WELLSPRING ACADEMY TRUST
Company number: 08120960
Reporting period:
1 March 2023 to 31 August 2023
Report filed on:
15 September 2023
Approved by:
Mark Wilson
Payment statistics
Average time taken to pay invoices: 44 days
Invoices paid:
- within 30 days: 70%
- in 31 to 60 days: 18%
- in 61 days or more: 12%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 37%
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
From September 2018 the Trust centralised all transactional processing within its Head Office which will improve performance and give the Trust more direct control over processing or invoices and payments.
Payment runs are now completed weekly trust wide rather than fortnightly.
Dispute resolution process
The Trusts Complaints policy is available on the Website of Wellspring Academy Trust.
All disputes are settled by the central finance team rather than individual academies.
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