## 2021 Annual Report **Summary** This year has seen a number of changes to Nibbles, which has brought it’s own benefits and challenges, while we move forward to create a more sustainable way of running and providing a secure future for the charity as a whole. The need for us to exist has continued to be apparent and we have ended the year with unprecedented numbers of rabbits and rodents becoming unwanted as a result of the pet boom during lockdown. We have also seen a dramatic increase in neglect and welfare cases, along with breeders wishing to dispose of unsold litters. This has put a huge amount of pressure on our very limited resources and we leave 2021 with every housing unit full, and having purchased additional hutches to provide emergency accommodation for abandoned rabbits. Interest in adoption reached an all time low once leisure activities reopened after lockdown, further hindering our ability to offer placements to rabbits and rodents urgently in need of our help. Overall, it is has been an incredibly difficult year and a constant battle to try to offer help to as many as possible. Our increase in funding and with the addition of paid staff, providing reliable day to day care for the animals at the centre has had significant effect on our overall impact, seeing the number of animals passing through the centre dramatically increasing. Sadly, we have still been forced to turn away a large number of animals, especially rabbits, due to a lack of facilities to accommodate them. We were devastated to learn of the changes made by the Welsh Assembly to the workplace apprenticeship scheme towards the end of the year. We had been hoping to offer our current apprentice, Jessica, a further 14 month contact to undertake her level 3, and create a new position for a 12 month level 2 learner. Sadly, the changes to a 24 month contract, and the resulting increase in salaries, has made this impossible for us at this time. We leave the year discussing a number of options available to provide the animals at the centre with sufficient day to day care from July 2022, and have placed our plans to build further rabbit housing on hold, as we will be unable to provide the day to day care required for additional rabbits. We also left the year having to look into alternative veterinary care for our animals as a result of changes made by our only local practice. We have been unable to book appointments in a timely manner, and have been struggling to access a veterinary surgeon who has the necessary experience to treat and operate on rabbits and rodents, since the end of November. ## 2021 Annual Report The Animals Our biggest challenge during 2021, was the rescue of 39 mice, living as a large mixed sex group in a small wooden box. Due to the urgency of the case we made the 6 hour round trip to collect them from Pontypool and bring them to the safety of Nibbles. They were all suffering from a respiratory infection which required antibiotic treatment. Many of the males had injuries from fighting, and a number of the females were pregnant. We would like to give huge thanks to Animal Lifeline UK, who helped arrange placements at other rescues for a number of these mice. Of the mice which remained in our care, we had all the males neutered and were able to bond them back with companions. All of these mice were adopted during the year. ## **The Figures** Rabbits surrendered into our care: 24 Rodents surrendered into our care: 64 Rabbits transferred in from other rescues: 12 Rodents transferred in from other rescues: 5 Rodents born at the centre*: 23 Rodents transferred out to other rescues: 25 Rabbits transferred out to other rescues:6 Rodents who died while in our care: 6 Rabbits who died while in our care: 5 Rabbits on sanctuary placements: 9 Rodents on sanctuary placements: 1 Rabbits adopted: 18 Rodents adopted: 36 At the end of the year we had an influx of rabbits and guinea pigs arrive with us from situations where welfare had been severely compromised. This included Dante who was surrendered by a breeder who was giving up due to the reduction in demand for baby rabbits and guinea pigs. Dante arrived in urgent need of veterinary treatment as a result of a birth defect to his eyes which had remained untreated and caused ulcers and infections. ## **Total animals helped: 135 Total animals adopted: 53** **----- Start of picture text -----**
Lillith & Harri
