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.
To keep your sports facilities in top shape, make sure you’re planning for what could happen.