A Handy Reference for Records Management
This booklet is intended to act as a reference guide to getting started with Records Management. It explains the key areas and points to focus on when managing your records, hints and tips to refer to on a daily basis and where to fi nd more detailed information and get help and advice from professional experts.
Contents
Introduction and Acknowledgments 1
About Bankers Box® and Fellowes / Introduction to Records Management 2-3
Getting Started 3
The Basic Principles of Records Management 4
Practical tips 5
ISO Standard 15489 5-6
Disclosing Information 6
Sarbanes Oxley Act 7
The Records Management Lifecycle / Bankers Box® Filing & Storage solutions 8
Selecting the Correct Storage Solution 9
Disposal of records and information 10
The Records Management Society / Sources of further information 11
About Bankers Box
®and Fellowes
A chance meeting with Walter Nickel in an elevator back in 1917 resulted in Harry Fellowes acquiring a corrugated box business for $50. He had found the idea intriguing as the recently introduced Federa Income Tax had just brought about new records-keeping equirements in the US. Fellowes Ltd had just been born. Today, Bankers Box® from
Fellowes leads the way in archival storage, committed to providing the best-in-class product quality, proprietary manufacturing capabilities and the best overall pricevalue ratio for all types of Records Management. Through continuous thinking outside of the box, Fellowes has also become a leading global manufacturer and marketer of business machines, records storage and offi ce accessories. All Fellowes products are designed and developed to enhance the quality, effi ciency and productivity of the workplace.
Introduction to Records Management
What is Records Management?
The Information & Records Management Society of Great Britain defi nes the management of records as “The methods, procedures and practices by which an organisation controls and utilises its information assets. Information and
records management relates to the legal, legitimate, appropriate and timely gathering of information and creation, use, secure storage, accessing, utilisation, governance and selection for archive/disposal of fi t for purpose records.”1 Information is a vital asset
Businesses revolve around documents – contracts, correspondence, orders, reports, and much more – that record all types of activities. Even the smallest companies are required to keep records (for accounts, audit, tax, pensions, Health & Safety purposes etc). Records Management can be a vital asset, but only if documents can be easily found or accessed. Did you know you could be committing an offence by failing to keep accurate records for the required period of time or being unable to locate them? This could potentially lead to the loss of license to operate, fi nes, imprisonment and ultimately, business failure.
A good records management program can help you improve your business results:
• The systematic disposal of records will prevent costly paper accumulation and free up valuable space. • Your company will be protected from accidental or premature destruction of records.
• Reference retrieval will be faster – less time will be spent waiting for information. • Purchases of excessive offi ce fi ling equipment will be avoided.
• Potentially crippling breaches of corporate security will be safeguarded against.
The myth of the paperless offi ce
The speed at which we gather and generate information has been greatly increased by technological advances. But even with email and the Internet, the paper usage in the offi ce is still increasing by around 20% each year.2 That extra
Getting Started
Know what you have got
The best way to fi nd out is to conduct an audit – list the types of records and their storage medium (paper, fi lm/fi che, electronic, etc), their subject matter and anything else you need to know to get a good overview.
Know how much you have got
Make an inventory of quantities and volumes. – How much space do the records in each category occupy, and what type of equipment is used to store them?
Know where it is kept
Check all possible storage spaces – start with offi ces (check desks and cupboards), and work outwards to shared and more remote areas (include off-site stores if applicable).
Know why it is being kept
If the person holding it cannot justify the need to keep it, they ought not to keep it. More than one person may be holding the same information. You may fi nd things that others need to know about.
Know how long it is being kept for
Aim to minimise the retention period. Confi rm the legal, regulatory, and business requirements (see the sample
Retention Schedule at the back of this booklet) and check that they are being applied. Dispose of confi dential material securely by shredding and then recycling.
Know what to do about it
Publish a policy and guideline, so that everyone is clear about the rules to follow. Then arrange to monitor their compliance – colleagues, supervisors, managers and auditors all have roles to play in this.
Know MORE
Make use of the information you have. Share it whenever possible – Records Management facilitates Information and Knowledge Management; and all three are enabled by Information Technology.
