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← Irish Traction Group

2025-06-30-accounts

lrish Traction Group

Report and accounts for the year ended 30 June 2025

Contents

Page
Charity information 1
Trustees’ Annual Report 1
Statement of Trustees’ responsibilities 11
Independent Accountant's Report 12
Funds Statements:-
Statement of Financial Activities 14
Movements in funds 15
Revenue Funds 15
Summary offunds funds 15
Balance sheet 16
Notestotheaccounts 17

lrish Traction Group

Trustees’ Annual Report for the year ended 30 June 2025

The Trustees present their Report and Accounts for the year ended 30 June 2025 ~~.~~

Reference and administrative details

The charity name.

The legal name of the charity is:- Irish Traction Group ~~.~~

The charity's areas of operation and UK charitable registration.

The charity is registered in England & Wales with the Charity Commission in England & Wales (CCEW) with charity number 1000382 ~~.~~

The charity is not registered in any overseas jurisdictions.

However, the Charity has submitted notification to the Charity Commission for Northern Ireland that it is a "Section 167 Institution" and may be liable for registration as a Charity in Northern Ireland ~~.~~ However, the relevant legislation relating to "Section 167 Institutions" has not yet been enacted by the Department of Communities, and only then would the Charity need to register if it met the criteria as defined by the legislation

Legal structure of the charity

The charity is constituted as an unincorporated charity, established by a written constitution. The governing document of the charity is the written constitution approved by the members and endorsed by the Charity Commission in England & Wales (CCEW) ~~.~~

The original governing document is dated 4 June 1989 and was last amended on 17 November 2007 ~~.~~

There are no restrictions in the governing documents on the operation of the Charity or on its investment powers other than those imposed by Charity Law.

The trustees are all individuals.

The principal operating address, telephone number, email and web addresses of the charity are: ~~-~~

31 Hayfield Road

Bredbury, Stockport Cheshire, SK6 1DE Telephone 00 44 7713 159869

Email Address info@irishtractiongroup.com Web address www..irishtractiongroup.com

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lrish Traction Group

Trustees’ Annual Report for the year ended 30 June 2025

The Trustees in office on the date the report was approved were: ~~-~~

Kenneth Manto Kenneth Manto Kenneth Manto Chairman Chairman Chairman Chairman
Aidan Brosnan Vic~~e-~~Chairman
Aidan Kehoe Secretary
Peter Jones Treasurer
Michael Beckett
Fiachna Mac Murchu
Innis Mennie
Michael Murphy
Bob Twigg
MartinWard

The following persons served as Trustees during the year ended 30 June 2025 : ~~-~~

All the Trustees who served in the year were as above ~~.~~

At the Annual General Meeting to receive these accounts, all the above retired as trustees but were eligible for reappointment ~~.~~

The Charity has no employees ~~.~~

All the Trustees are also members of the Charity ~~.~~

The purposes of the charity as set out in its governing document.

The principal objective of the Charity shall be to advance the education of the public by preserving, restoring, exhibiting and operating, for the benefit of the public, Irish diesel and electric locomotives as well as coaching and other rolling stock associated with these types of locomotives and multiple units.

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lrish Traction Group

Trustees’ Annual Report for the year ended 30 June 2025

The main activities undertaken in relation to those purposes during the year.

In furtherance of the principal objective, restoration work was carried out during the year on 201 (C) class locomotive No ~~.~~ 226 at the Old Goods Store, Carric ~~k-~~ On ~~-S~~ uir Station, Co ~~.~~ Tipperary ~~.~~ Meanwhile, the Charity’s operational fleet of locomotives continue to be based at the Downpatrick & Co ~~.~~ Down Railway, i.e ~~.,~~ 001 (A) class locomotive No. A39R, 141 (B) class locomotive No ~~.~~ 146, 201 (C) class locomotive No ~~.~~ C231 and Deutz (G) class locomotives Nos ~~.~~ G611 and G617 ~~.~~ Unfortunately, due to unprecedented flooding at Downpatrick in November 2023, significant damage was done to the railway’s infrastructure and equipment, which meant that the railway had been closed to the public since that date whilst repairs are carried out, with the railway only reopening to the public in March 2025 ~~.~~ The flood waters badly affected several of the Charity’s locomotives based there, with some of them suffering water damage to the traction motors, axle boxes, bearings and braking systems. The majority of the work on the locomotives at Downpatrick during the period was therefore mainly concentrated on repairing the damage caused by the flood waters ~~.~~ All bar locomotive No. C231 have now been returned to service, with this locomotive now being stored pending long ~~-~~ term repairs ~~.~~ Towards the end of the period, plans were also progressing to move the Group’s four locomotives that have been stored at Moyasta since 2009, 001 (A) class locomotive No. A3R, 121 (B) class locomotive No. 124, 141 (B) class locomotive No. 152 and 181 (B) class locomotive No. 190, up to Downpatrick. By 30th June 2025 121 (B) class locomotive No. 124, 141 (B) class locomotive No. 152 and 181 (B) class locomotive No. 190 had all completed the move to Downpatrick, with locomotive No ~~.~~ A3R expected to be moved during July 2025 ~~.~~ Following work carried out at Downpatrick during June 2025, both locomotives Nos ~~.~~ 124 and 190 had been successfully started, with further work now being undertaken to allow them to move under their own power ~~.~~ Locomotive No. 152 was purely acquired as a source of spare parts for the other locomotives and there are no plans to return it to service.

Meanwhile, the Charity continued to raise funds towards the ongoing restoration, maintenance, and operation of its collection of historic diesel locomotives.

