Charity registration number 242328 (England and Wales)
THE SHELDON TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
Caladi Chartered Certified Accountants
THE SHELDON TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr J KR England MrA P Bidnell Mrs R M Beatton Mrs R M Gibbins Mr P K England Ms C J England (Appointed 9 December 2024)
Charity number (England and Wales)
242328
Principal address
6 Trull Farm Buildings Tetbury Gloucestershire GL8 8SQ
Independent examiner Colin Dadswell FCA FCCA DChA Caladine Limited Chantry House 22 Upperton Road Eastbourne East Sussex BN21 1BF
Bankers CAF Bank 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ
Administrators
Pothecary Witham Weld 84 Eccleston Square Pimlico London SW1V 1PX
Investment advisors
Quilter Cheviot Senator House 85 Queen Victoria Street London EC4V 4AB
4
$
THE SHELDON TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2025
The Trustees present their annual report and financial statements for the year ended 5 April 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Trust's Trust deed, 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) (effective 1 January 2019)".
Objectives and activities
The objects of the Trust are for such charitable purposes as shall from time to time be determined by the Trustees. In setting their grant making policy and when reviewing the Trust’s aims and objectives the Trustees confirm that they have had regard to the guidance provided by the Charity Commission on public benefit.
Activities
Grant Making Policy
The Trustees have established their grant making policy to achieve their objects for the public benefit. The Trustees have continued to focus their grant giving in the West Midlands with particular emphasis on the following areas: Birmingham City, Coventry City, Dudley, Sandwell, Solihull, Wolverhampton and the County of Warwickshire but also now provide a limited number of grants nationally.
The main objective of the Trust - to relieve poverty and distress in society, especially in deprived areas, by providing grants to registered charities working with disadvantaged people - remains unchanged. In order to achieve this objective, grants are made to charities working in the following four areas:
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Community Projects (West Midlands only): these would be primarily community-based organisations, run by local volunteers and/or some paid staff. They would be addressing identified local needs of a community nature. 2. Special Needs Groups (West Midlands only): these would be addressing the special needs of groups or individuals with age, health or learning issues which put them at a disadvantage within society.
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Youth Development (nationally): these would support programmes which address the needs of 16-25 year olds, especially those not in education, employment or training (NEETs). While individuals will not be selected and supported directly, the Trustees will consider applications from programmes which encourage young people to expand their experiences and challenge their capacities.
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Holidays for the disadvantaged (Nationally): the average value of these small grants is £1,000. The grants are for holidays for people living in the defined area who are disadvantaged due to age, disability or other special needs who would otherwise not be able to have a holiday. Holidays must take place in the UK.
The Trustees will consider applications for projects, salaries, equipment, furnishings and running costs.
The Trustees do not consider applications from charities with an annual income of over £1M and/or free unrestricted reserves to the value of more than six months of their annual expenditure. In addition to the above the Trustees may put aside a portion of their income for grants for special projects of which they have personal knowledge or an organisation which they have supported in the past.
The Trustees only make grants to other registered UK charities as they consider that such charities, established as they are for the public benefit, are best placed to further the charitable objectives of the Trust. This also provides reassurance that the grants the Trustees make go to worthy, charitable and accountable recipients. Occasionally grants are made to non-registered charities but in these instances payment is made through a sponsoring third party registered charity.
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THE SHELDON TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
The Trustees play a very active role in the Trust and review their policy and criteria regularly. Although they have a central policy, flexibility is retained to allow for reaction to changes in the environment and the community alike. The Trustees continue to commit a proportion of their income to multi-year grants for a period of two or three years which means they have less income to distribute for other charitable purposes in any given year. The Trustees keep the value of these continuing grants under review to avoid over committing their resources.
Achievements and performance Significant activities and achievements against objectives
The Trustees met three during the year and authorised 24 grants with a total value of £121,498 as set out below. Community Projects
One grant was authorised under this category during the year worth £5,000. Youth Development
Seven grants were authorised under this category during the year totalling £58,000. Of the grants authorised under this category three were charities previously known to the Trustees. Special Needs Groups
Seven grants were authorised under this category during the year totalling £40,700. Of the grants authorised under this category three of the charities were previously known to the Trustees. Holiday Fund The Trustees set aside funds in support of holiday projects for disadvantaged people each year and during the year nine grants totalling £14,798 were authorised.
