| 218 Annual Report | 2023-2024 Financials Note 59: Lease related disclosures (Cont'd) (b) The table below describes the nature of Company's leasing activities by type of right-of-assets recognised on balance sheet: As on March 31, 2024 Right of use assets Number of leases Range of remaining term Average remaining lease term Number of leases with extension option Number of leases with purchase option Number of leases with termination option Office premises 12 2 months to 104 months 25 months 12 - - Furniture 4 63 months 100 months 73 months 4 - - As on March 31, 2023 Right of use assets Number of leases Range of remaining term Average remaining lease term Number of leases with extension option Number of leases with purchase option Number of leases with termination option Office premises 10 8 months to 35 months 24 months 10 - - Furniture 3 75 months 75 months 3 - - (c) Lease payments, not recognised as a liability The Company has elected not to recognise a lease liability for short term leases (leases with an expected term of 12 months or less) or for leases of low value assets. Payments made under such leases are expensed on a straightline basis. The expense relating to payments not included in the measurement of the lease liability is as follows: Particulars Year ended 31 March 2024 Year ended 31 March 2023 Short-term leases 1,558.83 1,286.03 Arohan Financial Services Limited Notes to financial statements for the year ended March 31, 2024 (Contd.) (All amounts in ` lakhs unless otherwise stated)
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