How long do I need to keep financial records (not personal ones)

[SandStorm]

I don't know whether to put this here or in money matters.

I have been the treasurer of a local playgroup for more years than I care to remember. My dining room is a treasurer trove of files and papers but I need it back now and I need to cull the paperwork.

I know I need to keep the accounts and annual reports indefinitely but how long do I need to keep the accompanying receipts for? Is there any point me having receipts for play equipment we ordered 4 years ago for example. I really want to get rid of as much as possible but don't want to get into trouble by getting rid too soon.

[twotesttickles]

Seven years.

[SandStorm]

I thought it was something like that but was hoping it would be less. Oh well, a bit of organisation needs to be done.

Thank you.

[mranchovy]

The only statutory requirements to keep records are for tax purposes, so assuming the playgroup is an unincorporated association that is not a business (and therefore is not subject to tax), you only have to keep sufficient records to discharge your role as treasurer and comply with the constitution of the playgroup.

[mranchovy]

... or if the playgroup is registered as a charity (or with Ofsted or anyone else) you must comply with the requirements of the Charity Commission (or Ofsted etc.)

And if you have employees there are specific requirements for employee records (including pay and expenses).

[Lizcat]

This financial year plus the previous 6 years. As a business that turns over three quarters of a million we can compact into one plastic storage box for each year by taking them out of folders and using treasury tags. Then these get stored in the loft.

[Angel786]

6 years post close of financial year usually.