Disclosure required by Regulation 113(7) of the Public Contracts Regulations 2015.
1) The proportion of invoices paid within 30 days, expressed as a percentage of the total number of invoices that were, or should have been paid in accordance with this obligation:
Note: The Council aims to pay all undisputed invoices – and not just those from contractors - that comply with its receipt of invoice and supplier verification conditions, within 30 days. The Council reports and monitors this. It also aims to pay local suppliers (those with an Islington postcode) within 10 days. Thus this proportion paid beyond 30 days reflects all invoices, and not just contractor invoices as there are many invoices that are otherwise than in respect of services or supplies made pursuant to a public services contract.
2) the total amount of interest liability (statutory or otherwise) arising out of a breach of these obligations:
An analysis of the ‘late invoices’ as described above, applying a 3.35% interest rate, results in this total interest liability
3) the total amount of interest paid actually paid in discharge of these obligations
During 2017/18 the Council began to separately identify such interest payments on its financial system.