Charity registration number 1166460 (England and Wales)
Company registration number 09784120
DUDLEY CANAL AND TUNNEL TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
DUDLEY CANAL AND TUNNEL TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustee
C A Bennett
R I Langford
P Smith
J Deacon
L T Bradshaw
A R Truslove
Dr M C Clark
L Head BEM
K J Williams
I G Watson
L J Bratt
D N Rogers
(Appointed 11 September 2025)
Charity number (England and Wales)
1166460
Company number
09784120
Principal address
501 Birmingham New Road
Dudley
West Midlands
DY1 4SB
Registered office
501 Birmingham New Road
Dudley
West Midlands
DY1 4SB
DUDLEY CANAL AND TUNNEL TRUST
CONTENTS
Page
Trustees report
1 - 4
Independent examiner's report
5
Statement of financial activities
6
Balance sheet
7
Statement of cash flows
8
Notes to the financial statements
9 - 21
DUDLEY CANAL AND TUNNEL TRUST
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The trustee present their annual report and financial statements for the year ended 31 December 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charitable company's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: 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)".

Objectives and activities

The principle activity of the charity is the advancement of education for the public benefit, on the history, social history, heritage, economy, geology, geography, archaeology, architecture and other features of the Dudley canal tunnels, inland waterways, mines and its working boats; and the protection, preservation, conservation, maintenance, repair, improvement and development, to a navigable standard, of the Dudley canal tunnels, inland waterways, mines and working boats for the use and benefit of the public.

The strategies employed to achieve the charity's objectives are to:

- Develop an ambitious and forward-looking heritage attraction that celebrates its past achievements whilst looking to grow its infrastructure, develop its offer, reach a wider audience and be a vibrant part of the local community where it is situated.

- Offer opportunities for a broad range of people to become involved and engaged with the history of the tunnels, caverns, waterways and local area. This will be through offering boat trips into the tunnels on open water along with exhibitions and workshops, displays, events, talks, audio visual displays and hands on opportunities.

- Provide employment and volunteer opportunities and work with local community groups and networks and make our resources available to help them deliver their goals.

- Develop and deliver great quality formal and informal education activities for all ages. Become better known for our insight and creative use of our history, our resources, stories and our staff to produce specialist interpretive programs as well as family friendly and curriculum supporting workshops.

- Preserve the Caverns, Tunnels, Mines and Waterways under our care to the highest level. Developing specialist knowledge and approaches to this and sharing knowledge with the wider sector as best practice. Developing a stringent health and safety approach that ensures the safety of all who visit and work within the premises.

- To raise income through our activities to ensure we stay a viable and sustainable business and can further invest in the business. This can be done by selling trip tickets, commercial trade, promoting donations, gift aid and fundraising for our activities.

- To develop mutually supportive partnerships, project work and build relationships which adds to our offer, promotes what is so special about the area and help upskill our workforce, volunteers, operating approaches and activities.

- To raise the profile and awareness of the Trust and ensure all see us as an engaging, productive and professional organisation and heritage attraction. To operate with entrepreneurial flair and creativity and to trade ethically and fairly in all we do.

- To put the visitor at the heart of everything we do.

Public benefit

The trustee have paid due regard to guidance issued by the Charity Commission in deciding what activities the charitable company should undertake.

DUDLEY CANAL AND TUNNEL TRUST
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

Executive Summary

2025 was a year of considerable change. One which saw the Trust launch its new vision, reconcile its core offer and focus on providing a strong base from which to ensure the long-term sustainability of the Charity.

The first six months, saw considerable growth with a new Easter event surpassing expectations and delivering a profit-making position significantly earlier in the year than usual.

July marked a turning point, notably a necessary temporary closure of the Gongoozler cafe. Following extensive engagement with the relevant bodies and the Board of Trustees, the decision was made to expedite the long-term vision for the entire Trust and in turn the closure of the Gongoozler was formalised and made permanent.

