Score of 87.55/100 qualifies for PaymentCheck Certification
| Reporting Period | Filing Date | Average Time to Pay (days) | Paid within 30 days | Paid 31-60 days | Paid after 60 days | Not Paid within Terms |
|---|---|---|---|---|---|---|
| 01 Sept 2025 - 28 Feb 2026 | 07 Mar 2026 | 18 | 94% | 5% | 1% | 23% |
| 01 Mar 2025 - 31 Aug 2025 | 28 Sept 2025 | 20 | 88% | 11% | 1% | 31% |
| 01 Sept 2024 - 28 Feb 2025 | 18 Mar 2025 | 20 | 92% | 7% | 1% | 26% |
| 01 Mar 2024 - 31 Aug 2024 | 24 Sept 2024 | 16 | 96% | 4% | 0% | 22% |
| 01 Sept 2023 - 29 Feb 2024 | 19 Mar 2024 | 18 | 93% | 6% | 1% | 21% |
| 01 Sept 2022 - 28 Feb 2023 | 17 Mar 2023 | 18 | 93% | 6% | 1% | 25% |
| 01 Mar 2022 - 31 Aug 2022 | 15 Sept 2022 | 19 | 94% | 6% | 0% | 20% |
| 01 Sept 2021 - 28 Feb 2022 | 29 Mar 2022 | 17 | 97% | 2% | 1% | 20% |
| 01 Mar 2021 - 31 Aug 2021 | 14 Sept 2021 | 20 | 97% | 2% | 1% | 21% |
| 01 Sept 2020 - 28 Feb 2021 | 15 Mar 2021 | 14 | 97% | 3% | 0% | 22% |
| 01 Mar 2020 - 31 Aug 2020 | 29 Sept 2020 | 10 | 97% | 2% | 1% | 20% |
| 01 Sept 2019 - 29 Feb 2020 | 17 Mar 2020 | 17 | 94% | 5% | 1% | 25% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
ASSET Education aims to pay all suppliers in accordance with their payment terms and conditions unless there are queries on the invoice.
Were there any changes to the standard payment terms in the reporting period?
No information available
Any other information about payment terms
It is pleasing to see an improvement in our overall invoices paid within 30 days with almost 94% now hitting this metric. This has in turn brought our average days to pay down to 17.78. This has been a combined result of our teams working hard to reduce the days to pay invoices down but also due to a drive to move a higher percentage of our invoices onto Direct Debit payments which ensures payment within agreed terms. We have also seen an increase in the total amount of invoices compared to last period, most prominently due to taking catering in-house which has led to several additional food invoices. It is pleasing taht despite adding over 500 more invoices to our procesisng, we have been able to improve our overall payment times. Although our % of invoice paid after agreed terms has reduced (down to 22.92% from 30.94%) this is still higher than we would like and we will continue to attempt to drive this down. As with previous reports, we have found that a root cause of this has been shorter supplier terms (39% of those late were 7 day terms or less which are easy to slip when we have a weekly BACS run) and invoices arriving late into our offices (23% of invoices paid late arrived in our offices after their due date).
Maximum contractual payment period agreed
30
Escalate to central finance team who would take up query with management of supplier.
Has this business signed up to a code of conduct or standards on payment practices?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
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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.
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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.
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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?
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During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
Asset Education is a multi-academy trust registered in Ipswich, Suffolk, operating a group of primary schools drawn from across the county. Established in 2015, it provides primary education with an emphasis on wellbeing, described as its Complete Human Strategy, alongside academic attainment. The trust runs a central team offering support and expertise to its member schools, focusing on nurturing children's leadership, social action and personal development within their local communities. It presents itself as tackling social injustice and inequality in education, aiming to give every child the opportunity to succeed. The company's own site describes its purpose as nurturing humanity through excellence, empowerment, engagement and equity across its Suffolk primary schools.
Generated from the company's website and Companies House records. Sources: asseteducation.co.uk