COOMBE ACADEMY TRUST
Company number: 07905433
Reporting period:
1 September 2021 to 28 February 2022
Report filed on:
23 March 2022
Approved by:
Esther Brooks
Payment statistics
Average time taken to pay invoices: 20 days
Invoices paid:
- within 30 days: 85%
- in 31 to 60 days: 14%
- in 61 days or more: 1%
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
7 days
Longest standard payment period
30 days
Standard payment terms
The Trust operates a standardpayment terms of 30 daysfrom invoice date unlessdifferent terms are specifiedby suppliers.
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
The Trust manages payment runs every 2 weeks in term time. In school holidays, the frequency is affected as payment authorizers are usually off site. This causes some invoices to be paid outside of supplier terms, particularly those with terms of less than 30 days. We do request that suppliers send their invoices direct to the finance department rather than the person who raised the order, to make payment processing more efficient. The percentage of Invoices not paid within agreed terms is 31%. Among all the overdue invoices, 38 were overdue by 1 day only. Were those paid in time, the percentage would be 29%, in line with that of the same period of last year.
Dispute resolution process
The Trust's financial procedures require budget holders to check their deliveries against the purchase order and notify the finance team of any discrepancies within 2 days. The finance officer will promptly follow this up with the supplier. Should the matter not be resolved satisfactorily, it will be passed back to the budget holder for further investigation and information in the first instance, and subsequently referred to the senior finance officer for monitoring the dispute status. The Trust aims to resolve queries as quickly as possible, so payment can still be made within the standard 30 days. However this does depend on the nature of the query and how quickly a supplier issues a credit note if applicable.
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