Registered Charity Number: NIC108024
IID
THE ROYAL BELFAST ACADEMICAL INSTITUTION
ANNUAL REPORT AND ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2024

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 2024
Governors, report for the year ended 31 March 2024
Independent Auditor's report to the Board of Governors of The Royal
Belfast Academical Institution
17
Statement of Financial Activities for the year ended 31 March 2024
23
Balance Sheet at 31 March 2024
24
Statement of Cashflows for the year ended 31 March 2024
26
Notes to the Accounts for the year ended 31 March 2024
27

THE ROYAL BELFAST ACADEMICAL INSTITUTION
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS GOVERNORS AND
ADVISERS FOR THE YEAR ENDED 31 MARCH 2024
Board of Governors 2023124
R.M. Howard, B.Sc., F.C.A. (Chairman)
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, B.A.
l.S. Corry, M.D., F.R.C.S. (Orth), Dip.Sports.Med.
D.S. Croft, M.Sc., B.A., M.l.B.
A.G. Dick MB Bch MRCGP
P.J. Dolaghan, P.G.C.E.,11.T.)
C. Finnegan, B.A.
M. Fitch, LL.B., F.C.A.
S.T. Gowdy, LL.B.
C.J. Johnston, B.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.I.P. (Resigned 26 June 2023)
W.M.W. McDowell, F.R.l.C.S.
G. Parkes, M.B.A., Chartered Fellow C.l.P.D.
R.J.S. Price, F.C,A. {Appointed 18 September 2024)
J.E. Rutherford, B.Sc., M.A.
M. W. Shaw BEng. 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. Stelfox, 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 DETAILS OF THE CHARITY, ITS GOVERNORS AND
ADVISERS FOR THE YEAR ENDED 31 MARCH 2024
Co-opted Governors
Sir D. Sterling, KCB
R.W. Magee BSC MA PGCE PQHINII
F.C. Eakin, B.Sc., M.Sc., P.G.C.E. {Co-opted 18 September 20231
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.
Principal
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 Institution
College Square East
Belfast
BTI 6DL
Charity Number
108024

THE ROYAL BELFAST ACADEMICAL INSTITUTION
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS GOVERNORS AND
ADVISERS FOR THE YEAR ENDED 31 MARCH 2024
External Auditor
Moore IN.I.I LLP
7 Donegall Square North
Belfast
BTI 5GB
Internal Auditor
ASM
Glendinning House
6 Murray Street
Belfast
BTI 6DN
Bank
Danske Bank
Donegall Square West
Belfast
BTI 6JS
Investment Managers
Cazenove Capital
Newton Investment Management
Abrdn on behalf of Northern Ireland Central Investment Fund
for Charities
M&G Investments
Rathbones Investment Management
Solicitors
Cleaver Fulton Rankin
50 Belford Street
Belfast
BT2 7FW
Carson McDowell LLP
Murray House
4 Murray St
Belfast
BTI 6DN

THE ROYAL BELFAST ACADEMICAL INSTITUTION
GOVERNORS, REPORT
For the year ended 31 March 2024
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 2024.
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 (FRS1021 (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 I & 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, 35 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, (75 one of the necesslties rather than of the luxuries of life," not to
hove o good education only the portion of the rich (7nd 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 2024
Objectives and activitie5
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 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 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 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 grammar 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
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 2024
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 maintaining 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 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.
The School is currently providing education to equip pupils to sit the prescribed
examinations for admission to tertiary edLJcation, to enter the labour market and
generally to enable pupils to take their place in society as good citizens.
iv.
By providing sporting and recreational facilities for extra-curricular activities.
The School provides sporting and recreational facilities across a wide range of clubs
and societies.
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.
The Board of Governors continues to invest in a series of capital projects to 5UPPOrt
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. A report on the property held and the financial position of the School
is also presented at every meeting of the Board of Governors.

