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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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ASCEND ADVANCED THERAPIES LIMITED
COMPANY INFORMATION
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ASCEND ADVANCED THERAPIES LIMITED
CONTENTS
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ASCEND ADVANCED THERAPIES LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors present their strategic report for the period from 1 January 2024 to 31 December 2024.
Ascend Advanced Therapies Limited is a development partner that supports life-science innovators in bringing gene therapy products to patients. The Company has deep expertise in gene therapy development and commercialisation to offer unparalleled collaboration while working to develop products from the bench through the clinic and beyond. Scientific innovation driven by quality and responsibility are at the core of our business. To set a new standard in the industry, the Company continues to invest in a world-class flexible and scalable Adeno-associated Virus platform of next generation technologies, all built to find the perfect balance of yield and quality for each process.
Following 2023, the Group has continued to establish itself and grow through 2024, with the introduction of Ascend Advanced Therapies FL Inc. into the Group.
The business has seen average employees increase from 94 to 183 during the year, which has led to an increase in Group staffing costs. Additional fund raising was completed in the year, with $41m of fund raising being received in May 2024 which allowed the Group to acquire a manufacturing facility in Alachua, Florida. The Group's loss for the year is £26,246,299 (2023: 29,102,611). The turnover for the Group in 2024 is £11,538,057 (2023: 1,630,270). The Group's net assets as at 31 December 2024 is £45,775,684 (2023: £38,818,885). In November 2024, the Group expanded its United States manufacturing and development footprint through the addition of Advanced BioScience Laboratories, Inc. ("ABL"), based in Rockville, Maryland, supported by a capital investment from EW Healthcare Partners. ABL is a long-established contract development and manufacturing organisation with sixty plus years of experience in biotherapy, oncolytic and viral vector manufacturing, including long-standing government-sector contracting relationships. The addition of ABL brings further Good manufacturing practices (GMP) manufacturing capacity for Adeno-associated virus and other viral vector modalities and expanded fill/finish capability. Combined with the Alachua, Florida facility acquired during 2024, it gives the enlarged Group a comprehensive offering spanning early-stage process development through to commercial-scale manufacture, positioning Ascend as one of a small number of providers able to support customers across the full development lifecycle from within a single group. On a combined, pro-forma basis reflecting the ABL addition, the enlarged Group is expected to have annualised revenue capacity of more than $40 million and a combined workforce of over 150 employees across its Rockville and Florida sites. Looking ahead, the Directors intend to focus the Group's efforts on: integrating the Florida and Rockville facilities into a unified quality and operating model; growing commercial-scale manufacturing revenue alongside the Group's historical early-stage process development business; and diversifying the customer base — including government-sector work via ABL — to reduce reliance on a concentrated group of venture-funded, clinical-stage biotech customers.
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ASCEND ADVANCED THERAPIES LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Group's principal risks and uncertainties are:
Foreign exchange rate fluctuations, impacting the cost of supplies denominated in foreign currencies The Group procures a significant proportion of its raw materials, consumables and capital equipment from overseas suppliers, and now operates US subsidiaries following the Florida and Rockville additions. As a result, the Group is exposed to the risk that adverse movements in exchange rates (principally GBP/USD) increase the sterling cost of supplies and capital expenditure, and create volatility in reported results on translation of the Group's US operations. The Group continues to address this risk through managing its supply chain to mitigate exposure to foreign exchange risk. Recruitment and retention of high-quality employees The Group operates in a specialised and competitive labour market for gene therapy process development, manufacturing and quality personnel, where demand for suitably experienced staff exceeds supply. Following average headcount has increased during the year (94 to 183) and further additions in Florida and Rockville, the Group's ability to deliver against customer commitments depends on attracting, developing and retaining high-quality employees. The Group continues to address this risk through prioritising its employees to achieve the highest possible staff retention. Health and safety in laboratories of high standard The Group's operations involve laboratory and manufacturing activities using biological materials, which carry inherent health, safety and environmental risks to employees and to the continuity of operations if not properly controlled. The Group continues to address this risk through ensuring health and safety in its laboratories and manufacturing facilities are compliant with applicable health and safety regulation across its UK and US sites. Additional risks specific to the viral vector / gene therapy CDMO sector The following are not currently in the report. They reflect risks typical of, and currently prominent in, the sector (see sources below) — please review each for factual accuracy against the Group's actual