* CANAL *: USEU Annual Report and Accounts 2024.2025 Year ended 31" March 2025 The Canal Museum Trust Registered Charity No. 277484 Patron: HRH The Princess Royal THE CANAL MUSEUM TRUST CONTENTS Trustees. report Independent •xamlner's report Suf•m•nt of flnanclal actJvltl•s Stat8m•nt of financlal position 14 Notes to the fi￿ncIlI 5u¢emen¢s THE CANAL MUSEUM TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The trustees preseni thelr annual report and financial S￿¢emen￿ for the ye3r ended 31 March 202S. The financial stscernenu have been prepared in accordance with the accounting policies Set out In noLe I to the financial sorements and comply with the chariry's deed of crusL the Charitle5 Act 2011 and "Accountyn8 and Reporrlng by Charities: 5fa¢emw)c of Recommended Practlce applicable to charities preparing thelr ecounts in accordance wirh the F￿nancIal Report¢ng Standard applicable in the UK and ReputAic of Ireland IFRS 1021. (effective I january 20191. Oblectlv•i and actlvltl The frusr'5 objecdves are to advance publlc educarlon regarding Inland waterways through the operation ol a museum. The Trust operates in accordance wlth It5 xoverning documenL If5 consvtution of 1979, as modrfied in 2001. Member5 o( the Coun¢61 of Manaiement are elected annualty from rhe membershlp of the TrusL which 15 open ro everyone. The trustoes have rele￿ed to the Charity Commisslon's generdl guldante on publit benefit when reviewing the Ch3rlty'5 a1rn5 and objective5 and in planning its future acvvities. In particular. the trustees consider how planned actlvltles will contribute to the alms and pbiectiv•5 of the Charlry. DurlTrg the financlal year the main aetivicy of the Trust was. a$ in prevlous years, the man4ement and development ol the London Canal Museum. The Trust'5 policy with respec¢ to reserves co be held 15 to miinttin a mlnimum of 175,000 ol rÈserves a$ contlngency. In parncuhr, this Is nece55ary In o5e of any need for unforeseen buildlng malnrenance expendlcure or expendl¢ure on fhe upkeep of major Items In the colloction. The Trust retalns further sums as may be considered neces$ary Igr fuLure mainLenance and devetoixneni proleEts. THE CANAL MUSEUM TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Speclal Events Boat Trips and Long Tom A Successful Inaugural season of boar trlps last year on the narrowboat 'Long Tom., jointly owned by the museum and ACCT IAn8el Community Canal Boat Trust) was improved upoTh in it5 5ectsnd year in operntion, adding Wednesday trips and an eThlarged Chri5trna5 progrnmme. We also ran historical boat Wip5 on Tarporley, In association with CCNA Icamden C?nals Narrowboat A5soriavonl. A total of 4.535 12023124 .. 3,6561 tickets were sold acrL)ss 14412023124 .. 1011 boat operating day5 wlth 47412013124.. 3661 Indlvldual boat trips from the mu5eurn, selling over 80% of places 2¥rdlSable. Ice Sunday Our annual Ice Sunday look place igxin luty 2024. with additional 3tCNicies also on the Saturday. This year's ice well descenfs. with additional talks & tours, boat trlP5 and deThonstyations of aC￿rearn making Vietorian-sryle, ar[ra￿ed 407 12023124 3441 v151tors. o( whom 226 12023ll4 1621 wént nderground on Ice Sunday - whlch conflnues as a lonpesrablished part ol the naEional Festival of Archaeoby. Cvoli and Icei We held out third Caro15 and Ice5 evening eveni In Oecember, leaturing the Camden Town Communlty Choir singing in the ice well, 'Mr5.Mar5hall" Ice cream making demonsrr2tion5 and Nince Ple boai cruises on Long Tom, and mulled wine & bar drink5 to purchase was attended by I l O vlsitors12023124 .' 791. Group Vlsltl & Communlty Outreach 856 people Yi5ited the museum as part ol o￿nIsed £roup vlslts, with 293 of these booklng boac crlps. Thls Is down a Ilttle on 5a5t year, when we had a very 5ucce551ul summer proiramme wlth U3A around our Canal Wlldllfe exhibition. C*Ao Gattl Lerture evenin & Gattl Mujlc Hall nltht We repeated the Successful Gatti Music Hall night with the New Phyers Theatre Company perforrnin8 on old-tsme mustc hall with an almosr-capacity audience of 88 {2023124 .. 841. THE CANAL MUSEUM TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 1025 Education The schools progratnrne Continued successfulty 1,019 sthtsol visitors in the year B023124 .. 1,C071, Irom 43 visits f2023124 .. 361. Indudin8 16 5chods new to the museum 12023n4 .. 