TRINITY LABAN CONSERVATOIRE OF MUSIC AND DANCE
Company number: 00051090
Reporting period:
1 February 2023 to 31 July 2023
Report filed on:
11 August 2023
Approved by:
Anthony Bowne
Payment statistics
Average time taken to pay invoices: 43 days
Invoices paid:
- within 30 days: 61%
- in 31 to 60 days: 26%
- in 61 days or more: 13%
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: 36%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
TL standard payment terms for all purchases of goods and services are 30 days from the date of the invoice, providing that all trading terms and conditions have been fulfilled (i.e. goods and services have been delivered or provided). Per the financial regulations, we should pay 30 days from date of receipt of invoice: Once the Goods and/or Services have been delivered in accordance with Clause 5 of the Contract the Seller shall send a Correct Invoice for the Goods and/or Services which shall identify the HEI’s Purchase Order number, and the HEI shall pay such invoice if correctly rendered within 30 days of receipt.
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
If there is a disputed purchase invoice the supplier should initially contract the finance department by email at accountspayable@trinitylaban.ac.uk. This will be dealt with the Financial Controller and then escalated to the Head of Finance, or Director of Finance if necessary. Usually any email will be answered within 5 working days. Per the financial regulations: The Contract shall in all respects be governed by and construed in accordance with English law and shall be deemed to have been made in England and the parties agree to submit to the nonexclusive jurisdiction of the courts of England. 24.2 All disputes arising out of or in connection with this Contract shall be resolved by arbitration. A single arbitrator shall be appointed by agreement between the parties but where the parties fail to reach agreement within 7 days, by the President of the Law Society of England and Wales.
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