93 www.excelforce.com.my Notes to the Financial Statements (cont’d) 19. Term Loan Group and Company 2024 2023 RM RM Secured, term loan Non-current 6,349,959 - Current 591,216 - 6,941,175 - The term loan is secured by legal charge over a leasehold building of the Company as disclosed in Note 4 to the financial statements. The average effective interest rates per annum is 4.75% (2023: Nil). 20. Lease Liabilities Group Company 2024 2023 2024 2023 RM RM RM RM Non-current 775,462 104,268 - 104,268 Current 830,708 527,943 330,415 527,943 1,606,170 632,211 330,415 632,211 The maturity analysis of lease liabilities at the end of the reporting period: Group Company 2024 2023 2024 2023 RM RM RM RM Within one year 879,782 539,741 335,640 539,741 Later than one year and not later than two years 544,143 105,640 - 105,640 Later than two years and not later than five years 256,900 - - - 1,680,825 645,381 335,640 645,381 Less: Future finance charges (74,655) (13,170) (5,225) (13,170) Present value of lease liabilities 1,606,170 632,211 330,415 632,211 The Group and the Company lease buildings, office space, hostel and motor vehicles. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The Group and the Company weighted average incremental borrowing rate applied to lease liabilities at the reporting date was 4.07% and 3.67% (2023: 3.60% and 3.60%) respectively.
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