HMRC COMPANY REGISTRATION NUMBER: NI010798 CHARITY REGISTRATION NUMBER: XN484436 CHARITIES COMMISSION NUMBER:102389
Railway Preservation Society of lreland-The Company Limited by Guarantee . Financial Statements 31 December 2025
Finegan Gibson Ltd Chartered accountants & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN
Railway Preservation Society of Ireland-The Company Limited by Guarantee
Financial Statements
Year ended 31 December 2025 Ce
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|Trustees'|Page|
|annual|report (incorporating|the director's|report)|1|
|Independent|auditor's|report to the members|8|
|Statement of financial|activities|(including|income and|
|expenditure|account)|13|
|Statement of financial position|14|
|Statement|of cash|flows|
|Notes|15|
|to the financial statements|16|
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Railway Preservation Society of lreland-The
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) Year ended 31 December 2025 The trustees, who are also the directors for the Purposes of company law, Present their report and the financial statements of the charity for the year ended 31 December 2025.
| The trustees, who are also the directors for the Purposestrustees, who are also the directors for the Purposeswho are also the directors for the Purposesare also the directors for the Purposesalso the directors for the Purposesdirectors for the Purposesfor the Purposesthe PurposesPurposes of companycompany law, Present their report and the financial statementsstatements of the charitythe charitycharity for the year endedthe year endedyear endedended 31 December 2025.2025. |
The trustees, who are also the directors for the Purposestrustees, who are also the directors for the Purposeswho are also the directors for the Purposesare also the directors for the Purposesalso the directors for the Purposesdirectors for the Purposesfor the Purposesthe PurposesPurposes of companycompany law, Present their report and the financial statementsstatements of the charitythe charitycharity for the year endedthe year endedyear endedended 31 December 2025.2025. |
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| Reference andadministrative details | |
| Registeredcharityname | RailwayPreservation SocietyofIreland-The |
| Charity registration number | XN484436 |
| Company registration number NI010798 | |
| Principalofficeand registered Whitehead Excursion Station office Castleview Road |
|
| Whitehead | |
| Carrickfergus | |
| BT38 9NA | |
| Thetrustees | Mr PRigney(Chairman) Mr P McCann |
| Mr J McKeown | |
| MsSHarpur (resigned 7May2025) Mr J Clinton (resigned 11 October2025) MrM Devlin |
|
| MrM Walsh | |
| Ms R Harris | |
| MrM Parker | |
| Company secretary | MrPStark (resigned24 November2025) MrsAHClarke (appointed 14October2025) Mr PMcCann |
| Auditor | Finegan Gibson Ltd |
| Chartered accountants & Statutory auditor CausewayTower |
|
| 9James Street South | |
| Belfast | |
| BT2 8DN | |
| Bankers | BankofIreland |
| Antrim Road | |
| Glengormley BT36 7QN |
|
| Bank of Ireland | |
| Ranelagh | |
| Dublin6 |
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Railway Preservation Society of Ireland-The
Company Limited by Guarantee
Trustees’ Annual Report (Incorporating the Director's Report) (continueg) Year ended 31 December 2025
Structure, governance and management
Governing Document and Constitution
The Railway Preservation Society of Ireland is a company limited by guarantee, constituted under The Companies Act 2006, and is registered in both Northern Ireland and the Republic of Ireland. The Memorandum and Articles of Association are reviewed on an annual basis to ensure that governance arrangements are appropriate and effective. These are available from the Society's website at: www.steamtrainsireland.com/about. Management Committees, based in Belfast and Dublin, look after day to day and operational matters and are responsible to the Board. Our insurance brokers, Marsh, assisted in a major review and training exercise for the Society to identify risks and how to overcome them through training and procedures.
Trustee Selection and Management
The Board of Management consists of and a President, Chairman, Honorary Secretary, Honorary Treasurer not more than twenty other elected members. In accordance with the Articles of Association. Members of the Board retire on an annual basis and being eligible, offer themselves for re-election. Strategic report
Work continues on meeting the requirements for running trains on Translink tracks.
Related Organisations
The Society is a member of the Heritage Railway Association, a body which represents most of the heritage and tourist railways, tramways and railway preservation groups within both the UK and Ireland. For further information see the HRA website at: www. heritagerailways.com.
Museum Accreditation
The Accreditation Scheme sets nationally agreed standards for museums in the UK and identifies areas for development. In the spring, accreditation was renewed for a further five years through the N | enjoymentMuseums Counciland benefitshowingof visitors.the public that the museum Manages its collection effectively for the
Objectives and activities Charitable Objects
The objects of the charity, according to the Memorandum and Articles of Association are: "To advance the education of the public in the history and development of railway locomotion by the preservation in working order and operation of Tailway locomotives and other railway vehicles and equipment and the preservation of railway buildings, bridges and other structures."
