2013 ─ CYFI Annual Report 2013

annual report 2013

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Annual Report 2013

Child and Youth Finance International

Annual Report 2013

Annual Report 2013

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Acknowledgements Child and Youth Finance International would like to thank all of our sponsors for their generous support in 2012. With the kind and generous support of these organizations, Child and Youth Finance International has been able to undertake the activities listed below during 2013.

Secretariat Funders We would like to thank those funders that make the work of the Child and Youth Finance Secretariat Secretariat possible. Those listed below have provided us with â‚Ź15.000 or more in support during 2013.

Donors

Pro-bono Supporters We would like to thank all of our pro-bono supporters that have helped in different ways to make our work more efficient and effective.

Pro-Bono Supporters

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Letter from the Secretariat Dear Reader, Welcome to the 2013 Child and Youth Finance International Annual Report. It is our pleasure to highlight the efforts of CYFI during the past exciting year! In May we held the Second Annual Summit in Istanbul. The event was a huge success and attracted 413 participants from 101 countries. Notable outcomes of the Summit included many commitments by participants in support of the Movement and its principles, as well as the sharing of best practices in Economic Citizenship Education, financial inclusion and Livelihood skills. Technological opportunities in the sector were discussed by experts, and the state of the Movement worldwide was presented by regional stakeholders.

Regional sessions were held to allow for the sharing of experiences and joint strategyformulation by stakeholders from the same region. Regional meetings were planned as venues for the development of multi-stakeholder country and region platforms.

Crucially, international policy makers and leaders stressed the importance of supporting financial literacy and entrepreneurship to help both children and their communities.

Coming out of the Summit was a request by the network to further expand work at the country level. Pursuant to this, collaboration has increased and has now reached the point of actively working with 83 countries around the world in their work towards implementing Economic Citizenship Education with many more countries in discussion.

Serving that end, CYFI once again held regional meetings in the Americas, Europe and Africa a key highlight coming in a speech from Mr. Mario Draghi, the President of the European Central Bank. During 2013 the Secretariat was very happy to move to a deeper level of collaboration with the network.

We invite you to read more about this and other exciting developments at CYFI in 2013 in the following report! We hope to have another wonderful year in 2014 as we continue to push towards our goal of 100 reaching 100 million children in 100 countries.

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Contents Acknowledgements............................................................................................................................. 5 Letter from the Secretariat.....................................................................................................................6 Chapter 1 - Introduction to Child and Youth Finance International.......................................10 1.1 The Child and Youth Finance Movement........................................................................................11 1.2 The Movement’s Roadmap..............................................................................................................12 Chapter 2 - Activities in 2013 by Strategic Objective.................................................................18 CYFI 4 Main Strategic Objectives...........................................................................................................18 2.1 Strategic Objective 1 - Global Platforms.........................................................................................19 2.2 Strategic Objective 2 - Regional and Country Platforms................................................................... 28 2.3 Strategic Objective 3 - Education and Inclusion............................................................................. 31 2.4 Strategic Objective 4 - Innovations.................................................................................................. 34 Chapter 3 - Supervisory Board and Secretariat Team...............................................................42 3.1 Supervisory Board...........................................................................................................................42 3.2 Personnel.............................................................................................................................................. 45 3.3 Institutionalization................................................................................................................................46 3.4 Communication with Third Parties and Donors.............................................................................47 3.5 Financial Reserves and Investments...............................................................................................47 Chapter 4 - Looking Forward to 2014............................................................................................ 50 4.1 Global Platforms............................................................................................................................... 50 4.2 Regional and Country Platforms....................................................................................................... 50 4.2 Education and Inclusion......................................................................................................................... 51 4.4 Innovations............................................................................................................................................ 51 4.5 Operational Budget................................................................................................................................ 52 Annex 1. Organizational Chart............................................................................................................... 54 Annex 2. Financial Statements and Independent Auditors Report..................................................... 58

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Chapter 1

About Child and Youth Finance International

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Chapter 1

About Child and Youth Finance International 1.1 The Child and Youth Finance Movement 1.1.1 Why CYFI

Finance is an important part of life. Yet only 0.85% of the global population under 18 is financially educated and less than 1% have access to appropriate savings accounts and other formal financial services.

While many administrations across the world have made considerable progress in pursuit of national development, financial inclusion and economic citizenship education for children and youth is the area that is continuously overlooked. According to a MasterCard Survey, many developing countries also rate low on the Financial Literacy Index. So how can children and youth begin to build up assets to invest in their future, to secure jobs that match their skills, and become engaged economic citizens without sufficient knowledge and appropriate financial structures?

