Westgold Resources Limited Annual Report 2021

83 Westgold Resources Limited Annual Report 2021 23. INTEREST-BEARING LOANS AND BORROWINGS (current) 2021 2020 Lease liabilities 5,469,969 7,425,093 Hire purchase arrangements 17,492,098 16,309,721 At 30 June 22,962,067 23,734,814 Represents current portion of hire purchase arrangements which have repayment terms of 36 months from inception. 24. INTEREST-BEARING LOANS AND BORROWINGS (non-current) 2021 2020 Lease liabilities 1,868,565 4,797,566 Hire purchase arrangements 20,245,206 9,294,070 At 30 June 22,113,771 14,091,636 Represents non-current portion of hire purchase arrangements which have repayment terms of 36 months from inception. The weighted average interest rate is 4.16% per annum (2020: 4.60%). Assets pledged as security: The carrying amounts of assets pledged as security for current and non-current interest-bearing liabilities: Non-current Hire purchase arrangements 2021 2020 Plant and equipment 49,177,558 40,034,638 Total non-current assets pledged as security 49,177,558 40,034,638 Plant and equipment assets are pledged against liabilities for the term of the arrangement. Future commitments in respect of interest bearing loans Hire purchase commitments The Company has hire purchase contracts for various items of plant and machinery. The hire purchase contracts have an average term of 36 months. Assets under hire purchase contracts are pledged as security for the related interest bearing liabilities. Interest bearing liabilities Minimum payments Present value of payments 2021 Within one year 17,938,002 17,492,098 After one year but not more than five years 20,934,589 20,245,206 Total minimum payments 38,872,591 37,737,304 Less amounts representing finance charges (1,135,287) – Present value of minimum payments 37,737,304 37,737,304