Railway Preservation Society of Ireland-The Company Limited by Guarantee Statement of Financial Activities (Includlng income and expenditure account) Year ended 31 Dewnber 2023 2022 Unrestricted Restrictal funds fvnds Totsl funds Total funds Income and endowments Donations and legacies Charitable activities Other trading activltlas Investment income Other tn¢ome 53,000 661,934 103,421 65,901 118.901 661.934 103,421 110,064 635,285 102,173 11474 830.835 12.474 33.592 Total income 65,901 896.736 881,117 Expondlture penditure on charitable actfvilies Costs of Oth trading acbvrt Total pxponditure 10 12 819. 127.222 946,908 99.728 919.414 127,222 99,728 1,046,636 718,934 144.979 863,913 Net Incomel(expendlture} (116.073) (33.827) (149.900) 17,204 Transfers between funds Excepttonal Item 13 [29,905) Net movement in funds (116.073) (33.8271 (149,900) {12,701) Reconcli ialion of fund Totsl fvnds brought tortryard Total funds Carried forward 3,644,82 3.528,729 95,528 61,701 3.740.330 3,753,031 3.740,330 3.590,430 The statemen* of financial aclfvjtl Bndudes all gains and bsse5 recognlsed In the yw. All ineome and expendi¢ darive from continuin9 aGI5vIti. The notr5 on pages 17 to 28 forni partof these financial Statemts. 14
Railway Preservation Society of Ireland-The Company Limlted by Guarants8 statement of Financial Position 31 December 2023 2022 Tangible fixed assets 18 3.401,465 3.481,043 Current assets stocks Debtors Cash at bank and in hathl 19 5280 4,348 36,415 48,501 253.776 360.744 295,471 413.593 Creditors: amounts falllng due y Net curront ass&ts Total assets les$ current Imbiliti 21 lo6. 188,965 3.590.430 152.846 260.747 3.741.790 Crndltors: amounts falling due altermore than one y Ngtass•ts 3.590.430 3,740.330 Funds of the chari Reslrtcted funds Unrestricled fiJnds Totsl charity funds 61.701 3.528,729 3.590.430 95,528 3.644.802 3,740,330 These fin8ncial statements were approved by the bod of InleeS and aUttrM)r1 fori5sue on 11 2024, and are signed on behalfofthe board by". Mr P Rigney (ChaTm7an Tweg Mr P Mccann 15
Railway Preservation Society of Ireland-The Company Limitsd by Guarantse Statement of Cash Flows Year ended 31 Decernber 2023 2023 2022 Cash flow5 from operating actlviti8S Net incomel(expenditurel (149.900) (12.701) Adjustments for Depre¢iation of tsnglble frAed asets & on tranSfS ll) Other Trntest receivable arnl &milar income Interest payable and simikr dBrge5 Accrued expenses 111,037 (6) 99 21,301 130,064 (31 1,258 10.335 Changes i St¢xks Trade and other debtors Trade and other creditors Cash generated from operakn5 (931) 12,086 {62,02n (68,342) {919) {4,144} 42,255 186.145 Interest paid Interest received (991 (1.258) Net cash froml<used wi) operthg activlti <68.435) 164,890 Cash flows from Investing activitles Purchase of tsngible assets & transfers in Net cash used in investing 8ctsviUes (31,459) 131.459) 181,433) (81,433} Cash flows from financing actfvities Repeyments of boTruwings Net cash used In finandng acb¥rties (7,074) (7.074) (28,508) (28,508) Net Increasel{decrea5eJ in cash and cash equlvalents Cash and cash equivalents at beginnlng of year Cash and cash oquival@nts at and of year {106.968) 360,744 253,776 54,949 305,795 360.744 The nolES on pages 17 to 28 fomi partofthese ttnancial 91atements. 16
