Published reports

GFM EDUCATION

Company number: 07834711

This information is as reported by the business, and responses are in their own words.

Reporting period:

1 September 2017 to 28 February 2018

Report filed on:

23 April 2018

Approved by:

Jean Morgan

Payment statistics

Average time taken to pay invoices: 33 days

Invoices paid:

within 30 days: 57%
in 31 to 60 days: 40%
in 61 days or more: 3%

Late and disputed:

payments due in the reporting period which have not been paid within the agreed period: 43%

Payment terms

Shortest standard payment periods

30 days

Longest standard payment period

Answer not provided

Standard payment terms

30 Days from the date of invoice

Were there any changes to the standard payment terms in the reporting period?

Answer not provided

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

N/A

Dispute resolution process

The Procurement Manager will work with the budget holder to identify why the payment is being withheld. If a resolution cannot be reached this will be escalated to the Head of Finance. The expectation would be that the complaint will be responded to within 5 working days of receipt. Resolution within a further 15 days working days.

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, 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.

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.

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?