Download - Sanchayan Annual Report 2011
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Independent & Neutral
Financial Literacy
for meaningful, qualitative Financial Inclusion
Women 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
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A world where children can look forward to a safer financial
future…is it possible?
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Sanchayan
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Content
Management’s Report Page 5
Verticals Page 7
Partnerships Page 17
Recognition Page 18
Voluntary Affiliations Page 19
Financial Statements Page 20
Disclosures & Compliances Page 23
Future Goals Page 24
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Management’s Report
Hon’ble Finance Minister Dr. Pranab Mukherjee
Dear Friends,
What started off as a small attempt to share some knowledge with the young school
students studying in Government schools in Delhi is now taking shape to become
something much bigger, and we presume, better. Sanchayan was born to fill the gap which
the present school curriculum does not fill, the gap of inculcating good financial habits
among the future generations. Money Management has always been seen as something
that one can learn after one starts earning, probably y making some costly mistakes. What
we 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 going
forward. Isn’t that what should be the purpose of education – to instill confidence and
prepare for the future?
Our initiatives with school and college students continues, which got further reinforcement
when Sanchayan got recognized as ‘Affiliate Member’ of Organization for Economic
Cooperation and Development (OECD, Paris) and part of the International Network on
Financial Education (INFE).
From Young Adults to Adults - We are now happy to share that Sanchayan has branched
out to work with adults, mostly from low-income backgrounds, the people who work for us
to make our lives better but we choose to ignore them and their lives. Practicality takes
precedence over Consciousness!! Sanchayan’s work with cooks, cleaners, maids,
“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.”
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autodrivers, hawkers, rickshaw-wallahs and other self employed low-income people started
in February 2011. We are grateful to our advisors who encouraged us to think along these
lines and to expand our area of work to adult groups. Sanchayan started two slum centers
in Trilokpuri, East Delhi, during 2011 to provide the urban poor with the right financial
information & 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 all
financial 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 during
the current year. We are now India’s Youngest Investor Association!! Sanchayan now works
with SEBI to conduct joint financial literacy & investor awareness programs across the
country which benefits thousands of youth and adults from all strata of the society. We are
indeed humbled and proud at the same time to be working with such an esteemed
organization like SEBI!
The long term vision is for Sanchayan to be self-sustainable and to generate sufficient
revenues to take care of the operations and continue our efforts in disseminating neutral
financial literacy. During the year, we managed to achieve so much and more because of
the 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, and
hope that we can live up to your expectations of being a transparent, credible and reputed
organization!!
Avik Kedia Chidambara Sagar
Founder Founder
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Verticals
Youth
MoneySmart™ Are You?
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.
Urban Poor
Sanchayan
Suraksha™ मेरा �वािभमान
मेरी सरु�ा
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.
Rural Poor
�ामीण आ�थक
सा रता काय�म
Workshops for SHGs,
farmers and rural women
to assist them in
understanding financial
products and services and
undertaking financial
transactions for their long
term well being.
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Youth are the future of our country, and helping 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.
����������
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Our work with Youth
Students 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
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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.
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Principal’s Message
Encouraging schools to see the long term
benefit in inculcating good financial habits
among their students……for the students & for
India.
● ● ●
“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]
● ● ●
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Workshops for SHGs, farmers and rural women to assist them in
understanding 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.
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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
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Women are being recognized as capable individuals who care for their
families, if not more than men, and who can manage their households
better. 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 rural
financial 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.
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Can financial services be delivered
to 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 �वािभमान | मेरी सरु�ा
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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 with
Right financial Advice & Information
Partnership
MoneySmart - Youth Financial Education Program
Sanchayan Suraksha Points
Banking Partner
Microinsurance Partner
PartnershipYouth Financial Education Program
Sanchayan Suraksha Points - Urban Poor Financial Services
For NPS Lite A/c
For PAN card
Microinsurance Partner
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Partnerships
Urban Poor Financial Services
For NPS Lite A/c
For PAN card
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Recognition OECD Affiliate Member:
Organization for Economic Cooperation and Development (OECD) has been leading the efforts
globally to make financial education an integral part of the curriculum. A Think-tank within the
OECD formulates policy and guidelines and undertakes advocacy with national Governments to
implement financial literacy programs in educational institutions worldwide. International Gateway
for Financial Education (IGFE), created by the OECD, is a database of the various financial literacy
programs being undertaken globally. [www.financial-education.org ]
Sanchayan has been recognized as an ‘Affiliate Member’ of International Network on Financial
Education [INFE], which is an international network of more than 100 countries on financial
education globally. Thus Sanchayan forms a part of India’s overall strategy and thinking on financial
literacy.
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), (www.rbi.org.in)
• Securities and Exchange Board of India (SEBI), (www.sebi.gov.in)
Civil society programmes in India:
• The Financial Literacy Project, Sanchayan Society (www.SanchayanSociety.org)
SEBI INVESTOR ASSOCIATION:
The Securities and Exchange Board of India has been making sustained
efforts to spread financial literacy and disseminate neutral information
related to the markets so that more Indians participate in India’s growth
story. To meet its objectives of Investor Awareness, SEBI conducts
thousands of programs every year for school students, college students,
disadvantaged young adults, and professionals from all sectors. During
the year, SEBI has recognized Sanchayan as an Investor Association to
organize and conduct financial literacy & investor awareness programs
among different groups across the country.
