REGISTERED COMPANY NUMBER: 02822785 (England and Wales) REGISTERED CHARITY NUMBER: 1029545
THE INDEPENDENT GROUP OF ANALYTICAL PSYCHOLOGISTS
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 AUGUST 2020
Berringers LLP Chartered Accountants Lygon House 50 London Road Bromley Kent BR1 3RA
THE INDEPENDENT GROUP OF ANALYTICAL PSYCHOLOGISTS
CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31 August 2020
| Page | |||
|---|---|---|---|
| Report of the trustees | 1 | to | 4 |
| Independent examiner's report | 5 | ||
| Statement of financial activities | 6 | ||
| Balance sheet | 7 | to | 8 |
| Notes to the financial statements | 9 | to | 14 |
| Detailed statement of financial activities | 15 | to | 16 |
THE INDEPENDENT GROUP OF ANALYTICAL PSYCHOLOGISTS
REPORT OF THE TRUSTEES for the year ended 31 August 2020
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2020. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Public benefit
The charity is a not for profit entity, that offers a programme of preparation to become a Jungian Analyst and a series of seminars open to the public, referrals for Jungian Analysis and low cost analysis, as explained further in this report under the Objectives and Activities heading.
FINANCIAL REVIEW
Financial review
Total incoming resources for the year amounted to £80,224 (2019: £104,202). The decrease is partly due to a reduction in investment income £24,814 (2019: £32,667), lower lecture fees £19,811 (2019: £23,667) and preparation fees £13,794 (£21,825).
Membership fee revenue has been relatively stable £21,809 (2019: £25,943) however membership has fallen during the year 51 (2019: 63).
Charitable expenditure during the year totalled £79,386 (2019: £93,073). The reduction in expenditure was largely due to the impact of the Covid-19 pandemic, and resulted in the cancellation of the residential weekend, and studies seminars being moved online. Studies seminars will continue to be held online for the foreseeable future, and although not the preferred option has allowed students to continue their studies.
The long-term impact of online studies and the feasibility of returning to face to face learning will be assessed together with government pandemic guidance.
Overall the charity reported a deficit of £(10,644) (2019: surplus of £7,926) this is after unrealised losses of £(8,111) (2019: £(2,146)) on investments. The deficit for the year before unrealised losses on investments was £(2,533) (2019: surplus £10,072).
Principal funding sources
There are three main sources of funding:
-
An annual membership fee paid by all active members of the organisation.
-
The Studies Programme, for which Candidates pay a discounted Studies fee, with members of the public paying the advertised rate.
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A set annual fee from Candidates.
Investment policy
Under the Memorandum and Articles of Association, the charity has the power to make any investment which the trustees see fit. The trustees take professional advice from qualified investment advisors when making investment decisions. All investments are held in a charitable trust fund, with advisors implementing a risk adverse investment strategy.
Reserves policy
The present level of funding is adequate to support the continuation of the objectives of the charitable company.
FUTURE PLANS
The Independent Group of Analytical Psychologists is a democratic organisation, which responds to problems or opportunities as they arise. The aims and aspirations of the Association remain as defined above. Future development will be mainly concentrated on maintaining the Studies Programme and ensuring that all Candidates are offered a rigorous and professional Programme of Preparation.
Page 1
THE INDEPENDENT GROUP OF ANALYTICAL PSYCHOLOGISTS
REPORT OF THE TRUSTEES for the year ended 31 August 2020
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The organisation is a charitable company limited by guarantee, incorporated on 28 May 1993 and registered as a charity on 28 May 1993.The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1.
Recruitment and appointment of new trustees
The directors of the company are also charity trustees for the purposes of charity law and under the company's Articles are known as members of the Management Committee. Under the requirements of the Memorandum and Articles of Association the members of the Management Committee are elected to serve for a period of three years after which they must be re-elected at the next Annual General Meeting.
Organisational structure
The Management Committee or Council consists of three to eight people, some with specific areas of responsibility. Regular meetings are held, at which decisions are made on the operational running of the Company. These decisions must however be ratified by the rest of the organisation at a general meeting, called a Business Meeting. Day to day administration is handled by an employed secretary, employed on a contractual basis.
