Charity number: 313159
The Girls of the Realm Guild (Women's Careers Foundation)
Unaudited
Trustees' report and financial statements
For the year ended 31 December 2020
The Girls of the Realm Guild
Contents
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 16 |
The Girls of the Realm Guild
Reference and administrative details of the Charity, its Trustees and advisers For the year ended 31 December 2020
| Trustees | Miss E R Crail, Chairman |
|---|---|
| Ms H M Pearson, Honorary Treasurer | |
| Ms M J Lewin, Vice Chairman | |
| Ms R E Meager | |
| Miss R L Makoni | |
| Mrs A M Pamely | |
| Mrs C Robins | |
| Charity registered number 313159 Principal office 34 Kellaway Road Chatham Kent ME5 8BX Secretary J Harris President Patron Richard Peel Naomie Harris Accountants Kreston Reeves LLP Chartered Accountants Montague Place Quayside Chatham Maritime Chatham Kent ME4 4QU |
Page 1
The Girls of the Realm Guild
Trustees' report For the year ended 31 December 2020
The Trustees present their annual report together with the financial statements of the Charity for the year from 1 January 2020 to 31 December 2020.
The Charity also operates under the name Women's Careers Foundation.
Objectives and activities
a. Policies and objectives
The objectives of the Charity, which was founded in 1900 as “The Girls of the Realm Guild” by the Bishop of London, are to provide financial assistance towards the education and vocational and professional training of girls and women who are in need of such assistance and help them in other ways which may be found advisable. All recipients must be British Citizens.
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)'.
b. Grant-making policies
Following a careful appraisal of completed application forms, a short list of candidates for grants is interviewed by the selection committee, chaired by the Foundation’s Chairman. The aim is to make an even-handed distribution between the young and talented and those who, through lack of opportunity or personal need, are returning to work later in life.
In the year ended 31 December 2020, 17 grants were made to such individuals, totalling £8,700.
Achievements and performance
a. Review of activities
In the year ended 31 December 2020, the Charity received income of £315,294 (2019: £10,094), the significant variance being due to the receipt of a substantial legacy, totalling £306,719.
The Charity incurred expenditure of £17,279 (2019: £17,997), and incurred a loss on investments in the year of £8,228 (2019: gain of £25,107).
Consequently, the Charity generated a surplus for the year of £289,787 (2019: £17,204).
b. Investment policy and performance
The Charity’s investments are managed on a non-discretionary basis by Investec which reports to the Treasurer (a retired stockbroker) in consultation with the Chairman and other members of the committee.
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The Girls of the Realm Guild
Trustees' report (continued) For the year ended 31 December 2020
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 maintain the Charity’s free reserves at a level equivalent to approximately three months of general unrestricted charitable expenditure plus one years' grant expenditure. The Trustees consider that this is a suitable level to provide sufficient funds to respond to grant applications, and to ensure that there are sufficient funds readily available to cover both support and governance costs.
At the Balance sheet date this equates to the requirement for the Charity to hold free reserves of approximately £27,000. The actual free reserves of the Charity at this date are £126,975. The current level of free reserves is therefore in excess of the reserves policy.
Structure, governance and management
a. Constitution
The Girls of the Realm Guild is a registered charity, number 313159, and operates under it's Constitution as adopted in 1912 and revised in 1922, 1935 and 2001.
b. Methods 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 policies
The Charity is governed by its constitution and managed by the Trustees.
d. Financial risk management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Plans for future periods
The trustees will continue to support the objectives of the Charity for the foreseeable future.
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The Girls of the Realm Guild
Trustees' report (continued) For the year ended 31 December 2020
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 year 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;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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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 business.
The Trustees are responsible for keeping adequate 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 Charity Commission Scheme. 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.
Approved by order of the members of the Board of Trustees on and signed on their behalf by:
Miss E R Crail
Trustee
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The Girls of the Realm Guild
Independent examiner's report For the year ended 31 December 2020
Independent examiner's report to the Trustees of The Girls of the Realm Guild ('the Charity')
I report to the Charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2020.
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 the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the Charity'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 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:
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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.
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.
