q) Provisions and contingent liabilities
Provisions are recognized when the Company has a
present obligation (legal or constructive) as a result of
a past event, it is probable that an outflow of economic
benefits will be required to settle the obligation, and
a reliable estimate can be made of the amount of
the obligation. The amount recognized as a provision
is the best estimate of the consideration required
to settle the present obligation at the end of each
reporting period, taking into account the risks and
uncertainties surrounding the obligation. When some
or all of the economic benefits required to settle a
provision are expected to be recovered from a third
party, the receivable is recognized as an asset, if it is
virtually certain that reimbursement will be received
and the amount of the receivable can be measured
reliably. Contingent liabilities are not recognized but
are disclosed in the notes to financial statements.
Contingent assets are not recognized but are disclosed
in the notes to financial statements when economic
inflow is probable.
r) Onerous Contracts:
Provision for onerous contracts i.e., contracts where the
expected unavoidable costs of meeting the obligations
under the contract exceed benefits expected to be
received under it, are recognised when it is probable
that an outflow of resources embodying economic
benefits will be required to settle a present obligation
as a result of an obligating event, based on a reliable
estimate of such obligation.
s) Segment:
The Company is engaged mainly in the business of
Housing finance. The Company is also involved in the
corporate insurance agency business activity, however
it is not a separate reportable segment as per the Ind AS
108 "Operating Segments", specified under Section 133
of the Companies Act, 2013. This in the context of Ind
AS 108 - operating segments reporting are considered
to constitute one reportable segment.
Note 5.1
Loans outstanding is net of Unamortised portion of income and expenses (Processing Fees income, Adovocate Fee, Valuer Fee
and DSA Commission Expense). The company has amortised Direct expenses & Direct income relating to DSA Commission
Expenses and Loan initiation fees. As a result, both Income & expenses, are lower in comparison to Previous year. However,
the overall impact of increase in profit for the full year due to amortisation is '501.11 Lakhs.
Note 5.2
Loans and instalments due from borrowers are secured, partly secured or otherwise by:
(a) Registered mortgage of property and/or
(b) Other securities, assignment of life insurance policies and/or
(c) Personal Guarantees and/or
(d) Undertaking to create a security or perfection security
(e) Vehicles Loan given to employees are secured by hypothecation of vehicles
Note 5.3
The Company has acquired certain assets under SARFAESI Act which are retained for the purpose of sale under the rules and
regulations of SARFAESI Act involving realisable value of '19,533.63 lakhs ( Market value as at March 31, 2025 : '10,435.39
lakhs), which are part of NPA portfolio aggregating to '12,479.35 lakhs (As at March 31, 2025: '8,918.05 lakhs) for which
necessary provisions have already been made. These assets are accounted as and when they are realised.
Note 6.2
The above investments (investment Sl No. 1 to 8 ) are made to comply with the Statutory Liquidity Assets to be maintained under NHB/
Non-Banking Financial Company-Housing Finance Company (Reserve Bank) Direction, 2025. These carry a floating charge created in favour of
trustees of depositors. The total investments under Statutory Liquidity Assets include ?7,293.95 lakhs (As at March 31, 2025 - ?7,293.95 lakhs)
(valued at amortised cost) in Government securities and Nil (As at March 31,2025 - '401.76 lakhs) in deposits with Nationalised Bank.
[1] Borrowings from Banks which are also related parties are shown separately under Loan from related parties in Sl No. (b ) above
[2] Includes borrowings outstanding aggregating to '6,01,119.64 lakhs (As at March 31,2025 '5,95,420.98 lakhs) from National Housing Bank.
14.1 Secured loans includes borrowings from National Housing Bank, Canara Bank, HDFC Bank, Bank of India, Bank of Baroda,
Union Bank, Punjab National Bank, Indian Bank and State Bank of India etc., are secured by way of specific charge on
book debts, outstanding, receivables, etc., of the Company. The tenure of the Long term borrowings are more than one
year and upto 10 years and that of short term borrowings are repayable on demand.
14.2 There is no amount of continuing default as on the Balance Sheet date in terms of repayment of loans & interest on
Borrowings by the Company.
14.3 There is no pending charges or satisfaction yet to be registered with ROC within the statutory period as on March 31,
2026.
