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
Cr￿￿tOrs. 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 appY￿d 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 b￿n 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 r￿aSured 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 serV￿S 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
be￿een 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 Irnpaim￿nt 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 Impalm￿nt 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 st￿k 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 Impalm￿nt 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 I￿land 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￿(credIti￿g).
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 r￿ed 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 cOnsequen￿S of the
Covid-19 pandemic on ts future financial Perfo￿nan￿. 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 d1￿ctorS 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 re￿iVed 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.
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