Charity Registration No. 1085358
THE FLORENCE SHUTE MILLENNIUM TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2021
THE FLORENCE SHUTE MILLENNIUM TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mr James Zorab Mr Richard O'Sullivan Mrs Ursula Williams Dr James Allison Charity number 1085358 Principal address St Maur Beaufort Square Chepstow Monmouthshire NP16 5EP Auditor Griffiths Marshall Beaumont House 172 Southgate Street Gloucester GL1 2EZ Solicitors Francis & Co St Maur Beaufort Square Chepstow Monmouthshire NP16 5EP
THE FLORENCE SHUTE MILLENNIUM TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Statement of trustees' responsibilities | 3 |
| Independent auditor's report | 4 - 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 - 14 |
THE FLORENCE SHUTE MILLENNIUM TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 5 APRIL 2021
The trustees present their report and financial statements for the year ended 5 April 2021.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the trust's deed, the Charities Act 2011 and the Statement of Recommended Practice, "Accounting and Reporting by Charities", issued in March 2005.
Objectives and activities
The Florence Shute Millenium Trust was founded in 2001 and subsequently registered as a charitable organisation.
The trust’s main charitable objective is to provide support to charities and other organisations nationally and locally that fall within the Foundations charitable objectives.
The funds retained by the Trust are held for this purpose.
Objectives For The Year
The Trust's main objective continued to be that of supporting the work of health-related organisations, in particular in Chepstow, Monmouthshire and the Forest of Dean.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.
The charity's income is generated from its listed investments. This income is then distributed, in the form of donations, to benefit the wider community.
The charity makes donations, particularly, but not necessarily exclusively, to organisations working in healthrelated areas, particularly those that may benefit the inhabitants of Chepstow, Monmouthshire and the Forest of Dean.
Financial review
The Trust made donations of £339,250 during the year to both local and national concerns (2020 - £67,000), and received income from investments of £85,961 (2020 - £92,019). The net movement of funds was a surplus of £131,069 for the year which has been set off against the general reserves, the balance of which is to be utilised for future good causes. The Trust intends to continue to make charitable donations in future periods.
It is the policy of the trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the trust’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The trust's investment policy is to invest in listed investments via its investment managers.
The trustees has assessed the major risks to which the trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The trust was established by a charitable trust deed on 9 January 2001.
The trustees who served during the year and up to the date of signature of the financial statements were: Mr James Zorab Mr Richard O'Sullivan Mrs Ursula Williams Dr James Allison
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THE FLORENCE SHUTE MILLENNIUM TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2021
Trustee Appointment
Appointed Trustees are persons who are able, by virtue of their personal or professional qualifications, to make a contribution to the management of the Charity or the execution of the Trust. It is intended to introduce a formal policy of Trustee briefings on the charity in the near future.
Trustee Training & Induction
The Trust has an established Trustee induction programme. New Trustees meet with key staff members and are given relevant publications. Training is provided for Trustees as required.
Organisational Structure
All of the main decisions concerning the Trust and it's activities are discussed and ratified at Board of Trustees meetings. All decisions require the approval of the Trustees.
The trustees' report was approved by the Board of Trustees.
Mr James Zorab
Chairman Dated: 21 March 2022
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THE FLORENCE SHUTE MILLENNIUM TRUST
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 5 APRIL 2021
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the trust and of the incoming resources and application of resources of the trust for that year.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the trust and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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THE FLORENCE SHUTE MILLENNIUM TRUST
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF THE FLORENCE SHUTE MILLENNIUM TRUST
Opinion
We have audited the financial statements of The Florence Shute Millennium Trust (the ‘trust’) for the year ended 5 April 2021 which comprise the statement of financial activities, the balance sheet and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:
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give a true and fair view of the state of the charity’s affairs as at 5 April 2021 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
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 trust 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 trustees' 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 trust’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 trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and 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.
We have nothing to report in this regard.
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THE FLORENCE SHUTE MILLENNIUM TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF THE FLORENCE SHUTE MILLENNIUM TRUST
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
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the information given in the financial statements is inconsistent in any material respect with the trustees' report; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the statement of trustees' responsibilities, the trustees 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 trustees determine is 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 trustees are responsible for assessing the trust’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 trustees either intend to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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 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.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Other matters
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "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)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.
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THE FLORENCE SHUTE MILLENNIUM TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF THE FLORENCE SHUTE MILLENNIUM TRUST
Griffiths Marshall
21 March 2022
Chartered Accountants Statutory Auditor
Ian Price Beaumont House 172 Southgate Street Gloucester GL1 2EZ
Griffiths Marshall is eligible for appointment as auditor of the trust by virtue of its eligibility for appointment as auditor of a company under of section 1212 of the Companies Act 2006.
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THE FLORENCE SHUTE MILLENNIUM TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 5 APRIL 2021
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2021 | 2020 | ||
| Notes | £ | £ | |
| Income from: | |||
| Investments | 2 | 85,961 | 92,019 |
| Expenditure on: | |||
| Charitable activities | 3 | 345,285 | 77,463 |
| Net gains/(losses) on investments | 8 | 390,393 | (352,021) |
| Net income/(expenditure) for the year/ | |||
| Net movement in funds | 131,069 | (337,465) | |
| Fund balances at 6 April 2020 | 2,213,086 | 2,550,551 | |
| Fund balances at 5 April 2021 | 2,344,155 | 2,213,086 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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THE FLORENCE SHUTE MILLENNIUM TRUST
BALANCE SHEET
AS AT 5 APRIL 2021
| Notes Fixed assets Investments 10 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Total assets less current liabilities Income funds Unrestricted funds |
2021 £ £ 2,312,364 36,201 (4,410) 31,791 2,344,155 2,344,155 2,344,155 |
2020 £ £ 2,171,097 44,339 (2,350) 41,989 2,213,086 2,213,086 2,213,086 |
2020 £ £ 2,171,097 44,339 (2,350) 41,989 2,213,086 2,213,086 2,213,086 |
|---|---|---|---|
| 2,213,086 | |||
| 2,213,086 | |||
| 2,213,086 |
The financial statements were approved by the Trustees on 21 March 2022
Mr James Zorab Trustee
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THE FLORENCE SHUTE MILLENNIUM TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
1 Accounting policies
Charity information
The Florence Shute Millennium Trust is a charitable trust.
