**Registered number: CE021247 Charity number: 1188703**
# **KARTIK PRABHU MEMORIAL FOUNDATION Charitable Incorporated Organisation**
**UNAUDITED**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE PERIOD ENDED 4 MAY 2021**
## **KARTIK PRABHU MEMORIAL FOUNDATION**
## **Charitable Incorporated Organisation**
## **CONTENTS**
||Page|
|---|---|
|**Reference and Administrative Details of the Charitable Incorporated Organisation, its**|1|
|**Trustees and Advisers**||
|**Trustees' Report**|2 - 4|
|**Independent Examiner's Report**|5 - 6|
|**Statement of Financial Activities**|7|
|**Balance Sheet**|8|
|**Statement of Cash Flows**|9|
|**Notes to the Financial Statements**|10 - 18|
## **KARTIK PRABHU MEMORIAL FOUNDATION Charitable Incorporated Organisation**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE INCORPORATED ORGANISATION, ITS TRUSTEES AND ADVISERS FOR THE PERIOD ENDED 4 MAY 2021**
**Trustees** Tushar Sudhakar Prabhu, Trustee (appointed 17 March 2020) John Kenneth Fowler, Trustee (appointed 22 March 2021) Rewati Tushar Prabhu, Chair (appointed 17 March 2020) Sudhanshu Palsule, Trustee (appointed 17 March 2020) **Company registered number** CE021247 **Charity registered number** 1188703 **Registered office** 20 Pelham Street London SW7 2NG **Accountants** Berg Kaprow Lewis LLP Chartered Accountants 35 Ballards Lane London N3 1XW
Page 1
## **KARTIK PRABHU MEMORIAL FOUNDATION Charitable Incorporated Organisation**
## **TRUSTEES' REPORT FOR THE PERIOD ENDED 4 MAY 2021**
The Trustees present their annual report together with the financial statements of the Charitable Incorporated Organisation for the period 23 March 2020 to 4 May 2021.
## **Objectives and activities**
## **a. Policies and objectives**
The Kartik Foundation (Kartik Prabhu Memorial Foundation) objects are to act as a resource for young and disadvantaged people to advance in life by providing advice and assistance towards educational programmes, skill development initiatives and other activities as a means of developing their skills, capacities and capabilities to enable them to participate in society as independent, mature and responsible individuals.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'. The Charitable Incorporated Organisation is not governed by the Companies Act.
## **b. Main activities undertaken to further the Charitable Incorporated Organisation's purposes for the public benefit**
The foundation has established grant making policy to achieve its objects for the public benefit.
During the year the charity made donations to a range of UK charities with the value of grants totalling £1,603.
## **Achievements and performance**
## **a. Main achievements of the Charitable Incorporated Organisation**
Income received during the year was £600,839. The trustees are satisfied with the achievements of the charity during the period.
## **Financial review**
## **a. Going concern**
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charitable Incorporated Organisation has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
## **b. Reserves policy**
We have agreed to maintain a liquid balance of Trust income equal to at least three months of annual expenditure to meet forward commitments. Three months of annual expenditure for the current period equates to £10,000 and the balance on Trust income at £587,616 at the end of the period suggests that we are maintaining an appropriate level of liquidity whilst ensuring that excessive funds are not accumulated. The adequacy of this policy is reviewed annually. All the funds of the Trust are unrestricted. The trustees have identified no significant short or medium term financial risks to the charity’s continued operations, and therefore the accounts have been prepared on the going concern basis.
Page 2
## **KARTIK PRABHU MEMORIAL FOUNDATION**
**Charitable Incorporated Organisation**
**TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 4 MAY 2021**
## **Structure, governance and management**
## **a. Constitution**
Kartik Prabhu Memorial Foundation is a registered charity, number 1188703, and is constituted under a Constitution.
