REGISTERED NUMBER: 11204272 (England and Wales)

CHD SURREY LTD

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Page

Company Information

1

Group Strategic Report

2

Report of the Director

5

Report of the Independent Auditors

8

Consolidated Income Statement

11

Consolidated Other Comprehensive Income

12

Consolidated Balance Sheet

13

Company Balance Sheet

14

Consolidated Statement of Changes in Equity

15

Company Statement of Changes in Equity

16

Consolidated Cash Flow Statement

17

Notes to the Consolidated Cash Flow Statement

18

Notes to the Consolidated Financial Statements

20

DIRECTOR:

Mr L Hasham

REGISTERED OFFICE:

Capital House

106 Meadrow

Godalming

Surrey

GU7 3HY

REGISTERED NUMBER:

11204272 (England and Wales)

AUDITORS:

Rothmans Audit LLP

Statutory Auditors

Chartered Accountants

Fryern House

125 Winchester Road

Chandlers Ford

Eastleigh

Hampshire

SO53 2DR

The director presents his strategic report of the company and the group for the year ended 31 March 2025.

REVIEW OF BUSINESS

The CHD Surrey Group (the 'Group') operates as a leading provider of integrated healthcare services, specialising in high-quality residential, nursing and domiciliary care. With a network of care homes, rehabilitation centres and homecare services, the Group is committed to enhancing the quality of life for individuals through compassionate and personalised care.

During the financial year, the Group demonstrated resilience and adaptability, achieving key milestones, including:

-

Expansion of services:

Introduction of new care offerings tailored to specialised care needs such as dementia care and specific areas such as ventilated, tracheostomy and post-operation recovery and support.

-

Operational efficiencies:

Continued focus on optimising operational processes, resulting in enhanced care delivery and resource utilisation.

-

Technological advancements:

Investments in digital tools to streamline care management, improve client outcomes and support staff.

The Group operates in a challenging environment influenced by regulatory changes, economic pressures and the ongoing demand for skilled care. Despite these challenges, the Group has remained steadfast in its commitment to providing exceptional care services whilst pursuing sustainable growth.

PRINCIPAL RISKS AND UNCERTAINTIES

The Group faces several risks and uncertainties that could impact its operations and financial performance. Key risks include:

-

Regulatory compliance:

The care industry is highly regulated, with evolving standards that require ongoing compliance. The Group ensures adherence through regular audits, training programmes and proactive engagement with regulators.

-

Workforce challenges:

The availability and retention of skilled personnel are critical to service quality. The Group invests in staff development and retention programmes to address this risk. The Group are also licence holders for the recruitment of overseas staff.

-

Economic pressures:

Rising costs, particularly in utilities and staffing, coupled with funding challenges in social care, pose financial pressures. The Group actively manages costs and explores opportunities for efficiency improvements.

-

Reputation and client satisfaction:

Delivering consistent, high-quality care is essential for maintaining trust and reputation. The Group regularly reviews feedback and implements quality assurance measures.

SECTION 172(1) STATEMENT

Promoting the success of the Group

Background

Section 172 (1) requires Directors to act in the way they consider would be most likely to promote the success of their company for the benefit of its members as a whole and in doing so have regard (amongst other matters) to:

(a) the likely long-term consequences of decisions;

(b) the interests of the Group's employees;

(c) the need to foster the Group's business relationships with suppliers, customers and others;

(d) the impact of the Group's operations on the community and the environment;

(e) the desirability of the Group maintaining a reputation for high standards of business conduct; and

(f) the need to act fairly as between the Group's owners.

This statement outlines how the Director of CHD Surrey Ltd takes these factors into account in their decision-making.

Long-term sustainability

The director recognises the importance of maintaining and fostering strong relationships with the group's suppliers, customers and other stakeholders, as these relationships are integral to the long-term success and sustainability of the Group. During the year, efforts have been made to engage with these key stakeholders through regular communication, collaborative initiatives, and a commitment to mutual growth.

Employees

Our employees are fundamental to our operations and as such we strive to attract and retain the best employees by offering an attractive remuneration package and focused training.

Customers

The Group has focused on understanding and addressing the evolving needs of its customers, aiming to provide the highest levels of satisfaction and care. This has included investment in staff training, innovation in service delivery, and regular feedback mechanisms to ensure services meet or exceed expectations. These efforts have contributed to high retention rates and the development of trust within the customer base.

