Registered Charity Number: NIC108024 IFIIJ, THE ROYAL BELFAST ACADEMICAL INSTITUTION ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 16June 2025
THE ROYAL BELFAST ACADEMICAL INSTrrurioN CONTENTS Section Page Reference and administrative details of the charity, its Governors and advisers for the year ended 31 March 2025 Governors, report for the year ended 31 March 2025 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 2025 22 Balance Sheet at 31 March 2025 23 Statement of Cashflows for the year ended 31 March 2025 25 Notes to the Accounts for the year ended 31 March 2025 26 16June 2025
THE ROYAL BELFAST ACADEMICAL INSTITUTION REFERENCE AND ADMINISTRATIVE DEfAILS OF THE CHARITY, ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 Board of Governors 2024125 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., {l.T.) C. Finnegan, 8.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. 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. 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.8.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 INSTITLrrioN REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 Co-opted Governors Sir D. Sterling, KCB R.W. Magee BSC MA PGCE PQH(NI) F.C. Eakin, B.Sc., M.Sc., P.G.C.E. 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.En8., P.G.C.E. J.B. Peak, 8.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, 8.A., F,C.A. Registered Offlce The Royal Belfast Academical Institution College Square East Belfast BTI 6DL Charity Number 108024 VAT Number 485740851
THE ROYAL BELFAST ACADEMICAL INsrrruTION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 External Audltor Baker Tilly Mooney Moore 17 Clarendon Road Clarendon Dock Belfast BTI 5GB Internal Auditor Sumer Accountants Nl Ltd Glendinning House 6 Murray Street Belfast BTI 6DN Bank Danske Bank Donegall Square West Belfast BTI 6JS Investment Managers Cazenove Capital Newton Investment Management Solicitors Cleaver Fulton Rankin 50 Belford Street Belfast BT2 7FW Carson McDowell LLP Murray House 4 Murray St Belfast BTI 6DN DWF (Northern Ireland) 42 Queen Street Belfast BTI 6HL
THE ROYAL BELFAST ACADEMICAL INSTITUTION GOVERNORS, REPORT For the year ended 31 March 2025 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 2025. 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)," Hlstory The Institution was founded by the public subscription of the cltlzens of Belfast in the early years of the nineteenth century. Members of the Institution are those who have subscrlbed 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 Governor5 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 envisaged as the main purpose of Inst, which was to "diffuse useful knowledge, particularly among the middling orders of society, as one of the necessities rather than of the luxuries of life,. not to have a good education only the portion of the rich ond 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 {RBAII. 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 back8rounds'. 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 INSTrruTION GOVERNORS. REPORT For the year ended 31 March 2025 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) Actlvltles for achieving the purpose The Royal Belfast Academical Institution carries out its purposes in the following ways.. By establishln8 and maintaining a preparatory school for 5 to 11-year-old boys In Belfast. By e5tabllshln8 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 actlvities. By repairing and keeping in good order repair and condition the School estate so that it is fit for the purpose for which it is intended. By employing teaching staff to deliver the curricula of the preparatory school and the post primary grammar school. iv. vi. c) Public Beneflt Declaratlon 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 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 15 no private benefit flowing from the purpose.
THE ROYAL BELFAST ACADEMICAL INSTrruTION GOVERNORS, REPORT For the year ended 31 March 2025 Achlevements and Performance Establishing and malntainlng a preparatory school for 5 to 11-year-old boys in Belfast The Inchmarlo Preparatory Department was established in 1917 and is continuingto provide an education for 5-11 year old boy5. By establishlng 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 puplls to slt the prescribed examinations for admission to tertiary education, to enter the labour market and generally to enable pupils to take their place In soclety as good citizens. The School is currently providing education to equip pupils to sit the prescribed examinations for admission to tertiary education, to enter the labour market and generally to enable pupils to take their place in society as good citizens. iv. By providing 5POrting and recreational facilities for extra-curricular activities. The School provides sporting and recreational facilities across a wide range of clubs and societies. By repalrlng and keeping In good order repair and condition the School estate so that It Is fit for the purpose for whlch 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. 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 2025 Fundraising and generating incorne RBAI 15 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. Plans for future perlods 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. The plannlng application to deliver the campus vision was approved by Belfast City Council on 13 August 2024. Phase l of the project is scheduled to commence in July 2025. Financial Revlew The financial statements have been prepared on a going concern basis in accordance with the Statement of Recommended Practice (SORP): Accounting and Reporting for Charities (FRS 102). The financial statements on pages 22-44 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 £724k before investment losses of £261k for the year. The Balance Sheet at 31 March 2025, shows net assets of £43.3m. The grant fundin8 from the Education Authority, at just over £7.Im, represents 64% of our total income of £11.2m. The combined staff costs are £7.2m, equating to over IOOOA of Common Formula Grant funding, illustrating the challenge of fundin8 the School. Total staff costs represent 70% of total expenditure. The increase in fees reflects an annual inflationary increase along with stable pupil numbers at the Main School.
