FINANCIAL REPORT NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the year ended 30 June 2024 88 Westgold Resources Limited Annual Report 2024 19. RIGHT-OF-USE ASSETS Group as a lessee The Group has lease contracts for various items of mining equipment, power stations, motor vehicles and buildings used in its operations. Leases of mining equipment generally have lease terms between three and seven years, while motor vehicles and buildings generally have lease terms between three and five years. The Group also has certain leases of assets with lease terms of 12 months or less and leases of office equipment with low value. The Group applies the short-term lease and lease of low-value assets recognition exemptions for these leases. Set out below are the carrying amounts of right-of-use assets recognised and the movements during the period: Power Stations Premises Mining Equipment Total AS AT 1 JULY 2023 829,800 3,652,175 828,440 5,310,415 Additions – 104,701 231,805 336,506 Disposals – – – – Depreciation expense (829,800) (950,044) (567,972) (2,347,816) As at 30 June 2024 – 2,806,832 492,273 3,299,105 Set out below are the carrying amounts of lease liabilities (included under interest-bearing loans and borrowings) and the movements during the period: 2024 2023 AS AT 1 JULY 5,595,472 10,909,353 Additions 336,506 1,179,777 Disposals – – Accretion of interest 347,240 622,347 Payments (2,614,608) (7,116,005) As at 30 June 3,664,610 5,595,472 The following are the amounts recognised in profit or loss: Depreciation expense for right-of-use assets Included in cost of sales 1,810,550 6,139,491 Included in administration expenses (refer to Note 7) 537,266 544,573 Interest expense on lease liabilities 347,240 622,347 Total amount recognised in profit or loss 2,695,056 7,306,411 20. TRADE AND OTHER PAYABLES 2024 2023 Trade creditors(a) 67,838,171 29,262,357 Sundry creditors(b) 6,961,530 6,322,025 Accruals(b) 73,235,407 43,643,016 148,035,107 79,227,398 The carrying value of trade and other payables approximates the fair value. (a) Trade creditors are non-interest bearing and generally on 30-day terms. (b) Sundry creditors and accruals are non-interest bearing and generally on 30-day terms.
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