Registered Charity Number: 108024
THE ROYAL BELFAST ACADEMICAL INSTITUTION
ANNUAL REPORT AND ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2023

THE ROYAL BELFAST ACADEMICAL INSTITUTION
CONTENTS
Section
Page
Reference and administrative details of the charity, its Governors and
advisers for the year ended 31 March 2023
Governors, report for the year ended 31 March 2023
Independent Auditor's report to the Board of Governors of The Royal
Belfast Academical Institution
17
Statement of Flnancial Activities for the year ended 31 March 2023
23
Balance Sheet at 31 March 2023
24
Statement of Cashflows for the year ended 31 March 2023
26
Notes to the Accounts for the year ended 31 March 2023
27

THE ROYAL BELFAST ACADEMICAL INSTrriJrioN
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS GOVERNORS AND
ADVISERS FOR THE YEAR ENDED 31 MARCH 2023
Board of Governors 2022123
R.M. Howard, B.Sc., F.C.A. (Choirman)
C.D. Gowdy, LL.B., (Vice Chairman)
W.R. Wilson, LL.B. (Hon. Secretary)
A.1. Adair, LL.B., F.R.C.S.I.
B.J. Cheevers, 8.A.
l.S. Corry, M.D., F.R.C.S. (Orth), Dip.Sports.Med.
D.S. Croft, M.Sc., B.A., M.1.
A.G. Dick M8 Bch MRCGP
P.J. Dolaghan, P.G.C.E., (l.T.)
C. Finnegan, B.A,
M. Fitch, LL.B., F.C.A.
5.T. Gowdy, LL.
C.J. Johnston, 8.A., F.C.A.
W.J. Keith, O.B.E., M.Sc., B.Ed., Dip.G.&C.
J.C. Kernohan, B.A.
K.0. Latimer, O.B.E., M.A., Dip.Lib.Stud., F.C.L.l.P.
W.M.W. McDowell, F.R.l.C.S.
G. Parkes, M.B.A., Chartered Fellow C.l.P.D.
J.E. Rutherford, B.Sc., M.A.
M. W. Shaw 8En8. M.B.A. C.Eng. F.l.Struct.E. M.l.C.E. M.l.E,l.
P. Shields, B.Sc,, P.G.D.
J.D. 5telfox, M.B.E., D.L., R.l.B.A., F.R.l.A.l.
W.A. Wilson, F.R.l.C.S.
J.J. Wylie, M.A., F.C.A.

THE ROYAL BELFAST ACADEMICAL INSTITUTION
REFERENCE AND ADMINISTRATIVE DEfAILS OF THE CHARITY, ITS GOVERNORS AND
ADVISERS FOR THE YEAR ENDED 31 MARCH 2023
Co-opted Governor5
Sir D. Sterling, KCB
R.W. Magee Bsc MA PGCE PQH{NI)
Parent Governors
C. Moran B.A., M.A., M.Phil., Ph.D.
C. Holmes B.Sc., M.A., F.C.A.
Teacher Governors
S. Archibald, M.Eng., P,G.C.E.
J.B. Peak, B.A., P.G.C.E.
Prlnclpal
J. Williamson, M.A. (Oxon), N.P.Q.H.
Bursar and Secretary to the Board of Governors
C. Moore, B.A., F.C.A.
Registered Office
The Royal Belfast Academical Instltution
College Square East
Belfast
BTI 6DL
Charlty Number
108024

THE ROYAL BELFAST ACADEMICAL INSTITiJfioN
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS GOVERNORS AND
ADVISERS FOR THE YEAR ENDED 31 MARCH 2023
External Audltor
Moore (N.I.) LLP
7 Donegall Square North
Belfast
BTI 5GB
Internal Audltor
ASM
Glendinning House
6 Murray Street
Belfast
BTI 6DN
Bank
Danske Bank
Donegall Square West
Belfast
BTI 6JS
Investment Managers
Abrdn on behalf of Northern Ireland Central Investment Fund
for Charities
M&G Investments
Rathbones Investment Management
Sollcltors
Cleaver Fulton Rankin
50 Belford Street
Belfast
BT2 7FW

THE ROYAL BELFAST ACADEMICAL INSTITUTION
GOVERNORS, REPORT
For the year ended 31 March 2023
The Governors, who are also the Trustees for the purposes of Charity Law, present their
annual report and accounts for the year ended 31 March 2023.
The accounts have been prepared in accordance with the accounting policies set out in Note
I to the accounts and comply with the Institution's Scheme of Endowment and "Accounting
and Reporting by Charities: 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 (FRS102) {effective l January 2019)."
History
The Institution was founded by the public subscription of the citizens of Belfast in the early
years of the nineteenth century. Members of the Institution are those who have subscribed
to the Institution. Membership consists of two classes: Class l & Class11. The Class of
membership held is dependent on the amount of the subscrlptlon made by the member. A
Board of Governors is appointed by the Members of the Institution to govern and manage
the Institution.
The foundation stone of the John Soane designed building was laid in July 1810. Belfast
Academical Institution opened on l February 1814, as both a school for pupils and a college
for students. On the occasion, Dr. William Drennan, a founder, spoke of what he envisaged
as the main purpose of Inst, which was to "diffuse useful knowledge, porticularly among the
middling orders of society, as one of the necessities rather than of the luxuries of life," not to
have a good education only the portion of the rich and the noble, but as a potrimony of the
whole people".
From 1831 untll today, the School's full title has been, The Royal Belfast Academlcal
Institution (RBAI). RBAI currently has over one thousand pupils on the main site and over
one hundred pupils in the Preparatory Department, Inchmarlo. About one hundred and fifty
new pupils enter RBAI every year from a wide variety of backgrounds: social, cultural and
academic. The school encourages excellence and participation and ensures that every boy 15
supported pastorally so that he can perform to his potential.
The School became a charity registered with the Charity Commission for Northern Ireland
on 19 April 2021 with charity registration number 108024.

THE ROYAL BELFAST ACADEMICAL INSTITUTION
GOVERNORS, REPORT
For the year ended 31 March 2023
Objectives and activlties
a) Purpose
The purpose of the School includes improving education standards, enhancing
opportunities, and equipping young men to take their place in society.
b) Activities for achieving the purpose
The Royal Belfast Academical Institution carries out its purposes in the following
ways:
By establishing and maintaining a preparatory school for 5 to 11-year-old boys in
Belfast.
By establishing and malntalnlng a post primary voluntary 8rammar school for
I,OSO boy5 in Central Belfast.
By providing educatlon, as prescribed by the Department of Education, and
thereby equipping pupils to sit the prescribed examinations for admission to
tertiary education, to enter the labour market and generally to enable pupils to
take their place in society as good citizens.
By providing sporting and recreational extra-curricular activitles.
By repairing and keeping in good order repair and condition the School estate so
that it is fit for the purpose for which it is intended.
By employing teaching staff to deliver the curricula of the preparatory school and
the post primary grammar school.
iv.
vi.
c) Public Beneflt Declaration
The direct benefits which flow from the purpose include improved education
standard5, enhanced opportunities, and the equipping of young men to take their
place in society. All of these benefit the public as a whole. The benefits are
demonstrated through the examination results of students following testing,
regular evaluation of services and the feedback from students and parents. The
benefits are further demonstrated by the large number of boys from every section of
society who progress to tertiary education or into employment on leaving school.
The beneficiaries of the charity's activities are the boys who receive their education
at the School and society as a whole. There is no private benefit flowing from the
purpose.

