Railway Preservation Society of Ireland-The Company Limited by Guarantee Statement of Financial Activities (including income and expendlture account) Year ended 31 December 2022 2022 Unrestricted Restricted funds funds Totsi funds funds 2021 Note Income and endowments Donations and legacies Charitable activities Other trading activities Investrnent income 59.876 635.285 102,173 50.188 110.064 635,285 102,173 116.243 392,997 74,162 Other income 33.592 830,929 33,592 881.117 21,164 Total income 50.188 604,577 Expendituro xpenditure on charitable actrvities Costs of other trading activities Total expenditure 10 12 673.254 144.979 45.680 718,934 144,979 863,913 631.130 98,592 729,722 818,233 45,680 Net incomel(expendlture) 12.696 4.508 17.204 {125.145) Transfers between funds (625) 625 Exceptional item 13 (29.905) {29,905) Net movement in funds (17,834) 5.133 (12.701) (125.145) Reeonclliation of fund Total funds brought forward Total funds carried forward 3.662.636 90,395 95,528 3,753.031 3,740,330 3,878,176 3,644.802 3,753.031 The statement of financial activittes includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The not£s on pageg 17 to 28 form part ol these financial statements. 14
Railway Preservation Society of Ireland-The Company Llmited by Guarantee Statement of Flnanclal Positlon 31 December 2022 2022 2021 Flxed assets Tangible fixed assets 18 3.481.043 3.529,675 Stocks Debtors Cash at bank and in hand 19 20 3,429 44,357 305.795 48,501 360,744 413.593 353,581 Creditorn: amounts falling duo vitiFn orn year Net current assets Total assots less currentffablllli85 21 152.848 260,747 3.746,790 121,898 231,683 3.781.358 CrtOrs. amounts falling due after more than one y Net assets 1,460 3.740.330 8.327 3.753.031 Funds of the charlty Restricted fijnds Unrestrscted funds 95,528 3,644,802 3,740,330 90.395 3.662,636 3,753,031 Total charity funds These financlal ststemerts were appYd by the bowd oftrustees arrfl authorised for issue on 17 April 2023, and are signed on behalf ofthe board ty. Mr P Rigney (Chai Trustee Mr P Mccann Trustee The on pageg 17to 28 forni wl ofthese fln*nclal stAtsm•ts. 15
Railway Preservation Society of Ireland-The Company Limited by Guarantee Statement of Cash Flows Year ended 31 December 2022 2022 2021 Cash flows from operating activities Net incomel(expenditure) {12.701j (125,145) Adjustments for Depreciation of tangible fixed assets & on trdnsfers in Other interest receivable and similar income Interest payable and similar charges Accrued expenses 130.064 (3) 4,290 10,335 105.865 (11) 4,306 35,651 Changes in.. stocks Trade and other debtors Trade and other creditors (919) (4,144) 42,255 169.177 11,422 29,848 1,401 Cash generated from operations 63.337 Interest paid Interest receNed (4,290) (4,306) 11 Net cash froml(used in) op8rating activities 164.890 59,042 Cash flows from Investing activities Purchase of tangible assets & transfers in Net cash used in investing activitEs (81,433) (81.433) (13,461) (13.461) Repayments of borrowings Proceeds from loans from group undertakings Net cash used in financing activilles (28.508) (26.927) (5.230) {32,157) (28,508) Nat increasel(decrease) in cash and cash equlvaFents Cash and cash equlvalents at beglnning of year Cash and cash oquivalents at ond of year 54,949 305.795 360,744 13,424 292,371 305,795 The notes on pages 17 to 28 fonn part of these financial slatemertts. 16
Railway Preservation Society of Ireland-The Company Limited by Guarantee Notes to the Financial Statements Year ended 31 December 2022 General infomiation The charity is a public benefft entity and a private company limited by guarantee. registered in Northern Ireland and a registered charity in Northèm Ireland The address of the registered office is Whitehead Excutsion Station, Castleview Road, Ilhitehead, Carrrckfergus. BT38 9N Statement of compliance These financial statements have been prepared in complonce with FRS 102, Tr Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practrce applicable to charibes preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {Charities SORP (FRS 102)) and the Companies Act 2{. Accounting pollcles Basis of preparation The financial statements have bn prepared on the historical cost basts, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expendibJre. The financial statements are prepared in sterling. which is the functional currency of the entity. Golng concern There are no material uncertainties about the charity's abilty to continue. Judgements and key sources of estimatlon uncertainty The preparatton of the financial staterrEnts requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on expertents and other factor5, including expectations of future events that are believed to be reasonable under the clrcumstances. Foreign currencies Foreign currency transactions are initFalty recorded in the ftjnctional ¢urrery, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign GurrenGie3 are translated at the exGhan9e rate rullng ai the reportlng date, wlm any gains or losses being tsken to the statement of financial activities. 17
