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.
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Long-term Storage of Paper 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.
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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
Financial policies and procedures
Superseded + 10 years
Electronic
From financial year in which the
record was created or received
Finance & Planning secretarial
team
Finance Committee papers
3 years
Electronic
From financial year in which the
record was created or received
Audit Committee papers
3 years
Electronic
From financial year in which the
record was created or received
Financial Strategy papers and
associated working documents
Superseded + 10 years
Electronic
From financial year in which the
record was created or received
Preparation of annual budgets
Current financial year + 2 year
Current financial year + 1 year
Electronic
Paper
From financial year in which the
record was created or received
Management Accounts teams
Salary forecasting data
Current financial year + 1 year
Electronic
From financial year in which the
record was created or received
Management Accounts teams
Finance Management
Budget Management
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Planning documentation
5 academic years
Electronic
From academic year of creation
PBI team
Development of key performance
indicators
Current
Electronic
From academic year of creation
PBI team
Performance monitoring, analysis and
benchmarking
5 academic years
Electronic
From academic year of creation
PBI team
Monthly management accounts
Current financial year + 2 year
Current financial year + 1 year
Electronic
Paper
From financial year in which the
record was created or received
Management Accounts teams
Journals raised
Current financial year + 6 years
Electronic
From financial year in which the
record was created or received
Financial Accounting team
Journal backing documentation
Current financial year + 6 years
Paper
From financial year in which the
record was created or received
Financial Accounting
team/Management Accounting
teams
Year end reconciliations
Current financial year + 6 years
Electronic
From financial year in which the
record was created or received
Financial Accounting team
Record of capital assets, including
acquisitions and revaluations and
decisions to dispose of them
Current financial year + 6 years
Electronic
From financial year in which the
record was created or received
Financial Accounting team
Annual Statutory accounts (including
subsidiary companies)
Working papers
Current financial year + 6 years
Electronic
From financial year in which the
record was created or received
Financial Accounting team
-
Final accounts
Current financial year + 6 years
Electronic
From financial year in which the
record was created or received
Financial Accounting team
-
Signed Final Accounts (master)
Permanently
Paper/Electronic
From financial year in which the
record was created or received
Financial Accounting team
Management & Financial
Accounting
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HESA Returns
Current financial year + 6 years
Electronic
From financial year in which the
record was created
Financial Accounting team
HEFCE Returns
Current financial year + 6 years
Electronic
From financial year in which the
record was created
Financial Accounting team
TRAC Returns
Current financial year + 6 years
Electronic
From financial year in which the
record was created
TRAC Accountant
Last action on audit + 6 years
Electronic
From financial year in which the
record was created or received
Financial Accounting team
Administration of bank accounts
Opening, closing and routine
administration
Bank statements, advices and
correspondence
Standing orders
Direct debits mandates
Paying in and withdrawal slips
Current financial year + 6 years
Electronic
From financial year in which the
record was created or received
Treasury team
Control Account reconciliations
Current financial year + 2 years
Electronic
From financial year in which the
record was created or received
Income & Cash Office
Investment management
Fund managers’ reports
Records of purchase and sale of
investments
Current financial year + 6 years
Electronic
From financial year in which the
record was created or received
Treasury team
Loan agreements
Repayment of loan + 6 years
Paper
From financial year in which the
record was created or received
Treasury team
Loan register
Permanent
Electronic
From financial year in which the
record was created or received
Treasury team
Audit
Records documenting the conduct and
results of financial audits and action
take to address issues (for both internal
and external audits)
Treasury
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Income & Cash Office
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Property Documentation
Property leases/licences
End of lease + 6 years
Electronic/Paper
From the financial year in which
the record was created
Commercial Services
Property purchases
Permanent or if sold, follow the
purchase sale details
Electronic/Paper
From the financial year in which
the record was created
Commercial Services
Property sales
Year of sale + 6 years
Electronic/Paper
From the date of sale
Commercial Services
Details of Endowments, copies of
documents etc.
Permanent while fund in use
Electronic
From financial year in which the
record was created or received
Financial Accounting team
Details of usage/restrictive nature of
funds
Current financial year + 6 years
Electronic
From date fund expires
Financial Accounting team
Current financial year + 6 years
Electronic
From financial year in which the
record was created or received
Financial Accounting team &
Commercial Services
Arrangement and renewal of insurance
policies
Expiry of policy + 6 years
Paper/Electronic
From financial year in which the
record was created or received
Commercial Services
Employer’s Liability Insurance
certificates
Commencement/renewal of
policy + 40 years
Paper/Electronic
From financial year in which the
record was created or received
Commercial Services
Claims and outcome of claims against
insurance policies
Settlement of claim + 6 years
Paper/Electronic
From financial year in which the
record was created or received
Commercial Services
Current financial year + 6 years
Paper/Electronic
From the financial year in which
the tender was awarded
Purchasing & Payments team
Endowment Funds
Tax Management
Preparation and filing of tax returns,
VAT accounting, corporation tax
Insurance
Procurement/Accounts
Payable
Tender Documents

