Published reports

THE PRINCETHORPE FOUNDATION

Company number: 04177718

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

Reporting period:

1 March 2020 to 31 August 2020

Report filed on:

30 September 2020

Approved by:

Mr E Tolcher

Payment statistics

Average time taken to pay invoices: 45 days

Invoices paid:

within 30 days: 35%
in 31 to 60 days: 43%
in 61 days or more: 22%

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: 64%

Payment terms

Shortest standard payment periods

7 days

Longest standard payment period

30 days

Standard payment terms

Wherever possible payments are made within supplier stated terms, the shortest being 7 days. If no terms are stated then payment is made within 30 days from the receipt of invoice.

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

Were suppliers notified or consulted about these changes before they were made?

N/A

Maximum contractual payment period agreed

45 days

Bookshop and uniform suppliers offer extended credit over the summer period.

Any other information about payment terms

After lockdown and with employees working from home for an extended period of time, invoices that were sent via mail to the business address were not recorded until much later. This has had a significant effect on the time taken to pay some of our suppliers.

Dispute resolution process

Every effort is made to resolve all queries and disputes as quickly as possible, the query/dispute is referred to the relevant department, dates are recorded by the Purchase Ledger team to keep track of progress and to ensure the query is dealt with in a timely manner.

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.

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?