pag• R•port •1 th• Trwt¢o Independeni Examlnern report to tho Trurt• st)tgm•nt of Comprehvn$lvq Zn¢om• Slot101ht of changes In Reserv st¥t•m•nt ol Fknanclal Posltl t&Jh How statOnt Not to Fin(11 St•t¢m•wbts 9.15 taW4d Incom4 and Expendttur• Accoiint Sul of Invé•tmnt$ &Itytom• iy
The Trus gjbrrt thdr Jnnubl reptrt (DI OXJrrfrd fiwnckil staterrn¥ts fvr tho ye4r ¢ndgd 31X mch 2Q23. •1 orynlmtlon The pInc11 •cU¥tty Of the Clwliy Is io wty41de mmja for In of IjE1ng Irom the partshes rfLavant. Boxgrove. Tongrnuei Westow, SIng, East Dean, Eartham, Ald9bourr. Eostwgata, Barnham, Ovlnot WestharTwett, (Jlchester, 5twJkn, Funtkniton 8nd West stoke, ar rthtswtse In 5FecFJl tsse$ 3FfJroved by the Conwrf551w •nd thls Is zccomp115hed ty the provlthn of 18 flats, and one nat lel on the open rnrket, trt Boxorcrfe, thlche#¢f, West &tssex. The have been no mwteftal thongt5 In tl lIdeS or IA thè ywr. The Charlty L8 a reglstwd tharfty. csU¢¢Ae0 8s a thaTknble IrK£Yporat•J Orga$8, 1184876. Tht olty.5 go¥wnlng (kKum)t ts a Trust Dood dat 30 I4 2020 all assets of th¢ countess of m$tYe5 (charfty nw)btr 2ts)301 trnnsfen%d ts tlx chwty. It Is reglstered wlth the Hovthg corkwyav¢, Rtytratl nvmlv AL071. The Trust are responlbla for Bll artNtitks of tho Charty, Irthng malntentyno olthefamc orthe accomrn(thtyon * appDhtrnent and cl the Nor. Truste¢s rtwt at least fwr t6me5 a yw to atij$S the •ff•irs of the Ch•rty, c¢Wdtr th• f•r mairt•n•nc• and thlr works Ind rtr£lve repwts frIMn the ManwJ8r. The &)ard rf Tru5tee5 keeps the skll requlraYnTS forthèTru#ee W undtr rethffwano In the evenl that a pwmanenuy retlres or 8d(tttfonal tr¢Jytees art r4uirèJ, the tard Idp¥¢Yfy suae rOacemEnt. The ul¥mate Iledsth seleth b a m&ter Icr the Board d Tru5tee5. Tbe Indudb]n VWESS for ony nefy-?pnted tntstse cwlses of h151wK nnandal ind olhw lent In1cmath r8lBUn9 to the thBrfty togethexwith ge1[S rdottr¥ to chjrfty trwt¢¢ d1¢$. A hasb¢¢n Maknlalned theyew.thuv JrEcurTrmtly ff#tsun0calrrf, One whlch Ms reslrlctsl acce$$ lor dderlv re4Lftl5, has been let w the open markei wlth slx r(¥Jnth assured lenaw wJreenrt 5odal ortlvltles for 11a convnued to be ¢xg3n5Sed, Includlng the dls1rttwQn d Chrlstrnas ffeserts to resl¢kn1& It Is •ntlcWt•J that )Thy flot to be refwblshed be curwded In accordatKe th& greed timexale bused on c45M¢)w and wh the Dpreerrt of the ienort. otherwlse Ilats wll bo re¢k¢orateO art1 baths replK•J Showers. Jno Cts)kws wlth and eye level owsas wlrwj. The Trustees cfrfnue io undertake the work r4ulred from the QnaÈnnlry1 report, The Trust4e¥ rernoin •lAt to wh•t Is a¥bl• trj ék1eity peorAe {l.e. hand orfps, èlorm cords ek} any rdevant ith4)meDls are dlscussa1 aThJ consthrulthen apw¢yLate. R•¥l•w ol tr•nsortloM •nd flnan¢lal pusWoTh The nnanclol re%rtts lor year are set the KcM)pon>¥J vAamlned Imiala1 statements Flnaiitièl tr8nsa(tk>ns the year vnre SIrlr In to those or the pouS ch8rfty the lor year Is cOnered to be satisfJct(ry. AN assets fry the txjrpose Ll lItI11)IA the awlty's curr•it activlies and ère adetowté to Fthni ihe Qarllfs fina) arxl other otAl9ations. GA.. 12629r141_1
