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
loleov￿ftu
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
sTATEmE￿r 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