THE SECKFORD FOUNDATION
Company number: 05522615
Reporting period:
1 March 2020 to 31 August 2020
Report filed on:
25 September 2020
Approved by:
Jude Chin
Payment statistics
Average time taken to pay invoices: 25 days
Invoices paid:
- within 30 days: 83%
- in 31 to 60 days: 11%
- in 61 days or more: 6%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 35%
Payment terms
Shortest standard payment periods
1 days
Longest standard payment period
30 days
Standard payment terms
We ensure that our purchase ledger record for the supplier is set to the payment terms per their invoice / conditions. If there are no terms on the invoice we assume 30 days until notified otherwise. Payment runs are done every fortnight and the system will refer to the payment date versus the due date and pay any invoices due in the period.
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
Supplier statements are checked monthly, copies of outstanding documents requested and passed to the appropriate department for authorisation as soon as they are received. Supplier calls and emails are dealt with in real time and as soon as possible on receipt. Purchase ledger team work with authorising departments to help understand and resolve queries. Any disputes are discussed between the supplier, purchaser and accounts department to enable speedy resolution.
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