Bachem (U.K.) Limited - Limited company accounts 23.2

REGISTERED NUMBER: 02006400 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

BACHEM (U.K.) LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Statement of Profit or Loss and Other Comprehensive Income

6

Statement of Financial Position

7

Statement of Changes in Equity

8

Statement of Cash Flows

9

Notes to the Statement of Cash Flows

10

Notes to the Financial Statements

11

DIRECTORS:

Mr T Meier

Mr A Schaffter

Dr I Pritchard

REGISTERED OFFICE:

1 Delph Court

Sullivans Way

St Helens

Merseyside

WA9 5GL

REGISTERED NUMBER:

02006400 (England and Wales)

AUDITORS:

Livesey Spottiswood Ltd

Chartered Accountants and

Statutory Auditors

17 George Street

St Helens

Merseyside

WA10 1DB

BANKERS:

Barclays Bank Plc

19 Church Street

St.Helens

Merseyside

WA10 1BG

The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS

The Bachem Group is a leading, innovation-driven organisation specialising in the development and manufacture of peptides and oligonucleotides. The group, which has over 50 years of experience and expertise, provides products for research, clinical development, and commercial application to pharmaceutical and biotechnology companies worldwide and offers a comprehensive range of services. The Bachem Group operates internationally with headquarters in Switzerland and locations in Europe, the US and Asia. The group is listed on the SIX Swiss Exchange.

Within the Bachem group, Bachem (UK) Ltd is the Centre of Excellence for Custom Synthesis and is ISO 13485 certified to manufacture peptides as critical raw materials for the medical device sector. We assist our partners at every stage of product development: from early-stage R&D through to commercialization. Together with our clients, we define the project requirements and establish a robust manufacturing process for future commercial supply.

The results for the year and the financial position of the company are included in the annexed financial statement.

A slight decrease in sales revenue of 2.1% was observed from the previous year, primarily driven by the postponement of projects supporting NCE manufacturing campaigns at other sites. In-vitro diagnostics (IVD) continue to represent a significant percentage of the overall sales and were the primary contributor to profitability.

The operating result (EBIT) was 19.1%, slightly above the previous year (18.3%) and significantly above the budget expectations (10%). Budget expectations for EBIT were reduced from the previous year due to increased costs for energy and higher staff and raw material costs.

In July a change of Site Manager took place in advance of the planned retirement at the end of 2023 of Dr Julie Marley. This allowed for a successful six-month transition period that had no negative impact on business activities.

Employee engagement with innovation, digital transformation and lean manufacturing principles remained high in 2023 and is considered key for the future development of the company.

The site successfully completed an ISO 13485 recertification audit in November 2023 and the certification runs until February 2027. An ISO 13485 compliant QMS is a key part of our continued commitment to quality for peptide diagnostic projects and supports further growth in the IVD sector.

Given the recovery and further growth in the Research Chemical business sector post-pandemic, and with the potential for early-stage R&D or pre-commercial IVD peptide sets to transition to commercial status in the future, the directors are satisfied that the results are within expectations and reflect the current market for research peptides. Investments into equipment and infrastructure will ensure that the company remains in a strong, competitive position within the marketplace in the future.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors consider the principal risks and uncertainties for the business relate to competition in the research peptides and diagnostics sector in Europe and the US and increasing costs for staff, raw materials, and energy.

The risks associated with competitors is somewhat offset by the ISO 13485 certification which differentiates Bachem (UK) Ltd from many suppliers, who are compliant with the standard but not fully certified and supports our customers with increasing regulatory requirements as a trusted and reliable partner.

ON BEHALF OF THE BOARD:

Dr I Pritchard - Director

13 May 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2023.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

Mr T Meier

Mr A Schaffter

Other changes in directors holding office are as follows:

Dr J Marley - resigned 1 November 2023

Dr I Pritchard - appointed 19 October 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing 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 Swiss GAAP FER, IFRIC interpretations and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. 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 of the profit or loss of the company 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 that the financial statements comply with Swiss GAAP FER;

- 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company'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 company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

Mr T Meier - Director

13 May 2024

Opinion

We have audited the financial statements of Bachem (U.K.) Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Profit or Loss and Other Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and Notes to the 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 International Financial Reporting Standards (IFRSs) as adopted by the UK.

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;

-	have been properly prepared in accordance with IFRSs as adopted by the UK; 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 the provisions available for small entities, in the circumstances set out in note 20 to the financial statements, 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 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 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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or

-	the 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 three, 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 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 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.

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

- Discussions with management and those involved in the financial reporting process including consideration of known or suspected instances of non-compliance with laws and regulations central to the company's ability to operate, and fraud;

- Evaluation and testing of the operating effectiveness of management's controls designed to prevent and detect irregularities;

- Challenging assumptions made by management in their significant accounting estimates, in particular in relation to the valuation of work in progress; and

- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or of significant monetary amounts.

