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 circumSts￿es.
Foreign currencies
Forei9n currency transaciions a￿ initially recorded in the functional cU￿ency, 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 ex￿nded
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 f￿ed 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 CaSh￿enerating 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 re￿IVed 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 eMplo￿ent 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