Signed: Dated: S Robinson BA FCA FCIA DChA MCMI
Kreston Reeves LLP
Chartered Accountants Chatham Maritime
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The Girls of the Realm Guild
Statement of financial activities For the year ended 31 December 2020
| Note Income and endowments from: Donations and legacies 3 Other trading activities 4 Investments 5 Total income and endowments Expenditure on: Raising funds 6 Charitable activities 7,8 Total expenditure Net income/(expenditure) before net (losses)/gains on investments Net (losses)/gains on investments Net (expenditure)/income Transfers between funds 14 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Endowment funds 2020 £ - - - - - - - - (15,186) (15,186) (695) (15,881) 198,313 (15,881) 182,432 |
Unrestricted funds 2020 £ 307,799 230 7,265 315,294 1,864 15,415 17,279 298,015 6,958 304,973 695 305,668 32,776 305,668 338,444 |
Total funds 2020 £ 307,799 230 7,265 315,294 1,864 15,415 17,279 298,015 (8,228) 289,787 - 289,787 231,089 289,787 520,876 |
Total funds 2019 £ 1,095 110 8,889 10,094 - 17,997 17,997 (7,903) 25,107 |
|---|---|---|---|---|
| 17,204 - 17,204 213,885 17,204 231,089 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 8 to 16 form part of these financial statements.
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The Girls of the Realm Guild
Balance sheet As at 31 December 2020
| Note Fixed assets Investments 11 Current assets Debtors 12 Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities Total net assets Charity funds Endowment funds 14 Unrestricted funds 14 Total funds |
1,614 125,961 127,575 (600) |
2020 £ 393,901 126,975 520,876 520,876 182,432 338,444 520,876 |
1,614 26,128 27,742 - |
2019 £ 203,347 27,742 |
|---|---|---|---|---|
| 231,089 | ||||
| 231,089 | ||||
| 198,313 32,776 |
||||
| 231,089 |
The financial statements were approved and authorised for issue by the Trustees on _______ and signed on their behalf by:
Miss E R Crail
Trustee
The notes on pages 8 to 16 form part of these financial statements.
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The Girls of the Realm Guild
Notes to the financial statements For the year ended 31 December 2020
1. General information
The Girls of the Realm Guild (working name Women's Careers Foundation) is a charity and is registered in England and Wales with charity registration number 313159. The address of the registered office is 34 Kellaway Road, Chatham, Kent, ME5 8BX.
2. Accounting policies
2.1 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.
The Girls of the Realm Guild 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.
2.2 Going concern
The Trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the Charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Charity's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Whilst the impact of the COVID-19 pandemic has been assessed by the Trustees, so far as is reasonably possible, due to its unprecedented impact on the worldwide economy it is difficult to evaluate with any certainty the potential outcomes on the Charity's future activities. However, taking into consideration the Charity's level of reserves, the Trustees believe that the Charity will be able to continue in operational existence for the foreseeable future.
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The Girls of the Realm Guild
Notes to the financial statements For the year ended 31 December 2020
2. Accounting policies (continued)
2.3 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.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured.
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.
2.4 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 on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the year 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 year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
2.5 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 institution with whom the funds are deposited.
2.6 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 the 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 presented as ‘Gains/(Losses) on investments’ in the statement of financial activities.
2.7 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.
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The Girls of the Realm Guild
Notes to the financial statements For the year ended 31 December 2020
2. Accounting policies (continued)
2.8 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.
2.9 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 in the statement of financial activities as a finance cost.
2.10 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.
2.11 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.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
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The Girls of the Realm Guild
Notes to the financial statements For the year ended 31 December 2020
3. Income from donations and legacies
| Donations Legacies Total 2019 |
Unrestricted funds 2020 £ 1,080 306,719 307,799 1,095 |
Total funds 2020 £ 1,080 306,719 307,799 1,095 |
Total funds 2019 £ 1,095 - 1,095 |
|---|---|---|---|
4. Income from other trading activities
| Subscription income Total 2019 Investment income Income from investments Bank interest recieved Total 2019 |
Unrestricted funds 2020 £ 230 110 Unrestricted funds 2020 £ 7,257 8 7,265 8,889 |
Total funds 2020 £ 230 110 Total funds 2020 £ 7,257 8 7,265 8,889 |
Total funds 2019 £ 110 |
|---|---|---|---|
| Total funds 2019 £ 8,835 54 8,889 |
|||
5. Investment income
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The Girls of the Realm Guild
Notes to the financial statements For the year ended 31 December 2020
6. Investment management costs
| Investment management fees Analysis of grants Grants payable Total 2019 |
Unrestricted funds 2020 £ 1,864 Grants to Individuals 2020 £ 8,700 9,735 |
Total funds 2020 £ 1,864 Total funds 2020 £ 8,700 9,735 |
Total funds 2019 £ - |
|---|---|---|---|
| Total funds 2019 £ 9,735 |
|||
7. Analysis of grants
8. Analysis of expenditure by activities
| Charitable activities Total 2019 |
Grant funding of activities 2020 £ 8,700 9,735 |
Support costs 2020 £ 6,715 8,262 |
Total funds 2020 £ 15,415 17,997 |
Total funds 2019 £ 17,997 |
|---|---|---|---|---|
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The Girls of the Realm Guild
Notes to the financial statements For the year ended 31 December 2020
8. Analysis of expenditure by activities (continued)
Analysis of support costs
| Staff costs Office costs Communications Postage, printing and stationery Light, heating and cleaning Travel costs Independent examiners fees |
Total funds 2020 £ 4,882 385 - 823 - 25 600 6,715 |
Total funds 2019 £ 4,800 1,849 476 717 420 - - 8,262 |
|---|---|---|
The total support costs in both 2020 and 2019 are from unrestricted funds.
