CHURCH OF JESUS CHRIST OF LATTER-DAY SAINTS (GREAT BRITAIN)(THE)
Company number: 00699764
Reporting period:
1 January 2018 to 30 June 2018
Report filed on:
26 July 2018
Approved by:
Matthew B. Robertson
Payment statistics
Average time taken to pay invoices: 14 days
Invoices paid:
- within 30 days: 93%
- in 31 to 60 days: 5%
- in 61 days or more: 2%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 7%
Payment terms
Shortest standard payment periods
1 days
Longest standard payment period
Answer not provided
Standard payment terms
Our standard payment term is "upon receipt" regardless of what our suppliers allow us. When we receive an invoice we enter it into our system that day and after it receives the necessary approvals (which can usually be done within a day) it is paid on the very next pay run. We run two pay runs per week.
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
If a vendor does not require payment on receipt then the terms would be net in 14 days or net in 30 days. Occasionally vendors will offer a small discount if paid in full within 10 days (e.g. 2% discount within 10 days, net within 30) which we will take advantage of as no matter the allowable terms we always pay on receipt.
Any other information about payment terms
Any payment we have made outside our standard payment terms of "upon receipt" are generally due to discrepancies on invoice verses items received or pricing issues that the purchasing department is working with the supplier to resolve before proceeding to pay the invoice.
Dispute resolution process
Prior to paying any invoice, company policy is to compare the invoiced items and invoiced amount with the original quote or matching to items received. If there is a discrepancy on the invoice from what we would expect, the internal department who requested the order will dispute the charges directly with the vendor. The resolution will either be an additional shipment of the mission items or a credit note for the original invoice and re-issuing a new, corrected invoice (or a partial credit note for the items not received or billed incorrectly). It is also possible that after discussion with the vendor we come to an agreement to pay the invoice as it originally stood.
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