Published reports

THE ROYAL ACADEMY OF ARTS

Company number: 06298947

This information is as reported by the business, and responses are in their own words.

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?

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.

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?