There are inherent limitations in the audit procedures described above. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through 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.

Mr Andrew McMinnis ACA FCCA (Senior Statutory Auditor)

for and on behalf of Livesey Spottiswood Ltd

Chartered Accountants and

Statutory Auditors

17 George Street

St Helens

Merseyside

WA10 1DB

15 May 2024

CONTINUING OPERATIONS

Revenue

4,997,988

5,105,123

Cost of sales

(2,066,828

)

(2,316,983

)

GROSS PROFIT

2,931,160

2,788,140

Distribution costs

(6,224

)

(9,185

)

Administrative expenses

(1,971,003

)

(1,845,197

)

OPERATING PROFIT

953,933

933,758

Finance costs

4

(931

)

-

Finance income

4

6

210

PROFIT BEFORE INCOME TAX

5

953,008

933,968

Income tax

6

(246,753

)

(303,529

)

PROFIT FOR THE YEAR

706,255

630,439

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

706,255

630,439

ASSETS

NON-CURRENT ASSETS

Property, plant and equipment

8

5,134,124

4,423,933

CURRENT ASSETS

Inventories

9

2,420,083

1,644,862

Trade and other receivables

10

416,349

1,051,376

Cash and cash equivalents

11

1,596,123

1,623,372

4,432,555

4,319,610

TOTAL ASSETS

9,566,679

8,743,543

EQUITY

SHAREHOLDERS' EQUITY

Called up share capital

12

2,500

2,500

Share premium

13

380,409

380,409

Retained earnings

13

7,843,193

7,136,938

TOTAL EQUITY

8,226,102

7,519,847

LIABILITIES

NON-CURRENT LIABILITIES

Deferred tax

15

838,286

640,615

CURRENT LIABILITIES

Trade and other payables

14

495,207

502,865

Tax payable

7,084

80,216

502,291

583,081

TOTAL LIABILITIES

1,340,577

1,223,696

TOTAL EQUITY AND LIABILITIES

9,566,679

8,743,543

The financial statements were approved by the Board of Directors and authorised for issue on 13 May 2024 and were signed on its behalf by:

Mr T Meier - Director

Dr I Pritchard - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 January 2022

2,500

6,506,499

380,409

6,889,408

Changes in equity

Total comprehensive income

-

630,439

-

630,439

Balance at 31 December 2022

2,500

7,136,938

380,409

7,519,847

Changes in equity

Total comprehensive income

-

706,255

-

706,255

Balance at 31 December 2023

2,500

7,843,193

380,409

8,226,102

Cash flows from operating activities

Cash generated from operations

1

1,272,872

682,502

Interest paid

(931

)

-

Tax paid

(122,214

)

(110,318

)

Net cash from operating activities

1,149,727

572,184

Cash flows from investing activities

Purchase of tangible fixed assets

(1,176,982

)

(444,722

)

Interest received

6

210

Net cash from investing activities

(1,176,976

)

(444,512

)

(Decrease)/increase in cash and cash equivalents

(27,249

)

127,672

Cash and cash equivalents at beginning of year

2

1,623,372

1,495,700

Cash and cash equivalents at end of year

2

1,596,123

1,623,372

1.	RECONCILIATION OF PROFIT BEFORE INCOME TAX TO CASH GENERATED FROM OPERATIONS

2023

2022

£

£

Profit before income tax

953,008

933,968

Depreciation charges

461,928

379,428

Loss on disposal of fixed assets

4,864

28,388

Finance costs

931

-

Finance income

(6

)

(210

)

1,420,725

1,341,574

Increase in inventories

(775,221

)

(291,143

)

Decrease/(increase) in trade and other receivables

635,027

(384,114

)

(Decrease)/increase in trade and other payables

(7,659

)

16,185

Cash generated from operations

1,272,872

682,502

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2023

31/12/23

1/1/23

£

£

Cash and cash equivalents

1,596,123

1,623,372

Year ended 31 December 2022

31/12/22

1/1/22

£

£

Cash and cash equivalents

1,623,372

1,495,700

1.	STATUTORY INFORMATION

Bachem (U.K.) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparation

These financial statements have been prepared in accordance with Swiss GAAP FER and IFRIC interpretations and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies as set out below, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

Valuation of finished goods

Given the highly complex and bespoke nature of the products manufactured by the company it is not possible to accurately value finished goods on an individual basis. Management therefore value finished goods at a percentage of selling price which incorporates both directly attributable costs together with an appropriate level of overhead. See note 9 for the carrying amount of finished goods.

Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is not recognised until the significant risks and rewards of ownership of the goods have passed to the buyer and the amount of revenue can be measured reliably.

Cash and cash equivalents

Cash represents cash in hand and deposits held on demand with financial institutions. Cash equivalents are short-term, highly-liquid investments with original maturities of three months or less (as at their date of acquisition). Cash equivalents are readily convertible to known amounts of cash and subject to an insignificant risk of change in that cash value.