## **b. Methods of appointment or election of Trustees**
The management of the Charitable Incorporated Organisation is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
## **Plans for future periods**
The charity is embarking upon an ambitious set of initiatives to further its mission of helping disadvantaged children and people fulfil their potential. Two in particular were being planned in FY 20/21 and are now firmly underway:
a. WriteSpace: An initiative with Westminster School, a registered charity, to run a diverse series of creative writing workshops for students in the Lower Sixth Form. Participants will be equally diverse, as they will be drawn for the first time from both Westminster School and 21 non-fee-paying schools in its vicinity, and taught in mixed classes.
b. FutureSelves: An initiative with IntoUniversity, a registered charity, to create a platform that helps students choose their A levels and University courses on the basis of improved information regarding potential careers. The platform will be delivered as both a website and a mobile app.
Page 3
## **KARTIK PRABHU MEMORIAL FOUNDATION Charitable Incorporated Organisation**
## **TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 4 MAY 2021**
## **Statement of Trustees' responsibilities**
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 & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charitable Incorporated Organisation will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charitable Incorporated Organisation's transactions and disclose with reasonable accuracy at any time the financial position of the Charitable Incorporated Organisation and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Charitable Incorporated Organisation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
**John Kenneth Fowler** (Trustee) Date: 04/03/2022
Page 4
# **KARTIK PRABHU MEMORIAL FOUNDATION Charitable Incorporated Organisation**
## **INDEPENDENT EXAMINER'S REPORT FOR THE PERIOD ENDED 4 MAY 2021**
## **Independent Examiner's Report to the Trustees of Kartik Prabhu Memorial Foundation ('the Charitable Incorporated Organisation')**
I report to the charity Trustees on my examination of the accounts of the Charitable Incorporated Organisation for the period ended 4 May 2021.
## **Responsibilities and Basis of Report**
As the Trustees of the Charitable Incorporated Organisation you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent Examiner's Statement**
Since the Charitable Incorporated Organisation's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
Your attention is drawn to the fact that the charity has prepared the accounts 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) 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 been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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 that in any material respect:
1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
2. the accounts do not accord with those records; or
3. the accounts do 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.
Page 5
# **KARTIK PRABHU MEMORIAL FOUNDATION Charitable Incorporated Organisation**
# **INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE PERIOD ENDED 4 MAY 2021**
This report is made solely to the Charitable Incorporated Organisation's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charitable Incorporated Organisation's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charitable Incorporated Organisation and the Charitable Incorporated Organisation's Trustees as a body, for my work or for this report.
Signed: Ian Saunderson
Dated:
04/03/2022
lan Saunderson FCA
Berg Kaprow Lewis LLP Chartered Accountants London
Page 6
## **KARTIK PRABHU MEMORIAL FOUNDATION**
## **Charitable Incorporated Organisation**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE PERIOD ENDED 4 MAY 2021**
|**Note**
**Income from:**
Donations and legacies
2
Investments
3
**Total income**
**Expenditure on:**
Charitable activities
5
**Total expenditure**
**Net movement in funds**
**Reconciliation of funds:**
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**Period ended**
**4 May**
**2021**
**£**
**600,839**
**14**
**600,853**
**13,237**
**13,237**
**587,616**
**587,616**
**587,616**|**Total**
**funds**
**Period ended**
**4 May**
**2021**
**£**
**600,839**
**14**|
|---|---|---|
|||**600,853**|
|||**13,237**|
|||**13,237**|
|||**587,616**|
|||**587,616**|
|||**587,616**|
The Statement of Financial Activities includes all gains and losses recognised in the period.
The notes on pages 10 to 18 form part of these financial statements.
Page 7
## **KARTIK PRABHU MEMORIAL FOUNDATION Charitable Incorporated Organisation REGISTERED NUMBER: CE021247**
## **BALANCE SHEET AS AT 4 MAY 2021**
|**Note**
**Current assets**
Debtors
9
Cash at bank and in hand
Creditors: amounts falling due within one year
10
**Net current assets**
**Total assets less current liabilities**
**Total net assets**
**Charity funds**
Restricted funds
11
Unrestricted funds
11
**Total funds**|**100,275**
**492,753**
**593,028**
**(5,412)**|**2021**
**£**
**587,616**|
|---|---|---|
|||**587,616**|
||||
|||**587,616**|
|||**-**
**587,616**|
||||
|||**587,616**|
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
**John Kenneth Fowler** (Trustee) Date: 04/03/2022
The notes on pages 10 to 18 form part of these financial statements.
