COOMBE ACADEMY TRUST
Company number: 07905433
Reporting period:
1 September 2017 to 28 February 2018
Report filed on:
28 March 2018
Approved by:
Deborah Walls
Payment statistics
Average time taken to pay invoices: 18 days
Invoices paid:
- within 30 days: 89%
- in 31 to 60 days: 10%
- in 61 days or more: 1%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 22%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
30 days
Standard payment terms
The Trust operates payment terms of 30 days from invoice date unless different terms are specified by the supplier. We endeavour to meet all supplier terms however seven days is very challenging as payment runs are every 3-4 weeks and rare during school holidays.
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
No further comment provided
Any other information about payment terms
Each school within the Trust processes payment runs every 3-4 weeks, however as there are usually no payment authorisers available during the school holidays this will affect the frequency of payment runs and cause some invoices to be paid outside of their terms, particularly those with terms of less than 30 days. We do request suppliers send their invoices direct to the finance department rather than the person who raised the order to make invoice processing more efficient and reduce delays in generating payments.
Dispute resolution process
The Trust's financial procedures require budget holders to check their deliveries against the purchase order and notify the finance team of any discrepancies within two days. The finance officer will promptly follow this up with the supplier. Should the matter not be resolved satisfactorily,it will be passed back to the budget holder for further investigation . The senior finance officer will also be informed and will act as key contact with the supplier to bring the dispute to a satisfactory close. If necessary the dispute will be escalated to the director of finance. The Trust aims to resolve queries as quickly as possible so payment can still be made within the standard 30 days, however this will depend on the nature of the query and how quickly a supplier issues credit notes where this is required.
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