for the year ended 30 June 2022 FINANCIAL REPORT NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 86 Westgold Resources Limited Annual Report 2022 23. INTEREST-BEARING LOANS AND BORROWINGS (current) 2022 2021 Lease liabilities 6,004,390 5,469,969 Hire purchase arrangements 16,837,629 17,492,098 At 30 June 22,842,019 22,962,067 Represents current portion of hire purchase arrangements which have repayment terms of 36 months from inception. 24. INTEREST-BEARING LOANS AND BORROWINGS (non-current) 2022 2021 Lease liabilities 4,904,963 1,868,565 Hire purchase arrangements 15,212,829 20,245,206 At 30 June 20,117,792 22,113,771 Represents non-current portion of hire purchase arrangements which have repayment terms of 36 months from inception. The weighted average interest rate is 3.91% per annum (2021: 4.16%). 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 2022 2021 Plant and equipment 34,874,588 49,177,558 Total non-current assets pledged as security 34,874,588 49,177,558 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 2022 Within one year 17,721,643 16,837,629 After one year but not more than five years 15,678,760 15,212,829 Total minimum payments 33,400,403 32,050,458 Less amounts representing finance charges (1,349,945) – Present value of minimum payments 32,050,458 32,050,458
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