Charity number: 230824
SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD
UNAUDITED
TRUSTEES, REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD
CONTENTS
Page
Reference and administrative details of the Charity. its Trustees and advisers
Trustees. report
Independent examiner's report
statement of financial activities
Balanco sheet
Notes to the financial $tatement$
8-17

SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 OCTOBER 2024
Trustees
S Graham, Chair
S Gewolb
P Magnus
A Dwek
R Khalastchy lappoinled 6 April 20251
S Kendal lappointed 6 April 2025}
Charity registered
number
230824
Principal office
Spanish & Portuguese Synagogue
2 Ashworth Road
London
W9 1JY
Accountants
lan Saunderson FCA
35 Ballards Lane
London
N3 1XW
Bankers
Nalwesl Bank
London
EC2R 8PA
Page 1

SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
The Trustees present their annual report together with the financi81 statements of the Charity for the year 1
November 2023 10 31 October 2024.
Objectives and activities
a. Polieies and objectives
The Trust Funds were established to provide all forms of relief for Seph8rdi Jews in Britain.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidanee
published by the Charity Commission relating to public benefit, including the guidance 'Public benefit". running
charity IP821'.
b. Activities undertaken to achieve objeetives
The charity has given grants of £54,95012023". £85,040) to worthy organisalions as decided by the Trustees.
c. Grant-making policies
The Trustees receive applications from individuals and institutions. These are reviewed by the Trustees
throughout the year in relation to the charitable objectives and appropriate grants aer approved by the Trustees.
In line with its ch8ri18ble objectives, the Trust has made 255 grants12023." 3191 during the year.
d. Main activities undertaken to further the Charity's purposes for the public benefit
The activity of grant making to those Sephardi Jews in need furthers the Charity's purposes for the public benefit.
Aehievements and performance
a. Main achievements of the Charity
The Welfare Board disbursed 255 grants in 2024 compared lo 319 grants in the previous year. Average
incoming resources for the last 5 years lo 2024 were £76,316 12023". £79,304>. The Welfare Board has
continued to work closely wth eommunal welfare organisations in order lo provide grants for children's holidays,
clothing, household equipment, utlilies, and additional assistance at Pesach and Rosh Hashana.
Financial review
a. Going coneem
After making appropriate enquiries, the Trustees have 8 reasonable expectation that the Charity has adequate
resources to eontinue in operational existence for the foreseeable futu￿. For this reason, they continue lo adopt
the going eoncern basis in preparing thè financial stalemenls. Further details regarding the adoption of the going
concem basis Can be found in the accounting policies.
Page 2

SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD
TRUSTEES. REPORT {CONTINUED}
FOR THE YEAR ENDED 31 OCTOBER 2024
b. Reserves policy
The charity aims to expend all incoming resources in the form of grants p8yable to various individu818nd
inslitulional benefieiaries.This is dependent upon the level of applications received for funding and also the level
of investment income in the year. The Trustees will ulilise resetves when suitable gont applications are received
in future periods. On this basis, and due to the fact that there are very few overhead costs, there is no fixed level
set for free reserves. This reserves policy will be reviewed on an annual basis.
The Trust holds investments in the name of the Spanish and Portuguese Jews, Synagogue Common Investment
Fund (also known as The London Sephardi Trust Investment Pool) as custodian trustee. Income eamed on
these investments is the principal source of funding for the Charity.
c. Risks review
The Trustees have assessed the major risks to which the Trust is exposed, and are satisfied that systems are in
place to miligale exposure to the major risks.
d. Review of the Year
Total income for the year was £73,96712023. £82,137>, of which £26,85912023. £33,108> was from donations
and legacies and £47, 108 12023". £49,029) was derived from the common investment fund. Expenditure for the
year tolalled £55,96212023. £93,056) of which £54,95012023. £85,040) pertained to grants and £1,01212023.
£8,016) pertained to support costs. There w8S 8 gain on investments of £130,47712023." loss of £39,088). Funds
Carried forward al the year end tol8lled £2, 195,58212023". £2,047,100). Included in the above is £27,02912023".
£8,026) of reslricled income and £15,00012023". £4,494) of restricted gains on investments. Restricted funds at
the year end totalled £291,43312023. £250,454).
Structure, govemance and management
a. Constitution
Spanish and Portuguèse Synagogue Welfare Board is a registered charity, number 230824, and is constituted
under 8 constitution dated 16 March 1961 as amended 20 February 1966.
b. Methods of appointment or election of Trustees
Trustees are currently recruited both by word of mouth, and also by advertising vacancies among he
membership of the Spanish & Portuguese Jews, Congregation. Such advertising is conducted in 8ccord8nce
with the constitution, with any nominations needing to be appropriately seconded and transmitted lo the
Secretary. Trustees may be appointed direcuy by election or co-oplion to fulfil 8 casual vacancy. New Trustees
are generally furnished with minutes of recent meetings, and invited lo obsetve one or two meetings prior to
18king offi'ce. They are encoumged to discuss mattèrs with other Trustees andlor the Secretary lo familiarise
themselves with the workings of the Charity.
c. Organisational structure and deeision-making policies
All decisions regarding the Charity are made by the Trustees.
The Ch8rily is connected lo the Spanish and Portuguese Jews, Synagogue. In addition, the Charity pays gfftnls
on behalf of the Stafford Sassoon Memorial Trust, The Ronnie Gubbay Memorial Fund, The Sir Moses
Montefi'ore Coals and Blanket Trust, The Sir Moses Monlefiore Holy Land Trust and Eugenio Joseph Arbib Trust.
Page 3

SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD
TRUSTEES. REPORT {CONTINUED}
FOR THE YEAR ENDED 31 OCTOBER 2024
Plans for future periods
The Trust shall continue to make grants in line with ils charitable objectives.
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 Iunited Kingdom Generally Ac￿pIed Accounting
Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for
each financial year which give 8 true and fair view of the state of affairs of the Charity and of ils incoming
resources and application of resources, induding its income and expenditure, for that period. In preparing these
financial statements, the Trustees are required lo".
select suitable accounting policies and then apply them consistently.,
observe the methods and principles of the Charities SORP IFRS 1021",
make judgments and accounting estimates that are reasonable and prudent",
stale whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any material
departures disclosed and explained in the financial stalemenls.,
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 lo show and explain
the Charity's transactions and disclose with reasonable accuracy al any time the financial position of the Charity
and enable them lo 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.
Approved by order of the members of the board of Trustees and signed on their behalf by..
P Magnus
Trustee
Dale.'1510812025
Page 4

SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD
INDEPENDENT EXAMINER'S REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
Independent Examiner's Report to the Trustees of Spanish and Portuguese Synagogue Welfare
Board Ilhe Charity.)
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 October
2024.
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 I'lhe 2011 ACVI.
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 14515llbl of the 2011 Act.
Independent Examiner's Statement
l understand that this has been done in order for the accounts lo 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 mallers have come lo my attention in connection with the
examination giving me cause lo believe that in any material respect..
accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act,. or
the accounts do not accord with those records", or
the accounts do not comply with the applicable requirements con￿MIng the form and conlenl of
accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement
that the accounts give a 'true and fairf 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 whieh
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 8ecord8nce with Part 4 of the Charities
IAecounts and Reports) Regulations 2008. My work has been undertaken so that I might stale to the Charity's
Trustees those matters 18m reqUI￿d to stale to them in an Independent ex8minerfs report and for no other
purpose. To the fullest extent permitted bylaw, I do not accept or assume responsibility lo anyone other than the
Charity and the Charity's Trustees as 8 body, for my work or for this report.
Signed.
Dated.. 1910812025
lan Saunderson FCA
BKL Audit LLP
35 Ballards Lane
London
N3 1XW
Page 5

SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 OCTOBER 2024
Restricted Unrestricted
funds
funds
2024
2024
Total
funds
2024
Total
funds
2023
Note
Income from:
Donations and legacies
Investments
26,859
41.701
26,859
47.108
33.708
49,029
5.407
Total income
5,407
68,560
73,967
82,137
Expenditure on:
Charitable activities
1.050
54.912
55.962
93,056
Total expendlture
1,050
54,912
55,962
93,056
Net incomel{expenditure) before net
gainsl{lossesl on investmgnts
Nel gainslllossesl on investments
4,357
15,000
13,648
115,477
18,005
130,477
fl0,919)
(39,088)
Net movement in funds
19,357
129,125
148,482
(50,007)
Reeoneiliation of funds..
Total funds brought forward
Nel movement in funds
250,454
19,357
1,796,646
129,125
2,047,100
148,482
2,097, 107
(50,OOT)
Total funds carried forward
269,811
1,925,771
2,195,582
2,047,700
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 8 10 17 form part of these financial slatemenls.
Page 6

SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD
BALANCE SHEET
AS AT 31 OCTOBER 2024
2024
2023
Note
Fixed assets
Investments
2,137,056
2,006,579
2.137.056
2,006,579
Current assets
Debtors
Cash al bank and in hand
10
26,018
35.448
31,541
16,050
61,466
47,591
Creditors.. amounts falling due within one
year
12,940)
(7,070)
Net current assets
58.526
40,521
Total assets less current liabilities
2,195,582
2,047, 100
Total net assets
2,195,582
2,047,100
Charity funds
Reslricled funds
12
269,811
1,925,771
250,454
1,796,646
Unrestricted funds
12
Total funds
2,195.582
2,047, 100
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by..
P Magnus
Trustee
Dale.. 15/08/2025
The notes on pages 8 10 17 form part of these financial statements.
Page 7

SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Accounting policies
1.1 Basis of preparation of financial ststements
The financial statements have been prepared in accordance with the Charities SORP IFRS 1021
Accounting and Reporting by Charities". Slalement of Recommended Practice applicable lo charities
preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK
and Republic of Ireland IFRS 1021 leffeclive 1 JanLJary 20191, the Financial Reporting Standard
applicable In the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011.
Spanish and Portuguese Synagogue Welfare Board meets the definition of a public benefit entity
under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value
unless othen￿lSe stated in the relevant accounting F)olicy.
1.2 Income
All income is recognised once the Charity has entillemenl to the income, il is probable that the
income will be received and the amount of income receivable can be measured reliably.
Income lax recoverable in relation to investment income is recognised at the time the investment
income is receivable.
1.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit
to a third paty, 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
inVo￿ed in undertaking each activity. Direct costs attributable lo 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 lo a single activity are apportioned between those activities on a basis consistent with
the use of resoLJrces. Central staff costs are allocated on the basis of time spent, and depreciation
charges allocated on the portion of the asset's use.
Expenditure on charitable activities is incurred on direcUy undertaking the acb'vities 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 mel at the year end are noted as a
commitment, bul not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
1.4 Investments
Fixed asset investments are a form of financial instrument and are inilialty recognised al their
transaction cost and subsequently measured al fair value al the Balance sheet date, unless the value
cannot be measured reliably In which case it is measured al cost less impairment. Investment gains
and losses, whether realised or Ljnrealised, are combined and presented as 'GainsllLossesl on
investments, in the Statement of financial aclivilies.
Page 8

SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Accounting policies Icontinuedl
1.5 Debtors
Trade and other debtors are recognised al the settlement amount after any trade discount offered.
Prepayments are valued al the amount prepaid net of any trade discounts due.
1.6 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 dale of acquisition or opening of the deposit or similar account.
1.7 Liabilities and provisions
Liabilities are recognised when there is an obligation al the Balan￿ sheet dale as a result of a past
event, it is probable that a transfer of economic benefit will be required in selllemenl, and the amount
of the selllemenl can be eslimaled reliably.
Liabilities are recognised at the amount that the Charity anlicipales il will pay lo settle the debt or the
amount il has re￿iVed as advanced payments for the goods or services it musl provide.
Provisions are measured at the best estimate of the amounts required lo sellle the obligation. Where
the effect of the lime value of money is material, the provision is based on the present value of those
amounts, discounted at the pre-tax discount rale that reflects the risks specific to the liability. The
unwinding of the discount is recognised in the Statement of financial activities as a finan￿ cost.
1.8 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 al their selllemenl value with the ex￿ptIOn of bank loans which are subsequently
measured al amortised cost using the effective interest method.
1.9 Fund accounting
General fvnds are unreslricled fvnds 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 accordan￿ with specific reslriclions 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 lo the financial statements.
Investment income, gains and losses are allocated to the appropriate fvnd.
Page 9

SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Income from donations and legacies
Restricted Unrestricted
funds
funds
2024
2024
Total
funds
2024
Donations
26,859
26,859
Restricted Unrestricted
funds
funds
2023
2023
Total
funds
2023
Donations
2,390
30,718
33,108
Investment income
Restrieted Unrestricted
funds
funds
2024
2024
Total
funds
2024
Income from Common Investment Fund
5,407
41,701
47,108
Restricted Unrestricted
funds
funds
2023
2023
Total
funds
2023
Income from Common Investment Fund
5,636
43,393
49,029
Analysls of grants
Grants to
Individuals
2024
Total
funds
2024
Grants, Supporting Seph8rdi Jews
S4,950
54,950
Page 10

SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Analysis of grants Icontinuedl
Grants to
Individuals
2023
Total
funds
2023
Grants, Supporting Sephardi Jews
85,040
85,040
Analysis of gxpenditure on charitable activitios
Summary by fund typg
Restricted Unrestrictod
funds
funds
2024
2024
Total
2024
Supporting Sephardi Jews
1,050
54,912
55,962
Restricted un￿s1￿cted
funds
funds
2023
2023
Total
2023
Supporting Sephardi Jews
4,461
88,595
93,056
Anatysis of expenditure by activities
Grant
funding of
activities
2024
Support
costs
Total
funds
2024
2024
Supporting Sephardi Jews
54,950
1,012
55,962
Page11

SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Analysis of expenditure by activities Icontinuedl
Grant
funding ol
activities
2023
Support
Gosts
2023
Total
funds
2023
Supporting Sephardi Jews
85,040
8,016
93,056
Analysis of support costs
Total
funds
2024
Activities
2024
Sundry Office costs
Independent Examination fees
842
170
170
1,012
1,012
Total
funds
2023
Activities
2023
Sundry Office costs
Secreterial fees
Independent Examination fees
Legal fees
393
393
4,858
2, 730
35
4,858
2, 730
35
8,076
8,016
Independent examlner's remuneratlon
2024
2023
Fees payable lo the Charitys independent examiner for the independent
examination of the Charity's annual accounts
2, 730
Page 12

SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Trustees. remuneration and expenses
During the year, no Trustees re￿iVed any remuneration or other benefits (2023- £NIL).
During the year ended 31 October 2024, no Trustee expenses have been incurred (2023 - £NIL).
Fixed asset investments
Listed
investments
Cost or valuation
At 1 November 2023
Revaluations
2,006,579
130,477
At 31 October 2024
2.137,056
Net book value
At 31 October 2024
2.137.056
At 31 October 2023
2,006,579
10.
Debtors
2024
2023
Due wlthln one year
Amounts owed by group undertakings
Other debtors
25,847
171
31,541
26.018
31,541
11.
Creditors- Amounts falling due within one year
2024
2023
Other creditors
1,540
5,530
Accruals and deferred income
7,070
Page 13

SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
12. Statement of funds
statement of funds - current year
Balance at 1
November
2023
Balance at
Gainsl 31 October
(Losses)
2024
Income Expenditure
Unrestricted funds
General Funds - all funds
1.796,646
68.560
154.9121
115.477
1.925,771
Restrlcted funds
Eugenio Joseph Arbib
250.454
5.407
11.0501
15.000
269.811
Total of funds
2.047,100
73.967
155.9621
130.477
2.195,582
Page 14

SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
12. Statement of funds (continued)
statement of funds - prior year
Salance al
l November
2022
Balan￿ at
Gains/ 37 October
(Losses)
2023
Transfe
in/out
Income Exp8nditure
Unrestricted
funds
General Funds-
all fvnds
1,845, 724
74,711
(88,595)
(34,594)
1, 796,646
Restrlcted
funds
Purim
Eugenio Joseph
Arbib
21
2,115
(2, 136)
251,362
5,911
(2,325J
(4,494)
250,454
257,383
8,026
(4,461)
(4,494)
250,454
Total of funds
2,097,107
82,737
(93,056)
(4,494)
(34,594)
2,047,700
Purim Fund.. The money collected to be distributed on Purim to individuals in need.
Eugenio Joseph Arbib.. This consists of the funds transferred from the Eugenio Joseph Arbib Trust. The
nds are used lo relieve poverty and financial hardship amongst Sephardi Jews in the British Isles.
13. Summary offunds
Summary offunds - current year
Balance at 1
November
2023
Balance at
Gainsl 31 October
(Losses)
2024
Income Expenditure
General funds
Reslricled funds
1,796,646
250.454
68,560
5.407
54,9121
11.0501
115,477
15.000
1,925,771
269.811
2,047,100
73,967
155,9621
130,477
2,195,582
Page 15

SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
13. Summary of funds Icontinuedl
Summary of funds - prior year
Salance al
l November
2022
Balan￿ at
Gains/ 37 October
(Losses)
2023
Transfe
in/out
Income Exp8nditure
General funds
1,845, 724
251,383
74,111
8,026
{88,595J
(4,461)
{34,594J
1,796,646
250,454
Reslricled funds
(4,494)
2,097,107
82,137
{93,056J
(4,494)
{34,594J
2,047, 100
14.
Analysis of net assets between funds
Anatysis of net assets between funds - current period
Restricted Unrestricted
funds
funds
2024
2024
Total
funds
2024
Fixed asset investments
Current assets
Creditors due within one year
269,811
1,867,245
61,466
12,9401
2,137,056
61,466
12.9401
Total
269,811
1,925,771
2,195,582
Analysis of net assets between funds - prior period
Restricted Unrestrict8d
funds
funds
2023
2023
Total
funds
2023
Fixed asset investments
250,454
1, 756, 125
47,591
(7,070)
2,(106,579
47,591
(7,070)
Current assets
Creditors due within one year
Totsl
250,454
1,796,646
2,047, 100
Page 16

SPANISH AND PORTUGUESE SYNAGOGUE WELFARE BOARD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
15. Related party transactions
As at 31 October 2024, The Spanish and Portuguese Jews, Children's Fund was owed £25,847 12023..
£31,541) by the Spanish and Portuguese Jews. Synagogue Common Investment Fund, also known as
the London Sephardi Trust Investment Pool lan associated entity of the Spanish and Portuguese Jews.
Synagogue with a common Irusleel, in which all investments of Spanish and Portuguese Jews, Children's
Fund were held as at 31 October 2024 and 31 October 2023.
Investment income received during the year from these investments amounted to £47,10812023'.
£49,029).
Page 17