THE ROYAL BELFAST ACADEMICAL INSTITUTION
GOVERNORS, REPORT
For the year ended 31 March 2024
Fundraising and generating income
RBAI is a category B 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.
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.
A planning application to deliver the campus vision was submitted to Belfast City Council on
20 February 2024.
Financial Review
The financial statements have been prepared on a going concern basis in accordance with
the Statement of Recommended Practice {SORP}: Accounting and Reportin8 for Charities
IFRS 1021.
The financial statements on pages 23-45 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 of £899,392 before investment gains
of £1,893,625 for the year. The Balance Sheet at 31 March 2024, shows net assets of
£42,874,001.
The grant funding from the Education Authority, at just over £6.6m, represents 63% of our
total income of £10.6m.
The combined staff costs are £6.8m, equating to over IOOYO of Common Formula Grant
funding, illustrating the challenge of funding the School. Total staff costs represent 69% of
total expenditure.
The increase in fees reflects an annual inflationary increase along with stable pupil numbers
at the Main School.
Income from the use of premises was restricted during the year due to the closure of the
swimming pool in January 2024.

THE ROYAL BELFAST ACADEMICAL INSTITUTION
GOVERNORS, REPORT
For the year ended 31 March 2024
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 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 interim Common Formula Funding allocation of
£5,523,152 for the year 2024/25.
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 15 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 School's investments were previously managed by three fund Managers: M&G
Investments, Rathbones Investment Management and Abrdn on behalf of the Northern
Ireland Central Investment Fund for Charities (NICIFCI. Following a tender process, the
School transferred all its investments to Cazenove Capital and Newton Investment
Management.
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. The unrestricted reserves comprise of
the general unrestricted reserve and the designated unrestricted reserve.

THE ROYAL BELFAST ACADEMICAL INSTITUTION
GOVERNORS, REPORT
For the year ended 31 March 2024
The recommended level of general unrestricted reserves at 31 March 2024 is £36m
comprising of six months working capital, budgeted capital replacement, capital
development and investment reserve fund. The general unrestricted reserves at 31 March
2024 were £26.684m. At this level, the Governors feel that they would be able to continue
the current activities of the School.
Amounts attributable to land and buildings and other fixed Issets will be held in the
designated unrestricted reserve, as these assets are held for the long term and are not
readily disposable. In the financial year ended 31 March 2024 the Governors have allocated
an amount of £14.103m as Designated Funds.
The Reserves Policy 15 monitored and reviewed at least annually. The Governors actively
considers the reserves target, in light of capital development and maintenance plans.
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 2024
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 specialist interest in education are appointed to serve 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 four 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 four years.
The Representative Governors at March 2024 are as follows:
l. l.S. Corry, M.D., F.R.C.S. (Orth), Dip.Sports.Med.
2. D.S. Croft, M.Sc., B.A., M.l.B.
3. A.G. Dick MB Bch MRCGP
4. C.D. Gowdy, LL.B., (Vice Chairman)
5. W.J. Keith, O.B.E., M,Sc,, B.Ed., Dip.G.&C.
6. J.D. Stelfox, M.B.E., D.L., R.l.B.A., F.R.l.A.l.
7. W.A. Wilson, F.R.l.C.S.
8. W.R. Wilson, LL.B. (Hon. Secretary)
Vacate
2024
9. C. Finnegan, B.A.
10. B.J. Cheevers, B.A.
11. M. Fitch, LL.B., F.C.A.
12. R.M. Howard, B.Sc., F.C.A. (Chairman)
13. C.J. Johnston, B.A., F.C.A.
14. G. Parkes, M.B.A., Chartered Fellow C.l.P.D.
15. J.E. Rutherford B.Sc., M.A.
16. M W Shaw BEng. M.B.A. C.Eng. F.l.Struct.E. M.l.C.E. M.l.E.l.
Vacate
2025
17. A.1. Adair, LL.B., F.R.C.S.I.
18. P.J. Dolaghan, P.G.C.E., {l.T.)
19. S.T. Gowdy, LL.B.
20. J.C. Kernohan, B.A.
21. R.J.S. Price, F.C.A.
22. W.M.W. McDowell, F,R.l.C.S.
23. P. Shields, B.Sc., P.G.D.
24. J.J. Wylie, M.A., F.C.A.
Vacate
2026
io

