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Company registration number: 03110601
Charity registration number: 1049742
Lambourn Valley Housing Trust
Trustees' Report and
Financial Statements
For The Year Ended 31 January 2026
Contents
Page
Reference and Administrative Details 1
Trustees' Report 2—4
Independent Auditor's Report 5—9
Statement of Financial Activities (including Income and Expenditure Account) 10
Balance Sheet 11
Notes to the Financial Statements 12—20
Page 1
Reference and Administrative Details
Trustees
Mrs C A Dunlop
Mr M J Kershaw
Mr S D Marsh
Captain R M Smyly
Ms L E Snowden
Mr M J Fetherston Godley
Mr W S Harford
Company Secretary
Captain R M Smyly
Charity Number 1049742
Company Number 03110601
Registered Office 2 The Old Estate Yard
High Street
East Hendred
Oxfordshire
OX12 8JY
Auditors Kingscott Dix (Cheltenham) Limited
7 Rockfield Business Park
Old Station Drive
Leckhampton
Cheltenham
GL53 0AN
Page 1
Page 2
Trustees' Report
The trustees present their report and the financial statements for the year ended 31 January 2026.
Objectives and Activities
Aims and Objectives
The objective and aims of the trust are to aid the welfare of the persons employed or formerly employed or active in the horse race industry together with their wives, widows, partners (where there are dependent children) and dependent children. This is achieved in particular by the provision of housing and also by supporting associated needy causes.
Public Benefit
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charitable company should undertake.
Achievements and Performance
Main Achievements
During the year, the Trust continued to provide and maintain affordable accommodation, letting out 31 properties.
The Trust generated rental income of £240k and received donations of £101k, which enabled the Trust to maintain its existing housing portfolio, including expenditure of £52k on repairs and maintenance.
Plans for future periods
The Trustees continue to provide and maintain suitable accommodation for beneficiaries. The Trust continues to save to potentially acquire additional properties to further it’s charitable objectives, which include any other aid necessary for the welfare of their staff and their families.
Financial Review
Financial Position
During the year the charity received donations which contributed to the surplus for the year of £149,903 (2025 £56,879).
Reserves Policy
Unrestricted funds are held to support the continued provision of accommodation. A significant proportion of reserves are represented by the properties let out and are not available for general expenditure.
At the year end, total unrestricted funds were £3.0m. This included tangible fixed assets of £3.4m, current assets of £0.1m, together with liabilities and borrowings of £0.5m.
The trustees consider the level of reserves appropriate, having regard to property maintenance obligations and borrowing commitments.
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Major risks
The trustees have assessed the major risks to which the charitable company is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. This includes ensuring the properties are properly maintained and insured.
Statement of Trustees' Responsibilities
The trustees (who are also the directors of Lambourn Valley Housing Trust for the purposes of company law) 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).
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statement unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing the financial statements the trustees are required to:
  • select suitable accounting policies and then apply them consistently;
  • observe the methods and principles in the Charity SORP;
  • make judgments and accounting estimates that are reasonable and prudent; and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at anytime the financial position of the charitable company and to enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
Each of the persons who are trustees at the time when this trustees' report is approved has confirmed that:
  • so far as the trustee is aware, there is no relevant audit information of which the charitable company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as trustees in order to make themselves aware of any relevant audit information and to establish that the charitable company's auditors are aware of that information.
Independent Auditors
The auditors, Kingscott Dix (Cheltenham) Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
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Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
The trustees' report was approved by the board of trustees and signed on its behalf by:
Captain R M Smyly
Trustee
27 August 2026
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Independent Auditor's Report
Opinion
We have audited the financial statements of Lambourn Valley Housing Trust (the "charity") for the year ended 31 January 2026 which comprise the Statement of Financial Activities (including Income and Expenditure Account), Balance Sheet and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the charitable company's affairs as at 31 January 2026 and of its incoming resources and application of resources, for the year then ended;
  • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
  • have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions Relating to Going Concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
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Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on Other Matters Prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
  • the information given in the Trustees' Report, which includes the Director's Report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Director's Report included within the Trustees' Report have been prepared in accordance with applicable legal requirements.
Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's Report included within the Trustees' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
  • adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
  • the financial statements are not in agreement with the accounting records or returns; or
  • certain disclosures of trustees' remuneration specified by law are not made; or
  • we have not received all the information and explanations we require for our audit; or
  • the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' Report and from the requirement to prepare a Strategic Report.