THE ROYAL BELFAST ACADEMICAL INSTITLrrioN GOVERNORS, REPORT For the year ended 31 March 2025 The major challenges faced by the Institution are threefold: Firstly, funding the revenue deficit for the Main School due to the insufficient funding from 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 bud8ets and capital plans on an annual basis. Golng Concern The Board of Governors, through the Flnance & General Purposes Committee, 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 80in8 concern basis in preparing its financial statements. The Department of Education has confirmed interim Common Formula Funding allocation of £6,713,621 for the year 2025126. Investment powers and policies The School's asset5 must be invested in accordance with the Trustee Act (Northern Ireland) 2001 and the School's own 'Scheme of Endowment,. This is enacted by the Investment Committee through the School's Investment policy. The purpose of the Investments IS to provide the School with sufficient income to meet its needs whilst maintaining the value of the capital in real terms. The School's investments are managed by two fund Managers: Cazenove Capital and Newton Investment Management. Charltable Funds Reserves pollcy The accounting policy for the various charitable funds is included in Note 1.3 to the Financial Statements. The total charitable funds held by the school at 31 March 2025 was £43.3m. The amount of these funds which are restricted and not available for the general purposes of the School at 31 March 2025 was £2.13m. The unrestricted funds totalSing £41.20m at 31 March 2025 comprise the general unrestrirted fund and the designated unrestricted fund.
THE ROYAL BELFAST ACADEMICAL INSTITUTION GOVERNORS. REPORT For the year ended 31 March 2025 The Governors have designated unrestricted funds for the following purposes at 31 March 2025: an amount equivalent to the tangible fixed assets used to carry out the School's activities (£13.87m); an amount to meet future essential capital expenditure which cannot be funded out of income (£12.3m}' an amount for future capital expenditure on the school hockey pitch {£0.012m); and an amount to invest to generate an income stream to fund ongoing charitable activities (£IOm). These designated funds are required as the Department of Education only provides funding towards teaching and learning and not towards the upkeep of the School estate and other costs. Details of these designated unrestricted funds are included in Note 22 to the Financial Statements. The general unrestricted fund Reserves Policy Is monltored and reviewed at least annually by the Governor5 as appropriate 8iven the plan5 for the future activities of the School. At 31 March 2025, the Governors have set a tar8et level of general unrestricted fund reserves amounting to six months, working capital out8oln8 resources which amounts to £5.0m. Tax Status The School is registered as a charity for corporation tax purposes. The School is registered for VAT.
THE ROYAL BELFAST ACADEMICAL INSTITUTION GOVERNORS, REPORT For the year ended 31 March 2025 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. Appolntment or election of Governors Representative Governors are appointed to serve 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 2025 are as follows: l. C. Finnegan, B.A. 2. B.J. Cheevers, B.A. 3. M. Fitch, LL.B., F.C.A. 4. R.M. Howard, B.Sc., F.C.A. (Chairman) 5. C.J. Johnston, B.A., F.C.A. 6. G. Parkes, M.B.A., Chartered Fellow C.l.P.D. 7. J.E, Rutherford B.Sc., M.A. 8. M W Shaw BEng. M.B.A. C.Eng. F.l.Struct.E. M.l.C.E. M,l.E.l. Vacate 2025 9. A.1. Adalr, LL.B., F.R.C.S.I. 10. P.J, Dolaghan, P.G.C.E., (l.T.) 11. S.T. Gowdy, LL. 12. J.C. Kernohan, B.A. 13. R.J.S. Price, F.C.A. 14. W,M.W. McDowell, F.R.l.C.S. 15. P. Shields, B.Sc., P.G.D. 16. J.J. Wylie, M.A., F.C.A. Vacate 2026 17. 1.S. Corry, M.D., F.R.C.S. (Orth), Dip.Sports.Med. (Deceased29Apri12025) 18. D.S. Croft, M.Sc., B.A., M.l.B. 19. A.G. Dick MB Bch MRCGP 20. C.D. Gowdy, LL.B., (Vice Chairman) 21. W.J. Keith, O.B.E., M.Sc., B.Ed., Dip.G.&C. 22. J.D. Stelfox, M.B.E., D.L., R.l.B.A., F.R.l.A.l. 23. W.A. Wilson, F.R.l.C.S. 24. W.R. Wilson, LL.B. (Hon. Secretary) Vacate 2027 io
THE ROYAL BELFAST ACADEMICAL INSTITUTION GOVERNORS, REPORT For the year ended 31 March 2025 The Co-opted Educational Governors at March 2025 are as follows: R.W. Magee Bsc MA PGCE PQH{NI) F.C. Eakin, B.Sc., M.Sc., P.G.C.E. Sir D. Sterling KCB (vacate 2025) (vacate 2026) (vacate 2027) The Parent Representative Governors at March 2025 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 2025 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 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 loleovftu Fin4MICufflmlit Pnywtysu Comrnlilq• KTCornrnin RUIFllund•Uun Cornmllf¢e Crffjmltl*• li
