2025-12-31-accounts - Railway Preservation Society of Ireland

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Railway Preservation Society of Ireland-The

Company Limited by Guarantee

Statement of Financial Activities

(including income and expenditure account)

Year ended 31 December 2025

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|||||||||| |---|---|---|---|---|---|---|---|---| |nitetenetste|se| |Unrestricted|Restricted2025|2024| |Note|funds|funds|Total funds|Total funds| |Income|and|endowments|£|£|£|£| |Donations and|legacies|5|155,310|18,404|173,714|104,960| |Charitable|activities|6|669,510|-|569,510|481,727| |Other trading|activities|7|55,408|-|55,408|58,658| |Investment|income|8|625|-|625|58| |Other income|9|6,497|-|6,497|7,571| |Total|income|787,350|18,404|805,754|652,974| |Expenditure| |=xpenditure|on|charitable|activities|10|772,932|43,434|816,366|766,392| |Costs|of other trading|activities|12|68,652|-|68,652|81,362| |Total expenditure|841,584|43,434|885,018|847,754| |Net income/(expenditure)|(54,234)|(25,030)|(79,264)|(194,780)| |Transfers|between|funds|23|(19,567)|19,567|-|-| |Net movement|in|funds| |(73,801)|(5,463)|(79,264)|(194,780)| |Reconciliation|of fund| |Total funds|brought forward|3,369,426|26,224|3,395,650|3,590,430| |Total funds carried|forward|3,295,625|20,761|3,316,386|3,395,650|

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The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 16 to 26 form part of these financial statements. tttetn ti ene ae

Railway Preservation Society of lreland-The

Company Limited by Guarantee

Statement of Financial Position

31 December 2025

		2025	2024
	Note	£	£
Fixed assets
Tangible fixed assets	17	3,198,923	3,298 294
Current assets
Stocks	18	3,753	3,822
Debtors	49	20,524	32,028
Cash at bank and in hand		294,203	232,018
		318,480	267,868
Creditors: amounts falling due within oneyear	20	201,017	170,512
Net current assets		117,463	97,356
Total assets less current liabilities		3,316,386	3,395,650
Netassets		3,316,386	3,395,650
Funds ofthe charity
Restricted funds		20,761	26,224
Unrestricted funds		3,295,625	3,369,426
Totalcharityfunds	22	3,316,386	3,395,650

These financial statements were approved by the board of trustees and authorised for issue on 31 March 2026, and are signed on behalf of the board by:

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TrusteeMr P Rigney (CharmeU 7 TrusteeMr P MeCann
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The notes on pages 16 to 26 form part of these financial statements.

Railway Preservation Society of lreland-The

Company Limited by Guarantee

Statement of Cash Flows

Year ended 31 December 2025

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|||||||| |---|---|---|---|---|---|---| |2025|2024| |NetCash flows from|operating|activities|£|£| |income/(expenditure)|(79,264)|(194,780)| |Adjustments|for:| |Depreciation of tangible fixed assets & on transfers|in|99,371|103,171| |AccruedInterestOther interestpayableexpenses receivableand|similar and charges similar income|(625)-|(58)-| |Changes|[in:]|61,447|28,379| |Stocks| |Trade|and|other|debtors|69|1,458| |CashTrade|and other creditors|(31,670)11,504|35,2904,387| |generated from operations|60,832|(22,153)| |Interest|paid| |Interest|received|-|-| |Net|625|58| |cash from/(used|in) operating|activities|61,457|(22,095)| |Cash|flows from|investing|activities| |Purchase|of tangible|assets &|transfers|in| |Net cash|used|in|investing|activities|-|-| |i|*| |Cash|flows|from|financing|activities| |Repayments of borrowings|728|337| |Net cash used|in financing|activities|728|337| |Net increase/(decrease)|in cash and cash equivalents|62,185|(21,758)| |Cash and cash equivalents at beginning|of year|232,018|253,776| |Cash and cash equivalents|at end of year|294,203|232,018|

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The notes on pages 16 to 26 form part of these financial statements,

Railway Preservation Society of Ireland-The Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 December 2025

General information

The charity is a public benefit entity and a private company limited by guarantee, registered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered office is Whitehead Excursion Station, Castleview Road, Whitehead, Carrickfergus, BT38 9NA.

