Railway Preservation Society of Ireland-The Company Limited by Guarantse Trustees. Annual Report (Incorporating the Directorfs Report) Year ended 31 December 2022 The tnjstees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the ended 31 December 2022. Reference and administrative details Registered charlty name Railway Preservthn Society of Iretand-The Charity reglstration number XN484436 Company reglstratlon number N1010798 Princlpal office and registered Vthitehead Excursion Station office Castleview Road Whitehead Carrickfergus BT38 9NA Rev J McKegney Mr M Kennedy Mr P Rigney (ChaiMn} Mr P M¢Cann Mr P Newell Mr F McDonnell Mr J McKeown Mr D O'Hara Mr M Darragh Dr M Bailey Ms S Harpur Mr J Clinton Mr M Devlin Mr J O'Neill Mr M Wdlsh Resigned 15 Aug 2022 Resigned 24 Sept 2022 Resigned 24 Sept 2022 Appointed 24 Sept 2022 Appointed 24 Sept 2022 Appointed 24 Sept 2022 Appointed 24 Sept 2022 Company secretary Mr P Mccann Auditor Finegan Gibson Ltd Chartered accountants & statutory audltor Causeway Tower 9 James Street South Belfast BT2 8DN Bankers Bank of Ireland Anlrim Road Glengomiley BT36 7QN Bank of Ireland Ranelagh Dublin 6
Railway Preservation Society of Ireland-The Company Limited by Guarants8 Trustees, Annual Report (Incorporating the Directorfs Report) (conflnuedj Year ended 31 December 2022 Structurei governance and management Govemlng'Do¢ument and Constithn The Raitway preservation Society of Ireland is a company limited by guarantee, constituted under The Companies Act 2006, and is registered in both Northem Ireland and the Republic of Ireland. The Memorandum and Articles of Association are reviewed on an annual basis to ensur8 that govemance arrangements are appropriate and effective. These are available from the Society's website at www.steamtrainslre1and.rn1ab0ut Management Commrttees, based in Belfast and Dublin. look after day to day and operntional matters and are responsible to the Board. Our insurance brokers, Marsh, assisted in a major review and training exercise for the kniety to Identify risks and how to overcome them through training and prOures. Trustee Selocbon and Management The Board of Management consists of a Presidenc ChaimBn, Honorary Secretary, Honorary Treasurer and not more than enty other elected members. In accordance with the Articles of Association. Members of the Board retire on an annual basis and being eligible. offer themselves for relection. Work is under way to devebp Ihe facilities in Dublin to address the Imbalan beiween there and Vthrtehead. Related Oryanlsaoons The Society is a member of the Heritage Raiw Associatlon. a boty which repfesents the majority of heritage and tourist railways, tramways and railway preservation groups within both the UK and Ireland. For further inforntion see the HRA website atr. www.herieraihvays.com. Museum Accredltatlon The Accreditation Scheme sets nationalty agreed standards for museums in the UK and identifies areas for development. This demonstrates the society's commitment to managing collections effectively for the enjoyment and benefft of user5.
Railway Preservation Society of Ireland-The Company Llmited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (continuedj Year ended 31 December 2022 Objectives and activitlos Charitable Objects The objects of the charity, according to the Memorandum and Artides of Association are: 'To advance the education of the public in the history and development of railway locomotion by Ihe preservation in working order and operation of railway l¢xofftt)tives and other raiw vehicles and equipment and the preservation of railway buildings, bridges and other structures." Publlc BOfft Statement The trustees of the Railway Preseriation Society of Ireland confimi that they have complied with their duty to have regard to the Chartty Commission's guidance on publiG benefit and that the public benefit requirement has informed the activities of the Socbety in the year to 31st December 2022. In evaluating public benefit, the trustees note that memr$hIp of the so¢iety open to all Ytho share an interest in railway preservation. IMiFst it encourages those with an interest to join our ranks, it also strives to make our services and facilities available to non-members and ensure that restrictions placed on that availability are both necessary and reasonable. For example, the winter meeting programme is open to all. whilst public access to our trains is unrestricted. Summary of Activitses Preservation. Maintenan and operation of steam and diesel locomotives and heritage carriages on the public main line raiw netrworkthroughoutthe island of Ireland. forthe benefftof the general public. Developing a yrkIng museum to bring the experience of heritage rallway engineering and history to the general public. Delivery of training in relevant heritage crats to its volunteers arKI employees. Deltvery of a monthty winter meeting prO9ramrr covering a wide range of Irish railway topics. Also, pn)vision of talks to other soueties and organisalions on those subJ"ects. Maintenance of engineering bases from which are delivered overhaul and maintenance facilÉties, both for the Society's own purposes and for third parties which may require IL strategic report The following section5 for achievements and perf0mnCe and financial revie4V form the strategic report of the tharity.