Successful tenders
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
Current financial year
Paper/Electronic
From the financial year in which
the tender was awarded
Purchasing & Payments team
New supplier forms
Current financial year + 6 years
Electronic
From financial year in which the
record was created or received
Purchasing & Payments team
Supplier amendments
Current financial year + 6 years
(unless superceded)
Electronic
From financial year in which the
record was created or received
Purchasing & Payments team
Supplier bank account changes
Current financial year + 6 years
(unless superceded)
Electronic
From financial year in which the
record was created or received
Purchasing & Payments team
Purchase requisitions/invoices
Current financial year + 6 years
Electronic
From financial year in which the
record was created or received
Purchasing & Payments team
Documents relating to the payment of
supplier invoices
Current financial year + 6 years
Electronic
From financial year in which the
record was created or received
Purchasing & Payments team
Foreign payments forms / invoices
Current financial year + 6 years
Electronic
From financial year in which the
record was created or received
Purchasing & Payments team
Income & Cash Office
Goods received notes
Current financial year + 6 years
Paper
From financial year in which the
record was created or received
Department/Faculty Finance teams
Originals must be retained for 6
financial years (depending on who
received the paperwork)
OCR Deletions
Rolling 12 months
Paper
From financial year in which the
record was created or received
Purchasing & Payments team
Non system invoices and credits
Rolling 12 months
Paper
From financial year in which the
record was created or received
Purchasing & Payments team
Employee expenses
Current financial year + 6 years
Electronic
From financial year in which the
record was created or received
Income & Cash Office
Corporate Cards

Purchasing card

Travel & Subsistence

Reconciliation Logs
Current financial year + 6 years
Electronic
From financial year in which the
record was created or received
Purchasing & Payments team
(for applications)
Faculty Finance teams
(for receipts)
Treasury & Compliance team
(for logs)
Unsuccessful tenders
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Corporate Card statements
(for purchasing compliance purposes)
Rolling 24 months
Paper
From financial year in which the
record was created or received
Purchasing & Payments team
Records documenting purchasing
authorisation limits
1 financial year
Electronic
From date superseded
Compliance team
Records of the handling of Petty Cash
Current financial year + 6 years
Electronic
From financial year in which the
record was created or received
Income & Cash Office
Current financial year + 6 years
Paper/Electronic
From financial year in which the
record was created or received
Payroll
Records documenting the issue of sales
invoices and the processing of incoming
payments
Current financial year + 6 years
Electronic
From financial year in which the
record was created or received
Income & Cash Office
Debtors chasing
correspondence/agreements
Do not retain
Destroy once debt is fully paid
Income & Cash Office
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
Funding Applications &
Awards
Administering annual funding allocations
from appropriate statutory funding
bodies
Funding Grants records
- successful applications
- unsuccessful applications
September 14 – Final
Current financial year + 6 years
Electronic
From financial year in which the
record was created or received
Management Accounts teams
Current financial year + 6 years
Current + 1 year
Paper
Paper
From termination of grant
From year in which the application
was turned down
Costing & Pricing team
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Funding Awards Contracts and email
correspondence associated with
awarded contracts
Current financial year + 6 years
(unless otherwise directed by
the sponsor/award conditions)
Paper
From termination of the contract
Commercial Services &
Faculty/Management Accounts
teams
Administration of research grants

Research Councils

Charities

Health Trusts

Industry

EC

ERDF
Current financial year + 6 years
Current financial year + 6 years
Current financial year + 6 years
Current financial year + 6 years
As directed for each award
Closure of programme + 3
years (current closure estimated
to be 31 December 2025
Paper
Paper
Paper
Paper
Paper
Paper
From date project completed
Faculty/Management Accounts
teams
Current financial year + 6 years
As directed for each award
Paper
Paper
Funder audit reports
As directed by sponsor (see
above – should be included as
part of the administration file)
Paper
Administration of scholarship funds
Current financial year + 6 years
Electronic
From financial year in which the
record was created or received
Faculty/Management Accounts
teams
Statistics and reports
3 financial years
Electronic
From financial year of creation
Faculty/Management Accounts
teams


TSB grants
Other sponsors
September 14 – Final
Faculty/Management Accounts
teams
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