THE KING'S SCHOOL, WORCESTER
Company number: 04776324
Reporting period:
1 August 2017 to 31 January 2018
Report filed on:
6 March 2018
Approved by:
Mr D B Dale
Payment statistics
Average time taken to pay invoices: 29 days
Invoices paid:
- within 30 days: 69%
- in 31 to 60 days: 26%
- in 61 days or more: 5%
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: 31%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
30 days
Standard payment terms
The most frequently used payment terms for qualifying contracts are within 7 days of receipt of invoice ( the terms generally applied to small and/or local businesses), otherwise within 30 days of receipt of invoice unless extended period indicated by the supplier in which case within the supplier stated terms
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
75 days
The maximum contractual payment period indicated relates to the extended terms made available by a small number of suppliers that invoice for services significantly in advance. The 75 day period represents the payment interval set by the supplier and recorded on the invoice (by way of the interval between the invoice date and due date for payment.
Any other information about payment terms
The document flow for invoice authorisation that is required before payment can be made can be disrupted by school holiday periods which may result in short delays in payment in some cases.
Dispute resolution process
Direct contact by accounts department with supplier by telephone and/or email, usually within 7 days of the matter of any dispute/complaint being identified. to the extent necessary further information/copy documentation may be sought from supplier and/or internally and if matter cannot be resolved within the accounts department a dispute/complaint will be referred to the Bursar/Deputy Bursar.
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