Net assets
412.468
1,268,364
1,105.467
(399.190)
2.387,109
838,909
1,251,377
1,268,364
1,106,467
(399,190)
3,227,018
1,000
839,909
Unrestricted
Funds
{rnstated)
Restricted Total Funds
Funds
2023
{restated)
Tangible fixed assets
Investments
Current assets
Creditors less than 1 year
Net assets
421,336
1,324,043
696,608
(282,314)
2.159.673
880,377
1,301,713
1,324,043
696,608
(282,314)
3,040,050
880,377
24. Analysls of changes in net debt
At
1 Apr 2023 Cash flows 31 Mar 2024
Cash at bank and in hand
Current asset investments
312,428
1.324,043
337,977
(55,679)
282,298
650,405
1,268,364
1.636.471
1,918,769