101. and several repeat V151ts. We also worked with local community partners Induding Caml¢y Streer Nacure Resekve and the Kenrish Town library uoup on rwo project5. Feedback continup5 to be positwe and more sell-led activitie5 h*ve been created to cater for budget challenges schools are facing that provide an alternative to full, worksho led trip5. In April 2024, Earth thy was held, centred at Granary Square, and we worked wlth the Camden CleRn Air Initiative to become a h05t venue for workshop5 almed at secondary schools to edu¢#te young people on Issues faclng our planet. We a150 developed bespoke walking tour5 for the day that incorporated elemen¢5 01 SU5tsinabillty and canal biodiversity. and wel¢ornEd 215 young peoF4e LO the museum during the festival. Famllles Family Fun Day5 tontinue ro be a succe55 during m05t of the school hollday5 and half-￿MI breaks, where we offer craft activities in the museum alr>ng with boat trips, with over 43612023124 .. 3001 famity VI￿torS for these events. We calculate that overall family visitors increased from aboui 3,100 to over 3,4cw) year-on year. Mumum Shop It was yet anOt￿r record ytar of $ales ITr the 5hopb with total rakings of £30,659 [ind VATI 12023124 £26.8811. This Included 3.896 grfr item5 and over 200 different book iides sold during the year. Greeting card5 and P05tcard5 arÈ still the best sellers in quantity. as is the varied range of Iridge rnagnets. We have a150 rbow developed more unique London Canal Museum branded products such as map themed cards functional torches, as well as Brlclsh made artisan gifts. Nuseum in 12 Objecrs, continues to be the overall best5elling book, and London waterways walking books also 501d extreme well. with our range of paper maps remaining much in demand. THE CANAL MUSEUM TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Staffbn% The Trust'5 Staff remained stable wlth our Learning Manager 12.5 days per weekl, and Volunreering and Training Man3ger14 day5 pwl rernainlng in post and developing in respon$ibilicie$ and initiaiwe$, Volunteers Front of house volunteer numbers rernained ste3dy throughouE the ye4r with in èverage nurnber of volunteers of 33 regularty glving their time in these roles. A number of $peciali$£ role5 were also filled In th¢ year. Induding a new collections manager. and IT specialist and a Social rnedla specialist. The continued succes$ and expansion ol our busy schedule of Long Tom boat trips has been well supFor¢ed by recruitmeTrr ind training Lif three more boi¢ guide5, and we now have 27 volunieers on btsar ducle5. Active Volunceers at the end ol the year tot211ed 72. Throughou¢ the year 84 volunreers at tht museum 8ave around 8,000 hour5 of their ¢lme. and we Iniroduced Tempo Time Credits a volunteer rewards scheme which promote5 volunteer reteniion and provides volunteers wirh points which can be spent at varlous reward partners such as cinemas, theatres, concert venues and many more. This has been very 5ucce5s1ully wlth 40 of our volunieers signing up ty the scheme. As In prevlous years, che museum ran a number of events to reward voluThceers for cheir ded1￿[lOn and to éTrcourage re¢enilon amongsi the volunteer5. Our Christmas party was held In the museum as usua5, and (he annual summer boat crip parry went out onto the Thames this year, and we conimued Eo have various walking tours •Thd museum vl$lc5, including a guided tour of the Order ol St lehn Museum. 8ulldln8 Britaln'j Canals On March 10th, our Patron, the HRH Prlnce5s Royal opened the new ternporary exhlbitlon ftsr 2025, '8uilding &ritaln's Canals" which celebraLes the work of the Surveyors and engineers who deslgned Brltain s anals. Ind the thousands of unnamed labourirs, 'the navvle5', who worked in difficult and d3Thgerous condiiion5 10 bring them Inro being. ,Ir Image courtesy of Tring Narural Hi510ry Museum THE CANAL MUSEUM TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 ollectlon & Conservation The museum was delighted to acqulre an addlfional onal policernan'5 truncheon at an aucuon Ileftl 10 adtj ro the exi5unz colleeri¢)n ol canal police truThcheon5. Canal companie5 had their own police to counter pillering and tre5pa5s and survlYift2 rrun¢heons are rare. We now hive a S￿n￿l£￿nt collectk>n ol these items thai WE hope to exhibit in the future. Barbtam IV Tui Work surted on a malor ovethaul of the englne of our lug boat Bancam IV. Inldaied when the englne could 01 be sorted. th¢ project grew into a lull rebuild of the Èngine by a firm in the Midland$ that Is a leading 5Petialist restorer ol vintage marine dlesel eny'ne5. The prolecr