Company: TOP
Filing Date: 2025-08-13
Form Type: 20-F
Source: 0001213900-25-075728
Chunk: 89

Company: TOP Financial Group Ltd
Filing Date: 2025-08-13
Form: 20-F
Item: Item 19
Chunk 89
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 the Public Company Accounting Oversight Board (United
States) (“ PCAOB”) and are required to be independent with respect to the Company in accordance with the U. S. federal securities
laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated
financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we
engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding
of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s
internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess
the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide
a reasonable basis for our opinion.

/s/YCM CPA Inc.

We have served as the Company’s auditor
since 2022.

PCAOB ID 6781

Irvine, California

August 13, 2025

F-2

TOP
Financial Group Limited

Consolidated
Balance Sheets

(Expressed
in U. S. Dollars, except for the number of shares)

                                                                                                                                                                                                            As of March 31,                                            
                                                                                                                                                                                                            2025                                 2024                  
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Assets                                                                                                                                                                                                                                                               
  Cash and cash equivalents                                                                                                                                                                                 $                    12,227,380      $         25,919,945  
  Restricted cash                                                                                                                                                                                                                 2,947,556                12,777,148  
  Receivables from broker-dealers and clearing organizations                                                                                                                                                                     12,023,559                 4,002,982  
  Receivables from customers                                                                                                                                                                                                        496,823