Industry ranking
Score of 89.25/100 qualifies for PaymentCheck Certification
The average time to pay for INSPIRE TRUST has fluctuated between 22 and 36 days over the past three periods. The company has shown a slight decrease in the average time to pay from 29 days in the previous period to 27 days in the current period.
The company has shown volatility in the percentage of invoices paid within 30 days, with a range of 75% to 90% over the past three periods. The percentage of invoices paid between 31 and 60 days has also shown volatility, with a range of 8% to 21% over the past three periods.
| 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 Mar 2023 - 31 Aug 2023 | 28 Sept 2023 | 22 | 88% | 9% | 3% | 18% |
| 01 Sept 2022 - 28 Feb 2023 | 22 Mar 2023 | 22 | 90% | 8% | 2% | 15% |
| 01 Mar 2022 - 31 Aug 2022 | 30 Sept 2022 | 28 | 79% | 13% | 7% | 25% |
| 01 Sept 2021 - 28 Feb 2022 | 31 Mar 2022 | 27 | 73% | 21% | 6% | 32% |
| 01 Mar 2021 - 31 Aug 2021 | 30 Sept 2021 | 27 | 80% | 13% | 7% | 24% |
| 01 Sept 2020 - 28 Feb 2021 | 30 Mar 2021 | 29 | 82% | 11% | 8% | 25% |
| 01 Mar 2020 - 31 Aug 2020 | 30 Sept 2020 | 36 | 75% | 16% | 9% | 31% |
| 01 Sept 2019 - 29 Feb 2020 | 26 Mar 2020 | 26 | 78% | 17% | 5% | 33% |
This information is as reported by the business, and responses are in their own words.
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 information available
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 in the post.
Maximum contractual payment period agreed
45
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 Director who will follow up. If no resolution, this will be passed to the CEO of the Trust to resolve.
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.
❌
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.
❌
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.
❌
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?
❌
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
INSPIRE TRUST is an active private limited company by guarantee without share capital use of 'limited' exemption, incorporated on 14 November 2013, based in the Yorkshire and The Humber region. Registered business activity: Primary education; General secondary education; Post-secondary non-tertiary education.
From Companies House records.