Assets, Custody and Inventory Policy

1 Purpose and responsibility

This policy protects Association property, equipment, fittings, inventory and entrusted assets from receipt to disposal. A custodian and register owner are appointed. The asset holder remains responsible for authorised use and reporting loss or damage, without automatic financial liability before investigation.(1)

2 Registration and handover

Each asset has a unique code, description, serial number, acquisition date and value, funding source, location, condition, holder and warranty. The Treasurer determines accounting and depreciation under the financial regulations. Handover records identify accessories, condition and movement and use restrictions.

Inventory is recorded using consistent quantities and units and numbered receipts, issues and returns. Unusable or expired items are separated. Medicines or medical devices are not stored or distributed where a required licence is unavailable; such activities are referred to a licensed provider and applicable storage requirements observed.

3 Use and protection

Use is limited to Association purposes; lending, transfer or sale requires approval. Store keys and access are controlled. Equipment is protected through security, updates and backups. Donor restrictions apply, and restricted assets are not reassigned without necessary approval.(2)

4 Counts and differences

Periodic and comprehensive annual counts, and counts at handover or on suspicion, are performed by people independent of custody where possible. Physical items are compared with the register; differences, reasons and recommendations are documented without changes concealing shortages. Differences go to the Board or authorised decision-maker for investigation and resolution.

Assets are reconciled with the general ledger and entrusted items with their holders. Actual, issued and remaining inventory is confirmed. Weekly imprest counts follow the treasury policy. Additional frequencies here are internal controls and do not override government controls referenced in the Articles.

5 Maintenance and disposal

Maintenance, faults, insurance and warranties are recorded; repair is assessed against replacement. A reasoned disposal request includes technical assessment, estimated value, method, approvals and donor restrictions. Digital content is securely erased before equipment leaves, and sale, destruction or lawful donation documented.

6 Handover and retention

Entrusted assets are recovered when employment, volunteering or a project ends, with data and key handover recorded. Asset, count, reconciliation and disposal records follow financial retention periods. Identifying the local-government controls referenced in Article 61 requires legal review before adopting a conflicting special procedure.

References in the approved document

1. The Association’s approved 2026 Articles of Association, Articles 23, 60 and 61. This document establishes internal implementation controls without changing higher legal powers or requirements.

2. Cabinet Resolution No. 5 of 2025, executive regulations for public-benefit institutions, Article 8 on the asset register and inventory records. This document establishes internal implementation controls without changing higher legal powers or requirements.