REGISTERED NUMBER: 09408881 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

WELFORD TOPCO LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Director

6

Report of the Independent Auditors

9

Consolidated Income Statement

12

Consolidated Other Comprehensive Income

13

Consolidated Balance Sheet

14

Company Balance Sheet

15

Consolidated Statement of Changes in Equity

16

Company Statement of Changes in Equity

17

Consolidated Cash Flow Statement

18

Notes to the Consolidated Cash Flow Statement

19

Notes to the Consolidated Financial Statements

21

DIRECTOR:

Mr M P Madden

REGISTERED OFFICE:

Granville Hall

Granville Road

Leicester

Leicestershire

LE1 7RU

REGISTERED NUMBER:

09408881 (England and Wales)

SENIOR STATUTORY AUDITOR:

Mr Phillip Bott FCA

AUDITORS:

Mark J Rees LLP Chartered Accountants

and Statutory Auditors

Granville Hall

Granville Road

Leicester

LE1 7RU

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

Welford Topco Limited is the ultimate parent of a group of care homes, which provide care services to its residents.

REVIEW OF BUSINESS

The Director is pleased with the strong results for the year which have been achieved in a challenging and strong market. Despite market pressures, occupancy has remained strong and fees increasingly competitively due to a focused sales strategy and ongoing contract negotiation with local authorities. Overall performance is improved from prior year, this is largely due to the focus on sustainable sales, strong occupancy and a stabilised workforce albeit with the impact of increasing workforce costs.

This year has seen the growth of the group with the inclusion of the first full year of trade for the Morris Care group to go alongside the existing portfolio.

This group consolidation includes all of the companies of the group and the intermediate parent company, Welford Healthcare Limited.

The results for the year and the financial position of the group are as shown in the annexed financial statement.

REVIEW OF THE BUSINESS

Performance of the business and outlook;

The group has performed well on a comparative and absolute basis with a turnover of £79,244,210 (2024: £74,572,734).

The Gross profit was up in the year to 52% (2024: 46%) which is as a result of the trade stabilising following the acquisitions in the previous years. Direct costs for the care homes are stable.

Our KPI's for the year are as follows;

KPI's £

2025

2024

Turnover

79,244

74,573

Gross profit

41,354

34,376

Gross profit %

52%

46%

Operating profit

17,313

15,296

Operating profit %

22%

21%

Net profit

7,219

7,236

Net assets

22,062

16,211

EBITDARM

24,725

20,558

EBITDARM is profit measured using UK GAAP principles adjusted for the effects of interest, taxes, depreciation, amortisation, rent and management fees. EBITDARM is reported to the board as management considers that it provides a useful proxy for the Group's operating profit excluding non-cash items and costs that can be variable or negotiated, such as rent and management fees.

As a care home provider one of our main KPI's relate to the provision of care and are non-financial.

As at 31 March 2025 the occupancy levels for each care home in the group were as follows;

2025

2024

Birchlands Care Home

100%

100%

Fairview Court Care Home

91%

96%

Vale View Heights Care Home

91%

79%

Argentum Lodge Care Home

77%

98%

St Peter's House Care Home

90%

75%

Mavern House Care Home

90%

91%

Woodleigh Care Home

88%

74%

Baily House Care Home

97%

94%

Corbrook Park Nursing Home

79%

87%

Isle Court Nursing Home

95%

94%

Morris Care Centre

96%

96%

Oldbury Grange Nursing Home

96%

89%

Radbrook Nursing Home

96%

96%

Stretton Hall Nursing Home

90%

93%

East Street Residential Home

94%

96%

Minehead Nursing and Residential Home

93%

90%

Raleigh Mead Nursing Home

96%

94%

The results of each care home can be found in the individual financial statements for the subsidiary companies that own them as delivered to Companies House detailed below:

