LIONHEART ACADEMIES TRUST
Company number: 08473899
Reporting period:
1 September 2020 to 28 February 2021
Report filed on:
17 March 2021
Approved by:
Kath Kelly
Payment statistics
Average time taken to pay invoices: 31 days
Invoices paid:
- within 30 days: 73%
- in 31 to 60 days: 17%
- in 61 days or more: 10%
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: 27%
Payment terms
Shortest standard payment periods
1 days
Longest standard payment period
30 days
Standard payment terms
Most of our suppliers require payment within 30 days of the invoice date. We aspire to process all invoices within 30 days as we are aware that our suppliers rely on prompt payments to maintain their financial solvency.
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
The Trust has a robust cashflow monitoring process. We endeavour to pay promptly and keep within supplier payment terms. However, due to the current Covid pandemic causing school closures, it has been challenging to collect invoices received by post and obtain approvals in order to process payments. We are working with suppliers to ensure invoices are emailed to us so that they can be processed in a more efficient manner.
Dispute resolution process
When a dispute arises the Finance Payments team will contact the supplier in the first instance to try and resolve the issue. If the issue remains unresolved then the supplier can escalate the dispute to the Trust's Chief Financial Officer. If the dispute still persists then the supplier can contact the Trust CEO or Chair.
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