This closure began the process of consolidation of the operating model, including staff, customer offer and visitor flow. A new coffee shop joined with the retail offer on the ground floor, creating a centralised visitor offer for our service users engaged in our Charitable purpose. Minor refurbishment work was undertaken in all the upstairs spaces to create community and commericial options to help diversify the offer, and an important strategic decision was made to move the Trust available hours to a seven-day operation, protecting Mondays and Tuesdays for exclusive use by community and education groups.

This change had an immediate impact and educational bookings grew, and whilst revenue lost from the Gongoozler created the inevitable reduction in turnover, the corresponding impact to utilities and staffing created a better profitable position.

The post-summer holidays geopolitical circumstances created uncertainty amongst our visitor base and visitor number fell, this was a trend seen locally and nationally. However, the ongoing success created with Christmas and Halloween continued.

Visitor numbers from Black Country Living Museum were most impacted at the back end of the calendar, as the full impact of their capital project Forging Ahead reached its conclusion.

The change in the operating model resulted in key members of staff leaving the organisation, and a full re-organisation reached conclusion in early December. The new management team, whilst leaner, is now best placed to create a solid foundation to move forward into the new year.

We welcomed a new Trustee, Dave Rogers, who brings over 30 years of experience across the private sector, mental health, and education.

The Trust received a significant donation from the Black Country Museum Transport group during the year, and we were honoured to have been asked to be one of the founding Bostin’ Businesses on behalf of the Black Country Chamber of Commerce, which generated significant press attention at a regional level.

November saw the launch of our new vision, including the aspiration to explore the reopening of Wrens Nest Tunnel, the launch event was well attended by a number of high-profile stakeholders including the Mayor of the West Midlands Richard Parker, who gave support for our Trust and the impact it has had. Following this event, the Trust welcomed the National Lottery Heritage Fund with DMBC to showcase the site and our ambitious plans.

Financial review

Total income for the year amounted to £915,536 (2024 £931,448). Total expenditure amounted to £ 957,777 (2024 £1,014,959). This resulted in a net deficit for the year of £42,067 (2024 net deficit £83,569). The 2024 deficit included a £70,000 overpayment of the rent to a sister charity, Dudley Canal Trust (Trips), enabling a reduction in loan repayments by the sister charity, which will be of long-term benefit to our charity: hence, with this taken into account, the 2024 result was a £13,569 deficit.

DUDLEY CANAL AND TUNNEL TRUST
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
Reserves policy

Our unrestricted funds are freely available to spend on any of the charity’s purposes in delivering our aims and keeping our business sustainable. Restricted funds and tangible fixed assets do not form part of our reserves. They are in place to protect the charity and its operations during down turns in business or other major occurrence to ensure it can continue to protect and preserve the unique environment in its care and engage the public with its historic importance. Reserves are also used to support new projects and activities which the Trust has identified as part of its business development and planning.

The Trust aims to maintain a minimum of reserves. This is based upon the budgeted next three expenditure months (or four months at the end of November) for non-discretionary spending. Where funds fall below this amount the Trust will review a “Zero Level” approach, identifying the associated risks and mitigating them, building back reserves and diversifying the funding base.

Our policy has been a consistent £300,000 throughout the year; however, with a new operating model this level is lower and now varies during the year. At the end of December, the policy was £155,000 and our readily available cash reserves are £272,701 which is slightly above our policy.

To assist with the maintenance of the caverns, mines and canals in the area of our operations, there is a Maintenance Fund held along with Dudley Metropolitan Borough Council and Canal & River Trust. This Fund is not shown in our accounts, and is currently in the region of £600,000.

Risk management

The trustees have reviewed the major risks to which the charity is exposed and confirm that systems have been established to mitigate those risks. Particular attention has focused on non-financial risks arising from fire, health and safety of staff, trippers and audiences. A key element in the management of financial risk is the ongoing commitment to gain an increasing number of visitors by offering deals through various mediums, together with attending various community events.

Structure, governance and management

The company is limited by guarantee and hence there is no share capital.

Dudley Canal and Tunnel Trust is governed by its Memorandum and Articles of Association dated 18 September 2015. It is a registered charity with the Charity Commission.