began In Novembor 2024 wlth a difflculc journey cowlng the tug. whl¢h could noc be started, to a boatyard ac Widord vthere the tug could be ttken out of thè water and the trn Ine remo¥2d and u'in5 orted north. THE CANAL MUSEUM TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 The journey was much impeded by shallow condirions and rubbish deposited in the canal in west London but evènwally rhe descination was reached and the engine taken w be strlpped down COrnple￿IY and rebuilt wlth all necessary repair5 carried our. The opportunlty was a150 taken to (arry out Maintenance on the interlor and exteri¢x ol the hull a5 a preventatNe conservation measure. As the financial year drew to a dose, the work Vfds ongoin& Mark¢tlnz Museum promotlonal leaflet5 and boat trip llyers were again prinred in quantyty thi5 yEar. with over IQQQQ dlsrributed to visitor Informatlon points, orher museum$, local hotels, and ac events such as tho Inland wa￿rWayS Associat￿n,$ CanaNYay Ca¥Alcade, Cally F25¢ in 1s1in8ton. the 8rentford Canal Festival. and the Angel Canal FestNal. The City of London V151tor Inf￿MatIOn Centre continues ro be a regular 5UPPOrter of ¢he museum. 45 does Relac•d Argent'5 What's on at King's Cross websiie Dis¢over the story of London's ¢onols g CANAL * We cl￿tInUed ro receive excellent editorial Covera￿ London Plann•r and It$ Sister magazine Wher• L0ndOr￿ both airned at tourists and distributed across hote15 and v151cor attractlon5 In the capital, with ctsmblned prlnr runs of 200,000. We also ran ￿¥0 hawe advert15ernents In London Planner's April & Augusi issues. We also ran an 'advertorlal' & advérrs In the LO[￿On Standard's The Capi￿1 at Christm2s. Welcome to London and Goodlrfe Issues, arml advert15ed in 'Discover Britain group trips publication. All $peclal events and boat trlps condnue to feature on the Art Fund webslte. lan VlsSts & the L¢)ndonlst 'whaE's on, wBb5iies & new51etter5 conElnued to suppori the museurn5 events and act￿l￿e5. THE CANAL MUSEUM TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 ital & Soclal Media Join us for a return trip Above.. Stone from one. of our new wdpos Our new Trustee Adam has enabled u5 to sisnfficandy Increase our soclal medla presence to tell iTht¢resfing siories and update our audlence5 on news and evenu. Our concenc vlewed 547,501 cirne5 in the year, and of particuhr note were post5 Robbie Cumming and his Cinil Boat Dlarle5 progrnmme. a vlsli from HRH The Princess Royal, work on our wi Banram IV, Ind our recurrlnz serle5 of pDscs- Mys￿ry Monday and Book Recommendaflons. In Novernber 2024 wè 13tsnched i digital guide on rhe 8loomber% Connec¢s platforni. This platForni Is available on a froo to use app, or in g mobile browser. We are part of a group of over 750 mu5eum5. arts and other cultural or9n15a￿OTrs from around the world who use the pladorm to communicate with the visitors. The pladorm allow5 U5 to share vlde0, audlo. lrnage5 and texL expanding our ability to connett Visitors with our storie5 and informarion abouc our exhibits and Items. A core benefit ro our use ol the pl•t(orm is that the guide auto translaies using Google Transkte into over for￿fiVe language5, meaning many of our ￿5￿COr$ who speak a hnguage other than English CAn have enhanced expeMen¢es too. Since launchln£ the xulde in November. the zuide ha5 been Ylewed 673 cime5, and in [wen￿sIX languzze5. We also filmed and released a number of new vldeos to prorno* the museum- hcussln8 on our boaL£W. and a video promoting voluntsering with us. Our website continued to grgw in recordini 273,02812023124 . 243.9281 unlque vlsltors over the flnanclal year and 465,604 51te visits in to¢al. We now have 15,271 lollowers across social medla plarform* THE CANAL MUSEUM TRUST TRU5TEES' REPORT (CONTINUeD) FOR THE YEAR ENDED 31 MARCH 2025 Venue Hlre Venue hire generated revenues 01 £41,S7412023124 .. £43.991 I from a number of weddings. parties and, 10 a lesser degree. business mee¢lngs. Venue hlre coTrdnue5 ¢0 generate very worthwhile addiiioThal Income for the museum. ai Left. the Set for a CDrPorote event Bulldln Mana ement A new exterior sign wa5 designed and erecced. A anal wall survey on the basin was completed. and a damaged moonng buoy was replaced. Minor electrital work5 were also completed. Inforniatlon Systems Our IT systems were supported by our inthouse team with fdfiou5 harknre replacements arried ou¢ durlng the year to M￿Trtain service5. THE CANAL MUSEUM TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 External Relat5ons The museum conrinue5 to be an active pani. Moorings Incorne rose to £26,941 12023n4 .. £25,730) wlth inflauonary fee Increase5, but with overnizht moarini number5 dropping from 131 to 104 In the year. Total income across all revenue Streams wa5 £287,679 12023124 .. £255,885I, up 12. This also indJde5 Interest rttelved on deposit a¢count5 of £14.70812023n4 .. £12,011) C05t5 increased due to inflationary pressures and Increased overnll actlvlty, with total operating costs UP 10% at £204.775 12023124 .. 