THE ROYAL BELFAST ACADEMICAL INSTITUTION
GOVERNORS, REPORT
For the year ended 31 March 2024
The Co-opted Educational Governors at March 2024 are as follows:
Sir D. Sterling KCB
R.W. Magee Bsc MA PGCE PQH(NII
F.C. Eakin, B.Sc., M.Sc., P.G.C.E.
(vacate 2024)
{vacate 2025)
(vacate 2026)
The Parent Representative Governors at March 2024 are as follows:
C. Holmes B.Sc., M.A., F.C.A.
C. Moran B.A., M.A., M.Phil., Ph.D.
{vacate 2025)
{vacate 20251
The Teacher Representative Governors at March 2024 are as follows:
S. Archibald, M.Eng., P.G.C.E.
J.B. Peak, B.A., P.G.C.E.
(vacate 20251
(vacate 2025}
Newly appointed 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 training. A suite of training programmes is provided by the Education Authority
for all Governors.
Organisational Structure
The Board of Governors is sUPPOrted in carrying out its Governance role by Committees and
Sub-committees.
Governance Structure
eDardofGovernO
Sthwlcornmittee
Pl￿e￿sU
¢ornmitl¢e
F¢e56u15arySu
HeAIth&SafetyAnd
A￿l￿(￿rni￿lee
Cthmlit
CommrtteE
11

THE ROYAL BELFAST ACADEMICAL INSTITUTION
GOVERNORS, REPORT
For the year ended 31 March 2024
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.I, and considers various educational
initiatives, internal reviews and pol icies.
Finance & General Purposes Committee
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 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.
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.
Staffing Committee
The Staffing Committee considers a range of matters relating to the terms and conditions of
employment of individuals Wlthin the teaching and non-teaching staff, including internal and
external appointments. It also determines salaries.
12

THE ROYAL BELFAST ACADEMICAL INSTITUTION
GOVERNORS, REPORT
For the year ended 31 March 2024
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.
The Investment Committee oversaw the transfer of the School's investments from M&G
Investments, Rathbones Investment Management and Abrdn on behalf of the Northern
Ireland Central Investment Fund for Charities {NICIFC to Cazenove Capital and Newton
Investment Management.
l.C.T. Committee
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 & Risk 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 range
of aspects.
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.
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 Leadership 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.
13

THE ROYAL BELFAST ACADEMICAL INSTITUTION
GOVERNORS, REPORT
For the year ended 31 March 2024
Board of Governors
Bursaf
Principal
Vice Principal
(Pastoral and Pupil
Achievement)
Vice Principal
Icurriculum and Quality
Assurarbcel
Decision making
The Board of Governors determine the strategic direction and policie5 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.
Representatives 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.
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.
Relationships 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 with the
School's financial regulations and normal procurement procedures.
14

THE ROYAL BELFAST ACADEMICAL INSTITUTION
GOVERNORS. REPORT
For the year ended 31 March 2024
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 or Governors,
through its Chairman, 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 of Governors is required to:
select suitable 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 of Governors 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 of Governors is responsible for keeping proper accounting records to safeguard
the assets of the School and for preventing and detecting fraud and other irregularities,
The Board of Governors 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 economic, efficient and effective management of the School's resources
and expenditure.
15

THE ROYAL BELFAST ACADEMICAL INSTITUTION
GOVERNORS, REPORT
For the year ended 31 March 2024
Disclosure of Information to Auditors
So far as each of the members of the Board of Governors is aware at the time this report is
approved:
there is no relevant audit information 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 Board Governors on 28 May 2024 by:
R.M. Howard- Chairman
16

THE ROYAL BELFAST ACADEMICAL INSTITUTION
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 5nstitution (the
'School') for the year ended 31 March 2024 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
as at 31 March 2024 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 by the 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 applicable law,
guidance issued by the Department of Education and International Standards on
Auditing (UK}.
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
requirements. 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 INSTITUTION
INDEPENDENT AUDITOR'S REPORT TO 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 information comprises
the information included in the annual report, other than the financial statements and our
auditor's report thereon. 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
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 which 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 REPORT TO 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 Governor5 are responsible for assessing the
School'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 Governors either
intend to liquidate the School or to cease operations, or have no realistic alternative but to
do so.
Auditor'5 responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue
an 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.
Extent to which 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 regarding the assessed risks of material misstatement due to
fraud, through designing and implementing appropriate responses to those assessed risks;
and to respond appropriately to instances of fraud or suspected fraud identified during the
audit. However, the primary responsibility for the prevention and detection of fraud rests
with both management and those charged with governance of the School.
19