E YV4R D31-MA The Trustees have the handllng ofosh transacuons toa mlnimum and the malorfty (¢re1v nd payments ère cornpkted by stsndlrtsj order. dIrt deLIt BACS paYnts. Thè }rth cl the Income received by thc ChJrtty15 9ene4d from Mttl Srthne fm the 19 Nats. As far as 15 possIe these flats are tenarted In full arml the rwicoleLtrJ regularly. Durfng the year net ojrrent assets havc deue05 to £26.97612022: £29201), the Investm&)ts value has Increa5Èd to E313.289 {2022: E310.()94). Totsl ha Inryea58d to £764,522 12U21: É759.0111 Rlsk Aswum•nt major rlsks to wblch charity 15 expc6a, 05 IdenUfted bytheTrustee5, havo bEen ¥eVed and Systems have be establtshed to mltloate ih(w rlsks. Intn*tment perfornwnce •pprals91 The market value cl ifive5bnents at 314 Marth 2023 was £313.288 12022 - É310,094}. The Investments [luced a gr055 Incorne of £11,210 12022 - E9,4311. Total Investment Income In the finandal yr repwesenied an o¥¢rall Ytehl of 3.6% 12022 3.04%) on the value of th& Investments at the year end. Trust• The Tnjstees who sed durtng the yèar vme as fLqk>ws: The Reverend I M Forre5ter Reverend T Marshall Ichalrnn) Mr5 L Slmpson {re51gned 28 Febftry 2023) Revered Peter Busun Marla Elsle Tod GA.. 126291MI_I
Tru#•erf r•#pNlblllll•• fvr wwatl•n oflh• IID4Nd•l Hwslng Awc0[b ththty leg151athJn reqvlr8 t prware llnbnclal siotemert5 for oKh flala1 YEar whkh ? true and falr VI ofthv rtote rf affalrs Ort Ch¥lty as Jt the end of the finandel year of the p15 LY dl for that pwlod. In prepadng the nn¥nd#l statem15, sullable acCOg tleS Jdopted and conslstertty aFfdled, to ihe bgst of the Trustees, knowledge and bdlef. by b) reasonabk and lJthJements arrtl estlmate5. •wlirJble accoLw¥Ung have been fullowed. The Thjstees conlkni th•t thry hbvt compled with the reSpolbE11eS fw malntaknlng adequate rOUn19 rE¢tsrd5 dL8chJse rewJ)nable acoxacy at Y tknt the fvandal r)slth)n of the ththlyi ftjr safegLtardlryg ass of the Chadty and f preventlng and detec¥NJ hud and other IrregthrftlES. Th¢ Trustees tonnmi that Ihty are of the Inh)n th•l It ts appropriate th propE Ihe flmndal slatementson the bo$ls that the Chartty 15 a gotng concem. The thanctal statemen15 hw¢ been Prepared kn xcwthce wlth SCfiP 2018, stateThint of Reconndj ftr r¢4tstered prn¥l& f•rth• futstrrn The Trwtee5 Intsnd tu contlrw [bj1[j In the objyeS 4¥hh the ¢nyh4$1s on people In rned. Prof•wlonml Advl¥o PrlfKlp•l O•Dk•r•i Ojrthys knk pk F4) Box 54 P019 IHT Solldtors fnth Mthll LLP Thomas Egjar HtyJ Frtary Lène khest F019 IUF Xndepond•nt ex8mlmir my Kensett FMMT FCGI SheÈn suckland lThartered ArurnInIS aTrJ Rojterf AlItC5 Y East Pailant Chl¢Jwter West Sussex P019 ITR Slgned M behalf of the Tru51e8s:..................__....._ 30.08.2023 GA: 12629041_1