Producers and suppliers

The Group has prioritised fair and timely dealings with suppliers, ensuring transparent procurement practices and the maintenance of mutually beneficial partnerships. By fostering open dialogue and addressing challenges collaboratively, the Group has enhanced the reliability of its supply chain and strengthened supplier confidence in the business.

Community and environment

The Group has engaged with regulatory bodies, local communities, and industry partners to uphold compliance standards, contribute positively to the community, and align with broader industry goals. This approach has reinforced the Group's reputation and established a foundation for sustainable growth.

Business conduct

We ensure that our staff receive sufficient training to enable us to maintain our high standards of business conduct. Regular CQC inspections also ensure that we are meeting not only our own standards, but those expected by the industry.

Acting fairly as between the Group's owners

The ultimate shareholders of the Group all have an equal shareholding therefore all decisions made are considered to be fair.

KEY PERFORMANCE INDICATORS - FINANCIAL

Our key financial performance indicators for the Group are shown below:

Year ended

Year ended

31 March 2025

31 March 2024

£

£

Turnover

33,105,148

31,601,496

Profit before taxation

3,470,515

2,911,712

EBITDA

6,082,413

5,233,818

Net assets

31,505,277

28,882,376

The improvement in the key performance indicators above is due to prudent financial management.

KEY PERFORMANCE INDICATORS - NON FINANCIAL

Our key non-financial performance indicators for the Group are CQC ratings and occupancy levels. Our aim is for these to be as high as possible.

Out of 66 CQC standards measured, the Group achieved 92% as good or outstanding.

For the financial year, we achieved an average occupancy rate of 89% across nursing services and 78% across rehabilitation services.

ON BEHALF OF THE BOARD:

Mr L Hasham - Director

13 December 2025

The director presents his report with the financial statements of the company and the group for the year ended 31 March 2025.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2025 (2024: £Nil).

FUTURE DEVELOPMENTS

The Board remains optimistic about the Group's future, underpinned by:

-

Ongoing expansion of care services to address growing demand, including the development of new facilities and the enhancement of existing ones;

-

Strengthening strategic partnerships with local authorities and healthcare providers to deliver integrated and accessible care; and

-

Emphasis on innovation, particularly in leveraging technology to improve client outcomes and operational efficiency.

The Board acknowledges potential headwinds, including economic uncertainties and workforce challenges, but is confident in the Group's ability to adapt and thrive in an evolving sector.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTOR

Mr L Hasham held office during the whole year from 1 April 2024 to the date of this report.

FINANCIAL INSTRUMENTS RISKS

The Group utilises financial instruments in its operations and is exposed to certain financial risks:

-

Credit risk:

This arises from potential non-payment by private clients and counterparties. The Group employs robust credit control procedures and ensures regular monitoring of receivables.

-

Liquidity risk:

This involves ensuring sufficient funds to meet operational and financial commitments. The Group manages this risk by maintaining adequate cash reserves and securing appropriate funding facilities.

-

Interest rate risk:

This involves exposure to changes in interest rates on borrowings. The Group mitigates this through regular reviews of financing arrangements and, where feasible, fixes interest rates to limit volatility.

-

Operational financial risk:

Currency is minimal as the Group's operations are predominantly domestic. Where relevant, transactions are managed to minimise foreign currency exposure.

THIRD PARTY INDEMNITIES

Qualifying third party indemnity provisions for the benefit of the director were in force during the year under review and remain in force as at the date of approval of the financial statements.

EMPLOYMENT OF DISABLED PERSONS

As an equal opportunities employer, the Group gives full consideration to applications for employment from disabled persons, bearing in mind the abilities and aptitudes of the applicants and the requirements of the job. Opportunities for training, career development and promotion are available to disabled employees. Where existing employees become disabled, it is the Group's policy to provide continuing employment wherever practicable in the same or alternative position and to provide the relevant training to achieve this.

EMPLOYEE ENGAGEMENT STATEMENT

The success of CHD Surrey Group is driven by its dedicated and skilled workforce. The Group places employee engagement at the heart of its operations, ensuring staff feel valued, informed, and supported.

Key initiatives include:

-

Open communication channels:

Regular meetings, newsletters and digital platforms ensure employees are informed about key developments and have opportunities to provide feedback.

