WAKEFIELD GRAMMAR SCHOOL FOUNDATION
Company number: 04258359
Reporting period:
1 February 2019 to 31 July 2019
Report filed on:
29 August 2019
Approved by:
S Chamberlain
Payment statistics
Average time taken to pay invoices: 27 days
Invoices paid:
- within 30 days: 67%
- in 31 to 60 days: 29%
- in 61 days or more: 4%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 18%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
61 days
Standard payment terms
Most of our suppliers require payment within 30 days of invoice, though a small number of suppliers do have 7 day or 14 day terms or terms allowing payment at the end of the month following invoice. We endeavour to process and pay suppliers invoices within a 30 day timeframe (or sooner if required), as we are aware that many of our small local suppliers rely upon prompt payment for their business cash flow.
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
61 days
The maximum contractual payment period is the end of the month following invoice although, as stated above, we endeavour to pay all suppliers within 30 days or less whenever possible.
Any other information about payment terms
The Foundation has a robust cash flow and positive bank balances. We therefore make every effort to pay promptly and keep within suppliers payment terms. However, as we are a school, many of the budget holders who would authorise payment of particular invoices are unavailable outside of term time and therefore some delays may occur with educational invoices over the school holiday periods.
Dispute resolution process
Suppliers chasing missing payments normally contact the Purchase Ledger Administrator (PLA) who would then ask the supplier to send a copy of the missing invoices. The PLA then contacts the budget holder who ordered the goods/services to either obtain authorisation to pay the invoice (if it was a simple matter of an invoice going astray) or for the budget holder to advise if there is any dispute.
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