THE ROYAL BELFAST ACADEMICAL INSTITUTION
GOVERNORS, REPORT
For the year ended 31 March 2023
Achievements and Performance
Establishing and maintaining a preparatory school for 5 to 11-year-old boys in
Belfast
The Inchmarlo Preparatory Department was established in 1917 and is continuing to
provide an education for 5-11 year old boys.
By establishing and maintalning a post primary voluntary grammar school for 1.050
boys in Central Belfast.
The School opened in 1810 and is continuing as a post primary voluntary Grammar
School on the College Square East Site.
By provldlng education, a5 prescribed by the Department of Educatlon, and
thereby equipping pupils to slt the prescrlbed examination5 for admi55ion to
tertiary education, to enter the labour market and generally to enable puplls to
take thelr place In society as good citlzens.
The School is currently providing education to equip pupils to sit the prescribed
examinations for admission to tertiary education, to enter the labour market and
generally to enable pupils to take their place in society as good citizens.
iv.
By providlng sporting and recreational facllltles for extra-curricular activities.
The School provides sporting and recreational facilities acros5 a wide range of clubs
and societies.
By repalring and keeping in good order repalr and condition the School estate so
that it15 fit for the purpose for which It Is Intended.
The Board of Governors continues to invest in a series of capital projects to support
the School to deliver its academic and co-curricular objectives.
The School does not receive capital grant aid from the Department of
Education/Education Authority and is required to raise its own funds to support
capital projects.
vi.
By employing teaching staff to deliver the curricula of the preparatory school and
the post primary grammar school.
The School employs suitably qualified teachers to deliver the curricula of the
preparatory school and the post primary grammar school.
The academic and co-curricular achievements are reported to the Board of Governors at
every Board meeting.

THE ROYAL BELFAST ACADEMICAL INSTrruTION
GOVERNORS, REPORT
For the year ended 31 March 2023
Fundraising and generating income
RBAI is a category 8 Voluntary Grammar school. The School receives funding from the
Department of Education towards teaching and learning, however it does not receive any
capital support towards the upkeep of the School estate. Philanthropy, income from
investments and fees from parents form a critical element of the School's capital
development plan. Fundraising campaigns are overseen by the RBAI Foundation Office.
In 2018, the Excellence for All campalgn was launched. The campaign supported three
priorities:
Transforming Our Campus
Sporting Excellence
Social Mobility
Plans for future periods
In order to continue to offer the excellent education that the School has provided for over
two hundred years, the Board of Governors has developed a long term vision for the school
campus by identifying future needs and priorities of the whole school. The campus vision is
to replace the swimming pool and dining hall and ensure all classrooms are fit for purpose.
Financial Revlew
The financial statements have been prepared on a going concern basis in accordance with
the Statement of Recommended Practice {SORP): Accounting and Reporting for Charities
{FRS 102).
The flnancial statements on pages 23-43 comprise the Statement of Financial Activities, the
Balance Sheet, Cashflow Statement and the Notes to the Accounts.
The Statement of Financial Activities shows net income before investment losses of
£885,706 for the year. The Balance Sheet at 31 March 2023, shows net assets of
£40,080,984.
The grant funding from the Education Authority, at just over £6.Imillion, represents 62% of
our total income of £9.8million.
The combined staff costs are £5.9million, equating to 109% of Common Formula Grant
fundin& illustrating the challenge of funding the School. Total staff c05t5 represent 70.6% of
total expenditure.
The increase in fees reflects an annual inflationary increase along with stable pupil numbers
at the Main School.

THE ROYAL BELFAST ACADEMICAL INSTITUTION
GOVERNORS. REPORT
For the year ended 31 March 2023
Income from the use of premises was higher than even pre-Pandemic income, mainly due to
an increased use of the swimming pool.
The major challenges faced by the Institution are threefold:
Firstly, funding the revenue deficit for the Main School due the insufficient funding
by the Department of Education
Secondly, ensuring the Preparatory Department remains viable and
Thirdly, funding both the maintenance and replacement of buildings on the School
Campus.
The Board of Governors, through the Finance and General Purposes Committee, will
continue to address all three issues and manage the financial affairs of the Institution to
ensure a long and secure future for the School.
The Board receives regular financial reports including Management Accounts at every Board
meeting and prepares budgets, including cash flows and capital plan5 on an annual basis.
Going Concern
The Board of Governors has considered the School's forecasts and projections. The
Governors have a reasonable expectation that the School has adequate resources to
continue in operational existence for the foreseeable future. The School, therefore,
continues to adopt the going concern basis in preparing its financial statements. The
Department of Education has confirmed fundln8 of £5,441,009 for the year 2023124.
Investment powers and policies
The School's assets must be invested in accordance with the Trustee Act (Northern Ireland)
2001 and the School's own 'Scheme of Endowment,. This is enacted by the Investment
Committee through the School's Investment policy.
The purpose of the Investments is to provide the School with sufficient income to meet its
needs whilst maintaining the value of the capital in real terms.
The Schools investments are managed by three fund Managers: M&G Investments,
Rathbones Investment Management and Abrdn on behalf of the Northern Ireland Central
Investment Fund for Charities {NICIFC).

THE ROYAL BELFAST ACADEMICAL INSTrruTION
GOVERNORS, REPORT
For the year ended 31 March 2023
Reserves policy
The Governors believe that the School needs unrestricted re5enies equivalent to the
carrying value of fixed assets, six months working capital outgoing resources, annual capital
replacement costs and specific capital project costs. In addition, the School requires
investment reserve income to make up shortfalls in the School's annual budget.
The recommended level of general unrestricted reserves at 31 March 2023 is £37m
comprising of six months working capital, budgeted capital replacement, capital
development and investment reserve fund. The general unrestricted reserves at 31 March
2023 were £24.Im. At this level, the Governors feel that they would be able to continue the
current activities of the School without major capital projects and are in the process of
developing an action plan to increase reserves to meet future capital development. The
unrestricted reserves of £38.4m comprise net current assets of £2.3m which are readlly
available to fund working capital requirements and the immediate capital needs of the
School. The remaining unrestricted reserves comprise investments which could be realised
to support the reserves policy.
Currently, the School has no borrowings and has a strong asset base, which underpins its
activities, however, the Governors recognise that it is imperative that the School works
towards building reserves towards the required capital development and maintenance
programmes for the School.
Amounts attributable to land and buildings and other fixed asset5 will be held as designated
resenies as these assets are held for the long term and are not readily disposable. In the
financial year ended 31 March 2023 the Governors have allocated an amount of £14.3m as
Designated Funds.
At the year-end there were capital project budgets approved by the Governors totalling
£0.4m and a review of the School Estate is ongoing to ensure the estate is fit for purpose for
the next 50 years.
The Reserves Policy is monitored and reviewed at least annually. The Governors actively
considers the reserves target, in light of capital development and maintenance plans.
At 31 March 2023, the School's reserves were £40,080,984 (2022:£ 40,974,077). This
comprised of £1,613,875 (2022:£ 1,475,185) restricted funds and £38,467,109 (2022:
£39,498,892) unrestricted funds.
Tax Status
The School is registered as a charity for corporation tax purposes.

