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THE INNER CIRCLE EDUCATIONAL TRUST

Company number: 01791760

Reporting period:
1 August 2020 to 31 January 2021

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This information is as reported by the business, and responses are in their own words.

This report was filed on 25 February 2021

and approved by Carl Teigh - Finance Director

Payment statistics

Average time taken to pay invoices: 21 days

Invoices paid:

• within 30 days: 85%
• in 31 to 60 days: 12%
• in 61 days or more: 3%

Invoices due but not paid within agreed terms: 15 %

Payment terms

Standard payment period for qualifying contracts

30 days

Standard payment terms

Standard payment terms are available here. https://www.regents.ac.uk/sites/default/files/2019-10/PO%20Terms%20and%20Conditions%20Regents%20University.pdf

Under these terms the payment is made on the first payment run 30 days after the invoice is received.

Note that during the period, the name of the company changed from Regent's University London to The Inner Circle Educational Trust, and the business was sold to Regent's University London Limited.

Were there any changes to the standard payment terms in the reporting period?

No

Maximum contractual payment period agreed

30 days

Any other information about payment terms

N/A

Dispute resolution process

In the first instance, email to Accounts payable - "AccountsPayable@REGENTS.AC.UK" with an escalation to the FD if required.

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 Prompt Payment Code must commit to paying 95% of their invoices within 60 days.

No

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