9. Staff costs
| Wages and salaries | 2020 £ 4,882 4,882 |
2019 £ 4,800 |
|---|---|---|
| 4,800 |
The average number of persons employed by the Charity during the year was as follows:
| 2020 | 2019 | |
|---|---|---|
| No. | No. | |
| Employees | 2 | 2 |
No employee received remuneration amounting to more than £60,000 in either year.
10. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2019 - £NIL).
During the year ended 31 December 2020, no Trustee expenses have been incurred (2019 - £NIL).
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The Girls of the Realm Guild
Notes to the financial statements For the year ended 31 December 2020
11. Fixed asset investments
| Cost or valuation At 1 January 2020 Additions Revaluations At 31 December 2020 Net book value At 31 December 2020 At 31 December 2019 |
Listed investments £ 203,347 198,136 (7,582) |
|---|---|
| 393,901 | |
| 393,901 | |
| 203,347 |
Investments at market value comprise listed fixed asset investments that are all held in the UK.
Material investments
Material investments comprise all holdings that represent more than 5% of the Charity's total portfolio:
| Blackrock FM Ltd BLK Charities UK Equity A | 2020 £ 38,796 |
|---|---|
| 38,796 |
12. Debtors
| Due within one year Other debtors Creditors: Amounts falling due within one year Accruals |
2020 £ 1,614 1,614 2020 £ 600 |
2019 £ 1,614 1,614 2019 £ - |
|---|---|---|
13. Creditors: Amounts falling due within one year
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The Girls of the Realm Guild
Notes to the financial statements For the year ended 31 December 2020
14. Statement of funds
Statement of funds - current year
| Balance at | ||||||||
|---|---|---|---|---|---|---|---|---|
| Balance at 1 | 31 | |||||||
| January | Transfers | Gains/ | December | |||||
| 2020 | Income | Expenditure | in/out | (Losses) | 2020 | |||
| £ | £ | £ | £ | £ | £ | |||
| Unrestricted | ||||||||
| funds | ||||||||
| General funds | 32,776 | 315,294 | (17,279) | 695 | 6,958 | 338,444 | ||
| Endowment | ||||||||
| funds | ||||||||
| Endowment | ||||||||
| funds | 198,313 | - | - | (695) | (15,186) | 182,432 | ||
| Total of funds | 231,089 | 315,294 | (17,279) | - | (8,228) | 520,876 | ||
| Statement of funds - prior year | ||||||||
| Balance at | ||||||||
| Balance at | 31 | |||||||
| 1 January | Gains/ | December | ||||||
| 2019 | Income | Expenditure | (Losses) | 2019 | ||||
| £ | £ | £ | £ | £ | ||||
| Unrestricted | funds | |||||||
| General funds | 40,679 | 10,094 | (17,997) | - | 32,776 | |||
| Endowment | funds | |||||||
| Endowment funds | 173,206 | - | - | 25,107 | 198,313 | |||
| Total of funds | 213,885 | - | (17,997) | 25,107 | 231,089 |
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The Girls of the Realm Guild
Notes to the financial statements For the year ended 31 December 2020
15. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Fixed asset investments Current assets Creditors due within one year Total |
Endowment funds 2020 £ 182,432 - - 182,432 |
Unrestricted funds 2020 £ 211,469 127,575 (600) 338,444 |
Total funds 2020 £ 393,901 127,575 (600) 520,876 |
|---|---|---|---|
Analysis of net assets between funds - prior period
| Fixed asset investments Current assets Total |
Endowment funds 2019 £ 198,313 - 198,313 |
Unrestricted funds 2019 £ 5,034 27,742 32,776 |
Total funds 2019 £ 203,347 27,742 231,089 |
|---|---|---|---|
16. Related party transactions
The Charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Charity at 31 December 2020.
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