GOV.UK
DRAGON SCHOOL TRUST LIMITED
Company number: 00524331
Reporting period:
1 September 2023
to 29 February 2024
This report was filed on 19 March 2024
and approved by Jack Edmondson
Payment statistics
Average time taken to pay invoices: 24 days
Invoices paid:
- within 30 days: 93%
- in 31 to 60 days: 4%
- in 61 days or more: 3%
Invoices due but not paid within agreed terms: 7 %
Payment terms
Shortest standard payment period
14 days
Longest standard payment period
30 days
Standard payment terms
Standard contractual length for payment of invoices is 30 days. Any requests by suppliers to reduce this period are considered and usually complied with where possible.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
30 days
Standard contractual period is set at 30 days.
Any other information about payment terms
Authorisation from the budget holder must be received before any payment can be made. Invoices can either be received by the finance office or the budget holder and if invoice is received soon after invoice date there is usually sufficient time to obtain authorisation and make the payment. If the invoice is delayed in getting to us, the time available to make payment within 30 days of the invoice date is reduced, but we use our best endeavours to make payment by that date.
Dispute resolution process
o The purchase ledger clerk will confirm with the supplier which invoices they believe are overdue.
o The purchase ledger clerk will check the system to see if the invoices have been registered and will then check with the budget holder to ensure that the invoice is genuine and the goods or services had been ordered and received. If the invoices are agreed to be due, copy invoices are requested if they aren’t already on the system. Authorisation is then obtained from the budget holder and payment made, usually on the next weekly payment run. It is also recommended to the supplier that they email future invoices to the purchase ledger clerk so we can track them in future.
o If invoices are on our system and authorised, purchase ledger clerk will see when they are due for payment. BACS runs operate each week (or fortnightly during some holidays) and if supplier is happy to wait for next BACS run, this is what will happen. If quicker payment is required, the supplier will be paid within three working days by cheque or bank transfer.
o If invoices are on our system and not yet authorised, purchase ledger clerk will chase authorisation from the budget holder so they can be paid on the next BACS run.
o If credit notes are being sought against goods or services received, the purchase ledger clerk will speak with the supplier on behalf of the budget holder, or the budget holder will speak with the supplier directly.
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