Westgold Resources Limited Annual Report 2021

84 Westgold Resources Limited Annual Report 2021 for the year ended 30 June 2021 FINANCIAL REPORT NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 24. INTEREST-BEARING LOANS AND BORROWINGS (non-current) (CONTINUED) Future commitments in respect of interest bearing loans (continued) Interest bearing liabilities Minimum payments Present value of payments 2020 Within one year 17,150,953 16,309,721 After one year but not more than five years 9,560,264 9,294,070 Total minimum payments 26,711,217 25,603,791 Less amounts representing finance charges (1,107,426) – Present value of minimum payments 25,603,791 25,603,791 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 2021 Within one year 5,624,272 5,469,969 After one year but not more than five years 1,941,010 1,868,565 Total minimum lease payments 7,565,282 7,338,534 Less amounts representing finance charges (226,748) – Present value of minimum lease payments 7,338,534 7,338,534 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 2021 2020 Gold prepayment – – Provisional gold sales – 198,841 – 198,841 Movement in gold prepayment At 1 July – 25,470,487 Revenue recognised during the year (refer Note 5) – (25,938,399) Fee for restructure – 67,606 Deemed finance component – 400,306 At 30 June – –