INSPIRE TRUST
Company number: 08775996
Reporting period:
1 March 2023 to 31 August 2023
Report filed on:
28 September 2023
Approved by:
David Naisbitt
Payment statistics
Average time taken to pay invoices: 22 days
Invoices paid:
- within 30 days: 88%
- in 31 to 60 days: 9%
- in 61 days or more: 3%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 18%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
45 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).
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 settled had terms up to 45 days, our longest agreed terms with suppliers can be up to 60 days.
Any other information about payment terms
We continue to make every effort to chase suppliers for invoices and pay as soon as reasonably possible. We have an effective electronic email process ensuring we receive emails this way rather than by post. We are also considering in the near future invoice automation to again, further improve our payment process.
Dispute resolution process
The finance department deals with all disputes and keeps contact with the supplier so that a resolution can be found as soon as is practically possible. If the dispute of complaint is not resolved this will be passed to the Finance Lead or Director who will follow up. If no resolution, this will be passed to the CEO of the Trust to resolve.
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