for the year ended 30 June 2022 FINANCIAL REPORT NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 78 Westgold Resources Limited Annual Report 2022 15. FINANCIAL ASSETS (CONTINUED) Listed shares These financial assets consist of investments in ordinary shares. The fair value of equity investments at fair value through profit or loss has been determined directly by reference to published price quotations in an active market. Movement in investments during the year ended 30 June 2022 are as follows: – The Group has a 1.01% (30 June 2021: 0.26%) interest in Musgrave Minerals Limited, which is involved in the exploration of gold and base metals in Australia. Musgrave is listed on the Australian Securities Exchange (ASX: MGV). At the end of the period, the fair value of the Group’s investment was $1,335,747 (30 June 2021: $513,889) which is based on the quoted share price. – The Group has a 14.78% (2021: 14.11%) interest in Alto Metals Limited which is involved in the exploration of gold and base metals in Australia. Alto is listed on the Australian Securities Exchange (ASX: AME). At the end of the year, the fair value of the Group’s investment was $5,463,561 (2021: $5,909,201) which is based on the quoted share price. 16. PROPERTY, PLANT & EQUIPMENT 2022 2021 Plant and equipment Gross carrying amount at cost 377,434,401 349,487,807 Accumulated depreciation (259,429,136) (208,263,726) Impairment write down (12,401,251) Net carrying amount 112,948,563 141,224,081 Land and buildings Gross carrying amount at cost 26,474,862 24,398,325 Accumulated depreciation and impairment (9,121,579) (7,026,047) Net carrying amount 17,353,283 17,372,278 Capital work in progress at cost 17,614,257 8,151,819 Total property, plant and equipment 147,916,103 166,748,178 Movement in property, plant and equipment Plant and equipment At 1 July net of accumulated depreciation 141,224,081 135,415,999 Transfer from capital work in progress 46,224,414 62,953,599 Disposals (7,314,376) (4,458,817) Impairment write-down (refer to Note 17) (12,401,251) – Depreciation charge for the year (54,784,305) (52,686,700) At 30 June net of accumulated depreciation 112,948,563 141,224,081
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