THE GORSE ACADEMIES TRUST
Company number: 07465701
Reporting period:
1 September 2017 to 28 February 2018
Report filed on:
25 April 2018
Approved by:
Sir John Townsley (CEO)
Payment statistics
Average time taken to pay invoices: 29 days
Invoices paid:
- within 30 days: 72%
- in 31 to 60 days: 22%
- 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: £0
- payments due in the reporting period which have not been paid within the agreed period: 31%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
Our standard payment terms are 30 days from the date of invoice receipt, unless otherwise agreed with the supplier. We have an agreement with some local small businesses for payment terms of 7 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
The Trust enjoys a good relationship with the majority of its suppliers. Any queries on invoices are dealt with by individual academies with disputes resolved quickly. Payment of an invoice will not be made until any issues are resolved. This can cause payments to be made late. We currently have no long standing unresolved issues with any of our suppliers. For the majority of invoices not paid within 30 days - this is due to the invoices being received during school holiday periods when school staff are not present.
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