Charity number: 258850
THE RETREAT LOXWOOD
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
THE RETREAT LOXWOOD
| CONTENTS | |
|---|---|
| Page | |
| Reference and administrative details of the charity, its trustees and advisers | 1 |
| Trustees' report | 2 - 5 |
| Independent examiner's report | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 - 17 |
THE RETREAT LOXWOOD
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2024
Trustees
N Jones M Slorick R Winney R Kitchener J Pauling (appointed 29 April 2023, resigned 14 October 2024) Mrs V Birse (appointed 29 April 2023)
Charity registered number
258850
Principal office
200 Brooklands Road, Weybridge, Surrey, KT13 0RJ
Accountants
P M Landergan FCA, 26 Burney Street, London, SE10 8EX
Page 1
THE RETREAT LOXWOOD
TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2024
The Trustees present their annual report together with the financial statements of the charity for the year 6 April 2023 to 5 April 2024.
Objectives and Activities
a. POLICIES AND OBJECTIVES
The Charity provides affordable housing to elderly people.
b. ACTIVITIES FOR ACHIEVING OBJECTIVES
The Charity has managed and maintained its principal property in Loxwood West Sussex
c. MAIN ACTIVITIES UNDERTAKEN TO FURTHER THE CHARITY'S PURPOSES FOR PUBLIC BENEFIT
9 Flats have been provided at below market rent in the area covered by Loxwood, Northchapel, Norwood and Petworth meeting the Charity Commission requirement to provide public benefit
Achievements and performance
a. REVIEW OF ACTIVITIES
The trustees have continued to provide each resident with suitable housing in a pleasant environment whilst seeking to develop the property with professional guidance especially concerning the energy efficiency of the building and enlarging some of the smaller units.
b. INVESTMENT POLICY AND PERFORMANCE
The Trustees have engaged brokers to manage it's investments to provide an appropriate balance of growth and income.
Financial review
a. GOING CONCERN
After making appropriate enquiries, the trustees have a reasonable expectation that the charity 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
The Trustees aim to retain sufficient liquid funds to meet the immediate needs of the Charity whilst allowing the investment portfolio to grow and most of the income from the portfolio is reinvested into the funds and is available to fund planned improvements to the facilities..
Page 2
THE RETREAT LOXWOOD
TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 5 APRIL 2024
c. Prior Years
The results for 2023 have been restated since on reviewing the SORP it was realised that the freehold should have been depreciated and some minor adjustments to the value of the investments have been made.
Structure, governance and management
a. CONSTITUTION
The principal object of the charity set out in the Trust Deed dated 5th April 1966 is to provide below market rate housing to residents over 60.
b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
c. ORGANISATIONAL STRUCTURE AND DECISION MAKING
Major decisions are taken by the Trustees and the day to day management has been contractually delegated to T (Property) MC Limited
Page 3
THE RETREAT LOXWOOD
TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 5 APRIL 2024
TRUSTEES' RESPONSIBILITIES STATEMENT
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 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 these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgments and accounting estimates that are reasonable and prudent;
-
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 proper accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 4
THE RETREAT LOXWOOD
TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 5 APRIL 2024
This report was approved by the Trustees, on 1 February 2025 and signed on their behalf by:
Mrs V Birse
Trustee
Page 5
THE RETREAT LOXWOOD
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2024
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE RETREAT LOXWOOD (the 'charity')
I report to the charity Trustees on my examination of the accounts of the charity for the year ended 5 April 2024.
This report is made solely to the charity'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 charity'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 charity and the charity's Trustees as a body, for my work or for this report.
RESPONSIBILITIES AND BASIS OF REPORT
As the Trustees of the charity 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 all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
INDEPENDENT EXAMINER'S STATEMENT
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 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 can confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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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.
Signed: Dated: 3 February 2025
P M Landergan FCA 7643305
Landergan & Co Ltd, 26 Burney Street, London SE10 8EX
Page 6
THE RETREAT LOXWOOD
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024
| Unrestricted funds Endowment funds Note 2024 £ 2024 £ INCOME AND ENDOWMENTS FROM: Investments 2 95,538 - TOTAL INCOME AND ENDOWMENTS 95,538 - EXPENDITURE ON: Charitable activities 4 61,712 6,409 TOTAL EXPENDITURE 5 61,712 6,409 NET INCOME / (EXPENDITURE) BEFORE INVESTMENT GAINS/(LOSSES) 33,826 (6,409) Net gains/(losses) on investments 62,255 - NET INCOME / (EXPENDITURE) BEFORE OTHER RECOGNISED GAINS AND LOSSES 96,081 (6,409) NET MOVEMENT IN FUNDS 96,081 (6,409) RECONCILIATION OF FUNDS: Total funds brought forward 1,047,783 262,760 TOTAL FUNDS CARRIED FORWARD 1,143,864 256,351 |
Total funds 2024 £ 95,538 95,538 68,121 68,121 27,417 62,255 89,672 89,672 1,310,543 1,400,215 |
As restated Total funds 2023 £ 74,516 74,516 126,006 126,006 (51,490) (279,044) (330,534) (330,534) 1,641,077 1,310,543 |
|---|---|---|
The notes on pages 9 to 17 form part of these financial statements.
