REACH2 ACADEMY TRUST

Company number: 08452281

Reporting period:
1 March 2021 to 31 August 2021

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This report was filed on 29 September 2021

and approved by Sir Steve Lancashire

Payment statistics

Average time taken to pay invoices: 29 days

Invoices paid:

• within 30 days: 72%
• in 31 to 60 days: 21%
• in 61 days or more: 7%

Invoices due but not paid within agreed terms: 28%

Payment terms

Shortest standard payment periods

30 days

Longest standard payment period

Answer not provided

Standard payment terms

REAch2 Academy Trusts standard payment terms are 30 days from date of invoice or receipt of invoice (whichever is the latter) for all qualifying contracts during the reporting period

Were there any changes to the standard payment terms in the reporting period?

Answer not provided

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

N/A

Dispute resolution process

Any disputes relating to supplies of goods and services, should be first directed to the School Business Manager at the Academy whom ordered the goods or services. If no resolution can be found with the School Business manager, and no explanation received why the payment has been withheld, Suppliers can raise their concerns with the Head Teacher of that Academy. Where no resolution has been found by dealing with the academy direct, the supplier may refer the matter to the central trust, by e-mailing info@reach2.org. Suppliers must include the following information; Academy Supplied, Statement of Account, copy of outstanding invoice(s), purchase order number given by the academy when ordering the goods or service, and who the supplier has been dealing with so far in trying to resolve the dispute. The Central trust will then liaise with the school in question to resolve the matter. It is worth noting that the Academy itself has the final authority to issue payment and the trust can only act as arbitrator in the matter. Suppliers can find up to date Academy address’s and contact details on our website (http://www.reach2.org)

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, 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