In the presentation of the Statement of Cash Flows, cash and cash equivalents also include bank overdrafts. Any such overdrafts are shown within borrowings under ‘current liabilities’ on the Statement of Financial Position.

Property, plant and equipment

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

- 20 - 40 years straight line

Fixtures, fittings and equipment

- 10 - 20 years straight line

Computer equipment

- 3 - 5 years straight line

Inventories

Inventories and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Employee benefit costs

When employees have rendered services to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

3.	EMPLOYEES AND DIRECTORS

2023

2022

£

£

Wages and salaries

1,617,146

1,438,712

Social security costs

150,508

130,581

Other pension costs

208,227

168,574

1,975,881

1,737,867

The average number of employees during the year was as follows:

2023

2022

Production

44

42

Administration

6

6

50

48

2023

2022

£

£

Directors' remuneration

43,191

58,676

Directors' pension contributions to money purchase schemes

52,735

43,257

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

1

1

4.	NET FINANCE COSTS

2023

2022

£

£

Finance income:

Deposit account interest

6

210

Finance costs:

Other interest

931

-

Net finance costs

925

(210

)

5.	PROFIT BEFORE INCOME TAX

The profit before income tax is stated after charging/(crediting):

2023

2022

£

£

Cost of inventories recognised as expense

2,066,828

2,316,983

Depreciation - owned assets

461,928

379,427

Loss on disposal of fixed assets

4,864

28,388

Foreign exchange differences

44,788

(26,464

)

Auditors' remuneration - audit fee

10,025

10,200

Operating lease payments in respect of low-value assets

5,647

5,997

6.	INCOME TAX

Analysis of tax expense

2023

2022

£

£

Current tax:

Tax

49,082

141,214

Deferred tax

197,671

162,315

Total tax expense in statement of profit or loss and other comprehensive income

246,753

303,529

Factors affecting the tax expense

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023

2022

£

£

Profit before income tax

953,008

933,968

Profit multiplied by the standard rate of corporation tax in the UK of 23.500% (2022 - 19%)

223,957

177,454

Effects of:

Capital allowances in excess of depreciation

(174,911

)

(36,269

)

Movement in deferred tax - Accelerated capital allowances

147,374

162,315

Movement in deferred tax - Changes in tax rates

50,297

-

Expenditure not deductible for tax

36

29

Tax expense

246,753

303,529

7.	LEASING AGREEMENTS

Minimum lease payments in respect of low-value assets under non-cancellable operating leases fall due as follows;

2023

2022

£

£

Due within one year

498

2,857

Between one and five

7,830

4,495

8,328

7,352

8.	PROPERTY, PLANT AND EQUIPMENT

Fixtures,

fittings

Freehold

and

Computer

property

equipment

equipment

Totals

£

£

£

£

COST

At 1 January 2023

2,836,991

4,613,735

95,376

7,546,102

Additions

44,004

1,034,370

98,608

1,176,982

Disposals

-

(234,450

)

-

(234,450

)

At 31 December 2023

2,880,995

5,413,655

193,984

8,488,634

DEPRECIATION

At 1 January 2023

833,217

2,227,936

61,016

3,122,169

Charge for year

76,325

361,121

24,482

461,928

Eliminated on disposal

-

(229,587

)

-

(229,587

)

At 31 December 2023

909,542

2,359,470

85,498

3,354,510

NET BOOK VALUE

At 31 December 2023

1,971,453

3,054,185

108,486

5,134,124

At 31 December 2022

2,003,774

2,385,799

34,360

4,423,933

9.	INVENTORIES

2023

2022

£

£

Raw materials

295,026

326,893

Work-in-progress

177,581

144,739

Finished goods

1,947,476

1,173,230

2,420,083

1,644,862

10.	TRADE AND OTHER RECEIVABLES

2023

2022

£

£

Current:

Amounts owed by group undertakings

276,705

823,055

Other debtors

95,673

112,780

Prepayments and accrued income

43,971

115,541

416,349

1,051,376

11.	CASH AND CASH EQUIVALENTS

2023

2022

£

£

Cash in hand

184

184

Bank accounts

1,595,939

1,623,188

1,596,123

1,623,372

12.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2023

2022

value:

£

£

2,500

Ordinary

£1

2,500

2,500

13.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 January 2023

7,136,938

380,409

7,517,347

Profit for the year

706,255

-

706,255

At 31 December 2023

7,843,193

380,409

8,223,602

14.	TRADE AND OTHER PAYABLES

2023

2022

£

£

Current:

Trade creditors

202,534

186,862

Social security and other

taxes

35,218

33,300

Amounts due to group undertakings

52,553

103,864

Accrued expenses

204,902

178,839

495,207

502,865