1186.6481 and ¢osr5 toralled £247.601 including specific addirional pr9.ect costs 01 £41,815. cornprising slgnKlcant Tug overhaul works. promotioTrai lilminz costs. 'boat in the ba￿n. further prepiracory expense, and the purchase of a new drlnk5 vending michlne. The museum's operatlnz svrplus (excluding projecr co$u al￿Ve￿ wa5 £81,893 (2023124 .. £69,237), aThl after these costs. a nei surplus for the year of £40,078 12023124 .. £69,237>. The Tnjst malntain5 very heathy cumulativ? reserves of £460.012 12023124.. £419,934). Plans for futurè ￿rIOdS The Trust has achieved ongoing priority plans by fvrther Intrea5ing visitor numbers to a new high, and ro signrficantly improve our Icovownedl wip b￿al Long Tom 5 revenue generariDn. We abo convntsed the process to provide a pontoon in Battlebridge 8a$in to enable u5 to display a historic boar as a major addition to the museum'5 exhibitions. including a diver survey of che ba51n wall. Snce year end and prior to 5ignawre of the accounts. we have all PEmiissions Cleared and are in the proce55 of cornmi5sioning the inirallauon of the pontoon. THE CANAL MUSEUM TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Structure• governance and managernent Govemlng document The charlry is an unincorporared ¢hartry, and Ss controlled by Its governing documen¢ a consritutlon. The trustee5 who Served during the year and up to the da* ol51gna￿re of the financAI statemen¢s were., M Sach M Tucker T Lewls C Nlcho150n Aush (Appointed 18 lun• 20241 REFERENCE AND ADMINISTRATIVE DETAIL5 Rewstered Charity numb•r 277484 PrIncI￿1 addr• 12113 New Wharf Road London NI 9KT Indeptndent examln•r SBM Associates Limired Freedman House Chrlstopher Wren Yard 117 High Stree( Croydon CRO IQG Sollcltors Farrer & Co 66 Lincoln's Fields London WC2A 3LH Bank•rs Cooperallve Bank plc Dew House Southway Skelmer5dale WN86 10- THE CANAL MUSEUM TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 The trnstees, repor pproved by the BL)ard of Trustee5. M Sach Tru5tsé Dat•.. THE CANAL MUSEUM TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CANAL MUSEUM TRUST I report ¢0 the trustee5 on my examination of the financial statement3 01 The Canal Museum Trust (the charity) lor the year ended 31 March 2025. Responjlbllltjes and bui5 of repor¢ As the tnjsrees ol the charity you are responsl)le lor the preparatton of the financlal statements in accord¥n¢e with the requirernents ol the Charlties Act 2011. I report In respect of my examination ol the charity'$ ffinanclal sutements carried out under section 145 of the Chariue5 Act 2011. In carrying out my exarnination I have followed the Directions y'ven by the Charity Commisslon under section 14515llbl ol the Charitles Act 2011. Independent •xaminer's statement Since the charity's gross Income exceeded £250.c￿0. the Independent txamlner Must be a membèr of a body listed in section 145 of the Chirities Act 2011. I conllrm ihai l qualsfied co undeltske the examina￿On because l am a member of ICAEW, wthich 1$ one ol the Ilstsd bodles. Your attentlon Is drawn to Ihe fact that the charity has prepared the financi•l sucements kn accordance wlth the relevant version o( the Statement of Recommended Practice applicable co charives preparlng thelr financial statements in accordance with the FiThancial Reporiing Srandard applicable In the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reportyng by Chirldes.. S(aiemenc tsf Rectsmmended Practice issued on l Awil 2005 which is referred to in rhe extsnt regulation5 but h35 now been withdrawn. I understand that this has been done In order for the financlal staiements to provlde a rnje and hlr vlew In accordince with UK Gtneralty Accepted AccountlThg Pracelce. I have completed my examinarlon. I conflrrn that no matters have come to my attentlon in conThecilon the examination s￿l￿g me cause c¢ believe that In ary materlal respecr accounfing retords were not kept in respeci ol