16.1 As required under Section 125 of the Companies Act, 2013, the Company has transferred '475.70 lakhs as unclaimed
deposits including interest accrued thereon (As at March 31, 2025 '615.91 lakhs), except to the extent of '19.73 lakhs
(As at March 31, 2025 '14.63 lakhs) in respect of claims that are disputed deposits on account of legal heirs amounting
to '10.63 lakhs (As at March 31,2025 '5.51 lakhs) and for '9.10 lakhs, the company has received the restraining orders
from the competent authorities not to carry any operations in these accounts. The amount, which has exceeded a period
of more than 7 years from the date of maturity, has not been transferred to IEPF.
16.2 As required under Section 125 of the Companies Act, 2013, the Company has transferred '23.72 lakhs as unclaimed
dividend to Investor Education and Protection Fund (IEPF) during the year as of March 31,2026. There are no dividends
which are pending to be transferred to Investor Education and Protection Fund as per Sec 125 of the Companies Act,
2013 as at year end.
Note 19.4 Terms and rights attached to Equity Shares: The Company has one class of Equity shares having a face value of '2/-
per share and each shareholder is eligible for one vote per share held. In the event of liquidation the equity shareholders
are eligible to receive the remaining assets of the Company after distribution of all preferential amount in proportion to
their shareholdings.
Note 19.5 For the period of five years immediately preceding the FY 2025-26
(A) Aggregate number and class of shares allotted as fully paid-up pursuant to contract(s) without payment being
received in cash is NIL
(B) Aggregate number and class of shares allotted as fully paid-up by way of bonus shares is NIL
(C) Aggregate number and class of shares bought back is NIL
Note 19.6 During the financial year ended March 31,2025, shareholders of the Company vide Postal Ballot Resolution dated
October 25, 2024, had approved 'CFHL Employee Stock Options Scheme 2024' ("ESOS 2024" or "Scheme") authorizing the
Nomination Remuneration and HR Committee (NRC) to grant stock options to the identified employees of the Company
not exceeding 13,31,541 (Thirteen Lakhs Thirty-One Thousand Five Hundred Forty-One) Options, convertible into not more
than equal number of equity shares of face value of '2/- each fully paid up upon exercise.
The NRC of the Company subsequently at its meeting held on November 25, 2024, February 27, 2025 and November 29,
2025 , had approved the grant of 69,428 Options, 22,872 Options and 1,76,377 options respectively exercisable into equal
number of equity shares of the Company of the face value of '2/- each fully paid-up, to 77 employees in accordance with
the terms of the Scheme.
Note 20.1 As per Section 29C of the National Housing Bank Act, 1987 (the "NHB Act"), the Company is required to transfer at
least 20% of its net profits every year to a reserve before any dividend is declared and no appropriation from the statutory
reserves except for the purpose as may be specified by the National Housing Bank (NHB) from time to time and every such
appropriation shall be reported to the NHB.
For this purpose, any Special Reserve created by the Company under Section 36(1)(viii) of the Income-tax Act, 1961 is
considered to be an eligible transfer. The Company has transferred an amount of '26,000 lakhs (Previous Year '22,000
Lakhs) to Special Reserve in terms of Section 36(1)(viii) of the Income-tax Act, 1961.
Note 20 - Other Equity (Contd..)
Note 20.2 The Company has paid final dividend of '6 per share on the equity shares of face value of '2/- each pertaining to
FY 2024-25, post approval by the members in the 38th AGM held on 20th August, 2025. The Board of Directors had declared
an interim dividend of '7 per share on equity share of face value of '2 each at their meeting held on December 15, 2025
and paid subsequently.
Note 20.3 The Board of Directors, have recommended final dividend of '8/- per equity share, this proposed dividend is
subject to the approval of the members at the ensuing AGM. According to the requirements of Ind AS 10- Events occurring
after Balance sheet date, the dividend declared shall only be recognised as a liability in the books of account in the year
in which the dividends are declared on approval by members. The total estimated dividend on equity shares to be paid is
'10,652.33 lakhs.
Note 39 - Employee Benefit Expenses
Defined Benefit Plans:
1. Gratuity is an Employee Benefit payable on retirement / superannuation / resignation on completion of 5 years of service.
