Sanchayan Annual Report 2011


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Sanchayan Annual Report for the year end 31st March 2011

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Sanchayan Annual Report 2011

  1. 1. Independent & Neutral Financial Literacy for meaningful, qualitative Financial InclusionWomen participating in Sanchayan’s Rural Financial Literacy Program in Haridwar district, Uttarkhand. Project supported by Youthreach India and AIS Glass Limited. Sanchayan Annual Report 2010-11 1
  2. 2. A world where children can look forward to a safer financial future…is it possible? 2
  3. 3. Sanchayan 3
  4. 4. ContentManagement’s Report Page 5Verticals Page 7Partnerships Page 17Recognition Page 18Voluntary Affiliations Page 19Financial Statements Page 20Disclosures & Compliances Page 23Future Goals Page 24 4
  5. 5. Management’s Report “For the Indian growth story to become sustainable, encompassing financial inclusion is a must. Financial literacy is a prerequisite for effective financial inclusion, which will ensure that financial services ―reach the unreached and under-reached sections of the society.” Hon’ble Finance Minister Dr. Pranab MukherjeeDear Friends,What started off as a small attempt to share some knowledge with the young schoolstudents studying in Government schools in Delhi is now taking shape to becomesomething much bigger, and we presume, better. Sanchayan was born to fill the gap whichthe present school curriculum does not fill, the gap of inculcating good financial habitsamong the future generations. Money Management has always been seen as somethingthat one can learn after one starts earning, probably y making some costly mistakes. Whatwe sought to do is to educate the young adults about various topics like savings, banking,insurance, investing, etc which would help them to manage their family finances goingforward. Isn’t that what should be the purpose of education – to instill confidence andprepare for the future?Our initiatives with school and college students continues, which got further reinforcementwhen Sanchayan got recognized as ‘Affiliate Member’ of Organization for EconomicCooperation and Development (OECD, Paris) and part of the International Network onFinancial Education (INFE).From Young Adults to Adults - We are now happy to share that Sanchayan has branchedout to work with adults, mostly from low-income backgrounds, the people who work for usto make our lives better but we choose to ignore them and their lives. Practicality takesprecedence over Consciousness!! Sanchayan’s work with cooks, cleaners, maids, 5
  6. 6. autodrivers, hawkers, rickshaw-wallahs and other self employed low-income people startedin February 2011. We are grateful to our advisors who encouraged us to think along theselines and to expand our area of work to adult groups. Sanchayan started two slum centersin Trilokpuri, East Delhi, during 2011 to provide the urban poor with the right financialinformation & guidance as well as suitable financial services. We are calling these centers“Sanchayan Suraksha Points” [SSP]; since we believe that security it the end goal of allfinancial literacy & inclusion efforts.Activities during 2011-2012:Recognizing our work and commitment to the cause of financial literacy, Securities &Exchange Board of India [SEBI] recognized Sanchayan as an Investor Association duringthe current year. We are now India’s Youngest Investor Association!! Sanchayan now workswith SEBI to conduct joint financial literacy & investor awareness programs across thecountry which benefits thousands of youth and adults from all strata of the society. We areindeed humbled and proud at the same time to be working with such an esteemedorganization like SEBI!The long term vision is for Sanchayan to be self-sustainable and to generate sufficientrevenues to take care of the operations and continue our efforts in disseminating neutralfinancial literacy. During the year, we managed to achieve so much and more because ofthe generosity of individuals who came forward to support the cause of financial literacy &financial inclusion. We seek your continued support and well-wishes in the year ahead, andhope that we can live up to your expectations of being a transparent, credible and reputedorganization!!Avik Kedia Chidambara SagarFounder Founder 6
