FINANCIAL RECORDS RETENTION SCHEDULE The records retention schedule documents the minimum length of time financial records should be retained in order to comply with legal, regulatory and operational requirements. This includes compliance with the Data Protection Act 1998 and the Freedom of Information Act 2000. The retention schedule is also used to ensure that Finance & Planning balances the requirement of not holding onto records unnecessarily with the need to prevent the premature disposal of information we are required to keep. Retention periods outlined in the schedule are applied to records in whatever medium they are held (paper, electronic etc.) and are independent of format. Using the Schedule The schedule identifies the relevant functions of Finance & Planning and the categories of records they hold. The Schedule describes: The Record Series (type) The minimum retention period The trigger point which identifies when the document/record needs to be retained Person responsible for retaining the document and any supporting comments Retention periods in this document are defined as the Minimum, which mean that files may be retained for a longer period should they be required but must not be disposed of before the identified time. Master copy and duplicates The recommended retention periods shown in the Schedule apply to official or master copy of the records. Any duplicates or local copies made for working purposes should be kept for as short a period of time as possible, normally a maximum of 1 year and in no circumstances longer than the master copy e.g. copy of expense claim forms. Duplication should be avoided unless absolutely necessary. September 14 Final Page 1 of 9
Long-term Storage of Records Where possible all paper records should be scanned and the file stored centrally for future reference. Please contact the Head of Finance Business Systems for further guidance on this. For storage of paper records in the Finance archives: When first deposited in the archive, the responsible officer for the records (the Team Lead) should decide the date that the records can be destroyed (based on the retention periods outlined below) and that this should be recorded in the overall archive record, At least once per year, the responsible officer should review the record of the files maintained in the archives and approve the disposal of any files. Email Storage Where relevant and practical, all emails or attachment to emails should be saved and held in the central file store (\\S:\FIN\Finance) to allow other users to access the information in the event of an employee leaving or changing roles within the University. Personal Information This Retention Policy should be read and applied in conjunction with the University s Record Management Policy and Data Protection Policy. For further details, refer to http://www1.uwe.ac.uk/aboutus/policies. In particular, this Retention Policy does not cover specially personal information that staff in Finance & Planning may be holding about an individual from time to time; for example, copies of PDR, correspondence and contact details. To comply with the Data Protection Act, such information must be stored safely, used fairly and not disclosed to any other person unlawfully. In particular, it is the holder s responsibility to ensure the information is relevant, accurate and kept up to date and not kept for longer than is necessary. All staff are entitled to know what information is being held about them and why and can have access to it. September 14 Final Page 2 of 9
Disposal of Records At the end of the designated retention periods, appropriate action should be taken against the records as outlined in the retention schedule. These will be: Destroy The record can be destroyed using the appropriate method. This may be deleted for electronic records, or disposed of for recycling in the case of non-confidential paper records. All confidential records, including those containing personal or financial information should be disposed of using confidential waste disposal. Review Documents marked for review at the end of their retention period may be required for a longer period. Therefore their status should be checked before any action is taken. Records Series Retention Period Retention Format Trigger Responsibility/Comments Finance Management Financial policies and procedures Superseded + 10 years Finance & Planning secretarial team Finance Committee papers 3 years Audit Committee papers 3 years Financial Strategy papers and associated working documents Superseded + 10 years Budget Management Preparation of annual budgets Current financial year + 2 year Current financial year + 1 year Management Accounts Salary forecasting data Current financial year + 1 year Management Accounts September 14 Final Page 3 of 9
Planning documentation 5 academic years From academic year of creation PBI team Development of key performance indicators Performance monitoring, analysis and benchmarking Current From academic year of creation PBI team 5 academic years From academic year of creation PBI team Management & Financial Accounting Monthly management accounts Current financial year + 2 year Current financial year + 1 year Management Accounts Journals raised Journal backing documentation Financial Accounting team/management Accounting Year end reconciliations Record of capital assets, including acquisitions and revaluations and decisions to dispose of them Annual Statutory accounts (including subsidiary companies) - Working papers - Final accounts - Signed Final Accounts (master) Permanently / September 14 Final Page 4 of 9
HESA Returns record was created HEFCE Returns record was created TRAC Returns record was created TRAC Accountant Audit Records documenting the conduct and results of financial audits and action take to address issues (for both internal and external audits) Treasury Administration of bank accounts - Opening, closing and routine administration - Bank statements, advices and correspondence - Standing orders - Direct debits mandates - Paying in and withdrawal slips Last action on audit + 6 years Treasury team Control Account reconciliations Current financial year + 2 years Investment management - Fund managers reports - Records of purchase and sale of investments Treasury team Loan agreements Repayment of loan + 6 years Treasury team Loan register Permanent Treasury team September 14 Final Page 5 of 9
Property Documentation Property leases/licences End of lease + 6 years / From the financial year in which the record was created Property purchases Permanent or if sold, follow the purchase sale details / From the financial year in which the record was created Property sales Year of sale + 6 years / From the date of sale Endowment Funds Details of Endowments, copies of documents etc. Permanent while fund in use Details of usage/restrictive nature of funds From date fund expires Tax Management Preparation and filing of tax returns, VAT accounting, corporation tax Insurance & Arrangement and renewal of insurance policies Expiry of policy + 6 years / Employer s Liability Insurance certificates Commencement/renewal of policy + 40 years / Claims and outcome of claims against insurance policies Settlement of claim + 6 years / Procurement/Accounts Payable Tender Documents Successful tenders / From the financial year in which the tender was awarded September 14 Final Page 6 of 9
Unsuccessful tenders Current financial year / From the financial year in which the tender was awarded New supplier forms Supplier amendments (unless superceded) Supplier bank account changes (unless superceded) Purchase requisitions/invoices Documents relating to the payment of supplier invoices Foreign payments forms / invoices Goods received notes Department/Faculty Finance Originals must be retained for 6 financial years (depending on who received the paperwork) OCR Deletions Rolling 12 months Non system invoices and credits Rolling 12 months Employee expenses Corporate Cards Purchasing card Travel & Subsistence Reconciliation Logs (for applications) Faculty Finance (for receipts) Treasury & Compliance team (for logs) September 14 Final Page 7 of 9
Corporate Card statements (for purchasing compliance purposes) Rolling 24 months Records documenting purchasing authorisation limits 1 financial year From date superseded Compliance team Records of the handling of Petty Cash Payroll Administration Calculation and payment of all payroll payments and deduction made to employees For further details, please see the HR retention policy (available on the UWE intranet) Accounts Receivable / Payroll Records documenting the issue of sales invoices and the processing of incoming payments Debtors chasing correspondence/agreements Do not retain Destroy once debt is fully paid Funding Applications & Awards Administering annual funding allocations from appropriate statutory funding bodies Management Accounts Funding Grants records - successful applications - unsuccessful applications Current + 1 year From termination of grant From year in which the application was turned down Costing & Pricing team September 14 Final Page 8 of 9
Funding Awards Contracts and email correspondence associated with awarded contracts (unless otherwise directed by the sponsor/award conditions) From termination of the contract & Faculty/Management Accounts Administration of research grants Research Councils Charities Health Trusts Industry EC ERDF TSB grants Other sponsors As directed for each award Closure of programme + 3 years (current closure estimated to be 31 December 2025 As directed for each award From date project completed Faculty/Management Accounts Funder audit reports As directed by sponsor (see above should be included as part of the administration file) Faculty/Management Accounts Administration of scholarship funds Faculty/Management Accounts Statistics and reports 3 financial years From financial year of creation Faculty/Management Accounts September 14 Final Page 9 of 9