Railway Preservation Society of Ireland-The Company Limited by Guarantee Not8s to the Financial Statements Year ended 31 December 2023 Gen8ral Informathn The charity is a publ befft entity and a priwate company limfted by guarantee. registered In Northem Ireland and a regIsted Charity in Northem Iretand. The address ofthe registered offi is Whitehead Exctrsion Statton. Castlevw Road. thitehead. Carrickfwgu5, BT38 9N statement ol compliance The finandal ststements have been epad In Cornplian wlth FRS 102, The Financial Reporting Stsndard appStsble in the UK and the RepubfK of Ireland,, the Statement of Recommended PractEce athicable to Charities preparing th8ir a¢wunts in accordance wtth the fnancial Reporting Standard applicable in the UK and Repub¢ of Ireland IFRS 102) {Charitie5 SORP (FRS 102)) and the Companies Act 2006. Accountlng policie5 Basb of preparatlon The financial statements have been prepared on the hlstDTical cost basis, as modffied by the revaluation of certain financial assets and liabilitps and investrnent woperties measured at falr value through Income or eXltur The firHncFal statemènts are prepared in sterkng. which is the fjjnclional currency of the enw. Golng concern There are no materlal urertateS aut Ihe charity's atqlity to conttnu Judgements and key sources of estimatlon uncertainty The preparation ofthe financial statsments requlres management to make judgements, estimates 2nd assumptTons that affect the amounts reported. These estimates and judgements a continualfy reviewed and are based on expwience and other faciors, including expectations of future ovents that are tefjeved to be reasonable under the circumstances. Forelgn currerE¢ie5 Foreign GurrenGy trar105 are knJtlaty rer¥3rd&J fn the functN)nal currenw, by apptying the 5POt exchange rate a5 at the date of the transxtion. Monetary assets and liabiEittes denomlnated In foreign currencies aTe translated at the exthange rate ruling at the reportiro datq with any gain5 or tosses being tsken to the ststement of financial actNttte5. 17
Railway Preservation Society of Ireland-The Company Limited by Guarantee Notes to the Financial Sfatements Year ended 31 December 2023 Accounting poli¢ieE (GLrfnve Fund accounting Unrestrtded funds are alIable for use at the thlxetion of the trustees to further ary of the charty's purposes. Desl9naled funds 8re unrestricted fvnds eamwlod ty the Irustees ft)r partkuEar future Pro or commitment Restricted funds are subjected to restr1 on thelr expendIredeCved ty the donor or through the tsrms ofan appeal, and fall Into one oftsvo SusSeS. restricted incorne funds or endryavment funds. Incoming resources All incoming resour are included in the statement of financd arAivities when entillement ha5 passed to the charitr. it is probabte Ih8t the economic benefits associated wlth the transaction wÉll flow to the charity and the amount can be refwbty measured. The foltowlng specÉfic wIle5 are applied to parlicular cate3oFies of income: income from donati or grants is recognised wt1 Ite 15 eviden gf entittemt to tho gtft receipt is probable, and its amount be measured reliably. legacy income Is reLX)ynised when relpt is probable. and entittement is established. income from donated goods 15 measured at the lair v8tue of the goods unless Ihis is impractical to measure reliabty, in which case the value is derNed from the cost to the donor or the estimated resale value. Donated fac1reS and Servi are recognised in the accounts when rec8fved it the value can be retiabty m&qsurecL No amounts are included for the contribution of general volUntr$. income from ctThtracts for the supply of servlces is reccgnised with the delivery of the contracted servi. This classffied as unr8strtcted funds unless there is a contractual requirement for ft to be spent on a partkular PUqxe and returned If unsPt In which ¢ase it may be regatded as restricted. 18