THE ROYAL BELFAST ACADEMICAL INSTITUTION
INDEPENDENT AUDITOR'S REPORT TO THE BOARD OF GOVERNOR5 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 IFRS 102).
We obtained an understanding of how the School complies with these requirements
by discussions with management and those charged with governance.
We assessed the risk of material misstatement of the financial statements, including
the risk of material misstatement due to fraud and how it might occur, by holding
discussions with management 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 instances of non-compliance with laws and regulations. This included making
enquiries of management and those charged with governance and obtaining
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 opinion 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 entity's solicitors
around actual and potential litigation and claims.
Enquiry of entity Staff to identify any instances of non-compliance with Saws 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 INSTITUTION
INDEPENDENT AUDITOR'S REPORT TO 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 evaluatingthe 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 regulation5 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.org.uk/auditorsresponsibilties. This description forms part of our auditor's
report.
We communicate 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 INSTITUTION
INDEPENDENT AUDITOR'S REPORTTO THE 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 audit 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 auditorfs 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 audit work, for this report, or for the opinions
we have formed.
Moore (N.1.) NI LLP
Senior Statutory Auditor
4th Floor- Donegall House
7 Donegall Square North
Belfast
Northern Ireland
BTI 5GB
Date:
Moore (N.I.I LLP is eligible to act as an auditor in terms of section 65 of the Charities Act {Nl)
2008
22

THE ROYAL BELFAST ACADEMICAL INSTITUTION
STATEMENT OF FINANCIAL ACTIVITIES
For the year ended 31 March 2024
Restricted
Funds
Total
2024
Total
2023
Unrestricted Funds
General
Funds
Designated
Funds
Notes
Income from:
Donations and
legacies
137,930
286,702
424.632
313,452
Charitable activities
8,654,009
8,654,009
7,961,386
Investments
797,407
19,187
31,766
848,360
931,516
Other sources
709,438
709,438
580,937
Total income
10,160,854
157,117
318,468
10.636,439
9,787,291
enditure on:
Fundraising activities
144.120
1,240
161,806
307,166
255,732
Charitable activities
9,056,598
373,283
9,429,881
8,645,853
9,200,718
374,523
161,806
9,737,047
8,901,585
Net income
{expenditurel for the
year
960,136
{217,406)
IS6,662
899,392
885,706
Gain on investments
16-17
1,576,708
316,917
1,893,625
{1,778,7991
Fund balances at I
April 2023
21
24,146,713
14,320,396
1,613,875
40,080,984
40,974,077
Fund balances at 31
March 2024
26,683,557
14,102,990
2,087,454
42,874,001
40,080,984
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 45 form part of these financial statements.
23

THE ROYAL BELFAST ACADEMICAL INSTITUTION
BALANCE SHEET
For the year ended 31 March 2024
Notes
2024
2023
Fixed assets
Tangible fixed assets
Investments
Investment properties
Total fixed assets
15
16
17
13,454,450
25,298,049
920,000
39,672,499
13,453,825
23,854,424
470,000
37,778,249
Current assets
Debtors
Cash at bank and in hand
Total current assets
18
19
1,111,924
3,645,162
4,757,086
427,921
2,946,636
3,374,557
Current liabilities
Creditors: amounts falling due within one year
Total current liabilities
20
1,555,584
1,555,584
1,071,822
1,071,822
Net current assets
3,201,502
2,302,735
Total assets less liabilities
42,874,001
40,080,984
Represented bv:
21
Unrestricted funds:
General
26,683,547 1.
14,102,990
24,146,713
Designated
14,320,396
Total Unrestricted Funds
Restricted funds:
Trust Fund Accounts - Capital
Trust Fund Accounts - Revenue
40,786.547
38.467.109
499,523
311,951
182,606
292,118
RBAI Foundation
1,273,754
2,225
1,136,979
2,171
War Memorial Fund
Inst Hockey Limited
Total Restricted Funds
2,087,454
1,613,875
Total Funds
42,874.001
40,080,984
24

THE ROYAL BELFAST ACADEMICAL INSTITUTION
BALANCE SHEET
For the year ended 31 March 2024
The Governors acknowledge their responsibilities for:
Ensuring the charity keeps accounting records that comply with section 386 of the
Act
Preparing financial statements which give a true and fair 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 45 form part of the financial statements.
The financial statements were approved by the Governors on 28 May 2024
..rr
R.M. Howard
Chairman
er
ohan
or of the
Con
inance & General Purposes Committee
25

