Fees in Advance
HABERDASHERS’ MONMOUTH SCHOOLS FEES IN ADVANCE (FIA) SCHEME
Introduction The Haberdashers’ Monmouth Schools offer parents a scheme which enables them to make a lump sum payment for future school fees, in full or in part, for an agreed contract term. Payments may be made by anyone who wishes to make provision for a child’s education (the ‘donor’). Depending on individual circumstances, partaking in the Scheme may be a helpful way of managing finances in a tax efficient way. Anyone interested should seek advice from a personal financial adviser before entering the Scheme.
Conditions of the Scheme Each applicant will receive an individual proposal, drawn up by the Bursar, which is tailored to meet their own financial preferences. The minimum number of terms to be covered is six; the maximum is the remaining time at the school(s) through to the end of the Sixth Form. Quotations may be obtained separately for Monmouth Schools Pre-Prep, the two Prep Schools or the two Senior Schools. Alternatively, a quotation may be prepared covering the pupil’s time at more than one school.
Quotations will be prepared in one of two ways, depending on the donor’s preferences: Either (i) Based on a specified lump sum, the donor will be advised how many terms’ fees will be covered (assuming a set annual rate of fee increase). Or (ii) Based on a specified number of terms to be covered, the donor will be advised on the lump sum required (assuming a set annual rate of fee increase). A discount is offered on advance payments, the amount of which is related to the size of the capital deposited, the period of advance payment and the general level of interest rates at the time such deposit is made. An annual rate of fee increase is assumed and the parent remains liable for any additional fees not covered under the FIA contract. Conversely, if any amount provided for under the contract is greater than the amount due, the donor can elect to leave the excess on the fees account to be applied against future charges, or the excess may be refunded.
Termly Balances The schools will apply the termly amount covered under the contract to the fees account on the due date each term. All remaining fees and extras invoiced each term must be paid in full according to the normal terms and conditions.
Entry to the School(s) Payments will only be accepted in respect of pupils for whom a registration fee has been paid and the offer of a place accepted. Payment of a lump sum does not alter the terms of entry or entitle a pupil to preferential treatment.
Withdrawal before the end of the contract period If a pupil in respect of whom a lump sum has been paid ceases to attend the School, for whatever reason, before the contract reaches its agreed term, the amount to be returned to the donor will be a sum equal to the unused portion of the lump sum payment. Parents will be required to give a full term’s notice of withdrawal, and if they fail to do so, the following term’s fees will be deducted from such unused portion of the lump sum payment. The school also reserves the right to retain any other unpaid charges, such as extras. Interest at a rate reflecting the value to the school of the unused portion of the lump sum will also be paid to the donor, after deducting an administration charge.
If a pupil is withdrawn before he/she starts at the school, the lump sum will be refunded to the donor, less a full term’s fees in lieu of notice if appropriate. No interest will be paid in these circumstances.
Terms of the Scheme Once a quotation has been accepted, a contract will be drawn up between the school(s) and the donor. If the donor is not the pupil’s parent, the parent will also be required to sign the contract. The Governors reserve the right to discontinue the Scheme at any time, or to vary the amounts and conditions of payment and refund in respect of new entrants. In the case of existing participants, the Governors reserve the right to make changes consequent to any change in the law relating to tax and/or charities. Ownership of fees paid to the school(s) as a lump sum passes to the school(s) upon payment, to be used in accordance with the terms described fully in the signed contract, and outlined in this notice.
How to apply If you are interested in making a lump sum deposit and wish to receive a quotation, or you would like to know more about the scheme. Please contact:
Mrs Tessa Norgrove, Foundation Bursar Tel: 01600 710401 E-mail: firstname.lastname@example.org