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##
|The key financi|al perfonttance
indicators
u|sed by the group are as follow|s:|
|---|---|---|---|
|||2020|2019|
|Grants and donations
paid||2,790,600|1,908,816|
|Net investment|income|2,244,771|2,622,966|
|Net gains on investments||1,647,555|2,504,650|
|Net movement|in funds —surplus|2, 154,621|3,654,073|
|Total Funds||69,022,837|66,868,216|
##
##
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##
##
##
##
##
##
##
##
##
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##
##
##
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##
##
##
##
##
##
##
#
##
##
##
##
##
|||||2020|2019|
|---|---|---|---|---|---|
|||||Unrestricted
Funds|Unrestricted
Funds|
||||Notes|||
|Income and endowments||from:||||
|Donations
and legacies||||18,000|18,000|
|Investments||||6,904,975|7,355,870|
|Other Income||||5,190||
|Other Trading Activity||||3,159,912|2,596,694|
|Total Income||||10,088,077|9,970,564|
|Expenditure
on:||||||
|Investment
Management|Costs|||4,660,204|4,732,904|
|Other Trading Expenditure||||2,024,477|1,728,367|
|Charitable
Activities||||2,854,946|1,972,058|
|Total Expenditure||||9,539,627|8,433,329|
|Gains and Losses on Investments||||||
|Profit on Sale ofinvestment||Properties|12|31,055|166,577|
|Surplus
on Revaluation of||||||
|Investment
Properties||||1,616,500|2,338,073|
|Net Gains on Investments||||1,647,555|2,504,650|
|Net Income before Tax||||2,196,005|4,041,885|
|Taxation —charge|||13|(41,384)|(387,812)|
|Net Income for the Year||and||||
|Net Movement
in Funds|||14|7,154,621|3,654,073|
|Reconciliation
ofFunds:||||||
|Total Funds Brought Forward||||66,868,216|63,214,143|
|Total Funds Carried Forward|||23|f69,022,837|666,868,216|
##
##
|||||2020||2019|
|---|---|---|---|---|---|---|
|||Notes|||||
|FIXEDASSETS|||||||
|Tangible Assets||15||199,132||190,353|
|Investment
Properties||16||121,850,500||114,605,500|
|||||122,049,632||114,795,853|
|CURRENT ASSETS|||||||
|Debtors||18|5,924,430||6,275,795||
|Cash at Bank and on Deposit|||3,184,065||1 760214||
||||9,108,495||8,036,009||
|CREDITORS: Amounts|falling||||||
|due within one year||19|(3,477,606)||(4,255,685)||
|NET CURRENT ASSETS||||5,630,889||3,780,324|
|TOTAL ASSETSLESS|||||||
|CURRENT LIABILITIES||||127,680,521||118,576,177|
|CREDITORS: Amounts|falling||||||
|due after more than one year||20||(57,938,560)||(51,026,321)|
|Provisions for LiabiTities|&Charges|22||(719,124)||(681,640)|
|NET ASSETS||||669,022,837||666,868,216|
|The funds ofthe charitable|||||||
|Group:|||||||
|Unrestricted
Funds||23||69,022,837||66,868,216|
|||||669,022,837||666,868,216|
##
##
|||||2020||2019|
|---|---|---|---|---|---|---|
|||Notes|g|g|||
|FIXEDASSETS|||||||
|Tangible Assets||15||15,448||20,597|
|Investment
Properties||16||73,550,000||68,025,000|
|Investments||17||31,660,000||31,590,000|
|||||105,225,448||99,635,597|
|CURRENT ASSETS|||||||
|Debtors||18|1,225,648||2,277,376||
|Cash at Bank and on Deposit|||959,139||936,869||
||||2,184,787||3,214,245||
|CREDITORS: Amounts|falling||||||
|due within one year||19|(3,674,542)||(5,230,619)||
|NKT CURRENT LIABILITIES||||(1,489,755)||(2,016,374)|