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Railway Preservation Society of Ireland-The
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continuea) Year ended 31 December 2025
Public Benefit Statement
The trustees of the Railway Preservation Society of Ireland confirm that they have complied with their duty to have regard to the Charity Commission's guidance on public benefit and that the public benefit requirement has informed the activities of the Society in the year to 31st December 2025. In evaluating public benefit, the trustees note that membership of the Society is open to all who share an interest in railway preservation. Whilst it encourages those with an interest to join our ranks, it also Strives to make Our services and facilities available to non-members and ensure that restrictions placed on that a ll,vailabilitywhilst public are both access necessaryto our trains and reasonable.is unrestricted. For example, the winter meeting programme is Open to
Summary of Main Activities
Preservation, maintenance and Operation of steam and diese} locomotives and heritage Carriages public. on the public main line railway network throughout the island of Ireland, for the benefit of the general Developing ato the general workingpublic. museum to bring the experience of heritage railway engineering and history Delivery of training in relevant heritage crafts to its volunteers and employees. Delivery of a monthly winter meeting programme covering a wide range of Irish railway topics. Also, Provision of talks to other societies and organisations on those subjects. Maintenance of engineering bases from which are delivered overhaul and maintenance facilities, both for the Society's own Purposes and for third parties which may require it,
Strategic report
of the charity. The following sections for achievements and performance and financial review form the Strategic report
Achievements and performance
The Year in Numbers
62 - Years Preserving and Operating steam trains 6 - Public meetings held in person 43 - Days on which public trains operated 21,367 - Passengers carried 10,565 - Museum visitors
Trains Programme
The normal programme of public trains continued in Dublin. Steam trains were unable to run on Translink tracks, however, train rides operated regularly at Whitehead. Preparing and servicing the trains for the general public use requires a huge effort from the Society’s volunteers. Without their on heritage trains. enormous commitment of time and energy, the public would not have the opportunity to enjoy travelling
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Railway Preservation Society of Ireland-The
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continuea) Year ended 31 December 2025
Fundraising As mentioned above Many members are involved in practical ways in the Society. One such group is those whose skill is in fundraising. Those involved in this, generated much needed income through Selling food and drink in the train buffet car, running fundraising events on the trains and through book Sales. Such funds are an essential part of the Society's income. John Richardson retired at the end of society2025 fromsince his roleit’s foundation. as fund raiser extraordinary. We thank him for the huge contribution he made to the
Meetings Programme
The usual public meetings were held in Person. Recordings of the proceedings are subsequently made Castledergavailable on tramwaythe Society’s and Greatwebsite. VictoriaTopicsStreetincluded:station. The Dundalk Newry and Greenore railway, The
Museum
The Society appreciates the financial Support from the NI Museums Council for two initiatives: ® “Access for All” seeking to give better access for everyone to the museum. Improvements ® have been made in 2025 with more to follow in 2026; and As Grant assistance to acquire specific items for the museum. linkedpart ofto free its Strategy museum toentry. increase visitor numbers, the Society offered a Successful package of train rides The Museum's Tea Room is an integral part of the visitor experience with continuing excellent reviews. hH o urswever, and inisolation commonfrom withhigh moststreet coffee shopping shops, itareas. is difficult to balance the books given the limited opening
Heritage The major restoration undertaken during the year included the return to traffic of locomotive No.171 "Slieve Gullion" and the Ongoing refurbishment ofloco 4. Steady progress was made on the NCC Mogul locomotive project. Substantial maintenance work continued on both the Belfast and Dublin Carriage sets. The Electrical Squad enhanced the lighting and security systems while the Site squad replaced ballast on the platform road and restored the semaphore Signalling at the entrance to Whitehead site. The latter also created a short length of GNR(I) track for the Omagh Council's memorial to commemorate the 75th anniversary of the accident at Omagh station when five railway employees were killed. The Museum Squad worked on the cosmetic restoration of locomotive 184, LPHC loco no 3 “Harvey” and the GNR directors’ saloon no. 50. Work also progressed on stripping out the rotten timbers of coach 837. The display of railway memorabilia was Significantly enhanced during the year. Membership
The membership number dropped slightly to 910 in 2025 (2024: 953).
