KERNOW LEARNING MULTI ACADEMY TRUST
Company number: 07394649
Reporting period:
1 September 2023 to 29 February 2024
Report filed on:
11 February 2025
Approved by:
Angela Andrews CFO
Payment statistics
Average time taken to pay invoices: 15 days
Invoices paid:
- within 30 days: 94%
- in 31 to 60 days: 3%
- in 61 days or more: 3%
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: 13%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
30 days
Standard payment terms
We have no prescribed standard payment terms as such. Our payment terms will follow those prescribed by our suppliers, which are normally 30 days
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
N/A
Any other information about payment terms
N/A
Dispute resolution process
Complaints – resolution achieved through initial contact with finance staff, who will interrogate finance system to confirm payment date/payment due date. Finance staff routinely reconcile supplier statements to the finance system and request copy invoices if undisputed invoices remain unpaid. The Trust has a centralised Finance function: the Trust is working to ensure that the majority of invoices for payment should be sent to the central location rather than the individual schools, to maximize efficiency of receipting and processing of invoices within the 30 day period. Our finance team work with a skeleton staff during school holidays, but there is still an expectation for suppliers to acknowledge our main term time working periods. Disputes – invoices will be disputed in instances of non-delivery of goods, delivery of sub-standard goods, delivery of unordered goods, delivery of substandard service etc. Invoices will remain unpaid until the dispute is resolved i.e. completion of service delivery, full delivery of goods, receipt of purchase credit note etc. The Trust has no instances of court action in respect of non-payment of invoices
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