They say money makes the world go round, and it’s a fundamental part of sustainability. For us transparency when it comes to money is key. As part of ensuring we are financially responsible, we adhere to the ethical marketing pledge and prompt payment code.
When we talk about ethical banking, we’re talking about ensuring our finances place emphasis on ethical principles and values, beyond simply maximising profits. An ethical bank is one that operates with integrity, fairness, and transparency in its dealings with customers, employees, shareholders, and the wider society. We have consciously chosen to bank with Starling Bank. The UK’s first digital-only bank, founded by a female.
It’s important to us that we not only bank with an ethical bank, but manage our finances ethically too. The Prompt Payment Code (PPC) sets standards for payment practices and best practice and is administered by the Small Business Commissioner on behalf of the Department for Business and Trade (DBT). The Code covers prompt payment, as well as wider payment procedures.We adhere to the Prompt PaymentCode principles:
- Pay suppliers on time, within agreed terms
- Give clear guidance to suppliers
- Encourage good practice
- Pay 95% of all invoices within 60 days
- Pay 95% of all invoices within 30 days where the supplier is a small business with fewer than 50 employees
- Avoid any practices that have an adverse effect on the supply chain.
In early 2023, we became signatories of the Prompt Payment Code.