The benefi ts of a good records management system
1. It will enable you to meet your legal and regulatory obligations more easily.
2. Information and records will be more reliable and accessible, saving you valuable time. 3. Increased protection against accidental or premature records destruction.
4. Records will be categorised according to their subject matter, importance, and date, making them easy to retrieve and use, and minimising duplication.
5. Increased security of vital records or information in case of business disruption or disaster. 6. Effi cient storage will help to reclaim valuable offi ce space.
The Basic Principles of Records Management
The importance of good administration and compliance with Records Management Guidelines is widely recognised nowadays.
Starting with some simple defi nitions, the term “Records” can include all books, papers, correspondence and documentary materials made and received by an organisation. Essentially, Records Management is Information Management, which makes possible “The effi cient and systematic control of receipt, maintenance, use and disposition of records, including processes for and maintaining evidence and information of business activities and transactions in the form of records”1
From a user’s point of view, an effective Records Management system means: • People other than the person who fi led away the record can fi nd what they need.
• People are aware of what they can copy or keep, who they can and cannot share information with, how long they can keep a particular record for and what to do with it after use.
• Staff can learn to manage and use the system quickly and easily. • The risk of confi dential information being distributed can be minimised. • Important records and documents are not accidentally discarded.2
The two basic elements of a Records Management System are a Classifi cation System and a Retention and Disposition Schedule.2
Classifi cation System
Identifi es the category a record belongs to and assigns it a number or code for retrieval. Each department can be given an identifying code, which, in turn, may be broken down into further sub-categories. Organising in terms of work functions as opposed to staff or structure will mean that changes to the organisational structure will not mean a redesign of the fi ling system.2
Retention and Disposition schedule
This will dictate what to do with a record when it arrives, where to store it, who can use it, how long it needs to be kept for, what to do when it is no longer required and who has authority for each action. Security and backup are very important considerations to take into account. Always have a system for marking confi dential or sensitive information so it can be destroyed or removed in extreme situations. Possessing a corporately approved and adhered to retention schedule could also prove useful in the event of defending legal claims arising from accusations of wilfully destroying evidence. In the event of legal action, documents that are due for destruction, but may also form part of material evidence, must not be destroyed.
3 ISO 15489
Practical tips
Locating records
These hinge around classifi cation, titling and indexing. Don’t be put off by the terminology - you almost certainly do all these things at home! Are your CDs, DVDs and books indexed according to their title, subject, or name, for example? It is usually logical to group things according to their content, and to put them into alphabetical or numerical order. For example, personnel records usually have information such as an employees name, number, date of birth, tax reference, national insurance number, and date employment began. All these may be used to help you to fi le, and later to fi nd and identify the right person’s record.
Creating a simple card index, or database of these identifying features will enable you to cross-reference them, and so fi nd things more easily later. You may know one of these identifi ers, but it would lead you to the same item. Computer software and barcode labelling offer easier and quicker ways to fi nd things.
Making best use of space
Minimising retention periods will have the biggest impact, so encourage people to dispose of passing information and mail (including email) as soon as possible, and to keep to the agreed retention schedule for everything else.
Then look for the most effi cient way to store what is left. Getting the right balance of control, ease of access, convenience, security, and value for money is very important. The system must meet the users’ needs, and minimise costs.
Having a formal fi ling system in place is a useful discipline. That usually dictates how things are stored, and where. Generally speaking, active, frequently used records are best kept close to the users. That usually means in the offi ce or on the desktop, in fi les, folders and through storage systems, such as the Bankers Box® System range.
Safeguarding vital records
Records that are misfi led are no more useful than those that are prematurely destroyed or even stolen. A fi ling system needs to be as effi cient as possible. Ensure that members of staff know how to use it properly, and that it is appropriately protected. Truly vital records deserve preferential treatment and are best stored in fi reproof safes or vaults, or in formal archives PD 5454:2012 for further information. Always have a disaster prevention and recovery plan in place, as well as a backup system in case things get destroyed. Consider seeking professional advice from Risk Assessors, or Archivists.
