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2022-12-31-accounts

Annual Report Number 110 1 January to 31 December 2022

IRSE Annual Report 2022

Contents

This Annual Report briefly describes the activities undertaken by the Institution of Railway Signal Engineers (IRSE) throughout the world during 2022. Our President from April 2022 has been Andy Knight FIRSE from the United Kingdom.

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||| |---|---| |The IRSE at a glance|2| |An introduction from our President|3| |Objectives of the Institution|4| |Our Strategy|5| |Governance|6| |IRSE volunteers|7| |Equality, Diversity, Inclusivity|7| |Professional Development|8| |Licensing|9| |Membership and Registration|10| |Awards|11| |Presidential programme|12| |London office and personnel|12| |Section activities|13| |Younger Members|14| |International Technical Committee|14| |International Convention|15| |Annual General Meeting|16| |IRSE Council|16| |Members’ Lunch|17| |Annual Dinner|17| |Collaboration|17| |Publications and communications|18| |IT systems|19| |Finances|19| |Consolidated accounts (extract)|20|

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© Institution of Railway Signal Engineers 2023. All rights reserved.

No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means without the permission in writing of the publisher. Copying of articles is not permitted except for personal and internal use. Multiple copying of the content of this publication without permission is always illegal.

For up to date information about the Institution or its activities, or to download a membership application form, log on to the IRSE website www.irse.org.

Follow us on Twitter @IRSEHQ

IRSE, 1 Birdcage Walk, Westminster, London, SW1H 9JJ, United Kingdom

The

Professional Engineering Institution for all those engaged or interested in railway signalling, control and communications and allied disciplines

Around 5000 members in locations across the world

Providing world-class presentations, seminars, conventions and conferences

Industry leading competence assessment and licensing scheme

The world’s leading

professional examination for railway signalling, control and communications

11 issues of

IRSE News each year: our specialist railway signalling, control and communications magazine

23 Sections representing the needs of members in their geographic region or specialism

Accredited by the Engineering Council to add

Chartered Engineers, Incorporated Engineers and Engineering Technicians to the Professional Register

Vibrant

Younger Members Section

Run by engineers for engineers

Founded in 1912

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IRSE Annual Report 2022

An introduction from our President

I was very fortunate to be a President who, for the first time in two years, was able plan a full year. This included a technical weekend in Dublin and travel to sections around the globe. I was able to attend the Minor Railways AGM and technical visit on the Romney, Hythe and Dymchurch Railway, the Members Lunch in London, a visit to the Netherlands, the International Convention in Glasgow and the York Section dinner. I travelled to the “CBTC and beyond” conference in Toronto and this visit also allowed both the CEO and I to hold several meetings with Canadian based organisations. The enthusiasm we saw for the opportunities that our membership, licensing and professional registration offer was very encouraging.

During my year I was proud to be part of significant change in our governance to ensure the membership was more widely represented in Council and also the formation of the Equality, Diversity and Inclusivity group, details of which are to be found in this annual report.

The Institution finally came out of the restrictions forced on us by the Covid-19 pandemic which had affected all of our lives. Although we, as an Institution, battled through and continued to provide a service to our membership, I do not think we fully realised the effect the pandemic still had on our personal and professional lives. It certainly eased as we entered 2022, but it had not fully disappeared and surges in infection continued to affect our membership around the globe.

Therefore, we saw ourselves leaving the pandemic but still facing a challenge of a change in attitude and a reluctance to come out of the ‘work at home’ era.

This was clear in the delivery of my presidential lecture series, the first of which was delivered on line- something we had become so used to during the pandemic. We then tried to make a logical return to face to face, but struggled to see the attendance levels reach the numbers previously enjoyed. I understand other Professional Engineering Institutions (PEIs) are also experiencing this and it is an issue for which we all need to find a workable solution.

My year was also going to be a transitional year, and this was in my mind when choosing my theme “Shaping the Future”. In my presidential address I looked at how new technology shapes the industry and how we as an Institution can continue to reflect and meet the challenges ahead.

As the year progressed, we saw the delivery of a diverse series of papers including one on diversity itself delivered by a well respected female engineer.

The rest of my programme sought to identify some of the technical challenges going forward. Although we have a vast amount of technical skill within the industry, we still face the challenge of how to ensure we provide our engineers with the support they need. The body of knowledge and content we deliver on our website and our networks is vital if we are to be seen as valuable and relevant to our membership.

The planning of any event should never be underestimated and as the first International event to be held in over two years, the Convention was no exception. The hours and commitment of the planning committee and the IRSE Scottish Section cannot be underestimated, and I do not have enough space to express my thanks and admiration of the joint members of this group. We delivered a very successful event which saw us see a good mixture of old and young members in attendance with 10 bursaries and excellent weather!

This year also saw the death of Her Majesty Queen Elizabeth II. I wrote to the King on behalf of the Institution to express our condolences.

I have no doubt that my predecessors pondered over what they wanted to achieve from their respective years. I was keen to see something new and was delighted to achieve the launch and release of the IRSE10/// series of videos.

Any presidential year and programme would not be possible without the help of the wider IRSE community. I have been blessed with the support and co-operation of the HQ staff and volunteers which has necessitated many on-line meetings at various times of the day for many people and for that I thank you all.

We continue to come out of our enforced isolation and I am encouraged by the innovation and adaptability of our members and long may this continue.

Thank you for all your support and encouragement.

Andy Knight FIRSE, President 2022-2023

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IRSE Annual Report 2022

Objectives of the Institution

The Institution’s objectives are recorded in its Articles of Association. They can be traced back to the formation of the Institution in 1912 and are:

Although it might appear that the IRSE is concerned only with railway signalling, the full text of the objectives makes clear that all forms of train control and traffic management, and communications systems, are all within our scope of interest.

There is a clear emphasis in the objectives on ‘public benefit’. This is most obvious in the sense of contributing to safety on the world’s railways, where train control systems play a critical role. But we are also interested in ensuring that railways are efficient, cost-effective and sustainable (in the widest sense).

We meet our obligations to the public through the following principal mechanisms:

By bringing the IRSE sections around the world together, we will facilitate the sharing of best practice and new initiatives to help engineers and others enhance their knowledge and professionalism. We will continue to reach out and grow our network of professionals around the world to harness the collective knowledge they possess for the benefit of all operators and users of railway transport.

The financial resources of the Institution are applied to achieve the objectives of the Institution, in addition to which members make a significant contribution to delivering the Institution’s aims by their volunteer activities. The Institution has only a small number of full and parttime staff and most of the activities are organised by our members acting in a voluntary capacity.

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Engage Membership CPD
Communications Convention
Grow Sections
Develop
Safety
Network Professional Assure
examination
Events Systems engineering
ASPECT
conferences Lectures Visits
STEM/STEAM
Control
Signalling
Licensing members Younger
Professional
----- End of picture text -----

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IRSE Annual Report 2022

Our Strategy

We are now more than halfway through the delivery of our “Beyond a 2020 vision” details of which are available on the website. The objective of making the IRSE accessible to members 24 hours a day 7 days a week throughout the year, has improved the general access for members and has been well received and used. This report will demonstrate how over the past year we have opened more access to the global membership to the vast wealth of knowledge that exists within the membership. Our engagement with international members has been enhanced through the ability to undertake international travel once again and there are examples of that in this report.

The commitment of staff and volunteers has seen a growth in our operational areas aligned with our key focuses of Engage, Grow, Develop, Network and Assure. A study of the key indicators within this report will show an increase in all these areas.

As a result of the implementation of the recommendations from the Governance Review Working Group, we are now seeking a balanced representation on Council which mirrors the global nature of the membership. Recognising the need to ensure we offer an inclusive

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The IRSE vision is to:
Deliver Safe and Sustainable Global Railways
To ENGAGE with and GROW a global NETWORK of railway signal and
telecommunications engineers in order to DEVELOP and ASSURE high
standards of ethics, knowledge, competence and safety in all aspects
of train control.
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The five key elements of the plan are shown in the infographic at the bottom of the page.

offering which embraces diversity and equality Council has formed a working group to study that area of our value proposition, the outcomes will be incorporated in our future strategy. The Council met in Glasgow just prior to the Convention to examine in more detail how the strategy will need to develop to keep pace with the changes in the Institution. This half day event was deemed to be so beneficial that Council resolved to hold a full strategy day every year before each ASPECT conference or Convention.

The Convention and the Indian seminar helped to drive forward the important aspect of bring the skills and knowledge of the sector together. In addition the introduction of more high quality video and technical papers helps to support the vision of safe and sustainable global railways.

The five key elements of the IRSE strategic plan are

Engage

Grow

Network

Develop

Assure

Digital platform for a global professional body 24/7/365, early careers support, communicate best practice in ethics, diversity, inclusivity, produce technical documentation, knowledge transfer activities.

Peer recognition, Global local section Signpost professional professional development, development, awards & development, practice International Technical bursaries, upskilling and support and guidance, Committee support, re-skilling, examination, support in professional conferences, apprenticeships, obligations, seminars and promote Advance profession. conventions, facilitate benefits to the public. collaboration, latest information and news.

International professional recognition, flexible pathways to professional registration, offer regulation in professional conduct, operate the licensing scheme.

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IRSE Annual Report 2022

Governance

Council

The IRSE is now governed by an elected Council of twenty-two Corporate Members, who are the Trustees and Directors of the Institution, led by the President. The full list of Council members for 2022 can be found on p16.

Seven meetings of the Council were held during the year in which the business of the Institution was conducted. In additional the Council met for a half day strategy meeting just prior to the start of the International Convention in Glasgow. To assist members of Council in different time zones to attend meetings the start times were adjusted so that not all meetings were held during UK business hours, as had previously been the case.

The Articles of Association permit the current Chairs of all local sections, principal committees and Country Vice-Presidents to attend Council meetings. During the year several Chairs and Country Vice-Presidents attended meetings all of which were conducted via video conferencing. The strategy day was a mixture of face to face and online discussion. This meeting was only for Council members.

In addition to conducting all the normal Council business during the year, Council discussions included the following topics:

Council also receives and reviews the annual report from each of the international sections of the IRSE.

Committees

The Institution has several standing committees which are accountable to Council, through which our activities are managed. The principal Committees and their relationships to Council are shown in the diagram below. In addition, task and finish working groups are formed from time to time which focus on specific areas of interest.

To assist in driving key areas of the Institution members of Council are allocated portfolios of responsibility.

Audit

External Audit

A number of areas of the Institution’s business are audited on a regular basis by various external audit bodies:

Internal audit

The IRSE’s internal Audit Committee undertakes independent audits to complement the external audits, in order to ensure the Institution is running efficiently and effectively. The audits focus primarily on the role and remit of each of the principal committees of the Institution.

The Audit Committee normally performs two audits per annum. Each audit results in a report, which is presented to the Chair of that committee, the Chief Executive and subsequently the Council, which uses the recommendations to improve the management of the Institution’s affairs for public benefit and for the benefit of its members. The Institution maintains a Risk Register, which is reviewed annually by Council, and this is used as the basis for audit.

IRSE Enterprises

IRSE Enterprises Ltd is the trading company wholly owned by the Institution. The trading company handles several activities which are associated with but outside the direct scope of the charity.

Following a review of the governance of Enterprises Board and on the advice of the IRSE firm of Solicitors (Tozer’s) an additional member of the board was appointed with specific responsibility for the Licensing scheme. This aspect of Enterprises activity was deemed to be of such significance that it should have its own non-executive director.

The Directors of the company appointed for the year April 2022 to April 2023 were:

Any profits from the company are, where possible, gift-aided back to the Institution.

Sections

The IRSE sections around the world exist by authority of the IRSE Council, and they operate in accordance with a set of Articles of Association (or Bye-laws) that have been approved by Council. At the end of 2022 there were 23 sections in total, 15 sections outside the UK in various parts of the world (Australasia, China, France, Hong Kong, India, Indonesia, Ireland, Japan, Malaysia, Netherlands, North America, Singapore, Southern Africa, Swiss, Thailand) and six UK-based. The North America Section includes the USA, Canada and Mexico. The Ireland Section includes both Northern Ireland and the Republic of Ireland.

Two other sections also exist – the Younger Members’ Section and the Minor Railways’ Section. These are not geographically based, and their activities are predominantly within the UK. Some geographical sections also have younger members’ groups.

Each section has an organising committee, with elected officers for key roles. Information about the activities of the sections is provided elsewhere in this report.

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IRSE Annual Report 2022

Council

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Recruitment,
International
Licensing Membership Marketing & Technical
Committee Committee Publicity Committee
Committee
Education &
Professional Younger Audit Finance Management
Members
Development Committee Committee Committee
Committee
Committee
Examination
Committee
----- End of picture text -----

IRSE volunteers

The Institution is heavily reliant on, and is very grateful to all its volunteers, without whom the Institution would not be able to perform all its duties, supporting the governance, running and reputation of the IRSE locally and internationally.

Our volunteers have continued supporting the institution this year, giving their expertise, time and enthusiasm in areas including, but not limited to: local section committee membership,

event organisation, international committee membership, running study groups, Council membership, exam question setting and marking, reviewing applications for professional registration, writing and editing IRSE News and textbooks.

Our volunteers develop useful skills, knowledge, experience and networking contacts through the work which they do for the Institution which they may

not get the opportunity to gain within a work environment.

If you are interested in becoming a volunteer for to the IRSE, please contact your local section or hq@irse.org saying how you would like to contribute.

Thank you, as an IRSE volunteer you are an essential part of our institution.

Equality, Diversity, Inclusivity

The EDI Group was set up in early 2022 to develop the IRSE’s vision, strategy and plan for Equality, Diversity and Inclusivity (EDI). The group is led by Harvinder Bhatia FIRSE as the Portfolio owner and comprises a number of people from the IRSE including the Chief Executive and the President. An external EDI specialist has also joined the group to provide their experience and skills.

Events across the world over the past couple of years have increased the focus on EDI for both employers, employees and prospective employees (or prospective institution members). Organisations that actively engage in

these values will be able to attract and retain individuals from diverse groups both nationally and internationally. This is particularly important for the IRSE as it wants to engage and grow within a global network.

The EDI Group will challenge the organisation in terms of practice, approach and development of equality, diversity and inclusivity; in particular where progress is limited or, in support of underrepresented or disadvantaged individuals/groups.

To develop the EDI vison, strategy and plan, the EDI Group has recognised that it needs data on EDI perceptions and

practices across the regions and areas that it operates within. An initial culture survey is currently being developed which will be sent to sections to complete. The data gathered from this initial survey will then be used to develop a detailed EDI culture survey across the membership at a later date.

Using the information generated from the fuller membership survey, The EDI Group will be able to produce a vision statement outlining what the IRSE needs to achieve, priority and its ambition in the area of EDI within two, five and ten year periods.

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IRSE Annual Report 2022

Professional development

Supporting professional development of IRSE members and prospective members throughout the world is a key objective of the IRSE.

To do this, we have the Education and Professional Development (E&PD) Committee and the Examination Committee working with Judith Ward FIRSE, our Director of Operations, and Zachary Smythe, our Professional Development Officer.

IRSE Professional Exam

The IRSE Professional Exam, now known as the Advanced Diploma in Railway Control Engineering, is a Masters-level academic qualification which tests knowledge and understanding of railway systems with a particular emphasis on safety. Successful exam candidates must pass four mandatory modules.

The Certificate in Railway Control Engineering Fundamentals was introduced in 2020 and covers all aspects of railway control engineering at a foundation level. It is a stand-alone

qualification and mandatory module for anyone wishing to pass the Advanced Diploma. It is a valuable qualification for those in the railway control systems industry – for new entrants and those wanting to demonstrate their wider knowledge, as well as for those who are outside our “S&T” industry – those working in other interfacing disciplines, such as rail operations, and/or project management and those who are interested in potentially joining the industry. Candidates for the Certificate do not have to be IRSE members but are encouraged to join and this is hoped to be a ‘gateway’ for many.

Passing the IRSE Advanced Diploma is one route to obtain Corporate membership of the IRSE and it can “top up” engineering or technology qualifications for professional registration with UK’s Engineering Council. Passing the IRSE Certificate is one route to obtain Accredited Technician or Associate Member.

Many volunteers run exam study groups, the independent exam forum website and support the Younger Members’ exam workshops to provide support for prospective examination candidates. All these continued to be run throughout 2022, some in-person or hybrid, most online. Education and Professional Development Committee extend their thanks to all those who contributed their time and efforts to these various learning opportunities.

To enable our exam candidates to sit the exam in 2022, Education and Professional Development Committee agreed to hold the exam remotely again, with 254 candidates sitting at least one module on either 26 March or 1 October, the first year we have held exams twice in one calendar year.

Encouragingly, one of the advantages of the professional exam being online has been the wider geographic reach of the examination. In 2022, candidates sat the exam in 26 countries, many of which are not covered by sections, such

----- Start of picture text -----
Working in a role with “responsible experience” and
has practical training / experience in lieu of training:
members can apply to be an Associate Member
(AMIRSE) , saving at least 5 years gaining
development and experience
pass OR
Working in a role with “senior responsible
experience” and has practical training / experience in
lieu of training: members can apply to be a Member
(MIRSE) , saving at least 7 years gaining experience
IRSE Professional Exam/
Advanced Diploma in Railway
Control Engineering
With an accredited Higher National Diploma /
Foundation Degree and suitable experience:
members can apply to be an Incorporated
Engineer (IEng) registered with UK’s
pass Engineering Council
With an accredited Bachelor’s degree with honours
and suitable experience: members can apply to be a
The benefits of passing the IRSE Chartered Engineer (CEng) registered with UK’s
Engineering Council
Professional Exam include a route to
corporate membership of the IRSE and
Professional Registration.
Working in a role with “responsible experience” and
has been trained: members can apply to be an
Accredited Technician , a route suitable for those
whose role does not have a requirement for an IRSE
licence above “assistant” level
IRSE Professional Exam OR
(Certificate in Railway Control pass Working in a role with “responsible experience” and
has practical training / experience in lieu of training
Engineering Fundamentals)
along with professional development over several
years: members can apply to be an Associate
Member (AMIRSE) , a route suitable for those whose
role does not have a requirement for an IRSE
licence above “assistant” level
----- End of picture text -----

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IRSE Annual Report 2022

as Brazil, Egypt, Iraq and Spain. The quality of answers from candidates was good, with the overall percentage of those achieving pass grade or higher in the Certificate was 59% and Modules B-D was 50%. It is significant to note that for the Certificate, not only were the number of non-UK candidates significantly higher than UK candidates in October 2022, but also the number of IRSE non-members who passed was higher than IRSE members. All non-members who sit the Certificate are encouraged to become members, particularly those who have passed.

Continuing Professional Development (CPD)

The Engineering Council requires that as of 2020, those who do not engage in the CPD monitoring process are removed from their register.

Information about the importance of developing and maintaining members’ professional competence through CPD has continued to be provided through IRSE News and the website.

The IRSE recommends the use of the ‘Mycareerpath’ system for CPD planning, recording, reflecting and reviewing. More information about Mycareerpath is available on the IRSE website.

Certified courses

The IRSE offers a process by which training providers can have their courses assessed and certificated by the IRSE. Some training providers are in the process of having their signalling and telecommunications courses assessed.

Engineering Technician (EngTech)

Incorporated Engineer (IEng)

Chartered Engineer (CEng)

The current Engineering Council UK descriptors for each level of Professional Registration.

Mentoring

Learning materials

Unfortunately, during 2022 Education and Professional Development Committee agreed to stop the IRSE mentoring scheme (not the IRSE licensing scheme mentoring system). However the Education and Professional Development Committee continues to encourage people to support others throughout their careers and seek support from others. This is a key part of keeping industry and corporate knowledge and part of individual’s CPD.

Education and Professional Development Committee has updated the textbook synopsis published on the website with a more modern look and feel and to include the very recently published Metro Train Control Systems book. These synopses (now covering 15 volumes) help IRSE members and non-members to find suitable textbooks for their study and information within railway control and communications systems.

Apprenticeships

The IRSE has removed itself from the End Point Assessment Organisation (EPAO) register but continue to support companies and assessment organisations.

Licensing

The IRSE Licensing Scheme provides assurance about the competence of individuals to carry out technical safety critical or safety-related work on rail control systems.

The Licensing Team continued to work largely from home during the year, going into the office primarily to print licence cards. During the year, there was a change to the licensing staff, with Laura Daly in March replacing Sarah Loutfi who moved to a new organisation. Laura then left in September, and her replacement as Head of Licensing, Toby Blamey, starting in January 2023. In addition, Sarah Gillis, the Co-ordinator, left in September being replaced by Lise Marie Ake-Danho in October. The licensing team, consisting of

the Registrar, Deputy Registrar, two licensing scheme Officers and the Co-ordinator, works closely with the Licensing Committee, which is chaired by Colin Porter HonFIRSE and the other sub-committees and within the processes laid down by the scheme procedures. During the year, improvements to the way assessing agencies submit their documentation to the Institution were introduced, and a new licence card was developed, for introduction during 2023.

In 2022 a total of 1241 licences were issued (covering 1383 licence categories) which is a reduction of 236 on the previous year. As at December 2022 there were 5710 active licence holders which represents a slight

decrease in the total no of licences held (5759 at December 2021). The Licensing Scheme now holds full accreditation by the United Kingdom Accreditation Service (UKAS) for all, not just its UK operations, following its four-yearly full re-assessment carried out satisfactorily in March, against the competence standard for bodies involved with the certification of persons: ISO17024:2012. IRSE Assessing Agents are approved and appointed for the purposes of performing assessments of candidates for licences, and they are an essential part of the Licensing Scheme. The number of approved assessing agencies now stands at 23 as EtoE and XRail closed their assessing agencies during 2022.

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IRSE Annual Report 2022

Membership and Registration

Membership Committee meetings and professional registration interviews continue to be held online using Microsoft Teams. We have had two new members join the Committee this year, Martin Beeton FIRSE and Peter Sheppard FIRSE. The time and contribution of all involved is invaluable to the membership and registration process and is much appreciated. We always welcome additional volunteers to support the process.

The Membership and Registration Team has continued to improve and strengthen processes to ensure that the data we hold for our members is as up to date as possible and that the Institution collects subscription and other payments relating to services provided to members. Our processing of membership applications and those relating to professional registration has been reviewed and improved to ensure that applications are tracked more efficiently, and applicants receive the best possible support.

We have processed 374 successful new membership applications processed during 2022, 168 for corporate grades and 206 for non-corporate grades. However, 23 of these new members failed to pay their first membership subscription despite several reminders, resulting in their membership being terminated, 22 were non-corporate and one was a corporate grade. The final number of new members joining the IRSE over the year was therefore 351 (167 corporate and 184 non-corporate).

In addition to the new members detailed above there were 69 successful applications from existing members wanting to transfer to a higher grade of membership.

In April 157 memberships were terminated due to non-payment of the 2021/22 membership subscription. However, 50 memberships were then reinstated following late payment of subscription.

There were 111 membership resignations over the year. Although no formal tracking of the reason for someone leaving membership is carried out anecdotally these resignations were due to retirement and people changing direction in their careers.

The IRSE has around 5000 members worldwide. They belong to the following grades of membership:

<1% Companions

1% Hon Fellows

4% Accredited Technicians

11% Fellows

21% Associate Members

24% Affiliates

38% Members

----- Start of picture text -----
Membership grade Members Title Registered
Affiliate 1246 CEng 169
----- End of picture text -----

Membership grade Members Members Title Registered
Afliate 1246 CEng 169
Accredited Technician 174 IEng 91
Associate Member 1067 EngTech 139
Member 1913 Left, number of members by IRSE grade
at 31 December 2022.
Above, professional registrations throug
the IRSE at 31 December 2022.
Fellow 572
HonoraryFellow Corporate 52
Honorary
Fellow Non-Corporate		 2
Companion 15

Left, number of members by IRSE grade at 31 December 2022.

