With Hampton Pool currently closed due to lockdown, one of the questions we are being asked is whether there is any risk of permanent pool closure due to the current situation. This update is intended to provide reassurance about our financial position and to draw attention to an important Board vacancy we are seeking to fill.
A quick word about the financial viability of Hampton Pool given the current situation
As context to this topic, there are two organisations responsible for the viability of Hampton Pool - Hampton Pool Trust for securing the long-term future and YMCA St Paul's Group for day-to-day operations.
Hampton Pool Trust's last published accounts for the year to 31 March 2019 showed reserves of £1.2m. Subject to an external independent review, the financial year just ended on 31 March 2020 will show reserves in the region of £1.3m, mainly due to the success of the July 2019 Concert Series.
Although the Trust will not receive any income from Pool operations in 2020/21 due to the current period of site closure caused by the lockdown, it is too soon to tell how far this will impact on the transfer of surplus for the 2021/22 financial year. This will depend upon length of closure, the speed with which we can build back up to full operation and the level of continuing support from our members and customers once we are able to re-open.
On the Concerts front, as reported in previous updates, the 2020 concerts will now take place in Summer 2021 and the impact of this will be felt in the 2020/21 accounts. We are delighted that many of our ticket purchasers are holding on to their tickets and will be joining us once the concerts resume.
All in all, despite recent developments, our reserves remain intact and I would like to offer reassurance that the Trust remains in a strong financial position.
Our Trust annual accounts will be made available to members following the conclusion of the external independent examination process.
Regarding the day-to-day viability of Pool operations, here's a message from Richard James, Chief Executive of YMCA St Paul’s Group:
“YMCA St Paul’s Group have worked closely with Hampton Pool Trust to agree the steps that will allow the re-opening of the pool at the time when the government advice changes. During the period of lockdown we have taken the opportunity to focus on behind the scenes jobs at the pool as well as looking to ensure the building is ready for safe access.
Whilst the last few months have resulted in no income during this period we have, over a number of years, built up a financially sustainable operation at the Pool that is able to withstand the shock that has been Coronavirus. As a YMCA we continue to be committed to the work at the pool, not least through a fit-for-the-future building.
Our recent surveys have shown us that people are desperate to return and re-engage in physical activity in the same space and, whilst we need to wait for the government advice to allow this, we know that many valued pool users will be desperate to join us when we do.”
A new Finance Director – the search continues
You may remember that back in February I reported on our search for a new Finance Director for the Trust. Despite talking to some potential candidates, we have not yet appointed to this important role and our search continues.
We’re fortunate that Mark Doyle has kindly agreed to cover the role on an interim basis at what has turned out to be a particularly critical time for the Trust and Pool. We are very grateful to Mark for continuing to lead this area of our work. We’re keen to find a volunteer to succeed him on a longer-term basis however, allowing Mark to focus on his other Trust responsibilities.
I am writing again now to ask you to consider whether you know of anyone who might be a good fit for this voluntary role? We’re looking for someone with appropriate experience to maintain an overview of the Trust’s financial affairs, lead work on our long-term financial strategy and viability; someone with the professional knowledge to ensure that financial record-keeping and procedures are maintained. This is a crucial role within the Trust and it is important that we find someone who also has the time to devote to the work required.
If you’re interested in applying, or know someone who might be interested, please email mark.doyle@hamptonpooltrust.org.uk for further information.
With best wishes
Jane Savidge, Chair on behalf of Hampton Pool Trust Board
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