REGISTERED NUMBER: SC076552 (Scotland)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

FOR

CALEDONIAN HERITABLE LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

7

Consolidated Statement of Comprehensive Income

10

Consolidated Statement of Financial Position

12

Company Statement of Financial Position

14

Consolidated Statement of Changes in Equity

15

Company Statement of Changes in Equity

16

Consolidated Statement of Cash Flows

17

Notes to the Consolidated Statement of Cash Flows

18

Notes to the Consolidated Financial Statements

19

DIRECTORS:

R G Arnott

K M Doyle

J M Glen

G I Russell

T A K Younger

REGISTERED OFFICE:

46 Charlotte Square

Edinburgh

EH2 4HQ

REGISTERED NUMBER:

SC076552 (Scotland)

AUDITORS:

S&W Audit

Statutory Auditor

Chartered Accountants

Q Court

3 Quality Street

Edinburgh

EH4 5BP

The directors present their strategic report of the company and the group for the year ended 31 October 2025.

BUSINESS REVIEW

Revenue from continuing operations, including the group's share of joint ventures, has increased from £62.7m in the prior year to £63.6m in the current year.

Margins in relation to the continuing operations have increased from 40% in the prior year to 41.4% in the current year. Operating profit from continuing operations has decreased by £1m on the prior year.

The profit on joint ventures is consistent with the prior year.

Overall, profit before tax has reduced from £12.8m in the prior year to £10.7m in the current year. The directors are satisfied with the profit level for the year.

PRINCIPAL RISKS AND UNCERTAINTIES

The group does not actively use financial instruments as part of its financial risk management. It is exposed to the usual credit risk and cash flow associated with selling on credit and manages this through credit control procedures. The group is also exposed to interest rate risk on the cost of its borrowing.

SECTION 172(1) STATEMENT

The Directors understand the importance of engaging with stakeholders - employees, customers, suppliers and the community and environment at large - and regularly discuss and address any issues of concern. It is acknowledged that a clear inter-dependency exists between the success of the Group and the success of its stakeholders.

Employees

Our employees are fundamental to the success of our business and in addition to our responsible approach to pay and benefits. We continually engage with our team to ascertain and make available training and development opportunities to improve performance.

Customers

We continue to work closely with all our customers to and aim to ensure that service levels meet expectation, whilst commercial terms remain fair and transparent.

Suppliers

We aim to develop and enter strong stable working relationships with our suppliers. We aim to be fair and transparent in our negotiations and build a co-operation based on mutual trust and long-term commitment.

Environment and the community

The group recognises its responsibility to carry out its operations, avoiding any adverse environmental impact and in compliance with all applicable environmental legislation, whilst preventing pollution, reducing and recycling waste where possible. The Group encourages diversity and inclusion of employees from all backgrounds.

Governance and regulation

The directors behave responsibly to ensure that the management team operates the business in an appropriate manner, with high standards of business conduct and good governance as expected of a business our nature and size and in full alignment with rules and regulations. In doing so we believe we will achieve our long-term business strategy and further develop our reputation in our sector.

Members

The directors have a close working relationship with managers and key personnel throughout our group. They treat them fairly, equally and with respect and ensure they benefit as the group achieves its long-term business strategy.

The directors provide information relevant to those members which will include regular management accounts and key metric indicators relevant to their position in the group.

GOING CONCERN

The group made a profit of £8,191,115 (2024 - £10,141,638) in the current year and has net assets of £138,467,989 (2024 - £130,276,874).

As there is a reasonable expectation that the company and the group has adequate resources to continue in operational existence for the foreseeable future and meet all obligations and covenants, the directors have concluded this does not represent a material uncertainty with regard to going concern.

Thus, the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.

FINANCIAL KEY PERFORMANCE INDICATORS

The key financial and operational performance indicators monitored by management, on both an individual unit by unit basis and on a divisional basis, include weekly revenue levels, gross profit margins and wage costs as a percentage of turnover.

ON BEHALF OF THE BOARD:

G I Russell - Director

30 July 2026

The directors present their report with the financial statements of the company and the group for the year ended 31 October 2025.

