SIDNEY STRINGER MULTI ACADEMY TRUST
Company number: 06672920
Reporting period:
1 March 2024 to 31 August 2024
Report filed on:
26 September 2024
Approved by:
Claire Turpin
Payment statistics
Average time taken to pay invoices: 37 days
Invoices paid:
- within 30 days: 56%
- in 31 to 60 days: 32%
- in 61 days or more: 12%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 44%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
30 days
Standard payment terms
The trust does not have standard payment terms for qualifying contracts, therefore this is based on the contractual payment period of our most commonly used terms for the reporting period. This equates to a 30-day payment period. This period may change where specific payment terms are negotiated and agreed during the procurement process. Only in exceptional circumstance will the trust pay in advance of the delivery of goods and services. Where this is agreed, additional checks will be conducted on the supplier.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
30 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
At all stages, the trust has regular and open communication with suppliers. Each school within the trust has a dedicated finance email address where suppliers can submit invoices and communicate in relation to payment. Where complaints or disputes arise, the trust obtain and review the facts associated with the complaint/dispute and either FastTrack payment where possible or work with the supplier to resolve the cause of the delay. Where the trust is aware of an issue that may result in delayed payment, proactive communication with suppliers take place in order to minimise this delay.
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 Fair Payment Code must commit to paying 95% of their invoices within 60 days.
No, this business has not signed up to a code of conduct or standards on payment practices.
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