THE ROYAL BELFAST ACADEMICAL INSTITUTION GOVERNORS, REPORT For the year ended 31 March 2025 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. Flnance & 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-commlttee The Property Sub-committee manages a wide range of capital development and maintenance matters pertaining to the School's estate. Fees Bursary Sub-commlttee The Fees Bursary Sub-committee administers the School's Fees Bursary Scheme. The Governors believe that no boy should be denied an education in the Secondary Department because of the financial circumstances of his parents or guardians. The Fees Bursary Scheme supports parents/guardians to meet the fees which the School charges. 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 audltor, Sumer Nl, reported that the Institution had a sound framework of control, which provided satisfattory assurance regarding the system of internal financial control. Stafflng Committee The Staffing Committee considers a range of matters relating to the terms and conditions of employment of individuals within the teaching and non-teaching staff, including internal and external appointments. It also determines salaries. 12
THE ROYAL BELFAST ACADEMICAL INSTITUTION GOVERNORS. REPORT For the year ended 31 March 2025 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 requirements of Inchmarlo and the Main School. The Committee also oversees the formation of policies and distribution of resources to support learnin8. 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 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. Senlor 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 implementin8 and managing the strategies approved by the Board of Governors. Board of Govèrnors Bursar Principal Vice Princlpal (Pastoral and Pupil Achievement) Vice Principal (Curriculum and Quality Assurancel 13
THE ROYAL BELFAST ACADEMICAL INSTITUTION GOVERNORS, REPORT For the year ended 31 March 2025 Declslon 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. 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. Remuneratlon of Senlor Leader5hlp Team The Staffing Commlttee revlew the salaries of all staff on an annual basls. The Committee makes recommendations to the Board for any change5 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 Partie5 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 flnancial regulations and normal procurement procedures. Statement of Governors, Re5ponslblllties The Board of Governors of the Royal Belfast Academical Institution is responsible for the administration and management of the affalrs 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 of 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. 14
THE ROYAL BELFAST ACADEMICAL INSTITUTION GOVERNORS, REPORT For the year ended 31 March 2025 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, efficlent and effective management of the School's resources and expenditure. 15
THE ROYAL BELFAST ACADEMICAL INSTITUTION GOVERNORS, REPORT For the year ended 31 March 2025 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 16 June 2025 by: R.M. Howard- Chairman 16
THE ROYAL BELFAST ACADEMICAL INSTrrLrfioN INDEPENDENT AUDITOR'S REPORTTO THE BOARD OF GOVERNORS OF THE ROYAL BELFAST ACADEMICAL INSTITUTION Opinion We have audited the financial statements of The Royal Belfast Academical Institution (the 'School') for the year ended 31st March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, Statement of 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 Accountin8 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 8ive a true and fair view of the State of the School's affairs as at 31st March 2025 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 Schools 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 and Ireland). Ba515 for opinion We conducted our audit in accordance with International Standards on Auditing (UK) {ISAs {UK) and applicable law. Our responsibilities under those 5tandard5 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 Ethnical Standard, and we have fulfilled our ethnical 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 REPORTTOTHE BOARD OF GOVERNORS OF THE ROYAL BELFAST ACADEMICAL INSTITUTION Concluslons relating to going concern We have nothing to report in respect of the following matters in which the ISA'S (UK) require us to report to you where: The Governor's use of the golng concern basis of accounting In the preparation of the financial statements is not appropriate, or The Governors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the School's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. Other Matter The financial statements for the year ended 31 March 2024 were audited by another auditor who expressed an unmodified opinion on those statements on 28 May 2024. Other Informatlon 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 connectlon with out audit of the financlal 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 inconsistencie5 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. 18