Objectives and activities
The Independent Group of Analytical Psychologists' Memorandum of Association states that the objects of the Association are:
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to advance public knowledge of the work of C. G. Jung and its development in the field of Analytical Psychology and to provide vocational preparation for suitable persons wishing to become Jungian analysts
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to foster relationships with other local groups at work in the same and related endeavours
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to relieve persons suffering from mental disorders by the provision for such persons of appropriate therapy in accordance with the principles of Jungian therapy.
In furtherance of these aims The Independent Group of Analytical Psychologists organises a Study Programme for those preparing to become Jungian Analysts and for members of the public who are interested in or professionally involved with Jungian psychology.
The Independent Group of Analytical Psychologists also runs a Programme of Preparation for those selected to train as analysts. Those on the Programme continue in personal analysis, attend the study programme, meet regularly with their Review Committee, take examinations and present written work. In the final stages of the Programme they are required to work for a specified minimum number of hours with several clients under supervision.
Induction and training of new trustees
Whenever a new member is voted to become a member of the Management Committee, and if that post has a specific responsibility, he/she works closely with the outgoing member to ensure a smooth handover of responsibilities. Each member of the Management Committee is asked to study the Charity Commission website, in particular the section on Charity Governance.
Achievements and performance
Two Advanced Candidates completed the training and were welcomed as full members of the Association, as was one Associate Member. We also welcomed two new Preliminary Candidates to the training Programme, and two Candidates progressed to Advanced Candidacy. We sadly lost three members during the year, and saw five retirements.
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THE INDEPENDENT GROUP OF ANALYTICAL PSYCHOLOGISTS
REPORT OF THE TRUSTEES for the year ended 31 August 2020
STRUCTURE, GOVERNANCE AND MANAGEMENT
Counselling, Advice and Information
Candidates are required to be in their own personal psychotherapy (analysis) throughout the course of their training.
Enquiries about psychotherapy from the public to the office are referred to a member who will contact the enquirer personally to ascertain their needs and their suitability for working analytically. This being so, one or two names of members will be suggested to them, or, they will be referred to another organisation depending on the particular kind of psychotherapy which they are seeking, or which is considered best in each individual case. An enquirer may, according to their circumstances, be offered low cost psychotherapy, as a training patient, with an Advanced Candidate. All Advanced Candidates with training cases work under supervision with a senior analyst.
Related parties
There are no related parties to this organisation.
Risk management
The Trustees actively review the major risks which the charity faces on a regular basis and believe that maintaining reserves at current levels, combined with an annual review of the controls over key financial systems, will provide sufficient resources in the event of adverse conditions. The trustees have also examined other operational and business risks faced by the charitable company and confirm that they have established systems to mitigate the significant risks.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
02822785 (England and Wales)
Registered Charity number
1029545
Registered office
Lygon House 50 London Road Bromley Kent BR1 3RA
Trustees
Professor J M Bacon Ms J M B David (resigned 19.9.20) Ms T A B A Kuchmy (resigned 21.9.19) Ms F Tevarotto Ahmed (resigned 9.11.19) Ms A O'Driscoll (resigned 21.9.19) Mrs M J Stanway Rev D Clemens (appointed 25.1.20)
Company Secretary
Ms C Craig
Page 3
THE INDEPENDENT GROUP OF ANALYTICAL PSYCHOLOGISTS
REPORT OF THE TRUSTEES for the year ended 31 August 2020
REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner Berringers LLP Chartered Accountants Lygon House 50 London Road Bromley Kent BR1 3RA
Approved by order of the board of trustees on 10 February 2021 and signed on its behalf by:
Professor J M Bacon - Trustee
Page 4
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE INDEPENDENT GROUP OF ANALYTICAL PSYCHOLOGISTS
Independent examiner's report to the trustees of The Independent Group Of Analytical Psychologists ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2020.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Paul Allan BSocSc FCA ICAEW Berringers LLP Chartered Accountants Lygon House 50 London Road Bromley Kent BR1 3RA
10 February 2021
Page 5
THE INDEPENDENT GROUP OF ANALYTICAL PSYCHOLOGISTS
