ALLUP SILICA LIMITED NOTES TO THE FINANCIAL STATEMENTS 51 FINANCIAL REPORT ALLUP SILICA Year Ending 30 June 2023 Note 10: Leases (continued) The Company leases an office building. The lease term is 2 years plus an additional 2-year option. The agreement is based on fixed payment amounts with no additional variable payments. The total cash outflow relating to lease for the year ended 30 June 2023 is $35,228 (2022:$NIL). This amount includes the initial deposit paid as security which has been classified as a prepayment in Note 7. Expenses relating to short term and low-values leases for 30 June 2023 is $34,862 (2022: $34,364). There has been no impairment recognized against the right-of-use asset as at 30 June 2023. 2023 2022 Amounts recognised in profit and loss: $ $ Depreciation expense on right-of-use assets 334 - Interest expense on lease liabilities 72 - Lease liabilities At 1 July - - Additions 160,461 - Accretion of interest 72 - Payments (366) - At 30 June 160,167 - Current 36,306 - Non-current 123,861 - The maturity analysis of lease liabilities is as follows: Less than 1 year 36,306 - More than 1 year, less than 5 years 123,885 - Unexpired interest 17,576 - Total lease payments 177,767 - Note 11: Trade and Other Payables Current at amortised cost Trade and other payables 150,368 79,640 150,368 79,640 Note 12: Employee benefit provision Current Provision for annual leave 9,200 -
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