THE ROYAL NATIONAL THEATRE

Company number: 00749504

Reporting period:
1 October 2018 to 31 March 2019

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This report was filed on 30 April 2019

and approved by Lisa Burger

Payment statistics

Average time taken to pay invoices: 33 days

Invoices paid:

• within 30 days: 74%
• in 31 to 60 days: 16%
• in 61 days or more: 10%

Invoices due but not paid within agreed terms: 60%

Payment terms

Shortest standard payment periods

0 days

Longest standard payment period

30 days

Standard payment terms

The Royal National Theatre offers standard payment terms of 30 days to suppliers of goods or services unless otherwise stated. We also offer payment terms of immediate payment, 7, 14 and 21 days.

Were there any changes to the standard payment terms in the reporting period?

Answer not provided

Were suppliers notified or consulted about these changes before they were made?

N/A

Maximum contractual payment period agreed

30 days

No further comment provided

Any other information about payment terms

N/A

Dispute resolution process

The main point of contact for disputes is the accounts payable team; the dispute is investigated and any additional information required is requested from the supplier. In the event that the accounts payable team are unable to resolve the dispute it will be escalated to the original purchasing department to investigate further. Once a dispute is resolved any outstanding invoices are paid on the next available payment run.

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, 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