The secondary objective of the Charity is to foster interest in the above types of railway vehicles, and to establish a record of observations, photographs, technical and other miscellaneous data relating to their development, operation, and subsequent history. In furtherance of the secondary objective, the Charity produces a quarterly Journal — The Irish Mail, which contains articles, photographs, and news of the Irish railway scene, together with an update of the Charity’s work. In addition, the Charity continues to promote its activities via its website and on social media, posting regular updates its Facebook account ~~.~~

The main activities undertaken during the year to further the charity's purpose for the public benefit.

The work undertaken by the Charity in restoring, maintaining, and operating locomotives owned by the Charity help support the operation of the Downpatrick & Co ~~.~~ Down Railway, a registered museum ~~.~~ Here, the public has the opportunity to see, hear and travel behind vintage diesel locomotives owned by the Charity that are no longer in regular service, which in most cases are also the only remaining operational examples of their type, as well as in some cases the only remaining examples of their type in existence. In addition, the locomotives preserved by the Charity represent an important chapter in the development and operation of railways in Ireland which forms part of Ireland’s industrial heritage.

The publication of the Charity’s quarterly Journal — The Irish Mail, provides a written record of the activities and work carried out by the Charity, as well as reporting on current events on the Irish railway network. This has provided a historical record of the development and operation of certain aspects of Irish railways since 1989 which will be available for future generations.

The Trustees have had regard to the Charity Commission’s guidance on public benefit in managing the activities of the Charity.

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lrish Traction Group

Trustees’ Annual Report for the year ended 30 June 2025

The contribution of volunteers during the year.

The work of the Charity is normally carried out at weekend by volunteers, except where specialist skills are required which are beyond the expertise of the volunteer workforce. Around ten volunteers are regularly engaged in the restoration and repair of the Charity’s collection of locomotives at various times, acquiring and developing new mechanical and electrical skills in the process. Two volunteers are regularly engaged in the administration of the Charity.

The main achievements and performance of the charity during the year ~~.~~

Restoration work carried out during the period under review was mainly focussed on 201 (C) class locomotive No ~~.~~ 226. In addition, preparations started to be made to prepare 001 (A) class locomotive No ~~.~~ A3R, 121 (B) class locomotive No ~~.~~ 124, 141 (B) class locomotive No ~~.~~ 152 and 181 (B) class locomotive No ~~.~~ 190 to be moved from the West Clare Railway, Moyasta, Co ~~.~~ Clare, up to the Downpatrick & Co ~~.~~ Down Railway ~~.~~

By 30th June 2025, three of the locomotives that had been stored at the West Clare Railway, Moyasta, Co ~~.~~ Clare, namely 121 (B) class locomotive No ~~.~~ 124, 141 (B) class locomotive No ~~.~~ 152 and 181 (B) class locomotive No. 190 had all been moved to the Downpatrick & Co. Down Railway ~~.~~ During June 2025, locomotives Nos. 124 and 190 had been successfully started, and work was ongoing to make them both fully operational once again. 141 (B) class locomotive No ~~.~~ 152 was acquired as a source of spare parts for the other locomotives and there are no plans to restore the locomotive ~~.~~ Meanwhile, the last locomotive left at the West Clare Railway, Moyasta, 001 (A) class locomotive No ~~.~~ A3R, was expected to be moved to the Downpatrick & Co ~~.~~ Down Railway during July 2025 ~~.~~

Unfortunately, it was again not possible to carry out work on Deutz (G) class locomotive No ~~.~~ G616 during the year, whilst the other two locomotives stored at Carrick ~~-~~ On ~~-S~~ uir, ~~i.~~ e., Sulzer (B) class locomotive No ~~.~~ B103 and Deutz (G) locomotive No ~~.~~ G601, remain covered over by steel cladding to protect them from the weather and possible vandalism.

The five locomotives that were already on loan to the Downpatrick & Co ~~.~~ Down Railway, ~~i.e.~~ ,001 (A) class locomotive No. A39R, 141 (B) class locomotive No ~~.~~ 146, 201 (C) class locomotive No ~~.~~ C231 and Deutz (G) class locomotives Nos ~~.~~ G611 and G617, saw varied levels of use during the period under review ~~.~~ Following the unprecedented flooding at the site at Downpatrick in November 2023, which saw all of these locomotives affected in various ways by the flood waters, repairs to the damage done to the locomotives’ traction motors, braking systems, axle boxes and bearings continued during the first half of the period ~~.~~ By 30th June 2025, all of these locomotives, with the exception of 201 (C) class locomotive No. C231, which suffered the most damage to its traction motors, had been returned to traffic.

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lrish Traction Group

Trustees’ Annual Report for the year ended 30 June 2025

Fundraising activities during the year.

The Charity principally relies on donors, whose support is valued ~~.~~

The difference the charity's performance during the year has made to the beneficiaries of the charity and to wider society.

Much of the work undertaken by the Charity on the restoration of its locomotives is on a long ~~-~~ term basis. As such, the full public benefit derived from the operation of some of its locomotives may not be available for many years to come until the restoration work has been completed ~~.~~

The Charity’s locomotives based at the Downpatrick & Co ~~.~~ Down Railway, are used to help with operations at the railway museum, which is one of Northern Ireland’s most popular tourist attractions ~~.~~

Structure, governance and management of the charity

The methods used to recruit and appoint new charity trustees.

Election of officers comprising the Management Committee takes place at the Annual General Meeting of the Charity each year. Each officer holds office until the next Annual General Meeting ~~.~~ Retiring officers are automatically nominated for re ~~-~~ election ~~.~~ Only Charity members over the age of eighteen years are eligible for election to the Management Committee ~~.~~

The charity's organisational structure.

