ECCLESIASTICAL INSURANCE OFFICE PUBLIC LIMITED COMPANY
Company number: 00024869
Reporting period:
1 July 2021 to 31 December 2021
Report filed on:
20 January 2022
Approved by:
Denise Cockrem
Payment statistics
Average time taken to pay invoices: 29 days
Invoices paid:
- within 30 days: 74%
- in 31 to 60 days: 22%
- in 61 days or more: 4%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 31%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
45 days
Standard payment terms
Template contracts or purchase order terms with a standard payment period of 45 days are in use. Suppliers are alerted to this payment period when reviewing terms and conditions and the associated process of quoting an order number when submitting an invoice. We also advise that Ecclesiastical will be liable for late payment charges should we pay invoices late.
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
45 days
The % of invoices not paid within the agreed terms is 31%. This figure does not tell the whole story, given that 74% of invoices are paid within 30 days. Ecclesiastical have a number of immediate payment periods. It is unrealistic to pay with processing and clearing therefore we are technically late on paying these invoices. We are looking to resolve this issue with the suppliers affected in the near future.
Any other information about payment terms
No further comment provided
Dispute resolution process
An invoice received that is not able to be processed and paid (potentially due to various reasons) will be passed to Group Procurement team for investigation (procurement@ecclesiastical.com). Group Procurement will review the invoice and liaise with colleagues internally or with the supplier directly to attempt to resolve the invoice dispute within 7 days. All invoices must reference the Purchase Order and either be emailed to business.payments@ecclesiastical.com or posted to Ecclesiastical Insurance, Business Payments, Benefact House, 2000 Pioneer Avenue, Gloucester Business Park, Gloucester, GL3 4AW. No business should be accepted by the supplier without a Purchase Order.
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