**----- End of picture text -----**
## _*As a result from animals arriving in our care already pregnant_ After being born in rescue and waiting over 12 month to find their very own furrytail ending, Harri & Lillith finally hopped off with the most perfect forever family. This cheeky duo never failed to bring a smile to our entire welfare team and will always be missed. ## 2021 Annual Report ## Veterinary Care This year has been our toughest year to date when it came to rabbits arriving in our care needing urgent veterinary treatment. Sadly, we lost a number of rabbits, some to a congenital heart condition and two had to be euthanized. We have seen a dramatic increase in the number of rabbits arriving requiring dental treatment to remove dental spurs, with this affecting the majority of rabbits which came into our care this year. We also had rabbits requiring full incisor removal, as a result of a congenital misalignment. ## **The Figures** Total spent on dental treatment for rabbits: £1,669.75 Total spent on rabbit neutering: £1,104.07 Total spent on rodent neutering: £347.31 With the need for dental treatment having become so common, we have had to budget an extra £100 for every rabbit intake. This has increased our rabbit intake costs to between £199 - £219 depending on weight and sex. We have also begun to neuter male guinea pigs as standard prior to making them available for adoption as an investment in their long term welfare, and allowing for easier bonding with females, should their bond break down or in the event one is left alone after the loss of a partner. Total spent on vaccinations*: £763.80 Total spent on treatment for illness or injury: £1,980.49 **Total spent on veterinary care: £5,865.42** Tim, who arrived in March with 6 other rabbits, required extensive veterinary care, including an over night stay in the vet. Despite all his problems, he is now loving life and thriving at Nibbles. _*This includes booster vaccinations for sanctuary rabbits and long stay rabbits_ Tim became a sanctuary rabbit as he suffers from on-going dental problems, diabetic issues and suspected megacolon.. ## Tim As always we would like to thank our wonderful veterinary team for all of the care and attention they have given to our animals during 2021. They have gone above and beyond for the animals in our care with the same level of passion for their overall welfare as we have at the centre. We were devastated to have lost our main vet at the end of the year and continue to look into alternative arrangements to ensure the animals in our care are getting the best possible treatment. Nathan one of the 24 rabbits neutered ## 2021 Annual Report The Welfare Team This year saw the addition of paid staff to Nibbles, providing the rescue with far more reliable help with the day to day care of the animals. Our founder Siobhan was granted permission to take a small wage from the rescue to act as Centre Manager, helping to provide Siobhan with an income for the hours she dedicates to keeping the rescue open and running. Prior to this Siobhan had worked on a voluntary basis, but this had become unsustainable with the inability to find outside employment due to the hours needed by Nibbles. **----- Start of picture text -----**
Siobhan
Abi
**----- End of picture text -----**
We were thrilled for Abi to accept the role of Assistant Manager in January, helping with the day-to-day care of the animals and with admin. Although she left us briefly on maternity leave, she returned to the office on a voluntary basis in October, bring Blaidd with her. In July, Jessica joined us on a Workplace Apprenticeship for a 12 month contract to undertake her Level 2 in Animal Care and Welfare. We were devastated to learn of the sudden changes made to the scheme in November by the Welsh Assembly, making it financially impossible for us to offer future apprenticeship placements. We continue to have a team of four very dedicated volunteers, Evelyn, Karen, Clare and Neil, and have found more success in offering short term voluntary positions to help while Abi has been away on maternity leave and during very busy periods. Overall, the addition of paid staff has had a very positive impact on the charity as a whole. With regular and reliable help we have been able move forward with our expansion and keep on top of other jobs and tasks required. It has also meant we have been able to offer placements to more animals than ever before as we can guarantee enough manpower to provide the animals with suitable levels of day-today care. Although the addition of staff has dramatically increased our running costs, the overall benefits to the charity and the animals needing our help has completely outweighed the costs involved. During 2022 Siobhan and Abi will remain in their roles with a further 12 month contract, and we hope to offer Jessica a 12 month contact on minimum wage for her current 16 hours from July. We will also be looking at raising the funds required to offer an additional part-time rabbit care role for 16 hours a week, once we have completed our new builds, to provide care of the additional rabbits we accept. **----- Start of picture text -----**