Railway Preservation Society of Ireland-The Company Limited by Girantse Notes to the Financial Ststements (cts7thx Year ended 31 December 2023 Accounting poljcies (ctiptsue Resources expended Expenditure is recognised on an 2ccnJals basis as a ffabilfty is inrred. EXpenllUre includes any VAT which cannot lulty recovered, and is classffied under headings ofthe statement offinancial a¢tivfties to which it rdakr. eXpendIre Lln rais4vJ fid$ indudes the C( of all fundraising activiti85, events. non charitable trakng acbvlts. and the sale of donated gots. expenditure on charitable activitses includes au costs a charity in undertaklng activltwes that ftjrther ts tharilable aims for the benefit of ils beneficiaries, including those support costs and costs relating to the govemance of the charity apporttorkd to Chitable activitie5. other expen(rrture indudes au expen(fibJre Ihat is neitherrekt8d to ratsing funds forthe charfty nor part of its expendliure on charitablè artsy1t. All costs are allocd to expenditure categories rellectsng the use of the resource. Direct Costs attributable to a single acfivty are allOted direclly to that activity. Shared costs are apwrtioned bekneen the activilies they contr11te to on a reasonablq juslifiable and consistent basis. Tonglble assets Tangible assets are inittaity recorded at cos¢ and subsequenvy slated atcost185s any accumulated depreciaOn and impairment bsses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumutated deprecration and subsequent accumulated Impairment losses. An increase in the 17nying amount of an asset as a Ult of a revaluatton. ts recognised in other recognised gains and bsses, unles5 it reverses a charge fDr impairment that has previousty been recognised as expenditure within the statement of financlal activities. A decrease in the carying amount of an asset as a result of revaluation, is recognised in other recognised 9ains and tosses, exGept to which it offsets any previous revaluation gain, in which case the105s is shown within other reGognised gains and ksse5 on the statement of financial activities. Depreclatlon Dèpreciation is calcukted so as to wrfte off the cost orNBluation of an assrf less 115 residual value, over the useful economlc life ofthat asset as folkThis: Fwhold property Equipment 2%- 10% straight line 25%- 5Wo straight line Impalrnient of ftxed assets A review for Indicators of impairnient is cariied out at each reporting date. with the recoverable amount being estimated where such indicators extst Where the tryg value exoeeds the recoverable amoun( the asset is impaired accordingiy. Prior impaimients are also revlowed for possible reversal at è7th iepc¥ttng dat& 19
Railway Preservation Society of Ireland-The Company Limited by Guarantee Notes to the Financial Ststements (con6nLW Year ended 31 December 2023 Accounttng poltcles fc¢yJkni*o7 Impalmient of fixed assets (¢On6ft? For the purposes ofimpairment testing, when it i% not possible to esmate the recoverable amunt of an indtvidual asset, an e5ttmate És made of the recoverab amount of the cash-generating unit to whlch the asset belongs. The cash-generdting untt is the smallest identifiable group of assets that Irude5 the asset and generatss cash 4iflNis Ihat18 largely indewdent of the cash inflows from other assets or gmups of assets. For impairnent testing of goo111. the goodwfll aquired in a bushiess Gomblnation is, from the acquÉsition date. allocated to each of the $hneratIng units that are expected to benefrt from the synergies of the Gombinatlon, irre5Fective of whether other assets or liabililies of the chan are as$ed io those unts. Stocks Stocks are measured at the knver of cost and ¥timated selling prKe less costs to complete and sell. Cost includes all costs of purchase. costs of conversion and other wsts incurFBd in bringing the stock to its present location and condilion. Flnanclal Instruments A financial asset or a financsal fHbli lly ts rttogntsed only when the charity