Our goal is to ensure Economic Citizenship Education, access to quality financial services, skill-matched jobs,

and assets building become a right for all in the region.

To achieve this, Child and Youth Finance International (CYFI) has started the global Child and Youth Finance Movement (the Movement) to advocate Economic Citizenship of children and youth around the world. The Movement set the goal of reaching 100 million children in 100 countries by 2015. To date, CYFI has already surpassed its first target – reaching 125 countries and 18 million children – and is well on track to exceeding its initial goal.

We see the recent financial and economic turmoil as an opportunity to shape the future generations, in order for them to learn from ongoing mistakes, instill healthy financial practices, and utilize new and improved technologies for the implementation of such education which will lead to a wiser, better equipped generation of adults for the future.

Child and Youth Finance International has the legal form of a Dutch foundation based in Amsterdam, The Netherlands, with the statutory name, “Stichting Child and Youth Finance International.”

Table 1: CYFI’s Global Mission Tomorrow’s adults are ill-prepared to carry the world’s economy

… CYFI assists countries in addressing these challenges

The current cohort of children and youth is the largest The mission of CYFI is to: in history, with over 2.2 billion individuals. We rely on this group of young people to prevent future financial Empower all children and youth across the world, crises. particularly those who are vulnerable and marginalized, by increasing their financial capability, enhancing their awareness of social and economic rights, improving However: • 1 billion of the world’s children are living in poverty their access to appropriate financial services, increasing their readiness for the job market, support • 12.6% of youth are unemployed globally their building up of enterprises, so as to build their • Less than 1% of children have access to Economic assets, invest in their own futures, and break the cycle Citizenship Education and financial inclusion of poverty.

• Only 37.9% of youngsters have accounts at formal financial institutions

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1.1.2. Our Story

Our story is the story of the 100 million children and youth whose lives we are touching like Matilda. Matilda is a 15-year-old girl from Ghana who attended the first Annual Child and Youth Finance Summit in 2012.

While at the Summit, her entrepreneurial spirit was encouraged by her fellow delegates who told of their own business ventures. Matilda now runs a small shoe business and utilizes her earnings to purchase school supplies.

How did we get there?

In June 2010, 126 experts from 40 countries gathered for the Child Finance meeting in the Netherlands to share their insights and expertise in developing the Movement.

Over the course of June 2010 – July 2011, they came together in dedicated working groups for each of the key strategic areas of the Movement.

The Inclusion Group was made up of financial regulators from over 20 countries, focused on defining Child and Youth Friendly Banking Product criteria to guide the

creation and provision of banking products for children and youth. The Education Working Group, co-chaired

by OECD and UNICEF, created a Learning Framework for financial, social and livelihoods education to guide the creation and provision of related programming. The CYFI Research Working Group, comprised of leading academics in the fields of financial literacy and children’s rights, created the Movement’s Theory of Change.

To ensure the coordination of all efforts necessary for the success of this Movement, the Child and Youth Finance International Secretariat was established in July 2011. In April 2012, the Movement was officially launched at the First Annual Summit & Awards Ceremony. Since its launch, the Movement has grown and evolved into a high-impact social enterprise, which was named “The most promising NGO” and was listed in the Top-100 NGOs by Global Journal. Every year many CYFI holds an annual Summit and Regional Meetings to define strategies and collaborate with stakeholders from a variety of fields. r all children and youth across the world, Annual Report 2013

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1.2 The Movement’s Roadmap ali Through a consultative process with a group of experts, Child and Youth Finance International has created a strategic roadmap to guide it towards achieving its mission. At the core of this roadmap are the different focus areas of the Movement. These reflect the Movement’s focus on building the necessary financial knowledge and skills on an individual level, and reshaping systems at the macro level.

To ensure that these goals are achieved, partners of the Child and Youth Finance Movement have committed to create the necessary programs, provide necessary services and/or re-examine policies.

Innovation is intrinsic to the Movement. Following the second Child and Youth Finance Annual Summit, held in Istanbul in May, 2013, the Movement’s roadmap was further refined, incorporating feedback and input that CYFI received from partners, stakeholders, and children and youth. This approach enables the Movement to follow a dynamic path and to meet the needs and aspirations of the children and

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youth for whom we work. The Movement leverages expertise and innovation from within its network of global organizations. Its partners and supporters include financial authorities and the world’s largest financial institutions, international NGOs, bilaterals and multilateral, foundations, leading academics, technology providers and without a doubt, children and youth.