2. Privilege Leave is an employee benefit wherein confirmed Officer/Employee is entitled to 33 days of PL every year, which
can be accumulated upto a maximum of 270 days.
3. Provident Fund is a statutory employee benefit wherein contributions are made by the employee and employer in
prescribed proportion.
4. Sick Leave is a Benefit, which an Officer/Employee is entitled to 15 days in a year, which can be accumulated upto a
maximum of 270 days.
5. Leave Fare Concession is an employee benefit wherein all confirmed Employees/Officers are entitled once in two years.
Sensitivity Analysis
The sensitivity analysis presented below may not be representative of the actual change in the defined benefit obligation
as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be
correlated. Furthermore, in presenting the above sensitivity analysis, the present value of the defined benefit obligation has
been calculated using the projected unit credit method at the end of reporting year, which is same as that applied in calculating
the defined benefit obligation liability recognized in the balance sheet.
Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions
constant, would have affected the defined benefit obligation by the amounts shown below:
In compliance with RBI Master Direction RBI/DOS/2024-25/118 DOS.CO.FMG.SEC.No.5/23.04.001/2024-25 dated July 15, 2024, the Company
has reported frauds in 10 branches involving 20 loan accounts amounting to '436 Lakhs (Previous year 27 loan accounts and one incident of
anomalies in accounting transactions in Trichy Branch total amounting to '444.96 Lakhs) to NHB during the current year.
i) Credit Risk
It is defined as the inability or unwillingness of the counterparty to meet the commitment in relation to lending,
trading, hedging, settlement and other financial transactions. Also it is defined as the possibility of losses associated
with diminution in the credit quality of borrowers or counter parties. The Credit policy articulates credit risk strategy to
effectively communicate it throughout the company and all relevant personnel to understand company's approach to
grant of credit. The Policy covers products/borrower category, frame work for appraisal process, guidelines for takeover
of accounts, entry level matrix (credit scoring system) and flexibility in pricing, dispensation of credit, monitoring and
review mechanism, limit structure / prudential exposure levels, reporting frame work. The Company has put in place
a proper Loan Review Mechanism with responsibilities assigned in various areas such as, evaluating the effectiveness
of loan administration, maintaining the integrity of credit grading process, assessing the loan loss provision, portfolio
quality, etc. Credit grading involves assessment of credit quality, identification of problem loans, and assignment of risk
ratings. Monitoring is being done through guidelines to branches; follow up by overseeing executives and other regular
follow up.
ECL Model and Assumptions considered in the ECL model
Markov chain model is used for estimating the probability of default on loans receivable. In a Markov chain model for
loans receivable an account moves through different delinquency states each month. For example, an account in the
"Regular" state this month will continue to be in the "Regular" state next month if a payment is made by the due date and
will be in the "30 days past due" state if no payment is received during that month.
The transition matrix in the Markov chain represents the period-by-period movement of receivables between delinquency
classifications or states. The transition evaluates loan quality or loan collection practice. The matrix elements are commonly
referred to as "roll-rates" since they denote the probability that an account will move from one state to another in one
period. The transition matrix is sometimes referred to as the "roll-rate matrix" or the "delinquency movement matrix".
The loan portfolio for the past several months are analysed to arrive at the transition matrix. Each loan identified by the
Loan ID is traced to find out how the loan has performed over the last several months. The days past due is grouped into 6
states as follows: A. Regular [0 days past due] B. 1 to 30 days past due C. 31 to 60 days past due D. 61 to 90 days past due
E. 91 to 120 days past due F. Above 120 days past due.
No significant increase in credit risk [Stage 1]: Based on Markov model, the monthly normalized transition matrix is
converted into a 12-month transition matrix for determining the probability of default for those loan accounts on which
the risk has not increased significantly from the time the debt is originated. We use the same criteria mentioned in
the standard and assume that when the days past due exceeds '30 days', the risk of default has increased significantly.
Therefore, for those loans for which the days past due is not more than 30 days, one-year default probability is considered.
The probability of default is arrived at to determine the quantum of the loan that is likely to move into the states '90 days
past due' and greater. After analysing the historical behaviour pattern of the days past due, we are of the opinion that
probability of default should be arrived based on the sum of the matrix that is likely to move into the state '60 days
past due'.