che charity 45 requirèd by s*tiion 130 01 the Charlties ActlOII. the finantial statements do nor accprd wlth those records., or the linanclal scaiemenfs dts not comply wlth the appllcable reqUIremen￿ conceming the fomi and content ol finan¢ial sutements Set out in the Chirifies IAc¢ounts and Reports) Regulaiions 2008 other than any requlrement that the financi21 s¢atemenu gfvt a true and lair view. which 15 not a matter consldered a5 part ol an independenr examlnation. I have no Concerns and have come across no other matters In connectlon with the examina￿0￿ to which aiLention should be drawn ITh this reporc In order w en￿￿e a proper under5¢aThding ol the financlal State ts to be reached. amade R Sulem•n SBM Associates Limited Freedrnan House Christopher WreTh Yard 117 HSgh Street Croydon CRO IQG Dated.. 12- THE CANAL MUSEUM TRUST STATEMENT OF FINANCIAL ACTIVITIE5 INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2015 Unrestrirte Unrestrict• funds 2025 fund5 2024 Not Incom¢ from.. Donarion5 and lepcbes Charl¢able actlvltjes Other tradini actlvltles Investments 1,386 203,071 68,515 14.708 1.507 172,646 69,721 Totsl Inr¢)m¢ 287.680 255,885 Expendlture on: Raising fijnds Charfrable act1v1￿•S 12.599 235.W3 11,348 17S,300 Totd expendlture 247,602 186,648 N•t Incom• and movement In fundi 40,078 69,237 Raconclllatlon of funth: Fund balances 4t l April 2024 419,934 350,697 Fund balanc•i at 31 Mavth 2025 460,012 419,934 The statemen¢ of finandal artfvlile5 iThcludes all ylThs and 1055e5 recogn15ed In the year. All rncome and expenditure derNe from continuing actlvldes. 13- THE CANAL MUSEUM TRUST STATEMENT OF FINANCIAL POSITION ASAT31 MARCH 2025 lots 2024 Not•* Flx•d ￿1•ts Tangible assets 14 14.757 17,361 Current ••s•ts Stacks Dqbtors sh at bank and In hand 9.728 8.464 4H,146 9,060 9.918 3*,840 462,338 418.818 C￿dItO￿. •mount• I￿11￿1 du• withln on• year 17 117,0831 116.2451 N•t ￿rr•￿t ass•ts 445.255 401573 Totsl ￿￿•ts lesg current IIAbllltles 460,012 419,934 Th• funds of ¢h¢ charlty Unreytrlcted 460,012 419.934 460,012 419.934 Th• tknan¢l*l sratem re approved by the rrusclw on...¢...l ......Q.kkobi< 2()2 Msath Truits• C Ni£ho150n Tru%tee 14- THE CANAL MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2035 Ac¢ountlnz pollcles Ch¥lty Inlornia￿On The C•nal Museum Tru5L Is a an unlncorporated charity governed by a c0Tr5tytutyon.. 1.1 Accounttn8 convention The financial 5¢Jtements have been prepared In accordance wlth the tharlty's deed of trus¢ the Charitie5 Act 2011 and "Accounting and Reportlng by Charities.. Sutement of Recomrnended Practlce applicable to charities preparlng their account5 in accordance with the Finincknil Reporting Standard applicable in Ihe UK and Republlc of Ireland IFRS 1021" la5 amended for accounting periods commenclnz from I linuary 20161. The charity is a Public Benefi¢ EnDcy as defined by FRS 101 The chariry has taken advantsge of the provlslons in the SORP for Charliles applylni FR5 102 Update Buifeun I not to prepare a 5ucemenr of Cash Flow5. The financlal sratèment5 have departed from the Charl￿￿ IAccounts and Reporul Regulatlons 2008 Un￿ io the extent requlred ¢0 provide a wue and fair view. This deparcure has Involved lollowing the Statement of Recommended Practice for charltie5 applying FR5 102 rdther than the ver51on of the Statement ol Recommended Prac¢ice which is relerred to In the Re8ulations bur whld) h*$ $lnce been wlthdrawn. The fThncial stttement5 are prepared In 5terling* whith is the funthonal currency of the charlty. Monetsry amounts In these ltnanci￿ statements are rounded to the n￿reSt (. The financlal Statements hive been prepared under the historical cost conventlon. The prinopal aceountlni poltcies adopted are set out bdow. Charitable actlvlt5e$ In the oplnlon of the trustees, the charity has one 51gnlfican¢ acdvlty In pursuance of Its obletts. that ol the operarlon of thè rnu5eum. 1.2 Golng concern AT rhe rlme of approving the nnancial 5fa¢ements. the trustees have a reasonable expectatlon that the charlry ha5 adequate resources ro coniinue in QPErational ex15tence for th• lore5eeable hjwre. Thus the trustees continue to adopt the goi￿1 Concern ba515 of accounting in preparing the flnanelal statements. .3 Charltable funds Unrestricted (und5 are avaibble for use at the discretion of thè trustees In furtherance of their ch¥itable objecuves. Re5CnCted fijnds are subjett to specific tonditions by donor5 or grantors as to h¢w they may bÈ used. The purposes and uses of the resiricied fvnd5 are set out in the note5 to the financial sotanents. 