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 2025 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 2025 Pag8 Trustees, annual report (incorporating the director's report) Independent auditor's report to the members Statement of financial activities (including income and expenditure account) 13 18 Statement of financial position Statement of cash flows 19 20 Notes to the financial statements 21
The Merthyr Tydfil Institute for the Blind Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) Year ended 31 March 2025 The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 March 2025. Reference and administrative details Reglstered charlty name The Merthyr Tydfil Institute for the Blind Charity registration number 1007270 Company registration number 2659355 Prlnclpal offlce and reglstered Unit 4 Triangle Business Park office Pentrebach Merthyr Tydfil CF48 4TQ Tha trustee8 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) (Vice Chair) Company Secretary Mr R A Welfoot Principle Offlcer8lKey Management Personnal Mr R A Welfoot Mrs P Kennedy Mrs M Davies MrA Phillips Mr E Silburn Chief Executive Officer & Company Secretary Deputy Chief Executive Officer Employment & Training Manager Manufacturing Manager Commercial Manager (passed away 01109120241 Operations Manager ICT Officer Ms J WaNick Mr A Trythall 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 James 2 Cenlral Square Cardiff CF10 1FS Carbon 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 Director's Report) (eontinu8d) Year ended 31 March 2025 Structure, governance and management Status The organisation is a charitable company limited by guarantee, incorporated on 31st 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 governed under its Articles ofAssociation. Under those 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. Recruitment and appolntment of Trustee8 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 formally invited to become a trustee. Following acceptance, the new trustee receives an induction regarding all aspects of the organisation by the executive management and meets key employees. Trustees are encouraged to attend appropriate external 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 Director's Report) (continued) Year ended 31 March 2025 Objectives and activities Purpose of The Marthyr 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 obJeclives they have set. MTIB'S aim is to provide people who have disabilities, or are disadvantaged, economically inactive or unemployed, the opportunity for 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, SeIcIng the UK furniture 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 conditions, along with those that are disadvantaged, economically inactive or unemployed within mainstream employment throughout South Wales. The Manufacturing Unit provided sustained direct employment for 31, FTE 24 (2024, 32, FTE 241 disabled persons within a commercial manufacturing environment with 2, FTE 1 {2024, 7, FTE 2} hosted to local employers. Employees are encouraged to engage in training activities to expand and develop their skills to benefit themselves and the organisation. I n 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 learning disabilities who access the local council's Day Care Services, 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 12024 11, FTE 81 disabled persons during Ihe 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 ofthe 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 contract and the UKSPF Programme project. Supported Business grant continues to be funded via Access to Work under the Transitional Employer Support Grant (TESGI. This funding model was extended to 30th September 2024. Following external assessment, from 1 st October 2024, those employees eligible for Access to Work Plus {AtW+) have transferred to that funding model, with the rest remaining on the existing TESG model. During the year our Supported Business directly supported an average of 36 individuals, ofwhich 8 remained on TESG funding and 28 transferred to that of AtW+ Our subcontract with Serco to deliver the DWP Restart programme, supporting disadvantaged persons back into employment, continues to be challenging due to the change in the quality of referrals and the onerous compliance regime. However, the Team has performed well to meet the contract compliance
The Merthyr Tydfil Institute for the Blind Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (contlnued) Year ended 31 March 2025 and performance targets, regularly being in the top quartile of the supply chain. Since being awarded an increase in contract delivery of the Restart extension for 2 years from 1st July 2024, MTIB has since been informed that a further 12-month extension from 1st July 2026 will be negotiated. Additionally, our UKSPF Project, supporting those further from employment within the Merthyr area has performed very well and there are indications that a further extension will be announced in early 2026. During the year, 347 disabled and disadvantaged people were supported by MTIB via its Manufacturing unit and training and employment contracts, achieving and sustaining a total of 146 jobs. During the year, our Restart contract supported 252 customers gaining 84 jobs, with our UKSPF project supporting 53 individuals in the period, of which, 20 entered employment. MTIB'S clients are provided with the opportunity to participate within our programmes at their chosen level. MTIB'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. Eventually, 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 seNices to the client or 'Host' employer. Eligibility for our services 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 beeen the employment of disabled persons compared to non-disabled remains stubbornly high. MTIB'S consistent proactive approach over the years of successfully 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 aims 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 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 financial circumstances affected by employment are considered with the necessary agencies, so that clients can make an informed decision. All members of the Board give their time voluntarily and received no benefits from the charity. Any expenses reclaimed from the charity are set out in note 14 to the accounts.