Independent Exarniner's Report to the Trustees of Countess of Derb5 Almshouses CIO Indepèndent examinerfs report to the Iruslees of Countess of Derby's Almshouses CIO I report to the charity trustees on my examinalion of the accounts of Countess of Derbys Amshouses CIO (the Trust) for the year ended 31st March 2023. Responsiblllties and basis of report As the charity trustees of the Trust you ar8 responsible for the proaration of the alxounts in accordanc8 With the requlrements of the Charities Act 2011 (Ihe Ad). I report In respect of my examination of the Trust's ac(x)unts carried out under sedion 145 of the AGt and in carying out my examtnation I have followed all applicable tlrecknons given by the Charity Commission under section 145(5){b) of the Act. Independent examlneT'$ Stat I have completed my 8xamination. I confirm that no material mattS hav8 come lo my attenlK)n in connèction with the examination giving me cause to believe Ihal in any npterial respect.. 1. accountlng records were not kept In resFed ofthe Tru51 as requwed by sectit)n 130 of the . 2. the accounts do not acJ)Nd wth those records: or 3. the accounts do not comply with the apPIable requirements concwniTrJ the forrn and c4Jntent of accounts set out in the Chaiities (Accounts and R8POrts) Regulations 2008 other than any requirement that Ihe accounts give a true and fair view whig7 15 r#)t a matter consklered as part of an Independent examination. l Confim that there are no other matters to vthich your attention shId be drawn to enable a propor underslanding of the accounts to be reached. A C Kensett FMAAT FCCA Sheen Stickland Chartered A¢countanls 7 East Pallant Chichester West Sussex P019 1TR Date". 5 !* 1202)... GA.. 12629(141_I
TURNOVEK. lficarr.' CoThtrlbutlons fw rldents: 82fi59 18WO 84.291 LS,720 4,554 Ser¥ Grants LOO.739 107,57A AQO,739 IQ7,57L OnAATfN% P¥PQ14DJTURI Sets Manage1[ni Cyy to day miint£Narte Cydkal malntcnjn (26.9351 {3L.2231 (17,1301 {22,3301 124,0961 129.5461 11,8661 122,3301 OPERATING SURPLUS 3.121 29.733 GJinslL055e5 lrntrneirts Interest recelvable and other Intergst p•¥4lJlp ahd s¥)44r thary 17.8ts4) 11rt14 (1.220) 21204 9,441 12.16SI SURPLUS 5,511 56,212 TOTAL COMPREHEf451VE INC014E FOR THE YEAR The Countsss rx D8TW5 Akn*hovses CJO bas Dot acqu1¥[ afiy fundemental a£tlYlUes during ihe 3the two finala1 yeaTS. 30.08.2023 Approved by the on ....................... . behalf bv: . Jjnd sPJntd on the4r (Ttvste¢l (rrvsttt) Ttrtese %tatetnenL5 have eTh prepared In rLcordd" vrith the IttyJlMJ SORP 201&
ENDED IntrAnè bnd ExpeThJltitsE ReyJ¥ Trtal lar Ot l April 2022 597.754 161.257 759,QII surr4 fron StaloiRrt or CThmpTeh••si¥@ 5,511 5.511 Transfw5 17,8041 aalan¢* #t 31 Maith 202J 611069 153,453 704 522
ENT FIXED AssErs Howlng properues Cost 424.257 424,25? 424.257 424,257 InVem$. at ma¥W vtsIL 313.289 310.094 737,546 734,351 CURRENT ASSETS Cash èt nk and In hand 45,196 47,761 45,196 47,761 LESS CREDITORS: Artwunts lihln one v 118,2?0) 118,4601 NET CiIRRENT ASSETS 26.976 29,301 TufAL ASSEfs IESS ¢URRENf ilhWLITIÉS 764.523 763,652 CREDITORS: Arnounts hlling kn aft¢r mom thèn rm year (4,6411 TOTAL NET ASSETS 764.523 ?$911 RESERves Intome Bnd expeIlture resev¥¢ lnvtskn7r revaluaym reserve 61l.O?O 153M53 597.754 161,257 13 764.523 759.011 30.08.2023 AprKaved by Trustees M............... ....... bÈhJlF bv.. and thelr (TnJsleel {Trusiee} These Siatements hivè been pretkira kn accor wltm HOUn9 50RP 21JI8.
