I agree with what is said above.
The canvas on a well-treated and well-cared for canoe can last a long time, but the need for replacement after 20 years or so is not uncommon, especially with a canoe getting the kind of treatment the it might get at a kids' camp. It's replacement in 1995 is not surprising, nor is the fact replacement is needed again.
If the brownish-red stuff is Bondo spot putty, I think that is not causing a problem. Unlike regular Bondo, my experience with the spot putty is that it does hold up to water. The spot putty is good for smoothing a rough surface after a repair is made, but it is not an adhesive and it will not hold torn canvas together.
But -- that much spot putty indicates that this canoe has been used pretty hard (rode hard and put away wet, as it were). The cracking in the paint indicates that the canoe has been repainted quite a bit, and repainting again will not eliminate, or even really hide, those cracks. Also indicative of hard use are what look like repairs to the planking on the bottom of the interior -- I count at least 17 of what I presume are wooden Dutchmen backing up broken planking and/or are sistering cracked or broken ribs. Further, the varnish on all of the wood is pretty well shot -- worn and chipped and providing no protection against sun, wear, and water. Good marine varnish protects against ultraviolet damage, wear, and water absorption by the wood.
Neither Bondo spot putty nor any other material that I am aware of will repair a tear in canvas by simply coating over the damaged area -- Bondo and other fillers, including epoxy, will simply pull apart at the tear line -- the edges of the tear must be adhered to some sort of backing -- a new bit of canvas or some other fabric, but not the planking of the hull. It does not seem that this was done in the torn areas in the photos. (Alternatively, tape or a patch can be glued over a tear, but it is difficult to smooth over and conceal such a repair -- but an external patch will hold the canvas together, and can serve till a better repair -- or canvas replacement -- can be done.)
In my opinion, this canoe is overdue for a good restoration -- new canvas and paint, stripping the old varnish, repairing wood (ribs, planking, and whatever else is cracked or broken), and a new varnish job. The best time to repair wood and re-varnish is when the canvas is being replaced.
This canoe is certainly not beyond restoration -- quite the contrary. A good shop can restore a canoe like this, or even worse, for decades more service, but it wouldn't be cheap, and a restoration would not eliminate the need for regular, proper, and timely repairs and maintenance in the future.
It's probably too late to do a proper restoration for this summer season, and you might be able to patch and paint this boat to limp through to August. But it looks to me that unless some substantial work is done on this canoe, it is just about at the point where it really shouldn't be used any more, certainly not used regularly at a summer camp.