THE ROYAL BELFAST ACADEMICAL INSTITUTION
STATEMENT OF CASHFLOWS
For the year ended 31 March 2024
Note
2023
Net cash inflow from operating activities
22
224,074
564,078
Cash flows from investing activities:
Payments for Fixed Assets
1373,908)
(1,435,816)
Income from estates properties
17,674
23,006
Proceeds from sale of land
5,000
Income from dividends
770,403
908,510
Income from bank interest
55,283
Net cash inflow (outflow) from investing
activities
474,452
{504,300)
Change in cash and cash equivalents
19
698,526
59,778
Cash and cash equivalents at l April
2,946,636
2,886,858
Cash and cash equivalents at 31 March
3,645,162
2,946,636
26

THE ROYAL BELFAST ACADEMICAL INSTITUTION
NOTES TO THE ACCOUNTS
For the year ended 31 March 2024
I. STATEMENT OF PRINCIPLE ACCOUNTING POLICIES
Format and basis 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 IFRS1021 (effective l January 20191 and the Charities Act
(Northern Ireland) 2008."
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.
Charitable Funds
Unrestricted funds are available for use at the discretion of the Governors in furtherance of
their charitable objectives, unless the funds have been designated 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.
Recognition of Income
Income from fees is recognised at the beginning 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.
Allocation of costs
Costs relating to the charity are all School costs. The costs associated with fundraising are
the cost5 incurred by the RBAI Foundation office.
27

THE ROYAL BELFAST ACADEMICAL INSTITUTION
NOTES TO THE ACCOUNTS
For the year ended 31 March 2024
Pension Schemes
The two principal pension schemes for the School'5 Staff are the Northern Ireland Teachers,
Pension Scheme {NITPS) and the Northern Ireland Local Government Officers, Pension
Committee (NILGOSCI schemes. Payments are made to the NITPS for teaching staff and to
NILGOSC for support staff. These are both independently administered schemes.
The NITPS 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, Pension Regulations {Nl) 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 which resulted in the employer contribution rate increasing from
17.70A to 25.1¥o from IApril 2019. Following a valuation carried out in 2020 the employer
contribution rate will increase from 25.1% to 29.1% from IApril 2024.
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 NILGOSC Actuary, Aon plc. Employers,
contribution rates have remained at 19.0% since 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 2024
Tangible Fixed Assets
Land and Buildings
Land and buildings are stated in the Balance Sheet on the basis of historical cost, as the open
market value for existing use is not readily obtainable. The carrying 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. Capital Development costs are
professional fees and expenditure incurred in the preparation for the construction of the
campus vision. These costs are capitalised but will not be depreciated until construction of
Phase I has been completed.
Capital Redevelopment
Costs relating to the capital development of the school site are included in the Balance Sheet
at cost. This cost will be transferred to Land and Buildings when the development is complete.
Depreciation 15 not charged on the capital development costs.
Equipment & Motor Vehicles
Equipment costing less than £10,000 per individual item is written off to the Statement of
Financial Activities in the period of acquisition. All other equipment is capitalised at cost.
All assets are depreciated over their useful economic life as follows:
Motor vehicles
5 years;
General equipment
10 years.
Computer equipment
3 years.
Investments
Investments are included at market value at the balance sheet date. Any gain or10ss 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
The School holds property for investment purposes. This is included at deemed market value
at the balance sheet date.
29

THE ROYAL BELFAST ACADEMICAL INSTITUTION
NOTES TO THE ACCOUNTS
For the year ended 31 March 2024
1.10. Maintenance of Premises
The cost of routine maintenance, responsive and preventative, is charged to the Statement
of Financial Activities in the period that it is incurred.
1.11. Taxation
As a registered charity, the School does not make any provision for a tax liability as it 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.
1.12. Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the
employee's seNices are received.
1.13. Cash at bank
Cash at bank includes amounts held on deposit with the School's banks.
1.14. Liabilities and provisions
Provisions are recognised when the School ha5 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.
1.15. 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 ageing profile of debtors are considered.
1.16. Stock
The School does not hold stock for resale.
30

THE ROYAL BELFAST ACADEMICAL INSTITUTION
NOTES TO THE ACCOUNTS
For the year ended 31 March 2024
2. INCOME FROM DONATIONS AND LEGACIES
2024
2024
2024
2023
Unrestricted
Designated
Restricted
Total
Total
RBAI Foundation
137,930
286,702
424,632
313,452
137,930
286,702
424,632
313,452
3. INCOME FROM CHARITABLE AcfiviTIES
Note
2024
2023
Unrestricted - General
Total
Education Authority Grants
6,648,046
6,112,728
School Activities
2,005,963
1,848,658
8,654,009
7,961,386
31

