Policy Name: / Policy No: / Date
BOXMOOR PRE-SCHOOL GENERAL POLICIES
Finance / 6.6 / 23/09/16
Version / Review
2-10 / 23/09/17
FINANCE POLICY
Statement of Intent
The Boxmoor Pre-School Finance policy exists to regulate the funds of the Pre-School through defining who is responsible for the collecting, recording, safe keeping and use of all money belonging to the Pre-School. The Finance policy also defines fees and the terms relating thereto.
CASH MUST NOT BE LEFT ON PRE-SCHOOL PREMISES.
Aim
We aim to provide the necessary guidelines to all people associated with the finances of the Pre-School to help them deal with all Pre-School money in a fair and open manner and in the best interests of the Pre-School.
Procedures
1. Financial Responsibility
The Management Committee is responsible for overseeing:
a The collection of the fees prescribed at the Annual General Meeting.
b The raising of other funds as necessary.
c The level and payment of staff salaries.
d The payment of all running costs and other necessary expenditure in respect of supplies and equipment such that the Pre-School is able to fulfil its constitutional aims.
The Management Committee shall:
a Establish, maintain and comply with such systems of control and administrative procedures as appropriate to ensure that Pre-School funds are properly protected and accounted for (see Appendix as to limits of spending).
b Maintain appropriate financial records of all income and expenditure and keep half termly reports on pupil numbers as required.
c At least once every twelve months, publish an audited financial statement describing the financial position of the Pre-School which shall be presented and signed off at the AGM.
d Update the Charities Commission with annual accounts.
2. Delegation of Responsibilities
The Management Committee may delegate some or all of its financial responsibilities subject to such conditions and financial limits as appear to it to be appropriate.
Those to whom financial authority is delegated must have adequate systems of control and procedures in order to ensure that Pre-School funds are properly protected and accounted for.
Delegations of financial authority shall be made in writing and shall contain sufficient details of the applicable terms and financial limits so as to provide a clear description of the delegated authority, and shall be annexed to this policy.
3. Bank Account
The Management Committee shall maintain a general funds bank account in the name of Boxmoor Private Nursery (T/A Boxmoor Pre-School). Signatures shall be any two of the Chairperson, Treasurer, Secretary, Vice Chairman or Pre-School Administrator
The Management Committee shall also maintain a fund raising bank account in the name of Boxmoor Pre-School Fund Raising Account which will be managed by the Treasurer. Signatures shall be any two of the the Chairperson, Treasurer, Secretary, Vice-Chairman or Pre-school administrator.
4. Financial Records
All income and expenditure records will be held in accordance with current business regulations coupled with Inland Revenue requirements these will be completed by an appointed accountant
5. Expenses
No payment shall be made to any member of the Management Committee other than the reasonable receipted expenses reimbursed in respect of any work carried out on behalf of the Pre-School and agreed by the Management Committee. In particular reasonable expenses shall be those related to the enhancement or benefit of the education of the children attending the Pre-School. We operate under the 2011 Constitution approved by the Charities Commission.
6. Fees
The Pre-School shall charge a non-refundable registration fee for Under 3s plus half-termly fees for attendance at the pre-school and these shall be reviewed annually.
Unsuccessful applicants will have the registration fee returned in full. All age 3 and above will be asked if they would like to donate any original registration fee to pre-school funds or if the money should be returned.
The categories of charges will be split as follows:
· Morning Session only 2+
· Morning Session + Lunch Club
· Lunch Club Collection Service Boxmoor Nursery
· Afternoon Session including Lunch Club 2+
· Afternoon Session 2+
· Day Session 3+
Ad hoc sessions. Fees for ad-hoc sessions must be paid for in advance.
Late Collection fee
Changes to the rate of fees, are at the discretion of the Management Committee, but the minimum fee increase at the start of each Academic Year will be:
Individual Session to increase by 25p per session
Lunch Club to increase by 10p per session
Registration Fee to be reviewed as necessary
7. Payment
Invoices will be issued at the beginning of each half-term and must be paid by the date shown on the invoice (usually within 21 days of start of term) preferably by bank transfer, although cheque, payable to Boxmoor Private Nursery or cash. If payment by cash a written receipt must be obtained by the parent/guardian at time of payment from a member of the Pre-school team. NO CASH TO BE LEFT ON PREMISES. The Pre-school Manager will contact the Pre-school Administrator to arrange collection of any fees paid in cash. If this is not possible the same day, the cash will be held by either the Pre-School Manager or a Committee Member until the Pre-School Administrator is able to collect.
Fees can be paid weekly in advance by prior arrangement with the Pre-school Administrator.
Late payments will incur a £5.00 administration fee for each week the invoice is outstanding up to a maximum of £20.00. Once the invoice payment date has passed a list of outstanding accounts will be posted on the Pre-School notice board on a weekly basis.
Difficulty with payment should be notified by the parent/guardian, in writing, to the Pre-school administrator as soon as possible.
Non-payment of fees, with no valid reason, will be followed with Court Action.
Parents who do not pay their fees according to the Pre-School’s policy are not permitted to leave their child(ren) at the Pre-School for any reason and staff are not permitted to accept such children into their care.
The Management Committee reserves the right to use its discretion over individual cases.
8. Concessions
There are no concessions for absence for any reason. If, for reasons of unacceptable behaviour, a child is sent home at any time during the session, fees will not be refundable.
9. Notice
Withdrawal of a child from Boxmoor Pre-School must be preceded by a complete half term’s notice in writing. If this is not given, the half term’s fees will be charged in lieu of notice. Any funded children will incur session costs for the remainder of the term as the funding will automatically be transferred by the local council to the new setting.
Parents / guardians will be given a full half terms notice of any changes to fees and terms and conditions.
This policy was adopted at a meeting of Boxmoor Pre-School Management Committee
Held on 23 September 2015Signed on behalf of the management committee
Name of signatory Louisa Groves