Railway Preservation Society of Ireland-The Company Limlted by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 December 2024 2024 Restricted funds Total funds Total funds 2023 Unrestricted funds Income and endowments Donations and legacies Charitab18 activities Other trading activities Investment income Other income 72.531 481.727 58.658 32.429 104,960 481,727 58,658 58 7,571 652.974 118,901 661,934 103,421 7.571 12,474 Total income 620,545 32,429 896.736 Expenditure penditure on charitable aclivtttes Costs of other trading actrvtties Total expenditure 10 12 685.139 81.362 81.253 766.392 81,362 847,754 919,414 127,222 766,501 81,253 1.046,636 Net incomel{expenditure) (145.956) (48.824) (194,780) (149,900) Transfers between funds 23 (13.347) 13.347 Net movement in funds (159,303) (35,477) (194,780) (149.900) Reconciliation of fund Total funds brought forward Total funds carrled forward 3,528.729 61.701 3.590.430 3.740,330 3.369.426 26.224 3.395,650 3,590.430 The statement of financial acliwknes includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 17 to 28 fomi part of those flnancial slalements. 14
Railway Preservation Society of Ireland-The Company Limitsd by Guarantee ststement of Financial Position 31 December 2024 2024 2023 Fixed assets Tangible fixed assets 17 3.298.294 3,401,465 Curront assets Stocks Debtors Cash at bank and in hand 18 19 3,822 32,028 232,018 267.868 5,280 36,415 253,776 295,471 Creditors: amounts falling duè within one year Net current assets 20 170,512 106,506 188,965 3,590,430 97.356 3.395,650 Total assets less current liablliiies Net assets 3.395,650 3,590,430 Funds of the charity Restricted funds Unrestricted funds 26,224 3,369,426 22 3,395,650 61,701 3,528,729 3,590,430 Total charity funds These financial statements vRre approved by the board of trustees and authorised for issue on 25 March 2025, and are signed on behalf of the board by: Mr P Rignèy (Ch#irm Twstee Mr P Mccann Trustee The notes on pages 17 to 28 forni part of these flnancial statements. 15
Railway Preservation Society of Ireland-The Company Limited by Guarantee Statement of Cash Flows Year ended 31 December 2024 2024 2023 Cash flows from opeTh*lng activfties Net incomel(expenditure) (194,780) (149,900) Adjustments for Depreciation of tangible fixed assets & on transfers in Other interest receNable and similar income Interest payable and similar charges Accrued expenses 103.171 (58) 111,037 (6) 99 21.301 28,379 Changes in.. Stocks Trade and other debtors Trade and other creditors Cash generated from operations 1,458 4,387 35,290 (931) 12,086 (62,027) (68.342) (22,153) Interest paid Interest received (99) 58 Net cash froml(used in) operating activities (22,095) (68.435} Cash flows from investing activitles Purchase of tangible assets & transfers in Net cash used in investing activthes {31,459) (31.459} Cash flows from financing activitles Repayments of borrowings Net cash used in financing activities 337 (7,074} (7.074) 337 Net increasel(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash •quivalgnts At ond of y•ar (21.7581 (106.968) 253.776 360,744 232,018 253.776 The notes on pages 17 to 28 fomi part of these financial statoments. 16
Railway Preservation Society of Ireland-The Company Llmited by Guarantee Notes to the Financial Statements Year ended 31 December 2024 General infomiation The charity is a public benefit entty and a private company limited by guarantee. registered in Northern Ireland and a registered charity in Northem Ireland. The address of the registered office is Whitehead Excursion Station. Castleview Road. Whitehead. CarriGkfergus, BT38 9NA. Statement of compllance Th8se financial statements have been prepared in compliance with FRS 102, The Financial Reporting Standard applicable in the UK and the Republic of Ireland,. the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006. Accounting pollcies Basis of preparation The financial statements have been prepared on the historical cost basis. as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expendtture. The financial ststements are prepared in sterling, which is the fundional currency of the entity. Going concern There are no material uncertainties about the chaiity's abilty to continue. Judgements and key sources of estlmation uncertainty The preparation of the financial statements requires management to make judgements. estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumStses. Foreign currencies Forei9n currency transaciions a initially recorded in the functional cUency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being tsken to the ststement of financial acttvities. 17
