WELLSPRING ACADEMY TRUST
Company number: 08120960
Reporting period:
1 September 2022 to 28 February 2023
Report filed on:
30 March 2023
Approved by:
Mark Wilson
Payment statistics
Average time taken to pay invoices: 43 days
Invoices paid:
- within 30 days: 69%
- in 31 to 60 days: 17%
- in 61 days or more: 14%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 38%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
30 days
Standard payment terms
30 Days from invoice
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 has moved to a no purchase order no payment policy which does delay payment on invoices in this transition period.
Dispute resolution process
During this period disputes were dealt with by the finance team at Head Office.
The Trusts Complaints policy is available on the Website of Wellspring Academy Trust.
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