THE ROYAL BELFAST ACADEMICAL INSTITUTION
GOVERNORS, REPORT
For the year ended 31 March 2023
Structure. Governance and Management
Governing Document
The Institution is governed by the Scheme of Endowment. A Board of Governors is
appointed by the Members of the Institution to govern and manage the Institution.
Governors are appointed from within the membership of the Institution.
Appointment or election of Governors
Representative Governors are appointed to serve as for a term of three years. Co-opted
Governors, with a speclalist interest in education are appointed to serve as for a term of
three years. Teacher Governors are elected from and by the body of permanent teaching
staff in the organisation for a period of 4 years. Parent Governors are elected from and by
the body of parents/guardians of pupils enrolled in the School, including the Preparatory
Department, for a period of 4 years.
The Representative Governors at March 2023 are as follows:
l. A.1. Adair, LL.B., F.R.C.S.I.
2. P.J. Dolaghan, P.G.C.E., (l.T.)
3. S.T. Gowdy, LL.8.
4. J.C. Kernohan, B.A.
5. K.0. Latimer, O.B.E., M.A., Dip.Lib.Stud., F.C.L.l.P.
6. W.M.W. McDowell, F.R.l.C.S.
7. P. Shields, B.Sc., P.G.D.
8. J.J. Wylie, M.A., F.C.A.
Vacate
2023
9. 1.5. Corry, M.D., F.R.C.S. {Orthl, Dip.Sports.Med.
10. D.S. Croft, M.Sc., B.A., M.l.B.
11. A.G. Dick MB Bch MRCGP
12. C.D. Gowdy, LL.B., (Vice Choirman)
13. W.J. Keith, O.B.E., M.Sc., B.Ed., Dip.G.&C.
14. J.D. Stelfox, M.B.E., D.L., R.l.B.A., F.R.l.A.l.
15. W.A. Wilson, F.R.l.C.S.
16. W.R. Wilson, LL.B. (Hon. Secretary)
Vacate
2024
17. C. Finnegan, B.A.
18. B.J. Cheevers, B.A.
19. M. Fitch, LL.B., F.C.A.
20. R.M. Howard, B.Sc., F.C.A. (Chairman)
21. C.J. Johnston, B.A., F.C.A.
22. G. Parkes, M.B.A., Chartered Fellow C.l.P.D.
23. J.E. Rutherford B.Sc., M.A.
24. M W Shaw BEng. M.B.A. C.Eng. F.l.Struct.E. M.l.C.E. M.l.E.l.
Vacate
2025
io

THE ROYAL BELFAST ACADEMICAL INSTITUTION
GOVERNORS, REPORT
For the year ended 31 March 2023
The Co-opted Educational Governors at March 2023 are as follows:
R.W. Magee Bsc MA PGCE PQHINI)
Sir D. Sterling KCB
{vacate 2025)
(vacate 2024)
The Parent Representative Governors at March 2023 are as follows..
C. Holmes B.Sc., M.A., F.C.A.
C. Moran B.A., M.A., M.Phll., Ph.D.
(vacate 2025)
(vacate 20251
The Teacher Representatlve Governors at March 2023 are as follow5:
S. Archibald, M.Eng., P.G.C.E.
J.B. Peak, B.A., P.G.C.E.
(vacate 20251
(vacate 20251
Newly appointed Governors receive induction tralnlng from the Chalrman of the Board of
Governors, the Principal and the Bursar. All Governors receive annual safeguarding and child
protection training. A suite of training programmes is provided by the Education Authority
for all Governors.
Organ15ational Structure
The Board of Governors is supported in carrying out its Governance role by Committees and
Sub-Committee5.
li

THE ROYAL BELFAST ACADEMICAL INSTITLrrioN
GOVERNORS. REPORT
For the year ended 31 March 2023
Governance Structure
rd 01￿1rn0
5Ghgol ¢•rnrnl¢t•e
FINn¢•Commltio•
Prqp•rtv 5uty.
eommltt**
Fde$6ursJry Sub-
Comm1¢¢••
Inchmirl
H•>hh &54f•tyind
RlskMirbwrn•nt
Commttt••
IcrcDmrrlltt•
St4rnniCommltt•*
Audlt c￿rn￿¢•I
Inv•￿mIntcomrnttta1
ABAI FoUrd•t￿fi
rnrnltt••
C4mmltt••
School Committee
The School Committee has responsibility with regard to the educational and pastoral
aspects of the School. In doing SO the Committee reviews the process for the intake to Year
oversees teaching appointments; considers the on-going review and implementation of
the School's Development Plan, reviews the provision of Pastoral Care, including Child
Protection and Special Educational Needs (S.E.N.), and considers various educational
initiatives, internal reviews and policies.
Finance & General Purposes Commlttee
The Finance & General Purposes Committee keeps under review all aspects of the School's
finances through annual budgets and financial reports.
Property Sub-commlttee
The Property Sub-committee manages a wide range of capital development and
maintenance matters pertaining to the School's estate.
Fees Bursary Sub-commlttee
The Fees Bursary Sub-committee administers the School's fees Bursary Scheme. The
Governors believe that no boy should be denied an education in the Secondary
Department because of the financial circumstances of his parents or guardians. The Fees
Bursary Scheme supports parents/guardians to meet the fees which the School charges.
12

THE ROYAL BELFAST ACADEMICAL INSTITUTION
GOVERNORS, REPORT
For the year ended 31 March 2023
Audit Committee
The Audit Committee considers the School's Annual Report and Financial Statements;
receives the reports and recommendations of the internal and external auditors; and
thereby reviews the effectiveness and efficiency of the School's systems of internal control
and financial management.
The internal auditor, ASM, reported that the Institution had a sound framework of control,
which provided satisfactory assurance regarding the system of internal financial control.
The external auditor, Moore {N.I.I LLP, reported that an unqualified audit opinion would be
issued.
Stafflng Committee
The Staffing Committee considers a range of matters relating to the terms and conditions of
employment of individuals within the teaching and non-teaching staff, including internal and
external appointments and also conslders the annual review of salaries.
Investment Commlttee
The Investment Committee monitors the performance of the School's fund managers
against their set objectives of providing both revenue income - to make good the shortfall
in Government funding- and capital growth-to ensure the School's financial stability into
the future.
l.C.T. Commlttee
The l.C.T. Committee manages the rolling l.C.T. hardware and infrastructure requirements
of Inchmarlo and the Main School. The Committee also oversees the formation of policies
and distribution of resources to support learning.
Health. Safety & R15k Management Committee
The Health, Safety & Risk Management Committee provides an oversight of matters
relating to the School's on-going risk management process and procedures across a diverse
range of aspects. The Committee continues to monitor the response to the on-going
pandemic.
RBAI Foundation Committee
The RBAI Foundation Committee oversees fundraising and works closely with the Belfast Old
Instonians Association and serves as the hub for communication5 Wlth alumni and friends of
the School around the world.
13