Railway Preservation Society of Ireland-The Company Limitsd by Guarantee Notes to the Financial Statements f¢onthuedJ Year ended 31 December 2022 Accounting poflcies (confjnue(g Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the chartty's purposes. Designated funds a unrestricted fvnds earrrtarked by the trustees fDr particular future project or commitmenL Restricte(I funds are subjected to restricttons on their expenditure dedared by the donor or through the terms of an appeal, and fall into one of bNo sulxlasses: restricted income funds or endowment funds. Incomlng resources All incoming resources are included in the statement of financial activitses when entittement has passed to the charity." it is probable that the economic beneffts associated with the transaction will flow to the charity and the amount Can reliably measured. The following specific policies are applied to particular categories of income.. incorne from donations or grants is recognised when there is evidence of entitleTnent to the gift. receipt is probable, and its amount can be measured reliably. legacy income ts recognised when receipt is probable, and entiuement is estsblished. income from donated goods is raSured at the frair value of the goods unless this is impractical to measure reliably, in which Case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received rf the value can be reliabty measured. No amounts are included for the contribution of general volunteers. income from contracts for the suppty of serVS is recognised wtth the delivery of the contracted servi. This is dassified as unrestricted funds unless there is a contractual requirement for it to be spent on a particuk3r pUr[m and returned rf unspen( in whiGh case it may be regarded as restricted. 18
Railway Preservation Society of Ireland~The Company Limited by Guarantee Notes to the Financial Statsments Icontknuedj Year ended 31 December 2022 Accounting policies (contsnuedj Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure indudes any VAT which Cannot be fully recovered. and Ès classified under headings of Ihe statemerrt of financial activities to which it relates: expenditure on raising fvnds indudes the costs of all fundraising activities, events. non- charitable trading acbvities. and the sal8 of donated gocKIs. expenditure on charitable activtties indudes all costs incurred by a charity in undertaking activities that further tts charitable aims for the benefft of ts beneficiaries. including those support costs and costs relating to the govemance of the charity apporttoned to charitable activities. other expenditure includes all experKliture that is neither reW to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories refie¢ttng the use of the resource. Direct costs attributable to a single athity are allocated diredy to that actsvity. Shared costs are apportioned beeen the aclivities they contribute to on a reasonable. justifiable and conststent basis. Tangible assets Tangible assets are initially re(x)rded atcosL and subsequenty stated atcost less any accumulated depreciation and impainnent losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depre¢iats"on and subsequent accumulated impaiment losse& An increase in the carying amount of an asset as a resutt of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expendFture within the statement of financial actlvilies. A decrease in the carrying amount of an asset as a result of revaluabon. is recognised in other recognised gains and losses, except to which it offsets any previous valUatiOn gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activibes. Depreclation Depreciation is calculated so as to wrtte off the cost or valuation of an asset. less its residual value. over the useful economic lrfe of that asset as follthvs: Freehold property Equipment 2%- 10% straight line 25% - 50% straight line Impalmient of fixed assets A review for indicators of impairment is carried out at each reporttng date, wtth the recoverable amount being estimated where such indicators extsL lfyThere the Garrying value exceeds the recoverable amoun( the asset is impaired accordingly. Prior impairments a also reviewed for possible reversal at each reporting date. 19