The Trustees sometimes make conditional grants in the year which are not accrued or included pending fulfilment of the conditions.
Monitoring
All successful applicants are requested to provide a report on the use of the funding provided and how it has benefited the target groups. An official monitoring form is provided for the purpose of reporting under all categories with the exception of the holiday funding. The charities in receipt of a holiday grant are asked to provide a short narrative on the holiday funded as well as photographs or other proof that the holiday has taken place, within a year of the grant receipt.
Risk Management
The Trustees have identified the risks to which the Trust is exposed and have implemented procedures to mitigate those risks. The principal risk to the charity is considered to be a dramatic downturn in capital value.
The Trustees consider the major financial risk to be variability of returns on their investments. This is mitigated by diversifying their investments between rental properties and an investment portfolio. Returns on high street properties have recently become more complicated to manage and sometimes has required some investment by the Trust. The Trustees employ expert property and investment managers to manage their investments and receive regular reports from each.
The major operational risk faced by the Trust is misuse of grant funding by recipients. The Trustees have implemented procedures to manage this risk through thorough review of all applications, pre-grant assessments, and effective monitoring of grants made. All applications must include detailed financial information about the Applicant.
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THE SHELDON TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
Financial review
The Trust’s work is dependent on income from its investments. The capital fund is an expendable endowment but it is the Trustees’ policy to maximise income from their investments whilst maintaining a capital fund. This policy is kept under review and if the need arises the Trustees will reconsider this decision.
Investment Policy
The capital fund of the Trust consists of both property and stock exchange investments and this balance enables the Trustees to be a little more flexible in terms of their stock exchange holdings than might otherwise be appropriate. The Trustees choose not to invest in companies where more than 25% of profit is derived from the production or sales of Alcohol, Tobacco, Armaments or Gambling. However, should this policy prevent the purchase of shares which the investment manager would normally recommend then this will be considered on a case by case basis. The Trustees will continue to keep their ethical policy under review, considering both the positive and negative impact of investments.
Reserves Policy
The Trustees have given consideration as how best to benefit those groups and individuals to whom its policies are targeted to help in the short and longer term. They keep under review the number of grants which include payments in future years to ensure that they have sufficient funds to meet needs as they arise. The Trustees anticipate increasing needs in the areas they support in future years and have determined that they will maintain the capital fund, with organic growth, as a source for future grants.
The charity had an unrestricted capital fund of £5,542,159 (2024: £5,794,276) and an unrestricted income fund of £193,044 (2024: £94,097) which included known liabilities for future approved grants amounting to £27,000 (2024: £78,902) as at 5 April 2025. The Trustees regularly review the value of grants authorised for payment in future years and have implemented procedures to ensure they do not become overcommitted in this regard. There is a restricted income fund for holiday funding of £10,508 (2024: £25,306).
The Trustees have determined that all net income will be distributed by way of grants, with the proviso that approximately £20,000 of the income fund will remain undistributed to enable the charity to be managed efficiently and to provide working capital.
Principal funding sources Fundraising
The Trust understands its duty to protect the public, including vulnerable people, from unreasonably intrusive or persistent fundraising approaches and undue pressure to donate, but does not currently fundraise from the public or use any internal fundraisers or external fundraising agencies for either telephone or face-to-face campaigns and received no fundraising complaints during the year.
Plans for future periods
The Trustees look forward to continuing to make grants with an emphasis on community and special needs projects and the specific category for disadvantaged young people. The Trustees will continue to retain flexibility as to the timing and scale of grant-making. In order to achieve this objective the Trustees will continue to monitor their investments with the intention of maintaining capital growth whilst providing income for grant funding.
The Trustees have decided that moving forwards they should be cautious about approving multi-year grants. They will also explore ways to reduce overhead costs by making some larger grants whilst still continuing to support small grassroots charities.
The Trustees will keep under review the possibility of merging with other charities with similar objects to their own with a view to proportionately reducing overhead costs.
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THE SHELDON TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
Structure, governance and management
The Sheldon Trust is an unincorporated trust established by a Trust Deed dated 9 April 1965 and registered with the Charity Commission on 12 May 1965. The Trustees have the power to spend or retain both capital and income and so the funds of the Trust are classed as expendable endowment. The Trust does not actively fundraise and seeks to continue its charitable work through careful stewardship of its existing resources.