Health and Safety issues
The most valuable resource to a company is its staff, so the risk to them must also be minimised. Ensure that their workplace, the equipment they use, and the way records are stored does not pose an unacceptable risk to their health and safety. For example, check that boxes on shelving are not too high to reach and they cannot fall, arrange training in manual handling techniques to minimise risk of back injuries caused by overloaded boxes and minimise dust by having the stored boxes or fi les regularly vacuumed clean. But above all, make certain that you comply with all relevant standards and regulations.
British Standard PD 5454:2012 gives recommendations for the storage and exhibition of documents, including books and other library materials. These recommendations apply to permanent and temporary storage of documents, and equally apply to material which is subject to restricted access or is on display.
ISO Standard 15489
Locating records
Scope of ISO 15489
• Applies to the management of records, in all formats or media, created or received by any public or private organisation in the conduct of its activities, or any individual with a duty to create and maintain records.
• Provides guidance on determining the responsibilities of organisations for records and records policies, procedures, systems and processes. • Provides guidance on records management in support of a quality
process framework to comply with ISO 9001.
• Provides guidance on the design and implementation of a records system but does not include the management of archival records within archival institutions.
Scope of ISO 15489
The ISO standard is intended for use by: • Managers of organisations
• Records, information and technology management professionals
• All other personnel in organisations, and other individuals with a duty to create and maintain records.
Disclosing Information
A series of Acts and Regulations have been introduced in recent years leading to an increased transparency of
information. Such laws have potentially signifi cant implications for Records Managers in terms of accessing information demanded by third parties. The acts outlined below are just some examples of how an effective records management policy has become increasingly vital for companies and institutions alike, in terms of locating and retrieving information upon request.
Freedom of Information Act 2000 for the UK (excluding Scotland)
Implemented in January 2005, this law gives the general public a right to gain access to all kinds of information regarding the management and work of public bodies across the UK, with the primary objective to make government and public bodies more open and transparent. The fi nal decision on releasing information lies with an information tribunal.
Freedom of Information Act (Scotland) 2002
This is very similar to the FOIA for the UK, allowing the public access to information from public bodies in Scotland. The main difference between the Scottish Act and that for the rest of the UK is that the fi nal decision on releasing information lies not with an information tribunal (who can have the fi nal say over the Information Commissioner for the rest of the UK), but solely with the Information Commissioner. Although the Freedom of Information Acts outlined above apply principally to the public sector, private sector organisations
will be affected in instances of contractual agreement with public sector organisations.
Data Protection Act 1998
Sarbanes-Oxley Act 2002
The Sarbanes-Oxley Act (Public Law 104-204) came into effect on 30th July 2002, introducing signifi cant legislative changes to fi nancial practice and corporate governance regulation in the US (and any company based outside the USA but with a US parent company), with its main objective being ”to protect investors by improving the accuracy and reliability of corporate disclosures made pursuant to the securities laws“. 4
SOX, as it is commonly known, came about in the wake of a series of corporate fi nancial scandals, aiming to “deter and punish corporate and accounting fraud and corruption, ensure justice for wrongdoers, and protect the interests of workers and shareholders” (Quote: President Bush).
Impact of SOX
SOX establishes stringent fi nancial reporting requirements and defi nes what type of information must be recorded and over what period of time, in order to ensure the transparency and accuracy of business records. Compliance to this law relies on a sound foundation of information and records management practices.
The UK version of the act came into force in April 2005. Set out in the Companies (Audit, Investigations and
Community Enterprise) Act of 2004, this has knock-on effects for records management, with more stringent measures required to ensure the accuracy and integrity of records. The legislation means the creation of an audit trail to prove due diligence has been carried out on the required information, as it will no longer be suffi cient to put information security measures in place, but also to prove it.
As a result of the passing of this law, records management is no longer simply an effective business process. It is now a critical compliance and risk management issue, with stiff penalties for non-compliance of records management practices, frequently based on a life-cycle approach.
Sarbanes-Oxley compliance in practice
One company had a process for accountability before SOX, about which the Director of Financial Operations commented that not everything was documented. He believes his company benefi ts from SOX compliance precisely because it has to document its internal controls and verify the data, stating “SOX can help a company in many ways, such as fi nding revenue leakages”.
