In 1994, the last of the fleet was moved from Lochty to the now defunct Methil Power Station until the society could find a permanent home for its collection.

Various locations around Fife were looked at which included the former Crail Aerodrome, Lochore Meadows, Bowhill Colliery, part of the former Auctertool branch line, the former Wemyss Private Railway site at Scott's Road and even the former Kilconquhar railway station, all of which proved unsuitable for various reasons.

[1] In 2001 the society acquired the former Kirkland railway marshalling yard on the outskirts of Leven and in 2003, the rolling stock were moved from the Power Station to their new home.

Since then the KFRPS have constructed half a mile of track plus substantial sidings, along with a two-track engine shed which is used for restoration work.

[2][3] The current object for the society is raise its profile by introducing steam trains on their current branch along with Kirkland built up as a museum for Fife's railway heritage which looks to include a display building to be built in the not too distant future, along with a second steam locomotive.