-

Employee wellbeing:

A comprehensive wellbeing program is in place, including access to mental health resources, flexible working arrangements and employee assistance programs.

-

Professional development:

Staff are encouraged to participate in training and upskilling opportunities, fostering a culture of continuous learning.

The Group recognises the critical role employees play in delivering high-quality care and remains committed to maintaining an engaging and supportive work environment.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

The Group values collaborative relationships with its suppliers, customers and other stakeholders to ensure the delivery of exceptional care services. Engagement practices include:

-

Suppliers:

The Group works closely with its suppliers to ensure the timely provision of high-quality goods and services. Ethical and sustainable procurement practices are prioritised, fostering long-term partnerships.

-

Customers and families:

Feedback is actively sought from residents, clients and their families through surveys, forums, and regular communication. This input informs service improvements and enhances customer satisfaction.

-

Community and stakeholders:

The Group engages with local authorities, healthcare organisations and community groups to ensure care services align with community needs and expectations.

By fostering strong relationships across all stakeholder groups, CHD Surrey continues to enhance the quality and accessibility of its services.

STREAMLINED ENERGY AND CARBON REPORTING

No company within the Group is required to comply with the requirements, therefore the Group as a whole is exempt from the disclosure requirements of The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Schedule 7, Part 7.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Rothmans Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr L Hasham - Director

13 December 2025

Opinion

We have audited the financial statements of CHD Surrey Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2025 and of the group's profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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 UK, including the FRC'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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's 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 and 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions on Other Matters Prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page seven, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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 a Report of the Auditors 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 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:

We obtained an understanding of the legal and regulatory framework that the Group operates in, focusing on those laws and regulations that had a direct effect on the Group's financial statements or that had a fundamental effect on the operations of the Group. The key laws and regulations we considered in this context included the UK Companies Act and the Care Quality Commission (CQC) regulations.

Discussions were held within the engagement team regarding how and where fraud might occur in the Group financial statements and any potential indicators of fraud. As part of this discussion, we identified potential risk areas such as the completeness and existence of revenue. Audit procedures were designed to ensure all of the risks were addressed.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- enquiring of management as to actual and potential litigation and claims;

- reviewing any correspondence with regulators and the Group's legal advisors; and

- reviewing reports from CQC inspections and action plans.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships; and

- tested journal entries to identify unusual transactions and bias.

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 director 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 Report of the Auditors.

Use of our 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 a Report of the Auditors 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.

Liz Martyn FCA (Senior Statutory Auditor)

for and on behalf of Rothmans Audit LLP

Statutory Auditors

Chartered Accountants

Fryern House

125 Winchester Road

Chandlers Ford

Eastleigh

Hampshire

SO53 2DR

15 December 2025

TURNOVER

3

33,105,148

31,601,496

Cost of sales

21,445,673

20,820,078

GROSS PROFIT

11,659,475

10,781,418

Administrative expenses

6,110,416

6,117,330

OPERATING PROFIT

5

5,549,059

4,664,088

Interest receivable and similar income

219,477

140,739

5,768,536

4,804,827

Interest payable and similar expenses

6

2,298,021

1,893,115

PROFIT BEFORE TAXATION

3,470,515

2,911,712

Tax on profit

7

822,611

780,624

PROFIT FOR THE FINANCIAL YEAR

2,647,904

2,131,088

Profit attributable to:

Owners of the parent

2,603,972

2,131,088

Non-controlling interests

43,932

-

2,647,904

2,131,088

PROFIT FOR THE YEAR

2,647,904

2,131,088

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,647,904

2,131,088

Total comprehensive income attributable to:

Owners of the parent

2,603,972

2,131,088

Non-controlling interests

43,932

-

2,647,904

2,131,088

FIXED ASSETS

Tangible assets

9

61,735,424

55,951,976

Investments

10

-

-

61,735,424

55,951,976

CURRENT ASSETS

Debtors

11

8,624,465

7,822,494

Cash at bank and in hand

5,595,050

6,387,121

14,219,515

14,209,615

CREDITORS

Amounts falling due within one year

12

14,570,203

14,900,657

NET CURRENT LIABILITIES

(350,688

)

(691,042

)

TOTAL ASSETS LESS CURRENT LIABILITIES

61,384,736

55,260,934

CREDITORS

Amounts falling due after more than one year

13

(27,691,029

)