Railway Preservation Society of Ireland-The Company Limited by Guarantee Notes to the Financial Statements Iconthiua Year ended 31 December 2022 Accounting policles (conllnued) Impairment of fixed assets (conllnu•dJ For the purposes of Irnpaimnt testing. when it 15 not possible to estimate the recoverable amount of an indtvidual asse( an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identtfiable group of assets that includes the asset and generates cash inflows that is largely independent of the cash inflows from other assets or groups of assets. For Impalmnt testing of goodwill. the goodwill ao]uired in a business combination is. from the acqui&tion date. allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination. irrespective of whether other assets or liabilities of the charity are assigned to those unFts. Stocks stocks are measured at the lower of cost and estimated selling price tess costs to complete and sell. Cost includes all costs of purchase. costs of conversion and other rA)sts incurred in bringing the stk to its present location and condition. Financial instruments A financial asset or a financial liability is recognised only when the tharity becomes a party to the contractual provisions of the instrument Basi¢ financial instruments are initsally recognised at the amount receivable or payable induding any related transaction costs. Current assets and current liabilities are subsequenty measured at the c2sh or other consrd8ration expected to be paid or receNed and not discounted. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of Impalmnt at the end of each reporting date. If there is objeclive evidence of impairment, an impaimient loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. 20
Railway Preservation Society of Ireland-The Company Limited by Guarantee Notes to the Financial Statements {eontinuedJ Year ended 31 December 2022 Accountlng policies [nUe(0 Doflned contribution plans Contributions to defined contributÉon plans are recognised as an expense in the perir)d in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refijnd. Vvhen contributions are not expected to be settled wholly within 12 rTh)nths of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. Limtted by guarantee The RaifvRy Preservation Soaety of Iland is a company lirnited ty guarantee and accordingly does not have a share capital. Every member of the Company undertakes to contrtbute such amount as may be required not exceeding £1 to the assets of the Charitable company in the event of tt being wound up while he or she is a member. or within one year after he or she ceases to be a member. Donations and legacies Unrestricted Funds Restricted Total Funds Funds 2022 Donations General donations Charity Santa train donations Donations re 85 lubricator Donations Re 131 appeal Donat50ns Re 105 project Donattons Re 171 appeal 23.852 5,104 20 23,852 5.104 20 225 39,855 10.333 39.855 10.333 Subscriptions Members. subscriptions 30,675 30.675 59.876 50,188 110.064 21
Railway Preservation Society of Ireland-The Company Limited by Guarantee Notss to the Financial Ststements f¢onlinuedJ Year ended 31 December 2022 Donations and legaclos (continuedj Unrestricted Restricted Total Funds Funds Funds 2021 Donations General donations Charity Santa train donations Donations Re 85 lubricator Donations re Diesel fund Donations Re 131 appeal Donattons Re Mogul project Donations Re 171 appeal t)onations re 50 coach appeal Subscriptlons Members. subscriptions 22.088 305 22,088 305 3.448 720 1,479 49,451 14,009 41 720 1,479 49,451 14.009 41 24.702 24,702 Charitable a¢tivitles Unrestricted Funds Restricted Total Funds Funds 2022 Railtour income Buffet car on trains Fundraising on trains Museum income Member winter meetings Filming Income N l Museum council grant Mid & East Antrim Council grdnt N l Museums Council Spoil train book grant N l Museums Council Collection management grant CRPHONLHF grant from Heritage Lottery Fund CRESI grant for accountant STOS grant Bord Failte grant 400.890 50.993 39.544 9,537 1,132 21.750 400,890 50.993 39,544 9,537 1,132 21.750 ]"] 20,000 1.876 2.000 1,220 50,000 10,000 8,000 18,343 635,285 20,000 1.876 2,000 1,220 50.000 10,000 8,000 18,343 635,285 Unrestricted Restricted Total Funds ffun(ts Fund6 2021 Railtour income Buffet car on trains Fundraising on trains Museum income Railway models income Member winter meetings DFC Covid Grant DFC Community Fund l Diesel 142 restoration Bord Failte grant Heritage Council grant for Craven coach 89,383 705 3.883 5,954 9.075 2,273 79,914 167,300 21.932 12,598 89.363 705 3,883 5,954 9,075 2,273 79,914 167,300 21.932 12,598 392,997 392.997 22