The Merthyr Tydfil Institute for the Blind Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continuwTJ Year ended 31 March 2025 Achievements and performance MTIB has continued to successfully meet the increased demand from its commercial customers and clients of its employment programmes. MTIB has adopted more flexible working practices with relevant staff where appropriate, 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) with DWP has provided our ability to lobby DWP and ensure we are instrumental in securing an extension of TESG funding to 30th September 2024 and transition to Atw+ funding model. Having been rewarded for our performance of the Restart subcontract for Serco, with an over 2.5 fold increase in delivery of referrals for 2 year from 1 st July 2024, MTIB, successfully navigated TUPE and the delivery of the increased contract volume. MTIB'S focus on securing the existing income from its 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 seNices. However, there still remains more work to be done each year, especially as following Brexit, there is still uncertainty as ils successor funding programme UKSPF as the government decides on its priorities. However, the fact that MTIB can 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 short term, by successfully delivering our UKSPF project with Merthyr Tydfi'l CBC, supporting disabled and disadvantaged people into work, along with the increased Restart contract extension. Consequently, we have already had notification from Serco of a further 12-month Restart extension and similarly that of UKSPF, so will continue to perpetuate this course of action with the goal of generating further income wherever possible. The forecast budget for the year was a surplus of £618, 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 uncertain 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 £249,941 as perthe statement of financial activities shown at page 18,1£227,436, 2024}. This was another outstanding result, even improving on last year's 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. Management's opportunistic venlure into the provision of office furniture in 2023, secured opportunities with RCTCBC and Carmarthenshire CC to deliver their office furniture solutions, which due to our successful performance and delivery, has persisted to date. Additionally, in June 2025 MTIB has secured a place on Lot 3 of the Welsh Government's Office and Educational Furniture framework, which as a result secured MTIB Mid and Wesl Wales Fire and Rescue Service as a customer from November 2025. Furthermore, MTIB'S supply of Welsh Forestry Signs contract is being extended from 0110412026 as well as securing the picking and packing subcontract of the Welsh Government's Baby Bundle initiative from January 2026. Consequently, sales income from the manufacturing business increased to £1,232,542, (£1,103,910,
The Merthyr Tydfil Institute for the Blind Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2025 2023124}, representing a 11.70/0 increase on the previous year's good performance, resulting in a 23.70 increase in added value. The encouraging sales were mainly due to a continued increased demand from existing and new customers for existing products, along with the office furniture and signage business secured highlighted above. The Employment and Training Department continued to perform well during the year on the Restart contract, whilst successfully delivenng our UKSPF project secured with Merthyr Tydfil CBC. The remaining income was generated from Disability Confident. Consequently, overall financial performance achieved within the department was very encouraging, realising a surplus of around £179k. Within the manufacturing unit, we continue to focus on improvements to ensure its continued long-term viability. The aim remains for it to achieve a break-even position and then generate a surplus, so as to become less reliant on funding, which is ever reducing. Additionally, the Employment and Training department needs to continue to successfully secure and deliver contracts to maintain its contribution to the organisation, especially where contract opportunities are less prevalent. The 8oard and Management Team continue to review performance and activities, whilst seeking replacement funding from various other sources so that financial stability can be fully realised. Adopiing this approach, MTIB secured an extension of the Restart subcontract with Serco from 1st July 2024 with an increased contract percentage and have been notified of a further extension, whilst awaiting a further information from Merthyr Tydfil CBC on UK Shared Prosperity Fund (UKSPFI project funding for 2025126. The charity's main objectives for the year were to build on the progress of the financial performance of the manufacturing unit and to successfully deliver its Employment and Training contracts, by aiming to maximise related outputs and financial return 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 and UKSPF projects, where we have, since the year end, been advised of imminent Restart contract extension negotiations and await the UKSPF extension. During the year, we have continued to deliver quality services to our disabled and disadvantaged customers incorporating online activities and have secured continued funding income. The ability of our staff to successfully adapt and be flexible in delivering the various contracts secured, has resulted in a performance that has facilitated our survival throughout this most challenging ofyears, 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 maximising the outputs and related income from all contracts. Our successful performance is supported by our continued Investors in People and Matrix accredilations. We have also met our objective to improve the effectiveness and efficiency of the Supported Business manufacturing unit, increasing sales and added value. whilst increasing the training and employment opportunities for our disabled and disadvantaged workforce. MTIB has also maintained its FSC accreditation following audit and notably secured office furniture opportunities with t0 local authorities and the fire service, along with signage and fulfilment business with Welsh Government. 