Birchlands Care Home

Birchlands (Haxby) Limited

Fairview Court Care Home

Linksmax Limited

Vale View Heights Care Home

Sidmouth Care Limited

Argentum Lodge Care Home

Argentum Lodge Limited

St Peter's House Care Home

St Peter's Care Home Limited

Mavern House Care Home

Mavern Care Limited

Woodleigh Care Home

Woodleigh Christian Care Limited

Baily House Care Home

Woodleigh Christian Care Limited

Corbrook Park Nursing Home

Welford Healthcare MC Limited

Isle Court Nursing Home

Welford Healthcare MC Limited

Morris Care Centre

Welford Healthcare MC Limited

Oldbury Grange Nursing Home

Welford Healthcare MC Limited

Radbrook Nursing Home

Welford Healthcare MC Limited

Stretton Hall Nursing Home

Welford Healthcare MC Limited

East Street Residential Home

Eastleigh Care Homes - East Street Limited

Minehead Nursing and Residential Home

Eastleigh Care Homes - Minehead Limited

Raleigh Mead Nursing Home

Eastleigh Care Homes - Raleigh Mead Limited

PRINCIPAL RISK AND UNCERTAINTIES

The principal risks for the group considered during the year ending 31 March 2025 are:

- Staff Recruitment - The ability to recruit and retain qualified carers and nurses is a continuing challenge for the whole sector. It impacts directly on the costs of operating care homes and the subsequent quality of care delivered.

- Home Occupancy - The company faces competition from other care providers in the regions in which it operates. If a home were to experience an increase in the volume of vacant rooms or the duration of vacancies, income streams and profitability of the care home can be impacted. The company manages occupancy levels continually and works to ensure relationships with local authorities and other commissioning bodies remain strong to ensure that room voids are filled as promptly as possible.

- Government Policy and Legislation Change - The company's operations are closely regulated by the Care Quality Commission (CQC). The consequences of non-compliance with regulations could be significant. The company has a robust internal audit system in place to ensure adherence to policies and compliance with regulatory requirements. Changes to CQC compliance are monitored to ensure policies and processes reflect any updates, in the current year CQC have introduced a new inspection regime which the company has had to adapt to to ensure quality ratings are maintained. Risks also include those around health and safety compliance, legislative requirements and contractual risks.

SECTION 172(1) STATEMENT

The board of directors have complied with their s172 Companies Act 2006 duties during the period by initially identifying the main types of stakeholders in the business. In doing this we have considered our impact on stakeholders including our position on the environment.

One of the key stakeholder groups is our growing resident population and we continue to consider the risks and adapt our policies to ensure best practice is adopted at all times.

Company meetings at board and group level reflect the importance of this approach and consider the key stakeholder groups in all major decisions made. Details of the groups key stakeholders can be found within the report of the directors.

FUTURE ACTIVITIES

The group's strategy is to remain operating within the care sector for the medium to long term. However, in the shorter term, the group will continue to look for suitable care homes to broaden the group portfolio.

The company will continue to work towards improving occupancy rates which are the ultimate driver of future success.

ON BEHALF OF THE BOARD:

Mr M P Madden - Director

22 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

The total distribution of dividends for the year ended 31 March 2025 for the company was £270,103 (2024: £255,000).

An interim dividend totalling £1,097,986 (2024: £122,812) was paid during the year ended 31 March 2025 to the minority interest by Welford Healthcare Limited.

DIRECTOR

Mr M P Madden held office during the whole of the period from 1 April 2024 to the date of this report.

DISABLED EMPLOYEES

The group gives full consideration to applications for employment from disabled persons where the candidate's

particular aptitudes and abilities are consistent with the requirements of the job. Opportunities are available to disabled employees for training, career development and promotion.

Where existing employees become disabled, it is the company's policy to provide continuing employment wherever

practicable in the same or an alternative position and to provide appropriate training to achieve this aim.

EMPLOYEE INVOLVEMENT

The company operates a framework for employee information and consultation which complies with the requirements of the Information and Consultation of Employees Regulations 2004.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

In addition to its workforce, the group's other key stakeholders are its residents, the NHS, local councils and its suppliers. As all members of the management team work within the business this ensures regular dialogue with residents and key suppliers.

Engagement with residents and their representatives drive alignment with their values and priorities, helping to ensure business sustainability and growth. Strong links with local councils and the NHS ensures a sustainable source of residents. Suppliers are a critical link in the overall supply chain, providing a source of value, consistency of quality and service and an opportunity for innovation.

There are regular review meetings to agree progress and develop relationships which will mutually benefit all parties.

STREAMLINED ENERGY AND CARBON REPORTING

The group accepts that as an owner and operator of care homes, it has a significant impact on the environment, and the management of that is critical. At all times the group must act in an environmentally responsible manner, helping to navigate to a sustainable, low-carbon economy. The group has a responsibility to all its stakeholders to deliver environmental good practice, energy and emissions reductions and to assist the UK Government to meet its target of net zero carbon emissions by 2050. With operational challenges continually changing, the group must react accordingly to retain the key priorities of environment and sustainability.