Statement of compliance

These 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.

3. Accounting policies

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 expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Judgements and key sources of estimation 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 circumstances.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, 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 taken to the statement of financial activities.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. commitment.Designated funds are unrestricted funds earmarked by the trustees for particular future project or Restricted funds are subjected to restrictions on their expenditure declared by the donor or through funds.the terms of an appeal and fall into one of two Sub-classes: restricted income funds or endowment

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Railway Preservation Society of Ireland-The

Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 December 2025

ttmpp ee eng 3. Accounting policies (continued)

Incoming resources

All incoming resources are included in the Statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

income from donations 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.
e income from donated goods is measured at the fair value of the goods 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 if 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 with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

Resources expended

Expenditure is recognised on an accruals 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:

° expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
o 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 governance of the charity apportioned to charitable activities.
¢ other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

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Railway Preservation Society of Ireland-The

jee

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 December 2025 tert

een

Accounting policies (continued) Tangible assets

Tangible assets are initially recorded at cost and subsequently stated at cost less any accumulated depreciation and impairment 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 subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, 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 activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised 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 activities.

Depreciation 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 - 2% ~-10% straight line Equipment - 25% - 50% straight line Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that is largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

mem

Railway Preservation Society of Ireland-The

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 December 2025 ent ht epee ep

Accounting policies (continued)

Financial instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual! provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received 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 impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.

Defined contribution plans

Contributions to defined contribution 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 unwinding of the discount is recognised as an expense in the period in which it arises.

4. 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.

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Railway Preservation Society of lreland-The

Company Limited by Guarantee

Notes to the Financial Statements (continuea)

Year ended 31 December 2025 aetneee Sa 5. Donations and legacies

	Unrestricted	Restricted	Total	Funds
	Funds	Funds		2025
	£	£		£
Donations
General donations	18,335	-		18,335
Charity Santa train donations	816	-		816
Donations No 4 refurbishment	3,000	-		3,000
Legacies	108,725	-	108,725
Donations Re Mogul project	-	17,660		17,660
Donations Re 171 appeal	-	744		744
Subscriptions
Member subscriptions	24,434	-		24,434
	155,310	18,404	173,714
	Unrestricted	Restricted	Total	Funds
	Funds	Funds		2024
	£	£		£
Donations
General donations	34,899	-		34,899
Charity Santa train donations Legacies	1,037 10,500	- -		1,037 10,500
Donations Re Mogul project	-	28,488		28,488
Donations Re 171 appeal	-	3,941		3,941
Subscriptions
Members’ subscriptions	26,095	-	26,095
	72,531	32,429	104,960
Charitable activities
	Unrestricted	Restricted	Total	Funds
	Funds	Funds		2025
	£	£		£
Railtour income	432,217	-	432,217
Buffet caron trains	51,406	-		51,406
Fundraising on trains	42,784	-		42,784
Museum income	15,047	-		15,047
Memberwinter meetings	1,210	-		1,210
Filming Income	150	-		150
NI Museum council grant	400	-		400
CRESI grant for accountant	23,796	-		23,796
Access for all grant from NIMC	2,500	-		2,500
	569,510	-	569,510

6. Charitable activities

Railway Preservation Society of Ireland-The

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 December 2025

	6.	Charitable Activities (continued)
				Unrestricted	Restricted	Total	Funds
				Funds	Funds		2024
		Railtour income Buffet caron trains Fundraising on trains Museum income Memberwintermeetings Filming Income Mid&EastAntrim council grant CRES!grantforaccountant 60°Anniversary lunch		£ 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
	7.	Other Trading Activities
			Unrestricted Funds	Total Funds	Unrestricted Funds	Total Funds 2024
				2025
		Cafe income Booksandmemorabilia	£ 37,492 17,916	£ 37,492 17,916	£ 44,403 14,255		£ 44,403 14,255
			55,408	55,408	58,658		58,658
8.		Investment income
		Bank interestreceivable	Unrestricted Funds £ 625	Total Funds 2025 £ 625	Unrestricted Funds £ 58	Total	Funds 2024 £ 58
9.		Otherincome
				Unrestricted Funds	Restricted Funds	Total	Funds 2025
	Insurance claim Disposalofscrap metal			£ 807 5,690	£ - -		£ 807 5,690
				6,497	~		6,497
				Unrestricted Funds	Restricted Funds	Total	Funds 2024
	Other income			£	£		£
	Disposalofscrapmetal			- 7,571	- -		- 7,571
				7,571	-		7,571