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 all Trustees are updated on all progress and developments, whilst ensuring that meetings can take place should some be unable to attend. Additionally, 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
The Merthyr Tydfil Institute for the Blind Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (contlnuedj Year ended 31 March 2025 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 involvement of staff, they reviewed the strategic direction and agreed a Business Plan for 2025126, 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 disadvantaged clients is a key aspect of the organisation's employment and training delivery. The Board and Management are committed to slrive 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 Ihe legacy of the Blueprint Project continues to help the realisation of this goal by providing enhanced work-based training, assessment and ICT training services, which, not only allow more clients the chance 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 qualifications 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 successfully adapt to meet the challenges they may present. During the year, all staff continued to be regularly updated on the developments of the 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 face the challenges ahead. As such, the Board and Management believe that the continual development of positive working relationships beteen all employees has resulted in a more effective business operation, which has again been evidenced by this year's performance. Supported Business Protected Places MTIB continued to effectively utilise its places on our Supported Business agreement, which was extended lo 30th September 2024, under the DWP Access to Work TESG scheme {Transitional Employer Support Grant), following which the transition to the new funding model has taken place from 1 st October 2024. This resulted in an average of 51 individuals {52, 2024) being directly employed by MTIB. In addition, a further 305 1305, 20241 persons with disabilities were supported by MTIB with the aim of achieving sustainable mainstream employment. Of those engaged in 2024125, MTIB'S support provided ongoing or new employment for 146 (2024, 144) individuals during the period. MTIB'S continued flexibility and proactive approach to the delivery of all its contracts has ensured that we have successfully maximised the outputs and related income to the end of contracts. Consequently, we have achieved high levels of contract quality and performance, which has built MTIB an excellent
The Merthyr Tydfil Institute for the Blind Company Limited by Guarantse Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2025 track record that has allowed us to take advantage of future contract opportunities. Income MTIB'S Restart and UKSPF projects, along with the Supported Business TESG and Atw+ grants via DWP'S Access to Work programme, have been the main sources of income, where the objectives were to achieve their planned outputs in order to obtain the maximum funding. During the year, oulput related income has been maximised where possible and the Supported Business grants for those employees assessed and awarded the new Atw+ funding, have awards for 3 years to 30th September 2027. Although the Merthyr Tydfil CBC contractwas not extended beyond 31st March 2024, extra funding was secured with increased contract delivery of the Restart contract. Furthermore, the 2 years from 1st April 2023 UKSPF project secured with Merthyr Tydfil CBC will be extended to 31st March 2026 and the increased Restart contract extension has been secured to July 2026, with a further extension being advised. However, all these contracts are relatively short term, so further funding streams will need to be secured as the new UK and Welsh Governments develop their employability programme plans. We continue our efforts to reduce costs and Increase sales within the Supported Business to secure MTIB'S future viability. Securing place on the new WGCD Office and Educational Furniture framework has already presented opportunities where we are collaborating with other socially minded organisations to bid jointly on future contracl opportunities. Further potential opportunilies are currently being explored with the DWP. 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 services with local and National Governmenl. In addition, 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 DWP, which has secured transitional funding for Supported Businesses from April 2019 to September 2024 and the new Atw+ funding model from October 2024.