THE ROYAL BELFAST ACADEMICAL INSTrruTION INDEPENDENT AUDITOR'S REPORTTO THE BOARD OF GOVERNORS OF THE ROYAL BELFAST ACADEMICAL INSTITUTION Matters on whlch we are required to report by exception We have nothing to report in respect of the following matters where legislation requires us to report to you if, in our opinion: the information given in the Governors, Annual Report is inconsistent in any material respect with the financial statements; or sufficient accounting records have not been kept; or the financial statements are not in agreement with the accounting records and returns. or we have not received all the information and explanations we requlre for our audit. Responslbllities of Governors As explained more fully in the Governors, Responsibilities Statement set out on pages 14 to 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 mi55tatement, whether due to fraud or error. In preparing the financial statements, the Governors are responsible for assessment the School's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going basis of accounting unless the Governors either intend to liquidate the school or to cease operations, or have no realistic alternative but to do so. Auditorfs re5ponsibilitles for the audlt of the flnancial 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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with 1SAs (UK) will always detect a material mi5Statement 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 responsibilitie5, 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. 19
THE ROYAL BELFAST ACADEMICAL INSTrruTION INDEPENDENT AUDITOR'S REPORT TO THE BOARD OF GOVERNORS OF THE ROYAL BELFAST ACADEMICAL INSTITUTION We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue recognition. In common with all audits under ISAS (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the School operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Northern Ireland Education Legislation and loca I tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the School'5 ability to operate or to avoid a material penalty. These included compliance with the Education Authority guidance for Voluntary Grammar Schools. Our procedures to respond to risks identified included the following: reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; enquiring of management, the Audit & Risk Committee in-house concerning actual and potential litigation and claims. performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; reading minutes of meetings of those charged with governance, reviewing internal audit reports and reviewing regulatory correspondence; obtained an understanding of provisions; and in addressing the rlsk of fraud through management override of controls, testing the appropriateness of journal entrles and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of busine5S. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit. 20
THE ROYAL BELFAST ACADEMICAL INSTITUTION INDEPENDENT AUDITOR'S REPORTTO THE BOARD OF GOVERNORS OF THE ROYAL BELFAST ACADEMICAL INSTITUTION Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non- compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's webslte at: http://www.frc.org.uk/auditorsresponslbllties. This description forms part of our auditorfs report. 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. Baker Tilly Mooney 17 Claredon Road Clarendon Dock Belfast 8T1 5GB oore Date: iq (Tuio &02 g Baker Tilly Mooney Moore is eligible to act as an auditor in terms of section 65 of the Charities Act (Nl) 2008 21
THE ROYAL BELFAST ACADEMICAL INSTITUTION sTATEmEr OF FINANCIAL ACTIVITIES For the year ended 31 March 2025 Unrestricted Funds Restricted Funds Total 2025 Total 2024 General Funds Deslgnated Funds Notes Income from: Donations and legacies 93,144 147,123 240,267 424,632 Charltable actlvitles 9,284,526 9,284,526 8,654,009 Investments 833,224 17,000 19,811 870,035 848,360 Other sources 714,253 714,253 709,438 Total Income 10,832,003 110,144 166,934 11,109,081 10,636,439 endlture on: Fundraising activities 144,436 27,912 120,518 292,866 307,166 Charitable activitle5 9.631,888 375,547 10,007,435 9,429,881 Other 14 85,000 85,000 9,776,324 488.459 120,518 10,385,301 9,737,047 Net Income lexpendlturel for the year 1,055,679 1378,3151 46,416 723,780 899,392 Lossllgalnl on Investments 17 1261,084) (261,084} 1,893,625 Transfer between reserves 122,478,152} 22A78,152 Fund balances at i Aprll 2024 22 26,683,557 14,102,990 2.087,454 42,874,001 40,080,984 Fund balances at 31 March 2025 5,000,000 36,202,827 2.133.870 43,336.697 42.874,001 The Statement of Financial Activities includes all gains and1055es recognised in the year. All income and expenditure derive from continuing activities. The note5 on pages 26 to 44 form part of these financial statement5. 22