THE ROYAL BELFAST ACADEMICAL INSTITUTION
NOTES TO THE ACCOUNTS
For the year ended 31 March 2024
4. INCOME FROM EDUCATION AUTHORITY GRANTS
2024
2024
2024
2023
Main School
Prep
Total
Total
Common Formula
Funding Grant
5.530,448
73.813
5,604,261
5,599,053
Classroom Assistant
Grant
209,753
98,390
308,143
251,230
Grant: Staff Cover
14,707
1,721
16,428
44,769
Grant.. Teachers. Back
Pay (Increment & NICI
654,766
15,360
671,126
33,243
Grant: Non-Teaching
payrise
21,636
2,305
23,941
5,277
Grant: COVID
56,656
Grant: SEND
9,055
9,055
17,383
Grant- Energy Price
M itigation
46,789
Other DE Grants
16,092
16,092
58,328
6,456,457
191,589
6,648,046
6,112,728
32

THE ROYAL BELFAST ACADEMICAL INSTITUTION
NOTES TO THE ACCOUNTS
For the year ended 31 March 2024
5. INCOME FROM SCHOOL AcfiviTIES
2024
2024
2024
2023
Main School
Prep
Total
Total
Fees
1,278,833
565,750
1.844,583
1,716,941
Sundry income
73,165
85
73,250
42,417
Pupils, Text Books &
Stationery
74,690
13,440
88,130
89,3￿]
1,426,688
579,275
2,005,963
1,848,658
6. INCOME FROM INVESTMENTS
2024
2024
2024
2024
2023
Unrestricted
General
Unrestricted
Designated
Restricted
Total
Total
Dividends
724,450
14,187
31,766
770,403
908.510
Bank Interest
55,283
55,283
Land & Property
Rent
17,674
17,674
23,006
Proceeds from sale
of land
5,000
5,000
797,407
19,187
31,766
848,360
931,516
33

THE ROYAL BELFAST ACADEMICAL INSTITUTION
NOTES TO THE ACCOUNTS
For the year ended 31 March 2024
7. INCOME FROM OTHER SOURCES
2024
2024
2024
2023
Main School
Prep
Total
Total
Income from use of
premises
57,943
570
58,513
78,447
Sundry Income
71,866
71,866
57,734
Wraparound Care
137,302
137,302
29,472
Dining Halls
353.512
88,245
441,757
415,284
483,321
226,117
709,438
580,937
8. EXPENDITURE ON FUNDRAISING ACTIVITIES
2024
2024
2024
2024
2023
Note
General
Designated
Restricted
Total
Total
RBAI Foundation
Staff Costs
io
110,514
110,514
100, 194
RBAI Foundation
Admin
33,606
33,606
25,382
RBAI Foundation
Bursaries
105,622
105,622
88,908
Trust Fund Bursaries
1,634
1,634
1,700
RBAI Foundation
Other
1,240
44,304
45,544
23,743
Trust Funds
Expenditure
10,246
10,246
15,805
144,120
1,240
161,806
307,166
255,732
34

THE ROYAL BELFAST ACADEMICAL INSTITUTION
NOTES TO THE ACCOUNTS
For the year ended 31 March 2024
9. EXPENDITURE ON CHARITABLE AcfiviTIES
2024
2024
2024
2024
2023
Note
Main
School
Prep
Designated
Funds
Total
Total
Staff Costs- Grant
funded
io
5,742,661
687,442
6,430,103
5,691,456
Staff Costs - School
funded
io
107,148
110,580
217,788
150,298
School Costs
12
1,666,254
179,822
1,846,076
1.855,931
Other Costs
13
432,508
130,183
562,691
589,220
Depreciation
15
373,283
373,283
358,948
7,948,571
1,108,027
373,283
9,429,881
8,645,853
10. STAFF COSTS
2024
2024
2024
2023
Main School
Prep
Total
Total
Staff Costs- Funded
from Grant
5,742,661
687,442
6.430,103
5,691,456
Staff Costs- School
funded
107.148
110,580
217.788
150,298
Staff Costs -
Fund raising
110,514
110,454
100,194
5,960,323
798,022
6,758,345
5,941,948
2024
2023
Wages and Salaries
Social Security Costs
Pension Costs
5,079,434
515,748
1,163,163
6,758,345
4.466,116
459,162
1,016.670
5,941,948
35