Railway Preservation Society of Ireland-The Company Limited by Guarantee Notes to the Financial Statements {conllnu¢d) Year ended 31 December 2024 Accounting policies (continued) Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of th8 charity's purposes. Designated funds are unrestricted funds eamiarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expendtture dedared by the donor or through the terms of an appeal and fall into one of two sub-classes.. restricted income funds or endowment funds. Incoming resources All incoming resources are induded in the statement of financial activities when entittement has passed to the charrty; it is probable that the economic benefits associated with the transaction will flow to Ihe charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income.. income from donation5 or grants is recognised when there is evidence of entitlement to the gift, receipt is probable. and its amount can be measured reliably. legacy income is recognised when receipt is probable, and entitlement is established. income from donated goods is measured at the fair value of the gotsjs unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received rf the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised wrth the delivery of the Gontracted servi. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and turned if unspent, in which case it may be regarded as restricted. 18
Railway Preservation Society of Ireland-The Company Limited by Guarantee Notes to the Financlal Statements fconlinu&l) Year ended 31 December 2024 Accountlng policies {contlnued) Resources exnded Expenditure is recognised on an a¢¢ruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered. and is classified under headings of the statement of financial activities to which it relates: expendrture on raising funds indudes the costs of all fundraising activities. events, non- charitable trading activities. and the sale of donated gocKJs. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the govemance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is netther related to raising fund5 for the charity nor part of its expenditure on charitable activitses. All costs are allocated to expenditure categories fleCtIng the use of the resource. Direct costs attributable to a single activty are allcKated diredy to that acttvjty. Shared Gosts are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. Tanglbla assets Tangible assets are initially recorded at cost and subsequently ststed at cost less any accumulated depreciation and impaimient losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequerrt accumulated impairment losses. An increase in the carrying amount of an asset as a result of a ValuatIon, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial acttvities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other rewnised gains and losses, except to which it offsets any previous revaluation gain. in which case the loss is shown within other recognised gains and losses on the statement of financial activiti8S. Depreciatlon Depreciation is calculated to write off the cost or valuation of an asset. less its residual value. over the useful economic life of that asset as follows: Freehold property Equipment 2% - 10% straight line 25¥0- so0 straight line Impairnient of fixed assets A review for indicators of impairmerrt is carried out at each reporting date, with the recov&rable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairrnents are also reviewed for possible reversal at eath reporting date. 19
Railway Preservation Society of Ireland-The Company Llmited by Guarantee Notes to the Financial Statements (coni?nu Year ended 31 December 2024 Accounting policies (continuodj Impainnent of fed assets (conhnu8d) For the purposes of impairment testing. when it is not possible to estimate the recoverable amount of an individual asset. an estimat8 is made of the recoverable amount of the cash-generating unil to which the asset belongs. The cash-generating unit is the smallest identifiable group of ass8ts that includes the asset and generates cash infi(rws that is largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the g(y)dwill acquired in a business combination is, from the acquisition date, allocated to each of the CaShenerating units that are expected to benefit from the synergies of the Combination. Irrespective of whether other assets or liabilities of the charity a assigned to those unrts. Stocks Stocks are measured at the lower of cost and estimated selling pri less costs to complete and sell. Cost includes all costs of pur¢ha5e. costs of Conversion and other costs incurred in bringing the stock to its present location and condition. Financlal Instruments A financial asset or a financial liability is recognised only when the charity becomes a paty to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable induding any related transaction costs. Current assets and current liabilibes are subsequenUy measured at the cash or other consideration expected to be paid or reIVed and not discounted. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impainnent loss is recognised under the appropriat8 heading in the statement of financval a¢tivit18S in which the initial gain was recognised. 20
