Finances

What is the role of the Finance Department in relation to Our Nursery and its' parents?

All the income which is generated relating to the Nursery is passed through our Accountants, It is their responsibility to record, bank and provide receipts for all monies coming into the Nursery through invoices from parents, grants or vouchers.  Finance creates an individual statement for each parent/carer and calculates their invoices accordingly given the information received through the Pre-registration forms from the Manager within the Nursery.  Finance works closely with the Nursery Manager, to ensure a cohesive working practice where information is shared between both parties whilst upholding confidentiality within the partnership.
 

Frequently asked questions by parents/carers

Following are a number of questions that are frequemtly asked by parents and carers: 

When will I be invoiced?

Finance will send you a pre-payment schedule when your pre-registration document arrives stating how many sessions you require.  Within a week you may receive an invoice based on  ??????

How is my pre-payment schedule made up?

Finance has a list of daily rates dependent on the age of your child, which he uses to calculate the bill. A copy of the pre-registration form will allow him to know the frequency of your child's days at Nursery, for example 2 days a week. The weekly amount is then multiplied by 51 weeks of the year (the amount of time during the year that the Nursery is available) and then divided by 12 months to give a monthly rate.

Example: A 1-year-old baby attends 2 full days at a rate of £30 per day

£30 multiplied by 2 = £60 (weekly rate)
£60 multiplied by 51 = £3060 (yearly rate)
£3060 divided by 12 = £255 (monthly rate)

The bill will be pro-rated so if you begin part way through the year, the monthly division will go by the remaining months in the year. For example if you begin in May you will be billed for the following 7 months.

Can I use vouchers to support my payments?

Yes absolutely.  At the moment Our Nursery is in receipt of Busy Bees vouchers, Care four, Early Year and Accour vouchers.  If you have any problem accessing them please speak to the Nursery Manager.

What funding is available to me and how is it accessed?

The Government funds all 3 and 4 years old in private settings for 55 sessions per term which equates at 5 mornings per week over 11 weeks. 

The Government has also started to fund 2 year olds whose parents are in receipt of Tax Credits, provided they meet the criteria for 33 sessions per month, which equates at 3 mornings per week over the 11 week period.

The funding is applied for by the Nursery Manager, who will ask you to complete a form so that she can send all the relevant information off to Hertfordshire County Council Funding Department.  When the amount entitled to arrives you will be notified straight away.  Finance will have still issued you with a pre-payment schedule for the year, but it is up to your discretion as to whether you take a lump sum off one or two months, or you would prefer a monthly reduction within your invoice.  Please speak to the nursery manager who will liaise with finance to meet your needs. 

I have problems paying my bill. Please can you help?

If you have told the Finance Department that you are experiencing financial hardship in advance of the payment of bills, it will be possible to negotiate a mutually acceptable outcome, whereby your circumstances will be taken into account, and looked at empathetically.  However, if you fail to pay or do not keep us up-to-date with any problems that you may be experiencing, policies and procedures will be put into place to retrieve any monies outstanding.  It is our wish to work together with parents, and provided we are kept informed, we can normally support you in this matter.