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 subscrlptlon 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 subscription 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, particularly among the
middling orders of society, os one of the necessities rother than of the luxuries of life,. not to
have a good education only the portion of the rich and the noble, but as a patrimony of the
whole people
From 1831 until today, the School's full title has been, The Royal Belfast Academical
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 is
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 activities
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 followlng
ways:
By establishing and maintaining a preparatory school for 5 to 11-year-old boys in
8elfast.
By establishing and maintaining a post primary voluntary grammar school for
1,050 boys In Central Belfast.
By providing education, as prescribed by the Department of Education, and
thereby equippin8 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 activities.
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 8rammar school.
iv.
vi.
c) Public Benefit Declaration
The direct benefits which flow from the purpose include improved education
standards, 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
benefit5 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
E5tabllshing 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 maintalnlng 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 providing education, as prescribed by the Department of Education, and
thereby equipplng pupils to sit the pre5crlbed examinations for admission to
tertiary educatlon, to enter the labour market and generally to enable pupils to
take their place In society as good citlzens.
The School is currently provldlng 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.
By providing sporting and recreational facilities for extra-curricular activltles.
The School provides sporting and recreational facilities across a wide range of clubs
and societie5.
By repairing and keeping In good order repair and conditlon the School estate so
that It Is 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 employlng 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 INSTITLrrioN
GOVERNORS, REPORT
For the year ended 31 March 2023
Fundraising and generating income
RBAI is a category B Voluntary Grammar school. The School receives funding from the
Department of Education towards teaching and learnin& 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 campaign was launched. The campaign supported three
priorities..
Transforming Our Campus
Sporting Excellence
Social Mobilitv
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 identifyin8 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 Review
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 financial 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 fundin8 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
funding, illustrating the challenge of funding the School. Total staff costs represent 70.6% of
total expenditure.
The increase in fee5 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, fundin8 both the maintenance and replacement of bulldings 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 plans 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 funding of £5,441,009 for the year 2023/24.
Investment powers and policles
The School's assets must be invested In accordance with the Trustee Act (Northern Ireland)
2001 and the School's own 'Scheme of Endowment,. Thi5 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
need5 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 INSTITUTION
GOVERNORS. REPORT
For the year ended 31 March 2023
Reserves policy
The Governors believe that the School needs unrestricted reserves 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 readily
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 assets will be held as designated
reserves 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
Representatlve Governors are appointed to serve as for a term of three years. Co-opted
Governors, wlth a specialist interest in education are appointed to senie 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.S. Corry, M.D., F.R.C.S. (Orth), 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 ChGirman)
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 INSTrrirrioN
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 20251
(vacate 20241
The Parent Representative Governors at March 2023 are as follows:
C. Holmes B.Sc., M.A., F.C.A.
C. Moran 8.A., M.A., M.Phil., Ph.D.
(vacate 20251
(vacate 2025)
The Teacher Representative Governors at March 2023 are as follows:
S. Archibald, M.Eng., P.G.C.E.
J.B. Peak, B.A., P.G.C.E.
(vacate 2025)
(vacate 2025)
Newly appolnted Governors receive induction training from the Chairman of the Board of
Governors, the Principal and the Bursar. All Governors receive annual safeguarding and child
protection trainin8. A suite of training programmes is provided by the Education Authority
for all Governors.
Organisational Structure
The Board of Governor5 is supported in carrying out its Governance role by Committees and
Sub-committees.
li

THE ROYAL BELFAST ACADEMICAL INSTITUTION
GOVERNORS, REPORT
For the year ended 31 March 2023
Governance Structure
8Mrd ofGov•rno
sch￿ Cornmli
PfOP•rtySub-
Commltt••
F••s•urMrySub.
CO￿4tt•1
IttCpmmlltq•
M•na8•m•nt
Cvmmltt•
StiftlniCommhl•*
Rlsk M•rwmtnt
Audlt Cornmfft••
Inv•itmontCommltt••
RbAI Fo￿￿111¢n
Nomlnalltsnl
Carnrnltt
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
8; 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-committee
The Property Sub-committee manages a wide range of capital development and
maintenance matters pertaining to the School's estate.
Fees Bursary Sub-committee
The Fee5 Bursary Sub-committee administers the School's fee5 Bursary Scheme. The
Governor5 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
Audlt Committee
The Audit Committee considers the School's Annual Report and Financial Statements.
receives the report5 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.) LLP, reported that an unqualified audit opinion would be
issued.
Staffing Committee
The Staffing Committee considers a range of matters relating to the terms and conditions of
employment of indlvlduals within the teaching and non-teaching staff, including internal and
external appointments and also considers the annual review of salaries.
Investment Committee
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. Committee
The l.C.T. Committee manages the rolling l.C.T. hardware and infrastructure requlrements
of Inchmarlo and the Main School. The Committee also oversees the formation of policies
and distributlon of resources to support learning.
Health, Safety & Rlsk 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 communications with alumni and friends of
the School around the world.
13

THE ROYAL BELFAST ACADEMICAL INSTITLrrioN
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
responsibility for implementing and managing the strategies approved by the Board of
Governors.
Board of Governors
Bursar
Prlncipal
Vlce Principal
IPa5toral and Pupil Achievementl
Vlce Prlnclpal
Icurriculum and Quality
Assurance)
Decision 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 associated 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 progre55 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.
Relatlonships 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 inevitable 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 wlth the
School's financial regulations and normal procurement procedure5.
Statement of Governors Responsibilitles
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 preparlng the financial statements the Board is required to:
select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
state whether applicable accountlng 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 15 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 ha5 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 economic, 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 this report Is approved:
there Is no relevant audlt Informatlon of which the auditors 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
auditors are aware of that Information.
Approved on behalf of the Governors on 22 May 2023 by:
R.M. Howard
Chairman
16