THE ROYAL BELFAST ACADEMICAL INSTITUTION
NOTES TO THE ACCOUNTS
For the year ended 31 March 2024
The number of employees whose emoluments for the year exceeded £60,000 are shown in
thetable below lincludingtaxable benefits in kind but excludingemployers, pension costs and
employers, national insurance costs.)
2024
2023
£60,000 - £69,999
£70,000 - £79,999
£80,000 - £89,999
£90,000- £99,999
£100,000 - £109,999
£110,000 - £119,999
2024
2023
Average Staff Numbers
155
150
11. KEY MANAGEMENT PERSONNEL
Key Management Personnel are those persons having authority 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..
2024
2024
2023
No.
2023
No.
Aggregate employee benefits of
key management personnel
462,013
429,541
There were no payments, including expenses, to members of the Board of Governors during
the year12023: nil).
36

THE ROYAL BELFAST ACADEMICAL INSTITUTION
NOTES TO THE ACCOUNTS
For the year ended 31 March 2024
12. SCHOOL COSTS ON CHARITABLE ACTIVITIES
2024
2024
2024
2023
Main School
Prep
Total
Total
Estates Costs
915,858
119,790
1,035.648
997,884
Academic Costs
411,902
29,923
441,825
421,167
Sports & Games
145,331
3,268
148,599
158,981
Administration & other costs
193,163
26,841
220,004
277,899
1,666,254
179.822
1,846,076
1,855,931
13. OTHER COSTS
2024
2024
2024
2023
Main School
Prep
Total
Total
Sesquicentenary
3,407
Charges for admissions process
8,626
8,626
12,214
Wraparound Care
12,891
12,891
7,112
Dining Hall
423,882
117,292
541,174
566,487
432,508
130,183
562,691
589.220
14. AUDITORS, REMUNERATION
2024
2023
Internal Auditors, Remuneration
3,594
3,594
External Auditors, Remuneration
6,240
6,240
Auditors, Remuneration
9,834
9.834
37

THE ROYAL BELFAST ACADEMICAL INSTITUTION
NOTES TO THE ACCOUNTS
For the year ended 31 March 2024
15. TANGIBLE FIXED ASSETS
Land &
Buildings
Capital
Redevelopment
Motor
vehicles
Equipment
Total
Cost
At l April 2023
18.428,625
92,628
32.000
104,084
18,657,337
Additions
55,940
317,968
373,908
At 31 March 2024
18,484,565
410,596
32,000
104,084
19,031,245
Accumulated Depreciation
At l April 2023
5.121,662
19,400
62,450
5,203,512
Depreciation
356,475
6,400
10,408
373,283
At 31 March 2024
5,478,137
25,800
72,858
5,576,795
NBV 31 March 2024
13,006.428
410,596
6.200
31.226
13,454,450
NBV 31 March 2023
13,306,963
92,628
12,600
41,634
13,453,825
38

THE ROYAL BELFAST ACADEMICAL INSTITUTION
NOTES TO THE ACCOUNTS
For the year ended 31 March 2024
16. INVESTMENTS
Total
Market Value
At l April 2023
Gain on investments
23,854,424
1,443,625
At 31 March 2024
25,298,049
Long-term investments are held in a mix of funds managed by two professional fund
management groups. In addition, short-term surplus cash balances, as determined by the
Finance & General Purposes Committee, are held in a money market fund.
The School's investments were previously 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). Following a tender process, the
School transferred all its investments to Cazenove Capital and Newton Investment
Management.
The School also holds a 500A shareholding valued at £1 in Inst Hockey Limited.
17. INVESTMENT PROPERTIES
Total
Market Value
At l April 2023
470,000
Gain on investments
450,000
At 31 March 2024
920,000
The School holds property for investment purposes. This is included at deemed market value
at the balance sheet date.
39

