THE KING'S SCHOOL, WORCESTER
Company number: 04776324
Reporting period:
1 February 2019 to 31 July 2019
Report filed on:
9 September 2019
Approved by:
Mr D B Dale
Payment statistics
Average time taken to pay invoices: 24 days
Invoices paid:
- within 30 days: 64%
- in 31 to 60 days: 30%
- in 61 days or more: 6%
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: 44%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
30 days
Standard payment terms
The most frequently used payment terms for qualifying contracts are within 7 days of receipt of invoice (the terms generally applied to small and/or local businesses), otherwise within 30 days of receipt of invoice unless extended period indicated by the supplier in which within the supplier stated terms
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
75 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Direct contact by accounts department with supplier by telephone and/or email, usually within 7 days of the matter of any dispute/complaint being identified. To the extent necessary further information/documentation may be sought from supplier and/or internally and if matter cannot be reolved within the accounts department a dispute/complaint will be referred to the Bursar/Deputy Bursar
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