position before inclusion; none should be added without confirming it reflects the Group's real exposure. • Customer concentration and reliance on externally-funded biotech customers — a significant proportion of Group revenue depends on a relatively small number of customer programmes, many of which are themselves reliant on continued access to venture or public capital to fund development. Sector-wide funding for cell and gene therapy developers has been volatile (falling from an estimated $8.2bn across 122 deals in 2021 to around $1.4bn across 39 rounds in 2024), and delay, slow-down or discontinuation of a customer programme could reduce or delay Group revenue. Mitigated by diversifying the customer base and, following the ABL addition, broadening into government-sector contracting work that is less exposed to venture funding cycles. • Regulatory and quality compliance — the Group manufactures under GMP and other regulatory frameworks (including Food & Drug Administration and Medicines and Healthcare products Regulatory Agency requirements across German and US sites). Failure to maintain licences, quality systems or regulatory standing could result in enforcement action, loss of licence, or reputational harm, and could affect the Group's ability to manufacture for customers. Mitigated through investment in quality management systems and experienced quality/regulatory affairs personnel. • Funding, liquidity and capital intensity — the sector requires significant up-front investment in facilities, equipment and technology platforms ahead of revenue scaling to match. The Group has incurred losses in each of the last two years while investing in capacity and remains dependent on access to further capital — through revenue growth, equity fundraising or other financing — to fund its investment programme. Monitored via the financial KPIs below. As the Company acts to support product development customers sitting within various therapeutics companies with early-stage process development, clinical or commerical manufacturing and analytical support, the Group exposes itself to potential non-financial risks should issues in manufacturing or lack of efficancy or safety from a customers active pharmaceutical ingredient (API) be identified. Although such developmental risks are in
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ASCEND ADVANCED THERAPIES LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
majority borne by customers (ie. product developers), such occurrences may have an adverse impact on booking available follow-on services and ensuring revenue targets are met. The Group ensures such risks are mitigated through highly trained internal teams with significant expertise in gene therapy manufacturing. In addition, the Group continued to develop its expertise in a scalable and flexible Adeno-associated virus (AAV) platform to minimise risk to new customer projects.
The Directors consider revenue, net assets, and cash to be the Company's financial KPIs for monitoring the growth of the business. The turnover for the Group in 2024 is £11,538,057 (2023: £1.630.270). The Group's net assets as at 31 December 2024 is £45,775,684 (2023: £38,818,885). The Group's cash balance as at 31 December 2024 is £39,350,217 (2023: 23,256,905). The Directors consider these financial KPIs are important for an early-staged company such as ensuring appropriate cash and liquidity management.
• Revenue: £11,538,057 (2023: £1,630,270) — an increase of £9,907,787, or approximately 608% (7.1x) year-on-year. • Net assets: £45,775,684 (2023: £38,818,885) — an increase of £6,956,799, or approximately 17.9%. • Cash: £39,350,217 (2023: £23,256,905) — an increase of £16,093,312, or approximately 69.2%. • Loss for the year: £26,246,299 (2023: £29,102,611) — a reduction of £2,856,312, or approximately 9.8%, notwithstanding the substantial increase in headcount and investment in the year. • Loss as a multiple of revenue improved from approximately 17.9x in 2023 to approximately 2.3x in 2024, reflecting revenue growth outpacing the growth in costs.
The Directors believe that analysing the Company using broad or non-financial indicators is not suitable for understanding Ascend Advaced Therapies Limited's growth, performace, or its current status as an early-stage business development company. They plan to establish further KPI's as the company evolves into a mature life science manufacturer.
This report was approved by the board and signed on its behalf.
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ASCEND ADVANCED THERAPIES LIMITED
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.
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 judgments 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.
The loss for the year, after taxation, amounted to £26,246,299 (2023 - loss £29,102,611).
No dividends were proposed or paid during the year or subsequently to the date of approval of these financial statements.
The directors who served during the year were:
Post year end, Fredrik Thorell was appointed as a Director on the 20 January 2026.
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ASCEND ADVANCED THERAPIES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Ascend Advanced Therapies carried out research and development related to process optimisation and next generation analytics of Adeno-associated Virus (AAV) manufacturing of next generation technologies. Such initiatives include continued innovation on our proprietary split plasmid technology and leading analytical toolkit. This is in addition to other early pipeline initiatives such as the creation of super-produce cell lines, yield boosting small molecules and genetic modulators to drive increases in AAV yield and quality attributes.
The Group's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The Group does not use derivative financial instruments for speculative purposes.