ae

Railway Preservation Society of lreland-The

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 December 2025

thte niente nessa 10. Expenditure on charitable activities by activity type

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|||||||| |---|---|---|---|---|---|---| |Activities| |undertaken|Restricted|Total|funds|Total|fund| |directly|funds|2025|2024| |g|£|£|£| |Charitable|activity|403,750|43,434|447,184|393,776| |Support costs|369,182|-|369,182|372,616| |772,932|43,434|816,366|766,392| |11.|Analysis|of support|costs| |Total|2025|=Total|2024| |Premises|£|£| |Communications|219,992|219,122| |General|and|IT|4,257|4,175| |Finance|office|132,670|124,106| |costs|3,529|15,769| |Governance|costs|8,734|9,444| |369,182|372,616| |12.|Costs|of other trading|activities| |Unrestricted| |Funds|Unrestricted| |2025|Funds|2024| |Museum|£|£| |Books|cafe expenses|59,439|74,594| |&|Memorabilia|9,213|6,768| |68,652|81,362| |13.|Net|expenditure| |Net expenditure|is|stated|after|charging/(crediting):| |2025|2024| |Depreciation|£|£| |Foreign|of tangible fixed assets|99,371|403,171| |Fees|exchange|losses/(gains)|(1,022)|10,693| |payable|for the|audit of the|financial|statements|5,075|4,755|

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Railway Preservation Society of Ireland-The

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 December 2025 te Stent rr i peter genes

14. Staff costs

The total staffcostsandemployee benefits forthe reporting period areanalysed asfollows:	The total staffcostsandemployee benefits forthe reporting period areanalysed asfollows:	follows:
	2025	2024
Wagesand salaries Social security costs Employercontributions topension plans	£ 238,861 14,432 8,535	£ 265,429 16,908 8,784
	261,828	291,121

The average head count of employees during the year was 9 (2024: 9)

No employee received employee benefits of more than £60,000 during the year (2024: Nil).

15. Key management personnel

Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. The total compensation paid to key management personnel for services provided to the charity was £100,309 (2024 - £99,925)

16. Trustee remuneration and expenses

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees (2024: £ Nil).

No trustees were reimbursed for accommodation expenses during the year (2024: £ Nil).

17. Tangible fixed assets

Tangible fixed assets
	Freehold
	property	Equipment	Total
Cost	£	£	£
At1January2025 Additions Disposals	3,943,777 - -	117,123 = =	4,060,900 - =
At31 December2025	3,943,777	117,123	4,060,900
Depreciation
At 1 January2025 Charge fortheyear Disposals	668,649 96,203	93,957 3,168	762,606 99,371
At31 December2025	764,852	97,125	861,977
Carrying amount
At31 December2025	3,178,925	19,998	3,198,923
At31 December2024	3,275,128	23,166	3,298 294
Sree	pees		ag

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Railway Preservation Society of Ireland-The

Company Limited by Guarantee

Notes to the Financial Statements (continued) Year ended 31 December 2025

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|||||| |---|---|---|---|---| |18.|Stocks| |2025|2024| |Raw|£|£| |materials and consumables|3,753|3,822| |19.|Debtors| |2025|2024| |£|£| |Prepayments and accrued income|5,500|6,981| |Other debtors|15,024|25,047| |20,524|32,028| |20.|Creditors:|amounts falling|due within|one year| |2025|2024| |TradeBank|loans and|overdrafts|2,183£|1,455£| |creditors|19,654|50,279| |Accruals and deferred income|171,634|110,187| |Social|security and other taxes|7,546|8,594| |201,017|170,512| |21.|Pensions|and|other post-retirement|benefits|

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Defined contribution plans

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £8,535 (2024: £8,784).