PRINCIPAL ACTIVITY

The principal activity of the group and company is that of operating public houses, golf courses and diesel particulate filter systems.

DIVIDENDS

No dividend payments were made during the year. The directors do not recommend payment of a final dividend.

FUTURE DEVELOPMENTS

The group is well placed to take advantage of any opportunities that it identifies. The directors are satisfied that the group will remain profitable and in a strong financial position. The directors will continue to monitor costs closely and to take remedial action where necessary.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 November 2024 to the date of this report.

R G Arnott

K M Doyle

J M Glen

G I Russell

Other changes in directors holding office are as follows:

M Owens - resigned 10 March 2025

T A K Younger - appointed 4 March 2025

EMPLOYMENT POLICY

The group considers employee engagement to be central to its success, promoting an entrepreneurial approach at all levels, encouraging career development. The group is an equal opportunities employer. It is committed to providing equal opportunities throughout employment including the recruitment, training and promotion of workers, and to eliminate discrimination in the workplace whether on grounds of age, gender, marital status or sexual orientation, race, national or ethnic origin, religious orientation or beliefs or disability. All job applicants and workers are treated equally and the group is willing to make reasonable adjustments where appropriate for disabled applicants and workers.

EMPLOYEE INVOLVEMENT

The group provides an open basis of communication which provides employees systematically with information on matters of concern to them as employees, consults employees or their representatives on a regular basis so that the views of employees can be taken into account in making decisions which are likely to affect their interests, encourages the involvement of employees in the group's performance, and achieves a common awareness on the part of all employees of the financial and economic factors affecting the performance of the group.

STREAMLINED ENERGY AND CARBON REPORTING

The Group performs a full analysis of its consumption of UK energy use on a three year cycle with 2025 being the sixth year this was analysed.

The total Kwh consumption across company properties is 6,215,379 (2024 - 6,521,142). This is split between electricity 2,957,629 (2024 - 3,067,450) and gas 3,257,750 (2024 - 3,453,692).

This equates to 1,100.12 (2024 - 1,350.26) tonnes of carbon dioxide equivalent (CO2e) emissions.

The Group is aware of its obligations as an industrial user and emitter of CO2 greenhouse gases to reduce consumption and protect the environment. All new processes initiated and fixed assets purchased are introduced with energy consumption in mind.

In addition it is understood that operational efficiencies not only reduce power consumption but reduce associated costs.

All existing processes, equipment and infrastructure are under constant review to seek opportunity for more efficient alternatives.

The methodology used by the group to calculate UK energy CO2 emission was taken from UK government GHG Conversion Factors for Company Reporting advisory.

The intensity ratio currently in use by the group is CO2 emissions in relation to turnover equating to 20.71g of CO2 per £1,000 of turnover.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are 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 directors are 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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are 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 each director 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.

ON BEHALF OF THE BOARD:

G I Russell - Director

30 July 2026

Opinion

We have audited the financial statements of Caledonian Heritable Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 October 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 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 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, 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 Directors 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 Directors 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 Directors.

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 directors' remuneration specified by law are not made; or

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the group or the parent company or to cease operations, or have 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:

- The engagement partner 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 Company/Group through discussions with directors and other management, and from our commercial knowledge;

- 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 Company/Group, including the Companies Act 2006, taxation legislation, employment and data protection;

- We assessed the extent of compliance with the laws and regulations identified above through making enquires of management and inspecting legal correspondence;

- 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 assess the susceptibility of material misstatement within the Company/Group's financial statements, 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;

- 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 judgement and assumptions made in determining accounting estimates were indicative of potential bias; and

- Investigated the rationale behind any 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;

- Reading the minutes of meetings of those charged with governance;

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

- Reviewing correspondence.

Whilst our audit did not identify any significant matters relating to the detection of irregularities including fraud, and despite the audit being planned and conducted in accordance with ISAs (UK), there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularity would likely involve collusion, forgery, intentional misrepresentations, or the override of internal controls.

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.