THE ROYAL BELFAST ACADEMICAL INSTITUTION BALANCE SHEET For the year ended 31 March 2025 Notes 2025 2024 Flxed assets Tangible fixed assets Investments Investment properties Total fjxed assets 16 17 18 13,870,372 27,036,965 10,000 40,917,337 13,454,450 25,298,049 920,CN)O 39,672,499 Current assets Debtors Cash at bank and In hand Total current assets 19 20 901,940 3,142,824 4,044.764 1,111,924 3,869,719 4,981,643 Current Ilabllltles Creditors: amounts falling due within one year Totsl current liabilities 21 1,625,404 1,625,404 1,780,141 1,780,141 Net current assets 2,419,360 3,201,502 Total assets less liabilities 43.336,697 42,874,001 Represented by: 22 Unrestrirted funds: General 5,000,000 26,683,557 Designated 36,202,827 14,102,990 Total Unrestrlcted Funds Restrlcted funds: Trust Fund Accounts - Capital Trust Fund Accounts - Revenue 41,202,827 40,786,547 499,523 320,011 499,523 311,951 1,273,754 2,225 RBAI Foundation 1,312,054 2,281 War Memorlal Fund Inst Hockey Limited Total Restrirted Funds 2,133,870 2,087,454 Total Fund5 43,336,697 42,874,001 The 2024 Balance Sheet has been restated for comparative purposes. 23
THE ROYAL BELFAST ACADEMICAL INSTITUTION BALANCE SHEET For the year ended 31 March 2025 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 26 to 44 form part of the financial statements. The financial statements were approved by the Governors on 16 June 2025. R.M. Howard Chairman er ohan r of the Finance & General Purposes Committee Con 24
THE ROYAL BELFAST ACADEMICAL INSTrruTION STATEMENT OF CASHFLOWS For the year ended 31 March 2025 Net cash Inflow from operatlng activities 23 284,539 224,074 Cash flows from investing actlvltles: Payments for Fixed Assets (791,469) (373,908) Income from estates properties 7,310 17,674 Net proceeds from sale of land 887,417 5,000 Income from dividends 812,777 770,403 Income from bank interest 72,531 55,283 Additional investments (2,000,000) Net cash (outflow)/lnflow from investing activities (1,011,434) 474,452 Change In cash and cash equlvalents 20 1726,895) 698,526 Cash and cash equlvalents at l April 3,869,719 3,171,193 Cash and cash equlvalents at 31 March 3,142,824 3,869,719 25
THE ROYAL BELFAST ACADEMICAL INSTrruTION NOTES TO THE ACCOUNTS For the year ended 31 March 2025 I. STATEMENT OF PRINCIPLE ACCOUNTING POLICIES Format and basls of Account5 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) and the Charities Act (Northern Ireland) 2008." Golng Concern The Board of Governors has considered the School's forecasts and projections. The Governors have a reasonable expectation that the School has adequate resources to continue in operational existence for the foreseeable future. The School, therefore, continues to adopt the going concern basis in preparing its 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 Governor5, for specific purposes. Restricted funds are subject to specific conditions by donors as to how they may be used. Recognltlon of Income From the year ended 31 March 2025 School Fees relating to services provided in April, May and June in the post balance sheet period are accounted for as deferred income. 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 15 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 c05t5. The costs associated with fundraising are the costs incurred by the RBAI Foundation office. 26
THE ROYAL BELFAST ACADEMICAL INSTrruTION NOTESTOTHE ACCOUNTS For the year ended 31 March 2025 Pension Schemes The two principal pension schemes forthe School's 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 forteaching 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 INI) 1998 (as amended). The NITPS is a multi- employer scheme and the School is unable to identify its share of the underlyin8 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 at 31 March 2020. The employer contribution rate has remained at 29.1% since l April 2024. NILGOSC is a defined benefit multi-employer scheme whlch 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 contributlons to the scheme are set at a common level for employers within the same bands In the scheme. The contrlbutions are expenses as they are paid each year. 27
