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CHARITY REGISTRATION NUMBER: 1159409
OVO
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ANNUAL REPORT AND FINANCIAL STATEMENTS
CONTENTS
| Page | |
|---|---|
| Reference and administrative details | 1 |
| Trustees' annual report | 3-4 |
| Independent Examiner's report to the trustees | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8-16 |
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REFERENCE AND ADMINISTRATIVE DETAILS
FOR THE YEAR ENDED 31 DECEMBER 2023
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE PERIOD ENDED 31 DECEMBER 2023
REGISTERED CHARITY NAME
OVO
CHARITY REGISTRATION NUMBER
1159409
REGISTERED OFFICE AND OPERATIONAL ADDRESS
The Maltings Theatre, Level 2 The Maltings, St Albans AL1 3HL
TRUSTEES
The trustees who served during the year and since the year end were as follows: Mr David Berryman (resigned 1st November 2023)
Mr Robert Ferguson (resigned 1st November 2023) Mr Adam Nichols
Mr Andrew Sawford (appointed 1st November 2023) Mr David Widdowson
Miss Jane Withers (resigned 1st November 2023)
BANKERS
HSBC PLC
OBJECTIVES AND ACTIVITIES
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To promote and advance the education of the public in the arts and in particular the performing arts.
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To provide or assist in the provision of facilities in the interests of social welfare for recreation or other leisure time occupation of individuals who have need of such facilities by reason of their youth, age, economic or social circumstances or for the public at large with the object of improving their conditions of life.
OVO fulfills these objects by providing affordable theatrical productions of a high standard to the public in and around St Albans, and enabling local people to participate in such productions.
OVO’s objects were fulfilled during the reporting period by delivering a programme of its own theatre productions and through running The Maltings Theatre and the Roman Theatre of Verulamium in St Albans which enabled a number of other local and national theatre companies to present their work.
The trustees have had regard to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the aims and objectives of the charity and in planning future activities.
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REFERENCE AND ADMINISTRATIVE DETAILS
FOR THE YEAR ENDED 31 DECEMBER 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
OVO is a registered charity, number 1159409. The governing constitution was adopted on 1 December 2014.
ACHIEVEMENTS AND PERFORMANCE
Productions were very well received and generally played to large and appreciative audiences.
The following productions were produced and performed by OVO during the reporting period:
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A Christmas Carol
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Little Women
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Mosquitoes
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Much Ado About Nothing
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Private Lives
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Romeo and Juliet
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Sherlock Holmes: A Study in Lipstick, Ketchup and Blood
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The Essence of Greek Tragedy
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The Railway Children
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The Threepenny Opera
The following productions were performed at OVO’s venues during the reporting period:
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A Little Night Music
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A Room of One’s Own
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A Summer Evening of Opera
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Alice in Wonderland
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Baby Broadway
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Classical Crossover
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Dark Side of the Uke
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Eliza Carthy Trio plus Lizzy Hardingham
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Herts Big Band Christmas Concert
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Home, I'm Darling
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Hypnotist Matt Hale: Top Fun! 80s Spectacular
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Jungle Book
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Norses Off
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The Canterbury Improv Tales
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The Comedy of Errors
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The Count of Monte Cristo
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The Dating Diary
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The Dream Machine
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The Valentine Letters
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The Wind in the Willows
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TRUSTEES' ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
FINANCIAL REVIEW
A surplus of £5,193 (2022, deficit £38,774) was made in the year, leading to a net balance sheet surplus of £6,861 (2022, £1,668). This includes claims for theatre tax credit relief of £105,599 (2022, £106,500).
Reserves and going concern policy
The Board aims to hold reserves equal to three months' operating costs in the charity's bank account, in unrestricted funds, as a contingency for normal operating purposes. At the year end there was £261,330 cash at bank.
The Trustees have a reasonable current expectation that the organisation has adequate resources to continue in operational existence for the foreseeable future, being a period of at least 12 months from the date of approval of the financial statements. For these reasons, the Trustees have adopted the going concern basis of accounting in the preparation of these financial statements. Accordingly, these financial statements do not include any adjustments to the carrying amount or classification of assets and liabilities that would result if the organisation was unable to continue as a going concern.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The charity trustees are responsible for preparing a trustees' annual report and 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 charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the 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 applicable 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 that must be disclosed and explained in the financial statements;
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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 business.
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TRUSTEES' ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
By order of the board of trustees
………………………………………………..
Adam Nichols Trustee
19/7/2024
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INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF OVO
On accounts for the year ended 31 December 2023 Charity no 1159409
Set out on pages
6 to 16
I report to the trustees on my examination of the accounts of the above Responsibilities and charity ("the Trust") for the year ended 31 December 2023. basis of report
As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ("the Act").
