Railway Preservation Soclety of Ireland-The Company Limited by Guarantee Independent Auditorfs Report to the Members of RaiFway Preservation Society of Ireland-The Year ended 31 December 2023 Opinion We have audited the financial slatements of RarPway Preservafion &riety of Iren&The (the'charity) for th8 year ended 31 DKemker 2023 whlch comprtse the ststement of financial activilie5 {including neome and expenditure account). statemenl of financial position. statement of ¢ash flows and the retated notes, including a surnry of signlficant accountlng pollcies. The financid reportlng framework that has been applied in their preparion Is applicable l84¥ and United Kmgdom Accounting Standards. including FRS 102 The FInalla[ Reporting StBndard appli&8b in the UK and Republ of Ireland Iunlted Kingdom Genernuy A¢wted Accounting Ptxtice). In our opinion the financial ststements: give a true and fair of the 513te of the charitys affair5 as at 31 December 2023 and of its incoming resources and aPpIatiOn of resouw, inc]uding its income and eXpendIre, for the year then ended; have been properiy prepared in accordance with United kngdom Generalty AcGepted Accountit Practice- have been prepared in ac¢ordance with the reqU1ments of the CompanE5 Act 2008. Basls for opinlon We conducted our audlt in accordan with Internatior1 Standard5 on AudRing (UK) {ISAs (UK)) and applicable law. Our responsibifities under those srrdS are fijrther described in the auditorfs respon6ibiliti6s for the audit of the financial statements sectton of our reporL We are independent ofthe charrty in accordance wlth the ethical requirements that are relevant to our audit of the financtal statements in the UK. including the FRC'S EthKal StaTKlard, and we have fuhllled our other elhic responsibilities in accordance with these requirements. We believe Ihat the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial stements, we have Goncluded thatlhe trustees. use ofthe gotng concem basis of accounting in the preparabon of tha financiat statements Is approprfate. 8ased on the work we have performed. we have not identlfied any materlal uncertainties relating to events or conditions that individualty or collectNely. may cast slgnifwit doubt on the charty's abilty to continue as a golng COnM for a period of at kast hvelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilrbes of the trust8eS With respect to going conc*m are described in the relevant sections of this reporL
Railway Preservation Society of Ireland-The Company Limltsd by Guarantee Independent Auditor's Report to the Members of Railway Preservation Society of Ireland-The [¢ Year ended 31 December 2023 other infomiation The other information Gomprists the infrtion included in the anndI rewtL other than financtal ststements and our audltols report thweon. The trust are re5Fonsible for the other inf0mtiOn. Our opinton on the financial statements does not cover the other infurmation and, except to the extent otherwise explkiuy stated in our report we do not express any forni of assurance wnclusion therwn. In connection wlth our au(fitof the financial stments. our resFMslbilty 15 to read the other infomiation and, in doing so, consider whether the other infomiion is materilty inconsistent with the financlal statements or our knowledge obtained Én the aLKlit or otheThYtse appears to be materialty mlsstated. If we Identify such material inconsistenctès or apparent material misstatements, we are iequired to determine whether thete is a materid misstateMt in the financial ststements or a materral misstatement of the other infomation. If. based on the work we have pErfoTmed, we conclude that there 15 a material misstatement uf thi5 Other information. we are required lo report that facL W8 have nothin9 to report in thks regard. Oplnlons on other matters prescribed by the Companies Act 21)06 In our qjinlon. based on the work underlakn In the course ofthe audlL' the irrfomation given in the tfU5tees' repJt the flnan(xal year forwhth the fmancial statements are prepared rs Gonsistentwlth the financipj staknents: and the trusteps, report has b&n prepared in accordan Ivilh applble legai requirements. Matters on whlch we are required to report by exceptlon In the Ilght of the knowledge and understanding of the ¢herity and tts environmentobtained in the course of the audit, we have not Klgntified material misstatements in the tNstees' repoTL We have nothing io report in of follwIng matters In relatlon to whh the Companles Act 2006 requires us to report to you rf. in our opinion: adequate accountirwJ records have not been kepL or retums adequal2 ts our audit Pve not been reGe6ved from brareS not visited by u5.. or the financial statements are not in agreementwith the accounbng rewrds reknms: or certain disc105ures of truslees, remunerabon spedf*d by law are not male: or we have not received atl the informth and expknations we require for our audlL