The ultimate parent company, Welford Topco Limited, being a holding company for the group of trading care homes, itself consumed less than 40,000 kilowatt-hours (kWh) of energy in the reporting period and as such is exempt from reporting on its usage in line with the Streamlined Energy and Carbon Reporting (SECR) guidelines.

The only trading subsidiary qualifying as large during the year was Welford Healthcare MC Limited. The energy and carbon information was reported as follows:

Annual Quantity of CO2 Emissions

2025

Resulting from activities which the company is responsible for

kWh

tCO2e

Natural Gas

1,132,537.00

206.73

Purchased Electricity

1,274,673.43

246.50

Supply Chain and Logistics

12,716.20

3.34

Total

2,419,926.63

456.57

Intensity Metrics

2025

Total kWh of energy consumed/total gross revenue

78,530 kWh per £M

Energy intensity per square metre

144 kW/m2

To mitigate energy consumption, each home has been fitted with solar panels in the year.

This information was obtained via a report from UEC Energy Consulting.

The remaining trading subsidiaries, being the care homes detailed in the strategic report, are themselves not obliged to report on their energy and carbon information due to them reporting as medium entities. This is in line with section 415(2) of the Companies Act 2006 and the SECR guidelines.

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, Mark J Rees LLP Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr M P Madden - Director

22 December 2025

Opinion

We have audited the financial statements of Welford Topco Limited (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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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 for the group.

We have determined that the principal risk areas where material irregularities could occur for the group were related to posting manual journal entries to manipulate financial performance, revenue recognition, significant one-off or unusual transactions, going concern and the CQC rating.

Our audit procedures were designed to respond in particular to these identified risks (including non compliance with laws and regulations and fraud).

Our audit procedures included but were not limited to:

- A review of a sample of occupancy reports for each group company in the year to ensure these were correctly recorded in revenue and detailed cut off testing around the year end to ensure revenue is correctly recognised.

- A review of laws and regulations the group is subject to, being specifically the CQC reviews and ratings and discussion with management to ensure no instances of non compliance.

- Addressing the risks of fraud through management override of controls by performing journal entry testing to check for any significant one-off or unusual transactions.

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.

Mr Phillip Bott FCA (Senior Statutory Auditor)

for and on behalf of Mark J Rees LLP Chartered Accountants

and Statutory Auditors

Granville Hall

Granville Road

Leicester

LE1 7RU

23 December 2025

TURNOVER

3

79,244,210

74,572,734

Cost of sales

37,890,377

40,196,549

GROSS PROFIT

41,353,833

34,376,185

Administrative expenses

24,043,485

19,229,085

17,310,348

15,147,100

Other operating income

2,987

148,712

OPERATING PROFIT

5

17,313,335

15,295,812

Loss on sale of investment

6

115,768

-

17,429,103

15,295,812

Income from fixed asset investments

5,386

-

Interest receivable and similar income

3,844

29,333

9,230

29,333

17,438,333

15,325,145

Gain/loss on revaluation of investments

45,069

-

17,483,402

15,325,145

Interest payable and similar expenses

7

7,500,345

5,043,482

PROFIT BEFORE TAXATION

9,983,057

10,281,663

Tax on profit

8

2,764,161

3,045,317

PROFIT FOR THE FINANCIAL YEAR

7,218,896

7,236,346

Profit attributable to:

Owners of the parent

6,324,048

6,545,560

Non-controlling interests

894,848

690,786

7,218,896

7,236,346

PROFIT FOR THE YEAR

7,218,896

7,236,346

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

7,218,896

7,236,346

Total comprehensive income attributable to:

Owners of the parent

6,324,048

6,545,560

Non-controlling interests

894,848

690,786

7,218,896

7,236,346

FIXED ASSETS

Intangible assets

11

16,963

588,015

Tangible assets

12

139,440,418

120,781,403

Investments

13

-

-

139,457,381

121,369,418

CURRENT ASSETS

Debtors

14

19,895,926

12,421,088

Investments

15

2,434,178

2,186,072

Cash at bank and in hand

8,227,609

6,417,181

30,557,713

21,024,341

CREDITORS

Amounts falling due within one year

16

11,637,522

11,714,133

NET CURRENT ASSETS

18,920,191

9,310,208

TOTAL ASSETS LESS CURRENT LIABILITIES

158,377,572

130,679,626

CREDITORS

Amounts falling due after more than one year

17

(135,538,285

)

