67 2022 ANNUAL REPORT Notes to the CONSOLIDATED FINANCIAL STATEMENTS for the year ended 30 June 2022 (cont.) 18 EMPLOYEE BENEFITS CONSOLIDATED 30 June 2022 30 June 2021 $’000 $’000 Provision for annual leave 3,436 2,912 Provision for long-service leave 1,589 1,634 Provision for incentive payments 4,030 1,373 9,055 5,919 Current 8,316 5,498 Non-current 739 421 9,055 5,919 19 DERIVATIVE FINANCIAL INSTRUMENTS CONSOLIDATED 30 June 2022 30 June 2021 $’000 $’000 Opening balance - (33,375) Settlement of cashflow hedges - 33,375 Closing balance - - During the prior year as part of the King of the Hills debt funding, the Group closed all existing hedge contracts and entered into new gold forward contracts amounting to 189,651 ounces of gold produced at the King of the Hills operation. The hedge contracts are priced at an average of $2,154 per ounce for the period from October 2022 to June 2025. The new gold forward contracts are accounted for using the “own use” exemption. In the prior year the Group had a hedge liability position reflecting a negative mark-to-market value of gold contracts of $33.375 million comprising forward contracts for 67,000 ounces of gold at an average price of $2,089 per ounce for the period July 2020 to September 2021. In March 2021 the remaining open hedges were closed as mentioned above. 20 CONTRIBUTED EQUITY (a) Share capital CONSOLIDATED 30 June 2022 30 June 2021 $’000 $’000 2,356,360,652 (30 June 2021: 2,346,323,247) ordinary fully paid shares 443,160 442,626
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