Note 41 - Financial Risk Management (Contd.)
Significant increase in credit risk [Stage 2]: The credit risk is presumed to have increased significantly for loans that are
more than 30 days past due and not more than 90 days past due. For such loans, lifetime default probability should be
considered. Based on the maturity date of the loan, the probability of default is arrived at to determine the quantum of the
loan that is likely to move into the states '90 days past due' and greater. After analysing the historical behaviour pattern of
the days past due, we are of the opinion that probability of default should be arrived based on the sum of the matrix that
is likely to move into the state '60 days past due'. The respective transition matrix is used to find out the transition matrix
applicable for the loan considering the maturity date of such loan.
The probability of default (PD) of a loan which is less than 30 days past due is represented by the one-year transition
matrix as explained above. This PD is used to measure the quantum of the loan that is likely to move into the states 90
days past due and above over the next 12 months. The respective PD multiplied by the exposure at default (EAD) would
give us the quantum of the loan that would move into the each of the 6 states* over the next 12 months. Typically, the sum
total of all the values of the states representing 90 days past due or higher would be the quantum of amount defaulted.
However, we have considered the PD to be the sum of all the values of the states representing 60 days past due or higher
Exposure at Default
The exposure at default (EAD) represents the gross carrying amount of the financial instruments subject to the impairment
calculation, addressing both the client's ability to increase its exposure while approaching default and potential early
repayments too.
Probability of Default
Probability of default is the probability of whether borrowers will default on their obligations which are calculated based
on historical default rate summary of past years.
Loss Given Default
LGD: The loans are secured by adequate property. The present value of such collateral property is considered while
calculating the Expected Credit Loss. The Company initiates recovery process of Non Performing accounts within the
statutory time limit as per SARFAESI and other applicable laws and accordingly the realizable period has been considered
for computing the Realisable Present Value of Collateral.
ii) Financial Risk
The market risk is the possibility of loss to the Company prices of security due to changes in the market factors, mainly
the changes in interest rates, and competition. It is the risk to the Company's earnings and capital due to the changes in
the market interest rates. Market Risk also includes company's ability to meet its obligations as and when due. The limited
avenues at the disposal of the Company for raising low cost/cost effective resources and our operating on thin spreads
make market risk management all the more significant. The Company has an Investment Policy/ Borrowing Policy in
place which addresses the Market Risk which defines safety and liquidity will have preference over returns. Our majority
of investment is by way of Bank Deposits and Govt. securities for the purpose of maintenance of SLR as prescribed by
NHB. All these deposits are held to maturity. There is an ALM Committee of Executives at RO (ALCO), which functions
as the operational unit for managing the balance sheet and asset liability mismatches. All the borrowing decisions and
raising short term funds in the form of Non Convertible Debentures, Commercial Papers, Securitization and such other
modes, are taken at appropriate level as per the Board approved policy on borrowings. Refer Note 5.8 for Asset Liability
Management.
Probability of loss arising from a situation where (1) there will not be enough cash and/or cash equivalents to meet the
needs of depositors and borrowers, (2) sale of illiquid assets will yield less than their fair value, or (3) illiquid assets will
not be sold at the desired time due to lack of buyers. ALM Policy is in place which has set prudential limits for structural
liquidity and interest rate risk. The ALCO committee of the Company analyzes the ALM position of the Company as at
the end of each quarter and appraises the Board the ALM position of the respective quarters along with the proposed
measure to improve the ALM position.
Maturity Analysis of Assets and Liabilities
The table below shows an analysis of assets and liabilities according to when they are expected to be recovered or settled
after factoring in rollover and prepayment assumptions:
Earnings risk is the danger that income may fluctuate due to changes in economic conditions or other factors. It is also
the potential negative impact on the net interest income. The risk refers to vulnerability to movement in interest rates.
Changes in interest rates effects earning, value of asset and cash flow. Asset Liability Management Committee (ALCO)
meets at periodical intervals and assesses the earning risk and gives proper directions to the management to improve
the NIM. Company shall monitor the income earned by way of interest and other income at quarterly intervals and place
suitable notes to Board while placing notes on quarterly/half yearly/annual financial results of the Company. The limited
avenues at the disposal of the Company for raising low cost/cost effective resources and our operating on thin spreads
make market risk management all the more significant. The credit rating of our borrowings also have a significant impact
on our net interest margin. Refer Note 46.4 for credit rating details.