The Merthyr Tydfil Institute for the Blind Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (contlnued) Year ended 31 March 2025 Financial review Results and principal actlvltles The profit and loss account for the period is set out on page 18, showing an unrestricted surplus of £249,941 and a restricted deficit of £18,244, wilh an overall surplus of £231,697 (£186,968, 2024). The principal activities of the company are the provision of supported employment, training and development for disabled persons and those who are disadvantaged, economically inactive or unemployed. Review of business and future developments Both the level of business and the year end financial position were satisfactory considering the Challenging circumstances. The Trustees are satisfied that there are plans in place to secure opportunities of replament contract income following the end of existing contracts and have committed to maintain the level of staff, whilst covering any shortfall using reserves, with regular reviews up to that date. Prlnclpal Funders MTSB'S principal funders were our Restart contract with Serco and our UKSPF project with Merthyr Tydfil CBC, as well as Atw TESG and Atw+ funding. All other contracts are smaller in value and for shorter durations. Reserves pollcy MTIB aims to retain sufficient free reserves to ensure that commitments 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 resources 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 2025 free reserves were £2,144,479 {2024'. £1,974,641), which is 14 months of the forward resources expended, excluding materials. The ongoing effects of Brexit, high energy costs, the significant increase in wage costs, the stubborn inflation level and cost of living, on the future economic climate, provide continued uncertainty of our ability lo generate the required level of income from our Employment and Training contracts to cover the Supported Business, which although improved, still trades at a deficit. Consequently, our excess reserves will be utilised to cover periods where income does not cover expenditure, so that service to our disabled employees and customers can be maintained until replacement income or cost reductions are implemented. Investment pollcy The Trustees have wide investment powers and adopted a risk adverse policy to investments. The investments, shown in note 18 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 review Key risks within MTIB have been identified 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 ofthe main risks to the business is to achieve the minimum performance levels of all its employment
The Merthyr Tydfil Institute for the Blind Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2025 and training contracts to ensure that there is no risk of losing them, even with those that have less financial impact due to their relatively lower value. However, the potential resultant undesirable loss in reputation is why MTIB prioritises efforts to ensure that contract quality and performance levels are met and strive to exceed them where possible. This is achieved by ensuring our staff are skilled, focussed, motivated and supported with the necessary resources to successfully deliver all our contracts. Due to the ending of EU funding following Brexit, the UK Government developed the UK Shared Prosperity Fund {UKSPF) to be administered by local authorities throughout the UK, forthe 2-year period to March 2025 and MTIB secured a contract with Merthyr Tydfil CBC for the period which has been extended to March 2026 with reduced funding. However, there is yet to be announced a framework for funding beyond March 2026. Although MTIB has secured UKSPF funding, currently it is relatively short lived, so as usual, we will keep up to date of potential opportunities as Ihey 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 consider its options depending on the circumstances at the time. As a result of the energy crisis and MTIB commitment to reduce its carbon footprint, 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 2026. Consequently, senior management focus efforts on developing existing and new customers, along with identifying new opportunities. This is complimented by concerted efforts to control costs. whilst reviewing and implementing production efficiencies to ensure financial improvements are achieved. Underpinning the potential negative financial effecls of the risks highlighted above is our level of free reserves. 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 Wlthin its operating environment of Supported Employment. Pay pollcy 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 charity 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 section. 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 party transactions are disclosed in notes 13 and 14 respectively, 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 discretion of the Trustees following consideration of the aforementioned comparators and where funds are available. Increments and bonuses may be awarded., however, they are not automatic and are given at the discretion of the Chief Executive and the Board of Trustees. 10
