THE SHARED LEARNING TRUST
Company number: 05958361
Reporting period:
1 September 2017
to 28 February 2018
This report was filed on 22 March 2018
and approved by Catherine Barr
Payment statistics
Average time taken to pay invoices: 34 days
Invoices paid:
- within 30 days: 57%
- in 31 to 60 days: 33%
- in 61 days or more: 10%
Invoices due but not paid within agreed terms: 43 %
Payment terms
Shortest standard payment period
14 days
Longest standard payment period
30 days
Standard payment terms
The standard length of time for payment of invoices is 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
The business’ process for resolving disputes related to payment is to first ascertain whether a purchase order was raised for the goods/services.
An official purchase order should be raised for all goods and services, except those using petty cash or where the Financial Director approves otherwise.
If an order has been raised, correspondence with the member of staff who order the goods or the budget holder will usually pinpoint why there is a delay in approving the invoice for payment.
Any concerns will be conveyed to the supplier to see how to remedy the situation.
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.
Yes
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