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) for the year ended 31 August 2020
| 2020 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies - Charitable activities Training programme 33,705 Membership fees 21,809 Investment income 2 24,810 Total 80,324 EXPENDITURE ON Charitable activities Training programme 79,486 Net gains/(losses) on investments (11,482) NET INCOME/(EXPENDITURE) (10,644) RECONCILIATION OF FUNDS Total funds brought forward 766,892 TOTAL FUNDS CARRIED FORWARD 756,248 |
2019 Total funds £ 100 45,492 25,943 32,667 104,202 93,073 (3,203) 7,926 758,966 766,892 |
|---|---|
The notes form part of these financial statements
Page 6
THE INDEPENDENT GROUP OF ANALYTICAL PSYCHOLOGISTS
BALANCE SHEET 31 August 2020
| Notes FIXED ASSETS Investments 8 CURRENT ASSETS Debtors 9 Cash at bank CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 11 Unrestricted funds TOTAL FUNDS |
2020 Unrestricted fund £ 475,733 259,233 26,819 286,052 (5,537) 280,515 756,248 756,248 756,248 756,248 |
2019 Total funds £ 681,215 72,834 17,743 90,577 (4,900) 85,677 766,892 766,892 766,892 766,892 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2020.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2020 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
Page 7
THE INDEPENDENT GROUP OF ANALYTICAL PSYCHOLOGISTS
BALANCE SHEET - continued 31 August 2020
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 10 February 2021 and were signed on its behalf by:
J M Bacon - Trustee
The notes form part of these financial statements
Page 8
THE INDEPENDENT GROUP OF ANALYTICAL PSYCHOLOGISTS
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2020
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Expenditure assigned to charitable activities includes support costs.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Fixed asset investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in the statement of financial activities.
continued...
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THE INDEPENDENT GROUP OF ANALYTICAL PSYCHOLOGISTS
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 August 2020
2. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| Income from listed investments Deposit account interest Investment income |
2020 £ 18 8 24,784 24,810 |
2019 £ 52 14 32,601 |
| 32,667 |
3. SUPPORT COSTS
Training programme
Governance costs £ 10,501
Support costs, included in the above, are as follows:
Governance costs
| Governance costs | ||
|---|---|---|
| 2020 | 2019 | |
| Training | Total | |
| programme | activities | |
| £ | £ | |
| Accountancy fees | 4,960 | 5,020 |
| Legal & professional fees | 5,541 | 6,921 |
| 10,501 | 11,941 |
4. TRUSTEES' REMUNERATION AND BENEFITS
Honorarium payments were made to trustees in recognition of professional services provided to the charity, unconnected to their trustee duties, which were rendered nominally without charge.
During the year honorarium payments made totalled £4,000 (2019: £4,000).
During the year trustees were paid a total of £2,640 (2019: £2,168) for providing lectures and associated work unconnected to their role as trustees.
continued...
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THE INDEPENDENT GROUP OF ANALYTICAL PSYCHOLOGISTS
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 August 2020
4. TRUSTEES' REMUNERATION AND BENEFITS - continued
Trustees' expenses
During the year trustees were reimbursed for travel, and other charity related expenses, which they paid for personally.
Total expenses paid to trustees during the year totalled £1,044 (2019: £2,249).
5. STAFF COSTS
6.
| Wages and salaries Other pension costs The average monthly number of employees during the year was as follows: Administration No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Training programme Membership fees Investment income Total EXPENDITURE ON Charitable activities Training programme Net gains/(losses) on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward Page 11 |
2020 2019 £ £ 28,876 26,310 866 659 29,742 26,969 2020 2019 1 1 Unrestricted fund £ 100 45,492 25,943 32,667 104,202 93,073 (3,203) 7,926 758,966 continued... |
|---|---|
THE INDEPENDENT GROUP OF ANALYTICAL PSYCHOLOGISTS
NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2020
| 6. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | |
|---|---|---|
| Unrestricted | ||
| fund | ||
| £ | ||
| TOTAL FUNDS CARRIED FORWARD | 766,892 | |
| 7. | TANGIBLE FIXED ASSETS | |
| Computer | ||
| equipment | ||
| £ | ||
| COST | ||
| At 1 September 2019 and 31 August 2020 | 4,818 | |
| DEPRECIATION | ||
| At 1 September 2019 and 31 August 2020 | 4,818 | |
| NET BOOK VALUE | ||
| At 31 August 2020 | - | |
| At 31 August 2019 | - | |
| 8. | FIXED ASSET INVESTMENTS | |
| Listed | ||
| investments | ||
| £ | ||
| MARKET VALUE | ||
| At 1 September 2019 | 681,215 | |
| Disposals | (197,371) | |
| Revaluations | (8,111) | |
| At 31 August 2020 | 475,733 | |
| NET BOOK VALUE | ||
| At 31 August 2020 | 475,733 | |
| At 31 August 2019 | 681,215 |
There were no investment assets outside the UK.