Jessica
**----- End of picture text -----**
Evelyn We would like to thank all our staff and volunteers for the hours they have dedicated to Nibbles during 2021. We simply couldn’t run without their help and support, and both Siobhan and Abi continue to donate more hours to Nibbles than they have been paid for. ## 2021 Annual Report Building A Brighter Future Work on our infrastructure at Nibbles continued during 2021, with a huge thank you to Lush Charity Pot and their kind grant of £4,000 towards our Building a Brighter Future project costs. We have been able to prepare our remaining space to accommodate new rabbit housing along with preparing a base and purchasing a large storage shed. **----- Start of picture text -----**
The Figures
Oct 2021
Storage Shed
Jan 2021
New Build
**----- End of picture text -----**
We were able to purchase over 300 paving slabs, sacks of sand, ballast and cement, along with the weekend hire of a mini digger and dumper. Work started in June, with preparing the land to lay the paving. It was an incredibly hard, exhausting and time consuming job, taking nearly 4 months to complete, but by early October and just before the weather changed, all the paving had been laid and the edges cemented in. We have struggled with storage space for a number of years and urgently needed a long term solution allowing us to store hay, bedding, and litter in bulk. We now have a large 16ftx10ft storage shed which was erected early November by Williams Sheds and Fencing, and will provide Nibbles with plenty of storage space for many years to come. The shed will be painted to preserve the timber in the spring. Sanctuary rabbits, Vinnie and Penguin, had been earmarked for replacement housing during 2022. However, their old hutch and run combo gave out during the summer and the replacement build was brought forward. The new pen has been lined with plastic sheeting and we have been so pleased with the results that we will be looking at lining all of our housing in the future to help increase biosecurity and make cleaning quicker and easier for our welfare team. We have also replaced the majority of our rodent housing during the year, to provide more suitable and spacious housing for degus, chinchillas and rats, along with replacing housing for our sanctuary chipmunk, Spartacus and ground squirrel Diego, who we sadly lost to cancer in November. With the rearrangement we have also been able to add an additional guinea pig placement. The rodent cabin is now much more functional for all species and easy for our welfare team to clean cages and provide day to day care. We have also added additional paving outside the cabin to provide a suitable space to wash cages. _Total funding spent during 2021 as part of our Building a Brighter Future Project: £6,023.01_ ## 2021 Annual Report Management Software Keeping the charity running smoothly has always been a huge challenge and with our growth year on year we had reached a breaking point, needing to upgrade our previous systems to help cope with current levels of demand. In January we invested in Shelter Manager, an annual software subscription, which provides a management package for animal rescue centres. It took a number of weeks to set up, but this time was quickly regained with a streamlined system for animal records, adoption and intake processes, accounts package, donor management, and staff and volunteer records. Although initially hesitant at the additional costs, this software has had a major positive impact on the way we run and keeping records up to date. It has also allowed us to quickly and easily access facts and figures to help keep our supporters up to date with how our funds are spent and on the impact we are having. This has enabled us to provide quarterly reports to our supporters throughout 2021. Towards the end of the year we have also been able to access a free Canva Pro account as a non-profit organisation. This has provided us with easy to use and excellent design tools, along with a fully functional scheduling tool for social media. This has enable our small team to produce content in advance, helping to streamline the overall workload. We ended the year looking into CRM software and have recently enrolled with Hubspot. At present we have a free account, but will be looking to opening further features with a paid account when needed. This will help us respond more consistently to incoming emails and messages and provide a greater level of support to public enquiries. We also started to investigate video editing software to enable us to produce video content for both our website and social media platforms, and have been trialling Filmora with the plans to take out an annual subscription early next year. We have continued to keep our website subscription with Wix and use of a free version of Wix Ascend for our monthly newsletters, thank you messages and quarterly reports, although we are currently looking into other options for 2022. **----- Start of picture text -----**