A Management Committee of Trustees, comprising elected officers of the Charity, is responsible for the affairs of the Charity ~~.~~ The Management Committee consists of a Chairman, Vice ~~-~~ Chairman, Secretary, Treasurer, and up to six further officers with non ~~-s~~ pecific duties. In addition, the Management Committee has the power to co ~~-~~ opt any individual onto the Management Committee to assist with specific duties ~~.~~ The day ~~-to-~~ day management of the Charity is carried out jointly by the Chairman and the Treasurer ~~.~~

How the charity makes decisions and how decisions are delegated.

Meetings of the Management Committee are conducted both face ~~-t~~ o ~~-f~~ ace, and by using e ~~-m~~ ail, on at least a monthly basis ~~.~~ The meetings ensure that all members of the Management Committee are aware of current events and issues and have the opportunity to voice their opinion, decide on a course of action (if necessary, by vote), and generally discharge their obligation to safeguard the Charity’s interests.

The charity as a part of a wider network.

The Charity is a member of the Heritage Railway Association. In addition, the Charity has close links with both the Downpatrick & Co. Down Railway, by virtue of having nine locomotives and an inspection car based at the railway on long term loan.

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lrish Traction Group

Trustees’ Annual Report for the year ended 30 June 2025

Financial review of the position at the reporting date, 30 June 2025 .

The Charity incurred a (deficit) on ordinary activities of £(15,204) during the year ended 30 June 2025, compared to a surplus of £4,473 during the previous year ~~.~~ The liquid reserves of the Charity on 30 June 2025 were £81,975 (2024 ~~-~~ £95,688) ~~.~~ Whilst the Charity did incur a deficit during the year, which was wholly expected due to the significant one ~~-o~~ ff transport costs incurred in moving four of its locomotives from the West Clare Railway, Moyasta, Co ~~.~~ Clare, to the Downpatrick & Co ~~.~~ Down Railway, Downpatrick, Co ~~.~~ Down, the Trustees are still satisfied with the results for the year ~~.~~ This was following a successful fundraising appeal which raised a significant amount in donations to help mitigate the effect of the transportation costs, and significantly reduce the expected deficit from what had been anticipated.

Income received from membership subscriptions increased slightly during the current year compared to last year. Income received from membership subscriptions during the year ended 30 June 2025 was £4,795 (2024 ~~-~~ £4,293) ~~.~~ This was mainly due to an increase in membership subscription rates ~~.~~

Total donations and legacies made to the Charity during the year ended 30 June 2025 totalled £44,059 (2024 ~~-~~ £15,840). The significant increase in donations was as a result of an urgent appeal to the membership of the Charity to help meet the significant expected transportation costs of moving the Charity’s four locomotives that had been stored at the West Clare Railway, Moyasta, Co ~~.~~ Clare, up to the Downpatrick & Co. Down Railway, Downpatrick, Co ~~.~~ Down in June 2025 ~~.~~ Such was the resulting publicity on Social Media of these locomotive movements, the Charity also received a number of donations from the General Public in addition to those received from Charity members ~~.~~ However, more donations would always be welcome to enable the Charity to improve its financial position.

Investment income received on the Charity’s bank deposits decreased slightly during the year. This was due to a decrease in interest rates being offered on the Charity’s bank balances during the year ~~.~~ The total amount of interest received during the year was £1,692 (2024 ~~-~~ £1,715) ~~.~~

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lrish Traction Group

Trustees’ Annual Report for the year ended 30 June 2025

Apart from membership subscriptions, donations and investment income, funding for the ongoing restoration and maintenance of the Charity’s collection of locomotives is also obtained from the operation of Charity’s online “Web ~~-S~~ hop”. Income received from the on-line “Web ~~-S~~ hop” during the year was £113 (2024 ~~-~~ £121). Promotion of the Charity’s “Web ~~-S~~ hop” will continue in the hope of increasing income from this particular source ~~.~~

No costs were incurred on the restoration and maintenance of the Charity’s collection of locomotives during the current and previous years, as none were needed ~~.~~ However, significant one ~~-o~~ ff transportation costs of £46,655 in respect of moving four of the Charity’s locomotives from the West Clare Railway, Moyasta, Co ~~.~~ Clare, to the Downpatrick & Co ~~.~~ Down Railway, Downpatrick, Co ~~.~~ Down, were incurred during the period under review ~~.~~

The overall cost of maintaining an adequate level of insurance cover (mainly denominated in € Euros) increased slightly during the year to £6,310 (2024 ~~-~~ £6,214) due to a small increase in the annual premium ~~.~~ The annual rent charge for the Old Goods Store at Carric ~~k-~~ On ~~-S~~ uir (again denominated in € Euros) fell slightly to £2,506 (2024 ~~-~~ £2,587) due to the change in the exchange rate, even though the annual rent charge in € Euros remained unchanged ~~.~~ The costs for maintaining an electricity supply at the Old Goods Store at Carric ~~k-~~ On ~~-S~~ uir increased to £880 (2024 ~~-~~ £668) due to an increase in electricity charges ~~.~~

Overall support costs increased slightly during the year ended 30th June 2025 compared to the previous year. Printing costs of the Charity’s Journal — The Irish Mail, increased during the current year compared to the previous year despite a reduced print run as more members took up the opportunity to now received their Journal in electronic format via e ~~-~~ mail rather than a printed hard copy ~~.~~ This increase was asa result of two editions of the Journal containing significantly more pages and photographs than usual due to the reporting of the movement of the Charity’s locomotives during the year ~~.~~ Overall postage costs fell slightly despite a general rise in postage rates, mainly due to more copies of the Charity’s Journal now being issued to members in electronic format. In addition, due to the Charity now being obliged to file its quarterly VAT returns electronically using a software package approved by HM Revenue & Customs, the Charity has now had to subscribe to a Sage bookkeeping package in order to comply with the legal requirements for the on-line filing of its VAT returns ~~.~~

There wasa slight increase in governance costs during the year ended 30th June 2025 compared to the previous year, which was mainly due to an increase in Trustee’s expenses being incurred, which entirely related to postage and stationery costs. In addition, there was also a nominal increase in the Independent Examiner’s Fee during the year.