Cash flow risk Interest bearing assets are held at fixed rates to ensure certainty of cash flows. Currency risk The Group's exposure to the risk of changes in foreign exchange rates is related to foreign currency balances held by and the operating activities of the Group's subsidiaries. The Group minimises foreign currency risk by maintaining cash and cash equivalents of each currency at levels sufficient to meet foreseeable expenditure, to the extent practical. Credit risk The Group's principal financial assets are bank and cash balances, trade and other debtors, and investments. The Group's credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverbility of the cash flows. The credit risk on liquid funds is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies. The Group has no significant concentration of credit risk, with exposure spread over a large number of countparties and customers. Liquidity risk The Group's exposure to liquidity risk arises from its ongoing operational expenditure which is required to perform its principal activity. The Group monitors the risk of shortage of funds by assessing expected cash flows, which are used to generate forecast levels of cash and cash equivalents. The Group's objective is to mantain a balance between continuity of funding and flexibility through the use of capital increases or other sources of financing to ensure it continues to have sufficient liquidity.
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ASCEND ADVANCED THERAPIES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The auditor, Nortons Assurance Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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ASCEND ADVANCED THERAPIES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ASCEND ADVANCED THERAPIES LIMITED
As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the inventory quantities of £1,239,901 held at 31 December 2024. We have concluded that where other information refers to the inventory balance of related balances such as cost of sales, it may be materially misstated for the same reason. have audited the financial statements of Ascend Advanced Therapies 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 were not appointed as auditor of the company until after 31 December 2024 and thus did not observe the counting of physical inventories at the end of the year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 December 2024, which are included in the balance sheet at £1,239,901, by using other audit procedures.
Consequently we were unable to determine whether any adjustment to this amount was necessary.
As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the inventory quantities of £1,239,901 held at 31 December 2024. We have concluded that where other information refers to the inventory balance of related balances such as cost of sales, it may be materially misstated for the same reason. 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 Auditor's 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 qualified opinion.
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ASCEND ADVANCED THERAPIES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ASCEND ADVANCED THERAPIES LIMITED (CONTINUED)
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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's 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.
As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the inventory quantities of £1,239,901 held at 31 December 2024. We have concluded that where other information refers to the inventory balance of related balances such as cost of sales, it may be materially misstated for the same reason.
In our opinion, based on the work undertaken in the course of the audit:
∙Except for the possible effects of the matter described in the basis for qualified opinion section of our report;
∙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.
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ASCEND ADVANCED THERAPIES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ASCEND ADVANCED THERAPIES LIMITED (CONTINUED)
Except for the matter described in the basis for qualified opinion section of our report, 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 Directors' Report.
Arising solely from the limitation on the scope of our word relating to inventory, referred to above:
∙we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and
∙we are unable to determine whether adequate accounting records have been kept.
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ASCEND ADVANCED THERAPIES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ASCEND ADVANCED THERAPIES 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 Auditor's 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. As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the inventory quantities of £1,239,901 held at 31 December 2024. We have concluded that where other information refers to the inventory balance of related balances such as cost of sales, it may be materially misstated for the same reason. 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:
The objectives of our audit, in respect to fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. Our approach was as follows: We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework including the Companies Act 2006 and the relevant tax compliance regulations in the UK. We understood how the Company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur by discussing with management where it considered there was a susceptibility to fraud. We considered the controls that the Company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included testing manual journals and were designed to provide reasonable assurance that the financial statements were free from fraud and error. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations identified in the paragraphs above. Our procedures involved journal entry testing, with a focus on journals indicating large or unusual transactions based on our understanding of the business, enquiries of Company management and focused testing. In addition, we completed procedures to conclude on the compliance of the disclosures in the Annual Report and Accounts with the requirements of the relevant accounting standards and UK legislation.
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 Auditor's Report.
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ASCEND ADVANCED THERAPIES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ASCEND ADVANCED THERAPIES LIMITED (CONTINUED)
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 Auditor's 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
Statutory Auditor
Second Floor
NOW Building
Thames Valley Park
Berkshire
RG6 1RB
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ASCEND ADVANCED THERAPIES LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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ASCEND ADVANCED THERAPIES LIMITED
REGISTERED NUMBER: 13471083
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024
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ASCEND ADVANCED THERAPIES LIMITED
REGISTERED NUMBER: 13471083
CONSOLIDATED BALANCE SHEET (CONTINUED)
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 22 to 48 form part of these financial statements.
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ASCEND ADVANCED THERAPIES LIMITED
REGISTERED NUMBER: 13471083
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
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ASCEND ADVANCED THERAPIES LIMITED
REGISTERED NUMBER: 13471083
COMPANY BALANCE SHEET (CONTINUED)
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 22 to 48 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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