LIONHEART ACADEMIES TRUST
Company number: 08473899
Reporting period:
1 September 2019 to 29 February 2020
Report filed on:
17 March 2020
Approved by:
Christine Swan
Payment statistics
Average time taken to pay invoices: 25 days
Invoices paid:
- within 30 days: 80%
- in 31 to 60 days: 13%
- in 61 days or more: 7%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 31%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
30 days
Standard payment terms
Standard payment terms are 30 days from date of invoice, however in certain circumstances where cashflow could present an issue for the supplier providing goods or services we will amend these terms to either 7, 14 or 21 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
If the goods or services have not been received, are not the quality expected or the invoice is incorrectly submitted, the invoice will not be paid until the issue has been resolved.
Any other information about payment terms
No further comment provided
Dispute resolution process
In the first instance of any dispute, the supplier can contact the school directly. If the issue cannot be resolved locally then the supplier can escalate their dispute to the Chief Financial Officer and in the event that there is still a dispute, the Chair of Governors can also be contacted in line with the school's grievance policy.
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