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

Registered Charity Number: NIC108024
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 (FRS102) (effective l January 20191.
Hlstory
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 8overn 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 envisa8ed
as the main purpose of Inst, which was to diffuse useful knowledge, particulorly among the
middling orders of society, (7s one of the necessities rather than of the luxuries of life,. not to
have G good education only the portlon of the rich and the noble, but L75 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 Charlty Commission for Northern Ireland
on 19 April 2021 with charity registration number 108024.

Reglstered Charity Number: NIC108024
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 achlevlng 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 prescrlbed 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.
vi.
c) Public Beneflt Declaration
The direct benefits which flow from the purpose include improved education
standards, enhanced opportunities, and the equipping of young men to take thelr
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 boy5 who receive their education
at the School and society as a whole. There is no private benefit flowing from the
purpose.

Registered Charity Number: NIC108024
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 educatlon, as prescrlbed by the Department of Educatlon, and
thereby equipping pupils to sit the prescribed examinatlons for admisslon to
tertlary education, to enter the labour market and generally to enable pupils to
take their place in soclety as good cltlzens.
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.
By providing sportlng and recreatlonal faclllties for extra-currlcular artivities.
The School provides sporting and recreational facilities across a wide range of clubs
and societies.
iv.
By repalrlng and keeplng In good order repair and condltion the School estate so
that it Is flt 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 objective5.
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.
By employlng teaching staff to dellver the currlcula 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.
vl.

Registered Charity Number: NIC108024
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 vislon 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 appllcatlon to deliver the campus vislon 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 Reporting for Charities
(FRS 102).
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 100% 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.

Registered Charity Number: NIC108024
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 2024125.
Investment powers and policies
The School's assets must be invested In accordance wlth the Trustee Act (Northern Ireland)
2001 and the School's own 'Scheme of Endowment,. This is enatted by the Investment
Committee through the School's Investment policy.
The purpose of the Investment5 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 (NICIFC). 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 resenie.

Reglstered Charity Number: NIC108024
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 assets 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 Resenies Policy is 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 charlty for corporation tax purposes.

Registered Charity Number: NIC108024
Strurture, 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 senie 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.1.
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.En8. 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.
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

Registered Charity Number: NIC108024
The Co-opted Educational Governors at March 2024 are as follows:
Sir D. Sterling KCB
R.W. Magee Bsc MA PGCE PQH(NI)
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 2025)
The Teacher Representative Governors at March 2024 are as follows:
(vacate 2025)
(vacate 2025)
S. Archibald, M.Eng., P.G.C.E.
J.B. Peak, B.A., P.G.C.E.
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.
Organisatlonal Structure
The Board of Governors is supported in carrying out its Governance role by Committees and
Sub-committees.
Governance Structure
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School Committee

Registered Charity Number: NIC108024
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 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 wlde range of capltal 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.
Audit Commlttee
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 audltor, Moore {N.I.} LLP, reported that an unqualified audit opinion would be
issued.
Staffing Committee
The StafFin8 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. It also determines salaries.

Registered Charity Number: NIC108024
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 Maln School. The Commlttee also oversees the formation of pollcles
and distribution of resources to support learnin8.
Health. Safety & Risk Management Commlttee
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 Foundatlon Committee
The RBAI FoundatSon Committee oversees fundraising and works closely with the Belfast Old
Instonians Associatlon 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.

Registered Charity Number: NIC108024
Board of Govèrnors
8ursaf
Prlnclpal
Vlte Prlnclpal
(Pastoral and Pupil
Achievementl
Vltè Pflncipal
(Curriculum and Qualitv
Assurance)
Decision making
The Board of Governors determine the strategic direction and pollcies for the School.
Responsibility is delegated to the Senior Leadership Team to implement the strate8ies 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 Senlor 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.
Remuneratlon of Senior Leader5hlp 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 wlth 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 prlvate 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.

Registered Charity Number: NIC108024
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 detectlng 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.

THE ROYAL BELFAST ACADEMICAL INSTITUTION
GOVERNORS, REPORT
For the year ended 31 March 2024
Disclosure of Informatlon to Auditors
So far as each of the member5 of the Board of Governors is aware at the time thi5 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 bv:
R.M. Howard- Chairman
16