Craig Hunter (Senior Statutory Auditor)

for and on behalf of S&W Audit

Statutory Auditor

Chartered Accountants

Q Court

3 Quality Street

Edinburgh

EH4 5BP

30 July 2026

TURNOVER

4

63,551,624

62,677,655

Cost of sales

(37,270,754

)

(37,624,485

)

GROSS PROFIT

26,280,870

25,053,170

Administrative expenses

(16,796,962

)

(15,301,666

)

9,483,908

9,751,504

Other operating income

5

224,091

234,645

Gain/loss on revaluation of investment property

144,681

874,942

OPERATING PROFIT

8

9,852,680

10,861,091

Income from other participating interests

569,727

559,835

Income from fixed asset investments

80,000

80,000

Interest receivable and similar income

10

1,670,556

2,001,126

12,172,963

13,502,052

Amounts written off

investments

(1,066,208

)

(370,706

)

11,106,755

13,131,346

Interest payable and similar expenses

11

(369,292

)

(352,476

)

PROFIT BEFORE TAXATION

10,737,463

12,778,870

Tax on profit

12

(2,546,348

)

(2,637,232

)

PROFIT FOR THE FINANCIAL YEAR

8,191,115

10,141,638

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

8,191,115

10,141,638

Profit attributable to:

Owners of the parent

8,165,981

10,114,702

Non-controlling interests

25,134

26,936

8,191,115

10,141,638

Total comprehensive income attributable to:

Owners of the parent

8,165,981

10,114,702

Non-controlling interests

25,134

26,936

8,191,115

10,141,638

FIXED ASSETS

Intangible assets

14

284,430

394,313

Tangible assets

15

85,869,815

83,947,626

Investments

16

Interest in joint venture

Share of gross assets

5,682,775

5,462,608

5,682,775

5,462,608

Other investments

2,792,803

4,585,101

Investment property

17

17,928,962

16,497,878

112,558,785

110,887,526

CURRENT ASSETS

Stocks

18

13,009,805

8,722,899

Debtors: amounts falling due within one year

19

42,591,838

33,052,914

Cash at bank

20

6,966,464

14,122,166

62,568,107

55,897,979

CREDITORS

Amounts falling due within one year

21

(18,739,841

)

(18,575,201

)

NET CURRENT ASSETS

43,828,266

37,322,778

TOTAL ASSETS LESS CURRENT LIABILITIES

156,387,051

148,210,304

CREDITORS

Amounts falling due after more than one year

22

(15,303,000

)

(15,324,125

)

PROVISIONS FOR LIABILITIES

25

(2,616,062

)

(2,609,305

)

NET ASSETS

138,467,989

130,276,874

CAPITAL AND RESERVES

Called up share capital

26

2,000,100

2,000,100

Share premium

27

12,580

12,580

Revaluation reserve

27

9,967,423

9,978,640

Capital redemption reserve

27

1,267,654

1,267,654

Retained earnings

27

125,098,921

116,921,723

SHAREHOLDERS' FUNDS

138,346,678

130,180,697

NON-CONTROLLING INTERESTS

121,311

96,177

TOTAL EQUITY

138,467,989

130,276,874

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2026 and were signed on its behalf by:

G I Russell - Director

FIXED ASSETS

Intangible assets

14

217,928

261,303

Tangible assets

15

84,596,786

82,715,311

Investments

16

7,271,614

9,063,912

Investment property

17

13,124,680

13,338,999

105,211,008

105,379,525

CURRENT ASSETS

Stocks

18

1,404,709

7,068,803

Debtors: amounts falling due within one year

19

57,582,560

37,519,712

Cash at bank

20

2,677,230

6,673,359

61,664,499

51,261,874

CREDITORS

Amounts falling due within one year

21

(36,528,913

)

(32,633,222

)

NET CURRENT ASSETS

25,135,586

18,628,652

TOTAL ASSETS LESS CURRENT LIABILITIES

130,346,594

124,008,177

PROVISIONS FOR LIABILITIES

25

(2,314,016

)

(2,335,556

)

NET ASSETS

128,032,578

121,672,621

CAPITAL AND RESERVES

Called up share capital

26

2,000,100

2,000,100

Share premium

27

12,580

12,580

Revaluation reserve

27

9,705,912

9,717,129

Retained earnings

27

116,313,986

109,942,812

SHAREHOLDERS' FUNDS

128,032,578

121,672,621

Company's profit for the financial year

6,359,957

7,947,067

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2026 and were signed on its behalf by:

G I Russell - Director

Called up

share

Retained

Share

Revaluation

capital

earnings

premium

reserve

£

£

£

£

Balance at 1 November 2023

2,000,100

106,837,533

12,580

9,948,128

Changes in equity

Freehold property

depreciation transfer

-

17,000

-

(17,000

)

Transfer between reserves

-

850,000

-

(850,000

)

Revaluation

-

(848,001

)

-

848,001

Deferred tax on revaluation

-

212,000

-

(212,000

)

Total comprehensive income

-

9,853,191

-

261,511

Balance at 31 October 2024

2,000,100

116,921,723

12,580

9,978,640

Changes in equity

Transfer between reserves

-

119,728

-

(119,728

)

Revaluation

-

(144,681

)

-

144,681

Deferred tax on revaluation

-

36,170

-

(36,170

)

Total comprehensive income

-

8,165,981

-

-

Balance at 31 October 2025

2,000,100

125,098,921

12,580

9,967,423

Capital

redemption

Non-controlling

Total

reserve

Total

interests

equity

£

£

£

£

Balance at 1 November 2023

1,267,654

120,065,995

214,684

120,280,679

Changes in equity

Total comprehensive income

-

10,114,702

26,936

10,141,638

Release on disposal of

subsidiary

-

-

(145,443

)

(145,443

)

Balance at 31 October 2024

1,267,654

130,180,697

96,177

130,276,874

Changes in equity

Total comprehensive income

-

8,165,981

25,134

8,191,115

Balance at 31 October 2025

1,267,654

138,346,678

121,311

138,467,989

Called up

share

Retained

Share

Revaluation

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 November 2023

2,000,100

101,764,746

12,580

9,948,128

113,725,554

Changes in equity

Profit for the year

-

7,947,067

-

-

7,947,067

Total comprehensive income

-

7,947,067

-

-

7,947,067

Freehold property

depreciation transfer

-

17,000

-

(17,000

)

-

Transfer between reserves

-

850,000

-

(850,000

)

-

Revaluation

-

(848,001

)

-

848,001

-

Deferred tax on revaluation

-

212,000

-

(212,000

)

-

Balance at 31 October 2024

2,000,100

109,942,812

12,580

9,717,129

121,672,621

Changes in equity

Profit for the year

-

6,359,957

-

-

6,359,957

Total comprehensive income

-

6,359,957

-

-

6,359,957

Transfer between reserves

-

119,728

-

(119,728

)

-

Revaluation

-

(144,681

)

-

144,681

-

Deferred tax on revaluation

-

36,170

-

(36,170

)

-

Balance at 31 October 2025

2,000,100

116,313,986

12,580

9,705,912

128,032,578

Cash flows from operating activities

Cash generated from operations

1

(1,481,329

)

(3,103,565

)

Interest paid

(369,292

)

(352,476

)

Amortisation of intangible fixed assets

85,508

82,008

Tax paid

(2,668,064

)

(3,189,801

)

Net cash from operating activities

(4,433,177

)

(6,563,834

)

Cash flows from investing activities

Purchase of intangible fixed assets

-

(80,000

)

Purchase of tangible fixed assets

(4,731,483

)

(7,568,732

)

Purchase of fixed asset investments

(281,417

)

(901,026

)

Purchase of investment property

(1,607,243

)

(1,340,174

)

Sale of intangible fixed assets

24,375

-

Sale of tangible fixed assets

2,274,840

2,658,493

Sale of investment property

359,000

353,148

Interest received

1,670,556

2,001,126

Net cash from investing activities

(2,291,372

)

(4,877,165

)

Cash flows from financing activities

Capital repayments in year

(40,736

)

-

Interest paid

(369,292

)

(474,386

)

Issue of new debenture loans

(21,125

)

(42,250

)

Net cash from financing activities

(431,153

)

(516,636

)

Decrease in cash and cash equivalents

(7,155,702

)

(11,957,635

)

Cash and cash equivalents at beginning of year

2

14,122,166

26,079,801

Cash and cash equivalents at end of year

2

6,966,464

14,122,166