  7. 7. Verticals Youth Urban Poor Rural PoorMoneySmart™ Sanchayan ामीण आ थक Are You? Suraksha™ सा रता काय म मेरा Öवािभमान मेरी सर±ा ुFinancial Education forthe privileged as well as Workshops for SHGs, disadvantaged youth One-Stop Points for the farmers and rural women so that they can learn urban poor to access all to assist them in about money financial services like understanding financialmanagement and grow savings, banking, products and services and to become prudent insurance, mediclaim, undertaking financial adults, responsible pensions and financial transactions for their long with their family identity, combined with term well being. finances. the right advice and financial literacy. 7
  8. 8. Youth are the future of our country, andhelping them to build their own future is the least we can do…. Young girls staying in Salaam Balaak Trust’s Gurgaon home “Arushi” learning about money and money management. Financial Education for the privileged as well as disadvantaged youth so that they can learn about money management and grow to become prudent adults, responsible with their family finances. 8
  9. 9. Our work with YouthStudents of a Government school in Delhi taking part in MoneySmart Financial Literacy workshop conducted in their school. Sanchayan works with both privileged youth studying in private and public schools as well as disadvantaged youth associated in vocational training institutes managed by different NGOs 9
  10. 10. Sachin is overjoyed at receiving his Savings Bank A/c passbook from Sanchayan trainer Priyanka!! Along with the right financial education, Sanchayan also helps the youth from disadvantaged backgrounds to open their 1st Savings Bank A/c where they can keep their savings safe and earn interest. 10
  11. 11. Principal’s Message ● ● ● “Our school has made this program compulsory for the students of class 9 to 12, seeing the value that the program is adding in the student’s life with respect to money management. We want our students to become successful investors and money managers in the future.” - Mrs. Manju Rana [Principal, Seth Anandram Jaipuria School] ● ● ● Encouraging schools to see the long term benefit in inculcating good financial habitsamong their students……for the students & for India. 11
  12. 12. Workshops for SHGs, farmers and rural women to assist them inunderstanding financial products and services and undertaking financial transactions for their long term well being. An independent and neutral view of financial products & services which provide financial security to rural households. 12
  13. 13. Men have been the traditional decision-makers with regard to money. Will this ever change? Maybe……..Sanchayan’s Rural Financial Literacy Program ामीण आ थक सा रता काय म 13
  14. 14. Women are being recognized as capable individuals who care for their families, if not more than men, and who can manage their householdsbetter. Across the nation, women are coming forward to form SHGs, take up income-generation activities and take the lead in all family matters –be it better schooling for their children, increased hygiene and sanitation, cleaner drinking water or saving for a rainy day. Sanchayan’s ruralfinancial literacy program strengthens women’s role in making decisions that impact the lives of their children and their futures.Manju devi wants only the best for her little daughter sapna, whom she wants to grow up to become a nurse, because that is what she wanted to become when she was a little girl. 14
  15. 15. Can financial services be deliveredto the low-income people in a cost- effective profitable manner………Women signing up for No Frills Bank Accounts at Banking Camp held at Sanchayan Suraksha Point, Trilokpuri slums, East Delhi Sanchayan Suraksha™ मेरा Öवािभमान | मेरी सर±ा ु 15
  16. 16. One-Stop Points for the urban poor to access all financial services like savings, banking, insurance, mediclaim,pensions and financial identity, combined with the right advice and financial literacy. Rambhooli chachi proudly showing her PAN Card which a Sanchayan Suraksha Saathi helped her to obtain.Financial Services for the Urban Poor combined withRight financial Advice & Information 16
  17. 17. Partnerships PartnershipMoneySmart - Youth Financial Education ProgramSanchayan Suraksha Points - Urban Poor Financial Services For PAN card Banking Partner Microinsurance Partner For NPS Lite A/c 17
