Company: TOP
Filing Date: 2025-08-13
Form Type: 20-F
Source: 0001213900-25-075728
Chunk: 116

Company: TOP Financial Group Ltd
Filing Date: 2025-08-13
Form: 20-F
Item: Item 19
Chunk 116
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 133,304 104,557

The
following is a schedule, by years, of maturities of lease liabilities as of March 31, 2025:

  Twelve months                    150,853  
  Twelve months ending March       113,247  
  Twelve months ending March        32,974  
  Less:                           ( 14,741  
  Present                          282,333  

F-24

TOP
Financial Group Limited

Notes
to Consolidated Financial Statements

For
the Years Ended March 31, 2025, 2024 and 2023

9.
Long-term investments

As
of March 31, 2025 and 2024, long-term investments consisted of the following:

                                           As of March 31,                                          
                                           2025                                2024                 
  Investment in a partnership              $                    -              $           256,420  
 ────────────────────────────────────────────────────────────────────────────────────────────────────
  Investment in cost-method investees                           3,647,784                1,747,784  
                                           $                    3,647,784      $         2,004,204  

On June 24, 2022, the Company
entered into a partnership agreement to invest $256,420(HKD2,000,000), for20% partnership interest in the limited partnership. The
funds raised by the limited partnership are invested in biological entities. During the year ended March 31, 2025, the limited partnership
make investment in an investee which incurred significant loss for the year of 2025 and presented accumulated loss as of March 31, 2025.
The Company assessed that the decline in fair value of long-term investment to be other-than-temporary. As of March 31, 2025, the Company
provided full impairment against the investment. As of March 31, 2024, the limited partnership incurred limited operations, and the Company
did not record its share of the operating loss of the limited partnership for the years ended March 31, 2024 and 2023. As of March 31,
2024, no significant impairment indicators have been noted in connection with the investment.

During
the year ended March 31, 2025, the Company made additional investments of $ 1,900,000 1,747,784

During
the year ended March 31, 2025, the Company also made an