Railway Preservation Society of Ireland-The Company Limited by Guarantee Independent Auditorfs Report to the Member5 of Railway Preservation Society of Ireland-The {c(Arytinu•l Year ended 31 December 2023 Re5ponsibllitieB of trustees As explained more fully in the trusttss. resprytsibifrftes statement. Ihe trustee5 (who are atso the directors forthe purposes of company law) are p(Sib forthe prepatation oflhe financial statements and for being satisfied that they give a true and fair viw. and for such iniemal control as the trustees determtne ts necessary to enabk the prep*ton of financ staiernents that are free from material mlsstatement. whether due to fraud or ertor. In preparing the fEnancial statemenis. tt)e trustee5 are responslbte for a$5essing the charity's ability to continue as a going concem, disclosing, as appllcabie. matters reiated to going concem and usin9 the going concern basi$ of accounting unless the tnJste&s either intend to l¥]ukl2te the charfty or to cease operations, or have no rpaft5tic aitematsve but to do so. 10
Railway Preservation Society of Ireland-The Company Limitsd by Guarantee Independent Auditorfs Report to the Members of Railway Preservation Society of Ireland-The fconffp Year ended 31 December 2023 Audltotrs r•sponsibilitles forthe audit of the financial Statements Our objectlves are to obtain reasonable 8SSuran aljout whether the ffftanclal siatements as a whole are Iree from material misstatemenL whether due to fraud or error. aFKI to issue an auditorfs Teport that indudes our opinion. Reasonable assuran is a high level of assufdru, but is not a guarantee that an audit conducted in accordancewilh ISAS IUKJ will aayS detect a matertal misstatementwhen it sts. M155tatements can wis8 from fraud or error and are consKlered rnateri rf. tndwidually or in the aggregate, they could reasonabty be expected to Inftuence the econom decisions of users teken on the basis of these financial statements. Irregularities. induding fraud. are instances of nonrycLjnpltan vrith law5 and regulattons. We design procedures in Ilne with tyjr responsibilities, outlined above, to detect material misstatements in respect ot irregularities, including fraud. The exknt to which our prc£edures * capable of detecting irregularities, including fraud És delaifed below. In Identifylng and assesstng rtsks of material mis5tatemenl in respect of irregularilies, Induding fraud and non<ompliance with kws and regulatK)ns, we considered the foll*ywing: •the natsJre of the industy and sectr)r. control environment and business perfomiance including the design of the remuneration Fo14e5. kEy drivers for director5. rernUnerati. bonus Iwrfels and perfomance targets", results of our enquriies of management about their own idenkntion and a%sessment of the risks of irregularitie5- any matters we idenufied having Oblain and reviewed documentathjn of their polkies and procedure5 relating to: tdents"fying. eyaluallng and comptying wth laws and regulations and whether management were aware of arry instances (rf non-compliance.. detecting and responding to the risks of fraud and whether management have knowledge of any actual, suspected or dleged fraud: the internal controL8 established to Mgate risks of frdud or r-cOMplian¢e with laws and regulations. the matters dtSCU55ed among the audit eroagement team IT[UdIng signifitsnt c(mponant audtt tsams and relevant internal spectalists, Inclurfing tax and valuations specialists regardlng how and where fraud might ¢xcur in the financial slatefflents and any potentiJ in(fKators of fraud. As a result of Ihese prOureS, we considered the opportunities and inntiveS that may l$t within the or9avEi¥atson for fraud and idenJllett the greaEst potentral ftjr fraud. In common wnh all