This data consists of the following:
- percentage of invoices paid within 30 days
- amount of interest paid to suppliers due to late payment
- amount of interest the council was liable to pay, whether it was paid or not.
Financial year |
Percentage of invoices paid within 30 days - see note A |
Interest (£'s) actually paid to suppliers - see note B |
Interest (£'s) liable to be paid to suppliers - see note C |
|---|---|---|---|
2023-24 |
98.85% |
£0.00 |
£56,674 |
2022-23 |
98.91% |
£0.00 |
£70,351 |
2021-22 |
98.59% |
£0.00 |
£39,098 |
2020-21 |
97.82% |
£0.00 |
£35,938 |
Notes
(A) The data presented here is based on invoices registered within our accounts payable system. The time taken to pay is calculated from the date an invoice is first registered in the system.
The data excludes payments to individuals (such as foster carers or transfer payments), schools and other government bodies and items understood to be in dispute at the end of the financial year.
(B) This data is based on items recorded as late payment charges in our general ledger.
(C) This is the maximum potential liability for penalty interest based on the application of the statutory interest for late payment, defined as 8% + the Bank of England base rate, applied to all prime or first-tier contractor supplier invoices paid in excess of 30 days from the registration date.
Where the base rate has varied in year, the highest rate in-year has been applied. In practice, invoices would need to be considered on a case by case basis to determine if there has been a dispute, late receipt of associated goods or noncompliance with our invoice procedures.
These factors would likely mean the actual liability is lower than that stated here.