1.4 Income Income Is recognlsed when the charity is lezalty entided to it ifter any performance conditions have beeTh meL the amounts can be rnea5ured reliably, and it Is probable that income will be received. Is- THE CANAL MUSEUM TRUST NOTES TO THE FINANCIAL STATÉMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollc1•5 (Continued) Cash donauons are recognised on receipt Other donations are recognised once the charity has been nocrfied of the donadon. unless performance condiiions require delerval of the amount. Income cax recoverible in relatlon to donations received under Grft Aid or deeds of covenant 15 rec4ni5ed at the me of the doThadon. Legacies are recogni$ed on receipt or otherwise rf the charity ha5 been notrfied of an impending distribution, the arnount is known, and receipt is expected. W the amount is not known, the legacy trelied as a coniingénc a5seL Government 8rant5 A grant that speclne5 perfomiince condition$ Is recognised In Income when the performance ci)ndiiions are rneL Where i grani doe5 no¢ $peclfy perfortnante condiii¢ns it is recognlsed In Income when the preceeds are receNed or receNable. A grani reEeiYed before the reEpgnitlon cri￿r* are sarlsfied Ss recosnlsed a5 a Ilablliiy. .5 Expendlture EX￿ndICure 15 recogni5ed once there 1$ a hgal or constructive obliption to rran5for economlc b￿efit LO a Ihird party. it 15 probable Ehic • Irinsler tsf e¢onornic benefits will be required in 5e￿ernent. and the arnount of the obligation can be measured rdiably. Expenditure Is cla5slfled by acrlvlry. The cosu of each aetlvlry are made up of the total ol dlrect tosts and shared costs. including supporr COSf$ Invofved In undertaking each activlty. Dlrect costs attri￿lable to a 51n8le acttvtty are allocated directly to that activity. Shared c05t5 which contribute to more thin one actlvlty and support cosis which art not attributable to a sin8le activity are apportioned between those actlvltles on a basis consisteni wlrh Ihe use ol resource5. Central staff costs are allocated on the ba515 of ume 5pen¢ 2nd deprrflatlpn chary•5 are allocated OTr the portion ol the asset's use. Llablides are recognised as expendi¢ure as 500n a5 Ihere is a legal or con5ttiJccive oblilation cornrnitdng the charity tg that expenditure, It Is probable that 3 tran51er of economic benefits will be reqvired in settlement and the amoun[ ol the oblizatlon can be measured reliabty. Expendiwre 15 accounted for on an accruals basls and ha5 been dassbfled under headings that aggregate ill cost relathd to the category. Where c05t5 cannot be direcdy attributed to particular hexdings they have been allocated to acflvltles on a basis consistent with the use of resources. 1.6 Tanzlble flxed ￿lets Depreciation 15 recogni5ed so as to write off the c05r or valuation of asset5 less their residual values over their useful lives on che following bases.. Plant and equipment 15% redvcini bJlince 1.7 Impairment of fixed users At each reportin8 end date, the charity reviews the carrying amounts ol it5 tangible a5se(5 ro determlne whether Ihere is any indication that those a55ets have suFfered an impairnient 1055. IF any 511th India￿On ex￿¢5. the recoverable amount of the a55et Is estimated in order to determine the extent ol the impairment10551rf any). 16- THE CANAL MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountinz pollclei {Continued) 1.8 Stocks Stock5 are valued at the lower of cost and net rea115able rdhje. after maklng due allowance for obsolete and 5Fow-moving items. Nei realisable Yalue 15 the esrimated selllnk prlce less al estimated costs to be incurred in marf(etSn& selllng and distribvclon. 1.9 Cash and cash •quival•nts Cash and ca$h equlvalents Include cash In hand, depo$lrs held at call wlth banks. other shortyterm liquid investments with original maturities ol three month5 or le55. and bank o¥erdraft5. Bank overdrafts are shown wlthln borrowings In current liabilities. 