THE ELLIOT FOUNDATION ACADEMIES TRUST
Company number: 08116706
Reporting period:
1 September 2017 to 28 February 2018
Report filed on:
28 March 2018
Approved by:
Hugh Greenway
Payment statistics
Average time taken to pay invoices: 29 days
Invoices paid:
- within 30 days: 67%
- in 31 to 60 days: 25%
- in 61 days or more: 8%
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: 33%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
The Elliot Foundation Academies Trust (TEFAT) is a Multi Academy Trust, and registered charity, running 27 primary schools, accordingly it does not sell goods and thus there are no standard payment terms akin to those in commercial enterprises. The data provided relates to payments made by TEFAT and the most frequently used payment period term is 30 days.
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
No further comment provided
Dispute resolution process
Any disputes are dealt with by relevant Finance team members in the first instance. If required the matter is escalated to a member of the executive leadership team. Finally, as last resort, if required bring to attention of FD/CEO and ultimately the Finance Committee and then the Board.
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