THE ROYAL BELFAST ACADEMICAL INSTrruTION
GOVERNORS, REPORT
For the year ended 31 March 2023
Inchmarlo Management Committee
The Inchmarlo Management Committee considers a diverse range of issues including: the
educational provision and performance of the pupils, the School's Development Plan; pupil
intake and enrolment numbers. administration of pastoral matters; finance and budgetary
administration; and the maintenance of the Inchmarlo estate.
Senior Leadershlp Team
The Senior Leadership Team, comprising the Principal, the Vice-Principal (Curriculum and
Quality Assessment), the Vice Principal (Pastoral and Pupil Achievement) and the Bursar, has
responslbility for implementing and managing the strategies approved by the Board of
Governors.
Board of Governors
Bur54r
Princlpal
Vite Prrncipal
(Pastoral and Pupil Achlevementl
Vl¢e Prlnclpal
Icurrlculurn and Quallty
Assurance)
Declsion making
The Board of Governors determine the strategic direction and policies for the School.
Responsibility is delegated to the Senior Leadership Team to implement the strategies and
policies and ensure the School achieves its aims and objectives. The School Development
Plan and a550ciated budgets provide a framework for the implementation of the strategies.
Members of the Senior Leadership Team attend all meetings of the Board of Governors and
provide written and verbal information regarding the progress of the implementation of
the School Development Plan, budgetary updates, variances arising and any remedial
action taken.
14

THE ROYAL BELFAST ACADEMICAL INSTITUTION
GOVERNORS, REPORT
For the year ended 31 March 2023
Remuneration of Senior Leadership Team
The Staffing Committee review the salaries of all staff on an annual basis. The Committee
makes recommendations to the Board for any changes in salary, outside of agreed national
agreements, including the salaries of the Senior Leadership Team. The Board of Governors is
ultimately responsible for the setting of staff salaries.
Relationshlp5 With Related Parties
Due to the nature of the School's operations and the composition of the Board of Governors,
being drawn from local, public and private sector organisations, it Is inevltable that
transactions will take place wlth organisations in which a member of the Board of Governors
may have an interest. All transattions Involvin8 organisations in which a member of the Board
of Governors may have an interest are conducted at arm's length and in accordance with the
School's financial regulations and normal procurement procedures.
Statement of Governors Responsibilities
The Board of Governors of Royal Belfast Academical Institution is responsible for the
administration and management of the affairs of the School and is required to present
audited financial statements for each financial year.
Within the terms and conditions of the Scheme of Endowment, the Board, through its Chair,
is required to prepare financial statements for each financial year which give a true and fair
view of the state of affairs of the School and the result for that year.
In preparing the financial statements the Board is required to:
select sultable accounting policies and then apply them consistently,.
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any
material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate
to assume that the School will continue in operation.
The Board is also required to prepare an Annual Report which describes the School
objectives and how they are to be achieved, including the legal and administrative status of
the School.
The Board is responsible for keeping proper accounting records to safeguard assets of the
School and for preventing and detecting fraud and other irregularities.
15

THE ROYAL BELFAST ACADEMICAL INSTITUTION
GOVERNORS. REPORT
For the year ended 31 March 2023
The Board has taken reasonable steps to:
ensure that funds from the Department of Education are used only for the purposes
for which they have been given,"
ensure that there are appropriate financial and management controls In place to
safeguard public funds and funds from other sources;
safeguard the assets of the School,.
secure the economlc, efficient and effective management of the School's resources
and expenditure.
Dlsclosure of Informatlon to Audltors
So far as each of the members of the Board is aware at the time thls report is approved:
there is no relevant audit information of which the audltors are unaware and
that the members of the Board have taken all the steps they ought to have taken to
make themselves aware of any relevant audit information and to establish that the
audltors are aware of that information.
Approved on behalf of the Governors on 22 May 2023 by:
R.M. Howard
Chalrman
16

THE ROYAL BELFAST ACADEMICAL INSTrruTION
INDEPENDENT AUDITOR'S REPORTTO THE BOARD OF GOVERNORS OF THE ROYAL
BELFAST ACADEMICAL INSTITUTION
Opinion
We have audited the financial statements of The Royal Belfast Academical Institution {the
st
'School') for the year ended 31 March 2023 which comprise the Statement of Financial
Activities, the Income and Expenditure Accounts, the Balance Sheet, the Cash Flow and
notes to the financial statements, 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 School's affairs
st
a5 at 31 March 2023 and of its incoming resources and application of resources, for
the year then ended;
The financial statements have been properly prepared in accordance with the
standards of accounting set by the Department of Education for Voluntary Grammar
School's Statement of Accounts and in accordance with United Kingdom Generally
Accepted Accounting Practice;
Proper accounting records have been kept by the School throughout the period;
The School's whole system of internal control in the relevant financial period was
such as to comply with the obligations placed on the Board of Governors by the
Department of Education and we have not identified any significant weaknesses;
Grants made by the Department of Education and funds from other sources
reported in the relevant financial period have been applied In accordance with the
Financial Memorandum and any other terms and requirements attached to them:
Pension deductions made bythe School in the relevant financial period were
calculated correctly and have been paid over as required.. and
The financial statements have been prepared In accordance with appllcable law,
guidance issued by the Department of Education and International Standards on
Auditing (UKI.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) {1SAs
(UKI) and applicable law. Our responsibilities under those standards are further described in
the Auditor's responsibilities for the audit of the financial statements section of our report.
We are independent of the School 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 ethical responsibilities in accordance with these
requirement5. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
17

THE ROYAL BELFAST ACADEMICAL INSTITLTfioN
INDEPENDENT AUDITOR'S REPORTTO THE BOARD OF GOVERNORS OF THE ROYAL
BELFAST ACADEMICAL INSTITUTION
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Governors, 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 School's ability to continue as a going concern for a period of at least twelve months
from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Governors with respect to going concern
are described in the relevant sections of this report.
Other Information
The Governors are responsible for the other information. The other informatlon comprises
the information Included in the annual report, other than the financial statements and our
auditor's report thereon. Our oplnion 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 mi55tatements, we are required to determine whether there is a material
misstatement in the financial statements or a material misstatement of the other
Information. 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.
Matters on whlch we are required to report by exception
We have nothing to report in respect of the following matters where legislation requires us
to report to you if, in our opinion..
the information given in the Governors, Annual Report is inconsistent in any material
respect with the financial statements; or
sufficient accounting records have not been kept; or
the financial Statements are not in agreement with the accounting records and
returns,. or
we have not received all the information and explanations we require for our audit.
18

