Understanding annual reconciliation
The charges outlined in your Annual Budget Schedule (ABS) are forecasts for the year ahead.
At the end of the financial year, we’ll compare the estimated costs outlined in the ABS against the actual costs of the facilities or services provided at your property. You’ll then receive a bill for the difference or a credit note will be added to your account.
This is known as annual reconciliation, an industry standard practice that enables the calculation of any balancing charges needed and provides cost transparency.
Redesigned Annual Reconciliation Report (ARR)
As part of the improvements we've been making to our billing documents, we’ve redesigned the Annual Reconciliation Report (ARR) and made it simpler, more consistent, and easier to understand.
Taking direct customer feedback on board, the improvements include:
- You’ll get one consolidated document rather than three separate documents.
- Information is displayed more clearly. There will be explanations for certain terms used in the ARR to clarify what costs mean. You’ll also see commentary boxes to explain any changes in costs where necessary.
- You’ll see named NHSPS contacts in the ARR, so you know who to go to with any questions.
The new ARRs will be sent to customers from mid-May to late July 2024.
See our example Annual Reconciliation Report based on a fictional customer
Questions?
If you have any questions about annual reconciliation, please contact our Customer Service Centre and they'll be happy to help.