Railway Preservation Society of Ireland-The Company Limited by Guarantee Notes to the Financlal Statements f¢ontinued) Year ended 31 December 2024 Accountlng policies (contlnu Defined Contribution plans Contributions to defined contributs'on plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service. the liability is measured on a discounted present value basis. The unviinding of the discount is recc4Jnised as an expense in the period in which it arises. Limited by guarantee The Railway Preservation Society of Ireland is a company limited by guarantee and accordingly does not have a share capital. Every member of the company undertakes to contribute such amount as may be required not exceeding £1 to the assets of the charitable company in the event of it being wound up while he or she is a member. or within one year after he or she ceases to be a member. Donations and legacles Unrestricted Funds Restricted Total Funds Funds 2024 Donations General donations Chartty Sants train donations Donations Re 131 appeal Donations Re Mogul project Donations Re 171 appeal Subscrlptions Members. subscriptions 45,399 1.037 45,399 1.037 28.488 3,941 28,488 3.941 26.095 26.095 72,531 32,429 104,960 21
Railway Preservation Society of Ireland-The Company Limited by Guarantee Notes to the Financial Statements (conlinuod) Year ended 31 December 2024 Donations and legacies (continued) Unrestricted Funds Restrict8d Total Funds Funds 2023 Donations General donation5 Charity Santa train donations Donations Re 131 appeal Donations Re Mogul project Donations Re 171 appeal Subscriptions Members, subscriptions 24.327 1.176 25 24,327 1,176 25 44,559 21,342 44.559 21,342 27.472 27,472 118.901 53.000 65,901 Charitable activities Unrestricted Fund5 Restricted Total Funds Funds 2024 Railtour income Buffet car on trains Fundraising on trains Museum income Member winter meetings Filming Income Mid & East Antrim council grant CRESI grant for accountant 601h Anniverary lun¢h 307,350 54.667 61.161 19,686 909 3.814 480 30,000 3.660 307,350 54.667 61,161 19,686 909 3,814 480 30,000 3.660 481,727 481.727 Unrestricted Funds Restricted Total Funds Funds 2023 Railtour income Buffet car on trains Fundraising on trains Museum income Railway model income Member winter meetings Filming Income N l Museum council grant CRESI grant for accountant STOS grant 485,441 58,406 56.196 19,416 72 1.079 7.424 700 30.000 3,200 485,441 58,406 56.196 19.416 72 1.079 7,424 700 30,000 3.200 661.934 661.934 22
Railway Preservation Society of Ireland-The Company Llmited by Guarantee Notes to the Financial Statements (conth Year ended 31 December 2024 Other tradlng activities Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Cafe income Books and memorabilia 44,403 14.255 44,403 14.255 76,098 27,323 103,421 76.098 27,323 103.421 58.658 58.658 Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Bank interest receivable Other income Unrestricted Funds Restricted Totsl Funds Funds 2024 Other income Disposal of scrap metal 7,571 7,571 7,571 7,571 Unrestricted Funds Restricted Total Funds Funds 2023 Other income Disposal of scrap metal 1,128 11,346 1.128 11,346 12,474 12,474 10. Expendlture on Gharltable actlvltles by actlvty type Acb'vities undertaken direclly Restricted funds Total fvnds Totsl fund 2024 2023 Charitsble activity Support costs 312,523 372.616 81,253 393.776 372,616 513,601 405,813 685,139 81,253 766.392 919,414 23
Railway Preservation Society of Ireland-The Company Limited by Guarantee Notes to the Flnanclal Statements fconthiued) Year ended 31 December 2024 11. Analysls of support costs Total 2024 Total 2023 Premises Communications and IT General office Finance costs Governance costs 219,122 4.175 124.106 15,769 255.108 5,798 116,207 15,311 13,389 405,813 372,616 12. Costs of other trading activities Unrestricted Unrestricted Funds Funds 2024 2023 Museum cafe expenses Books & Memorabilia 74,597 6,768 111.933 15,289 81,365 127.222 13. Net expendlture Net expenditure is stated after chargingl(¢redtbrvJ): 2024 2023 Depreciation of tangible fixed assets Foreign exchange losses/(gains) Fees payable for the audit of the financial statements 103,171 10,693 4,755 111.037 11,745 4.774 14. Staff costs The total staff costs and employee benefits for the reporting period are anatysed as follows." 2024 2023 Wages and salaries Social security costs Employer contributions to pension plans 265,429 16,908 8,784 263,939 18,116 8.842 291,121 290,897 The average head count of employees during the year was 9 (2023.. 9). 24
