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Registered number: 05317664 (England and Wales)
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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COMPANY INFORMATION
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CONTENTS
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GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their Strategic Report and audited consolidated financial statements of Francisco Partners UK Limited ("the Company") and its subsidiary (together referred to as "the 'Group") for the year ended 31 December 2024.
The Group provides investment management support, and advisory services to Francisco Partners Management LP ("the Parent”). Francisco Partners UK Limited is a holding company for Francisco Partners Operations LLP.
The Group is reimbursed by the Parent for all necessary and reasonable operating costs incurred by the Group, including without limitation, employee salaries, travel expenses, professional fees and indirect costs, plus an additional 10% of the total aforementioned costs.
In the current year, the Group has met performance expectations and has maintained a consistent revenue model through a cost-plus structure, ensuring a stable 6.6% net profit margin. The total expenditure increased by £4.8 million from 2023 to 2024. This increase reflects the ongoing investment in our team to support expanded operations and enhanced service delivery.
The wider Francisco Partners group is poised to continue offering strategic investment advice and managing the portfolio of investments within the EMEA region, aligning with our growth objectives and operational strategies.
The Group is involved in the provision of investment management support and advisory services to the Parent and is exposed to financial risks arising from its operations. The key financial risks include credit risk, liquidity risk, and investment performance risk. The members review and agree to the policies and procedures for the management of these risks. It is the Group’s policy that no trading in derivatives shall be undertaken.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The following section provides details regarding the Group’s exposure to the abovementioned financial risks and the objectives, policies and processes for the management of these risks.
Credit risk Credit risk is the risk of loss that may arise on outstanding financial assets should a counterparty default on its obligations. The Group’s exposure to credit risk arises primarily from its cash and cash equivalents and amounts due to and from group companies. Cash and cash equivalents are placed with a financial institution with a good credit rating. Except for the amount due from the Parent, the Group has no significant concentration of credit risk. The Group attempts to minimise its credit risk by evaluating and monitoring the credit exposure of its debtors. The Group adopted the policy of only dealing with creditworthy counterparties to mitigate the risk of financial loss from default. The Group transacts significantly with the Parent, which is considered to be of good financial standing. No other financial asset carries a significant exposure to credit risk. At the end of the financial year, there is no financial asset of the Group that is either past due or impaired. Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting financial obligations due to a shortage of funds. To manage liquidity risk, the Group monitors its net operating cash flows and maintains an adequate level of cash and cash equivalents. In assessing the funding facilities, management reviews its working capital requirements regularly. Investment performance risk Investment performance risk is the risk of potential underperformance of regional investments. This risk is systematically mitigated by our proactive investment management team, which is dedicated to continuous monitoring and management.
The Group considers its key financial performance indicators as those that communicate the financial performance and strength of the Group as a whole. Net profit figures show increases, this is being driven by increases in expenditure that are in turn increasing the volume of cost plus revenue earned from the Parent.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
In accordance with Section 172 of the Companies Act 2006, the directors have considered the interests of the Company and its stakeholders. In discharging their duties under Section 172, the directors have considered the Company’s purpose and values, together with strategic priorities, while ensuring that the decisions made are consistent and intended to promote the long-term success of the Company.
Parent Company Engagement It is important for us to provide quality investment advisory and management service to our parent company and investors. The investment team is in constant contact with the parent company.
∙There are bi-weekly meetings to discuss investment updates with the whole firm.
∙There are quarterly portfolio review and valuation meetings to discuss investment performance and opportunities.
∙All new investments go through intensive review by the investment committee.
∙As part of the investment review, we detail the opportunity and risk.
Employee Engagement
Our employees are fundamental to the success of our business. We aim to be a responsible employer in its approach to the pay and benefits of employees.
∙The Company conducts periodic reviews of all employees.
∙We allow employees to provide feedback either in person or via an anonymous platform.
∙The Company offers offsites for employees to socialize and collaborate.
∙There is an annual offsite with the parent company in which all investment professionals get together to network and discuss Company strategies.