The Trustees who served during the year and up to the date of signature of the financial statements were:
Mr J K R England MrA P Bidnell Mrs R M Beatton
Mrs R M Gibbins
Mr P K England Ms C J England (Appointed 9 December 2024)
Recruitment and appointment of trustees Appointment of new trustees is by invitation of the existing trustees. Prospective new trustees are invited to attend Trustee Meetings prior to formal appointment for induction and training purposes.
During the year, the trustees decided to move the administration of the trust to The Trust Partnership (TTP) with effect from the new financial year, 6 April 2025. There has however been no change in terms of our investment and property management.
The trustees would like to place on record their appreciation of the services of Pothecary Witham Weld who for many years have provided administrative support services, as well as legal services as required. The Trustees' report was approved by the Board of Trustees at their meeting on 5 September 2025.
Mr J K R EnglandJI" Chairman
Date: 5 September 2025
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THE SHELDON TRUST
STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 5 APRIL 2025
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: - 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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$
4
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+,+- +,+- +,+- +,+- 2024
. . . . .
0 $7&$$ - - $7&$$ -
1 233,480 - - 233,480 229,542
234,891 - - 234,891 229,542
- - 50,822 - 50,822 72,860
2 135,944 - $&7=>6 150,742 247,086
135,944 50,822 $&7=>6 201,564 319,946
31 - (201,295) - (201,295) 473,691
>67>&= (252,117) (14,798) (167,968) 383,287
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----- Start of picture text -----
+,+1 +,+1 +,+1 +,+1
. . . .
1 229,542 - - 229,542
229,542 - - 229,542
- - 72,860 - 72,860
2 226,607 - 20,479 247,086
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31
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+,+- +,+1
. . . .
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332 37 38
647&=&
3:
+0 +3
THE SHELDON TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
1 Accounting policies
Charity information The Sheldon Trust is an unincorporated trust established by a Trust Deed dated 9th April 1965 and registered with the Charity Commission on 12th May 1965.
1.1 Accounting convention The financial statements have been prepared in accordance with the Trust's Trust deed, 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) (effective 1 January 2019)". 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 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 income funds comprise of funds which are free for use at the discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.
For management purposes, the trustees have designated that the Trust's capital and capital profits will be retained and carried forward in a Capital Fund. At the discretion of the Trustees, on specific occasions, a transfer from the capital fund to the income fund will be made, to utilise some of the investment portfolio's capital gains for grant making. The Income Fund and income profits are utilised for awarding annual grants.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
1.4 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity, this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been received. Income from Government Securities is recognised when it is received.
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THE SHELDON TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
1 Accounting policies (Continued)
Rental income under operating leases is charged to the profit and loss accounts on a straight-line basis over the terms of the lease.
For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or whena distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation committing the charity to the expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
¢ Costs of raising funds includes fees and charges for the management of the investment portfolio. ¢ Expenditure on charitable activities includes grants made in furtherance of the Trust's objects, governance costs and support costs.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity and governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements. Grants payable are charged in the year in which the offer is conveyed to the recipient 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 yearend are noted as a commitment, but not accrued as expenditure.
Where grants are payable by instalment, payment of subsequent instalments is conditional on satisfactory interim progress reports. The trustees consider it probable that satisfactory reports will be received and subsequent instalments are not, therefore, treated as conditional.
Allocation of support costs Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance and governance costs which support the Trust's activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities.
