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Records Retention Schedule for files relating to finance.
Finance is made up of the following headings:
- 5.1 Financial accounting
Ref Record group Examples Trigger Retention Citation Notes 5.1.1 Annual accounts. Records documenting the preparation and submission of:
Annual Accounts;
Statutory accounts.FY 7 Limitation Act 1980, s.5;
Taxes Management Act 1970, s.345.1.2 Records of capital assets and decisions to dispose of them. Inventory;
Asset register;
Disposal forms.FY 7 Limitation Act 1980, s.5;
Taxes Management Act 1970, s.345.1.3 Management accounting. Monitoring income and expenditure against annual operating budgets;
Action to deal with variances;
Analyses of internal deployment of financial resources.FY 1 JISC 5.1.4 Budgeting. Records documenting the preparation of annual operating budgets. FY 1 UCL 5.1.5 Tax returns and VAT. Records documenting the preparation and filing of the institution's tax returns;
Records documenting the institution's accounting for VAT.FY 7 Taxes Management Act 1970, s.34;
Value Added Tax Act 1994, s.58, sch11, para. 6(3);
SI 1995/2518 s.31;
HMRC 700/21 para. 2.45.1.6 Records documenting the administration of bank accounts. Standing orders;
Direct debit mandates;
Paying-in and withdrawal slips.FY 7 Taxes Management Act 1970, s.34;
Limitation Act 1980, s.55.1.7 Purchases and incoming payments.
Invoices;
Credit notes;
Delivery notes;
Income and expenditure batches;
Receipts;
BACS reports;
Till rolls;
Petty cash records;
Payment of accommodation fees.FY 7 Taxes Management Act 1970, s.34;
Limitation Act 1980, s.5;
Value Added Tax Act 1994, s.77(1);
HMRC 700/21 para. 2.45.1.8 Records documenting the payment and/or reimbursement of expenses. FY 7 Taxes Management Act 1970, s.34;
Limitation Act 1980, s.5.5.1.9 Research funding. Allocations from statutory funding councils;
Research project applications, award letters, invoices.FY 7 Limitation Act 1980, s.5. 5.1.10 Internal accounting. Records documenting administration and processing of Inter Departmental Transfers (IDT's) and (IDJ's) . FY 1 UCL;
JISC.5.1.11 Investment management. Fund managers' reports;
Records of purchase and sale of investments.FY 7 Limitation Act 1980, s.5;
Taxes Management Act 1970, s.34.- 5.2 Procurement
Ref Record group Examples Trigger Retention Citation Notes 5.2.1 Supplier tendering - evaluation of prospective suppliers. Pre-qualification questionnaires and scores. Award of contract. 1 JISC 5.2.2 Supplier tendering - Invitation to tender stage. ITT, specifications, award criteria, tenders and quotations. End of contract. 6;
REVIEWLimitation Act 1980, s.5 5.2.3 Evaluation of tenders and negotiations with prospective suppliers - successful bids. Evaluation scores, award letters. Form of contract, OJEU contract award notices. End of contract. 6 Limitation Act 1980, s.5 5.2.4 Evaluation of tenders and negotiations with prospective suppliers - unsuccessful bids. Evaluation scores, correspondence. Award of contract. 1 JISC 5.2.5 Supply contract management. Contract variations, performance management. End of Contract. 6;
REVIEWHMRC 700/21 para. 2.4 5.2.6 Documentation of progress and decisions made in public procurement reference;
Public Contracts Regulations 2015 (SI 2015/102).Termination of contract. 10 JISC This is a minimum retention period. Longer retention may be advisable to provide evidence of compliant procurement practice over time. - 5.3 Insurance
Ref Record group Examples Trigger Retention Citation Notes 5.3.1 Insurance certificates. Expiry 40 UCL 5.3.2 Policies. Insurance policies. Expiry 6 UCL 5.3.3 Claims. Arrangements and renewal correspondence;
Claims correspondenceExpiry 6 UCL 5.3.4 Employers Liability Insurance certificates. Expiry 40 SI 1998/2573 reg 4(4) - List of citations
Acts of Parliament
- Taxes Management Act 1970.
- Limitation Act 1980.
- Value Added Tax Act 1994.
Statutory Instruments and EU Regulations
- 1995/2518: The Value Added Tax Regulations.
UK and EU statutory guidance
- JISC: Model records retention schedule 2019.
- 1998/2573: Employers' Liability (Compulsory Insurance) Regulations.
- HMRC 700/21 para. 2.4: HMRC VAT Notice 700/21 para. 2.4.