Page 8
## **KARTIK PRABHU MEMORIAL FOUNDATION**
## **Charitable Incorporated Organisation**
## **STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 4 MAY 2021**
|**Cash flows from operating activities**
Net cash used in operating activities
**Cash flows from investing activities**
Dividends, interests and rents from investments
**Net cash provided by investing activities**
**Change in cash and cash equivalents in the period**
**Cash and cash equivalents at the end of the period**
The notes on pages 10 to 18 form part of these financial statements|**Period**
**ended**
**4 May**
**2021**
**£**
**492,739**|
|---|---|
||**14**|
||**14**|
||**492,753**|
|||
||**492,753**|
|||
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**KARTIK PRABHU MEMORIAL FOUNDATION Charitable Incorporated Organisation**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 4 MAY 2021**
## **1. Accounting policies**
## **1.1 Basis of preparation of financial statements**
The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and 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 Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Kartik Prabhu Memorial Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
## **1.2 Income**
All income is recognised once the Charitable Incorporated Organisation has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
## **1.3 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charitable Incorporated Organisation's objectives, as well as any associated support costs.
Grants payable are charged in the period when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the period end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
## **1.4 Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charitable Incorporated Organisation; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
Page 10
## **KARTIK PRABHU MEMORIAL FOUNDATION Charitable Incorporated Organisation**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 4 MAY 2021**
## **1. Accounting policies (continued)**
## **1.5 Debtors**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **1.6 Cash at bank and in hand**
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **1.7 Liabilities and provisions**
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charitable Incorporated Organisation anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
## **1.8 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charitable Incorporated Organisation and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
## **2. Income from donations and legacies**
||**Unrestricted**|**Total**|
|---|---|---|
||**funds**|**funds**|
||**Period**|**Period**|
||**ended**|**ended**|
||**4 May**|**4 May**|
||**2021**|**2021**|
||**£**|**£**|
|Donations|600,839|**600,839**|
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## **KARTIK PRABHU MEMORIAL FOUNDATION Charitable Incorporated Organisation**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 4 MAY 2021**
## **3. Investment income**
||**Unrestricted**|**Total**|
|---|---|---|
||**funds**|**funds**|
||**Period**|**Period**|
||**ended**|**ended**|
||**4 May**|**4 May**|
||**2021**|**2021**|
||**£**|**£**|
|Bank interest|14|**14**|
## **4. Analysis of grants**
|**Grants to**|**Grants to**|**Total**|
|---|---|---|
|**Institutions**|**Individuals**|**funds**|
|**Period**|**Period**|**Period**|
|**ended**|**ended**|**ended**|
|**4 May**|**4 May**|**4 May**|
|**2021**|**2021**|**2021**|
|**£**|**£**|**£**|
|603|1,000|**1,603**|
## **Analysis of grants (continued)**
|**Main recipients of institutional grants**
Pembroke College, Cambridge University
**Analysis of charitable expenditure**
Advancement of education|**2021**
**£**
**603**|
|---|---|
||**603**|
||**2021**
**£**
**603**|
||**603**|
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## **KARTIK PRABHU MEMORIAL FOUNDATION Charitable Incorporated Organisation**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 4 MAY 2021**
## **5. Analysis of expenditure on charitable activities**
## **Summary by fund type**
|Grants
Support costs|**Unrestricted**
**funds**
**Period**
**ended**
**4 May**
**2021**
**£**
1,603
11,634
13,237|**Total**
**funds**
**Period**
**ended**
**4 May**
**2021**
**£**
**1,603**
**11,634**|
|---|---|---|
|||**13,237**|
## **6. Analysis of expenditure by activities**
|**Grant**
**funding of**
**activities**
**Period**
**ended**
**4 May**
**2021**
**£**
1,603
-