The trustee, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

C A Bennett
R I Langford
P Smith
J Deacon
L T Bradshaw
A R Truslove
Dr M C Clark
L Head BEM
K J Williams
I G Watson
L J Bratt
D N Rogers
(Appointed 11 September 2025)
DUDLEY CANAL AND TUNNEL TRUST
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -
Recruitment and appointment of trustees

In recruiting Trustees, the selection is based upon the skills, experience, and qualities needed to complement the existing board and meet the strategic needs of the Trust. Any vacancy is advertised using appropriate channels, with possible candidates interviewed. Following the interview process, any recommendations are taken to the board, and the final decision is made by the full board of Trustees. Successful candidates are formally invited to join the board, subject to the completion of necessary formalities including a DBS check. All information received in the course of the recruitment process is treated as confidential and processed in accordance with data protection policies.

Organisational structure

The board of trustees, who meet bi-monthly administer the charity.

A Chief Executive is appointed by the Trustees to facilitate the strategic direction of the Trust, alongside the management of day-to-day operations. They attend the bi-monthly board meetings to present the Chief Executive's report on the running of the charity. A Finance and HR Lead looks after the Trust’s finances and supports the Chief Executive on all HR issues. A Programme & Creative Lead constructs the Trust’s customer programme to align to its charitable purposes. A Learning Engagement Officer is responsible for the Trust’s education offer. An Operations & Commercial Lead looks after the general day-to-day operation, with focus on boats, standards and health & safety requirements, alongside the commercial performance of the Trust. Part time roles in Volunteer Coordinator and Marketing Executive, support the Trust’s Volunteers function and Marketing function respectively. A new grading structure is in place with the Lead roles (3) reporting to the Chief Executive, with other management reporting to the Lead roles.

Induction and training of trustees

New trustees are briefed by the management regarding the operations and their legal obligations under charity and company law. They are also given a tunnel tour to obtain a better understanding of the company history and operations.

Relationship with related parties

The charity has a wholly-owned subsidiary, Dudley Canal and Tunnel Trust Enterprises Limited, a limited company whose purpose is to raise monies through commercial enterprise with the aim of profit making so that these profits may be gifted to Dudley Canal and Tunnel Trust to support their charitable purposes.

The Trustees r eport was approved by the Board of Trustee.

P Smith
Trustee
20 May 2026
DUDLEY CANAL AND TUNNEL TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEE OF DUDLEY CANAL AND TUNNEL TRUST
- 5 -

I report to the trustee on my examination of the financial statements of Dudley Canal and Tunnel Trust (the charitable company) for the year ended 31 December 2025.

Responsibilities and basis of report

As the trustee of the charitable company (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006.

Having satisfied myself that the financial statements of the charitable company are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charitable company’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

Since the charitable company’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1

accounting records were not kept in respect of the charitable company as required by section 386 of the Companies Act 2006.

2

the financial statements do not accord with those records; or

3

the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or

4

the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Blake Morris FCA
CKCA Limited
No 4 Castle Court 2
Castlegate Way
Dudley
West Midlands
DY1 4RH
20 May 2026
DUDLEY CANAL AND TUNNEL TRUST
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2025
2025
2025
2024
2024
2024
Notes
£
£
£
£
£
£
Income and endowments from:
Donations and legacies
2
141,584
-
141,584
128,655
-
128,655
Charitable activities
3
738,227
-
738,227
789,206
-
789,206
Other trading activities
4
5,267
-
5,267
1,989
-
1,989
Investments
5
6,919
-
6,919
11,598
-
11,598
Other income
6
23,539
-
23,539
-
-
-
Total income
915,536
-
915,536
931,448
-
931,448
Expenditure on:
Raising funds
7
2,189
-
2,189
3,467
-
3,467
Charitable activities
8
955,238
350
955,588
1,007,055
4,437
1,011,492
Total expenditure
957,427
350
957,777
1,010,522
4,437
1,014,959
Net gains/(losses) on investments
13
174
-
174
(58)
-
(58)
Net expenditure and movement in funds
(41,717)
(350)
(42,067)
(79,132)
(4,437)
(83,569)
Reconciliation of funds:
Fund balances at 1 January 2025
345,867
1,897
347,764
424,999
6,334
431,333
Fund balances at 31 December 2025
304,150
1,547
305,697
345,867
1,897
347,764