1.6 Investment property Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the statement of financial activities.
1.7 Non-current investments Fixed asset Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the midmarket quoted price (the difference between mid-market and bid price is deemed not to be material). The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
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%
| ' | Donations and legacies | |||
|---|---|---|---|---|
| Unrestricted | Total | |||
| funds | funds | |||
| income | ||||
| %6%- | 2024 | |||
| 7 | 9 | |||
| Donations and gifts | 1,411 | - | ||
| * | Investments | |||
| Unrestricted | Unrestricted | |||
| funds | funds | |||
| income | income | |||
| %6%- | 2024 | |||
| 7 | 9 | |||
| Rental income | 111,379 | 110,902 | ||
| Income from listed investments | 117,707 | 115,833 | ||
| Interest receivable | 4,394 | 2,807 | ||
| 233,480 | 229,542 | |||
| - | Raising funds | |||
| Unrestricted | Unrestricted | |||
| funds | funds | |||
| capital | capital | |||
| %6%- | 2024 | |||
| 7 | 9 |
! " #
)
! " ! + # #
! " ! + # #
/
! " ! + # #
0
! " ! + # #
! " ! + # #
5' 6'
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0
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5' )'
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! " ! +
# #
5,000 -
-
2,500 -
4,000 5,000
5,000 -
-
4,200 -
- 2,683
- 5,000
- 9,000
- 5,000
- 5,000
31,683
! " ! +
# #
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5'6 '
2!/3)+/ 24340)
0
| Accrued at 5 April | +3!!! | )/30! | |||||
|---|---|---|---|---|---|---|---|
| Payable as follows | |||||||
| Grants payable within one year (see note 18) | 24,000 | 64,902 | |||||
| Grants payable afterone year (see note 19) | - | 14,000 | |||||
| +3!!! | )/30! | ||||||
| 2! | Trustees | ||||||
| None of the Trustees (or any | persons connected with them) received any remuneration during | the year (2024: | |||||
| £nil). One trustee was reimbursed for out-of-pocket expenses of |
£82 | in the year (2024: | No Trustees | ||||
| reimbursed). | |||||||
| 22 | Financial commitments, guarantees and contingent liabilities | ||||||
| In previous years the Trust made commitments to fund organisations for | a number | of years | into the future. | ||||
| Some of these amounts would only be released following a satisfactory visit from a Trustee | and thus these | ||||||
| amounts committed were not charged in the accounts. During the year the Trustees resolved |
to no longer | ||||||
| agree multi-year grants and thus, no commitments were outstanding | at the year end. | Details of the | |||||
| commitments as at the prioryearend 5th April 2024 are given below. | |||||||
| ~~Commitments at 5 April 2024~~ | |||||||
| ! " | ! " | 2026 | TOTAL | ||||
| # | # | # | |||||
| VoluntaryAction Coventry | 5,000 | - | "3!!! | ||||
| Sahara (Coventry) Ltd | 4,000 | 3,000 | )3!!! | ||||
| Bank Edutainment Ltd | 10,000 | 10,000 | !3!!! | ||||
| 5' 6' | 5,000 | 5,000 | 2!3!!! | ||||
| Equi-PowerCentralScotland | RDA | 5,000 | 5,000 | - | "3!!! |
-
-
-
| Listed investments |
Cash in portfolio |
Total |
|---|---|---|
| - | - | - |
| 4,169,558 | 12,888 | 4,182,446 |
| #&$%'*( | - | #&$%'*( |
| (208,457) | - | (208,457) |
| - | 162,997 | 162,997 |
| (418,496) | - | (418,496) |
| 3,783,142 | 175,885 | *%)')%$#( |
| 3,783,142 | 175,885 | *%)')%$#( |
| 4,169,558 | 12,888 | 4,182,446 |
| 2025 | 2024 | |
| - | - | |
| 3,286,863 | 3,813,643 | |
| 259,391 | 81,461 | |
| 236,888 | #(&%&'& | |
| 175,885 | 12,888 | |
| *%)')%$#( | 4,182,446 | |
| date. | ||
| 2025 | 2024 | |
| - | - |
| Notes | - | - | |
|---|---|---|---|
| 2,314 | - | ||
| 20 | #,%(#' | #,%,$$ | |
| )%$$$ | - | ||
| #&%$$$ | ,&%)$# | ||
| 22,915 | 11,739 | ||
| 84,954 | 103,241 | ||
| 2025 | 2024 | ||
| - | - | ||
| - | 14,000 | ||
| 2025 | 2024 | ||
| - | - | ||
| #,%(#' | #,%,$$ | ||
| the Trust's activities. | |||
| At 6April | Resources | Gains and | At 5April |
| 2024 | expended | losses | 2025 |
| - | - | - | - |
| '%()&%#(, | (50,822) | (201,295) | 5,542,159 |
| At 6April | Resources | Gains and | At 5April |
| 2023 | expended | losses | 2024 |
| - | - | - | - |
| '%)%&&' | (72,860) | 473,691 | '%()&%#(, |
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----- Start of picture text -----
- - - -
)&%$)( 234,891 (135,944) 193,044
6 April Incoming Resources At 5 April
2023 resources expended 2024
- - - -
91,162 ##)%'&# ##,%,$(! )&%$)(
----- End of picture text -----
-
- #$%&()! #'%*$, (14,798) 10,508
) )
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) ) ) )