1,603|**Support**
**costs**
**Period**
**ended**
**4 May**
**2021**
**£**
-
11,634
11,634|**Total**
**funds**
**Period**
**ended**
**4 May**
**2021**
**£**
**1,603**
**11,634**|
|---|---|---|
|||**13,237**|
Page 13
## **KARTIK PRABHU MEMORIAL FOUNDATION Charitable Incorporated Organisation**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 4 MAY 2021**
## **6. Analysis of expenditure by activities (continued)**
## **Analysis of support costs**
|Staff costs
Postage
Software
Accounting
Independent Examination
CAF contribution
Fees
NCVO contribution|**Activities**
**Period**
**ended**
**4 May**
**2021**
**£**
6,747
8
848
1,170
1,200
495
165
1,001
11,634|**Total**
**funds**
**Period**
**ended**
**4 May**
**2021**
**£**
**6,747**
**8**
**848**
**1,170**
**1,200**
**495**
**165**
**1,001**|
|---|---|---|
|||**11,634**|
## **7. Staff costs**
|Wages and salaries
Social security costs|**Period**
**ended**
**4 May**
**2021**
**£**
**6,640**
**107**|
|---|---|
|||
||**6,747**|
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## **KARTIK PRABHU MEMORIAL FOUNDATION Charitable Incorporated Organisation**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 4 MAY 2021**
## **7. Staff costs (continued)**
The average number of persons employed by the Charitable Incorporated Organisation during the period was as follows:
||**Period**|
|---|---|
||**ended**|
||**4 May**|
||**2021**|
||**No.**|
|Employee|**1**|
No employee received remuneration amounting to more than £60,000 in either year.
**8. Trustees' remuneration and expenses** During the period, no Trustees received any remuneration or other benefits. During the period ended 4 May 2021, no Trustee expenses have been incurred.
## **9. Debtors**
|**Due within one year**
Prepayments and accrued income
Tax recoverable|**2021**
**£**
**212**
**100,063**|
|---|---|
|||
||**100,275**|
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## **KARTIK PRABHU MEMORIAL FOUNDATION Charitable Incorporated Organisation**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 4 MAY 2021**
## **10. Creditors: Amounts falling due within one year**
|Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income|**2021**
**£**
**1,869**
**349**
**1,994**
**1,200**|
|---|---|
|||
||**5,412**|
## **11. Statement of funds Statement of funds - current period**
|**Unrestricted funds**
General Funds - all funds
**12.**
**Analysis of net assets between funds**
**Analysis of net assets between funds - current period**
Current assets
Creditors due within one year
**Total**|**Income**
**£**
**600,853**|**Expenditure**
**£**
**(13,237)**
**Unrestricted**
**funds**
**2021**
**£**
593,028
(5,412)
587,616|**Balance at 4**
**May 2021**
**£**
**587,616**
**Total**
**funds**
**2021**
**£**
**593,028**
**(5,412)**
**587,616**|**Balance at 4**
**May 2021**
**£**
**587,616**
**Total**
**funds**
**2021**
**£**
**593,028**
**(5,412)**
**587,616**|
|---|---|---|---|---|
||||||
|||||**587,616**|
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## **KARTIK PRABHU MEMORIAL FOUNDATION Charitable Incorporated Organisation**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 4 MAY 2021**
## **13. Reconciliation of net movement in funds to net cash flow from operating activities**
|Net income for the period (as per Statement of Financial Activities)
**Adjustments for:**
Dividends, interests and rents from investments
Decrease/(increase) in debtors
Increase in creditors
**Net cash provided by operating activities**
**14.**
**Analysis of cash and cash equivalents**
Cash in hand
**Total cash and cash equivalents**
**15.**
**Analysis of changes in net debt**
Cash at bank and in hand|**Cash flows**
**£**
**492,753**
**492,753**||**Period**
**ended**
**2021**
**£**
**587,616**
**(14)**
**(100,274)**
**5,411**
**492,739**
**2021**
**£**
**492,753**
**492,753**
**At 4 May**
**2021**
**£**
**492,753**
**492,753**|
|---|---|---|---|
|||||
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## **KARTIK PRABHU MEMORIAL FOUNDATION Charitable Incorporated Organisation**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 4 MAY 2021**
## **16. Related party transactions**
During the year, the charity received donations,including Gift Aid, totalling £600,125 from Tushar Prabhu, a Trustee.
Furthermore, an interest free loan of £1,500 was provided to the charity by Tushar Prabhu. The balance is repayable on demand.
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