INSPIRE LEARNING TRUST
Company number: 09482529
Reporting period:
1 March 2025 to 31 August 2025
Report filed on:
29 September 2025
Approved by:
David Naisbitt
Payment statistics
Average time taken to pay invoices: 20 days
Invoices paid:
- within 30 days: 90%
- in 31 to 60 days: 9%
- in 61 days or more: 1%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 19%
Payment terms
Shortest standard payment periods
5 days
Longest standard payment period
60 days
Standard payment terms
Most contracts have standard payment terms of 30 days, however some small businesses have an agreement to receive payment in shorter periods. We also have suppliers with 14 days payment terms these include the LEA and supply agencies (for education supply staff). We have also some smaller businesses that require payment in a shorter period of time which is short as 5 days which we try and accommodate on our weekly payment cycles that we complete each Wednesday for payment every Friday.
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
Within this reporting period the suppliers that we paid and settled had terms up to 60 days, our longest agreed terms with suppliers on our supplier list is up to 60 days.
Any other information about payment terms
We continue to make every effort to chase suppliers for invoices and ensure payments are made as soon as reasonably possible. In July 2024, we implemented a new invoice automation system to streamline invoice matching and statement processing. This system also enables us to proactively follow up with suppliers regarding any missing invoices. As mentioned in our previous 2 reports, we have now been using this system for fourteen months, and it has significantly improved our payment processing times. We will continue to refine and enhance the system to ensure suppliers receive payments on time.
Dispute resolution process
The Finance Department handles all supplier disputes and maintains communication to ensure a resolution is reached as soon as practically possible. Suppliers raising a dispute should provide relevant supporting documents, such as invoices, credit notes, and statements, to facilitate a prompt review. If a dispute cannot be resolved at the Finance Department level within 5 working days, it will be escalated to the Finance Lead or CFO for further review. If no resolution is reached within 10 working days, the matter will be referred to the CEO of Inspire Learning Trust for a final decision. To ensure the smooth processing of invoices and payments, suppliers must send invoices, credit notes, and statements to ilt@lightyear.cloud. For general finance enquiries or to follow up on an outstanding invoice or dispute, suppliers should contact accounts@inspiretrust.uk. We strive to minimise disputes by ensuring clear processes and procedures are in place for our suppliers and this is detailed in our terms and conditions on each purchase order which we email to our suppliers when requesting goods or services.
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