|TOTAL ASSETSLESS|||||||
|CURRENT LIABILITIES||||103,735,693||97,619,223|
|CREDITORS: Amounts|falling||||||
|due after more than one year||20||(34,734,950)||(30,730,556)|
|NET ASSETS||||669,000,743||f66,888,667|
|The funds ofthe charitable|||||||
|Company:|||||||
|Unrestricted
Funds||23||69,000,743||66,888,667|
|||||669,000,743||f66,888,667|
##
##
||||||2020|2019|
|---|---|---|---|---|---|---|
|||||Notes|||
|Cash flows from operating|activities:||||||
|Net cash (used in)/ provided|by operating||activities|25|(1,874,134)|808,626|
|Cash flows from investing|activities:||||||
|Interest received|||||190,334|462,295|
|Net rental income received|||||5,077,222|5,331,774|
|Purchase oftangible fixed assets|||||(34,301)|(16,378)|
|Purchase ofinvestment
properties|||||(5,777,500)|(13,803,272)|
|Proceeds from sale ofinvestment
properties|||||180,055|1,180,422|
|Net cash used in investing|activities||||(364,190)|(6,845,159)|
|Cash flows from financing|activities:||||||
|Interest paid|||||(2,472,511)|(2,272,618)|
|Increase in bank borrowings|||||7,157,046|6,538,817|
|(Decrease)/increase
in other|loan creditors||||(202,186)|25,113|
|(Increase)/decrease
in other|loan debtors||||(599,846)|720,753|
|Net cash provided
by financing
activities|||||3,882,503|5,012,065|
|Change in cash and cash equivalents||in|the year||1,644,179|(1,024,468)|
|Cash and cash equivalent
at|the beginning||ofthe year||1,496,935|2,521,403|
|Cash and cash equivalent|at the end|of|the year|25|83,141,114|81,496,935|
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
|||||2020|2019|
|---|---|---|---|---|---|
|||||Unrestricted|Funds|
||||||0|
|Income from|Invesnnent|Properties||6,688,328|7,025,921|
|Interest Receivable||||216,647|329,949|
|||||6,904,975|7,355,870|
|All investment|income is derived||from UK investments.|||
|OTHER TRADING ACTIVITY||||||
|||||2020|2019|
|||||Unrestricted|Funds|
|Other Trading|Income|||3,159,912|2,596,694|
##
##
##
##
##
##
##
||||2020|20]9|
|---|---|---|---|---|
||||Unrestricted|Funds|
|Investment|Property|Outgoings|1,611,106|1,694, 147|
|Management|and Administration||614,250|732,821|
|Interest Payable|||2,434,848|2,305,936|
||||4,660,204|4,732,904|
|OTHER TRADING||EXPENDITURE|||
||||2020|2019|
||||Unrestricted|Funds|
|||||g|
|Other Trading Expenditure|||2,024,477|1,728,367|
|EXPENDIT|U|RE ON CHARITABLE ACTIV|ITIES||
|---|---|---|---|---|
||||2020|2019|
||||Unrestricted|Funds|
|Grant funding||activities (Note 9)|2,790,600|1,908,816|
|Governance|costs (Note 10)||64,346|63,242|
||||2,854,946|1,972,058|
##
|Recipients ofInstitutional
Grants|||
|---|---|---|
|Layesharim
Tehilla||192,000|
|Ziv Haketulla||184,000|
|Yad Tomechet LeNizkak Batzafon||181,000|
|Matan Bseser||150,000|
|Yissochor Beholecho||145,000|
|Beer Ha'olam||114,500|
|Kupat Tzdaka Leman Aniyei Ramat|Bet Shemesh|76,000|
|Chaim Vuchesed Organisation||75,000|
||20||
##
##
##
##
##
|10.|ANALSYIS OF GOVERNANCE COSTS|ANALSYIS OF GOVERNANCE COSTS|ANALSYIS OF GOVERNANCE COSTS|ANALSYIS OF GOVERNANCE COSTS||
|---|---|---|---|---|---|
|||||2020|2019|
||Auditor's
remuneration|||49,000|49,000|
||Bookkeeping
fees|||3,307|3,787|
||Bank charges|||700|857|
