I vaguely remember reading somewhere (I think it was in a document from either the Dept of Health or NHS Supplies) that you had three options.
5 Years for small, hand held, battery equipment;
8 Years for the majority of equipment
12 Years for more substantial equipment like operating tables.
These are the figures we work to - although there is no official planned replacement programme and no allocated funds. We still have some equipment in use which is over 20 years old, but it's still going strong and since it doesn't break down, spares aren't an issue.
We record the purchase date in our inventory database and enter a projected replacement date. When the equipment is eventually scrapped and replaced, this date is then entered as the replacement date and the record marked as "SCRAP". We don't have any system for recording the condition of the equipment, but we write to the owners when we come accross a piece of kit which we think is falling apart !
How about a spell-checker on the web site ? I'm sure some of "apart" has two "P"s in it ! ? ! (Just too lazy to get my dictionary out!)