Shirley
Siobhan
Rachel
**----- End of picture text -----**
## 2021 Annual Report Trustees This year has seen a couple of changes to our team of Trustees. Diane left us as a result of other commitments and long term volunteer Margaret, joined us as our HR Manager after she moved away from the area and wished to remain involved with the charity. We were delighted to welcome her to the role and she has already been invaluable in helping provide support with taking on our first official employee. We enter into 2022 with: Siobhan Learmonth – Founder and Chairman Shirley Learmonth – Treasurer Rachel Terry – Secretary Charlotte Jackson – Digital Media and Design Manager Margaret Waller – HR Manager Alan Wilson – Management Advisor We would still like to recruit a trustee acting as a fundraising coordinator, especially with the increase to our running costs as a result of staff salaries. We are currently looking into various opportunities to find a suitable candidate during 2022. Margaret ## 2021 Annual Report Funding ## **The Figures** One off donations through PayPal Giving: £9,851.14 Funds raised through online events: £7,798.17 We would like to thank all of our supporters who have contributed to our running costs over the last 12 months. Nibbles is completely reliant on public donations and grant funding to remain open and caring for these generally forgotten about companion animals. At the end of 2020, we submitted a large number of grant applications to help towards our running costs for 2021. We were all surprised by the success of the appeal which in total generated £18,175. This made huge difference towards covering vets fees and day to day running costs. Funds raised through grants: £18,175.00 Total raised from monthly pledges and sponsorships: £5,219.75 Our goal during 2021 was to increase our monthly pledge donations from £300 a month to £800. Sadly, we have fallen far short of this target, only managing an increase of just over £200. This leads to a lot of concern for raising the required sum to cover staff salaries for 2023. Funds raised through other donations: £1,196.66 Funds generated from charity collection boxes: £218.79 We made more use of fund raising tools on Facebook and PayPal Giving which generated a total of £9,851.14 through one-off donations towards our running costs and vets fees. This was over £1,500 more than our target for the year. Funds raised from AmazonSmile and EasyFundraising: £467.91 Once again a long term supporter ran two online fundraising events for us during the year, raising an incredible total of £7,798.17 Funds generated from adoption and surrender donations: £1,410 Funds generated through sales: £96.62 Employer incentive payment for work place apprenticeships: £1,000 A total of £5,219.75 was raised via monthly pledge donations and sponsorships A total of £467.91 was generated via our supporters using Amazon Smile and Easy Fundraising A total of £1,260 was raised from adoption fees and additional adoption donations, and £150 in donations made at the time of surrender. During 2022 we need to continue to look at ways in which we can continue to increase our monthly funding, especially with increase in staff salaries from July 2022. **Total Income: £46,094.28** ## 2021 Annual Report Expenditure With the addition of paid staff and the increase in the number of animals we have catered for during 2021, it is unsurprising that our annual expenditure has significantly increased from 2020. ## **The Figures** Animal Supplies: £3,317.85 With so many kind donations from our Amazon Wishlist, our annual feed expenditure was only £320.20. These practical donations really do make a huge difference in providing for the animals in our care. Accessories, repairs, replacements & maintenance: £590.90 New Housing: £6,023.01 Salaries: £6,842.81 With our new storage shed in place during November, we were able to make our first bulk order of GreenMile bedding. Prior to buying in bulk our average expenditure on bedding was nearly £70 a month. The cost per bale is slightly reduced when buying in bulk, so