||Legal and professional|fees||6,163|7,703|
||General expenses|||5,176|1,895|
|||||64,346|63,242|
|11.|STAFF COSTS AND|EMOLUMENTS||||
|||||2020|2019|
|||||Unrestricted|Funds|
||The aggregate
payroll|costs for the Group were:||||
||Wages and salaries|||1,827,402|1,694,365|
||Social security|||123,719|109,594|
|||||1,951,121|1,803,959|
||The average number ofstaff employed|||by the Group during the financial year amounted|to:|
|||||2020|2019|
||Number ofnursing staff|||80|81|
||Number ofadministrative||staff|10|7|
||Number ofmanagement||staff|6|5|
|||||96|93|
|12.|PROFIT ON SALE OF INVESTMENT PROPERTIES|||||
|||||2020|2019|
|||||Unrestricted|Funds|
||Net sale proceeds|||180,055|1,180,422|
||Book value ofproperties||sold|(149,000)|(1,013,845)|
|||||31,055|166,577|
##
##
|TAXATION||||
|---|---|---|---|
|Major components|oftax expense|||
|||2020|2019|
|||Unrestricted|Funds|
|Current tax:||||
|Current year||3,900||
|Deferred tax:||||
|Origination
and reversal oftiming differences||37,484|387,812|
|Tax charge||41,384|387,812|
|The tax assessed on the net inco
of 19'/s (2019 19'/0)|me for the year is low|er than the standard
rate ofcorp|oration
tax in|
|---|---|---|---|
|||2020|2019|
|||Unrestricted|Funds|
|Net income before tax||2,196,005|4,041,885|
|Net income by rate oftax||417,240|767,957|
|Income and gains exempt from|tax|25,826|(126,793)|
|Expenses not deductible
for tax|||31|
|Effect ofcapital allowance
and|depreciation|(1,090)|660|
|Impact ofchange in tax rate|||42,450|
|Timing difference on unrealised|gains|(61,139)|63,371|
|Unused tax losses carried forward|||32,882|
|Timing difference on gift aid||(332,633)|(345,186)|
|Effect ofindexation
on sale ofinvestments||(3,620)|(53239)|
|Other differences||(3,200)|5,679|
|Taxation charge||41,384|387,812|
##
##
##
|This is|stated|after chargin|g
the Group:|||
|---|---|---|---|---|---|
|||||2020|2019|
|||||Unrestricted|Funds|
|Auditor'|Remuneration|||||
|Audit|fees|—Charity||649,000|f49,000|
|Audit|fees|—Subsidiary|undertakings|668,800|672,000|
|Other|fees|||||
|Depreciation||||625,522|637,799|
##
##
##
|TANGIBLE FIXEDASSETS|||||
|---|---|---|---|---|
|THE GROUP|Plant &|Furniture|Motor||
||Machineri|~&F1ttin|Vehicles|Total|
||||8||
|Cost|||||
|At 1 October 2019|432,571|40,490|19,251|492,312|
|Additions|749|2,381|31,171|34,301|
|At 30 September 2020|433,320|42,871|50,422|526,613|
|Depreciation|||||
|At 1 October 2019|268,408|19,893|13,658|301,959|
|Charge for the Year|18,419|5,236|1,867|25,522|
|At 30 September 2020|286,827|25,129|15,525|327,481|
|Net Book Value|||||
|At 30 September 2020|146,493|17,742|34,897|199,132|
|At 30 September 2019|164,163|20,597|5,593|190,353|
|THE COMPANY||||Fixtures &|
|||||F~ittin s|
|Cost|||||
|At 1 October 2019||||40,490|
|Additions|||||
|At 30 September 2020||||40,490|
|Depreciation|||||
|Al
1 October 2019||||19,893|
|Charge for the Year||||5,149|
|At 30 September 2020||||25,042|
|Net BookValue|||||
|At 30 September 2020||||15,448|
|At 30 September 2019||||20,597|
##
##
|INVESTMENT PROPERTIES||||
|---|---|---|---|
|THE GROUP|Freehold|Leasehold||
||Investment|Investment||
||~Pro
erties|~Pro erdes|Total|
|Fair value||||