The Movement has one central objective: increase the economic citizenship of children and youth. This means giving all children and youth aged 8- 18 the knowledge to make wise financial decisions , the opportunity to accumulate savings, and the skills to find employment, earn a livelihood and ultimately break the cycle of poverty.

1.2.1. Education and Inclusion

Goal: To ensure that 100 million children and youth have access to Economic Citizenship education and appropriate financial products by 2015.

Financial inclusion and Economic Citizenship education are two themes which run across all the activities of CYFI. Financial inclusion refers to the Movement’s efforts to increase access to appropriate

financial services for children and youth. Economic Citizenship has been defined by Movement partners as an education which combines social, financial and livelihoods components. CYFI places a great emphasis on ensuring that financial education and financial inclusion are simultaneously provided to young individuals in order for them to gain both the knowledge and experience of financial realities.

1.2.1.1. Economic Citizenship Education As a result of working group input, Economic Citizenship Education is defined by the Child and Youth Finance Movement as an education which combines

The term “Economic Citizenship” emerged as a suggestion from members of the United Nations Committee on the Rights of the Child.

This concept evolved with the active participation of NGOs and Education Service Provider. Members of the CYFI Education Working Group, chaired by UNICEF and OECD, pooled their knowledge and shared their expertise to create the concept of Economic Citizenship Education. With these efforts, the Movement is ensuring a coordinated collaboration and a unified approach to Economic Citizenship Education globally.

• social education • financial education and • livelihoods education

“Access to financial and social assets is essential to helping youth make their own economic decisions and escape poverty.”

UN Secretary General Ban Ki-Moon in his letter to the First Annual Child and Youth Finance International Summit

Figure 1: Organizational Temple

Every Child an Economic Citizen

Goal: every child and youth has access to financial services, financial awareness through education, a reliable source of income and the will to save and build assets.

Global Outreach

• Annual Summit & Awards Ceremony • Global Money Week • Publications • Website and social media

Economic Citizenship Education

• Economic Citizenship Education Framework • Curriculum assessment Financial Inclusion

• Child and Youth Friendly Banking Product Development • Child and Youth Friendly Product Certification

Regional and National Platform

• Regional coordination • Targeted national coordination • Strategize national implementation

Innovation (as of May 2013)

• Youth engagement through committees and social media platforms • New initiatives emerging from the need of the Movement

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1.2.1.2. Child and Youth Financial Inclusion Providing access to banking services to children and youth under the age of 18 is a critical component in the overall process of equipping them for financial and social security as adults. Research has shown that only providing children and youth education in financial and social skills without also providing appropriate financial services and inclusion in the financial system is not sufficient. Therefore Child and Youth Finance International has set up Inclusion as a critical part of its program. Inclusion involves the creation of the legal and regulatory environment as well as the development and delivery of banking services appropriate for children and youth from birth to adulthood. CYFI brought together representatives from financial regulatory authorities and financial institutions to create the criteria for Child and Youth Friendly banking products. From these criteria, a product prototypes can be created, which can be further modified by interested financial institutions.

Child and Youth Finance International plans to support use of existing and new technologies such as biometrics and mobile banking by banks. ChildFriendly banking certification will also be implemented.

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1.2.2. Global Platforms

Goal: To ensure that children and youth’s economic rights and economic citizenship are placed on global agendas.

The global platform links global actors and provide a basis for knowledge sharing to accelerate implementation and innovation. The Annual Summit serves as the knowledge sharing platform, where individuals can come together once per year and learn about innovations and best practices occurring throughout the world. The aim is to have Child and Youth Finance become a regular topic of discussion amongst such global bodies as the G20 and the Basel Committee. Apart from this, Child and Youth Finance Day/Week serves to link children and youth around the world in the collective efforts of promoting Economic Citizenship education and financial access. All of this will be spread throughout the network by the Communications Department.

1.2.3. Regional Platform

Goal: To ensure that 100 countries have an action plan for Child and Youth Finance and celebrate Child and Youth Finance day/week.

Child and Youth Finance International has developed a framework for appropriate Child and Youth Finance country platforms at the national level for the delivery of Child and Youth financial education and access to safe and appropriate banking services. The execution of this framework in country will involve a coordinated effort to engage representatives from relevant government ministries, financial service providers/regulators/associations, corporations, civil society, teachers associations and academia. Each year, CYFI will coordinate regional meetings that will bring together actors in each of the 5 regions (Africa, Americas, Asia, Europe and MENA) in order to share best practices in the region and get as many national platforms started as possible, scaling up when able.