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

DUDLEY CANAL AND TUNNEL TRUST
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 7 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
15
52,135
46,891
Investments
16
1
11,495
52,136
58,386
Current assets
Stocks
18
16,829
6,720
Debtors
19
18,159
16,769
Investments
20
-
40,000
Cash at bank and in hand
272,701
288,944
307,689
352,433
Creditors: amounts falling due within one year
21
(54,128)
(63,055)
Net current assets
253,561
289,378
Total assets less current liabilities
305,697
347,764
The funds of the charitable company
Restricted income funds
23
1,547
1,897
Unrestricted funds
24
304,150
345,867
305,697
347,764

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2025.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustee on 20 May 2026
A R Truslove
Trustee
Company registration number 09784120 (England and Wales)
DUDLEY CANAL AND TUNNEL TRUST
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
29
(58,514)
(99,916)
Investing activities
Purchase of tangible fixed assets
(16,142)
(15,622)
Proceeds from disposal of investments
51,494
104,503
Investment income received
6,919
11,598
Net cash generated from investing activities
42,271
100,479
Net cash generated from financing activities
-
-
Net (decrease)/increase in cash and cash equivalents
(16,243)
563
Cash and cash equivalents at beginning of year
288,944
288,381
Cash and cash equivalents at end of year
272,701
288,944
DUDLEY CANAL AND TUNNEL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
1
Accounting policies
Charity information

Dudley Canal and Tunnel Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is 501 Birmingham New Road, Dudley, West Midlands, DY1 4SB.

1.1
Basis of preparation

The financial statements have been prepared in accordance with the charitable company's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: 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)". The charitable company is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

In the prior year, the charity prepared consolidated financial statements incorporating the results of its subsidiary undertaking.

In the current year, the charity has taken advantage of the exemption from preparing group accounts on the basis that the group does not exceed the income threshold of £1 million. Accordingly, these financial statements present the results and financial position of the charity as a single entity only.

As a consequence of the change in basis of preparation, the comparative figures have been restated to reflect the results and financial position of the charity alone, rather than the consolidated group.

1.2
Going concern

At the time of approving the financial statements, the trustee have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. Thus the trustee continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustee in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4
Income
Income is recognised when the charitable company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charitable company has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Grants are included in incoming resources when they are receivable. Performance related grants are deferred and released after any performance conditions are met.

DUDLEY CANAL AND TUNNEL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 10 -
1.5
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Boats
5% straight line
Boats and equipment
20% reducing balance
Buldings
10% straight line
Plant and Equipment
10% straight line
Office Fixtures and Fittings
20% reducing balance
Foyer Improvements
25% straight line
Display Equipment
33% straight line
Computers
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7
Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

A subsidiary is an entity controlled by the charitable company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting end date, the charitable company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

DUDLEY CANAL AND TUNNEL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 11 -

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.10
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The charitable company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charitable company's balance sheet when the charitable company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charitable company’s contractual obligations expire or are discharged or cancelled.

1.12
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charitable company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases
DUDLEY CANAL AND TUNNEL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 12 -

Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease.

