ANNUAL Report June 2023 Notes to the Consolidated Financial Statements 49 25. LEASES Right-of-use assets 2023 $ 2022 $ Balance at 1 July 2022 2,019,963 1,118,930 Additions: - Plant & equipment 180,005 1,269,864 - Heavy & light vehicles 930,146 129,047 Disposals (115,768) (11,749) Depreciation charge for the year (638,297) (486,129) Balance at 30 June 2023 2,376,049 2,019,963 Lease Liability - Maturity Analysis Less than 1 year 910,822 665,754 1 to 5 years 1,176,523 1,335,829 5+ years - - 2,087,345 2,001,583 Amounts Recognised in profit or loss Interest on lease liabilities 115,168 93,238 Expenses relating to short-term leases - - 115,168 93,238 Amounts recognised in statement of cash flows Total cash outflow for leases 345,492 119,007 26. CORPORATE INFORMATION The Financial Report of the Group for the year ended 30 June 2023 was authorised for issue in accordance with a resolution of the Directors on 28 September 2023. EQ Resources Limited is a company limited by shares and incorporated in Australia. Its shares are publicly traded on the Australian Securities Exchange under the ticker code “EQR”. 27. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES The Company’s principal financial instruments comprise cash, short term deposits and available for sale investments. The main purpose of these financial instruments is to finance the Company’s operations. The Company has various other financial assets and liabilities such as trade receivable and trade payables, which arise directly from its operations. It is, and has been throughout the entire period under review, the Company’s policy that no trading in financial instruments shall be undertaken. The main risks arising from the Company’s financial instruments are cash flow interest rate risk and equity price risk. Other minor risks are summarised below. The Board reviews and agrees policies for managing each of these risks. (a) Price Risk The Group is not exposed to equity securities price risk. EQ Resources Limited Annual Report 2023 91
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