The Merthyr Tydfil Institute for the Blind Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (Continued) Year ended 31 March 2025 Political and charltable donations The company has made no political or charitable donations. CONCLUSION AND PLANS FOR THE FUTURE Celebrating our 102nd year, MTIB has made excellent progress on even better performance achieved last year with continued potential business demand in an uncertain economic climate. 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 and 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 learnt, which provides a good platform on which to build. MTI8'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 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. 2024125 has been another challenging year, where we have had to draw on the skills, resourcefulness, flexibility, adaptability and resilience of our staff 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 maintain the increased sales opportunities to generate our own income 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 performance 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 performance of the manufacturing unit. MTIB'S involvement with DWP regarding the Supported Business Steering Group has had and will continue to have a major impact on MTIB. As such, we will continue our involvement and monitor developments closely, promoting MTIB'S services to DWP, 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 future develops, the Board are committed to make every effort to secure the future of the business and continue to develop our services 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 forward to meeting the challenges ahead during 2025126 and beyond. 11
The Merthyr Tydfil Institute for the Blind Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continuod) Year ended 31 March 2025 Trustees, responsibilities 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 accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charity trustees to prepare financial statements 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 suitable accounting policies and then apply them consistently., observe the methods and principles in the applicable Charities SORP., make judgments and accounting estimates that are reasonable and prudent., prepare the financial statements on the going concern basis unless It is inappropriate to presume 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 financial 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. Audltor Each of the persons who is a trustee at the date of approval of this report confirms that.. so far as they are aware, there is no relevant audit information of which the charity's auditor 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 information and to establish that the charity's auditor is aware of that information. Small company provislons This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. The trustees, annual report was approved on 09 December 2025 and signed on behalf of the board of trustees by.. //{/{// R A Welfoot Charity Secretary 12
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 Year ended 31 March 2025 Opinlon We have audited the financial statements of The Merthyr Tydfil Institute for the Blind (the 'charity'l for the year ended 31 March 2025 which comprise the statement of financial activities (including income and expenditure account), statement of financial position, statement 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 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended., have been properly prepared in accordance 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. Bas18 for oplnion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS IUK}l and applicable law. Our responsibilities under those standards are further described in the auditols responsibilities for the audit of the financial statements section 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 with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least e1ve 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. 13
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 2025 Other information The other information comprises the information included in the annual report. other than the financial statements and our auditoff s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and. except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other informalion. 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. Oplnlons on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information 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. Matter8 on whlch we are requlred to report by exceptlon In the light of the knowledge and understanding ofthe charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees, report. 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 audit have not been received from branches not visited by us., or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit., or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the directors, report and from the requirement to prepare a strategic 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 (conlinued) Year ended 31 March 2025 Responsibilities of trustees As explained more fully in the trustees, responsibilities statement, the trustees {who are also the directors for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal 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 error. 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 concern 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. Audltor's rgsponsibilltles for the audlt of the financlal 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 auditor'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 error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design 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 governance all area of risk identified were considered and any potential litigation or claim, if any, were noted Ensuring by enquiry that there were no issues of non-compliance with laws and regulations relating lo tax and compliance By obtaining an understanding of the company's policies and procedures on compliance 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. 