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Voluntary Affiliations
Planning Commission has launched the NGO Partnership System
and a portal www.ngo.india.gov.in which is an online mechanism for
NGOs to apply for Governemtn funding schemes. Sanchayan is
regsitered vide Reg. No. DL/2009/0018288
During the year Sanchayan registered with Samhita which is helping
Indian NGOs to raise resources & awareness about their work
http://www.samhita.org/ngos/sanchayan-society
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
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Financial Statements
Receipts & Payments
Receipts
For the period 01 April 2010
to 31 March 2011
Payments
For the period 01 April 2010
to 31 March 2011
Opening cash and bank balance 9,721 Salary and other allowances -
Professional Fees 49,600 Cost of Piggy Banks 5,750
Membership Fees 27,200 Traveling and conveyance
78,762
Donations 225,704 Internet Usage charges
10,092
Interest income 436 Legal and professional fees
17,550
Communication
24,872
Website Cost 7,358
Auditor's 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
312,661 312,661
For Aggarwal & Associates
Chartered Accountants
ICAI firm registration number: 022496N
Sumit Aggarwal Avik Kedia Chidambara Sagar Proprietor Membership No.: 513480 Secretary Treasurer Membership No.: 513480
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Income & Expenditure
Schedule For the period
01 April 2010 to
31 March 2011
For the period 9 September
2009 to
31 March 2010
Income
Professional Fees
5
49,600
16,200
Membership Fees
6
27,200
4,000
Donations
7
225,704
35,000
Interest income
436
-
302,940
55,200
Expenditure
Salary and allowances
-
-
Program Expenditure
8 201,262
190,479
Depreciation
3
59,945
7,786
261,207
198,265
Balance carried to Balance Sheet 41,733
(143,065)
For Aggarwal & Associates For and on behalf of the board of
Chartered Accountants Sanchayan Society
ICAI firm registration number: 022496N
Sumit Aggarwal
Avik Kedia
Chidambara Sagar
Proprietor
Secretary
Treasurer
Membership No.: 513480
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Balance Sheet
Schedule As at 31 March 2011
As at 31 March 2010
SOURCES OF FUNDS
General Fund
1
(101,332) (143,065)
Loan Funds
2
180,000 180,000
78,668 36,935
APPLICATION OF FUNDS
Fixed Assets
3
Gross Block
131,760 35,000
Less: depreciation
67,731 7,786
Net Block
64,029 27,214
Current assets, loans and advances
Cash and bank balances
4
14,639 9,721
14,639 9,721 Less: Current liabilities and provisions
Current liabilities
- -
Provisions
- -
- -
Net current assets
14,639 9,721
78,668 36,935
For Aggarwal & Associates
Chartered Accountants ICAI firm registration number: 022496N
Sumit Aggarwal
Avik Kedia Chidambara
Sagar Proprietor
Secretary
Treasurer
Membership No.: 513480 Place: New Delhi
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Disclosures & Compliances
1. None of the Board Members received any compensation during the year.
2. The Activities of the Society:
Slab of gross monthly
remuneration
Female members Male Members Total
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: www.SanchayanSociety.org
www.SanchayanSuraksha.com
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: [email protected]
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Future Goals
Development of ‘need-based’ financial products and services Understanding the needs of the people and developing corresponding financial products and
services that fit these needs is our long term goal. These products can be from the universe of
banking services, insurance products, mediclaim services, low-cost investment products or
innovative microfinance loans, but the underlying theme shall be solutions that meet the real
needs of the people; solutions that match their income flows and financial goals.
Establishment a Network of Independent Financial Literacy & Credit
Counseling Centers (FLCCC) branded ‘Sanchayan Suraksha Points’ (SSP)
which would deliver low-cost financial services to the urban poor in addition
to neutral financial advice & guidance Complementing the efforts of RBI and Banks, Sanchayan has started the process of establishing
a network of independent self-funded network of FLCCCs branded ‘SSPs’ which would provide
the urban poor with access to all the financial services under one roof, in addition to neutral
and correct financial advice & guidance, whenever required. Presently 3 such SSPs are
operational in East Delhi.
These SSPs would require Government and Development support only for the initial 3 to 5
years, after which they would become sustainable and start generating enough revenues to run
independently.
Launch a ‘Centralized Mobile Helpline Number’ for Neutral Financial Advice A centralized helpline number would help consumers of financial services to take relevant
financial advice & guidance 365/24/7 and therefore go a long way in restricting the mis-selling of
financial products and facilitate long term confidence in the financial services companies
associated with these products, be they banks, insurance companies, mutual funds, pension
companies or investment advisory firms.
Sanchayan is seeking interested partners for this initiative who are mature and would be open
to taking a long-term outlook here.
SMS based financial literacy initiatives With even the mobile revolution, majority of the people, whether rich or poor have access to
phones, and therefore mobile phones present a ready medium to increase awareness about the
right financial products and services.
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Financial Literacy Trainings
Financial Services Delivery
One-to-One Financial
Counseling & Guidance
That’s what we do.
www.twitter.com/NGO_Sanchayan www.facebook.com/SanchayanSociety
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: [email protected]
Website: www.SanchayanSociety.org Website: www.SanchayanSuraksha.com
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Can we eliminate financial fraud in our
lifetime? Can we dream of a world where
parents can save for difficult times without
getting cheated; be protected from financial
shocks; have sufficient reserves for
emergencies; provide their children with all
the support they can; and dream of a secure
financial future.