Below is a table detailing our late payment statistics for previous financial years.
| Financial year | Invoice paid | Interest paid | Late invoices | Value of late invoices | Bank of England (BoE) Interest Rate (IR) | BoE IR + 8% | Calculated Interest |
|---|---|---|---|---|---|---|---|
|
2024/25 |
99.04% |
£0 |
121 |
£729,362.71 |
5.25 |
13.25 |
£96,640.56 |
|
2023/24 |
99.15% |
£0 |
113 |
£285,217.40 |
4.25 |
12.25 |
£34,939.13 |
|
2022/23 |
98.71% |
£0 |
126 |
£329,400.10 |
0.75 |
8.75 |
£28,822.51 |
|
2021/22 |
98.62% |
£0 |
166 |
£719,901.74 |
0.1 |
8.1 |
£58,312.04 |
|
2020/21 |
98.54% |
£0 |
150 |
£625,766.15 |
0.1 |
8.1 |
£50,687.06 |
|
2019/20 |
98.84% |
£0 |
128 |
£169,984.92 |
0.75 |
8.75 |
£14,873.68 |
|
2018/19 |
91.07% |
£0 |
162 |
£302,047.20 |
0.5 |
8.5 |
£25,674.01 |
Interest paid - the amount of interest paid to suppliers due to late payment.
Late invoices - the number of undisputed invoices paid more than 30 days after being received.
Calculated interest - an estimate of the amount of interest owed on the late payments, if we were charged it.
We calculate liability using the Bank of England interest rate as on the 1 April each year + 8%.
Please note: not all disputed invoices are identifiable within the data set, so the total amount liable could be lower than stated.
2019/20 data: this was first year after the introduction of a digital purchase ordering and invoice matching system.