1.1 O Flnanclal Instruments The chariry has elected to apply the proYi5ion5 01 Section I I 'Basic Financial In5trument5' and Sectyon 12 '0ther Flnancial Instruments Issues. of FRS 102 to ill of its financial Instruments. Financial ihstruments are recognised In the thxritls balance Sheet when the ch2rfty becomes party to the contrdetual prov15ions of the instrument. Flnancial assets and liablllties are offsec wlth the net amount5 prejented in the financial sts¢anents, when there 15 2 legalty en(orceable rlihc co Set off the recognised amounts and there Is an Intentkn to setde on a net basis or to rEa115e the asset and settle the liability slmultaneously. Boxlc flnanclal omets 8asic financi￿ 35sets, whlch Indude debtor5 and cash and bank balances, are initialty measured transaction prlce Sncluding transactlon costs ind are 5ub5equentty carrled at amortlsed cost using the effective Incere$t method unless the arrangement consucu￿S a financing transaction, wh¥e the transacuon 15 measured at the pre$ent wdlue of the future receipts discounted at a market r4te ol InceresL Flnandal assets chssifled 4$ re¢el*Able within year are not amorrlsed. Boslc flnonclol Ilobllltl•J sic fiTran¢lal Ilabllltles, includlng ¢redifof5 and bank loans are Initially re£ogni5ed at ¢f4n5aetion price unless the arrangement con$Jrutes a fftnancing transattlon. where che debr Insrnjment Is measured at the present value of the future y4yrnents discounted at a market race of Interest. Financial Ilabilitie5 cla5srfied is payable wlthlTh one year are not amortlsed. Debt Instruments are subsequent￿ ¢arrred at arnort15ed cost, U5iTrg the effective interest ra￿ rnethod. Trade creditors are obligations to Pay lor goods or servlces thar have been aequlred in the ordinary course of operailons from suppliers. Amounts payable are thssthed as current liibiliiies rf payment is due within one year or less. If not, they are pre5entEd is noTrcurrent liabilitie5. Trade creditors are recognlsed Initially at transac¢ion price and 5ubse9uendy measured at imorrised cost u4ng the efftttive interes£ method. 17_ THE CANAL MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting pollcl {Contlnued) Derecoznltlon of Ilnunc1¢71 Ilobllttl•s Finantral liabill￿e5 are derecognised when the charlt*s contrattual obllptlon5 expire or are di5charxed or Cancelled. .1 l Ta¥atSon A5 a registered charliy che Canal Museum Trust beThefifS Irom rac¢$ rellef and 15 generalty exErnPi Irom Income Tax and Capital Gains Tax, but not Irom VAT. When applicable, Irrecoverable VAT is Shown as separate expense in the Statement of Financlal Actlvities rather than kncluded in the c05t of those i¢em5 w whlch It rdates. The trustees conslder the Cost of the detailed calcdations and additional reeord keepin8 required tc* allocate VAT Irrecoverable under the partlal exemptlon reglme would exceed the potential beTrefiL .12 Employ** beneflts The c05t o( any unu$ed holiday entidernent 15 recoznised in the period in whith the employee's serwlcè5 are recelved. Termination benefits are reco￿lsed immedlately as an expen$e when tht charity is dernon5trably commltted to terminaie the employment of an employee or to txovide termina￿0￿ benellts. 1.1 J R•tlr•ment b•n•flts Payments to defined contribution retlrement benefit schemes are charged a5 an expense as they fall due. 1.14 Flxed assets The Canal Museum Trust owns the freehold property in whlch the London Canil Museum Is sltuaod. In the absence of a professional valuaiion. the costs of obtsining whlch rhe ¢rusre¢s consider would Oil¢weiEh the benefits to the Tnjst, the freehold property has not been capitsjised in the financial soternents. In addition. the museum's Major purchase5, such as the canal boaL are Ca￿talIsed but the museum's artifacts, Èxhibition materials and fittings are not apitalised but bui written off to ￿COrne and expenditure In the year of purthase. Change In accountlng policy The Trustees consider that ￿ is more approprrdte that the Income and exp•n5es relating to the Museum shop are Induded under Income frorn. and Costs related to. Charitable Activities rather than other rading Actlvities as It Is primary purpose tradln& The comparatives in these accounts have been amended accordlngty 18- THE CANAL MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Critlcal Kcountlng estimates and jud8ements In ihe applicatlon ol the chxrity's accounung policle5. thE trustee5 are requlred to make judgements. estima￿S and 155umprions aboui the carrying arnount of assets and liabillries thai are noi readily apparent from other source5. The estimate5 ind 1sSOCiated assumpuons are based on hlstorl£al experience and other factor5 that are considered ro be relevant Accual results may drfler from these e5vmare5. The estlrnate5 Ind under1￿"￿£ assumpvon5 are reviewed on an ongoing basis. Revi$ion$ co accounrlng estlmate5 are recognised in the per￿d In whlch the e5tlmate Is revlsed where the revi$ion