WELLSPRING ACADEMY TRUST
Company number: 08120960
Reporting period:
1 March 2019 to 31 August 2019
Report filed on:
19 September 2019
Approved by:
Mark Wilson
Payment statistics
Average time taken to pay invoices: 43 days
Invoices paid:
- within 30 days: 61%
- in 31 to 60 days: 23%
- in 61 days or more: 16%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 42%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
30 days
Standard payment terms
30 days from invoice date
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
During the period the Trust communicated with suppliers stating that purchase invoices must reference a valid purchase order number. The 'no purchase order no payment' policy was set up to ensure the Trust only pays for goods and services which have been properly ordered and authorised, assisting with the Trust's budgeting controls and improving efficiency of our finance procedures. The Trust has worked closely with our suppliers and will continue to do so. Performance is expected to improve over the next period.
Dispute resolution process
Disputes are dealt with at our Head Office under the oversight of the Chief Finance Officer.
The Trust's complaints policy is available on the website of Wellspring Academy Trust.
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