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, Se￿IcIng 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 be￿een 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 t￿0 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 bet￿een 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 repla￿ment 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 be￿een funds
41,691
{41,691)
Net movement In funds
249,941
118,244)
231,697
186,968
Reconciliatlon of funds
Total funds brought fO￿ard
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
bel￿een 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