RATCLIFFE COLLEGE
Company number: 05900743
Reporting period:
1 September 2024 to 28 February 2025
Report filed on:
5 March 2025
Approved by:
Christopher Bellamy
Payment statistics
Average time taken to pay invoices: 33 days
Invoices paid:
- within 30 days: 51%
- in 31 to 60 days: 45%
- in 61 days or more: 4%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 49%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
60 days
Standard payment terms
We use the payment terms on our supplier invoices. If there are no credit terms, we pay within 30 days.
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
If a small company, we would assess whether we pay within 14 days.
Any other information about payment terms
N/a
Dispute resolution process
If there is a dispute, our Purchase Ledger Finance 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. No invoice will be paid unless authorised by an employee of our organisation. Our Purchase Ledger Assistant will then liaise with the supplier to come to a mutually acceptable solution.
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