RATCLIFFE COLLEGE
Company number: 05900743
Reporting period:
1 March 2022
to 31 August 2022
This report was filed on 14 September 2022
and approved by Christopher Bellamy
Payment statistics
Average time taken to pay invoices: 34 days
Invoices paid:
- within 30 days: 62%
- in 31 to 60 days: 29%
- in 61 days or more: 9%
Invoices due but not paid within agreed terms: 91 %
Payment terms
Shortest standard payment period
30 days
Longest standard payment period
60 days
Standard payment terms
We use the payment terms on our supplier invoices
If there are no terms on the invoice, we pay within 30 days
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
if there is a dispute, our Purchase Ledger Financial Assistant will contact the specific department within the School that the invoice is addressed to for authorisation. Once agreed by the budget holder of that specific department, payment will be made either on the next payment run or by fast payment if deemed necessary
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