Railway Preservation Society of Ireland-The Company Limited by Guarantse Notes to the Financial Statements {c*inthu¢dJ Year ended 31 December 2022 Other trading activtties Unrestricted Total Funds Unrestricted Total Funds Funds 2022 Funds 202f Cafe income Books and memorabilia 62.580 39.593 62.580 39.593 51.722 51,722 22.440 74,162 102.173 102,173 74,162 Investment Income Unrestrtcted Total FurKls Unrestricted Total Funds Funds 2022 Funds 2021 Bank interest receivable 11 (Xher Income Unrestrtcted Funds Restricted Total Funds Funds 2022 Other income Disposal of scrap metal 18.800 14.792 18,800 14,792 33,592 33,592 UnrestrTcted Funds Restrtcted Total Funds Funds 2021 other income Disposal of scrap metal HMRC Furlough Income 10,420 5.078 10,420 5,078 5,666 21.164 21.164 10. Expenditure on charitsble activitles by a¢llvity type Activities undertaken Restricted directEy funds Total funds Total fijnd 2022 2021 Charitable activty Support costs 316,400 356,854 45,680 362,080 356.854 284,727 346,403 673.254 45.680 718.934 631.130 23
Railway Preservation Society of Ireland-The Company Limitsd by Guarantee Notes to the Financial Ststements (¢onlinuedJ Year ended 31 December 2022 11. Analysis of support costs Total 2022 Total 2021 Premises Communications and IT General offi Finance costs Govemano costs 245,587 9.527 95,159 (2,214) 8.795 216,039 20,196 87,066 13,896 9,206 346,403 356.854 12. Costs of other trndlng a¢tivitses Unrestricted Funds 2022 Unrestricted Funds 2021 Museum cafe expenses Books & Memorabilia 123,550 21,429 144.979 85.526 13,066 98,592 13. Exceptional item vmth effect from 1 November 2022. the Directors of the ¢ompany have transferred the employees and work previously undertaken by Heritage Engineering Ireland L.td to the company and have included its accumulated trading deficit as an exLwtiDnal item in the 2022 results. 14. Net expenditure Net expenditure is stated after chargIn(credItig). 2022 2021 Depreciation of tangible fixed asseis Foreign exchange lossesl(gains) Fees payable for the audit of the financial statements 130,064 {6,504) 4,000 105.865 9,590 5,250 16. Staff costs The totsl staff costs and employee benefits for the reporbng period are analysed as follows.. 2022 2021 Wages and salaries Social security costs Employer contributions to pension plans 247,967 12,607 5,728 147.580 8,549 2,869 266,302 158,998 The average head u)unt of empk)yees during the year Wds 9 (2021: 6).
Railway Preservation Society of Ireland-The Company Limited by Guarantee Notes to the Financial Statsments (Mnthiuedj Year ended 31 December 2022 15. Staff costs (¢ontsnuedJ No employee receNed empk)yee benefits of trM)re than £6Q.000 during the year'{2021: Nil). 16. Key management personnel Key management personnel include all persons that have authority and responsibility for planning. directing and controlling the acttvities of the charrty. The total compensation paid to key management personnel for services provided to the charity V•BS £94.341 {2021- £74,574) 17. Trustee remuneration and expenses No remuneration or other benefits from employment with the charity or a related entity were received by the trustees (2021". £nil). Two trusteestsvere re¢mbursed for accomnNxlakn expenses during the year of£31212021.' £ftil). 18. Tanglble red assets Freehold property Equipment Total Cost At 1 January 2022 Transfers in Additions Disposals At 31 December 2022 3.890,822 72,632 24,456 35,481 (15,446) 117,123 3,963,454 24,456 56,977 (15,446) 4,029.441 21,4 3,912.318 D8preeiation At 1 January 2022 Transfers in Charge for the year Disposals At 31 December 2022 385.656 48,124 18.836 19.939 (15,448) 71,453 433,780 18,836 111.228 (15,4461 548,398 91.289 476.945 Carrying amount At 31 December 2022 3.435,373 3,505.180 45,670 3,481,043 At 31 DeGemlJer 2021 Z4,506 3,529.674 19. Stocks 2022 2021 Raw materials and consumables 4,348 3.429 25