Railway Preservation Society of Ireland-The Company Limited by Guarantee Trustees. Annual Report (Incorporating the DireGtorfs Report) {continiAdJ Year ended 31 December 2022 The Yearln Numbws 59 - Years preserving and operating steam trains 6 - Publi¢ meetings held via Zwm 52 - Days on which public trains operated 18.000 - Passengers carried 4,500 - Museum visitors Tralns Programme The normal programme of public trains was resumed in both Dublin and Belfast with Dublin being particularly busy. Train rides were also operated over the summer at Vthitehead. Meetings Pmgramme The usual public meetings were held online using Zoom. This continued to attract a significant tncrease in numbers from all over Ireland as well as some participants from abroad. All enjoyed a wide range of presentations. Topics induded: The Enterprise Express. Rails through Pomeroy and The First Great Train Robbery. Museum The museum reopened for the whole year, but attendance was disappointing at approximately one half of the pre Covid level. The Museum's Platform 3 Tea Room increased its footfall. both with locals and vtsitors alike, with some excellent reviews. The substantial outdoor area. fijmished with picnic tables and a smaller covered section. proved popular during the summer months. Heritage The major restoration undertaken during the year was on lowmotive No.171 "Slieve Gullion" Substanb'al maintenance work continued on both the Belfast and Dublin carriage sets. Volunteer members completed cosmetic restoration of the footptate of 461 and progressed the restoration of 184. Work has started on stripping out the rotten timbers of coach 837.
Railway Preservation Society of Ireland-The Company Limited by Guarantse Trustees. Annual Report (Incorporating the DirectOS Report) (continu•d) Year ended 31 December 2022 INork continued on the new NCC Mogul lo(x)motÉve project The workshop completed the cosmetic restorknn of the Bessbrook tram that has niyw retumed for display. Membership The membership number InCread to 981 in 2022. Thts was encouragtng given the limij abllity to operate trains thereby retaining interest in the Society and its activities. Volunteors The number of registered volunteers remained )nstaftt at around 250. Following the easing of restrictions. many members were able to work on the wide range of ongoing projects both in Belfast and Dublin. Retiremènts from the Board The Board wishes to thank Canon John McKegney, Mr Paul Newell and Mr Fergus McDonnell who have retired from the Board. Each contributed hugety as Board members and also used their speGifi¢ expertise in day-trpday practiral work for the organisalion. The SI]ety is delighted that all continue to give of their skill&as-Vg Related Organisations The RPSI has a tri-partite agreement with the Ulster Folk & Transport Museum and the Downpatrick & County Down Raikny to promte ctroperation on llwaY heritage matters. It also E a member of the Nl Museums Council (NIMC) which helps grant the Society Museum Accreditstion that unlocks funding from which the Society beneffts from time to time. The Society is a member of the Heritage Raiw Association. the umbrella tody for heritsge railways in the United Kingdom and Ireland. Rallway Companies The Board has estsbllsheo, and malntalns. a very good workin9 relationship with both lamrod Éireann and Nl Railways, the national railway companies in the Republic of Ireland and Northern Ireland respectpiely. In the Republic of Ireland. the Society has the legal stabjs of a Rai14vay undertang under EU and domestic law. This involves a ck)se relationship wilh lamr6J Éireann (Infrastructure Management) and lamrod Éireann (RaiaY Undertaking). as well as with the Commission for Rail Regulation (formerly the Rail Safety Commission). It was pleasing to have l)oth steam and diesel hauled trains running on both jurisdictions.
