GRACE ACADEMY
Company number: 04967658
Reporting period:
1 September 2017 to 28 February 2018
Report filed on:
26 March 2018
Approved by:
T Boxall
Payment statistics
Average time taken to pay invoices: 32 days
Invoices paid:
- within 30 days: 66%
- in 31 to 60 days: 27%
- in 61 days or more: 7%
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: 39%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
The Trust does not have standard payment terms. Payment terms are agreed with suppliers as part of the contract negotiations. The most frequent used payment terms in the reporting period are 30 days. The supplier shall, following acceptance of any deliverables, be entitled to submit an invoice for the agreed charge. Each invoice shall contain the particulars required by statue in respect of VAT, the PO number, if any, and any other particulars agreed with the supplier and shall be sent to the address notified to the supplier. The Trust reserves the right to refuse payment of part or all of any invoice which is not submitted in accordance with these conditions.
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
Disputes are resolved by discussion and agreement with the supplier or if that fails in accordance with the law.
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.
Yes
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