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 (continued) Year ended 31 March 2025 As part of an audit in accordance with ISAS (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We 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 resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. but not for the purpose of expressing an opinion on the effectiveness of the internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern 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 ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions 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 whether the financial statements representthe underlying transactions and events in a manner that achieves fair presentation. 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 (contlnued) Year ended 31 March 2025 We communicate with those charged with governance 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 charity's members, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. 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 permitted by law, we do not accept or assume responsibility to anyone other Ihan 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 Statutory ALJditor) For and on behalf of Walter Hunter & Co Limited Chartered accountants & statutory auditor 24 Bridge Street Newport South Wales NP20 4SF 17
The Merthyr Tydfil Institute for the Blind Company Limited by Guarantee ststement of Financial Activities (including income and expenditure account) Year ended 31 March 2025 2025 Restricted funds Total funds 2024 Unrestricted funds Total funds Note Income and endowments Donations and legacies Charitable activities Investment income 172 2,256.043 80,453 172 2,280,490 80,453 2,361,115 5,670 2,169.164 58,617 2,233,451 24,447 Total income 2,336,668 24,447 Expendlture Expenditure on charitable activities Total expendlture 8,9 2,127,329 2,127,329 1,000 1,000 2,128,329 2,048,423 2,128,329 2,048,423 Net (lossesllgains on investments 11 (1,089) (1,089) 1,940 Net Income 208,250 23,447 231,697 186,968 Transfers beeen funds 41,691 {41,691) Net movement In funds 249,941 118,244) 231,697 186,968 Reconciliatlon of funds Total funds brought fOard Total funds carrled forward 2,387,109 839,909 3,227,018 3,040,050 2,637,050 821,665 3,458,715 3,227,018 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 21 to 32 fonn part of these financial statements. 18
The Merthyr Tydfil Institute for the Blind Company Limited by Guarantee Statement of Financial Position 31 March 2025 2025 2024 Note Fixed assets Tangible fixed assets 15 1,208,749 1,251,377 Current assets Stocks Debtors Investments Cash at bank and in hand 16 74,578 17 334,572 18 1,839,953 249,555 100,740 355,322 1,268,364 650,405 2,374,831 2,498,658 Creditors: amounts falllng due wlthin one year Net current assets 19 248,692 2,249,966 399,190 1,975,641 Total assets less current Ilabllities Net assets 3,458,715 3,458,715 3,227,018 3,227,018 Funds of the charity Restricted funds Unrestricted funds 821,665 2,637,050 839,909 2,387,109 3,227,018 Total charity funds 21 3,458,715 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 09 December 2025, and are signed on behalf of the board by.. Mr G Meredith Trustee rs J Morgan Trustee The notes on pages 21 to 32 form part of these financial statements. 19
The Merthyr Tydfil Institute for the Blind Company Limited by Guarantee ststement of Cash Flows Year ended 31 March 2025 2025 2024 Cash flows from operatlng activltles Net income 231,697 186,968 Adjustments for. Depreciation of tangible fixed assets Net (losses)Igains on investments Dividends, interest and rents from investments Other interest receivable and similar income Accrued income 111,922 1,089 12,280) {78,173) (89,422> 102,365 11,940) (4,480) (54,137) (61,590) Changes in.. Stocks Trade and other debtors Trade and other creditors 26,162 116,701 (157,027) 160,669 24,746 (72,939) 154,777 273,770 Cash generated from operations Interest received 78,173 54,137 327,907 Net cash from operating activities 238,842 Cash flows from investlng activlties Dividends. interest and rents from investments Purchase of tangible assets Purchases of other investments Proceeds from sale of other investments 2,280 (69,294) {571 , 5891 11,0891 (639,692) 4,480 {52,0291 57,619 Net cash (used in}Ifrom investing activities 10,070 Net (decreaselllncrease In cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year {400,850} 650,405 337,977 312,428 249,555 650,405 The notes on pages 21 to 32 forrn part of these financial statements. 20
The Merthyr Tydfil Institute for the Blind Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2025 General information 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 Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (Charities SORP IFRS 102)) and the Companies Act 2006. Accounting pollcles Ba$ls of preparatlon The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value. 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 uncertainties about the charity's ability to corilinue. Judgements and key sources of estimatlon uncertalnty 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 accounting 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 orthrough the terms of an appeal, and fall Into one of tMo sub-classes.. restricted income funds or endowment funds. 21
The Merthyr Tydfil Institute for the Blind Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2025 Accounting policies (contlnued) Incomlng resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity,. 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. income from contracts for the supply 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 particular purpose and returned if unspent, in which case it may be regarded as restricted. R•source8 expended Expenditure is recognised on an accruals basis as a liability 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 includes the costs of all fundraising activities, events, non- charitable trading activities, and the sale of donated goods. expenditure on charitable activities include5 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 governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity- Shared costs are apportioned beleen the activities they contribute to on a reasonable, Justifiable and consistent basis. Tanglble assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. 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. 22