Railway Preservation Society of Ireland-The Company Limlted by Guarantsg Notes to the Financial Statements (conthiu Year ended 31 December 2022 20. Debtors 2022 2021 Trade debtors Prepayments and accrued income Other debtors 10,692 9,421 28,388 48,501 3,111 41.246 44,357 21. Creditors.. amounts falllng due within one year 2022 2021 Bank loans and overdrafts Trade creditors Accruals and deferred income Social security and other taxes 8,192 17.134 115,249 12,271 152,846 28,373 38,618 50,173 4,734 121.898 22. Credttors: amounts falllng due after more than one year 2022 2021 Bank loans and overdrafts Deferred income 8.327 1,460 1.460 8,327 23. Pensions and other post-retlrement beneffts Defined contribution plans The amount recognised in income or experKlilure as an expense in latIon to defined contribution plans was £5,728 (2021: £2,869). 24. Analysls of charitable funds Unrestricted funds At01 Jan 2022 At31 Income Expeftdkn Transfers Dec 2022 General funds 3.662.636 830,929 {848,138) (625) 3.644.802 At01 Jan 2021 At31 Dec 2021 Incotre Expenditure Transfer5 General funds 3,786,542 538,8TI (653,975) (8.808) 3,682,636 26
Railway Preservation Society of Ireland-The Company Limited by Guarantee Notes to the Financial Ststements Iwitinu Year ended 31 December 2022 24. Analysis of ¢harttable funds fconllnu Restricted funds Af 1 Jan 2022 At Transfers 31 Dec 2022 Income Expenditure Diesel Fund Mogul Project 171 Appeal 861 Appeal Directors, saloon {625) (27,841) (17,166) 625 10,874 63.715 11.379 4.427 22.888 56.882 11.379 4,379 10.333 (48) (45,680) 90,395 50.188 625 95.528 At 31 December 2021 1 Jan 2021 IncorrE Expenditure Transfers Diesel Fund 131 Appeal Mogul Project 171 Appeal 861 Appeal Directors, saloon 720 1,478 49.452 14,009 (5.559) (8.374) (46,670) {15.144) 4,839 3,969 2.927 8,092 64.850 11,379 4.386 10.874 63,715 11,379 4,427 41 91,634 65.700 (75.747) 8,808 90,395 25. Analysls of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2022 Tangible fixed assets Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 3,481.043 318,065 {152,846) (1,460) 3,644,802 3.481,043 413,593 (152,846) (1.460) 3,740,330 95,528 95.528 Unrestricted Restricted Total Funds Funds Funds 2021 Tangible fixed assets Current assets Creditors less than 1 year Creditors greater than 1 year Not assets 3.529,675 263.186 (121.898) {8.327) 3,662,636 3,529,675 353.581 {121.898} (8.327) 3.753.031 90.395 90,395 26. Corporatlon tax The Company is a registered chanty, and as such is entitted to tax exemptions on income and profits in furtheran of the charity's primary otyectives. 27
Railway Preservation Society of Ireland-The Company Limited by Guarantee Notes to the Financlal Statements (eontinue¢9 Year ended 31 December 2022 27. Nq)n adiustlng events aftertheftnanetal perfod In 2022 the Company was able to resume train operations in tK)th Belfast and Dublin resulting in a substantial increase in in¢ome. However f([all at the museum has not yet reccivered to pre COVKI levels. The charity is not in a position at this stage to predict the full severÈty of the cOnsequenS of the Covid-19 pandemic on ts future financial Perfonan. However, they are ofthe opinion there was no material impact on the financial ststements for the year ending 31 t)ecember 2022. 28. Analysis of changes In net debt At At 1 Jan 2022 Cash flows 31 Dec 2022 Cash at bank and in hand Debt due within one year Debt due after one year 317.737 (28.373) (8.327) 43,007 20.181 8.327 360,744 {8.192) 281,037 71.515 352,552 29. Contingencies The charity has a tingent liabilty to repay grant aid rf certain conditions are not me( or covenants not adhered to. as detsiled in the grant letters of offer, as follows.. Heritage Lottery Fund - Grant £1.644,41)O. Clawback provistons in Pla until 2038. NITB - Grant £1,393.120. ClavA)ack provisions in Pla until 2027. GROW (DARD) Grant £1,273.209. Clawback provisions in ptace on a sliding le Sin date of last grant The d1ctorS do not anticipate a siiuation where grants could be clawed bac 30. Related parties During the year the charity entered into the following transactions with related parties: Transactlon value Balance owed byl(to) 2022 2021 2022 2021 Trustees. donations 620 44,480 Membets interest free loans At the balance sheet date there Nyas £13.000 due to members and directors {2021: £Nil). Trustees, donations During the year the charity reiVed donations from Trustees totalling £820 (2021: :£44.480). 31. Capltal commitments The Society has Committed £33.820 towards the refurbishment of ts building at Inchicore works. Dublin. 28