1.1 Accounting convention
The accounts have been prepared in accordance with the trust's governing document, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016). The trust is a Public Benefit Entity as defined by FRS 102.
The trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subjected to restrictions on their expenditure imposed by the donor or trust deed.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the trust.
1.4 Incoming resources
Income is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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THE FLORENCE SHUTE MILLENNIUM TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
1 Accounting policies
(Continued)
1.5 Resources expended
Resources expended are recognised in the period in which they are incurred. Resources expended include attributable VAT which cannot be recovered.
Charitable Activities: resources used to help the charity meet its main aims and objectives and provide care for the general public.
Governance Costs: Subsequent costs of financing the charity and meeting our statutory requirements
1.6 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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THE FLORENCE SHUTE MILLENNIUM TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2021
2 Investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2021 | 2020 | |
| £ | £ | |
| Income from listed investments | 75,701 | 78,295 |
| Interest receivable | 10,260 | 13,724 |
| 85,961 | 92,019 |
3 Charitable activities
| Donations | Donations | |
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Grant funding of activities (see note 4) | 339,250 | 67,000 |
| Share of governance costs (see note 5) | 6,035 | 10,463 |
| 345,285 | 77,463 |
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THE FLORENCE SHUTE MILLENNIUM TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2021
4 Grants payable
| Grants to institutions: Action For Children Action for ME Back-Up Blind Veterans Bobath Childrens Therapy Centre Bowel Cancer UK Bowel Research UK Bridges Centre Bristol Childrens Help Cardiff University Projects Carers Wales Fare Share Forest Foodbank GARAS Great Oaks Hospice Great Western Air Ambulance Grief Encounter Gwent Beekeepers Horatios Gardens Wales Hope for Tomorrow International Spinal Research James Hopkins Trust Kinergy MNDA MS Therapy Centre Multiple System Atrophy Trust N & W Glos Citizens Advice Penny Brohn Cancer Care Sense Childrens Foundation SOFA Project Southmead Hospital Charity Starlight Childrens Foundation The Harbour The Royal Osteoporosis Society The Stroke Association Ty Hafan Willow Young & Free |
2021 £ 3,000 - - 1,000 3,000 - 1,000 - - 250,000 2,000 - 5,000 - 53,000 (1,750) 1,000 - 1,000 3,000 - 1,000 - - - - - 1,000 3,000 3,000 - 2,000 3,000 1,000 2,000 1,000 - 1,000 339,250 |
2020 £ - 3,000 2,000 - - 4,000 - 10,500 3,000 - 6,000 - 3,000 - 3,500 - 5,000 - - 3,000 - 3,000 3,000 4,000 2,000 3,000 - - - 2,000 - - - - - 3,000 4,000 |
|---|---|---|
| 67,000 |
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THE FLORENCE SHUTE MILLENNIUM TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2021
5 Support costs
| Audit fees Legal and professional Finance costs Analysed between Charitable activities |
Support costs Governance costs £ £ - 1,980 - 4,040 - 15 - 6,035 - 6,035 |
2021 £ 1,980 4,040 15 6,035 6,035 |
Support costs Governance costs £ £ - 2,148 - 8,315 - - - 10,463 - 10,463 |
2020 £ 2,148 8,315 - |
|---|---|---|---|---|
| 10,463 | ||||
| 10,463 |
Governance costs includes payments to the auditors of £1,980 (2020- £2,148) for audit fees.
6 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year.
7 Employees
The average monthly number of employees during the year was:
| Total Net gains/(losses) on investments Gain/(loss) on investments Gain/(loss) on sale of investment properties |
2021 2020 Number Number - - 2021 2020 £ £ 31,862 11,563 358,531 (363,584) 390,393 (352,021) |
2020 Number - |
|---|---|---|
8 Net gains/(losses) on investments
9 Taxation
As a charitable trust, the entity enjoys the benefit of the exemptions from UK Corporation Tax provided by Section 505 (1) of the Income and Corporation Taxes Act 1988.
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THE FLORENCE SHUTE MILLENNIUM TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2021
10 Fixed asset investments
| Cost or valuation At 6 April 2020 Additions Valuation changes Disposals At 5 April 2021 Carrying amount At 05 April 2021 At 05 April 2020 11 Financial instruments Carrying amount of financial assets Equity instruments measured at cost less impairment Carrying amount of financial liabilities Measured at amortised cost 12 Creditors: amounts falling due within one year Accruals and deferred income 13 Related party transactions |
Unlisted investments £ 2,171,097 441,299 390,393 (690,425) 2,312,364 2,312,364 2,171,097 2021 2020 £ £ 2,312,364 2,171,097 4,410 2,350 2021 2020 £ £ 4,410 2,350 |
|---|---|
There were no disclosable related party transactions during the year (2020 - none).
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