becomes a paty to the contractual provisions ol the instnJmenL Basic financtal in5trurnents are inFtsalty recogntsed at the amount receiwable or payable including any related transactron costs. Currentassets and current Ilabiittie5 are 5ubsequenty measured attho cash or other conswleratFon expected to be paid or received and not discounted. Financial assets that are measured at cc¢t or amortised G05t are reviewed obltiVe evklen¢e of impalmient at the end of each reporting date. If there rs Otg"ective evidence of Imp3im8llt, an impairment loss is recognlsed under the approprHte heading in ts Statemtt of financial actlvities in which the inltial gain was recognised. 20
Railway Preservation Society of Ireland-The Company Limlted by Guarantee Notes to the Financial Statements (t¥¥th Year ended 31 Dernber 2023 Accounting polia'es (tLvth Defined contrtbution plans ContritxJtft)ns to defin nIn1110Th plans rogniSed as an expense in Ihe wiod in which the related Ser41 is pro¥MJ8J. preid CAThfrMions are rwnised as an assetto th8 extentthat the prepayment wjll lead to a reduckn In fukire payments or a cash refund. Ihhen contrbi utTons are not wJect8d to settted wholly vAthin 12 months of the end of the reporting date in which the employees render the lated seNi¢q the liabl1Y is measured on a dQUted presert vatue basis. The unwinding of the rftscount rec&Jnlsg1 as an expense In the petiod in which tt al8. Limited by guarant•e The Railway Preservalion Sodety of Iretand is a company knited by guarantee and accoriftryty does not have a share Cats1. Every member of the ¢lThWdny undertakes to contribLrte such amount as may te required not exceeding £1 to Ihe assets ofthe charitable o)mpany in the event of it being wound up whife he or she is a member. or within one year after he or she ceases to be a mèmber. Donations and legacies Unreslrthd Restiicted Total Funds Funds Funds 2023 Donations General donatlons Chartty Santa train donatiL Donations Re 131 appeal Drnations Re Mcoul project Donations Re 171 appeal 24,327 1,176 24,327 1,178 25 44,559 21,342 44,559 21.342 Subscriptions Members. 3ubsGrtptrons 27.472 27,472 65.901 118,901 21
Railway Preservation Society of Ireland-The Company Limited by Garan Notes to the FirnCIal Statements Year ended 31 December 2023 Donations and legafxes UNeStriC Reytricted Totsl Funds Funds Funds 2022 l)onations Genera donattons Charity Santa train donafions t)onations Re 85 lubttcator Donatbns Re 131 appEal Donations Re Mogul FNoJe¢t Donations Re 171 appeal Subscrtptlons Members, subsoiptK)r 23.852 5,104 20 23.852 5.104 20 225 39,855 10.333 39,855 10.333 30,675 30.675 11 Charltable activities unrestr Restricted Total Funds Funds Funds 2023 Ratltour tnGome Buffet car on tralns Fundraising on trains Museum incame model income Member winter meeb.ngs Filming Income N l Museum council grant CRESI grant for accountant STOS grant 485,441 485,441 58.4C 56,1g6 19,416 72 l.Q79 7,424 700 30.000 3,200 56.196 19,416 1,079 7.424 700 30.000 3,200 661,934 661,934 Unre5triL#ed Restri Total Funds Funds Funds 2022 Railtour income Buffet car on trains Fundratslrtg on tralns Museum income Member wlnter meetings Filming In¢ome N l Museum council grant Mid & East Antrim Council grant N l Museums Counctl Spoil train book grant N l Museums Councll Collectton management gFant CRPHONLHF grant from Heritage Lottery Fund CRESI grant for accountant STOS grant Bord Fate grant 400.890 50.993 39.544 9,537 1,132 21,750 20.OOQ -1,876 2,000 1,220 50,000 10,000 8,000 18,343 635,285 400,890 50,993 39.544 9.537 1,132 21,750 20,000 1,876 2,iJOO 1,220 50,000 10,000 8,lJOO 18.343 635285
