CITY OF LONDON ACADEMIES TRUST
Company number: 04504128
Reporting period:
1 September 2025 to 28 February 2026
Report filed on:
3 March 2026
Approved by:
Edward Benzecry
Contracts and payments
Do any of this business's construction contracts with its suppliers include retention clauses? Yes
Payment statistics
Average time taken to pay invoices: 35 days
Total value paid:
- within 30 days: £9,374,939 (64%)
- in 31 to 60 days: £3,328,711 (23%)
- in 61 days or more: £2,005,365 (14%)
Invoices paid:
- within 30 days: 72%
- in 31 to 60 days: 16%
- in 61 days or more: 12%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £1,950,264
- payments due in the reporting period which have not been paid within the agreed period: 37%
- not made in the reporting period due to a dispute: 0%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
30 days
Standard payment terms
Standard payment terms are 30 days from the date of the invoice. However, in certain circumstances where the supplier may have cashflow challenges, we will reduce payment terms to either 7, 14, 21 or 28 days by agreement.
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
Retention clauses
How does this business use retention clauses?
All construction contracts include retention clauses.
Does this business only use retention clauses in construction contracts above a specific contract sum?
Yes: £50,000
Does this business use a standard percentage rate in retention clauses?
No
Does this business apply retention clause practices that are no more onerous than those applied to it on the same project?
Yes:
Retention clauses are agreed with the supplier, usually applying independent advice from a project management service.
Releasing money under a retention clause
Process for releasing money this business has deducted or retained under a retention clause
The withheld amount is released after the defects liability period has passed.
Is the money released in stages?
No
Amount retained from suppliers in the reporting period
Amount retained stated as a percentage of the money retained from this business by its clients
3%
Amount retained stated as a percentage of the total construction payments made by this business
3%
Dispute resolution process
The Trust operates a purchase order system so that, as far as is possible, invoices must be matched to an approved purchase order prior to payment. This minimises payment disputes. If the goods or services invoiced have not been received in full, are not of sufficient quality, or the invoice details are incorrect, the invoice will not be paid. Initially, and in most cases, the dispute may be resolved by the academy contacting the supplier. If the issue cannot be resolved at academy level, then the supplier can escalate their dispute to the central Trust finance team for resolution.
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