Above, professional registrations through the IRSE at 31 December 2022.

Despite the above deductions the total number of members has still increased by 104 over last year’s reported figure, with 5041 members as of 31 December 2022.

The Institution was sad to report the deaths of 16 members during 2022, these are listed below.

Many were strong supporters of the Institution and had held membership for a considerable number of years, seven of whom had held membership for more than 50 years. In various ways they had all made significant contributions to the Institution’s work and will be missed.

During 2022 the Institution has supported a further 52 engineers to achieve professional registration with the Engineering Council, the UK regulatory body for the engineering profession, 9 Chartered Engineers (CEng), 15 Incorporated Engineers (IEng) and 28 Engineering Technicians (EngTech).

Leslie Banfield MIRSE Roger Bugler (Affiliate) Kevin Gould AMIRSE Tom Greaves FIRSE Clifford Hale HonFIRSE David Hamer AMIRSE Robert Jahn FIRSE Peter Ledger MIRSE Alan Leech AMIRSE Hans Lindenburg MIRSE Brian Mellitt FIRSE David Moore (Accredited Technician) Anthony Palermo (Affiliate) Roger Phelps AMIRSE Philip Tuck MIRSE and Raymond Westinton MIRSE.

As of 31 December the Institution supports 399 professional registrants and the Membership and Registration Team were supporting a further 115 applicants who were at various stages of the registration process.

In 2023 we hope to be able to enhance our support to those who do not hold standard exemplifying qualifications as outlined by the Engineering Council in UK SPEC 4th edition thus providing better opportunity for them to attain professional registration.

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IRSE Annual Report 2022

Awards

The IRSE makes several awards each year. The majority of these are to recognise, reward and encourage the professional development of engineers, particularly those in the earlier stages of their careers.

The purpose behind this is not simply to assist their career development, but to promote high standards of engineering excellence, thereby contributing to the public benefit objectives of the Institution.

Dell Award

Mike Harvie MIRSE

The Dell award is made annually under a bequest of the late Robert Dell OBE (Past President). It is awarded to a member of the Institution employed by London Underground (or its successor bodies) for achievement of a high standard of skill in the science and application of railway signalling.

The 2022 winner of the Dell award was Mike Harvie MIRSE.

Mike is Head of Signal Engineering at London Underground in the UK. In September 2018, Mike celebrated 40 years working in and around the rail industry, with a specialism in metros

and light rail. Mike’s long career started in 1978 when he joined London Underground as a signalling apprentice and went onto gain a degree.

Mike was one of the first to embark on Safety Assuring computerbased signalling systems in the 1980s and focused on what is today the Communication Based Train Control systems on the DLR and parts of the Tube.

He led the acceptance of what was then the most modern CBTC system on DLR and has safely and reliably transported millions of customers for over nearly 30

years, as “Senior Safety Executive”, during which time he oversaw the opening of the Lewisham and Beckton extensions.

In 2012, Mike was appointed London Underground’s Professional Head of Signals, taking on the Technical Authority with a team of leading Signalling & Control Systems and In 2018, his role was broadened as part of a pan-TfL Engineering organisation. As Professional Head of Road & Rail Traffic Systems, he leads a team of over 200 engineers delivering the engineering solutions to keep London moving.

IRSE-Signet Award Istvan Darazsi

The IRSE-Signet Award is the most recent of awards, introduced in 2016 and sponsored by Signet Solutions. This Award is given annually to the person who obtains the highest marks in any single module of the IRSE Exam. The Award includes funding for the winner to attend the IRSE Convention.

The 2022 winner was Istvan Darazsi (pictured left receiving the award from Andy Knight FIRSE). István is a Railway Signal Engineer. He graduated as MSc Transportation Engineer in Budapest University of Technology, specialising in Railway Automation.

After working for five years in various domestic signalling and ETCS projects in Hungary as a Project Engineer for Thales, he moved to Ireland in 2019 to work for Iarnród Éireann on the TPS Project to deliver a new train protection system nationwide. Since the project has changed its course towards ETCS Level 1, he has been leading the development of the customer requirement specifications and the concept design.

He applied for an Affiliate Membership of IRSE when he arrived in Ireland, and after receiving the Certificate in Railway Control Engineering Fundamentals, he is now progressing towards the Advanced Diploma in Railway Control Engineering.

Frank Hewlett Bequest and Alan Fisher Memorial Fund

Frank Hewlett AMIRSE died in September 2008 and left a very generous and substantial bequest to the Institution. In 2009 the IRSE Council launched an appeal to establish a memorial fund for Alan Fisher FIRSE, who died unexpectedly during his Presidency of the Institution. The intention was to use the fund to support the development of young S&T engineers, particularly those outside the UK. In normal times the income from the two funds is used predominantly to provide a number of travelling bursaries for younger members from all over the world to support their attendance at major IRSE events. For 2022, the funds paid for free places to be made available to younger members to attend the IRSE International Convention in Glasgow.

Thorrowgood Scholarship

The Thorrowgood scholarship is awarded under a bequest of the late W J Thorrowgood (Past President) to assist the development of a young engineer employed in the signalling and telecommunications field of engineering.

The award is made to a candidate who has excelled in the IRSE Professional Exam and comprises an engraved medallion and funding for an industry-based study tour or alternative professional development activity.

For the 2022 award no candidates achieved the necessary criteria in the 2021 exam.

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IRSE Annual Report 2022

Presidential programme

Each year the IRSE President plans a programme of major events, comprising a series of high-profile technical papers, the annual Convention and other events as appropriate.

Our President to April 2022 was Ian Bridges FIRSE whose presidential theme was “The age of the Intelligent Railway”, and the final three technical papers in his year presented in early 2022 were on the subjects of ‘’Innovating Innovations”, “Signalling Systems in Thailand” and ‘’Chinese Metro Train Control”.

Andy Knight FIRSE, our President for twelve months from April 2022, chose “Shaping the Future” as the theme for his year and he was delighted that following the pandemic his presidency saw the return of face to face meetings including the 2022 International Convention in Glasgow. Up to December 2022 four papers were presented on the themes of ‘“quality, Diversity and Inclusion – a Female Perspective”, “ETCS the Impact on the Signal Engineer”,’”New Perspectives on Rural Signalling and Train Control” and “Safety Principles of CBTC Systems, Software and Communication’”

All the papers are published in our monthly journal, IRSE News, and the presentations are available as webcasts on the IRSE Vimeo channel. Our Presidential presentations are also live streamed where technically possible, available to members and non-members.

London office and personnel

The Institution continued to lease a small suite of offices on the fourth floor of the Institution of Mechanical Engineers (IMechE) building at One Birdcage Walk, London, UK, from where the centrally organised activities of the Institution are managed – membership and professional registration, licensing, IRSE exam and events administration as well as financial administration. However, due some reorganisation by our landlord, the IMechE, some work was undertaken during the year to find alternative central London premises. No suitable, affordable alternative location was found so, after further discussions with the IMechE, agreement reached for the IRSE to move to the fifth floor of the building at One Birdcage Walk. The move took place in time for the office to be ready for January 2023.

For the majority of 2022 staff continued to work from home as they had done during the Covid-19 pandemic. However, from the summer onwards staff have begun to spend some time working in the London office with a view to moving to a hybrid working environment from the beginning of 2023.

Chief Executive

The Chief Executive and General Secretary of the Institution is Blane Judd, a Chartered Engineer and Fellow of the Institution of Engineering and Technology. He is responsible for directing and managing the resources of the Institution to implement the decisions of Council in an efficient manner and in compliance with UK company and charity law. He is accountable to Council and provides

the focal point of contact for other institutions and external organisations, including the UK’s Engineering Council. the Royal Academy of Engineering, government agencies, the chief officers of other professional bodies, and the scientific, engineering and technology community. He is also responsible for ensuring compliance with the requirements of the Institution’s Articles of Association, Companies House, the Charities Commission and relevant legislation. The Chief Executive is supported by a Senior Leadership Team.

Office team

There have been several staff changes over 2022.

Joiners: Monir Behbin in January as Finance Officer; Lisa Marriner in February as Executive Assistant; Laura Daly in March as Head of Licensing; Zachary Smythe in September as Professional Development Officer and Lise Marie Ake-Danho in October as Licensing Team Co-ordinator.

Leavers: Sarah Loutfi in February, previously Head of Licensing; Deepka Kharaud in June, previously Professional Development Officer; Laura Daly and Sarah Gillis both left in September, previously Head of Licensing and Licensing Co-ordinator respectively.

We would also like to note the sad passing of Hilary Cohen in March 2022. Hilary had worked for the IRSE for 12 years, her last role was as Executive Assistant. Hilary was a central character in the office team and is missed by all her previous colleagues.

Contract support

The following members of the team work on a part-time contract basis.

PR and communication activities have been operated externally by Lindsay Jones of LJPR Ltd. Lindsay is a qualified journalist with an MSc in PR and she is successfully promoting the Institution to a much wider international stakeholder group. We are also receiving support from Howard Elwyn-Jones of Prettybright on a wide range of digital communications activity, which includes video production and filming, webinars, livestreaming of events, the e-bulletin and social media.

Andrew Smith FIRSE is the Institution’s Treasurer, with responsibility for the production and monitoring of the budgets and accounts, and for stewarding the health of the Institution’s savings and investments, both for the charity and Enterprises accounts.

Debbie Bailey is a Chartered Member of the Chartered Institute of Personnel and Development and was our HR Manager until October 2022 when she handed over the day-to-day HR activity to Polly Whyte. Debbie continues to support us in a reduced capacity as HR Advisor, Polly has picked up the HR Lead role in addition to continuing as Head of Membership & Registration. Sophie Hunter, Membership & Registration Officer has some increased responsibility as a result and Zoe Johnson, Membership Administrator, has increased her working hours to provide additional support.

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IRSE Annual Report 2022

Section activities

North American Section: running the 5th successful CBTC and beyond conference in Toronto in November.

Hong Kong Section: running a number of technical forums online and a faceto-face visit to the MTR light rail depot and high speed rail depot in Tuen Mun. India Section: organising the successful IRSE International Technical Seminar & Exhibition 2022 in June.

In addition to the Presidential Programme, every year there is a programme of lectures, seminars and technical visits organised by the Institution’s 23 sections across the globe. Our sections are in Australasia, China, France, Hong Kong, India, Indonesia, Ireland, Japan, Malaysia, Netherlands, North America, Singapore, Switzerland, Thailand, and Southern Africa. Within the UK, sections cover London & South East, Midland & North Western, Plymouth, Scottish, Western, York and Minor Railways.

Scottish Section: running another successful annual dinner in March, attended by many across the railway industry and hosting the IRSE International Convention in September.

Indonesia Section: roadshows

Southern African Section: running a number of technical meetings covering many subjects including implementation and migration strategy of F-Bane West (Denmark).

introducing IRSE to stakeholders and inviting them to become members or collaborators.

Irish Section: organising the technical weekend as part of the Presidential programme series in July.

Swiss Section: running a technical visit to Bommersteintunnel and a face-toface AGM in April.

The geographical sections vary considerably in size (from around 20 members up to several hundred), and in levels of activity. Each has its own organising committee, elected officers and programme of events. They report annually to the Council on their work. 2022 has been yet another challenging year for our sections. Some have continued to provide virtual meetings, which attract a large number of attendees from beyond the sections’ geographical boundaries. Others have begun to meet face-to-face for technical meetings, AGMs and socials. Highlights have included:

Japan Section: running a number of technical meetings and their AGM.

Thailand Section: hosting a Presidential lecture, a series of short papers, in January.

London & South East Section: running many video technical meetings covering many subjects including Northern Line extension and Gatwick redevelopment projects.

Western Section: running video and hybrid meetings, including a paper. York Section: jointly organising the North Eastern Railway Engineers’ Forum in September and running another successful annual dinner in October.

Malaysia Section: working with the University of Kuala Lumpur on the syllabus and teaching of railway control engineering courses.

Council wishes to extend their sincere thanks to all the Officers, Committee members and all others involved in the operation of the local sections, for the excellent work they undertake in organising technical meetings and other events particularly over the last difficult year. Council also very much appreciates the help and support given by many companies in facilitating and supporting these events. Charles Page FIRSE continues his excellent work in the role of Local Section Coordinator, supporting the sections.

Midland & North Western Section:

running many video technical meetings covering many subjects including RadioBased Limited Supervision system and trackworker safety.

Australasian Section: participating in AusRail again and having a face-to-face AGM, technical meeting and social.

Minor Railways Section: technical visit and AGM at the Romney, Hythe and Dymchurch Railway in June.

French Section: running a technical visit to SNCF-CIM laboratories in Le Mans in June.

Netherlands Section: hosting the President on his visit in October and International Technical Committee for theirs in June.

China Section: hosting a Presidential lecture in March.

IRSE section activities are varied and well attended. Examples include, clockwise from top left: Scottish Section dinner, Australasian Section committee meeting, Irish Section technical visit, North American Section “CBTC and beyond” conference and York Section dinner.

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IRSE Annual Report 2022

Younger Members

The IRSE Younger Members Section is open to all IRSE members under 35 years of age, or those who are within the first ten years of being in the industry. The Younger Members section has had online and in person events over the past year, and will continue to do so for the foreseeable future. The events organised by the younger members can be attended by a person of any age and experience but are generally geared towards people who are within the first 10 years of being in the industry. With the online events and online committee meetings we have been able to attract a wider audience from around the globe over the past year and we have even managed to have the first ever nonUK based chair.

In 2022 we ran four successful study days. Three of which took place online and can be found at irse.info/vimeo

The module D Signet study weekend took place in May 2022 and was a great success and the first younger members in person event since March 2020. In total 24 people attended and eight people presented during the weekend. The focus was to look and interact with physical equipment, to take full advantage of the event being in person and to make it stand out from all the online events taking place.

Other events that the younger members hosted over the past year included finishing our series on ‘Signalling systems around the world’ which was started in August 2021.

We then started a new series ‘Back to basics’ in September 2022. The backto-basics series is based on the back to basic articles that have been published in IRSE News and we have, where

possible, arranged for the authors of the articles to present them. The purpose of this series is to assist anyone who is interested in taking the IRSE exams or who would simply like to improve their knowledge on the specific topics. These presentations are approximately 1h long with Q&A session at the end. In total four presentations have already taken place, and seven more presentations are being planned to take place later in 2023.

If anyone would like to get involved, please contact us at younger.members@irse.org. We are always looking for members to get involved from around the world. If anyone would like to be made aware of younger member events in the future the best way is to follow us on our Eventbrite page where all of our events are posted irse.info/ymevents

International Technical Committee

The IRSE’s International Technical Committee (ITC) has 20 fully participating and 14 corresponding members from many parts of the world, including Australia, Belgium, Canada, Finland, France, Germany, Ireland, Japan, the Netherlands, Spain, Switzerland, Singapore and the UK. There is also a Younger Member’s representative.

The ITC’s primary purpose is to provide papers on strategic or technical topics relevant to train control and communications systems in the railway environment. Its particular strength lies in its international membership at a senior level, enabling engineering principles and practices from a diverse range of countries to be brought to bear upon the subjects that ITC covers. The ITC tailors some of its papers to coincide with the presidential theme of the year.

During 2022, the ITC held four meetings. In June we were delighted to meet in person for the first time since the pandemic when we were hosted by the Netherlands Section in Delft.

The meeting was held in Delft University of Technology and members were given a tour of the impressive facilities in the Railway Engineering Department of the Faculty of Civil Engineering and Geosciences (pictured below). The following morning there was a technical visit to PHS Project Rijswijk-Delft at Delft Central Station – where a new tunnel has been constructed to allow additional lines through the area to increase capacity. Some members also took the opportunity to attend the ERTMS Conference “Time to Act”, which was held in The Hague that afternoon, and had its introduction by NL State Secretary Vivianne Heijnen.

The activities were much appreciated by the committee and it was great to get together again.

In Glasgow, in September, several members of the committee attended the IRSE International Convention so we took the opportunity to meet in person again before enjoying the week’s excellent programme

The ITC completed five papers during 2022, three of which have already been published in IRSE News. Two of the ITC papers are Presidential lectures. There are approximately 17 papers either in progress or planned for the future. All completed ITC papers can be found on the IRSE website within the Knowledge Base (irse.info/kbase). ITC Members also provided expertise for the IRSE Metro Train Control Systems textbook published this year, and the ERTMS textbook that is in progress.

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IRSE Annual Report 2022

International Convention

presentation covered ‘Ways S&T can support the decarbonisation of the railway,’ followed by Ian Rae from Brodie Engineering who briefed delegates on the ‘Hydrogen Train project’ in advance of the visit to the Hydrogen Train planned for the next day. Usman Ali of The Strathclyde Partnership for Transport (SPT) gave a presentation on the ‘Rebuild of the Glasgow Subway ‘ and then Lynsey Hunter MIRSE, regional asset manager for signalling in Scotland gave the final Convention paper on ‘Signalling in Scotland and in particular the importance and challenges of signalling asset management’.

evening an optional Ceilidh night was organised.

The IRSE’s 2022 Convention was organised and hosted by IRSE president Andy Knight FIRSE and the Scottish Section in Glasgow, Scotland from 16-20 September. It was the first to be held since 2018. It offered a week of activities for members and guests combining thought provoking presentations with informative and interesting site visits across Scotland.

During the week, visits were made to Highland Spring’s new rail freight facility, Network Rail’s Larbert Training Centre, Carstairs Junction re-signalling project and the west of Scotland Signalling Centre. Delegates and their guests also enjoyed a visit to the Bo’ness and Kinneil heritage railway and museum which included the hydrogen train project exhibit, followed by a boat trip on the Firth of Forth to see the iconic Forth rail bridge and the two road bridges.

The IRSE was deeply saddened by the death of Her Majesty Queen Elizabeth II the week before the 2022 International Convention and after careful consideration by the organising committee it was agreed to continue with the Convention based at the Marriot Hotel in Glasgow. There were some respectful changes to the programme and a minute’s silence was also held.

Eight technical papers were presented across two days during the Convention. On Tuesday, Jim McLeary and Carole Markou AMIRSE of Network Rail, and Philip Carachi from Siemens Mobility gave an introduction to the Carstairs site followed by a presentation from Ben Pugh of Siemens Mobility on the Trackguard Westrace Trackside System (WTS)at Carstairs which is the first WTS system to be installed in Scotland. John Richmond from Park Signalling spoke on ‘Lower cost signalling solutions’ and Robert Gardner from Network Rail updated delegates on the latest Network Rail innovations. On Wednesday, Stephen Wright MIRSE from Siemens Mobility’s

A guest programme organised by the president’s wife Isobel and Johanna Allan, wife of the organising committee’s chairman Peter Allan FIRSE included tours of the Falkirk wheel, the Kelpies and a visit to the New Lanark UNESCO World Heritage site.

Andy welcomed 145 members and guests to Scotland, presenting each delegate with an IRSE branded rucksack containing the Convention tie for the men and a tartan scarf for the women. On Tuesday evening the City of Glasgow hosted a civic reception in honour of the IRSE at the Riverside Museum where delegates enjoyed a finger buffet and a private view of the many fascinating transport exhibits. On Wednesday

The Convention ended on Friday evening with a gala dinner. The President thanked the organising committee for all their hard work in organising the week’s events and visits, in particular Paul Booth FIRSE and Peter Allan FIRSE, and the sponsors for their generous contributions.

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IRSE Annual Report 2022

Annual General Meeting

The IRSE’s 108th Annual General Meeting, chaired by the retiring President, Ian Bridges FIRSE, was held at the Derby Conference Centre on 21 April 2022. There was an overall attendance of 154 which was a mixture of online and in person.

In accordance with the Memorandum and Articles of Association all ordinary business was concluded at this meeting, and it was resolved to appoint HPH Chartered Accountants for 2022.

After conducting the formal business of the AGM, Ian commented on the Annual Report for 2021 (published on 1 April 2022), and in the absence of the Treasurer, Andrew Smith FIRSE, Blane Judd CEO and Secretary commented on the Accounts for 2021.

The membership received copies of the Annual Report for 2021 (published on 1st April 2022), and there being no comments or questions received through correspondence this report was adopted.

Ian announced that the ballot for the election of members to Council had resulted in the following being elected:

Fellows: Prof Clive Roberts (UK), Pete Gracey (UK), Harvinder Bhatia (UK) and Gordon Lam (Hong Kong).

Members: Robert Cooke (Singapore), Paul McSharry (UK), and Firas Al-Tahan (North America).

Associate Member. Xiaolu Rao (Switzerland).

Ian welcomed Pete Gracey FIRSE to Council and expressed grateful thanks to George Clark FIRSE who retired from Council.

IRSE Council

IRSE Council 2022-2023 IRSE Council 2022-2023
President Andy Knight FIRSE
Vice Presidents Steve Boshier FIRSE, Jane Power FIRSE, Yuji Hirao FIRSE
Members of Council from the
class of Fellow		 Peter Allan FIRSE, Ian J Allison FIRSE, Harvinder Bhatia FIRSE,Bogdan Godziejewski FIRSE,
Peter Gracey FIRSE, Gordon Lam FIRSE, Rod Muttram FIRSE, Clive Roberts FIRSE,
Andy Stringer FIRSE
Members of Council from the
class of Member		 Firas Al-Tahan MIRSE, Rob Burkhardt MIRSE, Rob Cooke MIRSE, Jane Copperthwaite MIRSE,
Ryan Gould MIRSE, Paul McSharry MIRSE
Members of Council from the
class of Associate Member		 Georgina Hartwell AMIRSE, Xiaolu Rao AMIRSE, Keith Upton AMIRSE
Co-opted Past Presidents Ian Bridges FIRSE, Charles Page FIRSE, Daniel Woodland FIRSE
Chief Executive Blane Judd
Treasurer Andrew Smith FIRSE

----- Start of picture text -----
Members of IRSE Council meeting to
discuss the Institution’s strategy during
the Glasgow Convention.
----- End of picture text -----

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IRSE Annual Report 2022

Members’ Lunch

The 24th Annual IRSE members lunch took place on 20 July 2022 at the Union Jack Club in London.

Organised once again by Past President Clive Kessell HonFIRSE who instigated the lunch as part of his presidency, the event was attended by 47 members including eight past presidents. Due to the rail disruption on the day caused by an unseasonal heatwave, 21 other members were unable to attend.

After a welcome from Clive, IRSE President Andy Knight FIRSE gave a brief overview of his presidential theme of “shaping the future” and underlined the pivotal role the Institution has to play in providing the support to assist in the recruiting and training of engineer of the future. He also updated members on plans for the upcoming Convention and played the trailer for IRSE10///.

Blane Judd, CEO of the IRSE gave a “State of the Nation” update. He reminded the group of how accidents relating to signalling deficiencies in the early days of the IRSE had influenced the much-needed safety improvements that the Institution still continues to support today.

He reflected that in 1912, the Institution membership only embraced eight countries whereas nowadays with 5000 members, half of these are located in 52 countries outside of the UK.

The lunch was also an opportunity for the President and Managing Director of Signet Solutions to present the Signet Award to Istvan Darzsi, who is originally from Hungary but now works with Irish Rail. Regrettably, Mike Harvie MIRSE, the Dell Award winner was not able to attend as he was one of those affected by the travel disruption.

