CHILDREN FIRST ACADEMY TRUST

Company number: 11834165

Reporting period:
1 March 2024 to 31 August 2024

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This report was filed on 11 December 2024

and approved by Neil Yeomans

Payment statistics

Average time taken to pay invoices: 4 days

Invoices paid:

• within 30 days: 99%
• in 31 to 60 days: 1%

Invoices due but not paid within agreed terms: 42%

Payment terms

Shortest standard payment periods

30 days

Longest standard payment period

30 days

Standard payment terms

Standard payment terms a. The Supplier shall invoice the Customer for I. (if this contract is for the supply of goods only) the Goods no sooner than completion of delivery of the Goods or, if later, the Customer’s acceptance of the Goods or otherwise II. (if this contract is for the supply of goods and services no sooner than Completion of the Deliverables. b. The Price for the Goods/Services shall become due upon receipt of the invoice by the Customer (the “Due Date”) c. The final date of payment of the Price shall be 30 days (unless otherwise agreed) from the due date (the “Final Date of Payment”)

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

Answer not provided

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

N/A

Dispute resolution process

If any invoice is disputed, the Trust Central Finance team (who can be contacted by phone or email) will contact the Supplier and resolve the dispute in a timely manner. The Supplier will be required to provide proof of delivery or other evidence (of compliance to the terms of procurement (Order) including place and time of delivery) upon request, in case of dispute. Payment of Goods or Deliverables shall not be conclusive evidence that Completion has occurred or that the Goods or Deliverables are compliant or satisfactory. Where sums due under the Contract are not paid in full by the Final Date of Payment, to compensate the Supplier for all loss from the Customer’s breach, the Customer shall pay on the sum of overdue interest (before and after judgement) on a daily basis from 30 days after the Final Date of Payment until payment in full at the rate of 5 per cent per annum above the official bank rate from the time to time of the Bank of England. The Supplier acknowledges that this is the substantial remedy for the purposes of Late Payment of Commercial Debts (Interest) Act 1998.

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, 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