ABBEYFIELD SOCIETY (THE)
Company number: 00574816
Reporting period:
1 October 2018 to 31 March 2019
Report filed on:
7 October 2019
Approved by:
Nigel Hopkins
Payment statistics
Average time taken to pay invoices: 36 days
Invoices paid:
- within 30 days: 62%
- in 31 to 60 days: 26%
- in 61 days or more: 12%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 38%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
The Abbeyfield Society is currently
implementing a standard payment term of 30
days, as part of its Purchase to Pay project,
having previously aimed to pay any invoice as
soon as it has been approved for payment.
(The Purchase to Pay process is currently
intended for implementation during the early-mid
part of 2020.) It is intended that this
standard will be in place for all contracts and
supplier arrangements unless any formal
supplier contract specifies an alternative
payment term.
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
30 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
The current process for suppliers to resolve
disputes is as follows:
1. To discuss with the Receipts and Payments
Manager. If no resolution –
2. To discuss with the relevant business
manager/budget holder. If no resolution –
3. To discuss with the Finance Director.
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