Annual Dinner

After a two year enforced break by the Covid-19 pandemic, the 56th Annual Dinner was held at The Landmark Hotel in Marylebone, London on Friday 13 May. The event was generously sponsored by Alstom and was a sold out event with 300 diners. As no Annual Dinner could be held in 2020 or 2021, president Andy Knight shared host duties with Past Presidents from those years, Ian Bridges and Dr Daniel Woodland. The President’s guest of honour was the Minister of State, Department for Transport Wendy Moreton MP and the keynote speaker was LNER managing director David Horne. Once again, the nominated charity for the event was RedR UK, a disaster

relief charity which matches volunteers with technical skills to assistance tasks in response to disasters across the world. A collection at the dinner raised £2897 for this charity. The IRSE Annual Dinner has been at capacity for several years with potential attendees having to be declined. Exploration and assessment of options was initiated in autumn 2022 and as a consequence the 57th Annual Dinner in 2023 will be held at the DeVere Grand Connaught Rooms in central London on 11 May . This venue has the capacity for us to expand towards its capacity of 500.

Collaboration

The IRSE continues to develop both formal and informal working relationships with engineering and railway organisations in the UK and, either directly or through its sections, with organisations in other parts of the world. At present there are ongoing discussions with representatives in Australia, Canada, India, Israel, and Malaysia.

The networking activity with the sector has started again after the delays imposed by Covid-19, although there are still a few meetings taking place using virtual means. There have been exciting opportunities to meet businesses in India at the conference held in Delhi and in Canada during the CBTC conference.

In the coming year we will continue to focus on our strategic intent to strengthen our engagement with external bodies, including not only rail industry companies, but also other relevant organisations. The Institution enjoys good working relationships with, and support from, many companies,

but our ambition is to grow this further for mutual benefit. We will watch with interest the development of Great British Rail and be ready to support and comment as details emerge.

We remain active members of the Rail Engineer Forum. This body is made up of representatives from all the Professional Engineering Institutions who have a rail interest and includes, IMechE, IET, ICE, PWI, CIRO, INCOSE, CILT, RCEA and the Young Railway Professionals (theref.org. uk). Andrew Skinner of GWR of IMechE is the current chair. We maintain a close link with the Rail Industry Association UK (RIA) to ensure that where possible the two bodies are working closer together to link professional employees working in professional businesses. This working relationship is help IRSE and RIA to identify where we can together make a difference in the rail sector.

The activities of both the Royal Academy of Engineering and Engineering UK continues to underpin or activities to encourage young people to consider

a career in an engineering related discipline. Through these collaborations we can have a greater impact than we would in isolation.

We work closely with the UK’s Engineering Council for the regulation of engineers and have seen a growth in the number of members coming forward for professional registration. The IRSE is a licensed body of the Engineering Council and is thus licensed to register Chartered Engineers, Incorporated Engineers and Engineering Technicians. In the last year we have had increased international interest in professional registration, which is to be welcomed.

As part of our drive to address the gender balance in the sector we have engaged with representative groups through the equality, diversity and inclusivity group led by Council member Harvinder Bhatia. This group is looking at how the sector can better attract a wide range of people from differing backgrounds and cultures.

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IRSE Annual Report 2022

Publications and communications

For most of IRSE members across the world in 2022 the Covid-19 pandemic was over, enabling a welcome return to local sections and Institution face to face events including Convention, the Annual Dinner and Members Lunch. However, thanks to the digital capabilities we developed during the pandemic which gave all members access to on-line Presidential programme events and other content via the IRSE Vimeo channel, we continued to offer online access to major presentations alongside the option to attend in person throughout 2022. Moving forward, this hybrid form of event delivery will remain a key aspect of the IRSE communications strategy.

IRSE News

IRSE News is published monthly in both print and digital formats, its purpose being primarily to inform IRSE members worldwide about industry news, technical developments, and the work and activities of the IRSE and its sections. Papers that comprise the presidential programme are published in IRSE News, together with a wide range of other internationally sourced educational papers and articles. We’d like to extend our thanks to the dedicated and hard-working editorial production team led by Managing Editor Paul Darlington FIRSE and Production Manager Mark Glover FIRSE for another excellent year.

IRSE10///

President Andy Knight FIRSE launched IRSE10///, a series of expert-led ten minute talks called on aspects of train control and communication aimed at newcomers to the industry and those interested in finding out more about this field of engineering. Six episodes were produced, all of which are available online the IRSE Vimeo channel.

Proceedings

The Proceedings provide a summary of the Institution’s activities and have been produced annually since the very first issue in 1913. A hard copy of the Proceedings is supplied to the British Library and to the library of the Institution of Engineering and Technology and PDF versions of the Proceedings are available for all to read via our website.

Website

The website provides details of Institution events, sections, information about the governance and operation of the IRSE, material for members taking the IRSE professional exam, how to

----- Start of picture text -----
News News News
May 2022 June 2022 July/August 2022
Shaping the futurepresidential address Simulationand performance Back to basicspoints maintenance CMTCSChinese metro train control Transparencyand artificial intelligence MicroETScost-effective innovation EDIa British female perspective Cybercrimeand security Using simulationto minimise buffer stop impact risk
News September 2022 News October 2022 News November 2022
ETCSimpact on the signal engineer Standardsfor automated urban guidance Minor RailwaysSection AGM Lineside telephonesin Great Britain Elizabeth lineplatform screen doors Back to basicscompetence and mentoring Rural train controlnew perspectives It's only temporarythe return of Ruth GlasgowInternational Convention
Metro Train Control
Systems
M
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Metro
Train Control Sy o Train Control Sy
Metro Train Control Syst
stems
M
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----- End of picture text -----

As of February 2023 the IRSE page has 11,401 followers and during the previous 12 months clicks went up by 10,000. Top posts included the launch of the new Metro Handbook (4,500 impressions with 263 clicks) and the IRSE10// talk delivered by Disney Schembri from Siemens Mobility (4,191 impressions and 163 link clicks). Our Twitter audience continues to grow acquiring 96 new followers and reporting an increase of engagement of over 100%. Top posts were a post on the Glasgow Convention and posts on IRSE10// and Presidential Programme papers on demand. Due to technical access issues our Facebook page has been inactive and we are in the process of setting up a new page for the IRSE.

become a member, as well as a wealth of information relating to professional development. Members (and registered non-members) can update contact details, book events, order publications, and pay their subscriptions online.

Video

All of the Presidential papers, section lectures and events recorded for online viewing were added to the IRSE Vimeo channel which now hosts a collection of 245 videos. During 2022, the IRSE Vimeo channel received 19,100 views from across the world, representing a total of 281 days, 18 hours, five minutes and 29 seconds of viewed IRSE content. The top five countries by viewership were UK (33%), India (15%) Australia (10%) and the USA.

Publications

E-Communications

The IRSE publishes a range of books on railway train control and communications systems, which provide a useful source of educational material for those relatively new to the profession, as well as providing a valuable record of the development of signalling. The long awaited Metro Train Control Systems textbook was published this year and demand for copies has been high. The Institution would like to thank the team led by Claire Porter HonFIRSE for all of their hard work in preparing this book which is available to purchase via the IRSE website.

A monthly email bulletin is sent to all members, containing information about upcoming events and other topical information. In addition, we send out ad-hoc electronic communications to members highlighting key presidential events and other important information.

Social Media

The Institution has a social media

presence on LinkedIn and Twitter which play a key role in promoting our activities and signposting our content. Key events, presentations and topical news stories are posted on all these feeds on a regular basis to help keep members informed and raise the profile of the Institution amongst the wider railway industry. LinkedIn remains our key social media network and this channel has seen a 100% increase in both followers and engagement in the last 12 months.

Library

Members of the Institution are permitted to use the library of the Institution of Engineering & Technology in London by appointment, and there is also an archive collection of publications available on request at the IRSE’s London offices.

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IRSE Annual Report 2022

IT systems

The four major IT components that support the Institution’s operations are the Membership and Licensing customer relationship management system (often referred to as Silverbear CRM), the website, the exam platform, and the office IT systems.

We continue to use the full suite of Microsoft products in the cloud and use Microsoft Teams as both a virtual meeting product and as a VoIP for our phone system.

The membership offering through the website includes the ability to access member only information and allows the checking of membership and licensing validity with real time reports. The library of video content available on the IRSE Vimeo channel increases regularly. We

also encourage members to update their personal and employment details online using the web portal.

The increased use of virtual meeting platforms has seen a large increase in membership engagement. We hold meetings at different times of the day to acknowledge members’ the international time differences.

The move to an online offering for the IRSE exams, has seen an increase in the numbers of candidates. The software used as the exam platform is enhanced by two additional packages that monitor the candidates. The first monitors the surrounding so that cheating or looking up reference material is captured (known as proctoring software). The second is an anti-plagiarism checker that makes sure

candidates submit their own work and not copy and paste for example. These two packages have been used to good effect and helped support the team of volunteer markers when looking to rule out any cheating. Transgressors have been sanctioned by Council resulting in removal or downgrading of membership, or a ban from taking the exam for a defined period.

The ability of the volunteers, members, and staff to adapt and embrace the everchanging pace of IT infrastructure is to be commended. Without their support the Institution would not be able to advance to keep up with the changes necessary to be relevant as a professional body for the 21st century.

Finances

The financial results are shown on pages 20 to 24. They are extracted from the consolidated accounts for the IRSE and its wholly owned trading subsidiary, IRSE Enterprises Limited. The term ‘Group’ at the top of a set of tables refers to the two companies combined, and ‘Charity’ to the IRSE alone. As far as possible, these extracted results use the titles and the format of the consolidated accounts.

For several years now it has been reported that the increase in Total Charity Funds has hidden the fact that we had made a loss on the activities of both IRSE and IRSE Enterprises, with the increase in value of our investments being larger than the loss. It was also reported that we had been looking at what actions we needed to take to address this position. The conclusion of this work was that the issue was too large to be addressed in one year and there would need to be significantly larger increases in subscription rates

and licensing prices than inflation might suggest. As a result, 2022 was the first step in this process and the progress for IRSE Enterprises can be seen in Note 8 where the net figure before the gain/loss on investments shows a much smaller loss than in 2021. For the whole group appears in the Consolidated Statement of Financial Activities where the loss has reduced from £80,689 to £65,436. The improvements are better than the budgets for 2022 suggested, bolstered by the outstanding effort of the Membership team to get subscriptions in on time. The further planned increases in 2023 are designed to complete this process.

One item that has sadly not helped the IRSE Enterprises results is the £10,000 seed-funding we provided for the organisation of the International Technical Seminar in India during the summer. This was due to be returned to IRSE Enterprises following the event, but we are still waiting for it to arrive. We are actively working to recover this money

and believe it will, eventually, arrive, but the timing is unclear and it was therefore considered prudent to not make any provision in the accounts for this.

The ability to travel has brought with it an increase in IRSE costs. Historically, the President would receive significant funding from their employer to allow them to visit parts of the Institution away from their local area. These days, whilst it is generally possible to raise some sponsorship for this, there is an increasing need for the Institution to cover the cost of the President attending events. This is always included in the budget so that we are aware of the impact on the IRSE finances and the Presidents work hard to combine as many activities into one trip as possible to minimise the costs. However, as anyone who has travelled recently will be painfully aware, costs have increased significantly, and this will have an impact on our budgets in the future.

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IRSE Annual Report 2022

Consolidated accounts (extract)

THE INSTITUTION OF RAILWAY SIGNAL ENGINEERS CONSOLIDATED BALANCE SHEET AS AT 31st DECEMBER 2022

CONSOLIDATED BALANCE SHEET AS AT 31st DECEMBER 2022
Notes
Fixed Assets
Tangible fixed assets
Investments
1
Total fixed assets
Current Assets
Stocks
3
Debtors
4
Investments
5
Cash at bank and in hand
Total current assets
Creditors:
amounts falling due within one year
6
Net current assets
Total assets less current liabilities
Creditors:
amount falling due after more than one year
7
Total net assets
Funds of the Charity
2
Unrestricted funds
Restricted funds
Total charity funds		 Consolidated
2022
£
Consolidated
2021
£
Charity
2022
£
Charity
2021
£
46,972
4,180
22,017
3,186
1,803,443
2,206,609
1,338,037
**1,613,264 **
1,850,415
2,210,789
1,360,054
1,616,450
66,701
58,091
55,970
55,456
190,770
165,442
249,267
295,779
211,198
211,177
211,198
211,177
272,184
362,093
93,062
119,347
740,853
796,803
609,497
681,759
(500,686)
(463,923)
(286,795)
(274,140)
240,167
332,880
322,702
407,619
2,090,582
2,543,669
1,682,756
2,024,069
(275,756)
(246,490)
-
-
1,814,826
2,297,179
1,682,756
2,024,069
1,775,906
2,260,019
1,643,836
1,986,909
38,920
37,160
38,920
37,160
1,814,826
2,297,179
1,682,756
2,024,069

THE INSTITUTION OF RAILWAY SIGNAL ENGINEERS CONSOLIDATED CASH FLOW STATEMENT AS AT 31st DECEMBER 2022

Net cash (used in) operating activities
Cash flow from investing activities:
Purchase of tangible fixed assets
Purchase of fixed asset investments
Sale of fixed asset investments
Interest received
Dividends received
Net cash provided by / (used in) investing
activities
Change in cash and cash equivalents in the
year
Cash and cash equivalents at start of year
Cash and cash equivalents at end of year		 2022
£		 2021
£
(66,139)
(2,220)
(150,500)
273,112
4,060
31,459		 (32,284)
155,911
(47,988)
(283,555)
269,093
3,780
34,900
(23,770)
(89,909)
362,093
**272,184 **
123,627
238,486
362,093

20

IRSE Annual Report 2022

THE INSTITUTION OF RAILWAY SIGNAL ENGINEERS CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES AND INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31st DECEMBER 2022

Notes
Income and Endowments from:
Charitable activities:
Donations and legacies
9
Other trading activities:
Non-ancillary trading income
10
Other activities
10
Investments:
Investment income
11
Total Income
Expenditure on:
Raising Funds
12
Other activities
Investment
Non-ancillary trading
Charitable activities
12
Awards
Promoting best practice
Total Expenditure
Net Expenditure before (loss) / gain in
investments
Net (loss) / gain on investments
Net Income / (Expenditure)
Reconciliation of funds
Total funds brought forward
Total Funds Carried Forward		 Unrestricted
£
Restricted
£
Total
2022
£
Total
2021
£
12,512
-
12,512
8,901
517,598
-
517,598
346,358
583,214
-
583,214
528,073
37,969
711
38,680
35,519
1,151,293
711
1,152,004
918,851
7,599
-
7,599
6,070
8,844
-
8,844
9,208
541,863
-
541,863
403,600
558,306
-
558,306
418,878
30,117
-
30,117
19,026
628,306
-
628,306
561,636
658,423
-
658,423
580,662
1,216,729
-
1,216,729
999,540
(65,436)
711
(64,725)
(80,689)
(418,677)
1,049
(417,628)
258,106
(484,113)
1,760
(482,353)
177,417
2,260,019
37,160
2,297,179
2,119,762
1,775,906
38,920
1,814,826
2,297,179

ANNUAL MEMBERS’ REPORT WITH SUPPLEMENTARY MATERIAL

The tables set out on pages 16 to 20 are extracted from the full audited accounts of the Institution for the year ended 31 December 2022. They constitute supplementary material to this Annual Members’ Report. Section 426A of the Companies Act 2006 requires the following statements to be made in respect of the supplementary material:

  1. This annual report is only part of the company’s annual accounts and reports prepared under the Companies Act.

  2. A full copy of the company’s annual accounts and reports may be obtained upon request from The Institution of Railway Signal Engineers, 1 Birdcage Walk, Westminster, London SW1H 9JJ, UK.

  3. The auditor’s report on the annual accounts was unqualified.

  4. The auditor’s statement under section 496 of the Companies Act (whether the Trustees’ Report is consistent with the accounts) was unqualified.

A P Smith Treasurer

Approved by the Trustees on 23 March 2023.

A Knight SW Boshier President Vice-President Director and Trustee Director and Trustee

21

IRSE Annual Report 2022

THE INSTITUTION OF RAILWAY SIGNAL ENGINEERS NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31[st] DECEMBER 2022

1 Fixed Asset Investments (Group)

Fixed Asset Investments (Group)

Market value
At 1 January 2022
Additions
Disposals
Revaluations
At 31 December 2022		 Equities
£
Government
Securities
£
Total
£
2,000,965
205,644
2,206,609
201,291
82,264
283,555
(182,978)
(86,115)
(269,093)
(360,573)
(57,055)
(417,628)
1,658,705
144,738
1,803,443

2 Movement in Funds (Group)

2 Movement in Funds (Group) Movement in Funds (Group)
3
4
5
6
Designated funds
At 1.1.22
£
Net movement
in funds
£
At 31.12.22
£
Scholarship Fund
78,315
3
78,318
Alan Fisher / Frank Hewlett Fund
430,288
3,206
433,494
General Development
307,000
-
307,000
Future ASPECT Conference
10,000
-
10,000
International Convention
27,500
-
27,500
Textbook Preparation
7,500
-
7,500
General Fund - Unrestricted fund
1,109,800
(346,284)
763,516
IRSE Enterprises - Non-charitable trading fund
289,616
(141,038)
148,578
2,260,019
(484,113)
1,775,906
Restricted funds
Dell Bequest
24,064
1,355
25,419
Thorrowgood Bequest
13,096
405
13,501
TOTAL FUNDS
37,160
1,760
38,920
The company holds 20% or more of the issued share capital of the following company:
Company
Country of incorporation
Share class
%age owned
IRSE Enterprises Limited
England and Wales
Ordinary
100
Share capital and reserves
Profit for year
IRSE Enterprises Limited
136,803
(140,720)
Stock
Consolidated
2022
£
Consolidated
2021
£
Charity
2022
£
Charity
2021
£
Stock
66,701
58,091
55,970
55,456
Debtors
£
£
£
£
Trade debtors
77,076
67,078
-
-
Other debtors
3,435
4,964
3,333
4,964
Pre-payments and accrued income
15,900
16,529
-
-
VAT
94,359
76,871
81,213
63,292
Amounts owed by group undertakings
-
-
164,721
227,523
190,770
165,442
249,267
295,779
Current Asset Investments
£
£
£
£
National Savings
211,198
211,177
211,198
211,177
211,198
211,177
211,198
211,177
Creditors: amounts falling due
within one year
£
£
£
£
Trade creditors
39,925
53,457
28,901
45,749
Accruals
26,697
21,547
22,429
17,008
Deferred income
427,036
382,197
230,178
206,682
Other creditors
7,028
6,722
5,287
4,701
500,686
463,923
286,795
274,140		 At 1.1.22
£
Net movement
in funds
£
78,315
3
430,288
3,206
307,000
-
10,000
-
27,500
-
7,500
-
1,109,800
(346,284)
289,616
(141,038)		 At 31.12.22
£
78,318
433,494
307,000
10,000
27,500
7,500
763,516
148,578
2,260,019
(484,113)		 1,775,906
24,064
1,355
13,096
405
25,419
13,501
37,160
1,760		 38,920
66,701
58,091
£
£
77,076
67,078
3,435
4,964
15,900
16,529
94,359
76,871
-
-		 £
£
-
-
3,333
4,964
-
-
81,213
63,292
164,721
227,523
190,770
165,442		 249,267
295,779
£
£
211,198
211,177		 £
£
211,198
211,177
211,198
211,177		 211,198
211,177
£
£
39,925
53,457
26,697
21,547
427,036
382,197
7,028
6,722		 £
£
28,901
45,749
22,429
17,008
230,178
206,682
5,287
4,701
500,686
463,923		 286,795
274,140

22

IRSE Annual Report 2022

7
Creditors: amounts falling due
after one year
Other creditors		 Consolidated
2022
£
Consolidated
2021
£
Charity
2022
£
Charity
2021
£
275,756
246,490
-
-

Representing the proportion of licence fees receive which will be credited to Income after more than one year.

Activities of IRSE Enterprises
Turnover
Donations
Proceeds - Conventions and Conferences
Proceeds - Dinners
Proceeds - Technical visits and Seminars
Licensing - Licence fees received
Licensing - Audit fees
Licensing - Assessing agents fees
Licensing - Technical publications
Cost of sales
Costs - Conventions and Conferences
Costs - Dinners
Costs - Technical visits and Seminars
Costs - Young members’ Seminars and Visits
Licensing - Logbooks opening stock
Licensing - Engineer’s fees
Licensing - IRSE administration charges
Licensing - Audit engineers
Licensing - Accreditation
Licensing - Logbooks closing stock
Gross profit
Other income
Dividends receivable
Bank interest receivable
Expenditure
IRSE Admin charges
Telephone
Post and stationery
Officers’ expenses
Accommodation and refreshments
Computer costs
Professional indemnity insurance
Licensing - Treasurer’s, Chief Executive’s and Registrar’s Fees
Logbook purchases
Investment Manager’s fees
Auditor’s remuneration
Exchange rate variance
Finance costs
Licensing - Bank charges
Net figure
Gain / Loss on revaluation of assets
Gain on revaluation of investments
Net profit		 2022
£
2021
£
307
-
92,340
-
46,600
-
34,370
22,332
214,786
200,048
6,068
5,761
107,791
106,887
15,336
11,330
517,598
346,358
71,371
(1)
38,926
-
37,053
18,556
-
-
2,635
6,444
14,866
14,503
232,531
219,980
38,872
44,959
12,712
12,014
(10,732)
(2,635)
438,234
313,820
79,364
32,538
7,153
7,266
613
7
7,766
7,273
87,130
39,811
21,598
22,879
7,788
8,122
6,875
2,880
-
-
688
105
12,113
7,580
3,741
3,099
33,503
36,782
10,597
-
3,872
4,042
2,080
2,000
(3,607)
15,271
99,248
102,760
4,381
**2,291 **
(16,499)
(65,240)
(124,539)
101,087
(141,038)
35,847

8 Activities of IRSE Enterprises

23

IRSE Annual Report 2022

9
Donations and Legacies (Group)
Donations
10
Other Trading Activities (Group)
Subscriptions
Professional reviews
Advertising
Booklets and text books
IRSE ties, badges & cufflinks
Examination fees and materials
Proceeds from members’ lunch
Consultancy income
IRSE Income
Trading income:
Turnover of trading subsidiary - Note 8
11
Investment Income (Group)
Equities and government stocks
Interest receivable
IRSE Enterprises Ltd
12
Analysis of Expenditure
Staff Costs
£
Depreciation
£
Other
£
Raising funds
Other activities
2,285
17
5,297
Investment
-
-
8,844
Non-ancillary trading
184,191
3,520
354,152
Total raising funds
186,476
3,537
368,293
Charitable activities
Awards
9,141
67
20,909
Promoting best practice
217,109
1,592
409,605
Total charitable activities
226,250
1,659
430,514
Total expenditure
412,726
5,196
798,807
13
IRSE Charitable Expenditure
Raising donations and legacies
Fund raising dinners
Consultancy
Charitable activities
Proceeding: editing and printing
Newsletter: editing and printing
Booklets and textbooks
IRSE ties, cufflinks and badges
Prizes
Awards
Activities funded by country subscription supplements
Professional review costs
Support costs
Staff costs
Office rent and services
Fees and honoraria
Membership database
Other administrative costs
Investment manager’s fees
Fixtures and fittings
Governance costs
Auditor’s remuneration
Total expenditure		 9
Donations and Legacies (Group)
Donations
10
Other Trading Activities (Group)
Subscriptions
Professional reviews
Advertising
Booklets and text books
IRSE ties, badges & cufflinks
Examination fees and materials
Proceeds from members’ lunch
Consultancy income
IRSE Income
Trading income:
Turnover of trading subsidiary - Note 8
11
Investment Income (Group)
Equities and government stocks
Interest receivable
IRSE Enterprises Ltd
12
Analysis of Expenditure
Staff Costs
£
Depreciation
£
Other
£
Raising funds
Other activities
2,285
17
5,297
Investment
-
-
8,844
Non-ancillary trading
184,191
3,520
354,152
Total raising funds
186,476
3,537
368,293
Charitable activities
Awards
9,141
67
20,909
Promoting best practice
217,109
1,592
409,605
Total charitable activities
226,250
1,659
430,514
Total expenditure
412,726
5,196
798,807
13
IRSE Charitable Expenditure
Raising donations and legacies
Fund raising dinners
Consultancy
Charitable activities
Proceeding: editing and printing
Newsletter: editing and printing
Booklets and textbooks
IRSE ties, cufflinks and badges
Prizes
Awards
Activities funded by country subscription supplements
Professional review costs
Support costs
Staff costs
Office rent and services
Fees and honoraria
Membership database
Other administrative costs
Investment manager’s fees
Fixtures and fittings
Governance costs
Auditor’s remuneration
Total expenditure		 2022
£
2021
£
12,512
**8,901 **
£
495,058
451,423
6,870
7,710
3,900
13,513
22,030
8,943
-
64
53,205
44,920
2,151
1,500
-
-
583,214
528,073
517,598
346,358
27,747
24,193
3,167
4,053
7,766
7,273
38,680
35,519
2022
£
2021
£
7,599
6,070
8,844
9,208
541,863
403,600
186,476
3,537
368,293
9,141
67
20,909
217,109
1,592
409,605		 558,306
418,878
30,117
19,026
628,306
561,636
226,250
1,659
430,514		 658,423
580,662
412,726
5,196
798,807		 1,216,729
999,540
2022
£
2021
£
2,386
1,388
-
-
2,000
4,511
109,415
101,777
10,221
3,766
109
-
26
25
9,264
300
9,277
7,641
2,018
(820)
235,591
215,802
18,524
18,524
97,473
89,488
-
163,881
130,900
8,844
9,208
1,676
9,429
4,160
4,000
674,865
595,939

v1.1, March 2023. Production, typeset and lay out www.polunnio.co.uk.