(113,665,109

)

PROVISIONS FOR LIABILITIES

21

(777,583

)

(803,620

)

NET ASSETS

22,061,704

16,210,897

CAPITAL AND RESERVES

Called up share capital

22

201

201

Retained earnings

23

20,867,744

14,813,799

SHAREHOLDERS' FUNDS

20,867,945

14,814,000

NON-CONTROLLING INTERESTS

24

1,193,759

1,396,897

TOTAL EQUITY

22,061,704

16,210,897

The financial statements were approved by the director and authorised for issue on 22 December 2025 and were signed by:

Mr M P Madden - Director

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

-

-

Investments

13

91

189

91

189

CURRENT ASSETS

Debtors

14

11,277,604

2,440,368

Investments

15

2,434,178

2,186,072

Cash at bank and in hand

41,964

177,874

13,753,746

4,804,314

CREDITORS

Amounts falling due within one year

16

33,296

54,053

NET CURRENT ASSETS

13,720,450

4,750,261

TOTAL ASSETS LESS CURRENT LIABILITIES

13,720,541

4,750,450

CAPITAL AND RESERVES

Called up share capital

22

201

201

Retained earnings

23

13,720,340

4,750,249

SHAREHOLDERS' FUNDS

13,720,541

4,750,450

Company's profit for the financial year

9,240,194

946,469

The financial statements were approved by the director and authorised for issue on 22 December 2025 and were signed by:

Mr M P Madden - Director

Called up

share

Retained

Non-controlling

Total

capital

earnings

Total

interests

equity

£

£

£

£

£

Balance at 1 April 2023

201

8,523,239

8,523,440

828,923

9,352,363

Changes in equity

Dividends

-

(255,000

)

(255,000

)

(122,812

)

(377,812

)

Total comprehensive income

-

6,545,560

6,545,560

690,786

7,236,346

Balance at 31 March 2024

201

14,813,799

14,814,000

1,396,897

16,210,897

Changes in equity

Dividends

-

(270,103

)

(270,103

)

(1,097,986

)

(1,368,089

)

Total comprehensive income

-

6,324,048

6,324,048

894,848

7,218,896

Balance at 31 March 2025

201

20,867,744

20,867,945

1,193,759

22,061,704

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

201

4,058,780

4,058,981

Changes in equity

Dividends

-

(255,000

)

(255,000

)

Total comprehensive income

-

946,469

946,469

Balance at 31 March 2024

201

4,750,249

4,750,450

Changes in equity

Dividends

-

(270,103

)

(270,103

)

Total comprehensive income

-

9,240,194

9,240,194

Balance at 31 March 2025

201

13,720,340

13,720,541

Cash flows from operating activities

Cash generated from operations

1

17,197,525

17,282,147

Interest paid

(40,698

)

(39,568

)

Interest element of finance lease payments paid

(7,459,647

)

(5,003,914

)

Tax paid

(3,249,400

)

(2,447,615

)

Net cash from operating activities

6,447,780

9,791,050

Cash flows from investing activities

Purchase of intangible fixed assets

-

(407,207

)

Purchase of tangible fixed assets

(1,352,806

)

(1,578,760

)

Sale of tangible fixed assets

18,008

40,827

Purchase of current asset investments

(5,612,018

)

(2,186,072

)

Sale of current asset investments

5,408,979

57,225,000

Interest received

3,844

29,333

Dividends received

5,386

-

Net cash from investing activities

(1,528,607

)

53,123,121

Cash flows from financing activities

Loan repayments in year

(169,646

)

(57,175,608

)

Capital repayments in year

(2,517,333

)

(3,375,692

)

Amount introduced by directors

-

240,289

Amount withdrawn by directors

(263,000

)

(128,000

)

Dividends paid to NCI

(158,766

)

(122,812

)

Net cash from financing activities

(3,108,745

)

(60,561,823

)

Increase in cash and cash equivalents

1,810,428

2,352,348

Cash and cash equivalents at beginning of year

2

6,417,181

4,064,833

Cash and cash equivalents at end of year

2

8,227,609

6,417,181