Railway Preservation Society of Ireland-The

Company Limited by Guarantee

Notes to the Financial Statements (continueg)

Year ended 31 December 2025

reppinpe 22. Analysis of charitable funds

Unrestricted funds

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|||||||| |---|---|---|---|---|---|---| |At|01|At|31| |Jan|2025|Income|Expenditure|Transfers|Dec 2025| |General|£|£|£|£|£| |funds|3,369,426|787,350|(841,584)|(19,567)|3,295,625| |At 04|At|31| |Jan|2024|Income|Expenditure|Transfers|Dec 2024| |General|£|£|£|£|£| |funds|3,528,729|620,545|(766,501)|(13,347)|3,369,426| |Restricted|funds| |At 01|At 34| |Jan|2025|Income|Expenditure|Transfers|Dec 2025| |Mogul|£|£|£|£|£| |171|Project|11,948|17,660|(21,086)|~|8,522| |861|Appeal|--|744|(20,311)|19,567|--| |Appeal|11,379|-|-|-|11,379| |Directors’|saloon|2,897|-|(2,037)|-|860| |26,224|18,404|(43,434)|19,567|20,761| |At|01|At|31| |Jan|2024|Income|Expenditure|Transfers|Dec 2024| |Mogul|£|£|£|£|£| |171|Project|8,012|28,487|(24,551)|-|11,948| |861|Appeal|39,413|3,942|(56,702)|13,347|--| |Appeal|11,379|-|-|-|11,379| |Directors’|saloon|2,897|-|-|-|2,897| |61,701|32,429|(81,253)|13,347|26,224|

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Transfer between funds A transfer has taken place from unrestricted to restricted funds to cover the deficit on the 171 restoration project.

24, Analysis of net assets between funds

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|||||||| |---|---|---|---|---|---|---| |Unrestricted|Restricted|Total|Funds| |Funds|Funds|2025| |Tangible|£|£|£| |Current|fixed assets|3,198,923|-|3,198,923| |assets|297,719|20,761|318,480| |Creditors|less than|1|year|(201,017)|-|(201,017)| |Net assets|3,295,625|20,761|3,316,386|

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eee

Railway Preservation Society of Ireland-The

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 December 2025

erentnee rn heen ean 24. Analysis of net assets between funds (continued

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|||||||| |---|---|---|---|---|---|---| |Unrestricted|Restricted|Total|Funds| |Funds|Funds|2024| |Tangible|£|£|£| |Current|fixed|assets|3,298,294|-|3,298,294| |assets|241,644|26,224|267,868| |Creditors|less than|1|year|(170,512)|-|(170,512)| |Net assets|3,369,426|26,224|3,395,650|

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Corporation tax

The Company is a registered charity, and as such is entitled to tax exemptions on income and profits in furtherance of the charity's primary objectives.

26. Analysis of changes in net debt

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||||||||| |---|---|---|---|---|---|---|---| |At|At| |1|Jan|2025|Cash|flows|31|Dec|2025| |Cash|£|z|£| |Debt|at bank and|in hand|232,018|62,185|294,203| |due within|one year|(1,455)|(728)|(2,183)| |230,563|61,457|292,020|

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Contingencies

The charity has a contingent liability to repay grant aid if certain conditions 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 place until 2038. NITB - Grant £1,393,120. Clawback provisions in place until 2027. GROW (DARD) - Grant £1,273,209. Clawback provisions in place ona sliding scale since date of last grant.

The directors do not anticipate a situation where grants could be clawed back.

Related parties

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||||||||| |---|---|---|---|---|---|---|---| |During|the year the charity|entered|into|the following|transactions with|related|parties:| |Transaction|value|Balance owed|by/(to)| |2025|2024|2025|2024| |Trustees’|g|£|sa|£| |donations|648|5,390|-|-|

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Members interest free loans At the balance sheet date there was ENil due to members and directors (2024: Nil). During the year the charity received donations from Trustees totalling £648 (2024: £5,390).

Capital commitments

The Society has no capital committed at present (2024 - £ Nil). nttenerpeep erent