GOV.UK
ASSET EDUCATION
Company number: 09434926
Reporting period:
1 September 2023
to 29 February 2024
This report was filed on 19 March 2024
and approved by Barry Gostling
Payment statistics
Average time taken to pay invoices: 18 days
Invoices paid:
- within 30 days: 93%
- in 31 to 60 days: 6%
- in 61 days or more: 1%
Invoices due but not paid within agreed terms: 21 %
Payment terms
Shortest standard payment period
0 days
Longest standard payment period
30 days
Standard payment terms
ASSET Education aims to pay all suppliers in accordance with their payment terms and conditions unless there
are queries on the invoice.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
30 days
N/A
Any other information about payment terms
There has been an improvement since the last report, with a much higher amount of invoices being paid within 30 days and a reduction in the number that are paid outside of defined terms. Of those that were outside of payment terms, 26% were not received in our offices until after the invoice due date making them impossible to pay. This shows there is still a slight issue with invoices arriving in our offices on time, however this has dropped from 31% six months ago. 54% of those that missed due dates were paid less than 7 days after receipt which is standard based on our weekly BACS cycle.
Dispute resolution process
Escalate to central finance team who would take up query with management of supplier.
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