Railway Preservatlon Society of Ireland-The Company Limited by Guarantse Notes to the Financial Statements Year ended 31 December 2023 Othertrading aCtileS Vnre5trthd Totsl Funds UnrEstrthd Total Funds Funds 2023 Funds 2022 Cafe income Books and memorabll 76.098 27.323 103,421 76.098 27.323 61580 39.593 102,173 $1580 39,593 1(72.173 103,421 Imrestment Income Unstil Total Funds Unrestricw Totat Funds Funds 2022 Bank interest rtrEivable Other Income Unwthcted Restricted Total Funds Funds Funds 2Iy23 Other income Disposal of scrdp metst 1.128 11.346 1.128 11.346 12,474 12.474 Unrestricied Restricted Total Funds Funds Funds 2022 Other income Disposal of scrap metal 18,800 14,792 18,800 14.792 33,592 33,592 40. exp•ndtture on Gharltable aGtlVlt1 by aGlfvity typ" Aclivities undertaken Restri Total funds Totat fund dir fijnds 2023 2022 Charitable activity Supp)rt costs 413.873 405.813 9g.728 513.601 405.813 356.854 819,686 99,728 919.414 718,934 23
Railway Preservation Society of Ireland-The Company Limited by Guarantee Notes to the Financial Staterne Year ended 31 December 2023 11. Analysls of supp¢)rt costs Tota 2023 Tolal 2Lf22 Premises communi10n$ and General offi Finan costs Governan costs 255.108 5,798 116207 15,311 13,389 405,813 245.587 9.527 95.159 (1214) 8.795 12. Cogts of othertrading activfties Unrestricted Unrestricted Funds Funds 2Q23 2¢y22 Museum cafe exwes ks & Memorabilia 111.933 15,289 127,222 123.550 21.429 144.979 13. Excaptsonal item Wrth effect from 1 November 2022, the Directors of the company have trans the empkjyees and work previousty undertaken by Heritage Engineering Irend Ltd to the company and have inciuded its accumulated trading deficit as an excepttonal item in the 2022 results. 14. Net expenditure Net expendikn B stated after ctwgW{credfttng).' 2023 2022 Depreciation of tsngitle ed assets Foreign exchange lossesllgain5) Fe8S Feyable for tha audit oflhe financial statemerts 111.037 11.745 4,774 130,064 (6.504) 4.000 15. Staff costs The total *aff costs and employ benefits for the reporting p8iM)d are anatysed as folluws: 21Y23 2(Y22 Wages Énd sa]ari&s SocÈal security costs Employer CoF]tribUs lo penSn plan5 263,939 18,116 8.842 247,967 12,607 5.728 290,897 266,302 The average heal count of emptoyees during th8 year was 9121Y2Z" 9).
Railway Preservatlon Society of Ireland-The Company Limited by Guarantse Notes to the Financial Statements Year ended 31 December 2023 No employee re1Ved empbyee ofm(re £60,(KIO durtrKJ the yw (21Y21' NID. 16. Key management petsonnel Key management pusonnel inctude am persons that have authority and reBponsibility for planning. dJrecting artd controlling the activitEes of the chartty. The total compensation paid trj k management personnel for servrEs provided to thB tharty was £95.584 {2022- £94,341) 17. Trustee remuneration and expenses Na remuneration or other beneffts fiDm employMt with the charity a related entity were r8¢eived by the trustees (2021. £nll). No tru*s wwe reirnbued for acccmnvJdati(m ey4ws durirKJ the year (2022: £3121. 18. Tangible fixed awts Freehold propety Equipment Total Cost At 1 January 2023 Additlons Disposals 3.912,318 31.459 117.123 4.029.441 31.459 At 31 December 2023 3,943.777 117,123 4.£EO,900 D¢preciatlon At 1 January 2023 Charge for the year Disposals At 31 Decomber 2023 Carrying amount At 31 Decomber 2023 476,945 95.501 71.453 15.536 548,398 111,037 572,446 86.989 859,435 1371.331 30.134 3.401.465 At 31 Decembw 2022 3,435.373 45.670 3,481,043 19. Stocks 2023 2022 Raw materials and consumables 5.280 4,348 25