When asked how the law affects his company’s competitiveness, he noted that the launch of a new product must be carefully weighed against the risk of not being able to meet Section 404 certifi cation deadlines. “There’s a lot of that balancing act - juggling the ability to launch new products and comply with SOX, but I think SOX does enhance the company as a whole.”5
The Records Management Lifecycle
The lifecycle of a document consists of 4 stages. There is a Bankers Box® product for every stage of the lifecycle.
Bankers Box
®Filing & Storage solutions
The lifecycle of a document consists of 4 stages. There is a Bankers Box® product for every stage of the lifecycle. For many years Fellowes fi ling and storage solutions have set the industry standard for value, consumer satisfaction, and best of all, strength. When it comes to stacking, storing and transporting fi les, Bankers Box® storage solutions offer
strength you can count on for problem-free storage.
Bankers Box® offers a storage solution for every application with a variety of features to suit your needs.
Information that is frequently referred to.
1. Active
Information that is not regularly used but has to be kept e.g. for legal reasons.
2. Semi-Active
Information that has a long term, probably historical value.
3. Archival
Destruction by shredding then recycling.
4. Disposal
SYSTEM EARTH SERIES
PREMIUM
Boxes feature PrestoTM
Instant Assembly FastfoldSelected products feature ® automatic assembly
All products in this range are manual
assembly Boxes are up to 80% stronger
than basic strength boxes Boxes are up to 50% stronger than basic strength boxes
Selecting the Correct Storage Solution
Selecting the correct document management product is important when establishing a fi ling system. Here is a simple formula to help you decide:
First – determine how often you will access the contents Second – determine how much space you have for storage
STORAGE UNITS
Ideal for when you have a limited amount of storage space (no shelving units) and require frequent access to fi les. Some units are also suitable for desktop use.
TRANSFER FILES
STORAGE BOXES
Ideal for use with storage units for documents that are frequently required or with storage boxes for infrequent access or archival processes.
Ideal for use with or without shelving units when you require infrequent access to fi les. Can also be used to transport fi les for off-site storage.
Your Situation Your Solution Storage Units Transfer Files Storage Boxes
Have limited space and
no shelving Stackable units offer space saving fl oor or desktop storage solutions X Require easy, frequent access
to fi les Eliminates the need to un-stack and re-stack boxes X Need to save time
retrieving fi les Storage units cut retrieval time in half. Transfer fi les offer spine labels for quick and easy identifi cation X X
Infrequent access to fi les Less frequently accessed fi les can be stored in storage boxes which can be stacked to save space X X Frequent moving and handling
of records Stronger boxes are designed for frequent moving and handling X Moving records to an off-site
location for long term storage Transfer fi les or lever arch fi les can be placed in storage boxes to maintain a fi ling system off-site X X Lever arch fi les are used and
need to be accessed regularly Selected fi ling units are compatible with lever arch fi les and are ideal for frequent use X Lever arch fi les need to be
stored long term Selected storage boxes are compatible with lever arch fi les and are ideal for long-term storage X
Faster, easier set-up - Selected products offer Presto™ instant assembly or FastFold® automatic assembly to
save you time:
All Bankers Box® corrugated products are made
from FSC® certifi ed 100% recycled board and can
be recycled. All inks used are water based and all adhesives are solvent free.
Manual Assembly
Disposal of records and information
Secure destruction and disposal
Once a document has reached the end of its life and no longer needs to be retained, it must be disposed of securely.
Be safe, shred it
Personal and Corporate Identity Fraud is a fast growing crime and occurs when an individual’s or company’s personal or confi dential information i obtained by another person without their knowledge in order to create a new false identity.
It is not only Best Practice to have a secure document disposal policy in place in order to protect your company, employees and customers; it is also a legal requirement for businesses.
The 7th Principle of Data Protection Act 1998 requires that “appropriate security measures be in place to safeguard against unauthorised or unlawful access / processing of personal data”.