THE ROYAL BELFAST ACADEMICAL INSTITUTION
INDEPENDENT AUDITOR'S REPORTTO THE BOARD OF GOVERNORS OF THE ROYAL
BELFAST ACADEMICAL INSTITUTION
Responsibilities of Governors
As explained more fully in the Governors, Responsibilities Statement set out on page 15, the
Governors 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 Governors
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 Governors are responsible for assessing the
School's ability to continue as a going concern, disclosin& as applicable, matters related to
going concern and using the going concern basis of accounting unless the Governors either
intend to liquidate the School or to cease operations, or have no realistic alternative but to
do so.
Auditorfs responslbllltles for the audit 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 8uarantee 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.
Extent to whlch the audit was considered capable of detecting irregularities, including
fraud
The objectives of our audit in respect of fraud, are; to identify and assess the risks of
material misstatement of the financial statements due to fraud; to obtain sufficient
appropriate audit evidence re8ardin8 the assessed risks of material misstatement due to
fraud, through designing and implementing appropriate responses to those assessed risks.
and to respond appropriately to instance5 of fraud or suspected fraud identified during the
audit. However, the primary re5pon5ibility for the prevention and detection of fraud rest5
with both management and those charged with governance of the School.
19

THE ROYAL BELFAST ACADEMICAL INSTITUTION
INDEPENDENT AUDITOR'S REPORTTOTHE BOARD OF GOVERNORS OF THE ROYAL
BELFAST ACADEMICAL INSTITUTION
Our approach was as follows:
We obtained an understanding of the legal and regulatory requirements applicable
to the School and considered that the most significant to be the Accounting and
Reporting by Charities: 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 102).
We obtained an understanding of how the School complies with these requirements
by discu55ions with management and those charged with governance.
We assessed the risk of material misstatement of the financlal statements, including
the risk of material misstatement due to fraud and how it might occur, by holding
discussions with mana8ement and those charged with governance.
We inquired of management and those charged with governance as to any known
instances of non-compliance or suspected non-compliance with laws and
regulations.
Based on this understanding, we designed specific appropriate audit procedures to
identify instance5 of non-compliance with laws and regulations. This included making
enquiries of management and those charged with governance and obtainin8
additional corroborative evidence as required.
As part of an audit in accordance with ISAS (UK) we exercise professional judgement and
maintain professional scepticism throughout the audit. Audit procedures performed by the
engagement team included:
We obtained an understanding of the School's internal control systems in order to
design audit procedures that are appropriate in the circumstances, but not for the
purposes of expressing an opinlon on the effectiveness of the School's internal control.
We obtained an understanding of how the School complies with relevant laws and
regulations by making enquiries of management and those charged with governance.
Enquiry of management, those charged with governance and the entit¢s solicitors
around actual and potential litigation and claims.
Enquiry of entity staff to identify any instance5 of non-compliance with laws and
regulations.
Performing analytical procedures to identify any unusual or unexpected relationships
that may indicate risks of material misstatement due to fraud.
20

THE ROYAL BELFAST ACADEMICAL INSTrruTION
INDEPENDENT AUDITOR'S REPORTTO THE BOARD OF GOVERNORS OF THE ROYAL
BELFAST ACADEMICAL INSTITUTION
Reviewing minutes of meetings of those charged with governance.
Reviewing internal audit reports.
Reviewing financial statement disclosures and testing to supporting documentation to
assess compliance with applicable laws and regulations.
Auditing the risk of management override of controls, including through testing Journal
entries and other adjustments for appropriateness, and evaluating the rationale of
significant transactions that are unusual or outside the normal course of business.
We communicated relevant laws and regulations and potential fraud risks to all engagement
team members, and remained alert to any indications of fraud or non-compliance with laws
and regulations throughout the audit.
There are inherent limitations in the audit procedures described above and the further
removed non-compliance with laws and regulations is from the events and transactions
reflected in the financial statements, the less likely we would become aware of it. Also, the
risk of not detecting a material misstatement due to fraud is higher than the risk of not
detecting one resulting from error, as fraud may involve deliberate concealment through
collusion, forgery, intentional omissions, misrepresentations or the override of internal
control.
A further description of our responsibilities for the audit of the financial statements is
located on the Financial Reporting Council's website at:
http://www.frc.or8.uk/auditorsresponsibilties. This description forms part of our auditorfs
report.
We communlcate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant findings, including any significant
deficiencies in internal control that we identify during our audit.
21

THE ROYAL BELFAST ACADEMICAL INSTrruTION
INDEPENDENT AUDITOWS REPORTTOTHE BOARD OF GOVERNORS OF THE ROYAL
BELFAST ACADEMICAL INSTITUTION
Use of our report
This report Is made solely to the School's Governors, as a body. Our audlt work has been
undertaken so that we might state to the School's Governors 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 than the
School and its Governors as a body, for our audlt work, for this report, or for the opinions
we have formed.
Moore Nl LLP
Senior StatLrtory Audltor
4th Floor- Done8all House
7 Donegall Square North
Belfast
Northern Ireland
BTI 5GB
Date:
Moore (Nl) LLP is eligible to act as an auditor in terms of section 65 of the Charlties Act (Nl)
2008
22

THE ROYAL BELFAST ACADEMICAL INSTITUTION
STATEMENT OF FINANCIAL ACTIVITIES
For the year ended 31 March 2023
Unrestrlcted Funds
Restrlcted
Funds
Total
2023
Total
2022
General
Funds
Designated
Funds
Note
Income from:
Donations and
legacies
75,959
237,493
313,452
435,077
Charitable activltles
7,961,386
7,961,386
7,844,273
Investments
888,833
11,330
31,353
931,516
834,223
Other sources
580,937
580,937
512,874
Total Income
9,431,156
87,289
268,846
9,787,291
9,626A47
enditure o
Fundraising activities
125,576
130,156
255,732
219,773
Charltable activities
io
8,286,905
358,948
8,645,853
8,077,129
8,412,481
358,948
130,156
8,901,585
8,296,902
Net income
(expendlturel for the
year
1,018.675
1271.659)
138,690
885,706
1,329,545
ILosslGain on
Investments
17
11,778,799)
11,778,799)
1,156,745
Fund balances at I
Aprll 2022
22
24,906,837
14,592,055
1,475,185
40,974,077
38,487,787
Fund balances at 31
March 2023
24.146,713
14,320,396
1,613,875
40,080,984
40,974,077
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 27 to 43 form part of these financial statements.
23

THE ROYAL BELFAST ACADEMICAL INSTITUTION
BALANCE SHEET
For the year ended 31 March 2023
Notes
2023
2022
Fixed assets
Tangible fixed assets
Investments
16
17
13,453,825
23,854,424
470,(J)O
37,778,249
12,376,957
25,633,223
470,000
38,480.180
Investment properties
Total fixed assets
18
Current assets
Debtors
Cash at bank and in hand
Total current assets
19
20
427,921
2,946,636
3,374,S57
525,408
2,886,858
3,412,266
Current Ilabllltles
Creditors: amounts falling due within one year
Totsl current Ilabilities
21
1,071,822
1,071,822
918,369
918,369
Net current assets
2,302,735
2,493,897
Total assets less Ilabilitles
40,080.984
40,974,077
Represented by:
22
Unrestrirted funds:
General
24,146,713
24,906,837
Designated
14,320,396
14,592,055
Total Unrestricted Funds
Restricted funds:
Trust Fund Accounts - Capital
Trust Fund Accounts- Revenue
38,467,109
39,498,892
182,606
182,606
292,118
278,322
RBAI Foundation
1,136,979
1,012,138
War Memorial Fund
2,171
2,118
Inst Hockey Limited
Total Restricted Funds
1,613,875
1,475,185
Total Funds
40,080,984
40,974,077
24

