Document Retention Policy
Document Retention Policy
TDLC requires that different types of records be retained for a specific period of time to
comply with UK legislation ESF funding and match funding as well as good practice.
We requires consistent treatment of records. Maintenance, retention, and disposal
procedures for the firm’s records must be followed systematically by all staff.
This policy is intended to ensure that the firm meets both legal and contractual
requirements.
Purpose
The purpose of this policy is to ensure that necessary records and documents are
adequately protected and maintained and to ensure that records that are no longer
needed or of no value are discarded at the appropriate time. Records management
and retention policies apply to all records, regardless of format. In today’s
environment, employees create and maintain an increasing portion of their records
using computers. Electronic records must be managed alongside traditional records to
ensure compliance with the Data Protection Act and other UK legislation.
Individuals responsible for the retention of records are also responsible for the
destruction of records following the retention period. Records must be destroyed by
shredding or other means to ensure that all sensitive or confidential material can no
longer be read or interpreted.
Definitions
For the purpose of this policy, “record” shall be interpreted to mean:
any papers, files, books, photographs, tapes, films, recordings, or other documentary
materials, or any copies thereof, regardless of physical form or characteristics, made,
produced, executed, or received by any staff member in connection with the
transaction of TDLC’s business.
The term “electronic record” means any record that is created, received, maintained or
stored on local workstations or central servers.
Examples include, but are not limited to:
1. electronic mail (e-mail)
2. word processing documents and spreadsheets
3. databases – all data generated via automated information systems
including but not limited to file records, learner files and portfolios, financial
accounting records, and payroll records.
“Official records” are the records maintained by the Admin department. Examples
include, but are not limited to:
TDLC Document Retention Policy
Accounts – all financial records, VAT records, payroll records, company bank
accounts, etc
IT (Information Technology) – electronic records, etc.
Personnel records, insurance records, etc.
Board minutes, etc.
Procedures
Each department will retain a listing of major documents used and maintained by the
department detailing retention and destruction timetables (schedules). These
schedules should be in accordance with all UK legislation and funding requirements.
In addition, each department will review annually its records and forms to determine
whether retention of these records and forms is adequate and appropriate.
Records retention
Record retention periods may be increased by government regulation, judicial or
administrative consent order, private or governmental contract. Such modifications
supersede the requirements listed in this policy.
No document list can be exhaustive. Questions regarding the retention period for any
specific document or class of documents not included in the below table should be
addressed to the Managing Director.
Records Retention and Destruction Policy Tables
Type of Record Retention Period
Institutional and Legal Records
Articles of Incorporation Permanent
Minutes of Meetings Permanent
Licenses Active + 6 years
Insurances etc Active + 6 years
Deeds and Titles Permanent
Leases Active + 6 years
Policy statements Permanent
Contracts Active + 6 years
Employee Applications and Employment Listings
Job Announcements and Advertisements 2 years
Documentation on Individuals not hired 2 years
Individuals who are hired Active + 6 years
Individual employee files and wage history Active + 6 years
Personal Files / Payroll Records
Employee files/documentation Permanent
Salary or current rate of pay Active + 6 years
Payroll Deductions Active + 6 years
Timecards/sheets Active + 6 years
Employee manuals/ Handbook Permanent
TDLC Document Retention Policy
Accounts and Financial Records
Sales and Purchase Invoices Active + 6 years
Tax Returns Active + 6 years
Balance Sheet Active + 6 years
General Ledgers Active + 6 years
Account Ledgers Active + 6 years
Auditor's reports Active + 6 years
Bank Statements Active + 6 years
ESF Match Funding
Learner Data and Documents (2007/2013) Fixed to 31/12/2022
Learner Data and Documents (2014/2020) Fixed to 31/12/2029
Learner documentation
Learner Data, documents and certificates Active + 6 years
Electronic documents
Emails (generic) 2 years
Facsimiles 2 years
Scanned documents 2 years
Any Bank/credit card details held should not be kept, and should be destroyed.