Network Engagement
Another factor in our success is our relationship with industry consultants, founders, and bankers. We rely on our network to assist with assessing the risk and opportunity of our investments.
∙We attend many networking conference to learn about new industries and investment opportunities.
∙We host conferences to bring together leaders within our sectors.
∙We participate in a CXO conference that brings together executives across our portfolio to network and share best practices.
Investor Engagement
We are fully committed to providing the best service to our underlying investors.
∙Twice a year we host with our parent company an investor conference to provide updates on all investments.
∙We also cover new opportunities and how we mitigate risk.
∙We periodically meet with individual investors in the EMEA region to provide updates on investments.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024. In accordance with S414c (II) of the Companies Act 2006, certain information which is required to be included in the Directors' Report has been otherwise included in the Strategic Report.
The directors who served during the year were:
The profit for the year, after taxation, amounted to £1,269,557 (2023 - £980,503).
No dividends were declared, paid or payable during the reporting period (2023 - £Nil).
The Company has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
There have been no significant events affecting the Group since the year end.
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FRANCISCO PARTNERS UK LIMITED
We have audited the financial statements of Francisco Partners UK Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FRANCISCO PARTNERS UK LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FRANCISCO PARTNERS UK LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
∙the responsible individual ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙we identified the laws and regulations applicable to the Group through discussions with management, and from our commercial knowledge and experience.
∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Group, including the Companies Act 2006 and taxation legislation.
∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
∙performed analytical procedures to identify any unusual or unexpected relationships;
∙tested journal entries to identify unusual transactions;
∙assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
∙investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
∙agreeing financial statement disclosures to underlying supporting documentation;
∙enquiring of management as to actual and potential litigation and claims; and
∙reviewing correspondence with HMRC.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FRANCISCO PARTNERS UK LIMITED (CONTINUED)
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants and Statutory Auditors
Birchin Court
5th Floor
19-25 Birchin Lane
United Kingdom
EC3V 9DU
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 26 form part of these financial statements.
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COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 26 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Francisco Partners UK Limited is a private company limited by shares incorporated and registered in the United Kingdom. The registered office is Birchin Court 5th Floor, 19-25 Birchin Lane, United Kingdom, EC3V 9DU.
The principal activity of the Group is to provide investment management support and advisory services to the parent entity, Francisco Partners Management L.P.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The Group is in a net asset position primarily supported by amounts owed by group undertakings. The Group's business model being solely a transfer pricing agreement with the parent company, Francisco Partners Management L.P., it is reliant on the continued support of that company in order to remain a going concern.
The Group has received written confirmation from the parent company that it will continue to provide financial support to the Group for a period of at least 12 months from the date of signing these financial statements. Furthermore, the directors have assessed the ability of the parent company to provide the support based upon a review of the cash flow forecasts and have concluded that the parent will have sufficient working capital to provide the necessary support. For this reason, the directors continues to adopt the going concern basis in preparing the financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Turnover is measures on a cost plus 10% basis, in line with the intercompany service agreement with the parent company. Intercompany turnover is recognised when all the following conditions are satisfied: Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The estimates and assumptions that have a significant risk of causing material adjustment to the carrying amount of assets and liabilities are addressed below. Impairment of investments The valuation of the Parent Company’s investment in its subsidiaries is reviewed by reference to the current and future value in use of these subsidiaries which are generating revenue on behalf of the Group. This judgement is reviewed annually and there is estimation uncertainty present in the expectation of future performance which is forecast by the directors. This is a significant judgement based on estimation which may have a material impact on the financial statements.
Analysis of turnover by country of destination:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The long term liability relates to a deferred rental expense deriving from a lease incentive that was entered into on 19 May 2021. The liability will be settled in March 2028 when the lease term ends.
Profit and loss account
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Francisco Partners Management, L.P. is the parent of the smallest group for which consolidated financial statements are drawn up of which the Group is a member. The registered office of the parent company is 277 Centerville Rd, Ste 400 Wilmington Delaware, 19808.
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