CASH FLOW STATEMErtT RKONCIUATION OF NET INCOME TO NEY ¢ASH FLOW FROM OPERATING A¢TlVmES Net Incorne far the repurtitbu PWKYJ las w Ihe strnnt of fln¥NJal knlt8$1 5.511 59.212 Adlustrnents lor, 7.805 12041 ItOO,7391 111,2101 5,5J7 121,2041 iio) IntEre5l recei¥ed Rontal Incwne iThvÈstmeni re¢w¢fj Ita/(DeCre3Sej in credit5 i)eereagel Ilnt.lifwèI Irt OrS 19N311 Net ¢4xh proed by (used in) 17p¢riw atXl¥lte c•Jh Ilows from opovatkno 8¢tl¥lte Q5h oenerthd fvorn operations 193.3001 IE6.1761 Nt cash prmilded by (¥8¢d IA) Opéfèllthy •rtfr4ltg 19J,JOO] {86.176} Cash Ilgwg llnv4sn9 aeiiyllSt Interest rIL1$ EnvesttKnt Iae rEtththl AccumOre0 dMdcTrds 20 100,739 io 107,571 9.43l (9,2431 Ntteaih provided (u*Èd knvertiug ia7,769 Cash flow6 from flDallckng acllvbtte6: IEOA181 19,4721 Not eosh proddI by (used IN } 8¢tlthties (10.4Ju) {P.4711 ChaTrll4) ID and cash equiwdlrnts In the repurtinv rf¢) 11.56dl 12,121 Cash and casli wuiwalents al ilie begiridng of iepowtSD9 pewiod 47,761 Caih and ¢ash e4ulval6ttbts at tho ond ol the reportlno p¢riDd
IAL STA PRIIICIPAL ACCOUPUING POUCIIS The fcrnwt of the acc¢unts cixnplleswlth thÈ Houslno SCrfIP 2018 Ststcrneitcl recommended Frocbcg for ro$tre soclal IloTdS. The fjnaKl21 datemerts h4¥ been wepared In KCWda wlth apFI5uble Accountyt¥J 5tandard5 in Ihe Unlied A 5umrnary OF the èccounUn9 prAlcks set wt tknT, B•ls of Accountln9: The Ilnanclal stsioments hm been rrtp¥ed In ¥conJanc• appllcable 31rtyEIng 5tandat IndIng fiThantial ReptrYb¥J Stsndard 102 The R¥ArUng dd )p11(all¢ In the UK aTrJ Republk ol Ireland IFRS 102), Ihe of RatornmeThJed Procu Iv So& Houstng Prevkkn 3¢18, aNJ wbth the Accwfith9 Dlrectksn for prfvate regi5tcrEd wovld2rs of gxlal In 914 2Q2Z IFE flnarKlal slatements ar• aso pre uDdÈr the rEw[rerrt5 ¢1 Houskng and Regeneratton Ar 2CJ8. Th finaal stbtements have b•on wq)Hred on a golng tonthm tras uNOer hlsioriul c05t ¢ortYeadtWb Nthlflqd to InCe ¢ertaln Stems at falr valuE. Tho financi& 51atement5 ar• wepaf•J In sterfkn9. wNch Is the OT Ihethrty. afid rwntsj to the nwrÈ6L £. The slwtficart p18$ appld In eParatIOn Lrf •5 ttnandal 5t•i4twts ole sel Lwt Turrp)v6r rgpresert5 and servkt dwr9es Irne recehfab ID the yeK Iiet cl relll 4nd servKe charge knse5 from ¥OhJs. revenue grants fram the gtyvwnmgnt I41 authorfUe51 Plomes and Commfftltlqs Agon¢y. Intre£E and dlvtdÈnds reile. Interest received Is reISe uslng ihp cffectfve knlwtst nth0O and dTrI is recwnlsed as the Charii¢s rwht lo rettlved payrDw¢ Is tstablL4W. Cwntss of DerbS Akn5hDTJyCS hève c(ULtsd fer OVttIOO years and th L8 no record Dr the or5glna1 cwt ènd ng value Is aitrfbuted thereto. The I0rded c05t rffj Hng Pr¥t5 Yelates io tmveS cerrfed (xjt ytKE 1973 i¥¢re fuTrJed by a IkislThJ GTènL a rntsrt4age loan Irorn The Hous9 Corpordtb)n 58oJrwJ bya th4r9e