GOV.UK
ASSET EDUCATION
Company number: 09434926
Reporting period:
1 September 2022
to 28 February 2023
This report was filed on 17 March 2023
and approved by Barry Gostling
Payment statistics
Average time taken to pay invoices: 18 days
Invoices paid:
- within 30 days: 93%
- in 31 to 60 days: 6%
- in 61 days or more: 1%
Invoices due but not paid within agreed terms: 25 %
Payment terms
Shortest standard payment period
0 days
Longest standard payment period
30 days
Standard payment terms
ASSET Education aims to pay all suppliers in accordance with their payment terms and conditions unless there
are queries on the invoice.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
30 days
Any other information about payment terms
This period has seen a slip in invoices arriving in our offices on time again with 40% of our invoices that we
have not paid within agreed terms are being received in school after the due date of the invoice making them
impossible to pay in time. 21% of these invoices are also due within 7 days or less. As the trust only runs
BACS payments weekly, these invoices will invariably show as overdue on this report due the the timing of
this weekly run.
Some of these issues have been due to invoices being directed to incorrect email addresses of employees
who have left, delaying their receipt and payment. This has lowered as the period has gone on.
Dispute resolution process
Escalate to central finance team who would take up query with management of supplier.
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
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