THE ROYAL BELFAST ACADEMICAL INSTrruTION NOTESTOTHE ACCOUNTS For the year ended 31 March 2025 Tangible Fixed Assets Land and Bulldings 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. Capltal Redevelopment Costs relating to the capital development of the school slte are included in the Balance Sheet at cost. This c05t wlll be transferred to Land and Bulldlngs when Phase l of the development Is complete. Depreciation Is not charged on the capital development costs. Equlpment & Motor Vehlcles Equipment costing le55 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 as follows: Motor vehicles 5 years. General equipment 10 years; Computer equipment 3 years. Investment5 Investments are included at market value at the balance sheet date. Any gain or loss on the revaluation is taken to the Statement of Financial Activities. Investment income is accounted for in the period in which it is received. Investment Property The School holds ground rents for investment purposes. This is included at deemed market value at the balance sheet date. 28
THE ROYAL BELFAST ACADEMICAL INSTITUTION NOTES TOTHE ACCOUNTS For the year ended 31 March 2025 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 became registered for VAT on 8 December 2024. The School charges VAT on the fees for education it provides to students. For this reason the School is partially exempt in respect of VAT, so that it can only recover an element of VAT charged on its inputs. Irrecoverable VAT on inputs Is included in the costs of such Inputs and added to the cost of Land and Buildings and Equipment as appropriate, where the inputs themselves are Land and 8uildings and Equipment by nature. 1.12. Employee beneflt5 The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. 1.13. Cash at bank Cash at bank includes amounts held on deposit with the School's banks and cash deposits held by one of the School's Fund Managers. 1.14. Liabilities and provisions Provisions are recognised when the School has a present legal or constructive obligation as a result of a past event, it is probable that a transfer of economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. 1.15. 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. 29
THE ROYAL BELFAST ACADEMICAL INSTrruTION NOTES TO THE ACCOUNTS For the year ended 31 March 2025 2. INCOME FROM DONATIONS AND LEGACIES 2025 2025 2025 2024 Unrestricted Designated Restricted Tota I Total RBAI Foundation 93,144 147,123 240,267 424,632 93,144 147,123 240,267 424,632 3. INCOME FROM CHARITABLE AcfiviTIES Note 2025 2024 Unrestricted - General Total Education Authority Grants 7,136,778 6,648,046 School Activities 2, 147,748 2,005,963 9,284,526 8,654,009 30
THE ROYAL BELFAST ACADEMICAL INSTITUTION NOTES TO THE ACCOUNTS For the year ended 31 March 2025 4. INCOME FROM EDUCATION AUTHORITY GRANTS 2025 2025 2025 2024 Main School Prep Total Total Common Formula Funding Grant 6,441,104 85,441 6,526,545 5,604,261 Classroom Assistant Grant 268,852 118,890 387,742 308,143 Grant: Staff Cover 41,907 4,156 46,063 16,428 Grant." Teachers, Back Pav 153,757 3,222 156,979 671,126 Under funding of 2023/24 Back Pay (66,9801 {1,4311 (68,4111 Grant: Non-Teachlng payrise 38,274 19,648 57,922 23,941 Grant: SEND 9,731 567 10,298 9,055 Other DE Grants 14,600 5,040 19,640 16,092 6,901,245 235,533 7,136,778 6,648,046 31
THE ROYAL BELFAST ACADEMICAL INSTITUTION NOTES TO THE ACCOUNTS For the year ended 31 March 2025 5. INCOME FROM SCHOOL ACTIVITIES 2025 2025 2025 2024 Main School Prep Total Total Fees 1,391,712 607,353 1,999,065 1,844,S83 Sundry Income 52,981 6,302 59,283 73,250 Puplls, Text Books & Stationery 74,760 14,640 89,400 88,130 1,519,453 628,295 2,147,748 2,005,963 6. INCOME FROM INVESTMENTS 2025 2025 2025 2025 2024 Unrestricted General Unrestricted Designated Restricted Total Total DSvSdends 775,966 17,000 19,811 812,777 770,403 Bank Interest 72,531 72,531 55,283 Land & Property Rent 7,310 7,310 17,674 Loss on sale of Investment Property 122,583) 122,583) 5,000 833,224 17,000 19,811 870,035 848,360 32
THE ROYAL BELFAST ACADEMICAL INSTITiJfioN NOTES TO THE ACCOUNTS For the year ended 31 March 2025 7. INCOME FROM OTHER SOURCES 2025 2025 2025 2024 Main School Prep Total Total Income from use of premises 10,446 3,900 14,346 58,513 Sundry Income 48,547 48,547 71,866 Wraparound Care 141,526 141,526 137,302 Dining Halls 407,193 102,641 509,834 441,757 466,186 248,067 714,253 709,438 8. EXPENDITURE ON FUNDRAISING ACTIVITIES 2025 2025 2025 2025 2024 Note General Designated Restricted Total Total RBAI Foundatlon Staff Costs 10 119,715 119,715 110,514 RBAI Foundation Admin 24,721 24,721 33,606 RBAI Foundation Bursaries 27,904 79,200 107,104 105,622 Trust Fund Bursaries 795 795 1,634 RBAI Foundation Other 29,623 29,631 45,544 Trust Funds Expenditure 10,900 10,900 10,246 144,436 27,912 120,518 292,866 307,166 33
THE ROYAL BELFAST ACADEMICAL INSTITUTION NOTESTOTHE ACCOUNTS For the year ended 31 March 2025 9. EXPENDITURE ON CHARITABLE ACTIVITIES 2025 2025 2025 2025 2024 Note Main School Prep Designated Funds Total Total Staff Costs- Grant funded 10 6,077,760 751,797 6,829,557 6,430,103 Staff Costs - School funded 10 117,169 130,448 247,617 217,728 School Costs 12 1,749,509 182,171 1,931,680 1,846,076 Other Costs 13 485,887 137,147 623,034 562,691 Depreclation 16 375,547 375,547 373,283 8,430,325 1,201,563 375,547 10,007,435 9,429,881 10. STAFF COSTS 2025 2025 2025 2024 Main School Prep Total Total Staff Costs- Funded from Grant 6,077,760 751,797 6,829,557 6,430,103 Staff Costs - School funded 117,169 130,448 247,617 217,728 Staff Costs - Fundraising 119,715 119,715 110,454 6,314,644 882,245 7,196,889 6,758,345 2025 2024 Wages and Salaries Social Security Costs Pension Costs 5,308,781 554,051 1,334,057 7,196,889 5,079,434 515,748 1,163,163 6,758,345 34