we hope to see a small saving during 2022, even with an expected increase in the number of rabbits housed. Vets Fees: £5,865.42 Subscriptions & Insurance: £625.60 We spent less on salaries than expected, due to Abi starting maternity leave from mid July and will not be back to work until the new year. These savings have been placed towards salaries for 2022. Print, marketing & postage: £355.52 Other Expenses: £2,347.36 **Total Expenditure: £25,968.47** We are expecting to see a further rise in veterinary costs during 2022 as prices continue to rise for both routine and non-routine treatment, and we are considering ways in which we can mitigate these costs, while continuing to provide the animals in our care with the veterinary care they need. We are also expecting to see a substantial increase in salary costs for both 2022 and beyond. Once we have completed our infrastructure, increasing accommodation for rabbits, an additional staff member will be required for 16 hours a week. With the changes to the workplace apprenticeships we are now unable to fund this position and have put our building plans on hold once again. ## 2021 Annual Report The Figures With the increase in funding this year, and with the addition of paid staff to reliably cover the day to day care of the animals, we have been able to help far more animals than ever before. We have had a 419% increase in the number of animals that passed through the centre in 2021, compared to 2020. Clearly highlighting the difference adequate funding and sufficient staffing has made to our overall impact. Despite the increase in numbers helped, we have continued to turn away a significant number of animals due to a lack of facilities Despite interest in adoption trailing off, once lockdown restrictions had been lifted, we did see a 50% increase in adoptions compared to 2020. We hope that once the new year begins, interest in adoption begins to increase once again and we will see a further increase during 2022 Unsurprisingly, our overall expenditure has also increased by 145% compared to 2020. We did invest a significant sum into improving our facilities and in preparation for building additional rabbit accommodation. With the addition of staff salaries and with far more animals coming into our care these increases are to be expected. ## 2021 Annual Report The Figures We saw a 164% increase in our overall funding compared to 2020, with 39% of our overall funding coming from grants. There was a 55% increase in our monthly pledge and sponsorship funding, which did fall short of our target for the year. However, this was compensated by a 127% increase from one off donations and online fundraising events. We ended the year with £25,217.51 held in our Business Reserve Account, with a substantial amount set aside to cover salaries for 2022 and 2023. We held £3563.97 towards our Building a Brighter Future project and £826.81 towards costs such as insurance, software subscriptions, hosting, print and repairs, maintenance and utilities. We ended the year with a balance of £30,542.14, with 83% of that funding held in our business reserve account. We have two business accounts, one holding funds for day-to-day running costs and the second holding funds to cover veterinary fees, with 3% and 7% of our funding held respectively. We also left the year with 7% of our funds held within our PayPal account after our final mass payment from PayPal Giving Fund for 2021. ## 2021 Annual Report Looking to 2022 We are leaving 2021 with grave concerns with regards to staffing the centre and providing the animals with access to suitable veterinary care. We will enter into 2022 investigating various options to overcome these challenges and looking for workable solutions to continue to provide for as many animals as possible. ## **Summary** Reassess staffing for the centre from July 2022 after the changes made to the workplace apprenticeship scheme Look into alternative arrangements to provide the animals in our care with suitable veterinary care Look into the possibilities of opening a charity shop in Cardigan to help increase funding and raise further awareness of the charity locally Reassess our plans to complete our infrastructure as a result of staffing concerns due to the changes made to the workplace apprenticeship scheme Researching other ways to help increase our annual funding to meet the increases in our predicted running costs for 2022 and beyond. The sudden changes to the workplace apprenticeship scheme have left us unable to fund the two planned apprenticeships from July 2022. We are currently discussing the best route forward, with the funding that we have