Westgold Resources Limited Annual Report 2020

87 Westgold Resources Limited Annual Report 2020 24. INTEREST-BEARING LOANS AND BORROWINGS (non-current) (CONTINUED) Future commitments in respect of interest bearing loans (continued) Interest bearing liabilities Minimum lease payments Present value of lease payments 2019 Within one year 19,741,650 18,271,020 After one year but not more than five years 19,205,342 18,465,857 Total minimum lease payments 38,946,992 36,736,877 Less amounts representing finance charges (2,210,115) – Present value of minimum lease payments 36,736,877 36,736,877 (a) Lease liabilities AASB 16 Leases requires the recognition of right-of-use assets for the remaining term of the current leases for office premises and the warehouse facility, as well as the power stations and equipment at the various mine sites. Lease liabilities Minimum lease payments Present value of lease payments 2020 Within one year 7,755,547 7,425,093 After one year but not more than five years 4,982,152 4,797,566 Total minimum lease payments 12,737,699 12,222,659 Less amounts representing finance charges (515,040) – Present value of minimum lease payments 12,222,659 12,222,659 25. UNEARNED INCOME 2020 2019 Gold prepayment – 25,470,487 Provisional gold sales 198,841 – 198,841 25,470,487 Movement in gold prepayment At 1 July 25,470,487 18,075,375 Revenue recognised during the year (refer Note 5) (25,938,399) (16,011,946) Fee for restructure 67,606 145,614 Additional facility – 20,853,550 Deemed finance component 400,306 2,407,894 At 30 June – 25,470,487