THE ROYAL BELFAST ACADEMICAL INSTITLrrioN
BALANCE SHEET
For the year ended 31 March 2023
The Governors acknowledge their responsibilities for:
Ensuring the charity keeps accounting records that comply with section 386 of the
Act
Preparing financlal statements which give a true and falr view of the state of affairs
of the charity as at the end of the financial year and of its incoming resources and
application of resources, including its income and expenditure, for the financial year.
The notes on pages 27 to 43 form part of the financial statements.
The financial statements were approved by the Governors on 22 May 2023
R.M. Howard
Chairman
S.T. Gowdy
Convenor of the School Committee
ohan
oroft
Conve
Finance & General Purposes Committee
25

THE ROYAL BELFAST ACADEMICAL INSTITUTION
STATEMENT OF CASHFLOWS
For the year ended 31 March 2023
Note
2022
Net cash inflow from operating activlties
23
564,078
1,082,619
Cash flows from investlng actlvities:
Payments for Fixed Assets
Income from estates properties
Income from dividends
Cost of investment acquisition
Net cash (outflow) Inflow from investing
actlvltiÈs
(1,435,816)
23,006
908,510
(318,196)
21,568
812,655
(504,3001
516,027
Change in cash and cash equivalents
20
59.778
1,598,646
Cash and cash equlvalents at l April
2,886,858
1,288,212
Cash and cash equlvalents at 31 March
2,946,636
2,886,858
26

THE ROYAL BELFAST ACADEMICAL INSTITUTION
NOTES TO THE AcCou￿rS
For the year ended 31 March 2023
I. STATEMENT OF PRINCIPLE ACCOUNTING POLICIES
Format and basls of Accounts
The accounts have been prepared in accordance with the accounting policies set out in Note
I to the accounts and comply with the Institution's Scheme of Endowment and "Accounting
and Reporting by Charities: 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 (FR5102} (effective l January 2019) and the Charities Act
(Northern Ireland) 2008."
Golng Concern
The Board of Governors has considered the School's forecasts and projections. The
governors have a reasonable expectation that the School has adequate resources to
continue in operational existence for the foreseeable future. The School, therefore,
continues to adopt the going concern basis in preparing its flnancial statements.
Charltable Funds
Unrestricted funds are available for use at the discretion of the Governors in furtherance of
their charitable objectives, unless the funds have been desi8nated for other purposes.
Designated funds comprise unrestricted funds which have been set aside, at the discretion
of the Governors, for specific purposes.
Restricted funds are subject to specific conditions by donors as to how they may be used.
Recognltion of Income
Income from fee5 is recognised at the be8innin8 of the academic year in which it IS
receivable.
Income from hire of premises is included to the extent of the completion of the contract.
All investment income received is credited to the income and expenditure account in the
period in which it is received.
The recurrent grant and other revenue grants received from the Department of Education
are recognised in the period in which they are received/receivable.
Other Grants includes amounts receivable under the Coronavirus Job Retention Scheme to
reimburse the School for the wages of certain employees who were furloughed during the
period but who remained on the School's payroll. As this Scheme involves a transfer of
resources from government to the entity, it meets the definition of a government grant.
27

THE ROYAL BELFAST ACADEMICAL INSTITirrioN
NOTES TO THE AcCou￿rS
For the year ended 31 March 2023
Pension Schemes
The two principal pension schemes for the School's staff are the Northern Ireland Teachers,
Superannuation Scheme (NITSS) and the Northern Ireland Local Government Officers,
Superannuation Committee (NILGOSC) schemes. Payments are made to the Northern
Ireland Teachers Pension Scheme (NITPS) for teaching staff and to the Northern Ireland
Local Government Officers Superannuation Committee INILGOSC) for support staff. These
are both independently administered schemes.
The NITSS is an unfunded defined benefit, voluntary membership scheme administered by
the Department of Education. The current regulations under which the scheme operates
are the Teachers, Superannuation Regulations (Nll 1998 (as amended>. The NITPS is a multi-
employer scheme and the School is unable to identify its share of the underlying assets and
liabilities of the scheme on a consistent and reasonable basis. The NITPS is therefore treated
as a defined contribution scheme and the contributions expenses as they are paid each
year.
A full actuarial review of the Northern Ireland Teachers Pension Scheme was carried out
during the 2018-19 year whlch resulted in the employer contribution rate increasing from
17.7% to 25.1% from l April 2019.
NILGOSC is a defined benefit multi-employer scheme which is externally funded. The
NILGOSC Fund is valued every three years by an independent actuary. The latest valuation
was carried out on 31 March 2022 by the Committee's Actuary, Aon plc. Employers,
contribution rates have remained at 19.5% since l April 2020 but will decrease to 19.0%
from l April 2023.
The NILGOSC scheme is treated as a defined contribution scheme. The Board is of the
opinion that the contributions to the scheme should be treated as a defined contribution
scheme because, at present, no future liability rests with the School, other than its normal
monthly contributions and, at present, the contributions to the scheme are set at a common
level for employers within the same bands in the scheme. The contributions are expenses as
they are paid each year.
28

THE ROYAL BELFAST ACADEMICAL INSTITUTION
NOTES TO THE ACCOUNTS
For the year ended 31 March 2023
Tanglble Fixed Assets
Land and Buildings
Land and buildings are stated in the Balance Sheet on the basi5 of historical cost, as the open
market value for existing use is not readily obtainable. The value of the School's land is
deemed to be nil, as the land held by the School was purchased or donated at a cost that is
now immaterial for valuation purposes. Freehold land is not depreciated. Freehold buildings
and major adaptations to buildings are depreciated over 50 years. A review of building
condition and useful lives is reassessed every 5 years.
Equipment & Motor Vehicles
Equipment costlng less than £10,000 per indlvldual item is written off to the Statement of
Financial Activities In the period of acquisition. All other equipment is capltalised at cost.
All assets are depreclated over their useful economic life as follows:
Motor vehicles
5 years,"
General equipment
10 years;
Computer equipment
3 years.
Investments
Investments are included at closlng mid-market value at the balance sheet date. Any gain or
loss on the revaluation is taken to the Statement of Financial Activities. Investment income
is accounted for in the period In which it is received.
Investment Property
Investment properties that are held for the generation of rental income are valued at current
market value. Donated land that is not used for school activities is valued as agricultural land,
at the current market value.
Malntenance of Premise5
The cost of routine maintenance, responsive and prevenative, is charged to the Statement of
Financial Activities in the period that it is incurred.
1.10. Taxation
As a registered charity, the School is an exempt from tax.
29

THE ROYAL BELFAST ACADEMICAL INSTITLrrioN
NOTES TO THE ACCOUNTS
For the year ended 31 March 2023
Accordingly, the School is potentially exempt from taxation in respect of income or capital
gains received within categories covered by Part 11 of CTA 2010 or section 256 of the
Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied
to exclusively charitable purposes.
The School is not registered for VAT.
1.11. Employee benefits
The cost of any unused holiday entitlement is recognised in the period in whlch the
employee's services are received.
1.12. Cash at bank
Cash at bank includes amounts held on deposit with the School's bank.
1.13. Llabillties and provisions
Provisions are recognised when the School has a present legal or constructive obligation as a
result of a past event, it is probable that a transfer of economic benefits will be required to
settle the obligation and a reliable estimate can be made of the amount of the obligation.
1.14. Debtors
Estimates are made in respect of the recoverable value of School fee debtors and other
debtors. When assessing the level of provisions required, factors including current trading
experience, historical experience and the agein8 profile of debtors are considered.
1.15. Stock
The School does not hold stock for resale.
30