The Merthyr Tydfil Institute for the Blind Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2025 Accountlng policies {¢ontlnued) Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows.. Freehold property Plant and machinery Fixtures and fittings Motor vehicles 20/0 p.a. Straight Line 20 % p.a. Straight Line 20 % p.a. Straight Line 200/0 p.a. Straight Line Impalrment of flxed a88et8 A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impaiments 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. Cosi includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Flnanclal Instruments A financial asset or a financial liability is recognised only when the entity becomes a paty to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. 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 Contributions to defined contribution plans are recognised as an expense in the period in which the related serwice is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. Limited by guarantee The company is limited 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 2025 is 712024.. 7). 23
The Merthyr Tydfil Institute for the Blind Company Limited by Guarantee Notes to the Financial Statements (contlnuedj Year ended 31 March 2025 Donations and legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Donations Donations 172 172 5,670 5,670 Charitabl& activities Unrestricted Funds Restricted Total Funds Funds 2025 Sales from Supported Business 1,232,542 1,232,542 Fundralslng Supported Business and Placement Scheme Access to Work TESG Grant Merthyr Tydfil CBC SLAS RESTART contract JOBSENSE contract UKSPF Programme Income Employment Support Programme Contract 195,428 195,428 323,591 323,591 465,110 6,375 465,110 6,375 Other Grants UKSPF Capital Grant WCVA Energy Efficiency Scheme Grant DVVP Access to Work Income 24,447 24,447 32,997 32,997 2,256,043 24,447 2,280,490 Unrestricted Funds Restricted Total Funds Funds 2024 Sales from Supported Buslness 1,103,910 1,103,910 Fundraising 4,930 4,930 Supported Business and Placement Scheme Access to Work TESG Grant Merthyr Tydfil CBC SLAS RESTART contract JOBSENSE contract UKSPF Programme Income Employment Support Programme Contract 192,862 45,000 240,043 222,617 286,898 5,510 192,862 45,000 240,043 222,617 286,898 5,510 Other Grants UKSPF Capital Grant WCVA Energy Efficiency Scheme Grant DINP Access to Work Income 1,000 1,000 66,394 66,394 2,168,164 1,000 2,169,164 24
The Merthyr Tydfil Institute for the Blind Company Limited by Guarantee Notes to the Financial Statements (¢ontinuedJ Year ended 31 March 2025 Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Rental income Bank interest receivable 2,280 78,173 2,280 78,173 4,480 54,137 4,480 54,137 80,453 80,453 58,617 58,617 Expenditure on charltable actlvltles by fund typo Unrestricted Funds Restricted Total Funds Funds 2025 Supported Business Employment & Training Blueprint Project Governance Support costs 1,316,491 487,582 32,371 7,198 283,687 1,000 1,317,149 487,582 32,371 7,198 283,687 2,127,329 1,000 2,128,329 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 Expenditure on charltable actlvltles by activity type Activities undertaken directly Support Total funds costs 2025 Total fund 2024 Supported 8usiness Employment & Training Blueprint Project Governance 1,317,491 487,582 32,371 7,198 141,844 141,843 1,459,335 629,425 32,371 7,198 1,459,460 547,367 33,906 7,690 1,844,642 283,687 2,128,329 2,048.423 25
The Merthyr Tydfil Institute for the Blind Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2025 10. Analysis of support costs Supported Employment Business & Training Total 2025 Total 2024 Staff costs Premises Administrative costs Legal & Professional 122,448 6,258 14,037 (900) 141,843 122,448 6,259 14,036 (900) 141,843 244,896 12,517 28,073 (1,8001 283,686 224,890 14,556 38,730 6,200 284,376 11. Net {losses)Igalns on investments Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Gainsl{losses} on other investment assets (1,089) {1,089) 1,940 1,940 12. Net Income Net income is stated after chargingllcrediting).. 2025 2024 Depreciation of tangible fixed assets Auditors, remuneration 111,923 7,198 102,365 7,615 13. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows: 2025 2024 Wages and salaries Social security cost5 Employer contributions to pension plans 1,173,411 93,828 60,076 1,070,733 88,115 37,930 1,327,315 1,196,778 The average head count of employees during the year was 5812024.. 57). The average number of full-time equivalent employees during the year is analysed as follows.. 2025 No. 2024 Manufacturing Selling and Distribution Management and Administration Employment and Training 23 25 13 13 44 46 26
The Merthyr Tydfil Institute for the Blind Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2025 13. Staff Costs {contlnuedJ The number of employees whose remuneration for the year fell within the following bands, were.. 2025 2024 No. No. £70,000 to £79,999 £80,000 to £89,999 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 charity was £379,417 {2024.' £351,269). 14. Trustèe remuneration and expenses No fees, emoluments or expenses were paid to Trustees during the year (2024.. £ Nil) During the year the charity was not involved in any transactions with organisations associated with people who are directors of the charity. 15. Tanglblo fixed assets Freehold Plant and Fixtures and property machinery fittings Motor vehicles Total Cost At 1 April 2024 Additions Disposals At 31 March 2025 1,697,454 482,908 55,253 (30,243) 507,918 138,238 3,275 80,382 2,398,982 10,766 69,294 (30,243) 91,148 2,438,033 1,697,454 141,513 Depreclation At 1 April 2024 Charge for the year Disposals At 31 March 2025 638,113 33,949 319,145 63,978 130,243} 352,880 127,140 3,819 63,207 1,147,605 10,176 111,922 (30.243} 73,383 1,229,284 672,062 130,959 Carrying amount At 31 March 2025 1.025,392 155,038 10,554 17,765 1,208,749 17,175 1,251,377 Al 31 March 2024 1,059,341 163,763 11,098 27
