THE THINKING SCHOOLS ACADEMY TRUST
Company number: 07359755
Reporting period:
1 September 2017 to 28 February 2018
Report filed on:
27 March 2018
Approved by:
Lee Miller
Payment statistics
Average time taken to pay invoices: 14 days
Invoices paid:
- within 30 days: 95%
- in 31 to 60 days: 4%
- in 61 days or more: 1%
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: 17%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
60 days
Standard payment terms
Most frequently used payment terms are 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
60 days
Supply Agency contracts are generally between 7-14 days. Most other contracts are 14 - 30 days, witht he occasional supplier who grants 60 days.
Any other information about payment terms
No further comment provided
Dispute resolution process
The Central Finance team will raise a dispute with the supplier if there is a question about whether thall the goods have arrived or are in a suitable condition. There may also be queries regarding the value on the invoice or any other arithmetical errors. These are raised via phone and in email and invoices are held on dispute on the system until the query is resolved, resulting in payment being made or a credit being issued.
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