THE MEAD EDUCATIONAL TRUST
Company number: 09079258
Reporting period:
1 September 2024 to 28 February 2025
Report filed on:
5 March 2025
Approved by:
Sarah Ridley
Payment statistics
Average time taken to pay invoices: 33 days
Invoices paid:
- within 30 days: 73%
- in 31 to 60 days: 19%
- in 61 days or more: 8%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 39%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
Most of our suppliers require payment within 30 days of the invoice, though a small number of suppliers do have terms that allow us to make payments that exceed past the ‘longest standard payment period’ of 30 days.
We also have a small number of suppliers requiring payment earlier than 30 days : i.e. Sole traders, deposits for trips, these are done as and when required.
At TMET, we aspire to process all invoices within 30 days of receipt as we are aware that many of our smaller suppliers rely on prompt payments to hold strength in their business cash flow.
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
On rare occasions when we have to dispute an invoice the procedure is as follows:
1 - Contact the supplier in the first instance to try and resolve the issue.
2 - If the issue is not resolved in the first instance, we provide evidence via email as to why we think that the invoice is incorrect.
2a - If the supplier is not satisfied with our evidence we then ask the supplier to provide evidence that supports their invoice.
3 – This procedure continues until a resolution is made.
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