BETA This is a new service – your feedback will help us to improve it.

UNIVERSITY OF CHESTER ACADEMIES TRUST

Company number: 06929486

Reporting period:
1 September 2017 to 28 February 2018

---

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

This report was filed on 28 March 2018

and approved by Helen Dearden

Payment statistics

Average time taken to pay invoices: 40 days

Invoices paid:

• within 30 days: 51%
• in 31 to 60 days: 34%
• in 61 days or more: 15%

Invoices due but not paid within agreed terms: 57 %

Payment terms

Standard payment period for qualifying contracts

30 days

Standard payment terms

UCAT has not issued standard payment terms however the standard payment period based on our most commonly used terms for the reporting period is 30 days

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

No

Maximum contractual payment period agreed

46 days

Any other information about payment terms

Although our standard payment terms are 30 days, a large number of payments related to agency fees with individual invoices being payable in 7 days. This has contributed to our overdue payment statistic.

Dispute resolution process

A complaint will normally be addressed by individual academy based finance staff then escalated if necessary at Group Accountant or Finance Director level for resolution with a seven day target.
UCAT exchequer systems prioritize prior authorization of all orders and sign off of goods received notes which helps clarify issues re any disputes quickly.

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 Prompt Payment Code must commit to paying 95% of their invoices within 60 days.

No

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