The notes say these loans are 'made to eligible franchisees and associated entities'. In the previous FY accounts they are called business development loans.
If they were being made to entities that were owned by FID they would not show up in the cash flow statement as they would cancel out on consolidation. The loans are being made to entities not owned by FID (but would be contributing to FID's FUA) and it is correct treatment to account for them as investing cash flows, as they are recorded in the balance sheet as a receivable.
The notes say these loans are 'made to eligible franchisees and...
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