24

DooJ&Jrb Envelope ID.. 2F249Cc¢-ACJ8243￿A£3wF2CZB4cCL Registration number: 0125685 THE INSTITUTION OF RAILWAY SIGNAL ENGINEERS (Charity number: 10469991 ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 31 December 2022 AC193R4Q" 11104r2023 CCMIPANIES H(YJSE 364 HPH Chartered Accountants $4 Bootham Y¢)rk Y030 7XZ

DooJSHJn Enwebpe ITr. 2F249CCC-AO82435o-AE8S￿FzCZB4cC[ THE INSTITUTION OF RAILWAY SIGNAL ENGINEERS TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 The trustees, who are also directo￿ of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charty for the year ended 31 December 2022. The Charity is a Public Benefft Entty. The Financial Slatements comply with the Charities Act 2011. the Companies Act 2006. the Memorandum and Articles of Association. and Accounting and Reporting by Charities.. Statement of Recommended Practi applicable lo charities preparing their Financial Statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effecbve 1 January 20191. STRUCTURE, GOVERNANCE AND MANAGEMENT The Institution is a Company Limited by Guarantee and govemed by ils Memorandum and Articles of Association, last amended on 22 April 2021. Twstees a￿ members of the Institution and elected by the membership following iheir proposal by members or Ihe goveming cour￿11 of the Institution. The Institution is managed by its Council. ￿lch is ￿ded by the President, assisted by the Senior ar)d Junior Vice P￿sidentS. Ils other members a￿ other suitabty elected and co-opted individuals drawn from the various grades of membership. The Council constitutes committees to assist in the operation of the Institution as it sees fil. Currently, for the general management of the InStitUt￿n there is a Management Committee. consisting of the Presbdent. VI￿ Presidents. one or more past Presidents. a number of ordinary members of Council, along with the Chief Executive arKI Treasurer. and Finan￿ Commitiee. consisting of the President atml VI￿ Presidents. the previous President. the Chief EXe¢￿tIVe and Treasurer and one ordinary member of Council. There is DO formal training of trustees, but they are perM)j￿IlY tKOVKled with the current version of the Charity Commission document'charities and Investment Matters-. A Guide for Trustees.. Formally, all decisions ￿lated to the operation of the Institution are made by the Council. Often, these decisions are based on recommendations from subsidiary committees. particuLarly Finance an(1 Management. Slaff involvement is only related to low-value day to day purchases for the efficient operation of the Instituiion. Staff salaries are agreed by Finance Committee on the recommendabon ofthe Chief Executive. A small number of the senior management are C(￿tra(￿ed to the Instr(ution. T￿1r remuneration is likewise agreed by Finance Committee on the Chief Executive's recommendation. wrth the ex￿ptIon of the Chief Execub've, where the remuneration is at the discrebon of the trustees on Finance Committee. The benchmark taken for proposals is generally based on the rulir#J CPI as wblished by the Govemment in October. The Inslilution's operating subsidk3ry is IRSE Enterpnse5. Its ffonaging tM)ard has the T￿asUrer. President. V￿e Presidents, immediate past President, and a Council rep￿Senta￿'Ve as dire¢lors. OBJECTIVES AND ACTIVITIES Public Benefit The Institution's objects and principal acbvities continue to be the advancement of the science and practs'ce of signalling and faI￿vaY telecommunications for the Publ￿ benefit by the promotion of research. the collection and publication of educatsonal material and the holding of conferences, seminars arNJ meetings. the maintenance of high standards of practi￿ and professional care amongst those working within the industry and the promotion of improved safety standards for the protection of the general public. The trustees have complied wrth the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidan published by the Charity Commission. Cuslodlan Trustee Dls¢losures No assets were held by any trustee or by the Irtstitution on behalf of any other charity.

Docu&9n Enslcye ID.. 2F249CCC-AD82435fvAE8WF2C2B4CCC THE INSTITUTION OF RAILWAY SIGNAL ENGINEERS TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 OBJECTIVES ANO ACTivrriES - continued Regular Activities The Institution's main fund raises mney by way of subscriptions. joining fees and donations. The Institution issues a magazine lo its members 11 times a year. containing papers, articles and other infomiation pursuant to the Inslitution's objects. It also sells technical papers and books it publishes itself or buys for re-sale. The Institution usually organises a number of technical meetings, conferences. seminars and dinners, for some of which it makes a charge. These provide a forum for discussion and the transfer of knowledge. Following the COVID-19 pandemic experience, most were filmed and made available at the time and subsequently through an on-line VKleo link. Some meetings were also available to attend live. but attendance figures have been very low. In addition, the Annual Dinner returned in April and a Convention was held in Glasgow during September. The Licensing scheme. run through the subsidiary IRSE Enterprises. provides accreditation to individuals and organisalions wrthin the industry after having complied with certain laHI-down standards. Fees are charged for these activities. Licence5 issued are for a 5-year period so one-fifth of the income is credited each year io the Incorne and ExFenditure account. the balance being carried forward as a liability in the Balance Sheet. Whilst no fomial Criteria are applied to ￿aSUre the success or otherww of all charged events. there is an expectation they wll, at least, break even. whilst for free events a visibly full venue or significanl on-line viewing is conSide￿d a success. It is noted on-line attendance has exceeded expectation and engaged a wider geographical spread, assisting in promoting the charitable objecls. ConsKlerabon is being given to normally have the free events on-line onty. In the case of the Institution's exam. the criterion is a suitably high pass-rate. The Institution is a fully nominated Body of the Engineering Council licensed to register Chartered Engineers, Incorporated Engineers and Engineering Technioans. GRANTthIAKING Bursaries are allcKated based on an application form and interyiew by senK)r Instrtution members. In 2022 9 were given linked to the Glasgow Convents"on. Prizes a￿ based on d￿urnenled criteria. some depending on suitable SUCLess In the Institution's exam. VOLUNTEERS Volunteers provide consmlerable assistance in the operation of the Instituti'on, l)oth in its local sect￿n$ and technical societies, where the objects mirror those of the Insttlution tlseff, and centralty. to provide a source of expert input and background assistan￿. This applies. part￿ladY. in Ihe operation of the Institution's professional exam and the production of the Instrtution's magazine. IRSE News. SOCIAL INVESTMENT No financial social investment is undertaken. Lmjt the high-level objecttve regarding the maintenance of high slandards and the PrOrr￿tion of safety standards ts dIr￿ted tot4Yards the proteCt￿n of the general public whilst on or near ra1￿YS. FUNDRAISING No fundraising aclivities are undertaken by the Insbiution.

Enwelope ID.. 2F249CCCAD82435ME8WF2C284C( THE INSTtTUTION OF RAILWAY SIGNAL ENGINEERS TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 ACHIEVEMENTS AND PERFORMANCE With the redudion in Covid-19 infections and relaxation of restrictions. rmst of the normal ca￿ndar events retumed in 2022. This. and p￿-planned above inflat￿n increases in subscription rates, would appear to have started to have the desired effect of relumiro the IRSE to OFtrabng breakeven. The IRSE Exam will continue on-line. After issue5 in 2021, the mu1tiple-cho￿e Module A was held twice in 2022. The success mean$ this will be repeated in 2023. The planned programme of lectures (provided through on-line plattomis) was supplemented by the Annual Dinner. a Convention, a seminar in Toronto and a Technical Visit to I￿land. Beyond the events disojssed above. there a￿ fundraising &tivities. No expenditu￿ has been incurred lo raise that in￿rne. beyond that involved in the organi5ation of the events themsetves. FINANCIAL REVIEW The results of the Institution are set out in the Consolidaled Statement of Financial Activities and I[￿me and Expenditure Account which may be found on page 12. The net deficit of the group for the year befo￿ tsir value adjustments to the carying value of investments was £64,725 {2021: £80,689) and total funds carried forward are now £1.814.826 {2021.' £2.297.179). The closing funds comprised of £38,920 relating to restricted funds12021." £37.1601. £863.812 relating to Designaled funds 12021: £860,603) and £912,094 relating to Un￿strICted funds {2021: £1,399,416). The annual budgets are nomalty based on the status quo. However. during the b￿get planning for 2022 it was known that the membership database required porting lo an updated version of the Microsoft Dynamics platfomi. This was due to happen in 2022. bul delays mean it will happen in 2023. atthough the considerable work undertaken during the year means s￿ of the costs were paKJ during the year. In addition, the IRSE Indian Section organised a 3-day seminar on behalf of the 2021122 President. although a loral Covid-19 outbreak delayed it until after the end of his term of offKE. To assisl in planning. £10,000 was loaned to the organisers. with a written agreement for its retum after the event. The agreement also set out how any surplus would be divided be￿een the IRSE and the IRSE Indian Sects"on. By the end of the year final accounts for the event remained unavailable although there were indicab'ons there ￿￿Uld be a small loss after the return of the loan. However, given the delays, the decision has been made to assume this loan should be written off and it appears in the accounts in this ￿ay. If money is eventualty r￿1ved. it bMII be induded in the 2023 ac¢ounts. During 2022 4 people left the Institution's employment and 5 joined. At yearfs end 13 people were employed. Of the S starting, ore retumed lo their previous employer. Four are part-time ernployee5, one is full time. As in previous yeafs, the accounts of each of the indr¥idual fvrKl$ of the Institution, whth a￿ listed below, have been prepared and approved by the trustees. The Trustees, Report and Accounts set out in the following pages indude the following.. Unrestricted funds: General IRSE Main fund Designated Scholarship fund General developrnent fund Intemational conferentss fund un￿alISed investments revaluation ￿SeNeS. Fisher l Hewlett fund Future convents.ons fund Textbook preparation fund

Docvsyn Envdw ID". 2F249CCC-A082435fME8W2C2B4CCC THE INSTITUTION OF RAILWAY SIGNAL ENGINEER TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 FINANCIAL REVIEW . ¢ontinued Restricted funds: Robert Oell bequest Ttr￿d S(olarship t)equest INVESTMENTS Investment policy and objectives Under the Memorandum and Articles of Association the charity trustees have the power to invest the assets of the Institulion in such a manner. as may from time lo time be consNJered desirable. The truslees take advice from their investment managers. Ratht)nes. Dividends received are immediately reinvested. KEY RISKS AND UNCERTAINTIES DISCLOSURE A Risk Register is held by the ChEf Executive and regularty reviewed by Management Commrttee. Significant risks for the long-term health of the Instr(Ut￿n may be summarised as: Loss of membership and membership income.. Loss of key staff including contractots, given Ihe sze of the organisation.. Loss of support for the Licensing Scheme: Claims against the LI￿nsing Scheme follow'ng an irY>Jent on a raihvay.. Long-term loss of IT systems.. Members, personal data loss; Financial failure of a major event. PLANS FOR FUTURE PERIOOS The 2020 Convention to Toronto is now planned for 2024. Work is undep•vay for ASPECT Conferences in Melbourne. Australia in 2023 and Yokohama in 2025. There are also plans for an Annual Dinner and Members. Lunch during 2023. A major update of the membership dalabase wll take piac£ in 2023. The review of the Inslilution's finances and Ihe impact on subscriptsons concluded that the necessary increase should be spread across 2022 and 2023. This wll seek to remove the expectats.on that a surplus from IRSE Enterprises will support a shorttall in the chanty's income each year. PENSION LIABILITIES The Institution's pension scheme is a defined contn"bution scheme through an exlemal provider and there are no liabilities arising to the Instrf(ution. RESERVES The Institulion has a Reserves Policy in accordance with the Charity Commission'5 requirements. This is reviewed annually by Council. The current values of the reserves are delailed in these accounls. The value of the He￿ett l Fisher fund has increased to reflect the income received from the fund's investments. The planned return lo a modest surplus wll help lo replenish this. along with movements in the stock market. Funds In Deficlt and Golng Concern No funds are currently in deficit. There is no Current reason to believe that tre Institution is unable to continue as a going concem.

Doc￿&¥n En¥etipe ID. 2F249CCC-A082435I>AE8&A8F2C2B4CCE THE INSTITUTION OF RAILWAY SIGNAL ENGINEERS TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 REFERENCE AND ADMINISTRATIVE DETAILS Registered name of the Charlty The Institution of Railway Signal Engineers Registered Company number 0125685 {England and Wales) Regislered Charity numbers 1046999 Principle address and registered office 1 Birdcage Walk Westminster London SW1 H 9JJ Trustees and Directors The Trustees and Dwectors WI￿ served during the yew were.. P A Allan l J Allison F Al-Tahan H S Bhatia S W Boshier l R Bridges {co￿pted 26 May 2022) R E 8urkhardt R L Cooke J Copperthwaile B Godziejewski R C Gould P Gracey (Appointed 21April 20221 G Harhyell Y Hirao A Knoht GBSLam P H J Mcsharry R Muttr8m C R Page {Co-opled 26 May 2022) J E Power XRao C Roberts A D Stringer K Uplon D N Woodland (tsopted 26 May 2022) Resigned from Ihe Bowd." G E Clark (Resigned 21 April 2022) Company Se¢relary B Judd

OocJJSiw En¥eh)F•10.. 2F249CCC-AO8243StrAE8M8F2C284C THE INSTIT ION OF RAILWAY SIGNAL ENGINEERS TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 REFERENCE AND ADMINISTRATIVE DETAILS - continued Chlef Executlve Officer B Judd Names and addresses of advisors: Audilor Bankers HPH Chartered A¢¢ountsnts National Weslminster Bank Plo 54 Boolham Clapham Common Branch York 145 Clapham H￿h Street Y030 7XZ London SW4 7SZ Solicitors Tozers LLP 10 St. Pauls Road Newton Abbot Devon TQ12 4PR Investment managers Ralhbone Investment Management 8 Finsbury Circus London EC2M 7AZ Key Management Personnel B Judd - Chief Executive Officer A Smith - T￿aSurer

Docusign En¥ebpE KI". 2F249CCc-AD82435￿AE8￿A8F2C284c THE INSTITUTION OF RAILWAY SIGNAL ENGINEERS TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 STATEMENT OF TRUSTEES RESPONSIBILrriES The trustees (who are also the Directors of The Institution of Railway S￿nal Engineers for the purposes of Company Law) are responsible for preparing the Report of the Trustees and the Financial Statements in accordance with applicable law and Untted Kingdom Accounting StarKlards (United Kingdom Generally A¢¢epted A￿OUntIng Praclice). including Financpl Reporting Stsndard 102 Yhe Fina￿￿11 Repo￿.ng Standard applicable in the UK and Republic of Ireland". Company Law requires the trustees to prepare Financial Statements for each financial per¥)d which give a true and fair view of the state of affairs of the Chantable Company and of the incoming resources and application of sources, induding the income and expenditu￿. of the charitab￿ Company for that period. In preparing those Financial Statements, the trustees are r8]uired to.. - seleca suitab18 accounting policies and then appty them consistently: - observe the methods and principles in the Charity SORP.. - make judgements estimates that are reasonable and prudent: prepare the Financial Statements on the going concem basis Un￿$$ rt is inappropriate to presume that the Charitable Company will continue in business. The trustees are responsible for keepirKJ proper accounting records Ythith disch)se bwth reasonable accuracy at any time the financial position of the Chartlable Company and to enable them to ensure that the Financial Statements compty with the CoMpan￿S Act 2LK)6. They are also responsible for safeguarding the assets of the Charitable Company and hence for taking reasonable steps for the prevention arKI detection of fraud and other irregularities_ In so far as the trustees are a￿dre.. there is no relevant audr( infonnalion of which the Charitable Company's auditors are unaware.. and - the trustees have taken all steps that they ought to have tsken to make themsefves awdre of any relevarst audit infomialion and to establish that the Auditors are aware of that infomiation. AUDITOR The auditor. HPH is appointed under section 487{1) of the Companies Act 2006. Approved by order of the board of trustees on 23 March 2￿23 and signed on its behalf by: A Knight PreS￿ent and Tnistee

Doojsign En￿￿pe ID". 2F249ccC-AD82435￿AE8&A8F2C2B•cCtA5 HPH Chartered Accountants INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE INSTITUTION OF RAILWAY SIGNAL ENGINEERS OPINION We have audited the financial statements of The Institution of Ra1￿Y Signal Engineers (the 'parent charitable company'l and its SubS￿l8￿eS Ilhe 'group') for the year ended 31 December 2022, which comprise the Consolidated Statement of Financial Activities and Income and Expertditure Account. the Consolidated 8alance Sheet. the Consolidated Cash Flow Statement and the related notes. including significant accounting policies. The financial reporting framework that has been applied in their p￿paratIOn is applicable law and Unf(ed Kingdom Accounting Standards. induding Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generalty Accepted Accounting PraCt￿e). In our opinion the firbancial stalements.. give a true and fair view of the stste of the group's and Ihe parent charitable Company's affairs as at 31 December 2022 and of the group's incoming resources and application of resou￿5 for the year then ended; have been properly prepared in ar£Ordan￿ with Uniied Kingdom Generalty A￿epted Accounting Practice.. and have been p￿pa￿d in accordance V￿th the reqU1￿ments of the Companie$ Act 2006. BASIS OF OPINION We conducted our audit in aCcOrda￿e ￿th Intemational Standards on AuditiThJ (UK) IISAS {UKII and applicable law. Our responsibilities under those standards a￿ fvrther described in the Audil0¢5 responsibilities for the audit of the financial statements section of our report. We are independent of the group in aCcOrdar￿ with the ethical requirements that are relevant to our audit of the finanual statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and V￿ have fulfilled our other ethical ￿sponSibl1111eS in accordance with these requirements. We believe that the audit eviden￿ we have obtained is SuffiC￿nI and appropriate to provide a basis for our opin#)n. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial statements, Y￿ have concluded that the tnjstees'ldirectorfs use of the wirvJ con¢em ba￿S of accounting in the preparation of the finan(ial staterrEnt5 is appropriate. Based on the woth we have perfomied. we have not Identified any material uncertaintEs relating to events or condttions that, individually or collectively. may cast signifunt doubt on the char'rtable company's ability to continue as a going concem for a period of at knst twebrfe months from when the financial ststeffEnts are authorised for issue. Our responsibilities and the reswnsibilities of the directors ¥wth respeci to going concem a￿ described in the relevant sections of this report.

Docvsvjn En￿￿pe ID.. zF749CCC-ADa243￿AEBS-AaF2C1E￿CCcO HPH Chartered Accountants INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE INSTITUTION OF RAILWAY SIGNAL ENGINEERS OTHER INFORMATK)N The trusteesldirectors are responsible for the other infonnation coniained wthin the annual report. The other information comprises the information induded in the Annual Report, other than the financial statements and our Audilo¢s report Ihereon. Our opinion on the financial ststements does not cover the other infomiation and. except to the e*(ent othenfvise explicitly stated in our report. we do not express any fom OfassUran￿ conclusion thereon. Our responsibility is lo read the other infomialion and. in $0. consider whether the olher infomab'on 1$ materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be malerialty mi5Staled. If we Klenlify such material inconsistencies or apparenl material rnisstatemenls. we are ￿quired to detemiine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfomwd. we condude that there is a material misstatement of this other infomiation, we are required to report that fact. We have nothing to report in this regard. OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006 In our opinion. based on the work undertaken in the course of the audit.. the information given in the Trustees, rewrt, vthich includes the directors, report prepared for the purposes of company law. for the finanoal year for which the financial statements are prepared is consistent with the financial statements., and the directors, report included within the Trustees. report has been prepared in accordance with applicable legal requirements. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have nol identified matenal mk8statemen15 in Ihe Trustees, report. We have nothing to ￿port in respeci of the folkhing matters in ￿lation to which the Companies Act 2006 requires us to repcrt to you rf. in our opinion." adequate accounting records have not been"kept. or retums adequate for our audit have not been received from branches not visited by us. or the financial statements are not in agreement the a¢￿UntIng records and retums: or certain disclosures of directors. remuneration specified by law are not made. or we have not received all the infofmats'on and explanatsons we require for our audit. RESPONSIBILITIES OF DIRECTORS As explained more fully in the Trustees. responsibilrties statement on page 7, the trustees a￿ responsible for Ihe preparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal control as the trustees deternine is necessary to enable the preparation of financial statement5 that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Iruslees are responsible for assessing the charitable company's ability to continue as a going concem. disclosing, as applicable. matters related to going concem and using the going concem basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations. or have no realistic altemative but to do so.

