What is a sinking fund and do you need one?
Do you have a sinking fund for your sports facilities? What happens when your tennis court or all-weather pitch needs to be resurfaced?
A sinking fund is a pot of money set aside for general repairs and maintenance of your sports facilities.
New sports facilities are a big expense. You’ve put a lot work into getting your facility built, whether through fundraising or grant applications, but do you have a plan for how to pay for the up keep and maintenance?
Your average pitch has a life span of between 7 and 10 years, with the cost of resurfacing in six figures. According to the FA and Hockey England, the average cost of a pitch resurfacing is £180,000 - £210,000.
A lot of sports venues don’t plan properly for the repair and maintenance so the pitch, that they put all that work into building, doesn’t get properly maintained.