Volunteers
The number of registered volunteers was 183.
and Dublin. As noted above, many members were able to work on the wide range of ongoing projects both in Belfast
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Railway Preservation Society of Ireland-The Company Limited by Guarantee Trustees' Annual Report (Incorporating the Director's Report) (continuea) Year ended 31 December 2025
Appointment of new Generai Manager
After just a year, Mrs Yvonne Meliree left the Society to take Up a marketing role in Belfast. We thank her for time with us and for the pleasant way she carried out her duties. In July, Ms Rachele Crawford was appointed General Manager and has already demonstrated her Skills in promoting the Society and introducing new initiatives to enhance the Society's profile.
Related Organisations
The RPS! has a tri-partite agreement with the Ulster Folk & Transport Museum and the Downpatrick & County Down Railway to promote Co-operation on railway heritage matters. It also is a@ member of the NI Museums Council (NIMC) which helps grant the Society Museum Accreditation that unlocks funding from which the Society benefits from time to time. in the United Kingdom and Ireland. The Society is a member of the Heritage Railway Association, the umbrella body for heritage railways
Railway Companies
The Board has established, and maintains, a very good working relationship with both larnréd Eireann Ireland respectively. and Translink - NI Railways, the national railway companies in the Republic of Ireland and Northern In the Republic of Ireland, the Society has the legal status of a Railway Undertaking under EU and domestic law. This involves a close relationship with larnréd Eireann (Infrastructure Management) and RaillarnrédSafety Eireann (RailwayCommission). Undertaking), as well as with the Commission for Rail Regulation (formerly the
Steam Crew Training
The Society holds regular meetings with both railway companies with a view to the Ongoing provision, and continued assessment, of a selection of their drivers as steam drivers and firemen. It also has an active programme for training volunteers in driving steam and diesel locomotives.
Social Media mainlyinternet-basedby volunteerPublicityeffort. continues to be a major part of the marketing for the Society and Museum,
The RPSI's YouTube channel saw several new videos added during the year.
Financial review During the year the Society raised just over £787K from members, rail tours, donations, and grants. The results for the period are set out in the financial statements which follow. They show £18,404, (2024 - £32,429) was raised for specific projects and reported under restricted funds, the Society incurred a £5,464 (2024deficit of £(79,275)- £48,824).(2024 — £(194,779)) for the year. The balance on restricted funds decreased by
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Railway Preservation Society of Ireland-The
Company Limited by Guarantee
Trustees’ Annual Report (Incorporating the Director's Report) (continued) Year ended 31 December 2025
Reserves policy
The Trustees have considered the level of unrestricted reserves that it is appropriate to hold taking account of current and Ongoing commitments. It is the policy of the Trustees to hold at least 3 month’s normal expenditure. However, the inability to run any trains over Transtink tracks has reduced the Society’s income resulting in a £82,547 shortfall to meet this policy. At the year-end unrestricted Managementreserves wereof £96,702. expenditure.The Trustees are taking active steps to rebuild reserves in 2026 through careful
Risks
Given the nature and location of its operations, the charity is not significantly exposed to price or credit risk. Nor are liquidity or interest rate risks of concern as the charity has no external commercial funding. Surplus funds are invested in short-term bank deposits. Trustees' responsibilities statement The trustees, who are also directors for the Purposes of company law, are responsible for preparing the trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charity trustees to prepare financial Statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period.
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In preparing these financial Statements, the trustees are required to: : select suitable accounting policies and then apply them consistently; : observe the methods and principles in the applicable Charities SORP: ; make judgements and accounting estimates that are reasonable and prudent: , State whether applicable UK Accounting Standards have been followed, Subject to any materia! departures disclosed and explained in the financial statements:
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: thatPrepare the thecharity financialwill con s t inueatementsin business. on the going concern basis unless it is inappropriate to presume
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for Safeguarding the assets of the charity and hence for taking reasonable Steps for the prevention and detection offraud and other irregularities.
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Railway Preservation Society of Ireland-The
Company Limited by Guarantee
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Trustees' Annual Report (Incorporating the Director's Report) (continuea)
Year ended 31 December 2025
Auditor
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Each of the persons who is a trustee at the date of approval of this report confirms that:
: unaware;SO far as theyand are aware, there is no relevant audit information of which the charity's auditor is
; they have taken all Steps that they ought to have taken as a trustee to make themselves aware of
The any relevant audit information and to establish that the charity's auditor is aware ofthat information.
behalftrustees' of the board annualof trusteesreport andby:the strategic report were approved on 31 March 2026 and signed on
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Mr P Rigney (Chairmas)
Trustee
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Mr P McCann
Trustee
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CR
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