THE INNER CIRCLE EDUCATIONAL TRUST
Company number: 01791760
Reporting period:
1 August 2020 to 31 January 2021
Report filed on:
25 February 2021
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%
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: 15%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
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
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
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 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