1.2.4. Innovations

Goal: To ensure that the Movement listens to the voices of the children and youth and when possible capitalizes on and is spread through new and existing technologies.

The innovations workstream has a two-fold approach.

First and foremost, CYFI is a young and fresh movement led by the voices of the world’s children and youth. Therefore CYFI is committed to engaging with children and youth to ensure that they are constantly being heard. The most visible way this is done at CYFI is through the Youth Summit held yearly, where by children and youth from around the world gather together to share their opinions and thoughts on Economic Citizenship education and inclusive finance.

The second part of the innovations approach is in keeping with the young and fresh approach by exploring new and existing technologies that can assist in the development and delivery of financial inclusion and Economic Citizenship education.

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Chapter 2

Activities in 2013 by Strategic Objective

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Chapter 2

Activities in 2013 by Strategic Objective Regional and National Platforms - Building and maintaining national and regional collaborations and networks. We wish to ensure that 100 countries have or are developing national strategies for the inclusion of children and youth in the financial sector by 2015.

CYFI 4 Main Strategic Objectives Child and Youth Finance International has four main strategic objectives which guide its decision making, activities, partnerships and investments: Education and Inclusion - The main objective of education and inclusion is to help children and youth under the age of 18 gain access to high quality Economic Citizenship education and safe and reliable banking services. We want to ensure that inclusion is to ensure that 100 million children and youth have access to high quality Economic Citizenship education and appropriate child-friendly financial products by 2015.

Global Platforms - On international level continue to create alliances among policymakers and financial regulators to further increase Economic Citizenship education and access for children and youth at national levels.

Innovations: Develop and check the feasibility of innovations which can support the goals of the Movement and which are based on the Movements needs.

The major activities during 2013 at Child and Youth Finance International (CYFI) have been focused on all four objectives, with a substantial amount of time and effort dedicated to the top three objectives, that is: Inclusion and Education, Regional Platforms and Global Platforms. The International Summit held in Istanbul, Turkey in May of 2013 was a high point for the first half of the year. This led to many new engagements with key stakeholders and allowed us to finish the year strongly with our high-level regional meetings in Colombia, Bolivia, Zambia and Germany held in the third and fourth quarters of 2013.

Table 2: Expenditures during 2013 on Strategic Objectives Objectives

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2013 % of Expenses

2013 Euro Amount

2012 % of Expenses

2012 Euro Amount

Global Platforms

41%

€ 734.671

32%

€ 287.918

Regional Platforms

12%

€ 214.128

18%

€ 166.933

Inclusion and Education

17%

€ 310.454

20%

€ 180.385

Innovations

12%

€ 210.296

12%

€ 106.951

Operations

16%

€ 290.367

18%

€ 162.477

Fundraising

2%

€ 26.029

0%

€0

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Chart 1: Expenditures during 2013 on Strategic Objectives

held in Istanbul and provided the Movement’s partners with the opportunity to reconvene and celebrate their accomplishments. 413 participants from 102 countries attended the Summit, with another 101 children and youth. The 2013 iteration of the Summit structured all of the sessions around keeping a regional focus, thus allowing participants to share best practices and ideas with those “in their neighborhood.”

The Summit served as a platform to explore emerging trends from the various regions, examine good practices, and develop collaborations that can drive the Movement forward. Crucially, the Summit provided a space for children and youth to voice their opinions on the financial issues most important to them, both in dialogue with each other and to policymakers. The Summit therefore proved to be an important milestone for the Movement, as it ensured the collaborative action and input necessary for the Movement to continue innovating to meet the needs of children and youth globally.

*The regional platforms expenditures do not include the Regional Meeting expenses in Latin America, Europe and Africa as our supporters chose not to publish this information, though this would have added roughly €150.000 to that objective.

A Note on Fundraising - During 2013, CYFI began expending resources on fundraising, as previously this was all done by the volunteer Managing Director, Ms. Jeroo Billimoria. Through the direct efforts of those involved, CYFI was able to raise €15.033. Furthermore, multiple grants were completed and accepted in 2013, but will not be shown as income until 2014.

2.1 Strategic Objective 1Global Platforms Global platforms refer to the activities of the Movement to coordinate global efforts and disseminate knowledge and expertise throughout the network, and leverage partnerships to reach maximum impact.