Docusign En¥elop10". 2F24KCC-AD82435fthE85-A8F2C2B4CCC* HPH Chartered Accountants INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE INSTITUTION OF RAILWAY SIGNAL ENGINEERS AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonable assuran￿ about whether the finarKial statements as a whole are free from material misstatement. whether due to fraud or error. and to i55ue an Auditorfs report that includes our opinion. Reasonable assurance 15 a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS {UK} wll always detect a material misstatement when it exists. Misstalements can arise from fraud or error and a￿ considered material rf. indivKlually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial staternenls. Irregularrties, including fraud, are instances of non•compl1an￿ wilh laws and regulations. We design procedures in line wth our responsibilits'es. oullined above. to delect material misstatements in respect of irregularities. including fraud. The extent to ¥thich our pr(￿edureS are capable of detecting iThegularities, including fraud is detailed below= We obtsined an understanding of the legal and regulatory framev•Drks wthin which the company operates. focusing on those laws and regulations that have a dirert effect on the delermination of material amounts and disc105ures in the financial statements. The laws and regulab'ons we considered in this context were the Companies Act 2006 t¢>3ether wth the Charities SORP {FRS102) 2019. We assessed the required compliance with these laws and regulations as part of our audit procedures on the reLqted financial statement items. In addition, we considered provision5 of other laws and regulations that do rnt have a dired effect on the financial statements but compliance with which might be fundamental lo the charilable wmpany's ability to operate or to avoid a material penalty. We also considered the opportunit￿$ and incenbves that may exisl within the charit8ble company for fraud. The laws and regulations we considered in thi5 (x)ntexl for the UK operations were Employment legislation. Charity Commission regulab.ons and General Data Prote¢lion Regulats'on (GDPR). Auditing standards limit the ￿QUired audrt procedures to identify non-compliance with these laws aThJ regulations lo enquiry of the Trustees arml other management ar)d inspection of regulatory and legal correspondence, if any. We identified the greatest nsk of material impact on the financial staterrEnts from irregularities, including fraud, to be the override of controls by management and income recognition. Our audrt procedures to resp)nd to these risks included enquiries of managefflent ab)ut Iheir own identificatK)n arKI assessment of the risks of irregularities. sample testing on the posting of Joumals. detailed substanlive testing on the completeness of income, reviewing regulatory correswndence and reading minutes of meetings of those charged wrth govemance. Owing to the inherent limitations of an a￿rt. there is an unavoidable risk that may not have detected some material misstatements in the financial statements, even though we have properly planned and perfomied our audit in accordance with auditing standards. We are r￿l ￿SPonsIble for preventing non-￿mPliance and cannot be expected to detect non-complian￿ with all laws and ￿gUlatiOns. These inherent limrtations a￿ particularfy signfficanl in the case of misstatement resu￿￿￿ fr￿n fraud as this may involve sophisticated stheThEs deswJned to avoid detection. induding deliberate failure to record transactions, collusion or the provision of intentional mIsrepresentat￿n$. A further descriptton of our ￿ sponsibilities for the audil of the financial statements is located on the Financial Reporting Council's website at." www.frc.org.ukJauditorsresponsibilities. This description fomis part of our Auditorfs report. 10

tku6ign en￿lOpe ID.. 7F249CC&AOa243SfyAE•>￿F2CzB4cc HPH Chartered Accountants INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE INSTITUTION OF RAILWAY SIGNAL ENGINEERS USE OF OUR REPORT This report is made solety to the charf(able compan￿$ memters in accordance with Chapter 3 of Part 16 of the Companies Act 20￿. Our audit work has been undertaken so that we mighl state to the charitable company's members those matters we are required to state to them in an Audfiorfs report and for no other purpose. To the fullest extent perniitted by law, we do not accept or assume resFonsibilily to anyone other than the char¢table company and the charitable compan￿$ nEmbers for our audit woth, for thts report, or for the opinions we have formed. Sarah Wearing {SenM)r Staluiory Auditor) For and on behalf of HPH, Statutory Audrtor $4 Bootham York Y030 7XZ 23 March 2023

Docusign Enveknw ID." 2F249CCC-AD82435WE8>A8F2C284CCC THE INSTITUTION OF RAILWAY SIGNAL ENGINEERS CONSOLIDATED STATEMENT OF FINANCIAL ACTivmE AND INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022 Unrestricted Funds Re$tri¢ted Funds ToLIl 2022 Total 2021 Not• Income and endowments from: Charitable activitie5 Donations and legacies Other trading activitie5 Non-ancillary IraL1ing income Other activities Investments Investment income 12.512 12.512 8.W1 517,598 583,214 517.598 583,214 346.358 528,073 37,969 711 38.680 35,519 Total income £ 1.151.293 £711 £ 1,152.004 £ 918,851 Expenditure on: Raising funds Other a¢tivJties Investment Non-awllary trading 7.599 7.599 6,070 9,208 403,600 541,863 541,863 558.306 558,306 418.878 Charltabl• activiti•s Awards Promoting best practice 30,117 628. 30,117 628.306 19,026 561.636 658.423 658.423 580,662 Total expenditure £ 1.216,729 £ 1.216.729 £ 999.540 Net Iexpenditurg) l in¢om¢ bèfor• Ilossl I gain on investments Net Ilossl I gain on inveslments 165.4361 1418.677) 711 (64,7251 1417.6281 180.689 258,106 13 1,049 Net lexpenditurel l in¢om• for thè year (484.113) 1,760 1482.3531 177,417 Reconciliation of fund$: Total fund5 brought ftyward 2.260.019 37.160 2,297.179 2.119.762 Total funds carried forw¥rd £ 1.77S.9D6 £ 38,920 £ 1,814,826 £ 2,297.179 The notes on pages 15 to 26 fixm part ofthsse finanoal Stalen￿ntS. Incomg and net movement in funds derive Wh￿lY from conb.n￿ng operations. 12

Docustgn Enwfjlw ID.. 2F249CCC-AD82435(LAE8>A8F2C284CCC THE INSTITUTION OF RAILWAY SIGNAL ENGINEERS CONSOLIDATEO BALANCE SHEET ASAT 1 DECEMBER 2022 Regislr4tiw number. 0125685 Consolidated 2022 2021 Charity only 2022 2021 Nol¢ Fixed ass•ts'. Tangible fixed assets Invostmenls 12 13 46.972 1.803.443 4. 180 2,206,609 22.017 1.338.037 3,186 7.613.264 Total fix￿ assels 1.850.415 2.210.789 1.360.054 1,616.450 Current assets: Stock5 Debtors Investments Cash at bank and in hand 14 15 16 66.701 190.770 211.198 272.184 58.091 765.442 211.177 362,093 55,970 249,267 211.198 93,062 55.456 295, 779 211,177 719,347 Total currenl assets 740.853 796,803 609,497 681,759 Liabiliiies- Creditors." amounts falling due within one yaar 17 463.923 286,795 274,140 Nel cuffent assets 240.167 332.880 322.702 407.619 Told assets less curyenl lialwlities 2.090.582 2.543.669 1.682,756 2.024,069 Creditors.. amounts falling due after more than one year 18 275.756 246.490 rotsl nét assèts £ 1.814.826 £2,297,179 £ 1,682,756 £ 2.024,069 The funds of the charity: UnreStr￿ted funds Restricted funds 19 1.775.￿6 38.920 2.260,019 37,160 1.643.836 38.920 1.986,909 37,160 21 Totsl charity fvnds £ 1.814.826 £2,297,179 £ 1.682,756 £ 2.024,069 The financial statements V•pre approved by ihe Board of Trustees on 23 March 2023 and were signed on its behalf A Knight President and Trustee S W Boshier VKe Presdent and Trusfee The notes on pages 15 to 26 fm part oflhese finanoal statemerts. 13

Doc%JSign ETh¥elw ID.. 2F21￿Cc.AD8243￿AEa￿A8F2C26ICcD6 TH TIT F RAILWAY SIGNAL ENGINEERS CONSOLIOATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022 P4ote 2022 2021 Net cash used in operating activilies 25 {66.1391 (32,2841 Cash flow from investing activities: Purchase of tangible fixed assets Purchase of fixed asset inveslments Sale of fixad asset investmenls Interest received Dividends received (47,988) {283,555 269,093 3.780 34,900 12,220} <1 $0.500) 273.112 4.080 31.459 Net cash (used in) I provided by inv•sting actMti•s 123.7701 155,911 Change in cash and cash equiv¥lents in thè 27 (89,9)91 123,627 Cash and cash wuivalents •1 b¢ginnin9 of the 362.093 238,466 Ca$h and cash •quival•nts al end of the year 26 £272.184 £362.093 The noles on pa9es 15 to 26 fcffti part ofthese financial stalemenls. 14

Docusign Erwdope 10. 2F21￿c¢-ADS2-43￿￿Ed>A8F2C284c¢L THE INSTITirrioN OF RAILWAY SIGNAL ENGIN NOTES T THE FIP4ANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2022 1 ACCOUNTING POLICIES Legal entity The Inslilubon of Rai￿¥aY Signal Engirwrs is regulated by the Chanties Commission 110469991. limtled by guarantee and is registered in England and Wales. The ajdress of the regsler8d office and principal plac8 of business is 1 Birdcage Walk. Westminster, London. SW1H 9JJ. In the $vent of Ihe charity being up. the liabilty in res￿ of the guarantee is limited to £1 per membw of the charity. The charity constitute5 a public benefit entity as defmed by FRS 102. Basis of pr•paration The financial statements have teen prepared in aCc￿danCe wlh the felevant of the Slalement of Re¢ommendèd Practice appI￿ab￿ to charrties p￿paring their ￿cOUnts in accordance with Financial Reporting Stsndard appli¢able in the UK and Republic of Ireland IFRS 1021, the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland {FRS1021. Ihe Charitstrs Act 2011 and Ihe Companies Act 2(Y)6. The Instilution of Fiaihvay Sonal Engineers meets the definit￿￿ of a public benefit entty under FRS102. Assets and liabilities are In￿lIallY recognised at historical cosi cff transaction value unless othewse stated in th8 relevant accounting policy nolds). The consoltdaled accounts include the resums of Institution of Railway Signal Engineers and IRSE Enterprise5 Limited, which are consolidated on a line by line basis. In accordance wth secfion 408 01 the Companies Act 2006. no separate Slatemeni ol Financial Actwib'es {SOFA} or Cash Flow has been presented for the Charity alone. Golng conc•m Thè TnJstÈeslDirectors have prepared financial projections. taking into cnnSIderat￿ the current exonomic Climate and its potential impact on the sC￿reeS of income and planned expenditure. They have a reasonable expeGtation that adequate financral rescyjrces are available to ena￿e the Charitable Company lo continue in opèrational existence for the fc￿see3b1e future, and have adequate contingency ￿anS in the event that income streams are reduced. Consequenuy the financial staternents have been prepared on the basis that the Charitable Company is a going concem. Income All income is reeognised in the Statement of Finanoal ACt￿rt￿S once the charity has entitlement to the funds, it is proba￿ that th& inccme will be received and the amount can be measured reliably. Subscription income relating lo future peri(xJ5 15 deferre(l and re¢(yJnised in the penrxl lo whith li relates. For donalions lo be recogni5ed, il not receNed Wfxe the year wd. the ¢harity WIN havg baen notified of the amount5 and settlement (Jate in writing. Fixed asset gifts in kind are recryjnised when re¢eivabbe and are indu¢Jed at fair value. They are not deferred over the lrfe of ihe assei. Inveslment income is eamed throjgh hotding asset5 lor inveslment purposes su¢h as share5 and property. It includes dNidends. intwest and rent. included on a recer¥abk bass. Reveriue in Uie tia¢Jirig ¥ubsi¢Ji¥iy is rJLuyiii5gxI lu I1￿ ext13ril Ilial il is probable tlkAI ttie gLUll￿TI￿ b¥iigfil& will llow to the company and the revenue Can be rellabty Measu￿￿. Re¥eft￿ is measured as th8 fair value of the ¢onsideralKJn receivable, excluding discounts. rebates, value added tax and olher sales laxe5. The company has no long term contracls or on-g(ng woiects. L￿nCeS issued are for a &year pericJ and so any such income relating lo futu￿ periods is defer￿ and recognised in the period to wh￿h rt relates. 15

DorJJ&gn En%lope10' 2F249cCC-AD8z435￿AE8￿A8F2tr2B4CCEé IN F RAILWAY NAL ENGINEERS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEM8ER 2022 1 ACCOUNTING POLICIES leontinuedl Expenditure and Irrecov•rabl VAT Expendilure is ￿￿rUed as sLw)n as a 1ob.lrty is crMSKJe￿ probable. thscA)unied to prgwt Wdlue lor loNJer-terrn liablitses. Expenditure attri￿tab￿ lo rnore than Lx>si catyry is arwb.oned to them on the basis of the estirnal8d arroutrt attnbutatAe to exh acti¥ty in Ihe year, ather by reference to staff lime or the use made of the underlying assets, a5 app¥opr￿e. E￿ftses we r1 of VAT tmlh the irrwA)verabk eknitnt induded ￿thIn dired costs. Raisin9 fund5 Ind￿leS ￿ eXP￿dit￿re ty Ihe ch lo raise fuThts for it5 tharila￿e purp)$8s and i￿J￿e$ costs offundra5ry WAMt￿5, evwits arml ￿Th<h￿l￿bIe IradirJ. Govemance cosls ￿present I￿)se c(6ts attntArtable to Ihe man4ement of Ihe d)anWs assets, oNJanisational administraiion and complia[￿e wth ¢￿S11tutional and slatuiory requiremernts. Suprxjrt a)sts are those costs that assist the vok ol the d)arty but do (Jireth ￿present dwritst4e octivities and indude ￿$1$ and govemancE ojsts. indudirrfJ payroll costs. They a￿ inuJrreLI directly in sUp[￿rt of expendIlu￿ on obj￿INeS of the chaity. Where supp)rt o)sts canrhx be <Jiredy attntyJbJ lo pa￿"cular headings they have been allocated to costs of éuTh1s aThJ expertliture m cttarilable 8Ctmt￿ on a basis consistent wth use of Ihe re5wr￿. TaThJible fixed asse15 Tangible fixed assets are indud8d in th8 financial 5taiements at their historic4 ￿$t. DeprerJat￿)n is c81cAJlaled to wrile off the cnst of fixed assets over thar expeLled useful lives on a stra￿t line basis. The rates u5e(J are as fdloyts." Fixtures ar￿ fittings IT arnj softwa 20% per annum straJht line 33% per annurn 5tvaiyht line Sto¢k$ st￿ks ale stat&J ￿ the I￿ of c051 ￿ net realisaty¢ ve, after mthr¥J du8 alknyance for ob501ele and slow ving stod(. Fund iccounting General fuTr#s - These ar• ￿1¢h (an be use(1 in ith Ihe ch￿ty5 Ch￿ta￿e objedives at the iscrtion of Ihe tJard. Designa¢ed fvnds - these cornpii5e unre5tNAed lunds that have been sel aside by the tnJstees for partiular purposes. The aim and use ol eth designated ILwx1 is set cJt in Ihe r￿e$ to the finanfy￿ $tslernents. Restricted funds - Thes? are subjecl to SFeufic re5111c￿ conditw imr)se(I by the dDmf5 of fuThJ5 ￿eNed for spec4fic purr¥)ses and KoJects. Finan¢ial In$truments The charily only has financial assels and finanua haixknlies of a kind that quaify a5 basic fin￿rial instrumenls. Basic finanoal instrurnenis are initially rethgnis&1 at trartsathon valL arm1 subsffjuently measured at their settlement value wilh the eXCept￿n of bank bar¢5 are $theoL￿ r￿Sure￿ at am￿tiSed c(61 using the effec¢ive inlere5t metW. Cash at bank and in hand Cash al bank and cash in hwd indudes shjrt temi depJ5it accounts iU) a maturity Oft￿ rTh)nths or less from the date of ¢¥enirYJ. Olher financial assets (Jher financial assets are iniliaty rnea5ured at far value. ncfftally the tran$8ctDn price. Such ass¢ts are subsequently carried at fa.r vaue and charMJes in fair Val￿ are re￿gnis￿l in the Statement of Financi ALlivrties, excepl investments Ihai are not ￿b1￿Y tra(led and kne fair Val￿ cannot be measured ￿liablY are rneasured al cost 1rnpai￿ent. D•btors Traoe and debtors are reiwiised at I1￿ Setu￿￿t arrK)unl due after any Ir disctsunl off81￿. Prepaynnts are valued at the amount prewd n8tof arry trade thsc(Kmts due. Investm•nts The investment portlehos have been Yalu￿1 at mathet value at 31 1)ecernbtr 2022. The Stement of Financol Activities indudes Ihe net gains and losses cx) inveStrn￿5 arisirg on reValuat￿n at the year end ￿15 on disposals througfKKJt the year. Real￿eLl gans and k)s5&8 on saes of Investsm￿LS ￿ Cula￿j as the ¢rfferen￿ betsveen the sale proceets aThJ openirKJ mathet value. Unrealised gain5 and kJs58s rek¥e58nl lh8 rnoverwit between m*kel value5. 16

Docusign E￿￿¢￿8 ID.. 2F21￿cc-AO8243s(kAE85A8F2C2B1Ccc THE INSTITUTION OF RAILWAY SIGNAL ENGINEERS NOTES TO THE FINANCIAL STATEMEPUS FOR THE YEAR ENDED 310ECEMBER 2022 1 ACCOUNTING POLICIES {continued) Other financial instruments All other financial instruments are inilialty recc•Jnised ai fair vahje. vthich is normally the transaction price. Othei financial insiwments are subSeqU￿tty rneasU￿d at lair value wih any changes in the fa value recorded in the Slalwnent of Financial Ath"vrties. Creditors and provisions Creditors and provisions ao recognised Whe￿ the charity has a present obligation resulting from a past event that wll probably in the transfer of funds to a third party and the amount due to settle ihe obligation Can be measured c¥ estimaled feliably. credi￿ and provisions are nw7)ally re￿9n1￿ at Iheii sgtuemenl amount after allowtng for any trade discounts due. Operating leases Rentals payable under opefalwig kases a￿ tharged in the Stement of Financral Ac1wil￿ on a slratght line basis over the lease temi. Fortlgn eurrenei•s Assets and liabilities in foreNJn CLKrencies are Iranslat&J into sleding al the rates of exchange Yuling at the balance sheel dale. TransactKJns in forepn currencies a￿ translat￿ into stedin9 at the rate of exchan9e ruling al the date of transactK)n. Exchange differences are taken into account in arriving at the operatiNJ result. P•nsion costs and oth•r postwr•tir•m•nt b•n•frts The charitable company operates a defined contribution pension scheme. Contributions payable lo the charitable companys penS￿n scherne are charged to the Statemenl of Financial Acts'vities in the period to which they relate. Signrficant judgements and estifftate5 In th8 application ol the gr(￿p,S accounkn.ng poh"cies. the dir•dors are rewirèd to make judgèm8nts. &sb"males and assumpb.ons in areas whère this infomation is rt)t rèadbly available from oth8r soure8s. In particular the directors usè jud9ment in assèssing the earnwng am(yJnt of assets and liabilitiès. Thè astimatès and assumptions are based on the his1￿C￿l experience and other factors thal are crnsKlered lo be relevant. Aclual results may differ from these estwnates. The estimates and Under￿.ng assumptions are revewed on an orwing basis. Revisions to accounting estimates are recognised in Ihe perKd in w￿ch the eslimale is revised where the revisKffl affects On￿ that period, or in the period ol Ihe revisKJn and luture peric¥Js where the revision affects both current and future periods. Investments Inveslments are included on the Balance Sheet and are stal&J at market value as at the balance sheet date. Gains and los￿ on disposal and revahJations of investments are charged or Cfediteé to the Statement of Financial ￿1￿111¢$. 2 TAXATION As a registered charity. The Institute of Rail%wJy SvJnal Engineer5 is exempt from Ihe tax on income falling within sections 466 to 493 of the CorpOrat￿n Tax Act 2010 to the extent that this is applied lo its charitable obieds. No tsx Charges have arisen in the Ccxmpany. 3 OPERATING SURPLUS The $urplu$ for th* y••r is $tatsd after charglng: Depfeciakn'on Audilorfs remuneration 2022 2021 5.196 6.160 17.598 6,000 17

Docusign En￿lty¢ ID." 2FZ45Ccc-AD62435f￿NE8wFzC7s4Cc THE INSTITUTION OF RAILWAY SIGNAL EPIGINEERS NOTES TO THE FINANCIAL STATEMENT FOR TH NDED 310ECEM8ER 2022 4 CHAR￿ABLE ACTIVITIES- DONATIONS AND LEGACIES 2022 2021 Donaiions £ 12,512 £8.901 I dtY)81ions related to unreStr￿ted furKI5. 5 OTHER TRADING AcTIV￿lEs 2022 2021 Othor aetivlties Subscriptions Professional reviews Advertising Booklets & iexibooks IRSE l*s, cufflinks and badges Examination fees and materials Proceeds from membws. lunch 495,058 6,870 3,￿0 22.030 451,423 7,710 13,513 8.943 64 44.920 1,500 528,073 53.205 2,151 583.214 All other activities relate lo un￿1￿Cted funds. Trading income IRSE Enterprises Limited 517.598 346.358 6 INVESTMENT INCOME 2022 2021 Equilies & Govemment strtks Interest re¢eNable IRSE Enterprise5 Limtte(I 27,747 3.167 7.766 24.193 4.053 7.273 £ 38,680 £ 35.519 £764 of investment in¢ome rdates to restricted funds (2021: £7361. 7 ANALYSIS OF EXPENDITURE <Xher Depreciati¢Jn 2022 2021 Raising funds Olher aclivilies Investrnenl Non-ancillary trading Total raising funds Charitable adlvities Awards Promotin9 best pradice Totsl Charitable adivities 2.285 5.297 8,844 354,152 17 7,599 6,070 9,208 403,600 184.191 541,863 186.476 3,537 558,306 418.878 9,141 217.109 20.909 409.605 67 1,592 30.117 628,306 19,026 561,636 226.250 430.514 1.659 658,423 580,662 Tolal Expondituto £ 412.726 £ 798.807 £5,196 £ 1.216.729 £ 999,540 All raising lunds expenditure ￿lateS lo Un￿tricted funds. £nil of charIta￿e aclivrties expenditure fdates lo reslricled lunds (2021: £3(N)I.

Dooa&9n En¥elDpe ID". 2F249CCC-AD82435ME8M8F2C284CCC THE INSTITUTION OF RAILWAY SIGNAL ENGINEER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 GOVERNANCE COSTS 2022 2021 Auditors. remuneration £6,160 £ 6,000 Ail gov8mance ¢osts relate to unrestricted expendrture. 9 AUDITOR'S REMUNERATION Am¢yJnts payable to the audrtor for Statut￿ audil servic8s of thè gmp ar& £6,CW 12021 - £6,000) and of the charity are £4.000 {2021 - £4.L￿￿1. 10 TRUSTEE REMUNERATION AND BENEFITS Travel and training expenses trAalling £12,541 were reimbursed lo three Trustee5 during the year. In 2021 no Tru51ee5' expenses W￿￿ reimbursed the Jtar. 11 STAFF COSTS 2022 2021 Wages and salaries Sttial sècurity costs Defined contribution Pe￿On costs 357,175 29,774 25.777 344.664 32.727 24.747 £412,726 £402.138 Th• av¢rag0 number of •mploy•es durin9 the yoar was as follow$: 2022 2021 Administratic 12 12 Theo are no employees who re¢•ved lotsl emF4oyee bel￿￿1$ {ex¢ludirg em￿0yer pension costs) of more than £60,¢￿12021 - None). The key management personnel of the charitable ccthpany. comprise the Trustees, Chief Executive off￿er and Treasurèr {2021 - Trust&*s. Chièf ExecutNè Officer, Trèasurer and HR Advisor) as disclosad on page 6. Th• lolal amount of empbyee benefits lin¢luding em￿0yeT pensK)n ¢Mtribub"onsl received by key management pgrsonn81 lor th&r Serv￿@S to th8 charitablè company was nil 12021.. nil). The total amcMJnl paid to the key management personnel in respect of Ihwr serv￿eS ti)tslkd £55.789 (2021." £86.952}. 19

Ortusign Envebpe1Tr. 2F249Ccc-AD82435￿AE8￿F2C2B1cCC THE INSTIT Tl F RAILWAY SIGNAL ENGINEERS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 12 TANGIBLE FIXED ASSETS - GROUP F•xture5 and rrtting$ Cost.. Al 1 January2022 Ad¢Jits"ons 330.900 47.988 Al 31 December 2022 378,888 Depreciati￿.. At 1 January 2022 Charge f¢x the year At 31 December 2022 326.720 5.196 331.916 Nel book valugs". 31 December 2022 £ 46,972 31 December 2021 £4.180 All of the tsngible fixed assèts relate to Unrestrict￿ fvThJs. TANGIBLE FIXED ASSETS- CHARITY Fixtures and ffftings Cost.. At 1 January 2022 Additions 3ry).935 20.507 At 31 D8cember 2022 321.442 Depreciation= At l January 2022 Charge for the year At 31 December 2022 297.749 1,676 299,425 Nel bcx)k values: 31 December 2022 £ 22.017 31 December 2021 £ 3,186 All of the tan9ible fixed assets Tdale to unrestricted funds.