The Board has the overall responsibility for management of liquidity risk. The Board decides the strategy, policies and
procedures of the Company to manage liquidity risk in accordance with the liquidity risk tolerance/limits decided by it.
The Risk Management Committee, which reports to the Board and consisting of MD & CEO, Chief Risk Officer (CRO) and
heads of various verticals, is responsible for evaluating the overall risks faced by the Company including liquidity risk.
The ALCO, consisting of the Company's top management is responsible for ensuring the adherence to the risk tolerance/
limits set by the Board as well as implementing the liquidity risk management strategy of the Company. The role of the
ALCO with respect to liquidity risk includes, inter alia, decision on desired maturity profile and mix of incremental assets
and liabilities, sale of assets as a source of funding, the structure, responsibilities and controls for managing the liquidity risk.
The Board has the overall responsibility for management of liquidity risk. The Board decides the strategy, policies and
procedures of the Company to manage liquidity risk in accordance with the liquidity risk tolerance/limits decided by it.
The Risk Management Committee, which reports to the Board and consisting of MD & CEO, Chief Risk Officer (CRO) and
heads of various verticals, is responsible for evaluating the overall risks faced by the Company including liquidity risk.
The ALCO, consisting of the Company's top management is responsible for ensuring the adherence to the risk toler¬
ance/ limits set by the Board as well as implementing the liquidity risk management strategy of the Company. The role
of the ALCO with respect to liquidity risk includes, inter alia, decision on desired maturity profile and mix of incremental
assets and liabilities, sale of assets as a source of funding, the structure, responsibilities and controls for managing the
liquidity risk.
Note 46.3
Registration obtained from other financial sector regulators during the year:
(i) Renewal of Registration of the Company as LEI (Legal Entity Identifier) as required by RBI.
(ii) Registration of Company on TReDS (Trade Receivables Discounting System) platform trough RXIL (Receivables Exchange
of India Limited) as required by MCA (Ministry of Corporate Affairs).
(iii) Registration of the Company as Business user for filing of returns in FIRMS (Foreign Investment Reporting and Management
System).
(iv) Registration of Company as convergence partner with NCH (National Consumer Helpline) through software "INGRAM" as
directed by NHB.
Note 46.5
Revenue Recognition: No revenue recognition has been postponed pending the resolution of significant uncertainties.
Note 46.6
a) During the year, no transaction was accounted which was related to prior period (Previous year: Nil).
b) There is no change in the accounting policies during the year
Note 46.7
Indian Accounting Standard 110 - Consolidated Financial Statements
The subject Standard is not applicable for the Company.
Note 46 - Annex IV Disclosures required as per Master Direction - Non-Banking Financial Company -
Housing Finance Company (Reserve Bank) Directions, 2025. (Contd.)Note 46.15 - Project Finance
The Company has not provided any loans against Project Finance
Note 46.16 - Non Fund based Credit Facilities
The Company has not provided any Non fund based Credit facilities
Note 46.17 - Co-Lending Arrangements
The Company has not entered into any co-lending arrangements with banks or financial institutions during the financial year.
Note 46.18 - Transfer of Loan exposure
In compliance with the Reserve Bank of India's guidelines on transfer of loan exposures, no such transactions were undertaken by the company
during the year.
Note 46.19 - Loan to Directors, senior Officers and relatives of Directors
The Company has not granted any loans or advances to directors, senior officers, or their relatives during the financial year.
Note 46.20 - Currency Futures
The Company has not entered into any currency futures contracts during the financial year.
Note 46.21 - Credit Default Swaps
The Company has not entered into any credit default swap transaction during the financial year.
Note 46.22 - Breach of Covenant
There has been no breach of covenants in respect of loan availments or debt securities issued during the financial year.
Note 46.23 - Area of Operation
The Company operates in 21 States and Union Territories in India. The company has no branch/office outside India.
Note 46.24 - Off-Balance sheet exposures and structured items
The Company does not have any off-balance sheet exposure or structured item during the financial year.
Note 46.25 - Currency Options
The Company has not entered into any currency Option contract during the financial year.
