Railway Preservation Society of Ireland-The Company Limited by Guarantee Independent Auditor's Report to the Members of Railway PreseNation Society of Ireland-The Year ended 31 December 2022 Opinion We have audited the financial statements of Raitway Preservation Society of Ireland-The (the'charity) for the year ended 31 De¢ember 2022 which comprise the statement of financial actNities (including income and expenditure account). statement of financial position. statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is appltcable law and United lQngdom Accounting Standards, including FRS 102 The Financial Reporbng Standard applicabk in the UK and Republic of Ireland (United Kingdom Generalty Accepted Accounling Prdctice). In our opinion the financial ststements: give a true and fair view of the state of the chariws affairs as at 31 December 2022 and of rts incoming resouros and application of resources. including its income and expenditur8, for the year then ended: have been property prepared in accordan with United Kingdom Generalty Accepted Accounting Practice", have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinton We conducted our audit in accordance with Intemational Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditorfs responsibilittes for the audit of the financial statements section of our reporL We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and apprijpriate to provide a basis for our opinion. Conclusions rnlating to going concern In audibng the financial statements, we have conduded that the trustees, use of the going COnrn basis of accounting in the preparation of the finanaal statements is appropriate. Based on the yrk we have perfomied, ¥ have not identified any material uncertaintie5 relating to events or conditions thaL indivhdually or collodivoly. may cast gwnificant doubt on the ch2riVs ability to continue as a going con¢em for a peri(MJ of at Seast twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilitses of the trustees with respect to going cOnM are descfibed in the relevant sections of this reFQ
Railway Preservation Society of Ireland-The Company Limited by Guarantee Independent Auditorfs Report to the Members of Railway Preservation Society of Ireland-Th8 {continued) Year ended 31 December 2022 other information The other information comprises the infomiation induded in the annual repo¢ other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other inf0Mtion. Our opinion on the financial statements does not cover the other inf0mtIOn and, expt to the extent otherwise explicitly stated in our repof( we do not express any fonr of assurance conclusion thereon. In connection with our audit ofthe financial st*ments, our responsibility is to read the other information and, in doing so, consider whether the other inf0mtion is materialty inconsistent wÈth the financial statements or our knowledge obtained in the audit or otherwise appears to be materially MStated. If we identify such material ino)nsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a rnaterial misstatement of the other infonnation. If, based on the work we have performed, we condude that there is a material misstatement of this other Information, we are required to report that facL We have nothing to report in this regard. Opinions on other matters prescribed by the Companles Act 2006 In our opinion. based on the work undertaken in the course of the aud the infonnation gwen Fn the Injstees. report for the financial year forwhith the financial statements are prepared is wnsistent with the financial statements,. and the trustees, report has been prepared in a(ordan with applicable legal requirements. Matters on whlch we are required to report by exception In the light of the knowledge and understanding of the charity and its envirOnEnt obtained in the course of the audi( VR have not identified material misstatem&nts in the trustees. teporL We have nothing to pOrt in respect of the following matters in relation to whith the Companies Acl 2006 requires us to report to you rf. in our opinion: adequate accounting records have not been kep( or returns adequate for our audit have not been Tlved from branche5 not visited by us: or tha financi21 statrnts are not in agrnent with the ac£ounting records and retums: or certain disclosures of trustees. remuneration specified by law are not made", or we have not received all the infomiation and explanations we require for our audit.
