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THE LEYS AND ST FAITH'S SCHOOLS FOUNDATION

Company number: 07748737

Reporting period:
1 August 2017 to 31 January 2018

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

This report was filed on 8 March 2018

and approved by R Webster

Payment statistics

Average time taken to pay invoices: 26 days

Invoices paid:

• within 30 days: 61%
• in 31 to 60 days: 37%
• in 61 days or more: 2%

Invoices due but not paid within agreed terms: 12 %

Payment terms

Shortest standard payment period

30 days

Longest standard payment period

60 days

Standard payment terms

Supplier or product invoices we aim to pay 30 days after the date of invoice unless the standard supplier terms are longer.
The Foundation has different payment terms which are agreed with contracts at the start of a major build contract.
On vehicle travel invoices we pay once the travel using the vehicle has taken place as agreed with the supplier.
Where a direct debit arrangement has been set up with a supplier, it is the supplier’s responsibility to make sure payment is taken at the right time.

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

No

Maximum contractual payment period agreed

335 days

Contract terms for our catering is different a set sum is paid each month by direct debit with balance paid at the end of the financial year.

Any other information about payment terms

N/A

Dispute resolution process

In the first instance the accounts department will contact the supplier to discuss the problem, this will happen as soon as it is established there is a complaint or dispute on either side.
The accounts department will liaise with the internal department whom asked for the goods or service to find confirm any issues they may have, a further communication will then take place with the supplier a simple query will be sorted out within a short period of time.
A more complicated dispute with a contractor may take longer depending on the nature of the dispute and ultimately could be referred to our solicitors.

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