MILTON KEYNES EDUCATION TRUST
Company number: 07663689
Reporting period:
1 September 2018
to 28 February 2019
This report was filed on 18 March 2019
and approved by Reynold Lee
Payment statistics
Average time taken to pay invoices: 21 days
Invoices paid:
- within 30 days: 74%
- in 31 to 60 days: 22%
- in 61 days or more: 4%
Invoices due but not paid within agreed terms: 26 %
Payment terms
Standard payment period for qualifying contracts
30 days
Standard payment terms
Milton Keynes Education Trust standard terms are “The Supplier shall be entitled to invoice MKET on delivery of the goods under this Contract. Unless otherwise agreed, MKET will pay for the goods within 30 days from receipt of invoice
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
30 days
Any other information about payment terms
N/A
Dispute resolution process
In the first instance suppliers engage directly with the School Business Managers, they can then escalate to the Finance Director at the Trust and then to the CEO
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