I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:
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the accounting records were not kept in accordance with section 130 of the Charities Act; or
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the accounts did not accord with the accounting records; or
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the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Date: 22/7/2024 Signed: Name: Steve Robinson
Relevant professional qualification(s) or body (if any):
FCA. Institute of Chartered Accountants in England and Wales
Address: Mercer & Hole LLP, St Albans, Herts, AL1 1NS
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STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 DECEMBER 2023
| Notes INCOME FROM: Donations and legacies 2 Charitable activities 3 Other income 4 Total income EXPENDITURE ON: Charitable activities 5 Other 6 Total expenditure NET INCOME/EXPENDITURE TOTAL FUNDS BROUGHT FORWARD TOTAL FUNDS CARRIED FORWARD |
Unrestricted Funds 2023 £ Total Funds 2022 £ 69,317 24,700 582,664 419,088 105,599 106,500 |
|---|---|
| 757,580 550,288 459,604 408,466 292,783 180,596 |
|
| 752,387 589,062 |
|
| 5,193 (38,774) |
|
| 1,668 40,422 |
|
| 6,861 1,668 |
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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BALANCE SHEET AS
AT 31 DECEMBER 2023
| Notes Fixed assets Intangible assets 7 Tangible assets 8 Current assets Stocks 9 Debtors 10 Cash at bank and in hand Creditors Amounts falling due within one year 11 Net current (liabilities)/assets Creditors Amounts falling due after more than one year 12 Net assets Funds of the charity: Unrestricted income funds 13 TOTAL CHARITY FUNDS |
2023 2022 4,575 8,575 128,519 76,553 |
|---|---|
| 133,094 85,128 |
|
| 3,144 3,144 184,710 157,740 261,330 16,181 |
|
| 449,184 177,065 |
|
| 462,399 118,054 (13,215) 144,139 113,018 142,471 |
|
| 6,861 1,668 |
|
| 6,861 1,668 6,861 1,668 |
19/7/2024 These financial statements were approved by the trustees and authorised for issue on , and are signed on behalf of the board by:
==> picture [81 x 37] intentionally omitted <==
Adam Nichols Trustee
The notes on pages 8 to 16 form part of these accounts
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1. Accounting Policies
General information
OVO is a charitable incorporated organisation registered with the Charity Commission in England. & Wales. The office address is The Maltings Arts Theatre, Level 2, The Maltings, St Albans, AL1 3HL.
1.1 Accounting convention
These financial statements have been prepared in accordance with the charity's constitution, the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The charity 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.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity 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 Public benefit entity
The charity meets the definition of a public benefit entity under FRS 102.
1.4 Fund accounting
Unrestricted funds are funds that can be used in accordance with the objectives of the charity at the discretion of the trustees.
1.5 Income
Income is recognised when the charity 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.
For donations to be recognised the charity will have been notified of the amounts. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained, then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Income from government and other grants, whether 'capital grants or revenue grants', are recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received, and the amount can be measured reliably and is not deferred. Where a grant is received for a specific purpose, it is included in restricted income and any unexpended portion carried forward as a restricted fund.
1.6 Expenditure
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required, and the amount of the obligation can be measured reliably. All expenditure was incurred in carrying out the charitable activity of the charity, including the costs of operating.
The charity is not registered for VAT and therefore all expenditure is recorded inclusive of VAT.
1.7 Taxation
The charity is exempt from corporation tax on its charitable activities. The charity is not registered for VAT.
1.8 Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a straight line basis over its expected useful life as follows:
Plant, machinery and motor vehicles 4 years Fixtures, fittings and equipment 3,4&10 years
1.9 Intangible fixed assets
The charity has intangible fixed assets, that is, non-monetary assets that do not have physical substance but are identifiable and are controlled by the charity through custody or legal rights. They are valued at cost.
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line basis over its expected useful life as follows:
Website
3 years
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1.10 Stocks
Stocks held for sale are measured at the lower of cost or net realisable value.