onlKJurJ. land anLI lId1[J5 aNI frvtr CountÉSS of Derbvs Arnshouses th¥n resourtes. The pry)ert5 arcc5tlmaiEd 10 Iwe a rema19 useful etMIC ITfe ITh Excess of 50 year5 and Ihe Tru5teos have c•ritd OUI an IMp8lm)enl re¥lew of the hou5kn9 propertle5 a% al 31 Marth 202J, wmparlNJ the wrylng p•r ih? fin¢7>1 51aiometts to the ¢covera njt atyj arE 5eUsW that no lmpatrnnt IW ActtdlNty. tY hAvÈ £ontlnuefJ pollcy that no deprcdatknn 15 chatgt¢ on hDUn9 propwtt"es, on Iha ba&s thal m swh chargo be lrntDaldal Eo the 5tmertlS. Houslng Ass•clatlon Grant: The Govemment Giant is pald by FI(ws1 Ccporation to rEluce the c05t of th¥¢fopt. The Grant payable rtder drcumstices, prinarly followsng ¢hE Sa cl the properrv, bJl wlll norwDolty bè restriLted to nEt PreedS of 5. The Govenvt)erk Grèrt Is recOgned ov¥ ils SO year U5Èful ttonomlE Ille as deferred income. GA.. 12629Tr11_1
É FINANCIA eNT Ynvestmertls Investments are staiÉd al fair valu¢ wlth unrEaked golns 10sgJs taken direcity to In¥e4tmont Tevaluatknn reserve. Origintil cost Investrnents Is dtsdj In lh¢ ncrtes to Thn8ndal stÈmefits. pitsliattort of Enterest 1ntw85tl mLy¢gageln financlng a ts(op31 upto da18 dartlCOmP1etItsTh Cycli1 Repalrs •nd MalntenwKe count rf Derby's Alm5h¢xtses Iw5 £strtA15hed • gUtsr prtY)fdmme rf Lydknl ry1 3 rnalntenanLE. Cost5 are thrged to Ihe I0¢ ExltUre Accwrt yr IlmT are lrt£wred. xtr)OFdlnory Cc6t of Ethordln4ry Rep31. unle55 wK•sentw Imwemert5 trj WDptrllts, are eharged to the Income E>rnli Account tPe yeaf In t¥hlth ttware IUrted, Valu• Athjwl T. Countess Almshtsu5es Is noi re21stEd lor Athl TèL In th0 finaKlal &tatemeni%, hete atabl PxpeFJlw LS IU5$ye (VAT. ApportfoAm•nt ol maemnt Exp¢nse5: RnÉiiice and Aiknin151raUffi ¢05ts are aptM)rtioned bElween mènagerPnt se Lufs on the t1&$ Ihat 50% ot the Fin)n¢¢ artd Ad[5rvn C¢st5 pre •ttrlbviJile to Ser¥Ke Cvsis ?rnJ lh¢ balance tg Mitnageht)t. R•fj*rv¢s arAgurtlng p¢liry: R¢Strlcted funds can th be used for partKukf restsittod purpw5 ¥Athln the obiÈtts of the thatlty. RestrictlQn5 or15E s11>¢ bv thE LY when fu¢xts a¢ ralsed for[)1{¥ restrKleO k¥wses. TRUSTEES. EMOLVMENTS NO Trugtees Ive any remunerouon or er for year cnded 3J 2023 yeJr enOEd 31 H•rch ?.L)22. fjA: I26241_1 io-
3xsr RllciniA8LE AND OTHN¢ B•nk depostt lrtern5t lrtvestmtthl Incohlè Jo 9.431 11.210 11,414 9.441 IrtTEREST PAYAOLE AND SIMILAR CHARfaE5 On Itwns wlKIty 01 path repayabk In Ihan fve years 1.220 2.1£6 SURPLUS 011 ORD114ARY AeYxvmGB Thls 15 slated alter ch¥rglng: Lndependent Eywninerfg fee5 2.$20 2.400 2.520 2,400 ¢ srAFF cogTS Wages sthrles 11.529 ii,ots IL,5Z9 11,013 wer4gKJ nunthf of starr.. -Ji-
