BOLTON SCHOOL
Company number: 05458883
Reporting period:
1 March 2018 to 31 August 2018
Report filed on:
31 July 2019
Approved by:
Mrs CL Fox
Payment statistics
Average time taken to pay invoices: 34 days
Invoices paid:
- within 30 days: 40%
- in 31 to 60 days: 56%
- in 61 days or more: 4%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 42%
Payment terms
Shortest standard payment periods
5 days
Longest standard payment period
45 days
Standard payment terms
The standard payment terms for Bolton School Ltd are 45 days from the date of an invoice. However, when a new supplier is identified, this can be varied in conjunction with the supplier. Local suppliers and individuals usually have reduced payment terms. Once payment terms have been agreed with a supplier, they very rarely change.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
45 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Payments are approved by the relevant budget holder before being processed for payment. If there is a dispute with a supplier, it should be raised with the relevant manager in the first instance. If they are unable to resolve the situation it should advance to the Clerk & Treasurer. They will involve either the Headmaster or Headmistress if appropriate
Other payment information
Has this business signed up to a code of conduct or standards on payment practices? If so, which?
For example, signatories to The Fair Payment Code must commit to paying 95% of their invoices within 60 days.
No, this business has not signed up to a code of conduct or standards on payment practices.
Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
No
Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
No
Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No