continued...
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THE INDEPENDENT GROUP OF ANALYTICAL PSYCHOLOGISTS
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 August 2020
9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other debtors Stockbroker account Accrued income Prepayments 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors Accrued expenses 11. MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 80,324 TOTAL FUNDS 80,324 |
At 1.9.19 £ 766,892 766,892 Resources expended £ (79,486) (79,486) |
2020 2019 £ £ 1,820 3,160 253,733 60,738 2,988 8,255 692 681 259,233 72,834 2020 2019 £ £ 538 - 4,999 4,900 5,537 4,900 Net movement At in funds 31.8.20 £ £ (10,644) 756,248 (10,644) 756,248 Gains and Movement losses in funds £ £ (11,482) (10,644) (11,482) (10,644) |
|---|---|---|
continued...
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THE INDEPENDENT GROUP OF ANALYTICAL PSYCHOLOGISTS
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 August 2020
11. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 104,202 TOTAL FUNDS 104,202 |
At 1.9.18 £ 758,966 758,966 Resources expended £ (93,073) (93,073) |
Net movement At in funds 31.8.19 £ £ 7,926 766,892 7,926 766,892 Gains and Movement losses in funds £ £ (3,203) 7,926 (3,203) 7,926 |
At 31.8.19 £ 766,892 |
|---|---|---|---|
| 766,892 | |||
| 7,926 |
12. RELATED PARTY DISCLOSURES
There were no related party transactions, in addition to those disclosed in note 4, for the year ended 31 August 2020.
Page 14
THE INDEPENDENT GROUP OF ANALYTICAL PSYCHOLOGISTS
DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 August 2020
| INCOME AND ENDOWMENTS Donations and legacies Donations Investment income Income from listed investments Deposit account interest Investment income Charitable activities Studies and lecture fees Preparation fees Membership fees Total incoming resources EXPENDITURE Charitable activities Wages Pensions Insurance Other travel expenses Telephone Printing, postage & stationary Conference expenses Hall hire Programmes and booklets Preparation, seminar & lecture Directors' expenses Professional subscriptions Charitable donations Computer costs Honorarium Catering & refurbishments Bank charges Hawkwood college |
2020 £ - 18 8 24,784 24,810 19,811 13,894 21,809 55,514 80,324 28,876 866 549 - 380 392 4,365 3,000 397 14,097 1,044 8,695 100 826 4,000 1,326 72 - 68,985 |
2019 £ 100 52 14 32,601 |
|---|---|---|
| 32,667 23,667 21,825 25,943 |
||
| 71,435 | ||
| 104,202 26,310 659 827 235 355 544 15,370 6,095 667 13,239 2,584 7,928 150 670 4,000 1,422 45 32 |
||
| 81,132 |
This page does not form part of the statutory financial statements
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THE INDEPENDENT GROUP OF ANALYTICAL PSYCHOLOGISTS
DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 August 2020
| Support costs Governance costs Accountancy fees Legal & professional fees Total resources expended Net income before gains and losses Realised recognised gains and losses Realised gains/(losses) on fixed asset investments Net (expenditure)/income |
2020 £ 4,960 5,541 10,501 79,486 838 (3,371) (2,533) |
2019 £ 5,020 6,921 11,941 93,073 11,129 (1,057) 10,072 |
|---|---|---|
This page does not form part of the statutory financial statements
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