Ertm TILXATION Ie Caunte5J d Derws mshoU5es CIO ts o tharty and Iln ablllly to tautfion gn 15 Intvme and Gai PJXED ASSEfs HOUSIN(a PROPERTI Cost.. At 1st April 2022 and 3L5t ffarth 2023 424,257 424.257 XNvsfMeNTS valui rfVK Ilsted In5me> Bwt Ivrward Imulat diyldends UnrettIO4 gosnsllloss1 31D,Cr>4 In,999 I7.8) 279,6¢7 9,2¢3 21.204 Marktk value cl Imieskmnis Jt 31st Mawth 2023 3L3.288 310,094 'Ihe LsLortthl cost Dfth hwestmÉnts held 15 Ell,364 (2022: £11.364). A morè detaw oDaly5L4 of the thrte Invasfftnts h4t1 can be found on pJ9e 17 Ihe a(CWFrt*. -12-
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4)iRl)ff0 AthDunts talllry duevAlthln OD• ye 2,$68 Z,4UO 10,416 2.404 445 225 Indwndqnl fee Pr¢th pk h)an S•rvlu$ rtepJlrs and Redt fjardenlng ènd aurtlng 4,641 2.949 243 Ig,2ZO 10,460
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CREDITORSI Amaunts f•lllrfi ft•r mor•th•n ywr: Fresh toan Deferred Income Grant 4.641 4,641 rresh loan ryyabk by halfryeavSy fixJ poyments of £5.818.99 Ilndudlfy3 Int¢restl, and thi prlndpsl anTrJJnt be repakl o¥er the fc4Wng pthods: More thbn l year bul less that 2 ye•r5 More thon 2 years but less than 5 years 4th1 4A41 Yhe 110*) Assoclatl The Corw>raYon chkhÈstr Di%tTrrt Coundl and cThase etc Department the Environmgit rotal Grants -14-
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IIISERVES f4o¥em¥rt¥ on the the ywr IpMDWS'. Gw•r Fund G•n4tral Fn vnrts¢rtcittJ fund Bolan¢• btoughl t 1st Apth 2022 597,754 560.746 IDdicIL)ISuryAus Ic* tha year 5,512 58,212 Trnnsfe (21,2041 8•lance It 31st 2023 61170 5Y7,754
- IW4ISTMENT ReYALUATION AESERV6 Thls reserve (015 th• unroall%ed galn to the ID th¢ Volue of knv¢Arnts hebj a$ Ot the d of the yÈar. ts caY¥Jared to thelr otlglnèl co Mownenl tho R8$er¥è for the y•Jr w4$ 0$ 101kx. EKces5 value ¢v¢r (ost at btr)Innlng ol year 161,Z¥Y 140,053 Translers 17,8041 21.2Q4 153,453 l6l.257
- Ney A5SEYS BErweEN PUND$ T•nglbl¢ flx•d assets Oth•r Ml 10ts Inv••u•ts TOt•l Un¢estrktÈd FuThl Invesirnent RevalL¥iknn rieserwe 424.257 L59.836 J53.453 26,978 611.070 153,453 4U,257 313,208 26.978 764,523 .15-
EARÈ 11ntatt conlrftwtlorts resldents Grants Less.. L0555 from ¥olds l(Kl,739 JQ),OL7 4.554 100.739 107,571 •)k IntÉt&t recei¥ed 2D4 io Dlvldends rn¢efved 11,210 9,431 112,153 J17,013 EMpqndltUfe'. Con¥nuty Care ernErgerKy thrni system rltrtal Water Rates and thjncll lrtsura Repzlrs redecffètlms 4ta Gard@nlDg athj Cleanlng scrfpt1$, adv•rt4sIMJ. 01¢ trlclty Gas for ctnlfèl heatlni Leg81 and wclsssbnèl lees AruntanCY ¥udlt le¢ E51* Agenvs Chdstrnag Sunthy expw595 Fresh fAc- loan lrtwt Nanaqer Intemet ststlonory In¥•5trrtnt GDlnslLwes 14.$5j) 16.219) 12,483) (39.4601 14.4511 IAh421 IL3521 19.3621 14,0101 14,7941 12,1921 124.1961 14,4261 13811 (2.0721 18,7641 11,8001 112,6tr)1 11951 <515) 1229) 12.1651 111.013} 16181 Iz) 21.204 (14.2KI) (510) 1254) 11.22DI {IL.5291 {7Z51 17.904} 5,511 58,212
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