Do￿SIgn Erbvdope 10.. 2F24KCC-AD824351PNE8WFZC2B4CCC THE INsnTUTION OF RAILWAY SIGNAL ENGINEERS NOT S TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 13 FIXED ASSET INVESTMENTS - GROUP Gowrnment s•curiti•s Equities Total Market value At 1 January 2022 Additions Disposals Revaluati¢ 2.000.965 201.291 (182,9781 (360.5731 £ 1.658.705 205.644 82,264 (86.115) {57,055) 2,206,609 283.555 1269.0931 1417.6281 At 31 December 2022 £ 144,738 £ 1,803,443 £37.648 of investments relates to restricted funds12021.' £36.5991. £1.049 of gains on investrnents relates to restricted funds (2021.. £933). FIXED ￿sET INVESTMENTS- CHARITY Sub$idi•ry company Govemm*nt securities Equities Total Market valu• At 1 January 2022 Addib"ons Disposals Revalualion 4.415 1,452.351 144.938 (137,4731 (239,2491 156,498 65,113 (54,716) {53,840) £ 113,055 £ 1,338,037 1,613.264 210,051 1192.1891 1293.0891 At 31 December 2022 £ 4,415 £ 1,220.567 £37.648 of investments fglatgs to restrictwj fvnd$12021.' £36.5991. £1.049 of gains on investments relates to restricted funds12021'. £9331. The charitable cc¥npanVs Whvestments at the balance sheet date in the share capital of companie$ include the folbwing.. IRSE Enterprises Limited Registered off￿e." 4th Flw. 1 Birdcage Walk. Westminstef. L¢)rKlrm. SW1H 9JJ Nature ol business". Administration & finance su￿￿1 for parent Class of share- hokling Ordinary 2022 2021 Aggregate ¢apital and ressrves (Lossl I profil for the year 136.803 1140,7201 277.523 35,847 No donation12021.. Énil) was made from the c￿npanY to the charity in the due to the fact that the company did not make a taXa￿e profit. 14 STOCKS- GROUP 2022 2021 Stocks £ 66.701 £ 58.091 STOCKS. CHARITY 2022 2021 Stod(s £ 55.970 £ 55,456 21

DocuSvJn Ers¥efcye ID. 2F249ccC-AO8243￿AE8&A8F2C2BIccD6 THE INSTITunoN OF RAILWAY SIGNAL ENGIP4EERS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 20 15 DE8TORS Consolidat 2022 Chariiy 20 2022 2021 Trade debtofs Other debtcs p￿paYmentS and accrued income VAT Arn￿jnts ¢>wed by group undertakings 77,076 3,435 15,900 94.359 67,078 3.333 16,529 76.871 81,213 164.721 63.292 227,523 £ 190,770 £ 165,442 £ 249,267 £ 295,779 All ¢Jeblors relale lo unrestricled funds. 16 CURRENT ASSET INVESTMENTS- GROUP 2022 2021 Nalional Sawngs All debtors relale lo unreslitted funds. £211.198 £211,177 17 CREDITORS: amounls falling due within one y••r Consolldated 2022 2021 Charity 2022 2021 Trade ¢￿ditorS Accruals Deferred income Other ￿￿di10rS 39.925 26.697 427.036 7.028 53,457 21.547 382,197 6,722 28,901 22,429 230.178 5.287 45,749 17.008 206.682 4,701 £ 500,686 £ 463.923 £ 286.795 £274.140 All creditofs relate to unrestricted lurJs. 18 CREDITORS: amounts falling after more than one year- GROUP 2022 2021 Other creditors £ 275.756 £ 246.490 Representing the proptytity) of lieen¢e fees received in advance. wtiich wll be credf(ed lo Ir￿Me after more than one year. 19 ANALYSIS OF NET ASSETS BETWEEN FUNDS Net current Tangible fix•d assets Long te liabiliti•s Totsl 2022 Investments ¥$sets Unrestricted ftjnds Reslricled ftjnds 22.018 1.295.974 37.648 321.429 1,272 1.639.421 38,920 Tc4al Charity Furtds IRSE Enterprises Limited 22.018 1.333.622 322,701 1.678,341 24,954 469.821 {82.534) {275,7￿) 136,485 Total for the group £ 46,972 £ 1.803,443 £ 240.167 £1275.7561 £ 1,814.826

Docusign Envdcpe ID.. 2F24￿Cc-A0874jSo-AE￿AfjF￿z84CcL THÉ INSTITUTTh OF R￿Ly￿Ay SIGNAL ENGINEERS NOTES TO THÉ FINANCIAL STATEMENTS FOR THE YE*A ENDED 31 DECEM8ER 20r ' 19 ANALYSIS OF NET ASSETS BETWEEN FUNDS. con1kn￿l 2021 COmpa￿￿e$ N¢t ¢urr¢nt {Il•blllttt$N Long ttmi li•ts•fiti•s Tangible Total 2021 UnreslrKleit frjnds Restricted fU￿S 3.187 1,572.250 36.599 407.059 561 1.982.496 37,180 Total Chanty FuThJs IRSE Entewses Liffwied 3.187 1.608.849 597.760 407,620 174,7401 2.019,656 277,523 1246.4901 . Totsi forthe group £4.180 £ 2.2￿.609 £ 332,880 £1246.4901 E 2,297.179 20 UNRESTRICTED FUNDS Batsnce ai 0IM1112022 BaiarKe at 31112n022 In¢¢MT EX￿dItY1¥ Trnnsfers D95iyn41gd fvnds Scholarship Alan Foher 1 Frank Hewlett 8eouest General tkvelopment Future ASPECT Confwence InternatK)nal rxinventws Texitx)ok prePara￿Tr 78.315 78,318 4Y).288 )7.fKrfJ 10.(KK) 27.S(K) 32f 433.494 307.000 10.000 27.500 7.500 860.fA)3 863.812 Unrestrfcted General Fund 1.109,8CA) 1674.8661 1294.1381 763.516 Chaiity Non charita￿e trad￿￿ furvjs 1,970.403 289.616 625.929 525.364 1674.8661 1541.8631 1294.1381 1124,5391 1.627.328 148.578 Total forthe group £ 2,260,019 £1.151.293 £11,216,729) £1418.6ni £ 1.775.906 2021 wTr7pwah"ves BaLqnce at 0110112021 G•ins 1)n Balance al 3111212021 O•$i9nat•d funds ScholaF5hip Abn Fi%her MerTh)￿ I Frank Hewlett 8e¢uesi Genera1 Develowent Futu￿ ASPECT C&)nference IntemaDonal convenb(WlS Te￿t(lok p￿parat4)n 78.068 247 78.315 425.321 307.COJ 10.LK#J 27.5C#J 4.967 430,288 307.000 10,000 27.500 7.500 855,389 5214 860,603 Unrn8trfct•d funds General Fund 974,813 559,270 {595.6401 171.357 1,109,8(h) Charfty Non charitable tradinG lunds 1.830.202 253.769 564.484 353.631 1595.6401 1403.6001 171.357 85.816 1.970.403 289.616 Total lor the group £ 2,083.971 £918.115 £1999,2401 £ 257,173 E 2,260,019 23

DoDJSKJn envd4)¢10. 2F24￿Cc-A08243s￿AE8￿Aof2c284¢c[ INSTITunoN OF RAILWAY SIGNAL ENGINEERS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 21 RESTRICTED FUNOS Balance at 0110112022 Gains on Exp•nditur• investments Balance at 3111212022 In¢ome Restrict•d funds Dell Bequest Thorrowgct¢J Bequest 24.064 13.096 547 164 25,419 13,501 241 £ 37.160 £711 £ 1,049 £ 38,920 2021 comparatives e•lan￿ at 01m112021 Gains on Balance at Expenditure Investments 3111212021 Income Restricted fund$ Dell Bequest ThorrowgocJ Bequest 23.127 12.664 519 217 13C(JI 718 215 24.064 13,096 £ 35.791 £736 £13thJ} £933 £37.160 The Dell Award is made annualty under a bèquest of the late Robert Dell OBE (Past President). It 15 awarded to a member of the Instilut￿ employed by L(￿dOn Underground Lld {or its SLKcessor bcJiesl for achievement of a high siandard in the 5C4ence and applicion of railway synalling. The award consists of a plaque wlh uniquety designed shield. engraved the retspnt's name logether Vnth a cheque. Thorr uest The Thorrowgcod Schdarship is 3w3rd8d annual￿ if a candtslate has e¥ceHed rn the IRSE'S Professional Examination. The award. which is presented at the Institution's AGM in the April followng the examin81ion, comprises the Th￿￿*¥ge￿>￿ S¢hdarship MedalIM￿ and a cheque. 22 OPERATING LEASE COMMITMENTS As at 31 0ecemb8r 2022 the charitable company had fuiure minimum lease paymen1$ under non-cancellable operating leases as fdlows". 2022 2021 Within one year Be￿een one and five years 10,291 20.582 10.291 30,873 £ 30.873 £41,164 23 RELATED PARTIES Other than those detailed in notes 10 a￿1 11. there no other relal&J parties in the year. 24 ULTIMATE CONTROLLING PARTY There is no ultimale ￿trollIng pty. The charity is managed by ts board of trustees. The liability of each of the Charitys Irustees is limited lo £1. 24

DO￿￿9n £n￿lI)p¢ ID. 2F249C¢c-A08243￿hEd￿A8F2C284cCC THE INSTITUTION OF RAILWAY SIGNAL ENGINEERS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 25 RECONCILIATION OF NET {EXPENDITURE) I INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2022 2021 N•t l•xpenditur•) l incom• for th• reporting period Depreciation of tangible Fixed Assets Losses I Igainsl on Investmenls Interest receNed Dividends received Increase in Stocks IDecrea5el l increase in Debt(ys Increas8 in Current Asset Investments Increase in C￿d￿Or$ 1482,3531 5,196 417.628 13,7801 (34,9001 18,6101 (25.3281 1211 66.029 177.417 17.598 (273,3771 14,060) 131,4591 19,229 42,088 11,5091 1.247 Net cash used in operating activities £166.1391 £132,284) 26 ANALYSIS OF CASH AND CASH EQUIVALENTS- GROUP 2022 2021 Cash at bank and in hand 272,184 362,093 Totsl cash and cash equlvalents £ 272,184 £ 362,093 ANALYSIS OF CASH AND CASH EQUIVALENTS- CHARrrY 2022 2021 Cash al bank and in hand 93,062 119,347 Totsl ¢a$h and ¢a$h ¢qui¥algnts £ 93,062 £ 119.347 27 ANALYSIS OF CHANGES IN NET DEBT 0110112022 Cash.flows 3111212022 Cash 362.093 189.909) 272,184 189.9091 362,093 189,909} 272,184 25

tknJS4n Envelope ID.. 2F24￿cc-A08243s￿AEa￿AOFZcz￿4Cc THE INSTIT￿10￿ OF RAILWAY SIGNAL ENGINEERS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 28 COMPARATIVE COt4SOLIDATED STATEMENT OF FINANCIAL ACTIVITIES AND IMCOME AND EXPENDITURE ACCOUNT Vnrestricted Funds 2021 Re$irictod Funds 2021 Total 2021 Incomo and ¢ndowm•nts from: Charitable activitie5 Donation5 and lega¢ Othw trading activities Non-ancillary trading income Other activi1￿$ Inv•stments Inve51rnenl incLxne 8,901 8.901 346.358 528.073 346,358 $28,073 34.783 736 3S,519 £ 918.851 Total income £918.115 £736 Expenditure on: Raising funds Other activit￿S Investment Non-ancillary trading 6.070 9.208 4103.600 8,070 9,208 403,600 418.878 418,878 Charitable activities Awards Promoting best pract 18.726 1.636 19,026 561,636 580.362 300 580.662 Total oxpendilure £ 999.240 £300 £ 999,540 Net {0x￿ndItUre) l income before gain on Invèstments 181.12SI 257.173 180.6891 258,106 Net gain on investments 933 Net income I l•xponditurel for the year 176.048 1.309 177,417 Reconciliation of funds: Total funds brought forward Total funds carried forward 2.083.971 35.791 2.119,762 £ 2,260,019 £ 37.160 £ 2.297,179 This is the compabve stalemeni ol finacial activities. please ￿fer to page 12 for the currgnt year stslement.

DooJ&Jrb Envelope ID.. 2F249Cc¢-ACJ8243￿A£3wF2CZB4cCL Registration number: 0125685 THE INSTITUTION OF RAILWAY SIGNAL ENGINEERS (Charity number: 10469991 ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 31 December 2022 AC193R4Q" 11104r2023 CCMIPANIES H(YJSE 364 HPH Chartered Accountants $4 Bootham Y¢)rk Y030 7XZ

DooJSHJn Enwebpe ITr. 2F249CCC-AO82435o-AE8S￿FzCZB4cC[ THE INSTITUTION OF RAILWAY SIGNAL ENGINEERS TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 The trustees, who are also directo￿ of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charty for the year ended 31 December 2022. The Charity is a Public Benefft Entty. The Financial Slatements comply with the Charities Act 2011. the Companies Act 2006. the Memorandum and Articles of Association. and Accounting and Reporting by Charities.. Statement of Recommended Practi applicable lo charities preparing their Financial Statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effecbve 1 January 20191. STRUCTURE, GOVERNANCE AND MANAGEMENT The Institution is a Company Limited by Guarantee and govemed by ils Memorandum and Articles of Association, last amended on 22 April 2021. Twstees a￿ members of the Institution and elected by the membership following iheir proposal by members or Ihe goveming cour￿11 of the Institution. The Institution is managed by its Council. ￿lch is ￿ded by the President, assisted by the Senior ar)d Junior Vice P￿sidentS. Ils other members a￿ other suitabty elected and co-opted individuals drawn from the various grades of membership. The Council constitutes committees to assist in the operation of the Institution as it sees fil. Currently, for the general management of the InStitUt￿n there is a Management Committee. consisting of the Presbdent. VI￿ Presidents. one or more past Presidents. a number of ordinary members of Council, along with the Chief Executive arKI Treasurer. and Finan￿ Commitiee. consisting of the President atml VI￿ Presidents. the previous President. the Chief EXe¢￿tIVe and Treasurer and one ordinary member of Council. There is DO formal training of trustees, but they are perM)j￿IlY tKOVKled with the current version of the Charity Commission document'charities and Investment Matters-. A Guide for Trustees.. Formally, all decisions ￿lated to the operation of the Institution are made by the Council. Often, these decisions are based on recommendations from subsidiary committees. particuLarly Finance an(1 Management. Slaff involvement is only related to low-value day to day purchases for the efficient operation of the Instituiion. Staff salaries are agreed by Finance Committee on the recommendabon ofthe Chief Executive. A small number of the senior management are C(￿tra(￿ed to the Instr(ution. T￿1r remuneration is likewise agreed by Finance Committee on the Chief Executive's recommendation. wrth the ex￿ptIon of the Chief Execub've, where the remuneration is at the discrebon of the trustees on Finance Committee. The benchmark taken for proposals is generally based on the rulir#J CPI as wblished by the Govemment in October. The Inslilution's operating subsidk3ry is IRSE Enterpnse5. Its ffonaging tM)ard has the T￿asUrer. President. V￿e Presidents, immediate past President, and a Council rep￿Senta￿'Ve as dire¢lors. OBJECTIVES AND ACTIVITIES Public Benefit The Institution's objects and principal acbvities continue to be the advancement of the science and practs'ce of signalling and faI￿vaY telecommunications for the Publ￿ benefit by the promotion of research. the collection and publication of educatsonal material and the holding of conferences, seminars arNJ meetings. the maintenance of high standards of practi￿ and professional care amongst those working within the industry and the promotion of improved safety standards for the protection of the general public. The trustees have complied wrth the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidan published by the Charity Commission. Cuslodlan Trustee Dls¢losures No assets were held by any trustee or by the Irtstitution on behalf of any other charity.

Docu&9n Enslcye ID.. 2F249CCC-AD82435fvAE8WF2C2B4CCC THE INSTITUTION OF RAILWAY SIGNAL ENGINEERS TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 OBJECTIVES ANO ACTivrriES - continued Regular Activities The Institution's main fund raises mney by way of subscriptions. joining fees and donations. The Institution issues a magazine lo its members 11 times a year. containing papers, articles and other infomiation pursuant to the Inslitution's objects. It also sells technical papers and books it publishes itself or buys for re-sale. The Institution usually organises a number of technical meetings, conferences. seminars and dinners, for some of which it makes a charge. These provide a forum for discussion and the transfer of knowledge. Following the COVID-19 pandemic experience, most were filmed and made available at the time and subsequently through an on-line VKleo link. Some meetings were also available to attend live. but attendance figures have been very low. In addition, the Annual Dinner returned in April and a Convention was held in Glasgow during September. The Licensing scheme. run through the subsidiary IRSE Enterprises. provides accreditation to individuals and organisalions wrthin the industry after having complied with certain laHI-down standards. Fees are charged for these activities. Licence5 issued are for a 5-year period so one-fifth of the income is credited each year io the Incorne and ExFenditure account. the balance being carried forward as a liability in the Balance Sheet. Whilst no fomial Criteria are applied to ￿aSUre the success or otherww of all charged events. there is an expectation they wll, at least, break even. whilst for free events a visibly full venue or significanl on-line viewing is conSide￿d a success. It is noted on-line attendance has exceeded expectation and engaged a wider geographical spread, assisting in promoting the charitable objecls. ConsKlerabon is being given to normally have the free events on-line onty. In the case of the Institution's exam. the criterion is a suitably high pass-rate. The Institution is a fully nominated Body of the Engineering Council licensed to register Chartered Engineers, Incorporated Engineers and Engineering Technioans. GRANTthIAKING Bursaries are allcKated based on an application form and interyiew by senK)r Instrtution members. In 2022 9 were given linked to the Glasgow Convents"on. Prizes a￿ based on d￿urnenled criteria. some depending on suitable SUCLess In the Institution's exam. VOLUNTEERS Volunteers provide consmlerable assistance in the operation of the Instituti'on, l)oth in its local sect￿n$ and technical societies, where the objects mirror those of the Insttlution tlseff, and centralty. to provide a source of expert input and background assistan￿. This applies. part￿ladY. in Ihe operation of the Institution's professional exam and the production of the Instrtution's magazine. IRSE News. SOCIAL INVESTMENT No financial social investment is undertaken. Lmjt the high-level objecttve regarding the maintenance of high slandards and the PrOrr￿tion of safety standards ts dIr￿ted tot4Yards the proteCt￿n of the general public whilst on or near ra1￿YS. FUNDRAISING No fundraising aclivities are undertaken by the Insbiution.

Enwelope ID.. 2F249CCCAD82435ME8WF2C284C( THE INSTtTUTION OF RAILWAY SIGNAL ENGINEERS TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 ACHIEVEMENTS AND PERFORMANCE With the redudion in Covid-19 infections and relaxation of restrictions. rmst of the normal ca￿ndar events retumed in 2022. This. and p￿-planned above inflat￿n increases in subscription rates, would appear to have started to have the desired effect of relumiro the IRSE to OFtrabng breakeven. The IRSE Exam will continue on-line. After issue5 in 2021, the mu1tiple-cho￿e Module A was held twice in 2022. The success mean$ this will be repeated in 2023. The planned programme of lectures (provided through on-line plattomis) was supplemented by the Annual Dinner. a Convention, a seminar in Toronto and a Technical Visit to I￿land. Beyond the events disojssed above. there a￿ fundraising &tivities. No expenditu￿ has been incurred lo raise that in￿rne. beyond that involved in the organi5ation of the events themsetves. FINANCIAL REVIEW The results of the Institution are set out in the Consolidaled Statement of Financial Activities and I[￿me and Expenditure Account which may be found on page 12. The net deficit of the group for the year befo￿ tsir value adjustments to the carying value of investments was £64,725 {2021: £80,689) and total funds carried forward are now £1.814.826 {2021.' £2.297.179). The closing funds comprised of £38,920 relating to restricted funds12021." £37.1601. £863.812 relating to Designaled funds 12021: £860,603) and £912,094 relating to Un￿strICted funds {2021: £1,399,416). The annual budgets are nomalty based on the status quo. However. during the b￿get planning for 2022 it was known that the membership database required porting lo an updated version of the Microsoft Dynamics platfomi. This was due to happen in 2022. bul delays mean it will happen in 2023. atthough the considerable work undertaken during the year means s￿ of the costs were paKJ during the year. In addition, the IRSE Indian Section organised a 3-day seminar on behalf of the 2021122 President. although a loral Covid-19 outbreak delayed it until after the end of his term of offKE. To assisl in planning. £10,000 was loaned to the organisers. with a written agreement for its retum after the event. The agreement also set out how any surplus would be divided be￿een the IRSE and the IRSE Indian Sects"on. By the end of the year final accounts for the event remained unavailable although there were indicab'ons there ￿￿Uld be a small loss after the return of the loan. However, given the delays, the decision has been made to assume this loan should be written off and it appears in the accounts in this ￿ay. If money is eventualty r￿1ved. it bMII be induded in the 2023 ac¢ounts. During 2022 4 people left the Institution's employment and 5 joined. At yearfs end 13 people were employed. Of the S starting, ore retumed lo their previous employer. Four are part-time ernployee5, one is full time. As in previous yeafs, the accounts of each of the indr¥idual fvrKl$ of the Institution, whth a￿ listed below, have been prepared and approved by the trustees. The Trustees, Report and Accounts set out in the following pages indude the following.. Unrestricted funds: General IRSE Main fund Designated Scholarship fund General developrnent fund Intemational conferentss fund un￿alISed investments revaluation ￿SeNeS. Fisher l Hewlett fund Future convents.ons fund Textbook preparation fund

Docvsyn Envdw ID". 2F249CCC-A082435fME8W2C2B4CCC THE INSTITUTION OF RAILWAY SIGNAL ENGINEER TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 FINANCIAL REVIEW . ¢ontinued Restricted funds: Robert Oell bequest Ttr￿d S(olarship t)equest INVESTMENTS Investment policy and objectives Under the Memorandum and Articles of Association the charity trustees have the power to invest the assets of the Institulion in such a manner. as may from time lo time be consNJered desirable. The truslees take advice from their investment managers. Ratht)nes. Dividends received are immediately reinvested. KEY RISKS AND UNCERTAINTIES DISCLOSURE A Risk Register is held by the ChEf Executive and regularty reviewed by Management Commrttee. Significant risks for the long-term health of the Instr(Ut￿n may be summarised as: Loss of membership and membership income.. Loss of key staff including contractots, given Ihe sze of the organisation.. Loss of support for the Licensing Scheme: Claims against the LI￿nsing Scheme follow'ng an irY>Jent on a raihvay.. Long-term loss of IT systems.. Members, personal data loss; Financial failure of a major event. PLANS FOR FUTURE PERIOOS The 2020 Convention to Toronto is now planned for 2024. Work is undep•vay for ASPECT Conferences in Melbourne. Australia in 2023 and Yokohama in 2025. There are also plans for an Annual Dinner and Members. Lunch during 2023. A major update of the membership dalabase wll take piac£ in 2023. The review of the Inslilution's finances and Ihe impact on subscriptsons concluded that the necessary increase should be spread across 2022 and 2023. This wll seek to remove the expectats.on that a surplus from IRSE Enterprises will support a shorttall in the chanty's income each year. PENSION LIABILITIES The Institution's pension scheme is a defined contn"bution scheme through an exlemal provider and there are no liabilities arising to the Instrf(ution. RESERVES The Institulion has a Reserves Policy in accordance with the Charity Commission'5 requirements. This is reviewed annually by Council. The current values of the reserves are delailed in these accounls. The value of the He￿ett l Fisher fund has increased to reflect the income received from the fund's investments. The planned return lo a modest surplus wll help lo replenish this. along with movements in the stock market. Funds In Deficlt and Golng Concern No funds are currently in deficit. There is no Current reason to believe that tre Institution is unable to continue as a going concem.

