LANCING COLLEGE LIMITED
Company number: 03779985
Reporting period:
1 September 2017 to 28 February 2018
Report filed on:
20 March 2018
Approved by:
Mark Milling
Payment statistics
Average time taken to pay invoices: 34 days
Invoices paid:
- within 30 days: 50%
- in 31 to 60 days: 40%
- in 61 days or more: 10%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 19%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
60 days
Standard payment terms
General standard payment terms are Net 30 days i.e. month end of the invoice plus 30 days. The College operates a fair and regular payment standard with 2 bacs payments each month.
Were there any changes to the standard payment terms in the reporting period?
Specific industry payment terms negotiated and construction contracts paid by valuation
Were suppliers notified or consulted about these changes before they were made?
Specific industry payment terms negotiated and construction contracts paid by valuation
Maximum contractual payment period agreed
365 days
The College engages in probably one large contract per annum
Any other information about payment terms
No further comment provided
Dispute resolution process
Any general payment query or dispute is first dealt with by the purchase ledger team in a timely manner. If the issue is specific to a department then the dispute is referred to the Head of that department for action. Unresolved issues willl be referred to the 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