THE PATHWAY ACADEMY TRUST
Company number: 09782388
Reporting period:
1 March 2021 to 31 August 2021
Report filed on:
23 September 2021
Approved by:
Jasdip Nijjar
Payment statistics
Average time taken to pay invoices: 22 days
Invoices paid:
- within 30 days: 81%
- in 31 to 60 days: 16%
- in 61 days or more: 3%
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: 21%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
30 days
Standard payment terms
Payments are processed via BACS within 30 days from the date of the invoice, unless specified otherwise on a supplier’s invoice or alternative terms are agreed. For example, smaller suppliers may be paid within 14 days at their request. However, it should be noted that the school finance staff work term-time only (with limited additional days during holidays) and therefore there may be delays if invoices are received during the school holidays. Suppliers are made aware of this where appropriate and there is an expectation for suppliers to acknowledge these working periods. There may also have been some delays in receiving and processing invoices in this reporting period due to the school closures and remote working during the Covid-19 pandemic. There were some additional delays to processing and paying invoices for one school in the Trust and the Trust’s central fund during this reporting period as the finance system was unavailable for 4-6 weeks during June and July 2021. This was due to a cyber-security issue at the provider of the hosted service.
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
N/A
Any other information about payment terms
N/A
Dispute resolution process
In the first instance, a supplier would contact the School Finance Officer or School Business Manager in the school in which the goods or services were supplied or ordered. Any concerns or disputes are investigated and resolved as quickly as possible by the School Finance Officer or School Business Manager. If a dispute cannot be resolved at school level, it would be notified to the Trust Business Manager who would then investigate further and take the appropriate action, referring to the Trust Complaints Procedure if needed.
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