Page 7
THE RETREAT LOXWOOD
BALANCE SHEET AS AT 5 APRIL 2024
| Note FIXED ASSETS Tangible assets 9 Investments 10 CURRENT ASSETS Debtors 11 Cash at bank and in hand CREDITORS:amounts falling due within one year 12 NET CURRENT ASSETS NET ASSETS CHARITY FUNDS Endowment funds 13 Unrestricted funds 13 TOTAL FUNDS |
£ 14,369 86,068 100,437 (1,500) |
2024 £ 256,351 1,044,927 1,301,278 98,937 1,400,215 256,351 1,143,864 1,400,215 |
£ - 121,005 121,005 (7,500) |
As restated 2023 £ 262,760 934,278 |
|---|---|---|---|---|
| 1,197,038 113,505 |
||||
| 1,310,543 | ||||
| 262,760 1,047,783 |
||||
| 1,310,543 |
The financial statements were approved by the Trustees on 1 February 2025 and signed on their behalf, by:
Mrs V Birse
The notes on pages 9 to 17 form part of these financial statements.
Page 8
THE RETREAT LOXWOOD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
1. ACCOUNTING POLICIES
1.1 Basis of preparation of financial statements
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 on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with 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) issued on 16 July 2014 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011.
The Retreat Loxwood constitutes a public benefit entity as defined by FRS 102.
1.2 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.
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 when a 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.
Donated services or facilities are recognised when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the Friends is not recognised and refer to the Trustees' report for more information about their contribution.
On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Page 9
THE RETREAT LOXWOOD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
1. ACCOUNTING POLICIES (continued)
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.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Charitable activities and Governance costs are costs incurred on the charity's operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.
1.4 Tangible fixed assets and depreciation
A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities.
Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold property
- 2% Straight Line
1.5 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading ‘Gains/(losses) on investments’ in the Statement of financial activities.
1.6 Interest receivable
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.
1.7 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.
Page 10
THE RETREAT LOXWOOD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
1. ACCOUNTING POLICIES (continued)
1.8 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.
1.9 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 charity 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 within interest payable and similar charges.
1.10 Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
1.11 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 charity and which have not been designated for other purposes.
2. INVESTMENT INCOME
| Unrestricted funds Endowment funds 2024 £ 2024 £ Investment income - local investment properties 67,152 - Investment income - local listed investments 28,386 - 95,538 - Total 2023 74,516 - |
Total funds 2024 £ 67,152 28,386 95,538 74,516 |
Total funds 2023 £ 54,165 20,351 74,516 |
|---|---|---|
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THE RETREAT LOXWOOD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
3. SUPPORT COSTS
| Office costs Professional Fees Investment management Bank charges Repairs & maintenance Property management Depreciation Total 2023 |
Activities £ 1,448 6,642 11,939 22 29,075 10,755 6,409 66,290 124,560 |
Total 2024 £ 1,448 6,642 11,939 22 29,075 10,755 6,409 66,290 124,560 |
Total 2023 £ 3,355 1,195 14,580 41 37,859 9,850 57,680 124,560 |
|---|---|---|---|
4. GOVERNANCE COSTS
| Unrestricted funds Endowment funds 2024 £ 2024 £ Governance Examination Fee 1,500 - Governance - Trustees travel expenses 331 - 1,831 - ANALYSIS OF EXPENDITURE BY EXPENDITURE TYPE Depreciation Other costs 2024 £ 2024 £ Direct costs 6,409 59,881 Expenditure on governance - 1,831 6,409 61,712 Total 2023 57,680 68,326 |
Total funds 2024 £ 1,500 331 1,831 Total 2024 £ 66,290 1,831 68,121 126,006 |
Total funds 2023 £ 1,200 246 |
|---|---|---|
| 1,446 | ||
| Total 2023 £ 124,560 1,446 |
||
| 126,006 | ||
5. ANALYSIS OF EXPENDITURE BY EXPENDITURE TYPE
Page 12
THE RETREAT LOXWOOD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
6. NET INCOME/(EXPENDITURE)
This is stated after charging:
| As restated | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Depreciation of tangible fixed assets: | ||
| - owned by the charity | 6,409 | 57,680 |
During the year, no Trustees received any remuneration (2023 - £NIL). During the year, no Trustees received any benefits in kind (2023 - £NIL).
