EDUCATION CENTRAL MULTI ACADEMY TRUST
Company number: 08255492
Reporting period:
1 September 2017 to 28 February 2018
Report filed on:
30 March 2018
Approved by:
Professor Michelle Lowe
Payment statistics
Average time taken to pay invoices: 56 days
Invoices paid:
- within 30 days: 34%
- in 31 to 60 days: 33%
- in 61 days or more: 34%
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: 66%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
30 days
Standard payment terms
Standard terms are 30 days unless specified by the supplier and agreed prior to the contract
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
365 days
Some large contracts (mainly service level agreements) are invoiced in total at the beginning of the financial year but paid over 12 monthly instalments to coincide with funding receipts.
Any other information about payment terms
No further comment provided
Dispute resolution process
The finance department and/or business manager of each individual academy will query the invoice with the supplier and keep details of all correspondence on the issue. Protocols vary between academies as they are usually based on the LA involved when the school was maintained. Payment is not made until the dispute is resolved.
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