available. We do not want to be forced to reduce the number of animals housed at the centre from July 2022. As a result of staffing changes at our only local veterinary practice at the end of the year, we have been struggling to gain access to a vet who has the required knowledge and experience with rabbits and rodents. Despite being popular pets, rabbits and rodents are classed as exotics within the veterinary industry, meaning that the vast majority of vets have not received the necessary training. Since these changes, we have been forced to travel a significant distance for neutering, and even had to place a rabbit into foster care in Carmarthenshire to provide him with access to a qualified vet for treatment. This isn't sustainable for the long term and we urgently need to investigate other options to ensure we can easily provide the animals with veterinary care. We will also be looking for ways in which we can increase our annual funding to cover our increasing running costs and additional staff. These include the possibility of opening a charity shop locally and looking into setting up an online charity shop via Ebay. Our new builds will be placed on hold once again, which is incredibly disappointing, especially after investing so much time and funding into preparing the space. However, we cannot compromise the welfare of additional rabbits by being unable to provide with suitable levels of care. cu>M>nncJIJ￿￿w- o £1 o) I Iliil Iiliii G t IgEEÉiEE12'eEIEEEE I EEIIEEEIIIE¥EiII!: a> fa) If) pr) 4 If) pr) y> ifj ifj y) 74) ty) O (n (n ts) o fj) IVJ 0000 thts)0a>oa￿￿j(0C>¥s0)ts)o rrj fl> o pry pfj IP) O N) G) 14 ￿ CR Is OOOOOOQCIv7UTC>Oa>OO￿0a*4 0000 000 8888800 o¢ocJo o¢oo>o 8888888 o ()) O O C 0￿)0000) N) V) Us P) O LQ rv) tf) oooooo￿o￿(￿o￿)o0tstD￿ OOOOC>OOOOOC>G)OOOi4J¥¥(JO tOOOOOOoOOOTraOOO￿4sI￿JO J PPJ lfj lfj a rry ) a) ￿ P) ( 40QfDCQOO o cn fv) O f£> o a) OOOOO V) fr) If) lfj C•) W ffj IPJ V> lfj lty 14) N) OOOPJOaoothoooo0tha)cn￿1￿ o o o IJ) o OOOOOOOOO(￿l3)G) i fEElÈEEtIEEEEEEI' (n rry IPJ V> ui po v) t•> 4 IP> oooocooo¢nooo**O OOC*OOOO<>OOOOOfD0•4￿{￿ OOOOOOON)00000(YAQh)*Q N) h) O O (n OOLnO C> (xcn 000 o Oi?OOi?YOOOOOOOOOOth(aO ooDocDoooooooOooo￿￿ # * IEIEÉEEEPEIEklZEEI > m trj PPJ y> (il IV I*) in y) o pr) lty ly) v> a ro a) V) V) ￿ on rv o o o 0000 O (Yto a(71 (n 00￿ 4>UIto ooooooooooi0¢￿oo0oQn￿o oooooooooquIOOOCOO>AO ifj a) lfj a lfj 14) PJ O lty CQ b) V> (n rp) ui IVJ 000 4¥¢x*OOTrJOO ￿￿30£￿￿￿0￿(0 ¢>) o o ¢c> o ¢? o {￿ o O i)) O fL) O O ts) IQ o0ofoooothoo￿0Q￿ooc￿oJ ) V>_- ro ¢TJ O V) IPJ lry tty A T4> ¢3) o o pa iry ¢DCOOO)OfQh)OOajtt)o￿O% IQO O 000<5> ooa)4 I?(￿0¢￿￿- 00￿00￿00>a o) rv rn- If) lfj Ul (Tt Ifj N) lry M NJ oooooooooo0otsoo￿N)ofv) OOO¢?O 00000000(n(n4sO L*ooooo oooooc>Oo￿Qa>o Irj iry Ifj V) ffj (D M ity T•> l*J GJ ¢X* G> OOOOthOoUIO￿jO¥X￿4Xcy1Sth i￿00 i?OOOY Qh)YfC*O17)O OOOOOQ￿O￿oO¢jtO0OcIj￿ QQOQQQ(nooooOoooa￿rD ) Q QOC>iJ 0¢? O O 000 O ¢J>fD O QOoOOOOOOQOQQQ￿¢S)13I￿ ooooiy>oots)thforoo0￿£nWoO 000 0000(bP4)(OCO OO¢O OOOOOQOaOCOOOOO y) F*> rp) Trj P> rj Pa ooooooulOOO￿CQooooj￿(O￿) 000<￿ ¢3•0004% fo O 000(00)oOo￿tsG)0 000 IPJ l•) ui lry V) try a ry) t•> a fD o IVJ fi> IVJ ¢3J pa ¢7) CT) 6)0 O O *xi 00 aj N) ￿ o o o ¢0 Q fQ 47J (Q O O C* C) O O (O O O Q (Q (> UJ •4 0QC•OOO6)O￿0￿0￿0￿YTra Irj ￿ tp> l*J ts) l*J 11> tp) fpj V) Q V) *& * h) rty m ity lty ooootsu•OOOOOQOOC4) OOC)oiDooooo ooooa>ooooc> a) Tn f) r•) Ub f£* * Ifj G) P> Cnoo ￿￿•000￿?0)0 O O t3) o i? CIO o (n o (Q i? Q C¢>OOO)00000￿OOOUIOOOts1 l•> l*J o rv> fpj a o Y) ￿ o cn N) EgE%ElgE 2E¥ OOOOO*&OOOOQQ(YJowa*QOfrJ aoooo(nooo0oo(ooococ￿￿c> OOOO¢DOQoOOOOOOth￿tsj￿ l*J tv& G) TPJ a)- oofv)co o ci (n o a O N) #kn O (D (O ¢0 oO*C•¥¥OOO•3J￿O￿0th¥% V) rpj r*) tr) o o r*) ￿ Fty v> h) h) N) V) V) Tty oooothooooorDOOOO o00¢>00000￿oo00r*a￿0o ¢OOOOOOOOC)O￿O¢OQ￿ ) IVJ Tfj Tfj Pl> ￿ tl) 13JOOth Q) Paoooo￿ ocn OOON) roo0￿ o N)oo¥4sOOQOO(tiOOQSS¢OO 000￿)0<5>000O￿Q0c￿h>ajO > v) v) 45) a) o (n- o K) G) o CO ￿ (•) J o) 0> th N) o o ts) (n o) ro (n K) o) CO fo Pa Qn O) O 4YJ O (J) o CJ a) iD o o C￿ i o fxl ro o ¢x O h) Ut fv) a) ui ui C•) O V)0 (Y) O UI CY) G) LX* (n o (71 (n CD ￿ O) O CO A (Q ¢DO rn G) 3J(fJ o QUJ > > m > n c) n ij G) ij In ljll811' cD< -Il DiDII 11 Q* I o) T If* Illfllllll I Ili111111511' 37J SALL / Fogr MASTE FDST oFFioÉ £T. I)OCS-K￿￿reL S SWLy3 3 eD. HpdÉ y(PrMI NSCts THÉ FAEs&rxJ i Éb AcotsLJ NJTS OF NjIB￿LEs AoT)&fxfi Il&sCL)É Q£YMYQq . -•É OPIKJIONJ •IfvT INJ rtkri&£s (leuF¥Ta) •4e OF -rqÉ oIG-F4tJlSPfr FIpdf& L)5eb fvLL frloKJ(É-S FOULLIÉS CDAA&cTuK/. J toA A-LL- ?1 0tsSf¥TLoTrJs INS -rHÈ- frR OF CASH SWDltJa Gwrs C&RRÉLTaY J- v14WPy ry FAanloLJLICG Fli/sE-Lf vs4y iÉIR A-LLouKfi INI&- A-s ¢AÉS&rtIs S. ' b,:, IJ