LEARNER ENGAGEMENT AND ACHIEVEMENT PARTNERSHIP MULTI-ACADEMY TRUST
Company number: 07361021
Reporting period:
1 September 2019 to 29 February 2020
Report filed on:
1 April 2020
Approved by:
Richard Wheatcroft
Payment statistics
Average time taken to pay invoices: 10 days
Invoices paid:
- within 30 days: 98%
- in 31 to 60 days: 1%
- 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: 11%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
40 days
Standard payment terms
30 days are our standard payment terms
Were there any changes to the standard payment terms in the reporting period?
we updated the payment terms of 85 suppliers during the period to ensure that they matched their terms as per their invoices. Some of these were new suppliers that were set up on our finance system during the period
Were suppliers notified or consulted about these changes before they were made?
No
Maximum contractual payment period agreed
40 days
we endeavour to pay small local companies within 7 days, everyone else we pay in line with their payment terms
Any other information about payment terms
No further comment provided
Dispute resolution process
Suppliers with a dispute would contact the finance officer in the relevent school initially. If this is not resolved the issue can be escalated to the Trust Finance Manager, then to the CFO then to the CEO as required. Suppliers would be advised to follow the Trust's complaints procedure if they were not satisfied.
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