To summarise, the overall increase in income during the current year mainly due to the significant increase in donations, has been outstripped the large increase in expenditure due to the one ~~-o~~ ff transportation costs, which has resulted in the Charity incurring a deficit in the year compared to the surplus generated in the previous year ~~.~~

Specific changes in fixed assets are detailed in the notes to the accounts ~~.~~

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lrish Traction Group

Trustees’ Annual Report for the year ended 30 June 2025

Policies on reserves.

The Charity’s reserves stood at £88,411 at the accounting year end (2024 ~~-~~ £103,615) and are controlled by the Management Committee and are used entirely for the purposes of the Charity ~~.~~

Operating costs of the Charity, without any additional non ~~-r~~ egular expenditure being incurred, are currently running at approximately £17,500 per annum ~~.~~ However, the Charity needs to maintain a high level of additional reserves due to the nature of its activities, and the unpredictability of when, and how much may be required at any one time within a twelv ~~e-~~ month period to meet a particular planned, or unexpected cost ~~.~~ The one ~~-o~~ ff transportation costs of £46,655 incurred during the year ended 30th June 2025 clearly exemplifies and supports the reason for the Charity maintaining a high level of reserves ~~.~~

These accumulated reserves are used to help fund the continuing restoration of the Charity’s collection of locomotives, as well as their ongoing maintenance and servicing costs ~~.~~ These can vary significantly from year to year, and are dependent on the type of work required, the level of work required, and the availability of manpower to carry out such work.

In addition, the Charity’s reserves are also used to help fund the acquisition of further items of historic rolling stock if any suitable items are subsequently made available for preservation ~~.~~ Furthermore, reserves are also used to help fund the ongoing running costs of the Charity in those periods when annual costs exceed net incoming resources ~~.~~

Availability and adequacy of assets of each of the funds

The Board of Trustees are satisfied that the Charity’s assets in each fund are available and adequate to fulfil its obligations in respect of each fund ~~.~~

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lrish Traction Group

Trustees’ Annual Report for the year ended 30 June 2025

The major risks to which the Charity is exposed and reviews and systems to mitigate them.

The major risks to which the Charity is exposed, as identified by the Trustees, have been reviewed and systems have been established to manage those risks ~~.~~ These include safe working practices at the Charity’s workshop at Carrick ~~-~~ On ~~-S~~ uir, Co ~~.~~ Tipperary, including the provision of appropriate protective clothing and training on the use of certain tools for those working there. In addition, work carried out on the Charity’s locomotives based at the Downpatrick & Co ~~.~~ Down Railway is carried out in accordance with the Railway’s own rules and regulations regarding safe working practices.

The Management Committee have also ensured that appropriate insurances are in place, in addition to the risk mitigation outlined above.

The Trustees believe that there are currently no matters relating to going concern that would have an adverse effect on the Charity continuing with its objectives ~~.~~

Summary of plans for the future and the trustees’ perspective of the future direction of the charity ~~.~~

Ongoing maintenance, repairs, and servicing will continue to be carried out on those operational locomotives based at the Downpatrick & Co ~~.~~ Down Railway, whilst work to return 121 (B) class locomotive No ~~.~~ 124 and 181 (B) class locomotive No ~~.~~ 190, recently moved from long ~~-~~ term storage at the West Clare Railway, Moyasta, Co. Clare, to the Downpatrick & Co ~~.~~ Down Railway, to full working order will also commence ~~.~~ Restoration work at Carric ~~k-~~ On ~~-S~~ uir on 201 (C) class locomotive No ~~.~~ 226 will also continue with a view to completing its restoration.

The Trustees will continue with their efforts to raise funds via donations and membership subscriptions to help secure the future of the Charity’s collection of locomotives, and to consolidate its financial position ~~.~~

Details of The Independent Examiner

Robert J Woolley Chartered Certified Accountant Crown House York Road Shiptonthorpe York YO43 3PF

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lrish Traction Group

Trustees’ Annual Report for the year ended 30 June 2025

Statement of Trustees’ Responsibilities

The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities Act 2011 and the Charities (Accounts and Reports) Regulations 2008 ~~.~~ Notwithstanding the explicit requirement in the extant statutory regulations,the Charities (Accounts and Reports) Regulations 2008, to prepare the financial statements in accordance with the SORP 2005, in view of the fact that the SORP 2005 has been withdrawn, the Trustees determined to interpret this responsibility as requiring them to follow current best practice and prepare the accounts according to the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), .

In particular, charity law requires the Trustees, if they prepare accounts on an accruals basis, to prepare financial statements for each financial year 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 the surplus or deficit of the charity. In preparing those financial statements the Trustees are required to ~~:-~~

The law requires that the trustees must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for the year.

The Trustees are also responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the charity's transactions and enable them to ensure that the financial statements comply with regulations made under the Charities Act 2011 ~~.~~ They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities ~~.~~

The Trustees are also responsible for the contents of the Trustees' report, and the statutory responsibility of the Independent Examiner in relation to the Trustees’ report is limited to examining the report and ensuring that , on the face of the report, there are no material inconsistencies with the figures disclosed in the financial statements.

