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 (ChaiM￿n}
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 prO￿ures.
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 re*lection.
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 inforn￿tion see the HRA website atr. www.heri*eraihvays.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 B￿Offt 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 mem￿r$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 y￿rkIng 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 perf0m￿nCe 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 DirectO￿S 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 InCrea￿d to 981 in 2022. Thts was encouragtng given the limi￿j 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 underta￿ng under EU and
domestic law. This involves a ck)se relationship wilh lamr6J Éireann (Infrastructure Management) and
lamrod Éireann (Rai￿aY 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 Tr￿nIng
Th'e Society holds regular in￿tingS 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 n￿rn￿. 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 COn￿M 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 Ac￿Unting 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 tr￿teeS 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 eXp￿Ined in the finaKial Stat￿ts.
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 dUd￿r 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