THE ROYAL BELFAST ACADEMICAL INSTITUTION NOTES TO THE ACCOUNTS For the year ended 31 March 2025 The number of employees whose emoluments for the year exceeded £60,000 are shown in the table below (including taxable benefits in kind but excluding employers, pension costs and employers, national insurance costs.) 2025 2024 £60,000 - £69,999 £70,000- £79,999 £80,000- £89,999 £90,000 - £99,999 £100,000 - £109,999 £110,000 - £119,999 £120,000 - £129,999 2025 2024 Average Staff Numbers 162 155 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 Prlncipal) are as follows: 2025 No. 2025 2024 No. 2024 A88re8ate employee benefits of key mana8ement personnel 506,904 462,013 There were no payments, including expenses, to members of the Board of Governor5 during the year (2024.. nil}. 35
THE ROYAL BELFAST ACADEMICAL INSTrrurioN NOTESTO THE ACCOUNTS For the year ended 31 March 2025 12. SCHOOL COSTS ON CHARITABLE ACTIVITIES 2025 2025 2025 2024 Main School Prep Total Total Estates Costs 980,195 122,852 1, 103,047 1,035,648 Academic Costs 397,535 23,170 420,705 441,825 Sports & Games 155,767 4,730 160,497 148,599 Administration & other costs 216,012 31,419 247,431 220,004 1,749,509 182,171 1,931,680 1,846,076 13. OTHER SCHOOL COSTS 2025 2025 2025 2024 Main School Prep Total Total Charges for admissions process 8,657 8,657 8,626 Wraparound Care 13,534 13,534 12,891 Dining Hall 477,230 123,613 600,843 541,174 485,887 137,147 623,034 562,691 14. OTHER COSTS 2025 2024 Designated Funds Designated Funds Release of hockey pitch sinking fund 85,000 85,000 36
THE ROYAL BELFAST ACADEMICAL INSTITUTION NOTES TO THE ACCOUNTS For the year ended 31 March 2025 15. AUDITORS, REMUNERATION 2025 2024 Internal Auditors, Remuneration 4,000 3,594 External Auditors, Remuneration 5,500 6,240 Auditors, Remuneration 9,500 9,834 16. TANGIBLE FIXED ASSETS Land & Buildings Capital Redevelopment Motor vehicles Equipment Total At l April 2024 18,484,565 410,596 32,000 104,084 19,031,245 Additions 2,182 761,687 27,600 791,469 At 31 March 2025 18,486,747 1,172,283 59,600 104,084 19,822,714 Accumulated Depreciatlon At l April 2024 5,478,137 25,800 72,858 5,576,795 Depreciation 356,519 8,620 10,408 375,547 At 31 March 2025 5,834,656 34,420 83,266 5,952,342 NBV 31 March 2025 12,652.091 1,172,283 25,180 20,818 13.870.372 NBV 31 March 2024 13,006.428 410,596 6,200 31,226 13,454.450 37
THE ROYAL BELFAST ACADEMICAL INSTrfuTION NOTES TO THE ACCOUNTS For the year ended 31 March 2025 17. INVESTMENTS Total Market Value At l April 2024 Additional investment 25,298,049 2,000,000 (261,084) Loss on investments At 31 March 2025 27,036,965 Long-term investments are held in a mix of funds managed by two professlonal 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 loss on Investments is an unrealised loss on the market value of the investments at 31 March 2025. The School's investments are managed by two fund Mana8ers.' Cazenove Capital and Newton Investment Management. The School also holds a 50% shareholding valued at £1 In Inst Hockey Limited. 18. INVESTMENT PROPERTIES Total Market Value At l April 2024 920,000 (910,000) Disposal of investments At 31 March 2025 10,000 The School holds ground rents for investment purpose5. This is included at deemed market value at the balance sheet date. 38
THE ROYAL BELFAST ACADEMICAL INSTrruTION NOTESTO THE ACCOUNTS For the year ended 31 March 2025 19. DEBTORS 2025 2024 School Fee Debtors 662,791 431,178 Other Debtors 200,448 657,038 Prepayments 38,701 23,708 901,940 1,111,924 20. CASH AT BANK AND IN HAND 2024 Ca5hflow 2025 Cash at Bank and in Hand 3,869,719 (726,895) 3,142,824 39
THE ROYAL BELFAST ACADEMICAL INsfiTUTION NOTES TOTHE ACCOUNTS For the year ended 31 March 2025 21. CREDITORS: Amounts falllng due within one year 2025 2024 Creditors 141,937 111,278 Accruals and sundry creditors 271,065 170,600 Pupil Deposlts 92,430 92,720 Deferred Income 41,593 29,266 Payroll Accruals 483,996 976,440 Social Securlty and Pensions 267,557 224,557 VATdue to HMRC 150,509 Balances held for: School No. 2 Account 116,623 115,036 Scout Group 5,620 4,267 Inchmarlo No. 2 Account 54,074 55,977 1,625,404 1,780,141 Deferred income relates to the income for hire of premises Invoiced in 2024/25, which relates to the period 2025/26. The 2023/24 deferred income has been fully released and the 2024/25 deferred income relates only to income newly deferred in the year.