Doc￿&¥n En¥etipe ID. 2F249CCC-A082435I>AE8&A8F2C2B4CCE THE INSTITUTION OF RAILWAY SIGNAL ENGINEERS TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 REFERENCE AND ADMINISTRATIVE DETAILS Registered name of the Charlty The Institution of Railway Signal Engineers Registered Company number 0125685 {England and Wales) Regislered Charity numbers 1046999 Principle address and registered office 1 Birdcage Walk Westminster London SW1 H 9JJ Trustees and Directors The Trustees and Dwectors WI￿ served during the yew were.. P A Allan l J Allison F Al-Tahan H S Bhatia S W Boshier l R Bridges {co￿pted 26 May 2022) R E 8urkhardt R L Cooke J Copperthwaile B Godziejewski R C Gould P Gracey (Appointed 21April 20221 G Harhyell Y Hirao A Knoht GBSLam P H J Mcsharry R Muttr8m C R Page {Co-opled 26 May 2022) J E Power XRao C Roberts A D Stringer K Uplon D N Woodland (tsopted 26 May 2022) Resigned from Ihe Bowd." G E Clark (Resigned 21 April 2022) Company Se¢relary B Judd

OocJJSiw En¥eh)F•10.. 2F249CCC-AO8243StrAE8M8F2C284C THE INSTIT ION OF RAILWAY SIGNAL ENGINEERS TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 REFERENCE AND ADMINISTRATIVE DETAILS - continued Chlef Executlve Officer B Judd Names and addresses of advisors: Audilor Bankers HPH Chartered A¢¢ountsnts National Weslminster Bank Plo 54 Boolham Clapham Common Branch York 145 Clapham H￿h Street Y030 7XZ London SW4 7SZ Solicitors Tozers LLP 10 St. Pauls Road Newton Abbot Devon TQ12 4PR Investment managers Ralhbone Investment Management 8 Finsbury Circus London EC2M 7AZ Key Management Personnel B Judd - Chief Executive Officer A Smith - T￿aSurer

Docusign En¥ebpE KI". 2F249CCc-AD82435￿AE8￿A8F2C284c THE INSTITUTION OF RAILWAY SIGNAL ENGINEERS TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 STATEMENT OF TRUSTEES RESPONSIBILrriES The trustees (who are also the Directors of The Institution of Railway S￿nal Engineers for the purposes of Company Law) are responsible for preparing the Report of the Trustees and the Financial Statements in accordance with applicable law and Untted Kingdom Accounting StarKlards (United Kingdom Generally A¢¢epted A￿OUntIng Praclice). including Financpl Reporting Stsndard 102 Yhe Fina￿￿11 Repo￿.ng Standard applicable in the UK and Republic of Ireland". Company Law requires the trustees to prepare Financial Statements for each financial per¥)d which give a true and fair view of the state of affairs of the Chantable Company and of the incoming resources and application of sources, induding the income and expenditu￿. of the charitab￿ Company for that period. In preparing those Financial Statements, the trustees are r8]uired to.. - seleca suitab18 accounting policies and then appty them consistently: - observe the methods and principles in the Charity SORP.. - make judgements estimates that are reasonable and prudent: prepare the Financial Statements on the going concem basis Un￿$$ rt is inappropriate to presume that the Charitable Company will continue in business. The trustees are responsible for keepirKJ proper accounting records Ythith disch)se bwth reasonable accuracy at any time the financial position of the Chartlable Company and to enable them to ensure that the Financial Statements compty with the CoMpan￿S Act 2LK)6. They are also responsible for safeguarding the assets of the Charitable Company and hence for taking reasonable steps for the prevention arKI detection of fraud and other irregularities_ In so far as the trustees are a￿dre.. there is no relevant audr( infonnalion of which the Charitable Company's auditors are unaware.. and - the trustees have taken all steps that they ought to have tsken to make themsefves awdre of any relevarst audit infomialion and to establish that the Auditors are aware of that infomiation. AUDITOR The auditor. HPH is appointed under section 487{1) of the Companies Act 2006. Approved by order of the board of trustees on 23 March 2￿23 and signed on its behalf by: A Knight PreS￿ent and Tnistee

Doojsign En￿￿pe ID". 2F249ccC-AD82435￿AE8&A8F2C2B•cCtA5 HPH Chartered Accountants INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE INSTITUTION OF RAILWAY SIGNAL ENGINEERS OPINION We have audited the financial statements of The Institution of Ra1￿Y Signal Engineers (the 'parent charitable company'l and its SubS￿l8￿eS Ilhe 'group') for the year ended 31 December 2022, which comprise the Consolidated Statement of Financial Activities and Income and Expertditure Account. the Consolidated 8alance Sheet. the Consolidated Cash Flow Statement and the related notes. including significant accounting policies. The financial reporting framework that has been applied in their p￿paratIOn is applicable law and Unf(ed Kingdom Accounting Standards. induding Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generalty Accepted Accounting PraCt￿e). In our opinion the firbancial stalements.. give a true and fair view of the stste of the group's and Ihe parent charitable Company's affairs as at 31 December 2022 and of the group's incoming resources and application of resou￿5 for the year then ended; have been properly prepared in ar£Ordan￿ with Uniied Kingdom Generalty A￿epted Accounting Practice.. and have been p￿pa￿d in accordance V￿th the reqU1￿ments of the Companie$ Act 2006. BASIS OF OPINION We conducted our audit in aCcOrda￿e ￿th Intemational Standards on AuditiThJ (UK) IISAS {UKII and applicable law. Our responsibilities under those standards a￿ fvrther described in the Audil0¢5 responsibilities for the audit of the financial statements section of our report. We are independent of the group in aCcOrdar￿ with the ethical requirements that are relevant to our audit of the finanual statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and V￿ have fulfilled our other ethical ￿sponSibl1111eS in accordance with these requirements. We believe that the audit eviden￿ we have obtained is SuffiC￿nI and appropriate to provide a basis for our opin#)n. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial statements, Y￿ have concluded that the tnjstees'ldirectorfs use of the wirvJ con¢em ba￿S of accounting in the preparation of the finan(ial staterrEnt5 is appropriate. Based on the woth we have perfomied. we have not Identified any material uncertaintEs relating to events or condttions that, individually or collectively. may cast signifunt doubt on the char'rtable company's ability to continue as a going concem for a period of at knst twebrfe months from when the financial ststeffEnts are authorised for issue. Our responsibilities and the reswnsibilities of the directors ¥wth respeci to going concem a￿ described in the relevant sections of this report.

Docvsvjn En￿￿pe ID.. zF749CCC-ADa243￿AEBS-AaF2C1E￿CCcO HPH Chartered Accountants INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE INSTITUTION OF RAILWAY SIGNAL ENGINEERS OTHER INFORMATK)N The trusteesldirectors are responsible for the other infonnation coniained wthin the annual report. The other information comprises the information induded in the Annual Report, other than the financial statements and our Audilo¢s report Ihereon. Our opinion on the financial ststements does not cover the other infomiation and. except to the e*(ent othenfvise explicitly stated in our report. we do not express any fom OfassUran￿ conclusion thereon. Our responsibility is lo read the other infomialion and. in $0. consider whether the olher infomab'on 1$ materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be malerialty mi5Staled. If we Klenlify such material inconsistencies or apparenl material rnisstatemenls. we are ￿quired to detemiine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfomwd. we condude that there is a material misstatement of this other infomiation, we are required to report that fact. We have nothing to report in this regard. OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006 In our opinion. based on the work undertaken in the course of the audit.. the information given in the Trustees, rewrt, vthich includes the directors, report prepared for the purposes of company law. for the finanoal year for which the financial statements are prepared is consistent with the financial statements., and the directors, report included within the Trustees. report has been prepared in accordance with applicable legal requirements. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have nol identified matenal mk8statemen15 in Ihe Trustees, report. We have nothing to ￿port in respeci of the folkhing matters in ￿lation to which the Companies Act 2006 requires us to repcrt to you rf. in our opinion." adequate accounting records have not been"kept. or retums adequate for our audit have not been received from branches not visited by us. or the financial statements are not in agreement the a¢￿UntIng records and retums: or certain disclosures of directors. remuneration specified by law are not made. or we have not received all the infofmats'on and explanatsons we require for our audit. RESPONSIBILITIES OF DIRECTORS As explained more fully in the Trustees. responsibilrties statement on page 7, the trustees a￿ responsible for Ihe preparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal control as the trustees deternine is necessary to enable the preparation of financial statement5 that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Iruslees are responsible for assessing the charitable company's ability to continue as a going concem. disclosing, as applicable. matters related to going concem and using the going concem basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations. or have no realistic altemative but to do so.

Docusign En¥elop10". 2F24KCC-AD82435fthE85-A8F2C2B4CCC* HPH Chartered Accountants INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE INSTITUTION OF RAILWAY SIGNAL ENGINEERS AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonable assuran￿ about whether the finarKial statements as a whole are free from material misstatement. whether due to fraud or error. and to i55ue an Auditorfs report that includes our opinion. Reasonable assurance 15 a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS {UK} wll always detect a material misstatement when it exists. Misstalements can arise from fraud or error and a￿ considered material rf. indivKlually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial staternenls. Irregularrties, including fraud, are instances of non•compl1an￿ wilh laws and regulations. We design procedures in line wth our responsibilits'es. oullined above. to delect material misstatements in respect of irregularities. including fraud. The extent to ¥thich our pr(￿edureS are capable of detecting iThegularities, including fraud is detailed below= We obtsined an understanding of the legal and regulatory framev•Drks wthin which the company operates. focusing on those laws and regulations that have a dirert effect on the delermination of material amounts and disc105ures in the financial statements. The laws and regulab'ons we considered in this context were the Companies Act 2006 t¢>3ether wth the Charities SORP {FRS102) 2019. We assessed the required compliance with these laws and regulations as part of our audit procedures on the reLqted financial statement items. In addition, we considered provision5 of other laws and regulations that do rnt have a dired effect on the financial statements but compliance with which might be fundamental lo the charilable wmpany's ability to operate or to avoid a material penalty. We also considered the opportunit￿$ and incenbves that may exisl within the charit8ble company for fraud. The laws and regulations we considered in thi5 (x)ntexl for the UK operations were Employment legislation. Charity Commission regulab.ons and General Data Prote¢lion Regulats'on (GDPR). Auditing standards limit the ￿QUired audrt procedures to identify non-compliance with these laws aThJ regulations lo enquiry of the Trustees arml other management ar)d inspection of regulatory and legal correspondence, if any. We identified the greatest nsk of material impact on the financial staterrEnts from irregularities, including fraud, to be the override of controls by management and income recognition. Our audrt procedures to resp)nd to these risks included enquiries of managefflent ab)ut Iheir own identificatK)n arKI assessment of the risks of irregularities. sample testing on the posting of Joumals. detailed substanlive testing on the completeness of income, reviewing regulatory correswndence and reading minutes of meetings of those charged wrth govemance. Owing to the inherent limitations of an a￿rt. there is an unavoidable risk that may not have detected some material misstatements in the financial statements, even though we have properly planned and perfomied our audit in accordance with auditing standards. We are r￿l ￿SPonsIble for preventing non-￿mPliance and cannot be expected to detect non-complian￿ with all laws and ￿gUlatiOns. These inherent limrtations a￿ particularfy signfficanl in the case of misstatement resu￿￿￿ fr￿n fraud as this may involve sophisticated stheThEs deswJned to avoid detection. induding deliberate failure to record transactions, collusion or the provision of intentional mIsrepresentat￿n$. A further descriptton of our ￿ sponsibilities for the audil of the financial statements is located on the Financial Reporting Council's website at." www.frc.org.ukJauditorsresponsibilities. This description fomis part of our Auditorfs report. 10

tku6ign en￿lOpe ID.. 7F249CC&AOa243SfyAE•>￿F2CzB4cc HPH Chartered Accountants INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE INSTITUTION OF RAILWAY SIGNAL ENGINEERS USE OF OUR REPORT This report is made solety to the charf(able compan￿$ memters in accordance with Chapter 3 of Part 16 of the Companies Act 20￿. Our audit work has been undertaken so that we mighl state to the charitable company's members those matters we are required to state to them in an Audfiorfs report and for no other purpose. To the fullest extent perniitted by law, we do not accept or assume resFonsibilily to anyone other than the char¢table company and the charitable compan￿$ nEmbers for our audit woth, for thts report, or for the opinions we have formed. Sarah Wearing {SenM)r Staluiory Auditor) For and on behalf of HPH, Statutory Audrtor $4 Bootham York Y030 7XZ 23 March 2023

Docusign Enveknw ID." 2F249CCC-AD82435WE8>A8F2C284CCC THE INSTITUTION OF RAILWAY SIGNAL ENGINEERS CONSOLIDATED STATEMENT OF FINANCIAL ACTivmE AND INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022 Unrestricted Funds Re$tri¢ted Funds ToLIl 2022 Total 2021 Not• Income and endowments from: Charitable activitie5 Donations and legacies Other trading activitie5 Non-ancillary IraL1ing income Other activities Investments Investment income 12.512 12.512 8.W1 517,598 583,214 517.598 583,214 346.358 528,073 37,969 711 38.680 35,519 Total income £ 1.151.293 £711 £ 1,152.004 £ 918,851 Expenditure on: Raising funds Other a¢tivJties Investment Non-awllary trading 7.599 7.599 6,070 9,208 403,600 541,863 541,863 558.306 558,306 418.878 Charltabl• activiti•s Awards Promoting best practice 30,117 628. 30,117 628.306 19,026 561.636 658.423 658.423 580,662 Total expenditure £ 1.216,729 £ 1.216.729 £ 999.540 Net Iexpenditurg) l in¢om¢ bèfor• Ilossl I gain on investments Net Ilossl I gain on inveslments 165.4361 1418.677) 711 (64,7251 1417.6281 180.689 258,106 13 1,049 Net lexpenditurel l in¢om• for thè year (484.113) 1,760 1482.3531 177,417 Reconciliation of fund$: Total fund5 brought ftyward 2.260.019 37.160 2,297.179 2.119.762 Total funds carried forw¥rd £ 1.77S.9D6 £ 38,920 £ 1,814,826 £ 2,297.179 The notes on pages 15 to 26 fixm part ofthsse finanoal Stalen￿ntS. Incomg and net movement in funds derive Wh￿lY from conb.n￿ng operations. 12

Docustgn Enwfjlw ID.. 2F249CCC-AD82435(LAE8>A8F2C284CCC THE INSTITUTION OF RAILWAY SIGNAL ENGINEERS CONSOLIDATEO BALANCE SHEET ASAT 1 DECEMBER 2022 Regislr4tiw number. 0125685 Consolidated 2022 2021 Charity only 2022 2021 Nol¢ Fixed ass•ts'. Tangible fixed assets Invostmenls 12 13 46.972 1.803.443 4. 180 2,206,609 22.017 1.338.037 3,186 7.613.264 Total fix￿ assels 1.850.415 2.210.789 1.360.054 1,616.450 Current assets: Stock5 Debtors Investments Cash at bank and in hand 14 15 16 66.701 190.770 211.198 272.184 58.091 765.442 211.177 362,093 55,970 249,267 211.198 93,062 55.456 295, 779 211,177 719,347 Total currenl assets 740.853 796,803 609,497 681,759 Liabiliiies- Creditors." amounts falling due within one yaar 17 463.923 286,795 274,140 Nel cuffent assets 240.167 332.880 322.702 407.619 Told assets less curyenl lialwlities 2.090.582 2.543.669 1.682,756 2.024,069 Creditors.. amounts falling due after more than one year 18 275.756 246.490 rotsl nét assèts £ 1.814.826 £2,297,179 £ 1,682,756 £ 2.024,069 The funds of the charity: UnreStr￿ted funds Restricted funds 19 1.775.￿6 38.920 2.260,019 37,160 1.643.836 38.920 1.986,909 37,160 21 Totsl charity fvnds £ 1.814.826 £2,297,179 £ 1.682,756 £ 2.024,069 The financial statements V•pre approved by ihe Board of Trustees on 23 March 2023 and were signed on its behalf A Knight President and Trustee S W Boshier VKe Presdent and Trusfee The notes on pages 15 to 26 fm part oflhese finanoal statemerts. 13

Doc%JSign ETh¥elw ID.. 2F21￿Cc.AD8243￿AEa￿A8F2C26ICcD6 TH TIT F RAILWAY SIGNAL ENGINEERS CONSOLIOATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022 P4ote 2022 2021 Net cash used in operating activilies 25 {66.1391 (32,2841 Cash flow from investing activities: Purchase of tangible fixed assets Purchase of fixed asset inveslments Sale of fixad asset investmenls Interest received Dividends received (47,988) {283,555 269,093 3.780 34,900 12,220} <1 $0.500) 273.112 4.080 31.459 Net cash (used in) I provided by inv•sting actMti•s 123.7701 155,911 Change in cash and cash equiv¥lents in thè 27 (89,9)91 123,627 Cash and cash wuivalents •1 b¢ginnin9 of the 362.093 238,466 Ca$h and cash •quival•nts al end of the year 26 £272.184 £362.093 The noles on pa9es 15 to 26 fcffti part ofthese financial stalemenls. 14

Docusign Erwdope 10. 2F21￿c¢-ADS2-43￿￿Ed>A8F2C284c¢L THE INSTITirrioN OF RAILWAY SIGNAL ENGIN NOTES T THE FIP4ANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2022 1 ACCOUNTING POLICIES Legal entity The Inslilubon of Rai￿¥aY Signal Engirwrs is regulated by the Chanties Commission 110469991. limtled by guarantee and is registered in England and Wales. The ajdress of the regsler8d office and principal plac8 of business is 1 Birdcage Walk. Westminster, London. SW1H 9JJ. In the $vent of Ihe charity being up. the liabilty in res￿ of the guarantee is limited to £1 per membw of the charity. The charity constitute5 a public benefit entity as defmed by FRS 102. Basis of pr•paration The financial statements have teen prepared in aCc￿danCe wlh the felevant of the Slalement of Re¢ommendèd Practice appI￿ab￿ to charrties p￿paring their ￿cOUnts in accordance with Financial Reporting Stsndard appli¢able in the UK and Republic of Ireland IFRS 1021, the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland {FRS1021. Ihe Charitstrs Act 2011 and Ihe Companies Act 2(Y)6. The Instilution of Fiaihvay Sonal Engineers meets the definit￿￿ of a public benefit entty under FRS102. Assets and liabilities are In￿lIallY recognised at historical cosi cff transaction value unless othewse stated in th8 relevant accounting policy nolds). The consoltdaled accounts include the resums of Institution of Railway Signal Engineers and IRSE Enterprise5 Limited, which are consolidated on a line by line basis. In accordance wth secfion 408 01 the Companies Act 2006. no separate Slatemeni ol Financial Actwib'es {SOFA} or Cash Flow has been presented for the Charity alone. Golng conc•m Thè TnJstÈeslDirectors have prepared financial projections. taking into cnnSIderat￿ the current exonomic Climate and its potential impact on the sC￿reeS of income and planned expenditure. They have a reasonable expeGtation that adequate financral rescyjrces are available to ena￿e the Charitable Company lo continue in opèrational existence for the fc￿see3b1e future, and have adequate contingency ￿anS in the event that income streams are reduced. Consequenuy the financial staternents have been prepared on the basis that the Charitable Company is a going concem. Income All income is reeognised in the Statement of Finanoal ACt￿rt￿S once the charity has entitlement to the funds, it is proba￿ that th& inccme will be received and the amount can be measured reliably. Subscription income relating lo future peri(xJ5 15 deferre(l and re¢(yJnised in the penrxl lo whith li relates. For donalions lo be recogni5ed, il not receNed Wfxe the year wd. the ¢harity WIN havg baen notified of the amount5 and settlement (Jate in writing. Fixed asset gifts in kind are recryjnised when re¢eivabbe and are indu¢Jed at fair value. They are not deferred over the lrfe of ihe assei. Inveslment income is eamed throjgh hotding asset5 lor inveslment purposes su¢h as share5 and property. It includes dNidends. intwest and rent. included on a recer¥abk bass. Reveriue in Uie tia¢Jirig ¥ubsi¢Ji¥iy is rJLuyiii5gxI lu I1￿ ext13ril Ilial il is probable tlkAI ttie gLUll￿TI￿ b¥iigfil& will llow to the company and the revenue Can be rellabty Measu￿￿. Re¥eft￿ is measured as th8 fair value of the ¢onsideralKJn receivable, excluding discounts. rebates, value added tax and olher sales laxe5. The company has no long term contracls or on-g(ng woiects. L￿nCeS issued are for a &year pericJ and so any such income relating lo futu￿ periods is defer￿ and recognised in the period to wh￿h rt relates. 15