2
Income from donations and legacies
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Donations and gifts
104,402
81,560
Gift aid
25,682
47,095
Grants
11,500
-
141,584
128,655
3
Income from charitable activities
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Charitable activities
Boat income
345,772
375,092
Childrens activities
25,434
16,169
Admission and CRT engagement
21,694
27,124
Cafe
147,317
212,014
Membership
632
714
Rental and room hire
8,907
11,621
Event income
188,471
146,472
738,227
789,206
4
Income from other trading activities
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Other income
5,267
1,989
DUDLEY CANAL AND TUNNEL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
5
Income from investments
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Income from listed investments
291
614
Interest receivable
6,628
10,984
6,919
11,598
6
Other income
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Other income
23,539
-
7
Expenditure on raising funds
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Trading costs
Other trading activities
2,189
3,467
DUDLEY CANAL AND TUNNEL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
8
Expenditure on charitable activities
Charitable activities
Charitable activities
2025
2024
£
£
Direct costs
Staff costs
464,071
464,311
Depreciation and impairment
4,868
5,320
Electric, gas, telephone and water
59,728
51,833
Insurance
21,116
28,553
Maintenance and upkeep
96,728
77,994
Marketing, advertising and PR
43,885
26,629
Service contracts
12,055
7,137
Heritage activities and donationss
2,296
984
Health and safety
2,540
2,466
Consumables
868
1,839
Volunteer expenses
218
1,888
Activities and events
38
585
Commission
18,580
24,768
Rent
16,803
96,550
Cafe
60,640
70,178
804,434
861,035
Share of support and governance costs (see note 9)
Support
145,591
140,594
Governance
5,563
9,863
955,588
1,011,492
Analysis by fund
Unrestricted funds
955,238
1,007,055
Restricted funds
350
4,437
955,588
1,011,492
DUDLEY CANAL AND TUNNEL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
9
Support costs allocated to activities
2025
2024
£
£
Staff costs
97,530
97,118
Depreciation
6,032
4,123
Service costs
18,588
22,746
Directors expenses
480
438
Motor travel and entertaining
130
329
Legal and professional fees
1,343
2,189
Bank and credit card charges
21,488
13,651
Governance costs
5,563
9,863
151,154
150,457
Analysed between:
Charitable activities
151,154
150,457
10
Net movement in funds
2025
2024
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial statements
3,650
-
Fees payable for the audit of the charity's financial statements
-
8,500
Depreciation of owned tangible fixed assets
10,900
9,443
11
Trustee
None of the trustee (or any persons connected with them) received any remuneration or benefits from the charitable company during the year.
12
Employees

The average monthly number of employees during the year was:

2025
2024
Number
Number
Administration
8
8
Operational
25
29
Total
33
37
DUDLEY CANAL AND TUNNEL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
12
Employees
(Continued)
- 16 -
Employment costs
2025
2024
£
£
Wages and salaries
513,557
512,140
Social security costs
35,708
37,469
Other pension costs
12,336
11,820
561,601
561,429
There were no employees whose annual remuneration was more than £60,000.
Remuneration of key management personnel

The remuneration of key management personnel was as follows:

2025
2024
£
£
Aggregate compensation
67,218
63,830

T he Trust considers its key management personnel to be the Chief Executive.

13
Gains and losses on investments
Unrestricted
Unrestricted
funds
funds
2025
2024
Gains/(losses) arising on:
£
£
Revaluation of investments
174
(58)
14
Taxation

The charity is exempt from tax ation on its activities because all its income is applied for charitable purposes.

DUDLEY CANAL AND TUNNEL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 17 -
15
Tangible fixed assets
Boats and equipment
Plant and Equipment
Office Fixtures and Fittings
Total
£
£
£
£
Cost
At 1 January 2025
21,737
231,464
37,081
290,282
Additions
-
2,351
13,791
16,142
At 31 December 2025
21,737
233,815
50,872
306,424
Depreciation and impairment
At 1 January 2025
3,438
207,932
32,019
243,389
Depreciation charged in the year
2,756
5,366
2,778
10,900
At 31 December 2025
6,194
213,298
34,797
254,289
Carrying amount
At 31 December 2025
15,543
20,517
16,075
52,135
At 31 December 2024
18,299
23,531
5,061
46,891
16
Fixed asset investments
Listed investments
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2025
11,494
1
11,495
Disposals
(11,494)
-
(11,494)
At 31 December 2025
-
1
1
Carrying amount
At 31 December 2025
-
1
1
At 31 December 2024
11,494
1
11,495
2025
2024
Other investments comprise:
Notes
£
£
Investments in subsidiaries
28
1
1
17
Financial instruments
2025
2024
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
-
40,000
DUDLEY CANAL AND TUNNEL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 18 -
18
Stocks
2025
2024
£
£
Finished goods and goods for resale
16,829
6,720

This is is made up of Café stock.