|At 1 October 2019|102,387,500|12,218,000|114,605,500|
|Additions|5,775,876|1,624|5,777,500|
|Disposals|(149,000)||(149,000)|
|Revaluation|908,124|708,376|1,616,500|
|At 30 September 2020|108,922,500|12,928,000|121,850,500|
|should be attached
to the valuations|than would normally
be th|c case.||
|---|---|---|---|
|THE COMPANY|Freehold|Leasehold||
||Investment|Investment||
||~Pro
erties|~Pru erties|Total|
|Fair value||||
|At I October 2019|59,420,000|8,605,000|68,025,000|
|Additions|4,425,944|1,624|4,427,568|
|Revaluation|474,056|623,376|1,097,432|
|At 30 September 2020|64,320,000|9,230,000|73,550,000|
##
##
##
##
|Directly Owned:||||||
|---|---|---|---|---|---|
|~Com
an|||Com
an|Re 'stratlon|Number|
|Hartons
Limited|||04572804|||
|Neranen
Limited|||09667377|||
|Olnato Limited|||01446600|||
|Weymer Limited|||04572794|||
|Indirectly
Owned:||||||
|~Com
an||||||
|Cloudpress
Limited|||04592197|||
|Paramount
Care (Gateshead)|Limited||07959750|||
|Paramount
Care Services (Gateshead)||Limited|07959737|||
|Smart Mortgage Finance Limited|||05628260|||
|Talten Business Park Limited|||02942606|||
|The More Centre (Gateshead)|Limited||08302096|||
|Viewplus
Limited|||08276273|||
##
##
##
##
|A summary
ofturnover
and pro|fit or loss fo|r the year is show|n below for each|subsidiary
un|dertaking.|
|---|---|---|---|---|---|
||||Net Profit/|||
||||(Loss)||Net Profit/|
||Year||(excluding||(Loss)|
|~Com
an|Ended|Turnover|~Gift Aid|Gift Aid|~for
ear|
||||8|||
|Cloudpress
Ltd|31.12.20|59,568|57,278|(200,000)|(142,722)|
|Hartons Ltd|30.09.20|171,950|47,302||47,302|
|Neianen Ltd|30.09.20|1,304,041|532,261|(750,000)|(217,739)|
|Olnato Ltd|30.09.20|969,876|984,783|(663,000)|321,783|
|Paramount
Care (Gateshead) Ltd|30.09.20|3,159,912|21,497||21,497|
|Paramount
Care Services||||||
|(Gateshead) Ltd|30.09.20|||||
|Smart Mortgage Finance Ltd|30.09.20|167,215|(282)||(282)|
|Talten Business Park Ltd|31.12,20||(2,241)||(2,241)|
|The More Centre (Gateshead) Ltd|30.09.20||(32,317)||(32,317)|
|Viewplus
Ltd|30.09.20|850,000|654,264|(565,000)|89,264|
|Weymer Ltd|30.09.20|||||
|The assets, liabilities,
capital a|nd reserves|ofthe subsidiary
|undertakings
are a|s follows:|
|---|---|---|---|---|
||Balance|||Capital
/k|
||Sheet|||Reserves/|
|~Com
an|Date|Assets|Liabilities|~Defie(t|
|||||8|
|Cloudpiess
Ltd|31.12.20|2,312,780|(1,799,790)|512,990|
|Hartons Ltd|30.09.20|2,512,668|(1,726,528)|786,140|
|Neranen Ltd|30.09.20|16,555,979|(14,498,095)|2,057,884|
|Olnato Ltd|30.09.20|36,019,602|(10,404,767)|25,614,835|
|Paramount
Care (Gateshead) Ltd|30.09.20|795,896|(788,555)|7,341|
|Paramount
Care Services|||||
|(Gateshead) Ltd|30.09.20||(316)|(316)|
|Smart Mortgage Finance Ltd|30.09.20|2,524,758|(2,518,199)|6,559|
|Talten Business Park Ltd|31.12.20|1,486,017|(7,392)|1,478,625|
|The More Centre (Gateshead) Ltd|30.09.20|14,411|(235,646)|(221,235)|
|Viewplus
Ltd|30.09.20|8,192,033|(5,607,491)|2,584,542|
|Weymer Ltd|30.09.20|158,002|(174,126)|(16,124)|
##
##
##
##
|CREDITORS: AMOUNTS FAL|LING DUE W|ITHI|N ONE YEAR|||
|---|---|---|---|---|---|
|||T~h||T~TC||
||2020||2019|2020|2019|
|Bank Loans and Overdrafts|402,538||580,245|33,999|263,279|
|Amounts
owed to||||||