This report was approved by the Board of Trustees on 8 November 2025

Kenneth Manto Trustee

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lrish Traction Group

Report of the non statutory Independent examiner to the Trustees of the charity on the accounts for the year ended 30 June 2025

| report to the Trustees on my examination of the financial statements of the charity on pages 14 to 27 for the year ended 30 June 2025 which have been prepared in accordance with the Charities Act 2011 (the Act) and with the Financial Reporting Standard 102, (effective 1st January 2016) adapted to meet the needs of unincorporated organisations, as modified by FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), published by the Charity Commission in England & Wales (CCEW) , and under the historical cost convention and the accounting policies set out on page 17 ~~.~~

Respective responsibilities of the Trustees and the Independent Examiner and the basis of the report

As described on page 11, you, the charity's Trustees, are responsible for the preparation of the financial statements in accordance with the Charities Act 2011 and all other applicable law and with United Kingdom Generally Accepted Accounting Practice, applicable to smaller entities, and for being satisfied that the financial statements give a true and fair view ~~.~~

The Trustees consider that the audit requirement of Section 144(1) of the Charities Act 2011 (the Act) does not apply, and that there is no requirement in the Governing Document for the conducting of an audit ~~.~~ As a consequence, the Trustees have elected that the financial statements be subject to independent examination ~~.~~ The income of the charity is below the statutory threshold, so | have been instructed to conduct an examination on a non statutory basis, following the procedures that would apply if this were a statutory Independent Examination

Having satisfied myself that the financial statements are not required to be audited under any legal provision, or otherwise, and are eligible for independent examination, it is my responsibility to:-

a) examine the financial statements of the charity under Section 145 of the Act;

b) follow the applicable procedures in the Directions given by the Charity Commission under section 145(5)(b) of the Act.

Basis of Independent Examiner's Statement and scope of work undertaken

| report in respect of my examination of the charity's financial statements carried out under $145 of the Act. In carrying out my examination, | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act setting out the duties of an independent examiner in relation to the conducting of an independent examination. An independent examination includes a review of the accounting records kept by the charity and of the accounting systems employed by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you, as Trustees, concerning such matters. The purpose of the examination is to establish as far as possible that there have been no breaches of charity legislation and that, on a test basis of evidence relevant to the amounts and disclosures made, the financial statements comply with the SORP ~~.~~

The procedures undertaken do not provide all the evidence that would be required in an audit, and information supplied by the Trustees in the course of the examination is not subjected to audit tests or enquiries and does not cover all the matters that an auditor would consider in arriving at an opinion ~~.~~ The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide

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Consequently, | do not express an audit opinion on the view given by the financial statements, and in particular, | express no opinion as to whether the financial statements give a true and fair view of the affairs of the charity, and my report is limited to the matters set out in the statement below ~~.~~

| planned and performed my examination so as to satisfy myself that the objectives of the independent examination are achieved and before finalising the report | obtained written assurances from the Trustees of all material matters ~~.~~

Independent Examiner's Statement, Report and Opinion

Subject to the limitations upon the scope of my work as detailed above, | have completed my examination: and can confirm that:-

This is anon statutory report but prepared as if it were an examination carried out under 145 of the Act and in accordance with Directions given by the Charity Commission under section 145(5)(b) of the Act which may be applicable;

and that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:-

accounting records were not kept in respect of the charity as required by with Section 130 of The Charities Act 2011;

the financial statements do not accord with those records; or

the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair’ view, which is not a matter considered as part of an independent examination;

have not been prepared in accordance with the methods and principles set out in the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The SORP) ~~.~~

| have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Signed: ~~-~~

Robert J Woolley - Independent Examiner

Chartered Certified Accountant Crown House York Road Shiptonthorpe York YO43 3PF

Dated: 8 November 2025

13

lrish Traction Group ~~-~~ Statement of Financial Activities for the year ended 30 June 2025

Statement of Financial Activities for the year ended 30 June 2025

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|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |SORP|Current year|Current year|Current year|Prior Year| |Ref|Unrestricted|Restricted|Total|Funds|Total|Funds| |Funds|Funds| |2025|2025|2025|2024| |£|£|£|£| |Income|&|Endowments|from:| |Donations|&|Legacies|Al|48,854|-|48,854|20,133| |Charitable|activities|A2|113|-|113|121| |Investments|A4|1,692|-|1,692|1,715| |Total|income|A|50,659|-|50,659|21,969| |Expenditure|on:| |Raising|funds|Bi|-|-|-|-| |Charitable|activities|B2|65,863|-|65,863|17,496| |Total|expenditure|B|65,863|-|65,863|17,496| |Net|income|for the|year|(15,204)|-|(15,204)|4,473| |Net|income|after|transfers|A|-|B|-|C|(15,204)|-|(15,204)|4,473| |Net movement|in|funds|(15,204)|:|(15,204)|4,473| |Reconciliation|of|funds:|-|E| |Total|funds|brought forward|103,615|-|103,615|99,142| |Total|funds|carried|forward|88,411|-|88,411|103,615|

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The 'SORP Ref indicated above is the classification of income set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the Balance Sheet.