19
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
5,297
5,544
Amounts owed by subsidiary undertakings
-
5,346
Prepayments and accrued income
12,862
5,879
18,159
16,769
20
Current asset investments
2025
2024
£
£
Fixed term bonds
-
40,000
21
Creditors: amounts falling due within one year
2025
2024
£
£
Other taxation and social security
31,036
31,418
Trade creditors
7,827
8,791
Amounts owed to subsidiary undertakings
399
-
Other creditors
6,502
2,227
Accruals and deferred income
8,364
20,619
54,128
63,055
22
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
12,336
11,820

The charitable company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charitable company in an independently administered fund.

DUDLEY CANAL AND TUNNEL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
23
Restricted funds

The restricted funds of the charity compri se the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be use d.

At 1 January 2025
Resources expended
At 31 December 2025
£
£
£
Historic England
1,897
(350)
1,547
Previous year:
At 1 January 2024
Resources expended
At 31 December 2024
£
£
£
Richardson Foundation
4,000
(4,000)
-
Historic England
2,334
(437)
1,897
6,334
(4,437)
1,897

The balance on the Historic England restricted funds includes £2,022 relating to fixed assets which are being depreciated on a 20% reducing balance basis.

24
Unrestricted funds

The unrestricted funds of the charity compri se the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be use d. The se include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 January 2025
Incoming resources
Resources expended
Gains and losses
At 31 December 2025
£
£
£
£
£
General funds
345,867
915,536
(957,427)
174
304,150
Previous year:
At 1 January 2024
Incoming resources
Resources expended
Gains and losses
At 31 December 2024
£
£
£
£
£
General funds
424,999
931,448
(1,010,522)
(58)
345,867
DUDLEY CANAL AND TUNNEL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
25
Analysis of net assets between funds
Unrestricted
Restricted
Total
funds
funds
2025
2025
2025
£
£
£
At 31 December 2025:
Tangible assets
50,123
2,012
52,135
Investments
1
-
1
Current assets/(liabilities)
254,026
(465)
253,561
304,150
1,547
305,697
Unrestricted
Restricted
Total
funds
funds
2024
2024
2024
£
£
£
At 31 December 2024:
Tangible assets
45,817
1,074
46,891
Investments
11,495
-
11,495
Current assets/(liabilities)
288,555
823
289,378
345,867
1,897
347,764
26
Operating lease commitments
Lessee

At the reporting end date the charitable company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within one year
5,240
5,240
Between two and five years
8,163
13,403
13,403
18,643
27
Related party transactions

During the year a trustee of the charity gained income from the charity through her professional services and wares amounting to £1,206 (2024: £1,075).

During the year the wife of a trustee of the charity gained income from the charity through selling her wares amounting to £755 (2024: £708).

DUDLEY CANAL AND TUNNEL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
28
Subsidiaries

These financial statements are separate charitable company financial statements for Dudley Canal and Tunnel Trust.

Details of the charitable company's subsidiaries at 31 December 2025 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Dudley Canal and Tunnel Trust Enterprises Limited
501 Birmingham New Road, Dudley, DY1 4SB
Letting and operating of conference and exhibition centres
Ordinary
100.00

The investments in subsidiaries are all stated at cost.

29
Cash absorbed by operations
2025
2024
£
£
Deficit for the year
(42,067)
(83,569)
Adjustments for:
Investment income recognised in statement of financial activities
(6,919)
(11,598)
Fair value gains and losses on investments
(174)
58
Depreciation and impairment of tangible fixed assets
10,900
9,443
Movements in working capital:
(Increase)/decrease in stocks
(10,109)
1,658
(Increase) in debtors
(1,390)
(10,990)
(Decrease) in creditors
(8,755)
(4,918)
Cash absorbed by operations
(58,514)
(99,916)
30
Analysis of changes in net funds

The charitable company had no material debt during the year.

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