The Merthyr Tydfil Institute for the Blind Company Limited by Guarantee Notes to the Financial Statements (continugd) Year ended 31 March 2025 16. Stocks 2025 2024 Raw materials and consumables Work in progress Finished goods and goods for resale 62,672 6,007 5,899 88,100 10,590 2,050 74,578 100,740 17. Debtors 2025 2024 Trade debtors Prepayments and accrued income 200,873 133,699 264,380 90,942 355,322 334,572 18. Investments 2025 2024 Charities Official Investment Fund (COIF) see note {a) below Fixed Rate Deposits 22,286 1,817,667 1,839,953 23,375 1,244,989 1,268,364 la) Relates to 1,144 units in COIF Charities Investment Fund Inc, originally purchased for £1 each. 19. Credltors: amounts falllng due wlthln one year 2025 2024 Trade creditors Accruals and deferred income Social security and other taxes Other creditors 86,691 59,473 91,619 10,909 248,120 52,944 88,303 9,823 248,692 399,190 20. Pensions and other post retirement benefits Defined contrlbution plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £21,97212024. £19,702). 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 assels of the scheme are held separately from those ofthe company. The company is unable to identify its share ofthe underlying 28
The Merthyr Tydfil Institute for the Blind Company Limited by Guarantee Notes to the Financial Statements (contlnuedj Year ended 31 March 2025 (notional) assets and liabilities of the scheme. Accordingly, the company has tsken advantage of the exemption in FRS 102, and has accounted for its contributions to the scheme as if it were a defined contribution scheme. The company has set out below, information available on the funding of the scheme and the implications for the company in terms of the anticipated contribution rates. The total pension cost ofthe company was £41,333 (2024.. £38,227). 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 31st March 2022. The assumptions that have the most significant effect on the valuation are those relating to discount rate set on the expected 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 1.30/0 4.3% per annum and 1.3/0 4.25 % per annum for members who have left the service, salary increases would average 3.550/0 per annum and thal present and future pensions would increase at the rate of 2.3 % 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 sufficient to cover 105.10/0 of the benefits which had accrued to members, after allowing for expected future increases in earnings. The contributions of the company will be 29.8 % (2024.. 29.8 /0} and for employees 9.90/0 and 6.8 % for the related employees (2024.. 9.9 % and 6.8 % ). Contributions amounting to £3,350 (2024.. £3, 116) were payable to the scheme at the year end and are included in creditors. 29
The Merthyr Tydfil Institute for the Blind Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2025 21. Analysis of charitable funds Unrestricted funds At Gains and 31 March losses 2025 At 1 April 2024 Income Expenditure Transfers Capital and charilable reserve Profit and loss account Designated funds 480,457 962 11,089> 480,330 1,812,588 2,335,706 12,127,329) 94,064 2,387,109 2,336,668 (2,127,329) 30,268 11,423 2,051,233 105,487 41,691 (1,0891 2,637,050 At 1 April 2023 Gains and At 31 March losses 2024 Income Expenditure Transfers Capital and charitable reserve 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 12,048,423) 17,404 24,064 1,812,588 94,064 1,940 2,387,109 41,468 The capital and charitable reserve comprises.. A capital reserve which arose on incorporation in 1991 352,919 The accumulated balance of fundraising activities and donations which have been given to the Institute to use for charitable purposes, together with interest thereon, less expenditure incurred to date. 127411 480,330 30
The Merthyr Tydfil Institute for the Blind Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2025 21. Analysis of charitable funds (conlinued) Restricted fund8 At 1 April 2024 At 31 March 2025 Income Expenditure Transfers Other revenue grants Other capital grants Blueprint project 1,000 27,855 811,054 (1,0001 24,447 (15,952) (25,739) (41,6911 36,350 785,315 839,909 24,447 {1 ,000) 821,665 At 1 April 2023 At 31 March 2024 Income Expenditure Transfers Other revenue grants Other capital grants Blueprint project 1,000 1,000 27,855 811,054 43,584 836,793 (15,729} (25,7391 (41,4681 880,377 1,000 839,909 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 funding in relation to the fixed asset. The Blueprint project represents grants received 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 services for the training, development and creation of employment opportunities for blind, partially sighted and disabled persons throughout South Wales. 31
The Merthyr Tydfil Institute for the Blind Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2025 22. Analysis of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2025 Tangible fixed assets Investments Current assets Creditors less than 1 year Net assets 387,084 1,839,953 658,705 (248,6921 2,637,050 821,665 1,208,749 1,839,953 658,705 1248,692) 3,458,715 821,665 Unreslricted 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 1399,190) 3,227,018 1,000 839,909 23. Analysls of changos in net debt At At 1 Apr 2024 Cash flows 31 Mar 2025 Cash at bank and in hand Current asset investments 650,405 1,268,364 1,918,769 1400,8501 571,589 249,555 1,839,953 2,089,508 170,739 32