(24,370,052

)

PROVISIONS FOR LIABILITIES

17

(2,188,430

)

(2,008,506

)

NET ASSETS

31,505,277

28,882,376

CAPITAL AND RESERVES

Called up share capital

18

8

8

Other reserve

19

16,273,949

16,273,950

Retained earnings

19

15,231,320

12,608,388

SHAREHOLDERS' FUNDS

31,505,277

28,882,346

NON-CONTROLLING INTERESTS

-

30

TOTAL EQUITY

31,505,277

28,882,376

The financial statements were approved by the director and authorised for issue on 13 December 2025 and were signed by:

Mr L Hasham - Director

FIXED ASSETS

Tangible assets

9

809,998

809,998

Investments

10

16,274,058

16,274,027

17,084,056

17,084,025

CURRENT ASSETS

Debtors

11

29,118,229

27,176,808

Cash at bank

2,549,526

3,650,802

31,667,755

30,827,610

CREDITORS

Amounts falling due within one year

12

27,521,531

26,785,660

NET CURRENT ASSETS

4,146,224

4,041,950

TOTAL ASSETS LESS CURRENT LIABILITIES

21,230,280

21,125,975

CAPITAL AND RESERVES

Called up share capital

18

8

8

Other reserve

19

16,273,949

16,273,949

Retained earnings

19

4,956,323

4,852,018

SHAREHOLDERS' FUNDS

21,230,280

21,125,975

Company's profit for the financial year

104,305

66,692

The financial statements were approved by the director and authorised for issue on 13 December 2025 and were signed by:

Mr L Hasham - Director

Called up

share

Retained

Other

capital

earnings

reserve

£

£

£

Balance at 1 April 2023

8

10,477,300

16,273,950

Changes in equity

Total comprehensive income

-

2,131,088

-

8

12,608,388

16,273,950

Acquisition of non-controlling interest

-

-

-

Balance at 31 March 2024

8

12,608,388

16,273,950

Changes in equity

Total comprehensive income

-

2,603,972

-

Disposal of non-controlling

interest

-

18,962

-

Balance at 31 March 2025

8

15,231,322

16,273,950

Non-controlling

Total

Total

interests

equity

£

£

£

Balance at 1 April 2023

26,751,258

-

26,751,258

Changes in equity

Total comprehensive income

2,131,088

-

2,131,088

28,882,346

-

28,882,346

Acquisition of non-controlling interest

-

30

30

Balance at 31 March 2024

28,882,346

30

28,882,376

Changes in equity

Dividends

-

(25,000

)

(25,000

)

Total comprehensive income

2,603,972

43,932

2,647,904

Disposal of non-controlling

interest

18,962

(18,962

)

-

Balance at 31 March 2025

31,505,280

-

31,505,280

Called up

share

Retained

Other

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2023

8

4,785,326

16,273,949

21,059,283

Changes in equity

Total comprehensive income

-

66,692

-

66,692

Balance at 31 March 2024

8

4,852,018

16,273,949

21,125,975

Changes in equity

Total comprehensive income

-

104,305

-

104,305

Balance at 31 March 2025

8

4,956,323

16,273,949

21,230,280

Cash flows from operating activities

Cash generated from operations

1

5,050,212

7,964,817

Interest paid

(2,190,780

)

(1,365,524

)

Interest element of hire purchase payments paid

(1,821

)

-

Tax paid

(217,748

)

(418,856

)

Net cash from operating activities

2,639,863

6,180,437

Cash flows from investing activities

Purchase of tangible fixed assets

(7,417,350

)

(4,563,605

)

Sale of tangible fixed assets

5,823

4,386

Interest received

219,477

128,763

Net cash from investing activities

(7,192,050

)

(4,430,456

)

Cash flows from financing activities

Loan drawdowns

4,477,429

5,813,770

Capital repayments in year

(831,000

)

(1,823,530

)

Other loan repayments

(435,600

)

(2,433,350

)

Finance lease repayments

(5,431

)

(18,644

)

Net cash from financing activities

3,205,398

1,538,246

(Decrease)/increase in cash and cash equivalents

(1,346,789

)

3,288,227

Cash and cash equivalents at beginning of year

2

6,387,121

3,098,894

Cash and cash equivalents at end of year

2

5,040,332

6,387,121