Brain is broken, help me work out this math based annual fees question pls!

[navyeyelasH]

Have I got this right. A parent pays me £102 a week for 20 hours childcare and 4 meals.

I'm working out an annual rate as their voucher company doesn't let them alter their payment to me on a month by month basis.

So I just multiply £102 * 50 weeks (we are closed for 2 weeks) = £5100 / 12 months = £425 per month.

It seems too simple I always read this sort of question on forums and it always gets complex so am I forgetting something?

The only problem I can see is bank holidays - if I close how would I refund the parent?

TIA

Which voucher company as most of them get the parents to do the correct transfer each month, money can be carried over or the parents make up the difference.

I take it both parents are using the same voucher company as I think its £240 each per month that can go through vouchers, I may be wrong.If its just one parent then they can pay you the max amount and make up the different difference. My brains gone into holiday mode, and I won't do an average amount in case they give notice and can't get the outstanding amounts.

The voucher company pay out the same amount each month to the parent/s but the parents are free usually to transfer/release differening amounts to you from what they have - this is how my parents do it anyhow?

Oh and remember it'll be monthly as per calendar month and not 4 week monthly.

if it helps, my nursery work it out in a similar manner - i.e. work out how much for a full year and then divide through by twelve to give a standard monthly rate. You could do this and take into account the bank holidays quite easily - there are eight in total this year (we've already had one - the 1st Jan one.)

although looking back at your post, remember not to include the holiday over the 2 weeks you are closed as that would be double counting

Ok there are 2 parents and they use different voucher companies the issue is with fair care. They don't seem to allow the parents to create a "pot" to them send out to the CMer. Instead they allow the parent to take out an amount which goes to the CMer and can't be changed?

I'm not keen on figuring it out annually only because it's different to everyone else.

Think I have found solution parent 1 use Faire care max ammount (£243 or whatever it is) and parent 2 who is with care4, can alter theirs month by month to make up the difference?

Yes?

Sounds like a good plan

Do you charge full fee for their holidays, obv no fee for theirs as you took the 2wks off. What about sick days too.

I have most of my mindees on the annual thing and it drives me potty doin adjustments, especially as they all seem to change days / hours mid way through the year arghhh....

that's exactly why I want to avoid it atworknotworking, it gets too complex!

I don't charge fpr my sickness / hols but charge full rate for both of theirs. I also bill monthly in advance.

Any refunds due the parents for your sick time if you don't charge it have to go back to the company and not directly to parents.

If it helps I work it out by days so if mindee is booked in two days a week, x 52 wks = 104 days then i take off any of the days I'm not working, then work out which of the days are term time or holiday club (I charge day rate in H/Club) then multiply by day rates. Then divide by 52, so the payment is the same each week.

I don't charge for my hols either, so at least this way I still kind of still get paid when not working.