THE OLYMPUS ACADEMY TRUST
Company number: 07844791
Reporting period:
1 September 2023
to 29 February 2024
This report was filed on 5 March 2024
and approved by Dave Baker
Payment statistics
Average time taken to pay invoices: 30 days
Invoices paid:
- within 30 days: 75%
- in 31 to 60 days: 16%
- in 61 days or more: 9%
Invoices due but not paid within agreed terms: 31 %
Payment terms
Shortest standard payment period
0 days
Longest standard payment period
30 days
Standard payment terms
30 days
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
Invoices disputed by us would be raised with the supplier by either the budget holder or the school finance managers after consultation with the budget holder. Queries or disputes from the supplier will be handled by school finance managers. If disputes cannot be resolved by school finance managers they will be escalated to the Trust Head of Finance or Chief Executive Officer.
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