auiilts under ISA5 {UK). we are also required to perform 3pethfiG predureS to respond to Ihe risk of maTwJement override. We also obtsined an understanding of Ihe legal and regulatory frameworks in operation. focusing on provisions ofthose taws and regulatK)ns thathad a dlrecteffecton the detem]ination of Material amounts and disdosures in the financial Statemen The key Eaws and reguktions we considered In this context included ongoing cornpfjan wth the UK Companies Act and tax lS18110n. In additÉon, we consid8ral provisions of other laws rgJuktions that do not have a direct effect on the financial statements btrt c0mprBn wlth whth may fundam131 for their abilty to operate or to avoKI a matsrial penatty. 11
Railway Preservation Society of Ireland-The Company Limited by Guarantee Independent Auditoffs Report to the Members of Railway Preservation Society of Ireland-The fcontinuthj Year ended 31 December 2023 A5 part of an audit in accordance with ISAS (UK). we exwrise PTofessional judgment and nRintwn professional sceptsism throughout the audL V¥È also: Identify and asws the rFsks of matsial mtsstatement of the finanoal statements. whether due to fraud or error. design and perform audti predureS responsive to those ri5kg. and obtain audit evidence that is sufftient and appropriate to provide a basis for our opinion. The rtsk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involvè collusion, forgery. intentional omissions. mlsrepresentalions, or the override of intemal control. Obtain an undetstanding of tntemal control relevantto the audit in onler to design audtt procedures that are appropriate in the ctrcumstances, but not for the purpose of expressing an opinton on the effectivene8s of the intemal corthL Evaluate the appropriaten855 of accountEng TJJi¢ies used and the reasijnableness of accounting estimate5 and reiated disdosures rnade by the InBt Conclude on the appropriatene55 of the In1 use of the going corKem basi5 of accounting and, based on the audit evidence Dblained. whether 2 material (Fncettsinty exists related to event8 or ¢onditions that may cast STgnificant (foubt on the charty's ablllty to continue as a going concem. Ifwe conclude that a matenal UnrtaInty exists. we are requlred to draw attention in our auditorfs rpport to the related disdosures in the financial statements or, ff such disdosures are inadeqLrate, to modify our opinion. Our conclusions are based on the aUrt eviden obtsined up to the date of our audrtor's report. However. fitse events or conditions may c3use the charity to cease to continue as a going Goncem. Evaluate the overall presentatiim, struciure and content of the financial statements, induding the disclosures, and whetherthe financial sLements representthp undertying Iransactlons and events In a manner that achieves fair presentation. 12
Railway Preservation Society of Ireland-The Company Limited by Guarantee Indapendent Auditorfs Report to the )Aembers of Railway Preservation Society of Ireland-The (conthu Year ended 31 December 2023 We communicate with those charged with govemance r&Jarding, amng other matters. the ptanned 5¢0pe and timing af the audit and significant audit findings. induding any signiknnt deficiencies In internal control that we identify duting our audiL Respectlv8 respon3ibillUes of dlrectors and audltor As cxplained more fully in the Truste& Responsthilitk¢s Statement (set out on page 6) the tn are responsible for the preparation of the financiaI statemeJrt5 and for being satisfied that tw gÈve a true and fair view. Our r¢sponsibility is to audit and express an opinion on the fttwi¢ial statements in accordance with applicable law and International Standards on Auditintr (UK). Those standards require us to cotnply withthe Financial Reporting Couucil's (FRC'S) Ethical Standard for Auditor5'. Use of our report This report 15 made 501ety to Ihe charitys members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so thatwe might State to the charity's members those matters we are requiFed to state to them in an au(rrtotrs reportand for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body. for our audlt woT( for thts report. or for the opinlons we have formed. Conor Ddan FCA (Senior Statutory Audilor) For and on behalf of Finegan Gibson Ltd Cavseway Tower 9 James Street South Belfast ST2 8DN 11 Aprll 2024 13