4 Trustees received reimbursement of expenses amounting to £331 in the current year, (2023 - 4 Trustees - £246).
7. AUDITORS' REMUNERATION
The Independent Examiner's remuneration amounts to an Independent Examination fee of £1,500 (2023 - £1,200), and no other services were provided of £ -(2023 - £ -).
Page 13
THE RETREAT LOXWOOD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
8. TRUSTEES' REMUNERATION
9. TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | |
|---|---|
| Cost At 6 April 2023 and 5 April 2024 Depreciation At 6 April 2023 Charge for the year At 5 April 2024 Net book value At 5 April 2024 At 5 April 2023 |
Freehold property £ 320,440 |
| 57,680 6,409 |
|
| 64,089 | |
| 256,351 | |
| 262,760 |
The above value represents the historic carrying value
10. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Market value At 6 April 2023 Additions Disposals At 5 April 2024 Impairment At 6 April 2023 Charge for the year At 5 April 2024 Net book value At 5 April 2024 At 5 April 2023 Historical cost |
Listed securities £ 934,278 135,564 (97,549) |
| 972,293 | |
| - (72,634) |
|
| (72,634) | |
| 1,044,927 | |
| 934,278 | |
| 919,741 |
Page 14
THE RETREAT LOXWOOD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
10. FIXED ASSET INVESTMENTS (continued)
Investments at market value comprise:
| Listed investments All the fixed asset investments are held in the UK |
2024 £ 1,044,927 |
As restated 2023 £ 934,278 |
|---|---|---|
11. DEBTORS
| Trade debtors Prepayments and accrued income |
2024 £ 12,227 2,142 14,369 |
2023 £ - - |
|---|---|---|
| - |
12. CREDITORS: Amounts falling due within one year
| Trade creditors Accruals and deferred income |
2024 £ - 1,500 1,500 |
2023 £ 5,220 2,280 |
|---|---|---|
| 7,500 |
13. STATEMENT OF FUNDS
STATEMENT OF FUNDS - CURRENT YEAR
| Balance at 6 April 2023 £ Unrestricted funds General Funds - all funds 1,047,783 Other General funds - 1,047,783 |
Income Expenditure £ £ - - 95,538 (61,712) 95,538 (61,712) |
Gains/ (Losses) Balance at 5 April 2024 £ £ 62,255 1,110,038 - 33,826 62,255 1,143,864 |
Gains/ (Losses) Balance at 5 April 2024 £ £ 62,255 1,110,038 - 33,826 62,255 1,143,864 |
|---|---|---|---|
| 1,143,864 |
Page 15
THE RETREAT LOXWOOD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
13. STATEMENT OF FUNDS (continued)
Endowment funds
| Endowment Funds - all funds 262,760 Other Endowment funds - 262,760 Total of funds 1,310,543 STATEMENT OF FUNDS - PRIOR YEAR Balance at 6 April 2022 £ General funds General Funds - all funds 1,320,637 Endowment Funds - all funds 320,440 SUMMARY OF FUNDS - CURRENT YEAR Balance at 6 April 2023 £ General funds 1,047,783 Endowment funds 262,760 1,310,543 SUMMARY OF FUNDS - PRIOR YEAR Balance at 6 April 2022 £ General funds 1,320,637 Endowment funds 320,440 1,641,077 |
- - - (6,409) - (6,409) 95,538 (68,121) Income Expenditure £ £ 74,516 (47,633) - (57,680) Income Expenditure £ £ 95,538 (61,712) - (6,409) 95,538 (68,121) Income Expenditure £ £ 74,516 (47,633) - (57,680) 74,516 (105,313) |
- 262,760 - (6,409) - 256,351 62,255 1,400,215 Gains/ (Losses) Balance at 5 April 2023 £ £ (299,737) 1,047,783 - 262,760 Gains/ (Losses) Balance at 5 April 2024 £ £ 62,255 1,143,864 - 256,351 62,255 1,400,215 Gains/ (Losses) Balance at 5 April 2023 £ £ (299,737) 1,047,783 - 262,760 (299,737) 1,310,543 |
|---|---|---|
Page 16
THE RETREAT LOXWOOD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
14. ANALYSIS OF NET ASSETS BETWEEN FUNDS
ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR
| Unrestricted funds Endowment funds 2024 £ 2024 £ Tangible fixed assets - 256,351 Fixed asset investments 1,044,927 - Current assets 100,437 - Creditors due within one year (1,500) - 1,143,864 256,351 ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR Unrestricted funds Endowment funds 2023 £ 2023 £ Tangible fixed assets - 262,760 Fixed asset investments 934,278 - Current assets 121,005 - Creditors due within one year (7,500) - 1,047,783 262,760 |
Total funds 2024 £ 256,351 1,044,927 100,437 (1,500) 1,400,215 Total funds 2023 £ 262,760 934,278 121,005 (7,500) 1,310,543 |
|---|---|
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