m*oo o o o E E E
THE ROYAL BELFAST ACADEMICAL INSTITUTION NOTESTOTHE ACCOUNTS For the year ended 31 March 2025 23. ACTIVITIES 2025 2024 Net income before investment losses Elimination of non operating cashflows Investment income Depreciation Decrease/{increase) in debtors {Decrease)/increase in creditors Net cash inflow from operating activities 723,780 899,392 (870,0351 375,547 209,984 (154,7371 284,539 {848,360) 373,283 {684,003) 483,762 224,074 24. POST BALANCE SHEET EVENTS There are no reportable post balance sheet events. 25. PENSIONS The School participates in two defined benefit pension schemes, the Northern Ireland Teacher's Pension Scheme (NITPS) and the Northern Ireland Local Government Off icers, Pension Committee INILGOSC) schemes. Payments are made to the Northern Ireland Teachers Pension Scheme INITPS} 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 is a multi-employer scheme and the School is unable to identify its share of the underlying assets and liabillties of the scheme on a consistent and reasonable basis. The NITPS is therefore treated as a defined contribution scheme and the contrlbutlons recognised as they are paid each year. The School contribution rate for the year commencing l April 2025 will be 29.1% (2024125: 29.1%). NILGOSC is a defined benefit multi-employer scheme which Is externally funded. The NILGOSC Fund 15 valued every three years by an independent actuary. The latest valuation was carried out on 31 March 2022 by NILGOSC'5 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 IIIOA. The School contribution rate for the year commencing l April 2025 will be 19% (2024/25: 19%). 42
THE ROYAL BELFAST ACADEMICAL INSTITUTION NOTES TO THE ACCOUNTS For the year ended 31 March 2025 Key assumptions for 2022 were: 2022 2.30A 3.8% 4.2% 2019 2.1% 3.6% 4.1% CPI inflation rate Rate of increase in pensionable salaries Investment returns The NILGOSC scheme is treated as a defined contribution scheme. The Board is of the opinion that the contributions to the scheme should be treated as a defined contribution scheme because, at present, no future liability rest5 Wlth 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 recognised as they are paid each year. 26. CAPITAL COMMITMENTS 2025 2024 Commitments at 31 March 27. RELATED PARTYTRANSACTIONS Due to the nature of the School's operatlons 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 wlth organisations in which a member of the Board of Governors may have an interest. All transactions involving organi5ations in which a member of the Board of Governors may have an interest are conducted in accordance wlth 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 Director5 of Inst, Hockey Limited. 43
THE ROYAL BELFAST ACADEMICAL INSTrruTION NOTES TOTHE ACCOUNTS For the year ended 31 March 2025 27. SOFA COMPARATIVES Unrestricted Funds Restrlcted Funds Total 2024 General Funds Designated Funds Note Income from: Donations and legacies 137,930 286,702 424,632 Charitable actlvltles 8,654,009 8,654,009 Investments 797,407 19,187 31,766 848,360 Other sources 709,438 709.438 Total Income 10,160,854 157,117 318,468 10.636N39 Ex nditure on: Fundraising activitles 144,120 1,240 161,806 307,166 Charitable activlties io 9,056,598 373,283 9,429,881 9.200,718 374,523 161.806 9,737,047 Net Income (expendfture) for the year 960,136 (217.406) 156,662 899,392 Gain on investments 17 1,576,708 316,917 1,893,625 Fund balances at i April 2023 22 24,146,713 14,320,396 1,613,875 40,080,984 Fund balances at 31 March 2024 26.683,557 14,102.990 2,087,454 42,874.001 44