  18. 18. RecognitionOECD Affiliate Member:Organization for Economic Cooperation and Development (OECD) has been leading the effortsglobally to make financial education an integral part of the curriculum. A Think-tank within theOECD formulates policy and guidelines and undertakes advocacy with national Governments toimplement financial literacy programs in educational institutions worldwide. International Gatewayfor Financial Education (IGFE), created by the OECD, is a database of the various financial literacyprograms being undertaken globally. [ ]Sanchayan has been recognized as an ‘Affiliate Member’ of International Network on FinancialEducation [INFE], which is an international network of more than 100 countries on financialeducation globally. Thus Sanchayan forms a part of India’s overall strategy and thinking on financialliteracy.Along with RBI and SEBI, this database has recognized Sanchayan’s initiatives in India as follows: Government programmes in India: • Project Financial Literacy, Reserve Bank of India (RBI), ( • Securities and Exchange Board of India (SEBI), ( Civil society programmes in India: • The Financial Literacy Project, Sanchayan Society ( INVESTOR ASSOCIATION:The Securities and Exchange Board of India has been making sustainedefforts to spread financial literacy and disseminate neutral informationrelated to the markets so that more Indians participate in India’s growthstory. To meet its objectives of Investor Awareness, SEBI conductsthousands of programs every year for school students, college students,disadvantaged young adults, and professionals from all sectors. Duringthe year, SEBI has recognized Sanchayan as an Investor Association toorganize and conduct financial literacy & investor awareness programsamong different groups across the country. 18
  19. 19. Voluntary Affiliations Planning Commission has launched the NGO Partnership Systemand a portal which is an online mechanism for NGOs to apply for Governemtn funding schemes. Sanchayan is regsitered vide Reg. No. DL/2009/0018288During the year Sanchayan registered with Samhita which is helping Indian NGOs to raise resources & awareness about their work During the year Sanchayan got listed with Guidestar India which provides reliable information about Indian NGOs and their work thus facilitating NGOs to showcase their efforts 19
  20. 20. Financial Statements Receipts & Payments For the period For the period 01 April 2010 01 April 2010Receipts Payments to to 31 March 2011 31 March 2011Opening cash and bank balance 9,721 Salary and other allowances -Professional Fees 49,600 Cost of Piggy Banks 5,750Membership Fees 27,200 Traveling and conveyance 78,762Donations 225,704 Internet Usage charges 10,092Interest income 436 Legal and professional fees 17,550 Communication 24,872 Website Cost 7,358 Auditors Remuneration 5,000 Courier charges 7,502 Rates & Taxes - Printing and stationery 20,732 Refreshments 15,681 Miscellaneous expenses 7,963 Purchase of fixed assets 96,760 Closing cash and bank balance 14,639 312,661 312,661For Aggarwal & AssociatesChartered AccountantsICAI firm registration number: 022496NSumit Aggarwal Avik Kedia Chidambara SagarProprietor Membership No.: 513480 Secretary TreasurerMembership No.: 513480 20
  21. 21. Income & Expenditure Schedule For the For the period period 9 September 01 April 2010 2009 to to 31 March 2011 31 March 2010IncomeProfessional Fees 5 49,600 16,200Membership Fees 6 27,200 4,000Donations 7 225,704 35,000Interest income 436 - 302,940 55,200ExpenditureSalary and allowances - -Program Expenditure 8 201,262 190,479Depreciation 3 59,945 7,786 261,207 198,265Balance carried to Balance Sheet 41,733 (143,065)For Aggarwal & Associates For and on behalf of the board ofChartered Accountants Sanchayan SocietyICAI firm registration number: 022496N ChidambaraSumit Aggarwal Avik Kedia SagarProprietor Secretary TreasurerMembership No.: 513480 21
  22. 22. Balance Sheet Schedule As at As at 31 March 2011 31 March 2010SOURCES OF FUNDSGeneral Fund 1 (101,332) (143,065)Loan Funds 2 180,000 180,000 78,668 36,935APPLICATION OF FUNDSFixed Assets 3Gross Block 131,760 35,000Less: depreciation 67,731 7,786Net Block 64,029 27,214Current assets, loans and advancesCash and bank balances 4 14,639 9,721 14,639 9,721Less: Current liabilities andprovisionsCurrent liabilities - -Provisions - - - -Net current assets 14,639 9,721 78,668 36,935For Aggarwal & AssociatesChartered AccountantsICAI firm registration number:022496N ChidambaraSumit Aggarwal Avik Kedia SagarProprietor Secretary TreasurerMembership No.: 513480Place: New Delhi 22