alfects o)ly chat period, or in the period of the revision and luture periods where the re¥I5Ion affecr5 both £uwen¢ and luture peri(xJ5. Oonatlons, legaclei and yants 2025 2024 Donations and grfts 1.386 1,507 Incomt from charltable artlvltb•s Unrestrlct• Unrnstricte fundi 2025 fundi 2024 Admi5sion5 Ind boa¢ trlps Subscrfptlons Shop and other primary purpose rradlng income 173.800 146,889 102 25,655 29.154 103.071 171646 19- THE CANAL MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YUR ENDED 31 MARCH 2025 Other tradinz Artlvltles 2025 2024 Museum hire Moorln 41,574 26.941 43,991 25,730 Other tradlng actfvl¢le5 68.515 69,721 Inv•Jtments 202S 2024 Interest rece￿ble 14.708 of ralslni funds 2025 2024 Other ￿dIng activitl C05t5 related to museum hire 12,599 11,348 11599 11,348 20- THE CANAL MUSEUM TRUST NOTE5 TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Expendlture ¢h•ritabl¢ activltleg UThr•strlct•d funds 2025 Unr•strlcted fundi 2024 Direct costs Stsff & Volounteer Costs Depreclation and lrnpairment Prem15es costy Repalr5 and maSntenance Museum irnprovemenrs Exhlbltlons & evtncs Advertlslnz Office, admln costs and Sundry experb5es 62.037 2.604 28.248 9,139 6,880 7,195 S,178 4,472 55.506 3.064 25,582 10,087 8,395 3,790 4,459 2,720 Ell Equlpment and IT Cosr of shop sales Cleaning Subscrlp¢lons and due5 Educatlon projects Bank and credit card charges Boat EKpense5 Conseryacion & Exhlblts upkeep Website & conteni creatlon 5,617 15,329 8,608 1,346 S,790 8,464 25,569 23,71 S 14,062 5.989 13.882 5,628 1,993 5,650 6,771 17,549 3,329 234,2S3 174,394 Shar¢ of support zovernanc• costs (lee not• ) Independent Examiner and profe551onal fee 750 906 235.003 175,300 Analyils by fund Unrestricted funds 235.003 175.300 10 N•t movement In fundj 2025 2014 The net movement ITr funds Is Sta￿ after thrgingllcredldng).. Fee5 payatrAe tr the independent examination of the tharitls fin*ndal statements Deprecia￿On of owned tangiFAe flxed assets 750 2.604 906 3.064 21 THE CANAL MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 I l Tru5t•es None of the trustee5 lor any ￿r$onl ¢onne¢ted wlth them) recefved any remuneration or benefit5 Irc*n the chariry during the year. 12 Employees The average monthly Dumber ol employees durlng the year was.. 2025 Numb•r 2024 Number Employment co¥ts 2025 2014 Wages and salarles Other penslpn costs 46,015 1,913 42,607 1,704 47,928 44,311 There were no employtt5 whose annual rernuneridon was more than £60,¢￿). 13 Tua¢lon The charlty 1$ exernpt from tsxation on ac¢iwities because all its income 15 applied for charirable purposE5. 22- THE CANAL MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2Q25 14 Tan8lble frAed assets Pllntahd Cost At l Aprs12024 21,500 At 31 March 2025 21.500 D*prèclation and impalmient Ar l April 2024 Depr8clatlon charged In the year 4,139 2,604 At 31 Marth 2025 6,743 Carrylng amount Ar 31 March 2025 14,757 At 31 March 2024 17,361 15 Stockj 202S 2024 Finished goods and zoads for r•5 9,728 9,1160 16 Debto 2015 2024 Amounts falllng du• wlthln on• y¢ar. Trade debtors Other debror5 Prepaymenu and accN*ed income 6.561 1.253 650 7,658 1.985 275 8,464 9.918 -23- THE CANAL MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 17 Credltors: amount$ falllng due twlthln one y¢ar 2015 2024 Notss Other taxauon and soclal sucurlty Deferred Income Trade credic(>rs Other creditors Accrua15 624 8,926 2.246 862 4.425 427 7,055 4,159 754 3,850 17.083 16,245 lil Redrement bèndt schemes 2025 2024 O¢flTred contrlbutlon ich¢m¢* Charye to profi¢ or loss In respect of der￿ed contiibudon s¢h4mes 1,704 The Chrity operates a defined coTrtributlon pension scheme fvr all qwdlfying employees. ThE assets of the scherne art held separately frcffl th95e of the charlty In an Independendy admlnlstered fund. 19 Unrejtrlcted funth The unrestrlcted fijnds of the tharlry comprlse tht unexpended balances of donadons and Rnnts whlth are not subject to specrfic condltlons by donors and grantors as to how they may be used. These Indude designated funds whlth hawe been set aside out of unrestric￿1 fund5 by the trujtees for 5pecffic purposes. At l Aprll Incomlnl R•sources At 31 March 2024 r•source¥ expended 2025 General fund5 419,934 287.680 t247,602} 460,012 Previous y•v: At l April Incoming Resources At 31 March 2023 re$ourceJ expended 2024 General funds 3SO.697 255.885 (186.6481 419,934 20 Related party transactions There w¥e no di5c105able rekted plrry tyansactlons durSng the year Q024- none). -24-