THE TED WRAGG MULTI ACADEMY TRUST
Company number: 08545109
Reporting period:
1 March 2023
to 31 August 2023
This report was filed on 26 September 2023
and approved by Liam Dingle
Payment statistics
Average time taken to pay invoices: 17 days
Invoices paid:
- within 30 days: 90%
- in 31 to 60 days: 7%
- in 61 days or more: 3%
Invoices due but not paid within agreed terms: 24 %
Payment terms
Standard payment period for qualifying contracts
7 days
Standard payment terms
The majority of our suppliers have 30 day payment terms however if the purchase invoice matches the order details, we pay as soon as checks have been
completed
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
N/A
Dispute resolution process
The Trust requires that all expenditure, unless subject to specific arrangements, as determined by the Director of Finance, has a valid requisition, and purchase
order (PO). The Trust operates a no purchase order, no pay policy therefore invoices received without a valid PO will be returned to the supplier, except as
detailed.
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