|Group Undertakings||||1,928,222|3,265,178|
|Rent and Service Charges||||||
|in Advance|471,607||633,931|239,713|462,458|
|Taxation and Social Security|243,990||309,721|||
|Other Creditors||||||
|and Accruals|2,359,471||2,731,788|1,472,608|1,239,704|
||3,477,606||4,255,685|3,674,542|5,230,619|
##
##
||||||~TI|G|~TG|C||
|---|---|---|---|---|---|---|---|---|---|
|||||2020||2019|2020||2019|
|Bank|Loans|||57,695,305||50,580,880|34,734,950||30,730,556|
|Loan|Creditor|(see|below)|243,255||445,441||||
|||||57,938,560||51,026,321|34,734,950||30,730,556|
|Bank Loan|s, in|cl|uded
in|Creditors
fallin|g due after more|than one year, ar|e an|alysed
as fol|lows:|
|---|---|---|---|---|---|---|---|---|---|
||||||~Th|G||T~hc||
||||||2020|2019||2020|2019|
||||||g|||||
|Repayable|within||5 years||51,909,021|48,101,573|34,734,950||30,730,556|
|Repayable|after 5 years||||6,145,871|2,796,273||||
||||||58,054,892|50,897,846|34,734,950||30,730,556|
|Less Amounts||Repayable||within
1 year|(359,587)|(316,966)||||
||||||57,695,305|50,580,880|34,734,950||30,730,556|
|Details of|loans|repayable||after 5 years|are as follows:|||||
|||||||T~bG||~Th|C|
||||||2020|2019||2020|2019|
|Loans||||||||g||
|~T|||Interest Rate|||||||
|2027|||2.75%above Unity|||||||
||||Bank|Base Rate|1,066,145|1,182,237||||
|2028|||2.75%above Unity|||||||
||||Bank|Base Rate|1,580,384|1,614,036||||
|2030|||3.00%above Bank|||||||
||||Base|Rate (subject|to a|||||
||||Minimum
of3%)||3,499,342|||||
||||||6,145,871|2,796,273||||
##
##
|PROVISION FORLIABILTHES &CHARGES|||
|---|---|---|
||2020|2019|
||g||
|Balance at the beginning ofthe year|681,640|293,828|
|Charge for the year|37,484|387,812|
|Balance at the end ofthe year|719,124|681,640|
##
|UNRESTRICTED FUNDS||
|---|---|
|The Group||
|Balance at 1 October 2019|66,868,216|
|Total Income for the year|10,088,077|
|Total Expendihire
for the year|(9,539,627)|
|Net Gains on Investments|1,647,555|
|Taxation —charge|(41,384)|
|Balance at 30September 2020|69,022,837|
|The Company||
|Balance at 1 October 2019|66,888,667|
|Total Income for the year|6,411,028|
|Total Expenditure
for the year|(5,466,384)|
|Net Gains on Investments|1,167,432|
|Balance at 30September 2020|69,000,743|
##
##
##
|24.|FINANCIAL INSTRUME|NT|S||||||
|---|---|---|---|---|---|---|---|---|
|||||||~Th 6
T~IC|||
|||||2020|||2019
2020|2019|
||||||g||8
8|8|
||Financial assets measured|atfair value|||||||
||through
income and expenditure:
Unlisted
investment
(Note 17)||||||31,660,000|31,590,000|
||Financial assets measured|at|||||||
||amortised
costi||||||||
||Debtors (Note 18)|||5,924,430|||6,275,795
1,225,648|2,277,376|
||Financial tiabi7ittes measured||at||||||
||amortised cost:||||||||
||Creditors (Notes 19&20)|||61,416,166|||55,282,006
38,409,492|35,961,175|
|25.|NOTES TO THE CONSOLIDATED STATEMENT|||||OF CASH FLOWS|||
||ReconciTiation ofnet income||to net cash|0ow from|o|cretin|activities||
||||||||2020|2019|
||Net income for the year||||||2,154,62]|3,654,073|
||Adjustment
for:||||||||
||Depreciation||||||25,522|37,799|
||Loss on sale offixed assets|||||||164|
||Interest receivable||||||(216,647)|(329,949)|
||Net rental income receivable||||||(5,077,222)|(5,331,774)|