Note 48 - Corporate Social Responsibility (CSR)
The Company has constituted a Corporate Social Responsibility (CSR) Committee as prescribed under Section 135 of the
Companies Act 2013 and has put the CSR policy in place. The Company initiatives primarily focused on promoting education
including special education for underprivileged and tribal students. Several activities were undertaken to ensure that
children have access to quality learning opportunities and supportive infrastructure. These included construction, repair,
and upgradation of classroom blocks and toilet facilities to create safe and inclusive spaces for students. The Company also
provided classroom furniture and educational kits to Government schools to enhance the teaching and learning experience.
Scholarship programs were extended to underprivileged children, with particular emphasis on supporting girls' education. In
addition, drinking water facilities were installed in schools to promote health and well-being. The Company also focuses on
strengthening the healthcare infrastructure through the provision of medical equipment and facilities in government hospitals
and primary health centers. Drinking water facilities were also provided to improve community health and hygiene.
Environmental sustainability has been identified as a key area of focus. During the year, the Company undertook several
initiatives aimed at reducing environmental impact and fostering sustainable practices. The activities included tree plantation
drives to enhance green cover and improve biodiversity, along with projects supporting waste management, water conservation,
and rainwater harvesting. Special emphasis was given on promoting clean and renewable energy solutions. Rooftop solar
power plant systems were installed to reduce dependence on conventional energy sources. In addition, public solar lighting
systems were provided to rural villages, enhancing safety and security for the local population. Further more, the Company has
provided veterinary equipment and machinery to support the rescue, treatment and rehabilitation of injured animals ensuring
better care and recovery. To encourage young talent, especially in rural areas, the Company supplied sports equipment and
established multipurpose courts in Government schools. The Company also contributed to the welfare of vulnerable groups by
supporting old age homes, orphanages, and residential homes for differently abled individuals.
During the FY 2025-26, the Company supported 225 CSR projects benefiting 4,55,593 individuals with an expenditure of
'1947.13 lakhs. These CSR initiatives were implemented Pan India basis, executed through Registered Office and the branch in
those areas. The total allocated CSR budget for FY 2025-26 was '1910.00 lakhs. The Company has sanctioned '1947.13 lakhs
during the year, out of which '1321.66 lakhs were utilised during the fiscal year. The remaining sanctioned amount of '625.47
lakhs has been transferred to unspent CSR Account, in accordance with the provisions of the Companies Act, 2013 and will be
disbursed as per the progress of the projects.
Note 49.1
In respect of Corporate Governance Disclosures as required by RBI Master direction RBI/DOR/2025-26/359 DOR.ACC.REC.
No.278/21.04.018/2025-26 dated 28th November 2025, refer to the Board Report.
Note 50
Other Disclosures
i) There is no income which is required to be recorded in the books of accounts that has been surrendered or disclosed
as income during the year in the tax assessments under the Income Tax Act, 1961.
ii) The Company has not been declared willful defaulter by any Banks/Financial Institutions.
iii) The Company has not traded or invested in Crypto currency or Virtual currency during the year.
iv) There are no proceedings which have been initiated or pending against the Company for holding any benami property
under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.
v) There are no transactions with struck off companies during the current and previous year.
vi) Impact of Labour Codes: On 21st November 2025, the Government of India notified provisions of the Code on Wages
2019, the Industrial Relations Code 2020, the Code on Social Security 2020 and the Occupational Safety, Health, and
Working Conditions Code 2020, which consolidates the existing 29 labour laws into a unified framework governing
employee benefits.
The Company has assessed the financial impact of these changes which has resulted in increase in Gratuity and
Provident Fund liability by '16.86 Lakhs. The Company continues to monitor the developments pertaining to Labour
Code and will evaluate the impact, if any, on the employee benefits liability.
vii) No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other
sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities
("Intermediaries") with the understanding, whether recorded in writing or otherwise, that the Intermediary shall
lend or invest in party identified by or on behalf of the Company (Ultimate Beneficiaries). The Company has not
received any fund from any party(s) (Funding Party) with the understanding that the Company shall whether,
directly or indirectly lend or invest in other persons or entities identified by or on behalf of the Company
("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
Note 51
Previous years figures have been re-arranged/ regrouped wherever necessary to correspond with the current year's
classification/disclosure.
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