Railway Preservation Society of Ireland-The Company Limited by Guardntse Trustses. Annual Report {Incorporating the Director's Report) {conbntsedJ Year ended 31 December 2022 steam Crew TrnIng Th'e Society holds regular intingS with both railway companies with a vièw to the ongoing provision, and continued assessment, of a selection of their drivers as steam drivers arhl firemen. Social Media Intemet-based publicty continues to be a major part of the marketing for the Society and Museum, mainly by volunteer effott The RPSI'S YouTube channel saw a number of new videos added during the year. Flnancial revlew During the year the Soaety raised just over£830K from nrn. rdiltours. donations. and grants. The results for the period are set out in the financkgl statements whidi follow. They show £50,188 (2021 - £65,700) was raised for specific projects and reported under restricted funds, the Society incurred a Surplusl{defi¢it) of£(12.701) (2021-£(125.145)) forthe year. The baLanc6 on restricted funds in¢ased by £5,133. Reserves pollcy The Tnjstees have considered the level of unrestricted reseTves that it is appropriate to hold taking account of current and ongoing rnM[tinents. It is the policy of thè Trustees to hold at least 3 month's normal expenditure. However. the longer term effect of Ihe Covid pandemic has reduced the society's income resulting in a £40,000 shortfall to meet this policy. At the year end unrestricted reserves were £163,759. Thè Trustees are tsknng active steps to rebuikl reserves in 2023 through careful management of expenditure. Rlsks Given the nature and location of its operations, the charity is not signtficanty exposed to price or credit risk. Nor are liquidity or interest rate risks of COnM as the charity has no external mMerCIal fvnding. Surplus funds are invested in short-term bank deFM)Sits. Trust8es' responslblllties statement The trustees, who are also dlrectors for the Purposes ofcompany l•N. are re5ponslble for preparfn9 the trustees. report and the financial statements Tn accordan with applicable law and United Kingdom Accounting Standards (United Kingdom Generalty Accepted AcUnting Practice). Company law requires the d)arity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources. including the income and expendiiure. for that period.
Railway Preservation Society of Ireland-The Company Llmited by Guarantee Trustees. Annual Report (Incorporatlng the Directorfs Report) (¢fy Year ended 31 December 2022 In preparing these finandal statements. the trteeS are requtred to: select suifable a¢counting poltcies aThJ then apwy them consistenty. observe the metl#)ds and prir in Ihe applicable Chartse5 SORP: make judgmerts and accountyig estirn that are reasonable and prudenL state v4hether applicable UK AcwJnting Standards have been fokntd. subject to any materlal departures disclosed and eXpIned in the finaKial Statts. prepare the financFal statements on the going concem basis unless it is inappropAate to presume that the charity vitll o)ntinue in tKtsiness. The trustees are sponsIble for keeping adequate accountFng recards that are sufficient to show arKI explain the charity's transactions and disdose with reasonable &curary at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguar(fing the assets of the charity and hence for takin9 reasonable steps for the prevention and detection of fiaud and other irregularities. Audltor Ea¢h of trte persons kn is a trustee at the date of approval of this reF¥rt confimis that.. so far a$ they are aware. there no relevant audit informknn of [Ch the chanty's dUdr is unaware,. and they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit infornatron and to estabftsh that the charity& audFtor is aware ofthal information. The bustees, armual report and th8 strateglc ryt were apwoved on 17 April 2(Y23 and signed on behaw of the board oftrustees by: Mr P Rigney {Chainna Trustee Mr P Mccann Trus