200901023978 (867077-X) Kimlun Corporation Berhad (Incorporated in Malaysia) 31. Commitments (cont'd) (d) Operating lease commitment - as lessee 2023 2022 RM RM Not later than 1 year 545,474 89,467 Later than 1 year but not later than 5 years 169,079 103,055 714,553 192,522 32. Fair value (a) Fair values of assets Level 1 Level 2 Level 3 Total RM RM RM RM 2023 Assets for which fair values are disclosed: Investment properties - - 950,000 950,000 2022 Assets for which fair values are disclosed: Investment properties - - 898,000 898,000 Group The fair values of investment properties are determined by the directors using the comparable method. The Group has minimum lease payments recognised in profit or loss for the financial year ended 31 December 2023 amounting to RM888,736 (2022: RM419,898). Future minimum rentals payable under operating leases at the reporting date are as follows: Group The following table shows an analysis of assets measured at fair value or for which fair values are disclosed by level of fair value hierarchy: - 73 - NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023 143 Annual Report 2023
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