1.11 Basic financial instruments
The charity accounts for basic financial instruments on initial recognition as per paragraph 11.7 FRS 102 SORP. Subsequent measurement is as per paragraphs 11.17 to 11.19, FRS 102 SORP.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
| DONATIONS AND LEGACIES Donations Gift aid Grants 3 INCOME FROM CHARITABLE ACTIVITIES Theatre productions Events and hire Bar revenue |
Total Total 2023 2022 £ £ 3,829 3,296 - 6,404 65,488 15,000 69,317 24,700 |
|---|---|
| Total Total 2023 2022 £ £ 469,356 312,688 33,429 32,519 79,879 73,881 582,664 419,088 |
| 4 | OTHER INCOME | Total | Total |
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| Theatre tax relief claim | 105,599 | 106,500 |
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
5 EXPENDITURE ON CHARITABLE ACTIVITIES
| Total | Total | |||||||
|---|---|---|---|---|---|---|---|---|
| 2023 | 2022 | |||||||
| £ | £ | |||||||
| Theatre productions | 408,545 | 355,949 | ||||||
| Ticket platform | 15,278 | 13,287 | ||||||
| Fundraising | - | 10,000 | ||||||
| Bar - cost of sales | 35,781 | 29,230 | ||||||
| 459,604 | 408,466 | |||||||
| 6 SUPPORT AND GOVERNANCE COSTS | Governance | Total | Support | Governance | Total | |||
| Support costs | costs | 2023 | costs | costs | 2022 | |||
| £ | £ | £ | £ | £ | £ | |||
| _ | ||||||||
| Staff costs | 108,292 | - | 108,292 | 94,271 | 94,271 | |||
| Bills utilities & overheads | 86,962 | 1,756 | 88,718 |
6,901 | 1,500 | 8,401 | ||
| Marketing | 33,804 | - | 33,804 |
16,994 | - | 16,994 | ||
| Depreciation/Amortisation | 25,796 | - | 25,796 |
18,596 | - | 18,596 | ||
| Building costs | 15,389 | - | 15,389 |
31,600 | - | 31,600 | ||
| Loan interest & bank | 20,784 | - | 20,784 |
10,734 | - | 10,734 | ||
| charges | ||||||||
| 291,027 | 1,756 | 292,783 |
179,096 | 1,500 | 180,59 ~~6~~ |
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
7 INTANGIBLE FIXED ASSETS
| Cost At 1 January 2023 Additions Transfer At 31 December 2023 Amortisation At 1 January 2023 Amortisation Transfer At 31 December 2023 Net book value At 1 January 2023 At 31 December |
Website £ 19,100 - - 19,100 10,525 4,000 - |
|---|---|
| 14,525 | |
| 4,575 8,575 |
8 TANGIBLE FIXED ASSETS
| Cost At 1 January 2023 Additions Transfer At 31 December 2023 Depreciation At 1 January 2023 Depreciation Transfer At 31 December 2023 Net book value At 1 January 2023 At 31 December 2023 |
Plant, machinery and motorvehicles Furniture and equipment Total £ £ £ 29,276 94,202 123,478 - 73,762 73,762 - - - |
|---|---|
| 29,276 167,964 197,240 |
|
22,418 24,507 46,925 6,858 14,938 21,796 - - - |
|
| 29,276 39,445 68,721 |
|
6,858 69,695 76,553 - 128,519 128,519 |
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
| 9STOCKS Charitable activities stock for resale 10 DEBTORS Prepayments Accrued income Trade debtors Other debtors 11 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE Bank loans and overdrafts Accruals and deferred income Trade creditors Other loans Oher creditors |
2023 £ 2022 £ 3,144 3,144 |
|---|---|
| 2023 2022 £ £ - 859 122,513 57,692 4,505 151,144 1,232 4,505 |
|
| 184,710 157,740 |
|
| 2023 2022 £ £ 3,800 9,200 263,113 166,501 28,985 - 36,222 22,018 25,214 25,400 462,399 118,054 |
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 CREDITORS: AMOUNTS FALLING AFTER MORE THAN ONE YEAR
| Bank loans Other loans |
2023 £ 22,419 90,599 113,018 |
2022 £ 22,886 119,585 142,471 |
|---|---|---|
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
| 13 UNRESTRICTED FUNDS Unrestricted funds For the year ended 31 December 2022 |
Balance at 1 January 2023 Incoming resources Resources expended Balance at 31 December 2023 £ £ £ £ 1,668 757,580 (752,387) 6,861 |
|---|---|
| Balance at 1 January 2022 Incoming resources Resources expended Balance at 31 December 2022 £ £ £ £ 40,442 540,288 (579,062) 1,668 |
Unrestricted funds comprise income granted or donated to or earned by the charity to be used at the discretion of the trustees to fund any activity in furtherance of the charity's objectives.
14 TRUSTEES
No trustee received remuneration for their services as a trustee during the year.
One trustee was reimbursed for production materials, theatre running, travel costs and website development costs of £488 (2022 £18,459).
Mr A. Nichols received fees of £35,217 (2022, £30,117) as artistic director and £11,078 (2022, £3,578) for directing.
15 RELATED PARTY DISCLOSURES
Mrs L Widdowson (spouse of a trustee) received fees of £nil (2022 £14,955) for provision of venue management services.
Mrs L Widdowson and was also reimbursed £556 (2022, £16,584) for theatre running and website development costs.
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