||Interest payable||||||2,434,848|2,305,936|
||Taxation||||||41,384|387,812|
||Gains on investment
assets||||||(1,647,555)|(2,504,650)|
||Decrease in debtors||||||977,524|1,742,262|
||(Decrease)/increase
in creditors||||||(566,609)|846,953|
||||||||(1,874,134)|808,626|
||Tax paid||||||||
||Net cash (used in)/provided||by operating|activities|||6(1,874,134)|6808,626|
##
##
##
|Anal|is ofcash a|nd cash e uivalents||||
|---|---|---|---|---|---|
|||||2020|2019|
||||||8|
|Cash|at bank aud in hand|||3,184,065|1,760,214|
|Bank|overdrafts|||(42,951)|(263,279)|
|Total|cash and cash equivalents|||3,141,114|1,496,935|
|Anal|sis ofchan|s in net debt||||
||||At 1||At 30|
||||October|Cash|September|
||||2019|Flows|2020|
|Cash|and cash equivalents||1,496,935|1,644,179|3,141,114|
|Bank|borrowings||(50,897,846)|(7,157,046)|(58,054,892)|
|Loan|debtors||2,705,823|599,846|3,305,669|
|Loan|creditors||(445,441)|202,186|(243,255)|
||||(47,140,529)|(4,710,835)|(51851 364)|
##
##
||2020|2019|
|---|---|---|
|Within one year|382,308|356,358|
|ln two to five years|1,529,231|1,425,43]|
|More than five years|39,966,585|38,121,095|
||41,878,124|39,902,884|
##
##
##
|At the Balance Sheet date, future
minimum
operating
leases were as follows;|lease payments
payable
to the group
u|nder
non-cancegab|
|---|---|---|
||2020|2019I|
|Within one year|3,888,762|4,071,134|
|In two to five years|11,158,099|11,526,929|
|More than five years|15,655,549|17,305,045|
||30,702,410|32,903,108|
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##
##
##
##
##
||||2020|2019|
|---|---|---|---|---|
||||Unrestricted
Funds|Unrestricted
Funds|
|Income and endowments|from:||||
|Donations
and legacies|||2,196,000|1,584,000|
|Invesnnents|||4,215,028|4,578,830|
|Total Income|||6,411,028|6,162,830|
|Expenditure
on:|||||
|Investment
Management
Costs|||2,611,438|2,588,351|
|Charitable
Activities|||||
|Grants and Donations|||2,790,600|1,908,816|
|Governance
Costs|||64,346|63,242|
|Total Expenditure|||5,466,384|4,560,409|
|Gains and Losses on Investments|||||
|Profit on Sale ofInvestment|Properties|||8,060|
|Surplus
on Revaluation
of|Investment|Properties|1,097,432|622,851|
|Surplus
on Revaluation
of|Subsidiary|Undertakings|70,000|1,440,000|
|Net Gain on Investments|||1,167,432|2,070,9 11|
|Net Income for the Year|and||||
|Net Movements
ofFunds|||2,112,076|3,673,332|
|Total Funds Brought Forward|||66,888,667|63,215,335|
|Total Funds Carried Forward|||69,000,743|66,888,667|
##
##
##
|||||||2020||2019|
|---|---|---|---|---|---|---|---|---|
|Rents and|Charges||Receivable|||4,214,673||4,563,539|
|Deduct: Property|||outgoings||||||
|Rents|||||279,686||243,350||
|Rates|||||64,088||93,365||
|Repairs|||||87,389||120,812||
|Light and|Heat||||271,308||278,606||
|Porterage|and|Cleaning|||54,028||79,849||
|Insurance|||||120,891||98,101||
|Service Charges|||||24,167||20,580||
|Security|||||68,350||68,091||
|Legal and|Professional|||Charges|34,885||54,300||
|Management||Commission|||276,498||283,375||
|Letting Fees|||||9,029||3,900||
|Depreciation||—Funuture||&Equipment|5,149||6,866||
|||||||(1,295,468)||(1,351,195)|
|||||||2,919,205||3,212,344|