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Responsibilities of Trustees
As explained more fully in the Trustees' Responsibilities Statement set out on page 2—4, the trustees (who are also directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
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Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
  • the nature of the charity and sector, control environment and operating performance; 
  • the charity's own assessment, including assessments made by key management, of the risks that irregularities may occur either as a result of fraud or error;
  • any matters we identified having reviewed the charity's policies and procedures relating to:
  1. identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
  2. detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and
  3. the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
  • the matters discussed amongst the engagement team.  
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the areas in which management is required to exercise significant judgement, such as the recognition of income. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements.  The key laws and regulations we considered in this context were the Companies Act, Charity Commission guidance, tax legislation and tenancy regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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Use Of Our Report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Robert Harris FCA (Senior Statutory Auditor)
for and on behalf of Kingscott Dix (Cheltenham) Limited , Statutory Auditor
11 September 2026
Kingscott Dix (Cheltenham) Limited
7 Rockfield Business Park
Old Station Drive
Leckhampton
Cheltenham
GL53 0AN
Page 9
Page 10
Statement of Financial Activities (including Income and Expenditure Account)
2026 2025
Unrestricted funds Unrestricted funds
Notes £ £
INCOME AND ENDOWMENTS FROM:
Donations and legacies 3 100,645 25,886
Charitable activities 4 240,066 234,023
340,711 259,909
EXPENDITURE ON:
Charitable activities 5 (190,808 ) (203,030 )
NET INCOME 149,903 56,879
NET MOVEMENT IN FUNDS 149,903 56,879
RECONCILIATION OF FUNDS:
Total funds brought forward 2,873,434 2,816,555
TOTAL FUNDS CARRIED FORWARD 15 3,023,337 2,873,434
The notes on pages 12 to 20 form part of these financial statements.
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Balance Sheet
2026 2025
Unrestricted funds Total funds
Notes £ £
FIXED ASSETS
Tangible Assets 10 3,362,222 3,415,084
3,362,222 3,415,084
CURRENT ASSETS
Debtors 11 19,296 8,977
Cash at bank and in hand 83,621 37,250
102,917 46,227
Creditors: Amounts Falling Due Within One Year 12 (41,802 ) (162,877 )
NET CURRENT ASSETS (LIABILITIES) 61,115 (116,650 )
TOTAL ASSETS LESS CURRENT LIABILITIES 3,423,337 3,298,434
Creditors: Amounts Falling Due After More Than One Year 13 (400,000 ) (425,000 )
NET ASSETS 3,023,337 2,873,434
FUNDS OF THE CHARITY
Unrestricted Funds 3,023,337 2,873,434
TOTAL FUNDS 15 3,023,337 2,873,434
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
On behalf of the board
Captain R M Smyly
Trustee
27 August 2026
The notes on pages 12 to 20 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Lambourn Valley Housing Trust is a company limited by guarantee, incorporated in England & Wales, registered number 03110601 and registered charity number 1049742 . The registered office is 2 The Old Estate Yard, High Street, East Hendred, Oxfordshire, OX12 8JY.
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)", Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £
The charitable company is a Public Benefit Entity as defined by FRS 102.
2.2. Financial Reporting Standard 102 - Reduced Disclosure Exemptions
The charitable company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
  • the requirements of Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17 (d).
2.3. Going Concern Disclosure
The trustees have not identified any material uncertainties related to events or conditions that may cast significant doubt about the charitable company's ability to continue as a going concern.
2.4. Fund Accounting
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
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.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charitable company.
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2.5. Incoming Resources
Income is recognised when the charitable company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charitable company has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charitable company has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
2.6. Resources Expended
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 are allocated on the portion of the asset’s use.
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. 
Charitable activities include expenditure associated with meeting the charitable objectives. 
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. 
Governance cost include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements. 
2.7. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% on buildings, land is not depreciated
Fixtures & Fittings 3 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
Unless there is information to the contrary the Trustees have assumed that the freehold cost is split of 33.33% land and 66.67% buildings.
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2.8. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.9. Taxation
The charity is exempt from tax as all its income is charitable and applied for charitable purposes.