A separate Statement of Total Recognised Gains and Losses is not required as this statement includes all recognised gains and losses ~~.~~

All the prior year transactions were unrestricted items, and no further analysis is required

All activities derive from continuing operations

The notes attached on pages 17 to 27 form an integral part of these accounts ~~.~~

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lrish Traction Group ~~-~~ Statement of Financial Activities for the year ended 30 June 2025

lrish Traction Group ~~-~~ Resources available for Charity use: ~~-~~

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|||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |2025|2024| |£|£| |Funds|generated|in|the|year|as|detailed|in|the|SOFA|(15,204)|4,473| |Net|resources|available|to|fund|charitable|activities|(15,204)|4,473| |The|notes|attached|on|pages|17|to|27|form|an|integral|part|of these|accounts|.|

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Movements in revenue and capital funds for the year ended 30 June 2025

Revenue accumulated funds

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|||||||||| |---|---|---|---|---|---|---|---|---| |Unrestricted|Restricted|Total|Last year| |Funds|Funds|Funds|Total|Funds| |2025|2025|2025|2024| |£|£|£|£| |Accumulated|funds|brought|forward|103,615|-|103,615|99,142| |Recognised|gains|and|losses|before|(15,204)|-|(15,204)|4,473| |transfers|TT|T|T|TT|TT| |88,411|-|88,411|103,615| |Closing|revenue|funds|88,411|-|88,411|103,615| |Summary|of|funds|Unrestricted|Restricted|Total|Last Year| |and|Funds|Funds|Total|Funds| |Designated|funds| |2025|2025|2025|2024| |£|£|£|£| |Revenue|accumulated|funds|88,411|-|88,411|103,615|

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The notes attached on pages 17 to 27 form an integral part of these accounts ~~.~~

15

lrish Traction Group ~~-~~ Balance Sheet as at 30 June 2025

SORP
Note Ref 2025 2024
£ £
Fixed assets A
Tangible assets 9 A2 6,436 7,927
Current assets B
Stocks B1 - -
Debtors 11 B2 4,738 5,085
Cash at bank and in hand
Total current assets
Creditors: amounts falling due within
one year
12
Net current assets
The total net assets ofthe charity
The total net assets ofthe charity are funded		 B4
C1
by the		 86,733
91,471
(9,496)
funds ofthe		 81,975
88,411
charity, as follows:~~-~~		 93,071
98,156
(2,468)		 95,688
103,615
Unrestricted Funds
Unrestricted Revenue Funds 17 D3 88,411 88,411 103,615 103,615
Total charityfunds 88,411 103,615

The 'SORP Ref indicated above is the classification of Balance Sheet items as set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the SOFA..

The Trustees acknowledge their responsibilities for complying with the requirements of charity legislation with respect to accounting records and the preparation of accounts ~~.~~

The Trustees are satisfied that, although the charity is not registered under the Companies Acts, if it were so registered, it would be eligible to prepare accounts in accordance with the provisions in Part 15 of the Companies Act 2006 ~~.~~ applicable to companies subject to the small companies regime ~~.~~

Kenneth Manto

Trustee

Approved by the board of Trustees on 8 November 2025

The notes attached on pages 17 to 27 form an integral part of these accounts ~~.~~

16

lrish Traction Group

Notes to the Accounts for the year ended 30 June 2025

1 Accounting policies

Policies relating to the production of the accounts.

Basis of preparation and accounting convention

The accounts have been prepared on the accruals basis, under the historical cost convention, and in accordance with the Financial Reporting Standard 102, (effective 1st January 2016) and 'FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), published by the Charity Commission in England & Wales (CCEW), effective January 2016, , and in accordance with all applicable law in the charity's jurisdiction of registration, except that the charity has prepared the financial statements in accordance with the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), in preference to the previous SORP, the SORP 2005, which has been withdrawn, notwithstanding the fact that the extant statutory regulations, the Charities (Accounts and Reports) Regulations 2008 refer explicitly to the SORP 2005 ~~.~~ This has been done to accord with current best practice.

All comparative figures in these accounts were unrestricted, so the detailed analysis mandated by the SORP Bulletin 2 is not required in relation to any figures in these accounts ~~.~~

Public Benefit Entity

The charity is a public benefit entity ~~.~~

Policies relating to categories of income and income recognition.

Nature of income

Gross income represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

Categories of Income

Income is categorised as income from exchange transactions (contract income) and income from non ~~-~~ exchange transactions (gifts), investment income and other income.

Income from exchange transactions is received by the charity for goods or services supplied under contract or where entitlement is subject to fulfilling performance related conditions ~~.~~ The income the charity receives is approximately equal in value to the goods or services supplied by the charity to the purchaser ~~.~~

Income from a non ~~-~~ exchange transaction is where the charity receives value from the donor without providing equal value in exchange, and includes donations of money, goods and services freely given without giving equal value in exchange.

17

Irish Traction Group

Notes to the Accounts for the year ended 30 June 2025

Income recognition

Income, whether from exchange or non exchange transactions, is recognised in the statement of financial activities (SOFA) on a receivable basis, when a transaction or other event results in an increase in the charity’s assets or a reduction in its liabilities and only when the charity has legal entitlement, the income is probable and can be measured reliably.

Income subject to terms and conditions which must be met before the charity is entitled to the resources is not recognised until the conditions have been met ~~.~~

All income is accounted for gross, before deducting any related fees or costs ~~.~~

Membership subscriptions

The income and any associated Gift Aid or other tax refund from a membership subscription received by the charity in the nature of a gift, is accounted for on the same basis as a donation ~~.~~

The income from a membership subscription received by the charity where the subscription purchases the right to services or benefits is recognised as income from charitable activities ~~.~~

Policies relating to expenditure on goods and services provided to the charity.

Recognition of liabilities and expenditure

A liability, and the related expenditure, is recognised when a legal or constructive obligation exists as a result of a past event, and when it is more likely than not that a transfer of economic benefits will be required in settlement, and when the amount of the obligation can be measured or reliably estimated..

Restoration costs

Locomotive restoration costs are written off in full in the year in which they are incurred. These costs have not been capitalised as, in the opinion of the trustees, this would not give a true and fair view of the value of the asset concerned.

Allocating costs to activities

Direct costs that are specifically related to an activity are allocated to that activity ~~.~~ Shared direct costs and support costs are apportioned between activities ~~.~~

The basis for apportionment, which is consistently applied, and proportionate to the circumstances, is applied on a common sense basis by the trustees.