Railway Preservation Society of Ireland-The Company Limited by Guarantee Independent Auditorfs Report to the Members of Railway Preservation Society of Ireland-The (c1$41¢1) Year ended 31 December 2022 Responsibilities of trustees As explained more fully in the trustees. responsibilities statemenc the trustees (who are also the directors for the purposes of company law) a responsible for the preparation ofthe financiai statements and for being satisfied that they give a true and fair view, and for such intemal control as the trustees determine is necessary to enable the preparation of financial ststements that are free frDm material misstatemenL whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concem. disdosing. as applicable. matters related to going conrn and using the going conrn basis of accounling unless the tnjstees eFther intend to liquidate the charity or to ase operations. or have no realistic altemative but to do so. 10
Railway Preservation Society of Ireland-The Company Limitsd by Guarantea Independent Auditorfs Report to the Members of Railway Preservation Society of Ireland-The (¢onilnuvdJ Year ended 31 December 2022 Auditors responsibilttles for the au(fJt of the financial statements Our objectwes are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement whether due to fraud or erry. and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high tevel of assurance. but is not a guarantee that an audit conducted in accordance with ISAS {UK) will avaYS detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate. they could reasonabty be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, induding fraud. are InStanS of non-compliance with laws and regulations. We design procedures in line with our responsibilttres, ouuined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our prlureS are capable of detecting irregularities. including fraud is detarled belovr. In entIfyIng and assessing risks of material mtsstatement in respect of irregulariiies. including fraud and non-complian with laws and regulations, we considered the following: .the nature of the industy arKI sector, control erlvironment and business perfomiance including the design of the remuneration policies. key drivers for directors, remuneration. bonus levels and perfomiance targets: results of our enquiries of managernent about their own vjentification and assessment of the risks of irregularities., any matter5 we identifted having obtained and reviewed documentstion of their polrcies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether management were aware of any Instances of n0nrycompltan: detecting and SpOnding to the risks of fraud and whether management have knowledge of any actual, suspected or alleged fraud; the intemal controls established to mitigate risks of fraud or non-compliance with laws and regulations. the matters discussed among the audit engagement team induding 8jnificant component audit teams and relevant intemal specialists. induding tax and valuations specialists regarding how and where fraud might occur in the financial statements and any potential indi(2tors of fraud. As a result of these procedures. we consrdered the OprtUnItieS and InntiveS that may exist WFthin the organisation for fraud and identsfied the greatest potential for fraud. In common wtth all audits under ISAS (UK). we are also required to perfomi SpifiC pri)c&Jures to respond to the risk of wnagernent override. We also obtained an undetstanding of the legal and regulatory frameworks in operation, focusing on provisions of those laws and regulations that had a direct effect on the determinatron of matersal amounts and disclosures In the financial statements. The key taws and regulations we nsIdered in this context included ongoing Complian with the UK Companies Act and tsx legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements bLrt compliance with which be fundamental for their a¥>ilty to operate or to avoid a material penalty. 11
Railway Preservation Society of Ireland-The Company Limited by Guarantse Independent Auditorfs Report to the Members of Railway Preservation Society of Ireland-The (¢ontinued) Year ended 31 December 2022 As part of an audit in accordan with ISAS (UK), we exercise professional judgment arKI maintain professional scepticism throughout the audiL We also: Identify arKI assess the rÈsks of material misstatement of the financia statements. whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to pn)vide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error. as fraud may involve collusion. forgery, intentional omissions, mtsrepresentations, or the override of internal control. Obtain an understanding of intemal control relevant to the audit in 0Th4erto design audit prOdureS that are appropriate in the circumstan, but not for the purFM)se of expressing an opinion on the effectNeness of the intemal control. Evaluate the appropriateness of accounting poticies used and the reasonableness of accounting estimates and related discEosures made by the trustees. Conclude on the appropriateness of the trustees. use of the going cOnM basis of accounting and. based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to conb'nue as a going concem. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorfs report to the related disclosures in the financial s&*ements or, rf such disclosures are inadequate. to modfy our opinion. Our condusions a based on the audit eviden obtained up to the date of our auditorfs reporL However. fijture events or o)nditions may uSe the Charity to cease to continue as a going concem. Evaluate the overdll presentation, Structu arKI content of the financial statements, including the disclosures, and whether the financial statements representthe undertying transactions and events in a manner that achieves fair presentation. 12
Railway Preservation Society of Ireland-The Company Limited by Guarantea Independent Auditorfs Report to the Members of Railway Preservatlon Soclety of Ireland-The (continu Year ended 31 December 2022 We communicate with those charged wth governan regarding. among other matters, the planned scope and timing of the audit and significant audit findings. induding any significant deficiencies in internal control that we identify during our audit Use of our report This report is made solely to the chartty's members. as a body, in accordan with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditors report and for no other purpose. To the fullest extent pemitted by law. we do not accept or assume responsibility to anyone other than the charity and the chaiity's members as a body. for our audit wort for this reporL or for the opinions we have fomied. Conor Dolan FCA (Senior StatOry Auditor) For and on behalf of Finegan Gibson Ltd Causeway Tower 9 James Street South Belfast BT2 8DN 17 April 2023 13