Railway Preservation Society of Ireland-The Company Limited by Guarantee Notss to the Flnancial Statements f4*ue Year ended 31 December 2023 20. Debtors 2023 2022 Trade debtors 10.692 9,421 28,388 48,501 Other debtors 28.425 36.415 21. Credltors: amounts falllng due vAthin one year 2023 2022 Bank loans and overdrarts Trade ed[tOrS Accruals and deferred incon s(la1 secuiity and other taxes 1.118 7,279 89.272 8,837 106,506 8,192 17.134 115,249 12271 152.846 22. Creditors: amounts falllng due after more than one year 2023 2022 Bank108ns and overdrafts Deferred income 1.460 1,460 23. Pensions and other POSt4etirement benefits Defined contrFbution plans The amount recognis&a in income or eXper[lUTe as an expens8 in rBlation to defined i>)ntribulton plans was £8,843 (2022: £5.728). 24. Anatysis of charitsble funds Unrestrlcted funds At01 Jan 2023 At31 Income ExpeTrrture Transfers Dec 2023 3.644,802 830,835 {946.908) 3,528.729 General funds At01 At31 Jan 2022 IoMe Exwditttre Transfers Dec 2022 3..636 830,929 (848.138) (625) General funds 3,644,802 26
Railway Preservation Society of Ireland-The Company Limited by Guardntee Notes to the Financial statnts {ethifyw•4 Year ended 31 December 2023 24. Analysis of charitsble funds (ri¥thM Restrlct8d funds 1 Jan 2023 Irmne Eypendrture Transfers 31 Dec 2023 Mogul Project 171 Appeal 861 Appeal Dtrectors. salLYJn 22.888 56.882 11.379 4,379 95,528 (59.434) (38.812) 8,012 39,413 11,379 2,897 61.701 21.343 (1,482) (99.728) 65.931 31 December 2022 Diesel Fund Mogu11 Project 171 Appeal 861 Appeal Directors. saloon {625) (27.841) (17,166) 625 10.874 63.715 11.379 4,427 90.395 39.855 10,333 22.888 56,882 11.379 4.379 95.528 {48) (45.680) 50.188 25 2S. Analysi5 of net assets betLen funds unrestr Restricted Total Fund5 Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Net assets 3.401.465 233,770 (106.5C6) 3.528.729 3.401.465 295,472 (106,506) 3,590,430 61.701 61,701 Unwtricted R•trictad foto1 F*Jnds Funds FurKIs 2022 Tangible fixed assets Current assets Creditors less than 1 year Creditors greater than 1 year Net ets 3.481.043 318,CES (151846) (1,460) 3.644,802 3.481,043 413.593 {152,846) (1,460) 3.740,330 95,528 95,528 26. corporaon tsx The Company is a regi51ered charity, and a5 such is entitled to tsx exemplh)ns on income and proffts in furtherm of the charitys wimaty obi&b¥es. 27
Railway Preservation Society of Ireland-The Company Limited by Guarantee Nofes to the Financtal Statsments (cr&1• Year ended 31 December 2023 Zl. Non adlustlng evats after the ffnancial perlod In 2023 the Company was abte b resume trdin oper10n$ around Dubr and on its llfvitehead Site resulting in a substanllal inGrease in in¢om& F(Jotfall at the museum also recovered stgnificanty but has not yet reachgj pre Coyid 28. Analysis of changeg in net debt At At 1 Jan 2022 Cash ftows 31 Dec 2022 Cash at bank and n hand Debt due within one year Debt due after one y 360.744 (8,192) (1A60) {1C6.988) 7.074 1,460 253,T16 (1,118) 351.092 {98.434) 252,658 29. Contingencies The charty has a contingent liabilty to repay grznt d if certain corxlitions are not m& or ¢ovenants not adhered to. as detsled in the grant letters ofoffer. as follows: Heritage Lottery Fund- Grant £1.844.400. Clawback provislons in place unlil 2038. NITB - Grant £1,393,120. Clawbad( prDVtsions wi pTra until 2027. GROW (DARD) Grant £1,273,209. Clawback provislons In pkn on a slding scale Sin date of last grant. The director5 do not anicry)ate a silualion where grants could be clawed bac 30. Related parties Dullng the y8ar the charity enlwed inkn th8 fIng transacfions with related partres: Transaction value Balance owed byl(to) 2023 2022 2023 2022 Trustees. dcmations 165 620 At the balance sheet date there was £NIl due to members and dir {2022: £13.000}. Trust, donatlons During the year lh8 cfrwity received donations from Trusts totalling £165 (2022: .£820). 31. Capital commltments The So• has no capital committed at presatt (2022. £33.820). 28