Personal Documents
• Bank & credit card statements & receipts
• Utility bills
• Pre-approved credit card applications • Tax returns
• Documents showing signatures & social security number
Therefore it is essential to ensure that documents are shredded. Shredding is the most effective, convenient and environmentally friendly method of document disposal. Fellowes recommend that all business owners and individuals alike should have access to a shredder.
What to Shred?
Every piece of paper or document that contains some form of information or data that may be of use to criminals, fraudsters or competitors should be shredded before disposed.
Company Documents
• Customer details & client lists • Marketing plans & sales fi gures • Accounting records & fi nancial
reports
• Personnel fi les, CVs & salary information
• Research & Development plans • Legal documents, patent
information & medical records • Letter-headed paper, compliment
slips & documents showing signatures
There are two types of shredder, strip cut and confetti cut models;
Strip cut models provide conventional, everyday security by shredding paper into unreadable strips.
Confetti cut models, as recommended by Fellowes, provide higher security by cutting paper into small unreadable pieces - increasing the security and reducing the bulk waste by up to 5 times
Make sure you have methods in place to securely dispose of your information when it reaches the end of its lifetime. The Fellowes Powershred® range of shredders has been designed to incorporate safety features and user-friendly
Information and Records Management Society
The Information and Records Management Society is the foremost professional association for all those who work in, or are concerned with records or information management. Launched in 1983, IRMS recognised the ever-increasing number of people working in the fi elds of records and information management. All those concerned with records and information can join the Society, regardless of their professional or organisational status and qualifi cations.
Organisations wishing to develop records or information systems as well as those that provide services in these fi elds are also welcome. Through close and regular contact with its own members and with related professions, the Information and Records Management Society encourages the highest professional standards.
For further information on the Information and Records Management Society, visit their website at: www.irms.org.uk/
Sources of further information
On the following pages you will fi nd a Retention Schedule that can help you to build a records management programme. More information about records management is also available from:
• The International Organisation for Standardisation Information on ISO 15489 is available from the ISO or BSI and gives detailed information about all aspects of records management.
• The National Archives, and their website www.nationalarchives.gov.uk/ contains lots of reference material, including guidance on how to manage and preserve electronic records.
• The Archives and Records Association is the lead professional body for archivists, archive conservators and records managers in the United Kingdom and Ireland. Visit www.archives.org.uk/
• The Information Commissioner’s offi ce is the UK’s independent public body set up to promote access to offi cial information and to protect personal information, including the Data Protection Act, Freedom of Information Act and Environmental Information Regulations. Visit www.ico.gov.uk
• The Business Archives Council promotes the effi cient management, preservation and use of business records through publications, training and practical support for businesses who wish to preserve their history.
Visit http://www.businessarchivescouncil.org.uk/
• The principal records storage companies should belong to a professional body called Prism International (www.prismintl.org) who can put you in touch with your nearest service provider.
DOCUMENT RETENTION PERIOD WHY RETAIN? 1. Supplies Accounts
Cheques/remittance advice 6 Years Legal
Cash book list 10 Years Legal
Cost control ledger analysis 6 Years Legal
Invoice 6 Years (revenue)
10 Years (capital) LegalCommercial
Purchase requisitions 2 Years Audit
Purchase orders 3 Years after expiry (capital)
Current plus 3 years (revenue) AuditAudit Quotations:
- Capital expenditure (successful) - Capital expenditure (unsuccessful) - Revenue expenditure (successful) - Revenue expenditure (unsuccessful) Contracts for raw material purchase
Permanently 1 year
Current plus 1 year 3 Months
12 years after expiry (under seal) years after expiry (others)
Audit Commercial Audit Commercial Legal Legal
Export rebate claims 3 years from fi nal payment Commercial
Customs and excise returns 6 years Legal
Shipping documents 6 years Legal
VAT deferments 6 years Legal
2. Assets
Ledger sheet 10 years Legal
Consolidated accounts Permanently Commercial
Disposal of assets Permanently Commercial
Application to write off plant value Permanently Commercial
Annual depreciation 3 years Audit
3. Sales Records
Customer complaints 10 years Commercial
Customer orders/estimates/quotations 6/12 years after expiry Commercial
Enquiries 1 year Commercial
Export credit guarantee documents 6 years after expiry
Permanently if claim made CommercialCommercial
Long dated budget Current plus 1 year Commercial
Short dated budget 1 year Commercial
Sales/journals ledgers 10 years Legal
Nominal & Journal ledgers Permanently Commercial
Journal vouchers 3/6 years Legal
Sales invoices & credit notes 6 years Legal
Consignment notes 6 years Legal
Delivery documentation Current plus 6 years Legal
DOCUMENT RETENTION PERIOD WHY RETAIN?