THE ROYAL BELFAST ACADEMICAL INSTITUTION
NOTESTO THE ACCOUNTS
For the year ended 31 March 2023
2. INCOME FROM DONATIONS AND LEGACIES
2023
2023
2023
2022
Unrestricted
Designated
Restricted
Total
Total
Trust Fund
Accounts
3CM)
RBAI Foundation
75,959
237,493
313,452
434,777
75,959
237,493
313,452
435,077
3. INCOME FROM CHARITABLE ACTIVITIES
Note
2023
2022
Unrestricted General
Total
Education Authority Grants
6,112,728
6,100,981
Other Grants
253
School Activities
1,848,658
1,743,039
7,961.386
7,844,273
31

THE ROYAL BELFAST ACADEMICAL INSTITUTION
NOTES TOTHE ACCOUNTS
For the year ended 31 March 2023
4. INCOME FROM EDUCATION AufHORITY GRANTS
2023
2023
2023
2022
Main School
Prep
Total
Total
Common Formula
Funding Grant
5,515,548
83,505
5,599,053
5,552,331
Classroom Assistant
Grant
180,466
70,764
251,230
208,638
Grant." Staff Cover
44,696
73
44,769
66,848
Grant: Teachers, Back
Pay Ilncrement & NIC)
33,243
33,243
84,377
Grant: Non-Teaching
payrise
5,277
5,277
Grant: COVID
50,190
6,466
56,656
125,605
Grant: SEND
17,383
17,383
25,596
Grant: Energy Prlce
Mitigation
46,789
46,789
Other DE Grants
49,881
8,447
58,328
37,586
5,943,473
169,255
6,112,728
6,100,981
5. INCOME FROM OTHER GRANTS
2023
2022
Coronavirus Job Retention Scheme
253
32

THE ROYAL BELFAST ACADEMICAL INSTrruTION
NOTES TO THE ACCOUNTS
For the year ended 31 March 2023
6. INCOME FROM SCHOOL ACTIVITIES
2023
2023
2023
2022
Main School
Prep
Total
Fees
1,166,588
550,353
1,716,941
1,689,444
Sundry income
42,320
97
42,417
35,022
Pupils, Text Books &
Stationery
74,900
14,400
89,300
18,573
1,238,808
564,850
1,848,658
1,743,039
7. INCOME FROM INVESTMENTS
2023
2023
2023
2023
2022
Unrestricted
General
Unrestrlcted
Designated
Restrlcted
Total
Total
Dlvidends
865,827
11,330
31,353
908,510
812,655
Land & Property
Rent
23,006
23,006
21,568
888,833
11,330
31,353
931,516
834,223
33

THE ROYAL BELFAST ACADEMICAL INSTITUTION
NOTES TO THE ACCOUNTS
For the year ended 31 March 2023
8. INCOME FROM OTHER SOURCES
2023
2023
2023
2022
Main School
Prep
Total
Total
Income from use of
premises
78,127
320
78,447
63,149
Sundry Income
57,734
57,734
30,300
Wraparound Care
29,472
29,472
33,129
Dining Halls
357,560
57,724
415,284
386,296
493,421
87,516
580,937
512,874
9. EXPENDITURE ON FUNDRAISING ACTIVITIES
2023
2023
2023
2022
Note
General
Restricted
Total
Total
RBAI Foundatlon Staff
Costs
11
100,194
100,194
86,675
RBAI Foundation Admin
25,382
25,382
18,863
RBAI Foundation Bursaries
88,908
88,908
81,274
Trust Fund Bursaries
1,700
1,700
1,545
RBAI Foundation Other
23,743
23,743
19,586
Trust Funds Expenditure
15,805
15,805
11,830
125,576
130,156
255,732
219,773
34

THE ROYAL BELFAST ACADEMICAL INsfiTufioN
NOTES TOTHE ACCOUNTS
For the year ended 31 March 2023
10. EXPENDITURE ON CHARITABLE ACTIVITIES
2023
2023
2023
2023
2022
Note
Main
School
Prep
Designated
Funds
Total
Total
Staff Costs- Grant
funded
11
5,108,098
583,358
5,691,456
5,699,594
Staff Costs- School
funded
11
101,249
49,049
150,298
160,518
School Costs
13
1,689,107
166,824
1,855,931
1,428,630
Other Costs
14
480,715
108,505
589,220
429,870
Depreciation
16
358,948
358,948
358,517
7,379,169
907,736
358,948
8,645,853
8,077,129
11. STAFF COSTS
2023
2023
2023
2022
Main School
Prep
Total
Total
Staff Costs- Funded
from Grant
5,108,098
583,358
5,691,456
5,699,594
Staff Costs- School
funded
101,249
49,049
150,298
160,518
Staff Costs -
Fundraising
100,194
100,194
86,675
5,309,541
632,407
5,941,948
5,946,787
2023
2022
Wages and Salaries
Social Security Costs
Pension Costs
4,466,116
459,162
1,016,670
5,941,948
4,471,113
449,213
1,026,461
5,946,787
35

THE ROYAL BELFAST ACADEMICAL INSTITUTION
NOTESTO THE ACCOUNTS
For the year ended 31 March 2023
The number of employees whose emoluments for the year exceeded £60,000 are shown in
the table below (including taxable benefits in kind but excludin8 employers, pension costs and
employers, national insurance costs.)
2023
2022
£60,000 - £69,999
£70,000- £79,999
£80,000 - £89,999
£90,000- £99,999
£100,000- £109,999
£110,000- £119,999
2023
2022
Average Staff Numbers
150
147
12. KEY MANAGEMENT PERSONNEL
Key Management Personnel are those persons having authorlty and responsibility for
planning, directing and controlling the activities of the School and are represented by the
Senior Leadership Team which comprises the Principal, Vice Principal {Curriculum and
Quality Assurance), Vice Principal {Pastoral and Pupil Achievement) and the Bursar.
Emoluments of Key Management Personnel (including the Principal) are as follows:
2023
No.
2023
2022
No.
2022
Aggregate employee benefits of
key management personnel
429,541
447,625
There were no payments, including expenses, to members of the Board of Governors during
the year (2022: nil).
36

THE ROYAL BELFAST ACADEMICAL INSTrruTION
NOTES TO THE ACCOUNTS
For the year ended 31 March 2023
13. SCHOOL COSTS ON CHARITABLE ACTIVITIES
2023
2023
2023
2022
Main School
Prep
Total
Total
Estates Cost5
908,849
89,036
997,885
800,021
Academic Costs
385,021
36,146
421,167
331,083
Sports & Games
152,559
6,422
158,981
112,061
Administration & other costs
242,678
35,220
277,988
185,465
1,689,107
166,824
1,855,931
1,428,630
14. OTHER COSTS
2023
2023
2023
2022
Main School
Prep
Total
Total
Sesquicentenary
3,407
3,407
5,007
External charges for admissions
process
12,214
12,214
9,980
Wraparound Care
7,112
7,112
6,498
Dining Hall
465,094
101,393
566,487
408,385
480,715
108,505
589,220
429,870
15. AUDITORS, REMUNERATION
2023
2022
Internal Auditors, Remuneration
3,594
3,120
External Auditors, Remuneration
6,240
6,240
Auditors, Remuneration
9,834
9,360
37

