FUTURE ACADEMIES
Company number: 06543442
Reporting period:
1 September 2018
to 28 February 2019
This report was filed on 15 April 2019
and approved by Paul Smith
Payment statistics
Average time taken to pay invoices: 38 days
Invoices paid:
- within 30 days: 64%
- in 31 to 60 days: 24%
- in 61 days or more: 12%
Invoices due but not paid within agreed terms: 41 %
Payment terms
Shortest standard payment period
1 days
Longest standard payment period
30 days
Standard payment terms
Our standard payment terms are 30 days. However trips, utilities & peripatetic invoices are paid within 14 days as long as the invoice has been approved . All invoices that have been approved are paid in the next payment run that falls within the due date period.
Were there any changes to the standard payment terms in the reporting period?
Yes – Yes, we changed all terms except utilities, trips & peripatetics to 30 days.
Were suppliers notified or consulted about these changes before they were made?
Yes – This was communicated via email to the existing suppliers.
Maximum contractual payment period agreed
30 days
Any other information about payment terms
N/A
Dispute resolution process
Disputes are resolved between the Supplier & the Finance team at Future Academies. The purchase order provides contact details for queries.
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