Cheques/remittance advice 6 Years Commercial
Outstanding account schedule 6 Years Legal
Statements 2 years Audit
Overdue account letters Until paid Commercial
4. Employee Records
Staff patent agreements 16 years after employment end Commercial
Unsuccessful job applicants 1 year Commercial
Medical records 30 years after expiry (with consent) Commercial Medical treatment records Dependent on treatment (with consent) Legal
X-ray registers 7 years after expiry Legal
Accident reports Permanently
3 years CommercialLegal
Medical schemes/reports Permanently Commercial
Organisation charts Permanently Commercial
Superannuation Current pensioners 10 years after benefi t ends
Commercial Payment changes 6 years Legal
Payroll Control Current plus 6 years Legal
Certifi cate of existence & continued entitlement 6 years Legal
Amended code number notice 6 years Legal
All trust deeds and rules Permanently Legal
Trustee minute book Permanently Legal
Fund annual account Permanently Legal
Investment and contribution Records Permanently Legal
Actuarial valuation reports Permanently Legal
Records of ex-pensioners 6 years after the benefi t ends Legal Pension investment policies 12 years after the benefi t ends Legal
Inland Revenue approvals Permanently Legal
Group health/personal accident policies 12 years after the benefi t ends Legal
Staff personal records 7 years after employment ends Legal
Company executive records Permanently Commercial
Salary registers 6 years Legal
Expenses accounts 7 years Legall
Industrial training records 6 years Commercial
Labour agreements Permanently Commercial
Works council minutes Permanently Commercial
Absentee records Permanently Commercial
Staff overtime 6 years Legal
Redundancy/ long service 7 years Legal
Retention Schedule
DOCUMENT RETENTION PERIOD WHY RETAIN?
5. Wages
P45, P58, P48, P6, P60 6 Years Legal
Income tax and pay details 6 Years Legal
Returned tax 6 Years Legal
Monthly superannuation 10 Years Commercial
Annual superannuation Permanently Commercial
Cumulative superannuation 6 years Commercial
National insurance 6 years Commercial
Schedule of deductions 6 years Audit
Clock cards 2 years Audit
Pay advice Current plus 1 year Legal
Payroll Current plus 6 years Legal
Annual earnings summary 6 years Legal
6. Sub contractors
SC60 etc. 6 years Legal
Other income tax 6 years Legal
National insurance 6 years Commercial
Time sheets Current plus 1 year Legal
7. Insurance
Policies 3 years after lapse Commercial
Accident claims correspondence 3 years after settlement Commercial
Insurance schedules 10 years Commercial
Claims regarding radiation 30-40 years Legal
Infant settlements Until 24th birthday Legal
Other settlements 7 years after claim Legal
Workmen’s compensation act claims 1 year Commercial
Accident record books Employees life Commercial
Public & product liability policies Permanently Legal
8. Cash records
Bank paying in counterfoils 6 years Legal
Cheque/remittance advice control sheets 6 years Legal
Control sheets 2 years Legal
Cheques/remittance advice 6 years Legal
Bank/GIRO account statements 6 years Legal
Daily cash book 6 years Legal
Banking returns 6 years Legal
Unpresented cheque list 6 years Legal
Retention Schedule
DOCUMENT RETENTION PERIOD WHY RETAIN?
