Published reports

THE DAVID ROSS EDUCATION TRUST

Company number: 06182612

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

Reporting period:

1 March 2026 to 31 August 2026

Report filed on:

28 September 2026

Approved by:

Jane Spencer

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: 25 days

Total value paid:

within 30 days: £9,811,634 (64%)
in 31 to 60 days: £3,845,872 (25%)
in 61 days or more: £1,679,580 (11%)

Invoices paid:

within 30 days: 84%
in 31 to 60 days: 10%
in 61 days or more: 6%

Late and disputed:

total value of payments due in the reporting period which have not been paid within the agreed period: £5,525,451
payments due in the reporting period which have not been paid within the agreed period: 16%
not made in the reporting period due to a dispute: 0%

Payment terms

Shortest standard payment periods

30 days

Longest standard payment period

45 days

Standard payment terms

Standard Terms and Conditions for Goods and Services can be found on the DRET website: https://www.dret.co.uk/supplier-information/

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

Were suppliers notified or consulted about these changes before they were made?

N/A

Maximum contractual payment period agreed

45 days

No further comment provided

Any other information about payment terms

No further comment provided

Retention clauses

How does this business use retention clauses?

Retention clauses are used in specific circumstances:

Retention clauses are typically applied only to higher value contracts; however, there is no fixed threshold. The decision to apply retention is based on the nature and risk of the works being undertaken and is made on a case by case basis by the buyer. Where retention is applied, DRET's standard retention terms are 5% during the contract while works are on site, in line with standard JCT building contract terms.

Does this business only use retention clauses in construction contracts above a specific contract sum?

Does this business use a standard percentage rate in retention clauses?

Yes: 5%

Does this business apply retention clause practices that are no more onerous than those applied to it on the same project?

Releasing money under a retention clause

Process for releasing money this business has deducted or retained under a retention clause

DRET contract retention terms are 5% during the contract when works are on site, in line with standard JCT building contract terms.
Upon practical completion this reduces to 2.5% of the contract sum which is held for 12 months during the defects period. When the 12 month defects period is completed, an end of defects inspection is carried out with the contractor.

Any defects identified will be completed by the contractor and, upon completion, the remaining 2.5% retention sum is released. If defects are not completed, some of the retention may be withheld to complete the works.

Is the money released in stages?

Yes:

Money is released in stages:
• 2.5% released on practical completion.
• 2.5% released after completion of defects

Amount retained from suppliers in the reporting period

Amount retained stated as a percentage of the money retained from this business by its clients

Amount retained stated as a percentage of the total construction payments made by this business

Dispute resolution process

A complaint will be considered by the supplier account manager and escalated to the CFO if necessary.

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.

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.

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?

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