INSPIRATION TRUST
Company number: 08179349
Reporting period:
1 September 2024 to 28 February 2025
Report filed on:
10 March 2025
Approved by:
Mr Gareth Stevens
Payment statistics
Average time taken to pay invoices: 27 days
Invoices paid:
- within 30 days: 81%
- in 31 to 60 days: 12%
- in 61 days or more: 7%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 28%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
30 days
Standard payment terms
Standard payment terms are 30 days. We do enter into contracts where this does vary.
Copy of our Terms of Purchase document is published on our website: https://inspiration-trust.s3.amazonaws.com/uploads/key_information/Terms-of-Purchase-Policy-.pdf?t=1728547282
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
Purchase Orders are provided to suppliers.
However when there is a dispute and invoice received is still entered into our finance system (Sage) - but placed on-hold.
Once disputes are resolved, invoices will be paid in full, in part or cancelled with a credit note.
Active dialogue is followed with each supplier in order to reach a resolution in a timely manner.
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