THE ROYAL ACADEMY OF ARTS
Company number: 06298947
Reporting period:
1 September 2017 to 28 February 2018
Report filed on:
28 March 2018
Approved by:
Christopher Le Brun
Payment statistics
Average time taken to pay invoices: 13 days
Invoices paid:
- within 30 days: 93%
- in 31 to 60 days: 6%
- in 61 days or more: 1%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 62%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
Standard payment terms are 30 days
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
45 days
One supplier had payment terms exceeding the standard 30 day term. Terms exceeding 30 days are negotiated on a case by case basis with the supplier before entering into the contract.
Any other information about payment terms
Note on statistics: Average time to pay in days and percentage of payments made within the specified timeframes are based on the date an invoice is entered into our finance system, this may differ from the date the invoice was received. Currently there is no field to capture the date of receipt however we are working with our software providers to rectify this.
Dispute resolution process
Suppliers should contact the Accounts Payable team in the first instance for all invoicing and payment disputes. Should this fail, the dispute will be escalated to the Accounting Services Manager to enable swift resolution.
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