Employee receipts of paypacket slips 2 years Audit
Petty cash records Current plus 6 years Legal
Main cash book 10 years Commercial
Cash received/ cheque payment sheets 10 years Legal
Petty cash returns 6 Years Commercial
9. Investments
Share certifi cates register Permanently Legal
Company purchase/ sales register Permanently Legal
Pension fund details Permanently Legal
10. Share documents
Application forms Permanently Commercial
Acceptance forms Permanently Commercial
Renounced share certifi cates Permanently Commercial
Allotment letters (renounced) & sheets & returns Permanently Legal Allotment letters (lodged for exchange) 1 year from date ceased to be valid Legal
Share & stock transfer forms Permanently Legal
Letters of indemnity for lost records Permanently Legal
Annual return Permanently Legal
Dividend and interest payments list & warrants 12 years Legal Unclaimed dividend & interest lists Until cleared/ forfeited Legal
Cancelled share certifi cates 1 year Legal
Change of address 2 years Legal
Register of Directors interest Permanently Legal
Register of interests in voting shares Permanently Legal
Register of members Permanently Legal
Forms for conversion 7 years after the conversion date Legal Shareholders with >5% interest register Permanently Legal
11. Loans
Debtor accounts control report 6 years Legal
Arrears schedule 6 years Legal
Individual debtor accounts Permanently until paid Legal
Listing of wage deductions 3 years Audit
Statement of loan account Permanently Commercial
12. Corporate Document
Balance sheet, profi t & loss account Permanently Legal Minutes of general & committee meetings Permanently Legal
Directors minutes signed by the chairman Permanently Legal
Retention Schedule
DOCUMENT RETENTION PERIOD WHY RETAIN?
Powers of attorney & court orders Permanently Legal
Copy of instruments creating change Permanently Legal
Enquiry proceedings Permanently Commercial
Company’s organisation papers Permanently Commercial
Important company policy papers Permanently Commercial
Legal documents Permanently Commercial
Trade Union agreements Permanently Commercial
Certifi cate of incorporation Permanently Legal
Certifi cate to commence business Permanently Legal
Seal book Permanently Legal
Proxy forms/ polling cards 1 month (no poll)
1 year (poll) CommercialCommercial
Register of directors and secretaries Permanently Legal
Articles of association Permanently Legal
Corporate magazines 30 years Commercial
Correspondence fi les 6 Years Commercial
13. Title Deeds etc.
All title deeds and property related documents 12 years after expiry interest ceased Legal
14. Contract Agreements etc.
Under Seal 12 years after expiry Legal
Others 6 years after expiry Legal
Major agreements Permanently Commercial
Royalty payments Permanently Commercial
Royalty agreements 1 year after expiry Legal
15. Trademark Papers
All related documents Permanently Commercial
Expired Patents 12 years Legal
16. Stores & Accounts Documents
Goods received register 3 years Audit
Inward invoice 3/6 years Legal
Goods in and out record book Current plus 6 years Legal
Stock adjustments sheets 2 years Audit
Stock requisitions & control vouchers 2 years Audit
Stores transfers, sales inventories & Stock sheets Current plus 6 years Legal
Bin cards 2 years Audit
Contractors time sheets Current plus 6 years Legal
Retention Schedule
DOCUMENT RETENTION PERIOD WHY RETAIN?
Goods in advice notes Current plus 6 years Legal
Purchase copy order set 6 years after expiry Legal
17. Donation & Subscription Records
Index of donation given 6 years Legal
Deeds of covenant 1 year after fi nal payment Legal
Donations granted info. 1 year Commercial
Donations refused info. 3 months Commercial
Subscriptions records 3 years after membership Commercial
Government grants if not now receiving 6 years Legal
Government grants if still receiving Permanently Legal
18. Transport Records
Drivers log books 1 year Commercial
Other records 2 years after vehicle disposal Commercial
Tachographs 3 years Legal
19. Technical Research
All reports of data 12-15 years Legal
Product Specifi cations Retained for contractual limitation period 6-12 years Legal
20. Property Receipts
Leases 12 years after lease end Legal
Architect/ builder agreements 6 years after contract ends Legal
Product specifi cations 6 years Legal
21. Plans
Architectural Permanently Commercial
Engineering detail Permanently Commercial
Mining Permanently Commercial
Structural Permanently Commercial
General Layout Permanently Commercial
22. Management Information
Management accounts 6 years Commercial
