TRURO & PENWITH ACADEMY TRUST
Company number: 08880841
Reporting period:
1 March 2022 to 31 August 2022
Report filed on:
30 September 2022
Approved by:
DR Jennifer Blunden
Payment statistics
Average time taken to pay invoices: 24 days
Invoices paid:
- within 30 days: 82%
- in 31 to 60 days: 11%
- in 61 days or more: 7%
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: 18%
Payment terms
Shortest standard payment periods
10 days
Longest standard payment period
30 days
Standard payment terms
Invoices are paid centrally on submission by Trust Schools. We pay in line with suppliers' terms. For small local traders we aim to pay in less than 7 days, this can be shorter if required with immediate payments being available. Building contracts are paid under architect certification and contract terms. Some suppliers submit invoices significantly after the date of supply but date the invoices as at supply date - this can significantly affect payment made data profiting.
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
Payments can be delayed due to school holiday closures, particularly over the long summer break. We request that schools reduce this risk by not ordering goods and services close to holiday time to prevent invoices being delayed in payment. Some suppliers submit invoices significantly after the date of supply but date the invoices as at supply date - this can significantly affect payment made data profiting.
Any other information about payment terms
N/A
Dispute resolution process
This is dealt with between the recipient and the supplier. This can be escalated to the central team to facilitate resolution. Suppliers have direct email and telephone access to the central team.
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