Company: TOP
Filing Date: 2025-08-13
Form Type: 20-F
Source: 0001213900-25-075728
Chunk: 19

Company: TOP Financial Group Ltd
Filing Date: 2025-08-13
Form: 20-F
Item: Item 4A
Chunk 19
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.9      1,010,460      10.4  
  Communications and technology                                 644,656       19.4        719,579       9.0        775,464       8.0  
  Occupancy                                                     130,734        3.9        133,304       1.7        124,792       1.3  
  Travel and business development                                57,105        1.7        120,114       1.5        188,963       1.9  
  Professional fees                                             586,959       17.6      1,825,913      22.7      1,207,552      12.5  
  Allowance for expected credit loss                          2,679,859       85.3        170,643       2.1              -       0.0  
  Impairment of long-term investment                            256,420        7.7              -       0.0              -       0.0  
  Other administrative expenses                               1,713,738       46.7        394,101       4.9        140,784       1.5  
  Total expenses                                              9,152,500      274.9      7,049,258      87.7      6,266,139      64.7  

Commission expenses

Commission expenses represent the fees we paid
to our broker partners, when we place a client order to an exchange market through these partners. We expect that our commission expenses
will increase in absolute amount as we expand our brokerage business and offer more products from securities and futures exchanges around
the world. We place orders through broker partners except for orders to the Hong Kong Stock Exchange. Commission expenses accounted for
40.1%, 28.9% and 29.1% of our revenues for the years ended March 31, 2025, 2024 and 2023, respectively.

Compensation and benefits

Compensation and benefits represent the salaries,
performance based discretionary bonuses and contribution to retirement fund, and share-based compensation expenses to non-executive directors.
Compensation and benefits expenses accounted for 52.5%, 16.9% and 10.4% of our revenues for the years ended March 31, 2025, 2024 and 2023,
respectively.

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