GOV.UK
ARK SCHOOLS
Company number: 05112090
Reporting period:
1 March 2019
to 31 August 2019
This report was filed on 30 September 2019
and approved by Jacqueline Russell
Payment statistics
Average time taken to pay invoices: 32 days
Invoices paid:
- within 30 days: 67%
- in 31 to 60 days: 23%
- in 61 days or more: 10%
Invoices due but not paid within agreed terms: 35 %
Payment terms
Standard payment period for qualifying contracts
30 days
Standard payment terms
4. PAYMENT TERMS
1.1 The Supplier shall invoice the Customer for: (a) (if this contract is for the supply of goods only) the Goods no sooner than completion of delivery of the Goods or, if later, the Customer’s acceptance of the Goods or otherwise (b) (if this contract is for the supply of goods and services) no sooner than Completion of the Deliverables.
1.2 The Price for the Goods/ Services shall become due upon receipt of the invoice by the Customer (the “Due Date”).
1.3 The final date for payment of the Price shall be 30 days from the due date (the “Final Date for Payment”).
1.4 To the extent that the Customer wishes to make any deduction from the Price to be paid to the Customer he shall notify the Customer in writing no later than 7 days before the Final Date for Payment by the issue of a Pay Less Notice to the Customer. Where the Customer has issued a Pay Less Notice to the Supplier the price to be paid for the Deliverables shall be the price stated in the Pay Less Notice.
1.5 Time of payment is not of the essence. Where sums due under the Contract are not paid in full by the Final Date for Payment, to compensate the Supplier for all loss from the Customer’s breach, the Customer shall pay on the sum overdue interest (before and after judgment) on a daily basis from 30 days after the Final Date for Payment until payment in full at the rate of 5 per cent per annum above the official bank rate from time to time of The Bank of England. The Supplier acknowledges that this is a substantial remedy for the purposes of the Late Payment of Commercial Debts (Interest) Act 1998.
1.6 VAT shall be charged by the Supplier and paid by the Customer at the then applicable rate.
Payment for the Goods or Deliverables shall not be conclusive evidence that Completion has occurred or that the Goods or Deliverables are compliant or satisfactory.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
30 days
Any other information about payment terms
N/A
Dispute resolution process
The firm has a dedicated Accounts Payable Team which is reachable by phone and email. Vendors with invoice queries need to contact this team and if the team is not able to resolve they escalate the issue to the budget holder. The accounts payable team will reach out to the budget holder if not clear from the system why the invoice has not been approved for payment.
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 Prompt Payment Code must commit to paying 95% of their invoices within 60 days.No
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