DorJJ&gn En%lope10' 2F249cCC-AD8z435￿AE8￿A8F2tr2B4CCEé IN F RAILWAY NAL ENGINEERS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEM8ER 2022 1 ACCOUNTING POLICIES leontinuedl Expenditure and Irrecov•rabl VAT Expendilure is ￿￿rUed as sLw)n as a 1ob.lrty is crMSKJe￿ probable. thscA)unied to prgwt Wdlue lor loNJer-terrn liablitses. Expenditure attri￿tab￿ lo rnore than Lx>si catyry is arwb.oned to them on the basis of the estirnal8d arroutrt attnbutatAe to exh acti¥ty in Ihe year, ather by reference to staff lime or the use made of the underlying assets, a5 app¥opr￿e. E￿ftses we r1 of VAT tmlh the irrwA)verabk eknitnt induded ￿thIn dired costs. Raisin9 fund5 Ind￿leS ￿ eXP￿dit￿re ty Ihe ch lo raise fuThts for it5 tharila￿e purp)$8s and i￿J￿e$ costs offundra5ry WAMt￿5, evwits arml ￿Th<h￿l￿bIe IradirJ. Govemance cosls ￿present I￿)se c(6ts attntArtable to Ihe man4ement of Ihe d)anWs assets, oNJanisational administraiion and complia[￿e wth ¢￿S11tutional and slatuiory requiremernts. Suprxjrt a)sts are those costs that assist the vok ol the d)arty but do (Jireth ￿present dwritst4e octivities and indude ￿$1$ and govemancE ojsts. indudirrfJ payroll costs. They a￿ inuJrreLI directly in sUp[￿rt of expendIlu￿ on obj￿INeS of the chaity. Where supp)rt o)sts canrhx be <Jiredy attntyJbJ lo pa￿"cular headings they have been allocated to costs of éuTh1s aThJ expertliture m cttarilable 8Ctmt￿ on a basis consistent wth use of Ihe re5wr￿. TaThJible fixed asse15 Tangible fixed assets are indud8d in th8 financial 5taiements at their historic4 ￿$t. DeprerJat￿)n is c81cAJlaled to wrile off the cnst of fixed assets over thar expeLled useful lives on a stra￿t line basis. The rates u5e(J are as fdloyts." Fixtures ar￿ fittings IT arnj softwa 20% per annum straJht line 33% per annurn 5tvaiyht line Sto¢k$ st￿ks ale stat&J ￿ the I￿ of c051 ￿ net realisaty¢ ve, after mthr¥J du8 alknyance for ob501ele and slow ving stod(. Fund iccounting General fuTr#s - These ar• ￿1¢h (an be use(1 in ith Ihe ch￿ty5 Ch￿ta￿e objedives at the iscrtion of Ihe tJard. Designa¢ed fvnds - these cornpii5e unre5tNAed lunds that have been sel aside by the tnJstees for partiular purposes. The aim and use ol eth designated ILwx1 is set cJt in Ihe r￿e$ to the finanfy￿ $tslernents. Restricted funds - Thes? are subjecl to SFeufic re5111c￿ conditw imr)se(I by the dDmf5 of fuThJ5 ￿eNed for spec4fic purr¥)ses and KoJects. Finan¢ial In$truments The charily only has financial assels and finanua haixknlies of a kind that quaify a5 basic fin￿rial instrumenls. Basic finanoal instrurnenis are initially rethgnis&1 at trartsathon valL arm1 subsffjuently measured at their settlement value wilh the eXCept￿n of bank bar¢5 are $theoL￿ r￿Sure￿ at am￿tiSed c(61 using the effec¢ive inlere5t metW. Cash at bank and in hand Cash al bank and cash in hwd indudes shjrt temi depJ5it accounts iU) a maturity Oft￿ rTh)nths or less from the date of ¢¥enirYJ. Olher financial assets (Jher financial assets are iniliaty rnea5ured at far value. ncfftally the tran$8ctDn price. Such ass¢ts are subsequently carried at fa.r vaue and charMJes in fair Val￿ are re￿gnis￿l in the Statement of Financi ALlivrties, excepl investments Ihai are not ￿b1￿Y tra(led and kne fair Val￿ cannot be measured ￿liablY are rneasured al cost 1rnpai￿ent. D•btors Traoe and debtors are reiwiised at I1￿ Setu￿￿t arrK)unl due after any Ir disctsunl off81￿. Prepaynnts are valued at the amount prewd n8tof arry trade thsc(Kmts due. Investm•nts The investment portlehos have been Yalu￿1 at mathet value at 31 1)ecernbtr 2022. The Stement of Financol Activities indudes Ihe net gains and losses cx) inveStrn￿5 arisirg on reValuat￿n at the year end ￿15 on disposals througfKKJt the year. Real￿eLl gans and k)s5&8 on saes of Investsm￿LS ￿ Cula￿j as the ¢rfferen￿ betsveen the sale proceets aThJ openirKJ mathet value. Unrealised gain5 and kJs58s rek¥e58nl lh8 rnoverwit between m*kel value5. 16

Docusign E￿￿¢￿8 ID.. 2F21￿cc-AO8243s(kAE85A8F2C2B1Ccc THE INSTITUTION OF RAILWAY SIGNAL ENGINEERS NOTES TO THE FINANCIAL STATEMEPUS FOR THE YEAR ENDED 310ECEMBER 2022 1 ACCOUNTING POLICIES {continued) Other financial instruments All other financial instruments are inilialty recc•Jnised ai fair vahje. vthich is normally the transaction price. Othei financial insiwments are subSeqU￿tty rneasU￿d at lair value wih any changes in the fa value recorded in the Slalwnent of Financial Ath"vrties. Creditors and provisions Creditors and provisions ao recognised Whe￿ the charity has a present obligation resulting from a past event that wll probably in the transfer of funds to a third party and the amount due to settle ihe obligation Can be measured c¥ estimaled feliably. credi￿ and provisions are nw7)ally re￿9n1￿ at Iheii sgtuemenl amount after allowtng for any trade discounts due. Operating leases Rentals payable under opefalwig kases a￿ tharged in the Stement of Financral Ac1wil￿ on a slratght line basis over the lease temi. Fortlgn eurrenei•s Assets and liabilities in foreNJn CLKrencies are Iranslat&J into sleding al the rates of exchange Yuling at the balance sheel dale. TransactKJns in forepn currencies a￿ translat￿ into stedin9 at the rate of exchan9e ruling al the date of transactK)n. Exchange differences are taken into account in arriving at the operatiNJ result. P•nsion costs and oth•r postwr•tir•m•nt b•n•frts The charitable company operates a defined contribution pension scheme. Contributions payable lo the charitable companys penS￿n scherne are charged to the Statemenl of Financial Acts'vities in the period to which they relate. Signrficant judgements and estifftate5 In th8 application ol the gr(￿p,S accounkn.ng poh"cies. the dir•dors are rewirèd to make judgèm8nts. &sb"males and assumpb.ons in areas whère this infomation is rt)t rèadbly available from oth8r soure8s. In particular the directors usè jud9ment in assèssing the earnwng am(yJnt of assets and liabilitiès. Thè astimatès and assumptions are based on the his1￿C￿l experience and other factors thal are crnsKlered lo be relevant. Aclual results may differ from these estwnates. The estimates and Under￿.ng assumptions are revewed on an orwing basis. Revisions to accounting estimates are recognised in Ihe perKd in w￿ch the eslimale is revised where the revisKffl affects On￿ that period, or in the period ol Ihe revisKJn and luture peric¥Js where the revision affects both current and future periods. Investments Inveslments are included on the Balance Sheet and are stal&J at market value as at the balance sheet date. Gains and los￿ on disposal and revahJations of investments are charged or Cfediteé to the Statement of Financial ￿1￿111¢$. 2 TAXATION As a registered charity. The Institute of Rail%wJy SvJnal Engineer5 is exempt from Ihe tax on income falling within sections 466 to 493 of the CorpOrat￿n Tax Act 2010 to the extent that this is applied lo its charitable obieds. No tsx Charges have arisen in the Ccxmpany. 3 OPERATING SURPLUS The $urplu$ for th* y••r is $tatsd after charglng: Depfeciakn'on Audilorfs remuneration 2022 2021 5.196 6.160 17.598 6,000 17

Docusign En￿lty¢ ID." 2FZ45Ccc-AD62435f￿NE8wFzC7s4Cc THE INSTITUTION OF RAILWAY SIGNAL EPIGINEERS NOTES TO THE FINANCIAL STATEMENT FOR TH NDED 310ECEM8ER 2022 4 CHAR￿ABLE ACTIVITIES- DONATIONS AND LEGACIES 2022 2021 Donaiions £ 12,512 £8.901 I dtY)81ions related to unreStr￿ted furKI5. 5 OTHER TRADING AcTIV￿lEs 2022 2021 Othor aetivlties Subscriptions Professional reviews Advertising Booklets & iexibooks IRSE l*s, cufflinks and badges Examination fees and materials Proceeds from membws. lunch 495,058 6,870 3,￿0 22.030 451,423 7,710 13,513 8.943 64 44.920 1,500 528,073 53.205 2,151 583.214 All other activities relate lo un￿1￿Cted funds. Trading income IRSE Enterprises Limited 517.598 346.358 6 INVESTMENT INCOME 2022 2021 Equilies & Govemment strtks Interest re¢eNable IRSE Enterprise5 Limtte(I 27,747 3.167 7.766 24.193 4.053 7.273 £ 38,680 £ 35.519 £764 of investment in¢ome rdates to restricted funds (2021: £7361. 7 ANALYSIS OF EXPENDITURE <Xher Depreciati¢Jn 2022 2021 Raising funds Olher aclivilies Investrnenl Non-ancillary trading Total raising funds Charitable adlvities Awards Promotin9 best pradice Totsl Charitable adivities 2.285 5.297 8,844 354,152 17 7,599 6,070 9,208 403,600 184.191 541,863 186.476 3,537 558,306 418.878 9,141 217.109 20.909 409.605 67 1,592 30.117 628,306 19,026 561,636 226.250 430.514 1.659 658,423 580,662 Tolal Expondituto £ 412.726 £ 798.807 £5,196 £ 1.216.729 £ 999,540 All raising lunds expenditure ￿lateS lo Un￿tricted funds. £nil of charIta￿e aclivrties expenditure fdates lo reslricled lunds (2021: £3(N)I.

Dooa&9n En¥elDpe ID". 2F249CCC-AD82435ME8M8F2C284CCC THE INSTITUTION OF RAILWAY SIGNAL ENGINEER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 GOVERNANCE COSTS 2022 2021 Auditors. remuneration £6,160 £ 6,000 Ail gov8mance ¢osts relate to unrestricted expendrture. 9 AUDITOR'S REMUNERATION Am¢yJnts payable to the audrtor for Statut￿ audil servic8s of thè gmp ar& £6,CW 12021 - £6,000) and of the charity are £4.000 {2021 - £4.L￿￿1. 10 TRUSTEE REMUNERATION AND BENEFITS Travel and training expenses trAalling £12,541 were reimbursed lo three Trustee5 during the year. In 2021 no Tru51ee5' expenses W￿￿ reimbursed the Jtar. 11 STAFF COSTS 2022 2021 Wages and salaries Sttial sècurity costs Defined contribution Pe￿On costs 357,175 29,774 25.777 344.664 32.727 24.747 £412,726 £402.138 Th• av¢rag0 number of •mploy•es durin9 the yoar was as follow$: 2022 2021 Administratic 12 12 Theo are no employees who re¢•ved lotsl emF4oyee bel￿￿1$ {ex¢ludirg em￿0yer pension costs) of more than £60,¢￿12021 - None). The key management personnel of the charitable ccthpany. comprise the Trustees, Chief Executive off￿er and Treasurèr {2021 - Trust&*s. Chièf ExecutNè Officer, Trèasurer and HR Advisor) as disclosad on page 6. Th• lolal amount of empbyee benefits lin¢luding em￿0yeT pensK)n ¢Mtribub"onsl received by key management pgrsonn81 lor th&r Serv￿@S to th8 charitablè company was nil 12021.. nil). The total amcMJnl paid to the key management personnel in respect of Ihwr serv￿eS ti)tslkd £55.789 (2021." £86.952}. 19

Ortusign Envebpe1Tr. 2F249Ccc-AD82435￿AE8￿F2C2B1cCC THE INSTIT Tl F RAILWAY SIGNAL ENGINEERS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 12 TANGIBLE FIXED ASSETS - GROUP F•xture5 and rrtting$ Cost.. Al 1 January2022 Ad¢Jits"ons 330.900 47.988 Al 31 December 2022 378,888 Depreciati￿.. At 1 January 2022 Charge f¢x the year At 31 December 2022 326.720 5.196 331.916 Nel book valugs". 31 December 2022 £ 46,972 31 December 2021 £4.180 All of the tsngible fixed assèts relate to Unrestrict￿ fvThJs. TANGIBLE FIXED ASSETS- CHARITY Fixtures and ffftings Cost.. At 1 January 2022 Additions 3ry).935 20.507 At 31 D8cember 2022 321.442 Depreciation= At l January 2022 Charge for the year At 31 December 2022 297.749 1,676 299,425 Nel bcx)k values: 31 December 2022 £ 22.017 31 December 2021 £ 3,186 All of the tan9ible fixed assets Tdale to unrestricted funds.

Do￿SIgn Erbvdope 10.. 2F24KCC-AD824351PNE8WFZC2B4CCC THE INsnTUTION OF RAILWAY SIGNAL ENGINEERS NOT S TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 13 FIXED ASSET INVESTMENTS - GROUP Gowrnment s•curiti•s Equities Total Market value At 1 January 2022 Additions Disposals Revaluati¢ 2.000.965 201.291 (182,9781 (360.5731 £ 1.658.705 205.644 82,264 (86.115) {57,055) 2,206,609 283.555 1269.0931 1417.6281 At 31 December 2022 £ 144,738 £ 1,803,443 £37.648 of investments relates to restricted funds12021.' £36.5991. £1.049 of gains on investrnents relates to restricted funds (2021.. £933). FIXED ￿sET INVESTMENTS- CHARITY Sub$idi•ry company Govemm*nt securities Equities Total Market valu• At 1 January 2022 Addib"ons Disposals Revalualion 4.415 1,452.351 144.938 (137,4731 (239,2491 156,498 65,113 (54,716) {53,840) £ 113,055 £ 1,338,037 1,613.264 210,051 1192.1891 1293.0891 At 31 December 2022 £ 4,415 £ 1,220.567 £37.648 of investments fglatgs to restrictwj fvnd$12021.' £36.5991. £1.049 of gains on investments relates to restricted funds12021'. £9331. The charitable cc¥npanVs Whvestments at the balance sheet date in the share capital of companie$ include the folbwing.. IRSE Enterprises Limited Registered off￿e." 4th Flw. 1 Birdcage Walk. Westminstef. L¢)rKlrm. SW1H 9JJ Nature ol business". Administration & finance su￿￿1 for parent Class of share- hokling Ordinary 2022 2021 Aggregate ¢apital and ressrves (Lossl I profil for the year 136.803 1140,7201 277.523 35,847 No donation12021.. Énil) was made from the c￿npanY to the charity in the due to the fact that the company did not make a taXa￿e profit. 14 STOCKS- GROUP 2022 2021 Stocks £ 66.701 £ 58.091 STOCKS. CHARITY 2022 2021 Stod(s £ 55.970 £ 55,456 21

DocuSvJn Ers¥efcye ID. 2F249ccC-AO8243￿AE8&A8F2C2BIccD6 THE INSTITunoN OF RAILWAY SIGNAL ENGIP4EERS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 20 15 DE8TORS Consolidat 2022 Chariiy 20 2022 2021 Trade debtofs Other debtcs p￿paYmentS and accrued income VAT Arn￿jnts ¢>wed by group undertakings 77,076 3,435 15,900 94.359 67,078 3.333 16,529 76.871 81,213 164.721 63.292 227,523 £ 190,770 £ 165,442 £ 249,267 £ 295,779 All ¢Jeblors relale lo unrestricled funds. 16 CURRENT ASSET INVESTMENTS- GROUP 2022 2021 Nalional Sawngs All debtors relale lo unreslitted funds. £211.198 £211,177 17 CREDITORS: amounls falling due within one y••r Consolldated 2022 2021 Charity 2022 2021 Trade ¢￿ditorS Accruals Deferred income Other ￿￿di10rS 39.925 26.697 427.036 7.028 53,457 21.547 382,197 6,722 28,901 22,429 230.178 5.287 45,749 17.008 206.682 4,701 £ 500,686 £ 463.923 £ 286.795 £274.140 All creditofs relate to unrestricted lurJs. 18 CREDITORS: amounts falling after more than one year- GROUP 2022 2021 Other creditors £ 275.756 £ 246.490 Representing the proptytity) of lieen¢e fees received in advance. wtiich wll be credf(ed lo Ir￿Me after more than one year. 19 ANALYSIS OF NET ASSETS BETWEEN FUNDS Net current Tangible fix•d assets Long te liabiliti•s Totsl 2022 Investments ¥$sets Unrestricted ftjnds Reslricled ftjnds 22.018 1.295.974 37.648 321.429 1,272 1.639.421 38,920 Tc4al Charity Furtds IRSE Enterprises Limited 22.018 1.333.622 322,701 1.678,341 24,954 469.821 {82.534) {275,7￿) 136,485 Total for the group £ 46,972 £ 1.803,443 £ 240.167 £1275.7561 £ 1,814.826

Docusign Envdcpe ID.. 2F24￿Cc-A0874jSo-AE￿AfjF￿z84CcL THÉ INSTITUTTh OF R￿Ly￿Ay SIGNAL ENGINEERS NOTES TO THÉ FINANCIAL STATEMENTS FOR THE YE*A ENDED 31 DECEM8ER 20r ' 19 ANALYSIS OF NET ASSETS BETWEEN FUNDS. con1kn￿l 2021 COmpa￿￿e$ N¢t ¢urr¢nt {Il•blllttt$N Long ttmi li•ts•fiti•s Tangible Total 2021 UnreslrKleit frjnds Restricted fU￿S 3.187 1,572.250 36.599 407.059 561 1.982.496 37,180 Total Chanty FuThJs IRSE Entewses Liffwied 3.187 1.608.849 597.760 407,620 174,7401 2.019,656 277,523 1246.4901 . Totsi forthe group £4.180 £ 2.2￿.609 £ 332,880 £1246.4901 E 2,297.179 20 UNRESTRICTED FUNDS Batsnce ai 0IM1112022 BaiarKe at 31112n022 In¢¢MT EX￿dItY1¥ Trnnsfers D95iyn41gd fvnds Scholarship Alan Foher 1 Frank Hewlett 8eouest General tkvelopment Future ASPECT Confwence InternatK)nal rxinventws Texitx)ok prePara￿Tr 78.315 78,318 4Y).288 )7.fKrfJ 10.(KK) 27.S(K) 32f 433.494 307.000 10.000 27.500 7.500 860.fA)3 863.812 Unrestrfcted General Fund 1.109,8CA) 1674.8661 1294.1381 763.516 Chaiity Non charita￿e trad￿￿ furvjs 1,970.403 289.616 625.929 525.364 1674.8661 1541.8631 1294.1381 1124,5391 1.627.328 148.578 Total forthe group £ 2,260,019 £1.151.293 £11,216,729) £1418.6ni £ 1.775.906 2021 wTr7pwah"ves BaLqnce at 0110112021 G•ins 1)n Balance al 3111212021 O•$i9nat•d funds ScholaF5hip Abn Fi%her MerTh)￿ I Frank Hewlett 8e¢uesi Genera1 Develowent Futu￿ ASPECT C&)nference IntemaDonal convenb(WlS Te￿t(lok p￿parat4)n 78.068 247 78.315 425.321 307.COJ 10.LK#J 27.5C#J 4.967 430,288 307.000 10,000 27.500 7.500 855,389 5214 860,603 Unrn8trfct•d funds General Fund 974,813 559,270 {595.6401 171.357 1,109,8(h) Charfty Non charitable tradinG lunds 1.830.202 253.769 564.484 353.631 1595.6401 1403.6001 171.357 85.816 1.970.403 289.616 Total lor the group £ 2,083.971 £918.115 £1999,2401 £ 257,173 E 2,260,019 23

DoDJSKJn envd4)¢10. 2F24￿Cc-A08243s￿AE8￿Aof2c284¢c[ INSTITunoN OF RAILWAY SIGNAL ENGINEERS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 21 RESTRICTED FUNOS Balance at 0110112022 Gains on Exp•nditur• investments Balance at 3111212022 In¢ome Restrict•d funds Dell Bequest Thorrowgct¢J Bequest 24.064 13.096 547 164 25,419 13,501 241 £ 37.160 £711 £ 1,049 £ 38,920 2021 comparatives e•lan￿ at 01m112021 Gains on Balance at Expenditure Investments 3111212021 Income Restricted fund$ Dell Bequest ThorrowgocJ Bequest 23.127 12.664 519 217 13C(JI 718 215 24.064 13,096 £ 35.791 £736 £13thJ} £933 £37.160 The Dell Award is made annualty under a bèquest of the late Robert Dell OBE (Past President). It 15 awarded to a member of the Instilut￿ employed by L(￿dOn Underground Lld {or its SLKcessor bcJiesl for achievement of a high siandard in the 5C4ence and applicion of railway synalling. The award consists of a plaque wlh uniquety designed shield. engraved the retspnt's name logether Vnth a cheque. Thorr uest The Thorrowgcod Schdarship is 3w3rd8d annual￿ if a candtslate has e¥ceHed rn the IRSE'S Professional Examination. The award. which is presented at the Institution's AGM in the April followng the examin81ion, comprises the Th￿￿*¥ge￿>￿ S¢hdarship MedalIM￿ and a cheque. 22 OPERATING LEASE COMMITMENTS As at 31 0ecemb8r 2022 the charitable company had fuiure minimum lease paymen1$ under non-cancellable operating leases as fdlows". 2022 2021 Within one year Be￿een one and five years 10,291 20.582 10.291 30,873 £ 30.873 £41,164 23 RELATED PARTIES Other than those detailed in notes 10 a￿1 11. there no other relal&J parties in the year. 24 ULTIMATE CONTROLLING PARTY There is no ultimale ￿trollIng pty. The charity is managed by ts board of trustees. The liability of each of the Charitys Irustees is limited lo £1. 24

DO￿￿9n £n￿lI)p¢ ID. 2F249C¢c-A08243￿hEd￿A8F2C284cCC THE INSTITUTION OF RAILWAY SIGNAL ENGINEERS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 25 RECONCILIATION OF NET {EXPENDITURE) I INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2022 2021 N•t l•xpenditur•) l incom• for th• reporting period Depreciation of tangible Fixed Assets Losses I Igainsl on Investmenls Interest receNed Dividends received Increase in Stocks IDecrea5el l increase in Debt(ys Increas8 in Current Asset Investments Increase in C￿d￿Or$ 1482,3531 5,196 417.628 13,7801 (34,9001 18,6101 (25.3281 1211 66.029 177.417 17.598 (273,3771 14,060) 131,4591 19,229 42,088 11,5091 1.247 Net cash used in operating activities £166.1391 £132,284) 26 ANALYSIS OF CASH AND CASH EQUIVALENTS- GROUP 2022 2021 Cash at bank and in hand 272,184 362,093 Totsl cash and cash equlvalents £ 272,184 £ 362,093 ANALYSIS OF CASH AND CASH EQUIVALENTS- CHARrrY 2022 2021 Cash al bank and in hand 93,062 119,347 Totsl ¢a$h and ¢a$h ¢qui¥algnts £ 93,062 £ 119.347 27 ANALYSIS OF CHANGES IN NET DEBT 0110112022 Cash.flows 3111212022 Cash 362.093 189.909) 272,184 189.9091 362,093 189,909} 272,184 25

tknJS4n Envelope ID.. 2F24￿cc-A08243s￿AEa￿AOFZcz￿4Cc THE INSTIT￿10￿ OF RAILWAY SIGNAL ENGINEERS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 28 COMPARATIVE COt4SOLIDATED STATEMENT OF FINANCIAL ACTIVITIES AND IMCOME AND EXPENDITURE ACCOUNT Vnrestricted Funds 2021 Re$irictod Funds 2021 Total 2021 Incomo and ¢ndowm•nts from: Charitable activitie5 Donation5 and lega¢ Othw trading activities Non-ancillary trading income Other activi1￿$ Inv•stments Inve51rnenl incLxne 8,901 8.901 346.358 528.073 346,358 $28,073 34.783 736 3S,519 £ 918.851 Total income £918.115 £736 Expenditure on: Raising funds Other activit￿S Investment Non-ancillary trading 6.070 9.208 4103.600 8,070 9,208 403,600 418.878 418,878 Charitable activities Awards Promoting best pract 18.726 1.636 19,026 561,636 580.362 300 580.662 Total oxpendilure £ 999.240 £300 £ 999,540 Net {0x￿ndItUre) l income before gain on Invèstments 181.12SI 257.173 180.6891 258,106 Net gain on investments 933 Net income I l•xponditurel for the year 176.048 1.309 177,417 Reconciliation of funds: Total funds brought forward Total funds carried forward 2.083.971 35.791 2.119,762 £ 2,260,019 £ 37.160 £ 2.297,179 This is the compabve stalemeni ol finacial activities. please ￿fer to page 12 for the currgnt year stslement.