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5.1 Aggregate Assets and Liabilities

5.1A: Aggregate Assets and Liabilities

2019

2018

$’000

$’000

Assets expected to be recovered in:

No more than 12 months

4,446

4,151

More than 12 months

-

-

Total assets

4,446

4,151

Liabilities expected to be settled in:

No more than 12 months

818

695

More than 12 months

1,711

1,572

Total liabilities

2,529

2,267

5.1B: Administered - Aggregate Assets and Liabilities

2019

$’000

2018

$’000

Assets expected to be recovered in:

No more than 12 months

270

1,021

More than 12 months

-

-

Total assets

270

1,021

Liabilities expected to be settled in:

No more than 12 months

2,847

6,099

More than 12 months

4,809

3,192

Total liabilities

7,656

9,291

5.2 Contingent Assets and Liabilities

PEA has recognised a contingent assets of $18,000 in respect of a claim for costs (2018: $0). This amount represents IPEA's estimate of claims for administrative costs in the settlement of a legal matter. The estimate is based on precedent in such cases.

5.3 Restructuring

There was no restructure in 2018-19 for IPEA. IPEA is an independent statutory authority established on 1 July 2017 by the Independent Parliamentary Expenses Authority Act 2017 with responsibilities relating to work expenses of parliamentarians and their staff. IPEA

operated as an executive agency from 3 April 2017 to 30 June 2017. On 1 July 2017 all functions, appropriations, assets, liabilities and commitments of the IPEA executive agency were transferred to the IPEA statutory authority.

In respect of the functions assumed by IPEA during the period ended 30 June 2018, for departmental functions the net assets transferred to IPEA was $557,000. For adminsitered functions the net liabilities transferred to IPEA was $7,561,000.