Financial accounts and procedures

Each year the Trust produces financial accounts. These set out how we have spent the money we have received within the financial year.

Each year the Trust produces financial accounts. These set out how we have spent the money we have received within the financial year.

Financial performance

Reports on the Trust’s financial performance are submitted to each Board meeting. The Trust is subject to annual, external review by the Audit Commission.

The Prompt Payment Code

The Trust is a signatory to the Prompt Payment Code.

The Prompt Payment Code is a Government initiative to tackle the issue of late payment for goods and services especially in relation to small businesses. In signing up to the Prompt Payment Code the Trust undertakes to:

• pay suppliers on time
• within the terms agreed at the outset of the contract
• without attempting to change payment terms retrospectively
• without changing practice on length of payment for smaller companies on unreasonable grounds
• give clear guidance to suppliers
• provide suppliers with clear and easily accessible guidance on payment procedures
• ensure there is a system for dealing with complaints and disputes which is communicated to suppliers
• advise them promptly if there is any reason why an invoice will not be paid within the agreed terms
• encouraging good practice
• request that lead suppliers encourage adoption of the code through their own supply chains

Tendering, procurement and contracts

Our tendering and contracting procedure is set out in our standing financial instructions. As standard practice, contractors tendering for business with the Trust are advised that tendering documentation may be made available under the Freedom of Information Act.

Information judged under the provisions of the Freedom of Information Act to be commercially sensitive may be withheld from publication or redacted from documents which may be released. In such situation each request will be individually assessed and subjected to a Public Interest test.

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