Railway Preservation Society of Ireland-The Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 December 2024 14. Staff costs (contlnuod) No employee received employee benefrts of rnore than £60,000 during the year (2023: Nil). 15. Key management personnel Key management personnel include all persons that have authortty and responsibilty for planning, directing and controlling the activtties of the charity. The total compensation paid to key management personnel for services provided to the chartty was £99.925 (2023 - £94,341) 16. Trustee remuneration and expenses No remuneration or other benefits from eMploent with the charity or a relat8d entity were received by the trust8es (2023.. £ Nil). No trustees were reimbursed for accommodation expenses during the year (2023: £ Nil). 17. Tangible fixed assets Freehold propety Equipment Total Cost At 1 January 2024 Additions DisposaFs At 31 December 2024 3,943.777 117,123 4,060,900 3.943.777 117.123 4,060,900 Depreciation At 1 January 2024 Charge for the year Disposals At 31 December 2024 572.446 96,203 86,989 6,968 659,435 103,171 668.649 93,957 762.606 Carying amount At 31 December 2024 3,275.128 3.371,331 23,166 30,134 3,298.294 3,401,465 At 3 1 DecemDer 2023 18. Stocks 2024 2023 Raw materials and consumables 3,822 5,280 25
Railway Preservation Society of Ireland-The Company Llmited by Guarantee Notes to the Financial Statements {¢onlinued) Year ended 31 December 2024 19. Debtors 2024 2023 Prepayments and accrued income Other debtors 6,981 25,047 7,990 28,425 32,028 36,415 20. Creditors: amounts falling due wlthin one year 2024 2023 Bank loans and overdrafts Trade creditors Accwals and deferred income Social security and other taxes 1,455 50,279 110,187 8.591 1,118 14,742 81.808 8,838 170,512 106.506 21. Pensions and other post-retlrement benefits Defined contribution plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £8.784 (2023: £8.843). 22. Analysis of charitable fvnds Unrestricted funds At01 Jan 2024 At31 Dec 2024 Income Expenditure Transfer5 3,528,729 620.545 General fijnds {766,501) (13.347) 3.369.426 At01 Jan 2023 At31 Dec 2023 Income Expenditure Transfers General funds 3,644,802 830,835 {946,908) 3,528,729 26
Railway Preservation Society of Ireland-The Company Llmited by Guarantee Notes to the Financial Statements (contin Year ended 31 December 2024 22. Analysis of charitable funds {¢ontlnued) Restricted funds At 1 Jan 2024 Income Expenditure At Transfers 31 Dec 2024 Mogul Project 171 Appeal 861 Appeal Directors, saloon 8,012 39,413 11.379 2.897 28.487 3,942 (24.551) (56,702) 11,948 13,347 11,379 2,897 61.701 32,429 (81,253) 13.347 26.224 At 1 Jan 2023 At 31 December 2023 Income Expendrture Transfers Mogul Project 171 Appeal 861 Appeal Directors, saloon 22,888 56,882 11.379 4.379 44.558 21,343 (59,434) (38.812) 8,012 39.413 11.379 2,897 {1.482) (99,728) 95,528 65.901 61,701 23. Transfer between funds A transfer has taken place from unrestrict&J to restricted funds to cover the deficit on the 171 restorats'on project. 24. Anatysis of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2024 Tangibl8 fixed assets Current assets Creditors less than 1 year Net assets 3,298.294 241,PA4 (170,512) 3,369,426 3,298,294 267,868 (170,512) 3,395.650 26.224 26,224 Unrestricted Funds Restricted Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Net assets 3,401,465 233,770 (106,506) 3.528.729 3,401,465 295,472 (106,506) 3.590,430 61,701 61,701 25. Corporatlon tax The Company is a registered thartty, and as such is entitled to tax exemptions on income and profits in furtherance of the charrty's primary objectives. 27
Railway Preservation Society of Ireland-The Company Limited by Guarantee Notes to the Flnancial Statements (conllnued) Year ended 31 December 2024 26. Anatysis of changes In net debt At At 1 Jan 2024 Cash flov 31 Dec 2024 Cash at bank and in hand Debt due within one year 253.776 (1.118) 252.658 (21.758) (337) 232.018 (1,455) {22,095) 230.563 27. Contlngencies The charty has a contingent liability to repay grant aid if rtain condib'ons are not met, or covenants not adhered to. as detailed in the grant letters of offer. as follows: Heritage Lottery Fund - Grant £1,644.400. Clawback provisions in Pla until 2038. NITB - Grant £1,393,120. Clawback provisions in place until 2027. GROW (DARD) Grant £1,273,209. Clawback provisions in place on a sliding scale since date of last grant. The directors do not anticipate a situation where grants could be dawed back. 28. Related parties During the year the charity entered into the following transactrons with rèlated parties.. Transaction value 2024 2023 Balance owed byl(to) 2024 2023 Trustees, donations 5,390 165 Members interest free loans At the balance sheet date there was £Nil due to members and directors (2023. Nil). During the year the Gharity received donations from Trustees totalling £5.390 (2023.. £165). 29. Capital commitments The Society has no capital committed at present (2023 - £ Nil). 28