  23. 23. Disclosures & Compliances 1. None of the Board Members received any compensation during the year. 2. The Activities of the Society: Slab of gross monthly Female members Male Members Total remuneration Less than Rs. 5,000 Nil Nil Nil Rs.5,000 – Rs.9,999 Nil Nil Nil Rs.10,000 – Rs.24,999 Nil Nil Nil Rs.25,000 – Rs.49,999 Nil Nil Nil Rs.50,000 & above Nil Nil Nil 3. No foreign travel took place during the year. 4. The Society spent Rs. 78,762/- on National Travel during the year. 5. The Society does not have any investments. STATUTORY INFORMATION: MAILING ADDRESS: H-9, Akash Bharti Apartments, Plot No. 24, I. P. Extension, New Delhi-110092 WEBSITE: ESTABLISHMENT 09/09/09 TYPE OF REGISTRATION: The Societies Registration Act XXI of 1860 REGISTRATION DETAILS: Certificate of Incorporation: S/66874/2009 PAN No: AAEAS7767D Income Tax Exemption No.: 12 A : DIT (E)/12A/2010-2011/S-6282/1538 80 G : DIT (E)/2010-2011/S-6282/1903 CONTACT DETAILS: Contact Person: Ms. Chidambara Sagar / Mr. Avik Kedia Mobile No.: +91 – 9810572277 / +91 – 9560228484 Email: 23
  24. 24. Future GoalsDevelopment of ‘need-based’ financial products and servicesUnderstanding the needs of the people and developing corresponding financial products andservices that fit these needs is our long term goal. These products can be from the universe ofbanking services, insurance products, mediclaim services, low-cost investment products orinnovative microfinance loans, but the underlying theme shall be solutions that meet the realneeds of the people; solutions that match their income flows and financial goals.Establishment a Network of Independent Financial Literacy & CreditCounseling Centers (FLCCC) branded ‘Sanchayan Suraksha Points’ (SSP)which would deliver low-cost financial services to the urban poor in additionto neutral financial advice & guidanceComplementing the efforts of RBI and Banks, Sanchayan has started the process of establishinga network of independent self-funded network of FLCCCs branded ‘SSPs’ which would providethe urban poor with access to all the financial services under one roof, in addition to neutraland correct financial advice & guidance, whenever required. Presently 3 such SSPs areoperational in East Delhi.These SSPs would require Government and Development support only for the initial 3 to 5years, after which they would become sustainable and start generating enough revenues to runindependently.Launch a ‘Centralized Mobile Helpline Number’ for Neutral Financial AdviceA centralized helpline number would help consumers of financial services to take relevantfinancial advice & guidance 365/24/7 and therefore go a long way in restricting the mis-selling offinancial products and facilitate long term confidence in the financial services companiesassociated with these products, be they banks, insurance companies, mutual funds, pensioncompanies or investment advisory firms.Sanchayan is seeking interested partners for this initiative who are mature and would be opento taking a long-term outlook here.SMS based financial literacy initiativesWith even the mobile revolution, majority of the people, whether rich or poor have access tophones, and therefore mobile phones present a ready medium to increase awareness about theright financial products and services. 24
  25. 25. Financial Literacy Trainings Financial Services Delivery One-to-One Financial Counseling & Guidance That’s what we do. Regd. Office: B, 1/83, Paschim Vihar, New Delhi -63 Communication Address: H-9, Akash Bharti Apartments, 24, I. P. Extn., Delhi-91 Slum Center [SSP 1]: Extra 8/109, Trilokpuri, Delhi-91 Slum Center [SSP 2]: 11A/129, Block 15 chowk , Opp. Agarwal Sweets, Trilokpuri, Delhi-91 Phone: 011-42138236 Email: Website: Website: 25
  26. 26. Can we eliminate financial fraud in our lifetime? Can we dream of a world whereparents can save for difficult times withoutgetting cheated; be protected from financial shocks; have sufficient reserves foremergencies; provide their children with allthe support they can; and dream of a secure financial future. 26