Volunteers

In accordance with the SORP, and in recognition of the difficulties in placing a monetary value on the contribution from volunteers, the contribution of volunteers is not included within the income of the charity.

However, the trustees value the significant contribution made to the activities of the charity by unpaid volunteers and this is described more fully in Note 6.

18

Irish Traction Group

Notes to the Accounts for the year ended 30 June 2025

Tangible fixed assets

Tangible fixed assets are measured at their original cost value, or subsequent revaluation, or if donated, as described above ~~.~~ Cost value includes all costs expended in bringing the asset into its intended working condition ~~.~~

Assets costing below £250 are chgarged to the Statement of Activities in the year of purchase ~~.~~

Depreciation has been provided at the following rates in order to write off the assets to their anticipated residual value over their estimated useful lives ~~.~~

Locomotives 5 % straight line Leasehold improvements This asset is now fully written off ~~.~~ Plant and machinery 20 % straight line Fixtures and fittings 20 % straight line

A regular annual review of the likelihood of asset impairment is undertaken.

Stocks and work in progress

Stock is valued at the lower of cost and net realisable value.

Debtors

Debtors are measured at their recoverable amounts at the balance sheet date.

Creditors and provisions

Creditors and provisions have been measured at the values anticipated to crystallise ~~.~~

Financial instruments including cash and bank balances

Cash held by the charity is included at the amount actually held and counted at the year end ~~.~~ Bank balances, whether in credit or overdrawn, are shown at the amounts properly reconciled to the bank statements ~~.~~

Fund Accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.

There are no endowment funds.

2 Liability to taxation

The Trustees consider that the charity satisfies the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 for UK corporation tax purposes ~~.~~ Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by chapter 3 part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively on the specific charitable objects of the charity and for no other purpose ~~.~~ To the extent that Value Added Tax is recoverable by the charity,it is not included in the relevant costs in the Statement of Financial Activities.

3 Winding up or dissolution of the charity

If upon winding up or dissolution of the charity there remain any assets, after the satisfaction of all debts and liabilities, the assets represented by the accumulated fund shall be transferred to some other charitable body or bodies having similar objects to the charity ~~.~~

19

Irish Traction Group

Notes to the Accounts for the year ended 30 June 2025

4 Significance of financial instruments to the charity's position

Other than conventional cash and bank balances, the Charity holds no financial instruments.

5 Net surplus before tax in the financial year

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||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---| |2025|2024| |£|£| |The|net|surplus|before|tax|in|the|financial|year|is|stated|after|charging:|-| |Depreciation|of owned|fixed|assets|1,491|1,491|

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6 The contribution of volunteers

All work carried out, whether it be on the restoration, maintenance and servicing of the Charity's collection of vintage diesel locomotives, or on the management and administration of the Charity, is carried out by volunteers, most of whom are members of the Charity ~~.~~ The work on the Charity's locomotives is carried out either at the Downpatrick & Co ~~.~~ Down Railway, Downpatrick, Co. Down, or at the Old Goods Store, Carrick ~~-~~ On ~~-~~ Suir Railway station, Co ~~.~~ Tipperary, whilst the management and administration work is carried out at the homes of Trustees ~~.~~ As such without the contribution of volunteers to the Charity, it would no longer be able to function ~~.~~

The arrangements with volunteers are difficult to value precisely in monetary terms and have not been recognised in the Statement of Financial Activities ~~.~~ The volunteers and the charity accept and agree that no contract of employment is created by these arrangements ~~.~~

7 Remuneration and payments to Trustees and persons connected with them

No trustees or persons connected with them received any remuneration from the charity, or any related entity ~~.~~

8 Trustees’ expenses

The expenses reimbursed to trustees, or paid directly to third parties, in the current or prior year, was as shown below.

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|||||||| |---|---|---|---|---|---|---| |2025|2024| |£|£| |The|amount|reimbursed|to|trustees|1,144|1,049|

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The nature of Trustees’ expenses was reimbursement of postage, printing and stationery

The number of trustees' to whom expenses were reimbursed was 1 (2024 ~~-~~ 1)

20

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Irish Traction Group

Notes to the Accounts for the year ended 30 June 2025

17 Change in total funds over the year as shown in Note 16 , analysed by individual funds

Funds brought Funds brought Funds brought Movement in Movement in Transfers Funds Funds
forward from funds in 2025 between funds carried
2024 in 2025 forward to
2026
See Note 18
£ £ £ £
Unrestrictedanddesignated funds:-
Unrestricted Revenue Funds
Total unrestricted and designated funds		 103,615
103,615		 (15,204)
(15,204)		 ~~-~~
~~-~~		 88,411
88,411
Total charity funds 103,615 (15,204) ~~-~~ 88,411
Analysis ofmovements in funds over the year as shown in Note 17
Other
Income Expenditure Gains& Movement
Losses in funds
Unrestrictedanddesignated funds:-
Unrestricted Revenue Funds		 2025
£
50,659		 2025
£
(65,863)		 2025
£		 ~~-~~ 2025
£
(15,204)
50,659 (65,863) ~~-~~ (15,204)

18 Analysis of movements in funds over the year as shown in Note 17

19 The purposes for which the funds

Unrestricted and designated funds:-

These funds are held for the meeting the objectives of the charity, and to Unrestricted Revenue Funds provide reserves for future activities, and , subject to charity legislation, are free from all restrictions on their use ~~.~~

20 Ultimate controlling party

The charity is under the control of its legal members.

Every member of the charity has unlimited joint and several liability for the debts of the charity ~~.~~

23

Irish Traction Group

Detailed analysis of income and expenditure for the year ended 30 June 2025 as required by the SORP 2015

This analysis is classsified by conventional nominal descriptions and not by activity.

