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Records Retention Schedule for files relating to finance.

Finance is made up of the following headings:

5.1 Financial accounting
RefRecord groupExamplesTriggerRetentionCitationNotes
5.1.1Annual accounts.Records documenting the preparation and submission of:
Annual Accounts;
Statutory accounts.
FY7Limitation Act 1980, s.5;
Taxes Management Act 1970, s.34
5.1.2Records of capital assets and decisions to dispose of them.Inventory;
Asset register;
Disposal forms.
FY7Limitation Act 1980, s.5;
Taxes Management Act 1970, s.34
5.1.3Management accounting.Monitoring income and expenditure against annual operating budgets;
Action to deal with variances;
Analyses of internal deployment of financial resources.
5.1.4Budgeting.Records documenting the preparation of annual operating budgets.FY1UCL 
5.1.5Tax returns and VAT.Records documenting the preparation and filing of the institution's tax returns;
Records documenting the institution's accounting for VAT.
FY7Taxes 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. 2.4
5.1.6Records documenting the administration of bank accounts.Standing orders;
Direct debit mandates;
Paying-in and withdrawal slips.
FY7Taxes Management Act 1970, s.34;
Limitation Act 1980, s.5
5.1.7Purchases and incoming payments.
Credit notes;
Delivery notes;
Income and expenditure batches;
BACS reports;
Till rolls;
Petty cash records;
Payment of accommodation fees.
FY7Taxes Management Act 1970, s.34;
Limitation Act 1980, s.5;
Value Added Tax Act 1994, s.77(1);
HMRC 700/21 para. 2.4
5.1.8Records documenting the payment and/or reimbursement of expenses. FY7Taxes Management Act 1970, s.34;
Limitation Act 1980, s.5.
5.1.9Research funding.Allocations from statutory funding councils;
Research project applications, award letters, invoices.
FY7Limitation Act 1980, s.5. 
5.1.10Internal accounting.Records documenting administration and processing of Inter Departmental Transfers (IDT's) and (IDJ's) .FY1UCL;
5.1.11Investment management.Fund managers' reports;
Records of purchase and sale of investments.
FY7Limitation Act 1980, s.5;
Taxes Management Act 1970, s.34.
5.2 Procurement
RefRecord groupExamplesTriggerRetentionCitationNotes
5.2.1Supplier tendering - evaluation of prospective suppliers.Pre-qualification questionnaires and scores.Award of contract.1JISC 
5.2.2Supplier tendering - Invitation to tender stage.ITT, specifications, award criteria, tenders and quotations.End of contract.6;
Limitation Act 1980, s.5 
5.2.3Evaluation of tenders and negotiations with prospective suppliers - successful bids.Evaluation scores, award letters. Form of contract, OJEU contract award notices.End of contract.6Limitation Act 1980, s.5 
5.2.4Evaluation of tenders and negotiations with prospective suppliers - unsuccessful bids.Evaluation scores, correspondence.Award of contract.1JISC 
5.2.5Supply contract management.Contract variations, performance management.End of Contract.6;
HMRC 700/21 para. 2.4 
5.2.6Documentation of progress and decisions made in public procurement reference;
Public Contracts Regulations 2015 (SI 2015/102).
 Termination of contract.10JISCThis is a minimum retention period. Longer retention may be advisable to provide evidence of compliant procurement practice over time.
5.3 Insurance
RefRecord groupExamplesTriggerRetentionCitationNotes
5.3.1Insurance certificates. Expiry40UCL 
5.3.2Policies.Insurance policies.Expiry6UCL 
5.3.3Claims.Arrangements and renewal correspondence;
Claims correspondence
5.3.4Employers Liability Insurance certificates. Expiry40SI 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.