3. Income from Donations and Legacies
2026 2025
Unrestricted Unrestricted
funds funds
£ £
Donations and gifts 100,645 25,886
4. Income from Charitable Activities
2026 2025
Unrestricted funds £ Unrestricted funds £
Charitable rental income 240,066 234,023
5. Analysis of Expenditure
2026
Activities undertaken directly
(see note 6 )
Support costs
(see note 7 )
Total
£ £ £
Charitable expenditure 148,917 41,891 190,808
2025
Activities undertaken directly
(see note 6 )
Support costs
(see note 7 )
Total
£ £ £
Charitable expenditure 144,302 58,728 203,030
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6. Direct Costs
2026 2025
Charitable expenditure Charitable expenditure
£ £
General administration:
Management fees 36,851 30,517
Repairs, renewals and maintenance 51,983 52,527
Insurance 7,221 8,396
Depreciation:
Depreciation of freehold land and property 52,862 52,862
148,917 144,302
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7. Support Costs
2026 2025
Charitable expenditure Charitable expenditure
£ £
General administration 1,017 364
Interest payable 31,234 47,332
Governance costs 9,640 11,032
41,891 58,728
8. Auditor's Remuneration
Remuneration received by the charitable company's auditors and their associates during the year was as follows:
2026 2025
£ £
Audit Services
Audit of the company's financial statements 6,600 7,200
9. Average Number of Employees
Average number of employees during the year was: NIL (2025: NIL)
- -
10. Tangible Assets
Land & Property
Freehold Fixtures & Fittings Total
£ £ £
Cost
As at 1 February 2025 3,964,642 1,417 3,966,059
As at 31 January 2026 3,964,642 1,417 3,966,059
Depreciation
As at 1 February 2025 549,558 1,417 550,975
Provided during the period 52,862 - 52,862
As at 31 January 2026 602,420 1,417 603,837
...CONTINUED
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Net Book Value
As at 31 January 2026 3,362,222 - 3,362,222
As at 1 February 2025 3,415,084 - 3,415,084
11. Debtors
2026 2025
£ £
Due within one year
Trade debtors 15,735 4,086
Other debtors 3,561 4,891
19,296 8,977
12. Creditors: Amounts Falling Due Within One Year
2026 2025
£ £
Trade creditors 2,282 869
Bank loans and overdrafts - 150,000
Other creditors 25,227 -
Accruals and deferred income 14,293 12,008
41,802 162,877
13. Creditors: Amounts Falling Due After More Than One Year
2026 2025
£ £
Bank loans 400,000 425,000
Of the creditors falling due after more than one year the following amounts are due after more than five years.
2026 2025
£ £
Bank loans 100,000 275,000
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14. Loans
The total loan balance comprises of two separate loans.
The first loan is for £300,000 and is a secured interest only loan. Interest on the loan is charged at a fixed rate of 5.99% until the expiry date of 30 May 2028 when the loan balance becomes payable.
The second loan is for £100,000 and is an interest only loan. Interest is charged at 2.64% over the base rate. At the year end, the interest rate payable was 6.39%. This loan is due for payment at the expiry date of 30 April 2033. 
After the reporting date the charity repaid the second loan in full. 
2026 2025
£ £
Amounts falling due within one year or on demand:
Bank loans - 150,000
2026 2025
£ £
Amounts falling due between one and five years:
Bank loans 300,000 150,000
2026 2025
£ £
Amounts falling due after more than five years:
Bank loans 100,000 275,000
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15. Movement in Funds
As at 1 February 2025 Income Expenditure As at 31 January 2026
£ £ £ £
Unrestricted funds
General:
General unrestricted fund 2,873,434 340,711 (190,808 ) 3,023,337
Total funds 2,873,434 340,711 (190,808 ) 3,023,337
As at 1 February 2024 Income Expenditure As at 31 January 2025
£ £ £ £
Unrestricted funds
General:
General unrestricted fund 2,816,555 259,909 (203,030 ) 2,873,434
Total funds 2,816,555 259,909 (203,030 ) 2,873,434
16. Transactions with Trustees
During the year the expenses reimbursed to the trustees or paid directly to third parties were as follows:
2026 2025
£ £
Other Expenses 1,954 3,912
Number of trustees reimbursed for expenses during the year was 2 (2025: 2)
The fees were paid under normal commercial terms and were authorised by the Board of Trustees in accordance with the charity's governance procedures.
17. Related Party Disclosures
During the year, management fees relating to St Michael's Close of £1,600 (2025 - £3,840) were paid to C Dunlop, a Trustee of Lambourn Valley Housing Trust.
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18. Company limited by guarantee
The company is limited by guarantee and has no share capital.
Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.
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