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |21|Donations,|Grants|and|Legacies| |Current|year|Current|year|Current|year|Prior Year| |Unrestricted|Restricted|TotalFunds|Total|Funds| |Funds|Funds| |2025|2025|2025|2024| |£|£|£|£| |Donations|and|gifts|from|individuals| |Small donations|individually|less|than|£1,000| |Small|donations|individually|less|than|£1000|4,692|-|4,692|2,164| |Gift|Aid|Donations|5,954|-|5,954|4,080| |Total|10,646|-|10,646|6,244| |Donations|individually greater than|£1,000| |Gift|Aid|donations|over|£1,000|13,750|13,750|2,500| |Legacy|greater|than|£1,000|-|-|2,410| |Donations|individually|greater|than|£1,000|19,663|-|19,663|4,685| |Total|33,413|-|33,413|9,595| |Total|donations|and|gifts|from|individuals|44,059|-|44,059|15,839|

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During the year the Charity received a total of seven donations greater than £1,000 from five members who wished to remain anonymous ~~.~~ These donations consisted of four Gift Aid donations totalling £13,750 (including Gift Aid tax credfit of £2,750) plus one other donation of £7,000 and two other donations totalling £12,663 (Euros 15,000). These donations have been treated as unrestricted and assumed to have no pre ~~-c~~ onditions, and is to be used for any purpose as decided by the Trustees ~~.~~ The donors concerned will receive no benefit from making these donations ~~.~~

These donations were accepted by the Charity on the basis that the donor would remain anonymous, as they wished that their privacy be respected. The Trustees of the Charity have considered the wishes of the donor, and compared them with the requirements for transparency in the accounts of the Charity. The Trustees have agreed that the privacy of the donor should be respected, and that no further disclosure is required except as noted above.

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||||||||| |---|---|---|---|---|---|---|---| |Current|year|Current|year|Current|year|Prior Year| |Unrestricted|Restricted|Total|Funds|Total|Funds| |Funds|Funds| |2025|2025|2025|2024| |£|£|£|£| |Membership|subscriptions|as|donations|4,795|-|4,795|4,293| |Total|Donations,|Grants and|At|48,854|.|48,854|20,132| |Legacies|

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24

Irish Traction Group

Detailed analysis of income and expenditure for the year ended 30 June 2025 as required by the SORP 2015

22 Income from charitable activities ~~-~~ Trading Activities

Currentyear Currentyear Currentyear Currentyear Currentyear Currentyear Currentyear Currentyear Currentyear year year year year Current year Current year Currentyear PriorYear
Unrestricted Restricted TotalFunds Total funds
Funds Funds
2025 2025 2025 2024
£ £ £ £
Primary purpose and ancillary trading
Sale ofgoods and services
with the charity's objects		 in accordance . . ° .
Commission Received ~~- ~~charitable activities
Total Primary purpose and ancillary trading		 113
113		 ~~-~~
~~-~~		 113
113		 121
121
23 Total Income from charitable activities
Current year Current year Currentyear PriorYear
Currentyear
Total income from charitable trading
Total from charitable activities		 A2 Unrestricted
Funds
2025
£
113
113		 Restricted
Funds
2025
£
-
~~-~~		 TotalFunds
2025
£
113
113		 Total
Fund
otal
Funds
2024
£
121
121
24 Expenditure on charitable activities
Current year Current year Current year PriorYear
Unrestricted Restricted Total Funds Total Funds
Trading activities to raise funds for the charity Funds
2025
£		 Funds
2025
£		 2025
£		 2024
£
Total from other activities A3 - - - -
25 Investment income
Current year Current year Currentyear PriorYear
Unrestricted Restricted Total Funds Total Funds
Bank Interest Receivable Funds
2025
£
1,692		 Funds
2025
£
~~-~~		 2025
£
1,692		 2024
£
1,715
Total investmentincome A4 1,692 ~~-~~ 1,692 1,715

25

Irish Traction Group

Detailed analysis of income and expenditure for the year ended 30 June 2025 as required by the SORP 2015

26 Expenditure on charitable activities ~~-~~ Direct spending

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|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |Current|year|Current|year|Current|year|Prior Year| |Unrestricted|Restricted|Total|Funds|Total|Funds| |Current|Year|Funds|Funds| |2025|2025|2025|2024| |£|£|£|£| |Transportation|costs|46,655|-|46,655| |charity'sCost|of goodsobjectssold(asinoutlinedaccordancein|notewith24)the|:|_| |Total|direct|spending|B2a|46,655|-|46,655|-| |Support|costs|for|charitable|activities| |Current|year|Current|year|Current|year|Prior Year| |Unrestricted|Restricted|TotalFunds|Total|Funds| |Current|Year|Funds|Funds| |2025|2025|2025|2024| |£|£|£|£| |Premises|Expenses| |Rent|payable|under|operating|leases|2,506|-|2,506|2,587| |Light|heat|and|power|880|-|880|668| |Administrative|overheads| |Postage|190|-|190|222| |Stationery|and|printing|5,610|-|5,610|4,477| |Membership|subscriptions|180|-|180|174| |Software|licences|and|expenses|178|-|178|167| |Liabilty|and|contents|insurance|6,310|-|6,310|6,214| |Financial|costs| |Paypal|charges|192|-|192|100| |Exchange|rate|differences|100|-|100|(59)| |Bank|charges|27|-|27|26| |Depreciation|for|the|year|1,491|-|1,491|1,491| |Support|costs|before|reallocation|17,664|-|17,664|16,067| |Total|support|costs|-|Current|Year|B2d|17,664|-|17,664|16,067| |The|basis|of|allocation|of costs|between|activities|is|described|under|accounting|policies|-|

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27 Support costs for charitable activities

26

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