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 COn￿rn basis
of accounting in the preparation of the finanaal statements is appropriate.
Based on the y￿rk 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 cOn￿M 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 inf0M￿tion. Our
opinion on the financial statements does not cover the other inf0m￿tIOn and, ex￿pt 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 inf0m￿tion is materialty inconsistent wÈth the financial
statements or our knowledge obtained in the audit or otherwise appears to be materially M￿Stated. 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 envirOn￿Ent 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
T￿lved from branche5 not visited by us: or
tha financi21 statrnts are not in ag￿rnent 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 (c￿1$￿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 con￿rn and using the
going con￿rn 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 a￿vaYS 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 InStan￿S 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 pr￿lureS 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 8￿jnificant 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 Op￿rtUnItieS and In￿ntiveS 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 Sp￿ifiC pri)c&Jures to respond to the risk of w￿nagernent
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 prO￿dureS
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 cOn￿M 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 Sta￿tOry Auditor)
For and on behalf of
Finegan Gibson Ltd
Causeway Tower
9 James Street South
Belfast
BT2 8DN
17 April 2023
13