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 Ire￿n&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 surn￿￿ry of signlficant accountlng pollcies. The financid reportlng framework
that has been applied in their prepar*ion Is applicable l84¥ and United Kmgdom Accounting Standards.
including FRS 102 The FInal￿la[ 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 aPpI￿atiOn of resouw, inc]uding its income and eXpendI￿re, 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 reqU1￿ments of the CompanE5 Act 2008.
Basls for opinlon
We conducted our audlt in accordan￿ with Internatior￿1 Standard5 on AudRing (UK) {ISAs (UK)) and
applicable law. Our responsibifities under those s￿r￿rdS 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 st*ements, 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 COn￿M 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 ann￿dI rewtL other than financtal
ststements and our audltols report thweon. The trust￿ are re5Fonsible for the other inf0m￿tiOn. 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 st*ments. our resFMslbilty 15 to read the other infomiation
and, in doing so, consider whether the other infomi*ion 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 misstateM￿t 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 appl￿ble 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 foll￿wIng matters In relatlon to wh*h 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 P*ve not been
reGe6ved from brar￿eS 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 vi*w. 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 a￿ayS 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 Fo1￿4e5. 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 M￿gate 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 prO￿ureS, we considered the opportunities and in￿ntiveS 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 pr￿edureS 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 ￿ fundam￿131 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 pr￿edureS 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 In￿1* 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 Un￿rtaInty 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 aU￿rt eviden￿ obtsined up to the date of
our audrtor's report. However. fi￿ts￿e 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 sL*ements representthp undertying Iransactlons and events
In a manner that achieves fair presentation.
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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
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