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THE MEAD EDUCATIONAL TRUST

Company number: 09079258

Reporting period:
1 March 2023 to 31 August 2023

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This information is as reported by the business, and responses are in their own words.

This report was filed on 29 September 2023

and approved by Sarah Ridley

Payment statistics

Average time taken to pay invoices: 29 days

Invoices paid:

• within 30 days: 77%
• in 31 to 60 days: 15%
• in 61 days or more: 8%

Invoices due but not paid within agreed terms: 27 %

Payment terms

Standard payment period for qualifying contracts

30 days

Standard payment terms

Most of our suppliers require payment within 30 days of the invoice, though a small number of suppliers do have terms that allow us to make payments that exceed past the ‘longest standard payment period’ of 30 days.
At TMET, we aspire to process all invoices within 30 days of receipt as we are aware that many of our smaller suppliers rely on prompt payments to hold strength in their business cash flow.

Were there any changes to the standard payment terms in the reporting period?

No

Maximum contractual payment period agreed

61 days

Any other information about payment terms

N/A

Dispute resolution process

On rare occasions when we have to dispute an invoice the procedure is as follows:
1 - Contact the supplier in the first instance to try and resolve the issue.
2 - If the issue is not resolved in the first instance, we provide evidence via email as to why we think that the invoice is incorrect.
2a - If the supplier is not satisfied with our evidence we then ask the supplier to provide evidence that supports their invoice.
3 – This procedure continues until a resolution is made.

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