Company: MAGH
Filing Date: 2025-09-15
Form Type: 20-F
Source: 0001493152-25-013424
Chunk: 152

Company: Magnitude International Ltd
Filing Date: 2025-09-15
Form: 20-F
Item: Item 19
Chunk 152
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      9,909         27,771          673,135       515,653  
  Balance at April 30, 2025      569,148      -               19,247      994           16,165          605,554       463,884  

Leasehold
property with carrying amount of SGD 569,148 589,002

Right-of-use
assets acquired under leasing arrangements are presented together with the owned assets of the same class. Details of such leased assets
are disclosed in Note 12.

MAGNITUDE
INTERNATIONAL LTD AND ITS SUBSIDIARIES

NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS

5. Financial assets at fair value through profit or loss

Schedule
of financial assets fair value through profit or loss

                                                          SGD      SGD           USD       
 ───────────────────────────────────────────────────────────────────────────────────────────
  Keyman life insurance policy, at fair value                                              
  At beginning of year                                172,412      439,817       336,920   
  Addition                                            322,220      -             -         
  Insurance premium charged to profit or loss        ( 64,412      -             -         
  Increase in fair value through profit or loss         7,280      18,358        14,063    
  Foreign exchange adjustment                           2,317      ( 17,287      ( 13,241  
  At end of year                                      439,817      440,888       337,742   

On
December 10, 2018 and November 20, 2023, the Group entered into life insurance policies with an insurance company to insure against
the death or diagnosis of a terminal illness of a director. Under the policies, the basic sum assured is USD 500,000 and
USD 750,000 respectively.
The contracts will be terminated on the occurrence of the earliest of the death of the key management personnel insured or other
terms pursuant to the contracts. The Group has paid out total insurance premium with an aggregate amount of USD 151,340 and
USD 235,617(equivalent
to SGD 322,220)
respectively at the inception of the policies, of which USD 111,999 and
USD 169,000 respectively
was financed through bank borrowings (Note 12). The Group may request a surrender of the contracts after the free look period and
receive cash back based