THE ROYAL BELFAST ACADEMICAL INSTITUTION
NOTES TO THE ACCOUNTS
For the year ended 31 March 2024
18. DEBTORS
2024
2023
School Fee Debtor5
431,178
397,815
Other Debtors
657,038
18,679
Prepayments
23,708
11,427
1,111,924
427,921
19. CASH AT BANKAND IN HAND
2023
Cashflow
2024
Cash at Bank and in Hand
2,946,636
698,526
3,645,162
40

THE ROYAL BELFAST ACADEMICAL INSTITUTION
NOTES TO THE ACCOUNTS
For the year ended 31 March 2024
20. CREDITORS: Amounts falling due within one year
2024
2023
Creditors
111,278
110,073
Accruals and sundry creditors
170,600
267,713
Pupil Deposits
92,720
93,685
Deferred Income
29,266
50,850
Payroll Accruals
976,440
358,980
Balances held for:
School No. 2 Account
115,036
135,914
Scout Group
4,267
7,312
Inchmarlo No. 2 Account
55,977
47,295
1,555,584
1,071,822
Deferred income relates to the income for hire of premises invoiced in 2023/24, which
relates to the period 2024125. The 2022/23 deferred income has been fully released and the
2023124 deferred income relates only to income newly deferred in the year.
41

THE ROYAL BELFAST ACADEMICAL INSTITUTION
NOTES TO THE ACCOUNTS
For the year ended 31 March 2024
22. CASH FLOWS FROM OPERATING AcfiviTIES
2024
899,392
2023
885,706
Net income before investment Eains
Elimination of non operating cashflows
Investment income
Depreciation
(Increase)/decrease in debtors
Increase in creditors
Net cash inflow from operating activities
(848,360)
373,283
(684,003)
483 762
224,074
{931,5161
358,948
97,487
153 453
564,078
23. POST BALANCE SHEET EVENTS
There are no reportable post balance sheet events.
24. PENSIONS
The School participates in two defined benefit pension schemes, the Northern Ireland
Teacher's Pension Scheme (NITPS) and the Northern Ireland Local Government Officers,
Pension Committee {NILGOSCI schemes. Payments are made to the Northern Ireland
Teachers Pension Scheme (NITPSI for teaching staff and to the Northern Ireland Local
Government Officers Pension Committee (NILGOSC) for support staff. These are both
independently administered schemes.
NITPS is an unfunded defined benefit, voluntary membership scheme administered by the
Department of Education. The NITPS 15 a multi-employer scheme and the School is unable
to identify it5 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 recognised as they are paid each year. The School contribution rate for the
year commencing l April 2024 will be 29.1/12023/24: 25.IOA).
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 NILGOSC'S Actuary, Aon Hewitt.
The Fund's assets 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%.
Employer's contribution rates decreased from 19.5/0 to 19.0% at l April 2023.
43

THE ROYAL BELFAST ACADEMICAL INSTITUTION
NOTES TO THE ACCOUNTS
For the year ended 31 March 2024
Key assumptions for 2022 were:
2022
2.3%
3.80A
4.2%
2019
2.lyo
3.60
4.IOA
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 Schoo5, 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 recognised
as they are paid each year.
25. CAPITAL COMMITMENTS
2024
2023
Commitments at 31 March
A tender is in progress for the demolition of the swimming pool. This process had not
concluded at the time of signing the accounts.
26. RELATED PARTY TRANSAcfioNS
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 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.
44

THE ROYAL BELFAST ACADEMICAL INSTITUTION
NOTES TO THE ACCOUNTS
For the year ended 31 March 2024
27. SOFA COMPARATIVES
Unrestricted Funds
Restricted
Funds
Total
2023
General
Funds
Designated
Funds
Note
Income from:
Donations and
legacies
75.959
237,493
313,452
Charitable activities
7,961,386
7,961,386
Investments
888,833
11.330
31.353
931,516
Other sources
580,937
580,937
Total income
9,431.156
87,289
268,846
9,787,291
enditure on:
Fundraising activities
125,576
130,156
255.732
Charitable activities
io
8,286,905
358.948
8,645,853
8.412,481
358,948
130,156
8,901,585
Net income
lexpenditurel for the
year
1,018,675
{271,6591
138,690
885,706
ILosslGain on
investments
17
{1,778,799)
{1,778,7991
Fund balances at I
April 2022
22
24,906,837
14,592,055
1,475,185
40,974,077
Fund balances at 31
March 2023
24,146,713
14,320,396
1,613,875
40,080,984
45