DISCOVERY SCHOOLS ACADEMIES TRUST LTD
Company number: 08104111
Reporting period:
1 March 2018 to 31 August 2018
Report filed on:
20 September 2018
Approved by:
Paul Stone
Payment statistics
Average time taken to pay invoices: 11 days
Invoices paid:
- within 30 days: 95%
- in 31 to 60 days: 4%
- in 61 days or more: 1%
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: 17%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
30 days
Standard payment terms
The Trust operates a standard 30 days payment terms unless otherwise agreed. Agreements outside of the standard term during the reportable period included large capital projects whereby the payment terms were agreed during the tender process and were dependent on factors such as the source of funding for the project.
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
The Trust's policy is to raise purchase orders for all purchases over the value of £100. All purchase orders state the standard payment terms along with the address in which to invoice and the Trust's financial representatives contact details. No changes to the standard payment terms have been made during the reporting period.
Any other information about payment terms
No further comment provided
Dispute resolution process
The Trust aim to avoid disputes with suppliers where possible. Where this is avoidable, regular communication is maintained in order to resolve the dispute. Contact details relating to the supply are stated on the purchase order which should be used by the supplier to raise any concerns or complaints. A key Trust finance representative will maintain contact with the supplier with the aim of resolving the dispute and making payment within the standard 30 days payment terms however this may not always be possible depending on the nature of the dispute.
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