THE ROYAL BELFAST ACADEMICAL INSTITUTION
NOTES TOTHE ACCOUNTS
For the year ended 31 March 2023
16. TANGIBLE FIXED ASSETS
Buildings
Capital
Redevelopment
Motor
vehicles
Equipment
Total
Cost
At l April 2022
17,085,437
32,000
104,084
17,221,521
Additions
1,343,188
92,628
1,435,816
At 31 March 2023
18,428,625
92,628
32,000
104,084
18,657,337
Accumulated Depreciation
At l April 2022
4,779,522
13,000
52,042
4,844,564
Depreciation
342,140
6,400
10,408
358,948
5,121,662
19,400
62,450
5,203,512
At 31 March 2023
NBV 31 March 2023
13,306,963
92,628
12,600
41,634
13,453,825
NBV 31 March 2022
12,305,915
19,000
52,042
12,376,957
38

THE ROYAL BELFAST ACADEMICAL INSTITUTION
NOTES TO THE ACCOUNTS
For the year ended 31 March 2023
17. INVESTMENTS
Total
Market Value
At l April 2022
Additions
Disposals
Loss on investments
25,633,223
(1,778,799)
At 31 March 2023
23,854,424
Long-term investments are held in a mix of funds managed by three professional fund
management groups. In addition, short-term surplus cash balances, as determined by the
Finance & General Purposes Committee, are held in a high-quality bond fund.
The School's investments are managed by three fund Mana8ers: M&G Investments,
Rathbones Investment Management and the Abrdn on behalf of Northern Ireland Central
Investment Fund for Charities INICIFC).
The School also holds a 50% shareholding of £1 in Inst Hockey Limited.
18. INVESTMENT PROPERTIES
Total
Market Value
At l April 2022
Additions
Disposals
Gain on investments
470,000
At 31 March 2023
470,000
The School holds property at Ballylesson and Bladon Park as investment property. The
property at Bladon Park is made up of two apartments, rented out on a commercial basis. The
property at Balylesson is agricultural land leased on a commercial basis. There is also a
portfolio of ground rents that has been donated to the School. The investment property has
been valued by two Chartered Sup4eyors that are members of the Board of Governor5.
39

THE ROYAL BELFAST ACADEMICAL INSTITUTION
NOTES TO THE ACCOUNTS
For the year ended 31 March 2023
19. DEBTORS
2023
2022
School Fee Debtors
397,815
410,530
Other Debtors
18,679
67,762
Prepayments
11,427
47,116
427,921
525,408
20. CASH AT BANK AND IN HAND
2022
Cashflow
2023
Cash at Bank and in Hand
2,886,858
59,778
2,946,636
21. CREDITORS: Amounts falllng due wlthln one year
2023
2022
Creditors
110,073
175,985
Accruals and sundry creditors
267,713
93,522
Pupil Deposits
93,685
88,205
Deferred Income
50,850
43,561
Payroll Accruals
358,980
357,796
Balances held for:
School No. 2 Account
135,914
113,142
Scout Group
7,312
1,896
Inchmarlo No. 2 Account
47,295
44,262
1,071,822
918,369
Deferred income relates to the income for hire of premises invoiced in 2022/23, which
relates to the period 2023124.
40

THE ROYAL BELFAST ACADEMICAL INSTITUTION
NOTES TO THE ACCOUNTS
For the year ended 31 March 2023
23. CASH FLOWS FROM OPERATING ACTIVITIES
2023
885,706
2022
1,329,545
Net income before investment gains
Elimination of non operating cashflows
Investment income
Depreciation
{Increase)/decrease in stock
{Increase)/decrease in debtors
Increase/{decrease) in creditors
Net cash Inflow from operatlng actlvities
(931,516) (834,223)
358,948
358,517
82,958
153,309
{7,487)
1,082,619
97,487
153,453
564.078
24. POST STATEMENT OF FINANCIAL POSITION EVENTS
There were no material post Statement of Financial Position events.
25. PENSIONS
The School participates in two defined benefit pension schemes, the Northern Ireland
Teacherfs Superannuation Scheme (NITSS) and the Northern Ireland Local Government
Officers, Superannuation Committee (NILGOSCI schemes. Payments are made to the
Northern Ireland Teachers Pension Scheme INITPS) for teaching staff and to the Northern
Ireland Local Government Officers Superannuation Committee {NILGOSC) for support staff.
These are both independently administered schemes.
NITSS is an unfunded defined benefit, voluntary membership scheme administered by the
Department of Education. The NITPS is a multi-employer scheme and the School is unable
to identify its share of the underlying assets and liabilities of the scheme on a consistent and
reasonable basis. The NITPS is therefore treated as a defined contributlon scheme and the
contributions recognised as they are paid each year. The School contrlbutlon rate for the
year commencing l April 2023 will be 25.1%12022123: 25.IQA).
NILGOSC is a defined benefit multi-employer scheme which is externally funded. The
NILGOSC Fund is valued every three years by an independent actuary. The latest valuation
was carried out on 31 March 2022 by the Committee's Actuary, Aon Hewitt.
The Fund's asset5 at 31 March 2022 were £10,231.Im and the past service liabilities were
£9,226.7m, corresponding to a Surplus of £1,004.4m and a funding level of Ill%.
Employerfs contribution rates will decrease from 19.5% to 19.0% at l April 2023.
42

THE ROYAL BELFAST ACADEMICAL INSTITLrrioN
NOTES TO THE ACCOUNTS
For the year ended 31 March 2023
Key assumptions for 2022 were:
2022
2.3%
3.8%
4.2%
2019
2.1%
3.6%
4.1%
CPI inflation rate
Rate of increase in pensionable salaries
Investment returns
The NILGOSC scheme is treated as a defined contribution scheme. The Board is of the
opinion that the contributions to the scheme should be treated as a defined contribution
scheme because, at present, no future liability rests with the School, other than its normal
monthly contributions and, at present, the contributions to the scheme are set at a common
level for employers within the same bands in the scheme. The contributions recognised as
they are paid each year.
26. CAPITAL COMMITMENTS
2023
2022
Commitments at 31 March
1,020,475
27. RELATED PARTYTRANSAcfioNS
Due to the nature of the School's operations and the composition of the Board of
Governors, being drawn from local, public and private sector organisations, it is inevltable
that transactions will take place with organisations in which a member of the Board of
Governors may have an interest. All transactions involving organisations in which a member
of the Board of Governors may have an interest are conducted at arm's length and in
accordance with the School's financial regulations and normal procurement procedures.
There are no disclosable related part transactions.
Three members of the Board of Governors also serve as Directors of Inst. Hockey Limited.
43