2.1.1. The Second Annual Summit

Every year, Child & Youth Finance holds an annual Summit to bring together partners and stakeholders of the Movement. At these Summits, partners share experiences, create joint strategies and help shape the future direction of the Movement. The 2013 Child and Youth Finance Global Summit & Awards Ceremony was

Key highlights of the 2nd annual Child and Youth Finance Summit and Awards Ceremony in Istanbul, Turkey included a letter of support from UN Secretary General Ban-Ki Moon, and speeches from distinguished leaders including the Deputy PM of the Republic of Turkey, H.E. Mr. Ali Babacan, the MasterCard Foundation’s Ms. Reeta Roy, and the Executive Secretary of the UN Capital Development Fund Mr. Mark Bichler, and UN Envoy on Youth, Mr. Ahmad Alhendawi.

In addition, young representatives of the Movement presented their recommendations to policymakers, and six categories of awards were presented to youth, organizations, and countries doing outstanding work in child and youth finance.

Notable outcomes of the Summit included many commitments by participants in support of the Movement and its principles, as well as the sharing of best practices in Economic Citizenship Education, financial inclusion and Livelihood skills. Technological opportunities in the sector were discussed by experts, and the state of the Movement worldwide was presented by regional stakeholders. Regional sessions were held to allow for the sharing of experiences and joint strategy-formulation by stakeholders from the same region. Regional meetings were planned as venues for the development of multi-stakeholder country and region platforms. Crucially, international policy makers and leaders stressed the importance of supporting financial literacy and entrepreneurship to help both children and their communities.

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Chart 2: CYFI Summit 2013: Representation by Sector

2.1.1.1. CYFI Summit Awards

The Child and Youth Finance Awards were presented to those who made exceptional efforts in support of the Movement. These award recipients included pioneering financial service providers in the field of financial empowerment for children and youth, remarkable national efforts to promote the Movement, and outstanding young role models and entrepreneurs.

The Awards acknowledge the work of an individual, institution, or nation that went “above and beyond” in championing the economic rights of children and youth.

The awards were divided into the following categories: 1. The Global Money Week Award: Global Money Week is an exciting opportunity for the Movement’s stakeholders to hold events that simultaneously celebrate and advance the worldwide state of child and youth finance! Some examples of possible activities include art shows, essay contests, and school parties. Bank visits can provide an opportunity for children to learn about financial institutions, and bank representatives can give lectures to explain how banks work. Children can work towards a shared charitable goal with a savings drive, or issue statements about their financial needs. Most importantly, Global Money Week helps create conversation about child and youth finance issues, and the Global Money Week Award is intended to recognize those who do an incredible job

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Chart 3: CYFI Summit 2013: Geographical Representation

of accomplishing this goal. Colombia took home the honor in 2013 for their efforts led by the Central Bank of Colombia, ASOBANCARIA, SENA, Save the Children, FundaciónDividendo por Colombia and the Ministry of Education in organizing events in 23 departments around the country.

2. The School Award: Schools are on the front lines of the Movement. Their efforts play a significant role in determining whether or not local communities receive the Movement’s message. As a result, schools that do an outstanding job of promoting financial education are recognized by the Child and Youth Finance School Award. But what does “outstanding” really mean? Schools can launch initiatives to promote financial education, encourage students to examine levels of financial inclusion, and facilitate student-led projects to determine whether local banks provide child-friendly services. Feedback on the local causes of unemployment is invaluable to the Movement, and schools can offer specific recommendations as to how the Movement’s efforts can be leveraged to stimulate job creation.

King Fahad Academy in the UK took the prize in 2013 for their work in starting a catering business, which is run by students and donates its profit towards school charities.

3. The Youth Awards: Children and youth themselves have a key role to play in the ensuring the success of the Movement. By taking on leadership roles early in life, they can simultaneously contribute to their own personal growth and improve the lives of their peers. These leadership roles can involve the promotion of financial education or projects to investigate the offerings of local banks. They can offer suggestions to institutions for increasing youth employment opportunities, or propose exciting business ideas. The winner in 2013 was Mahir Jethanandani.

Mahir wrote an extensive conclusion in which he evaluated and ranked banks by their services for children and youth. In addition to these considerations, he also evaluated the promotional material of the banks.

4. The Country Award: The Movement is a collaborative effort, and will only succeed if diverse stakeholders come together to support a shared vision. The Child and Youth Finance Country Award recognizes the outstanding achievements of national authorities in promoting financial inclusion and Economic Citizenship Education for children and youth throughout their country. It is awarded to countries where multistakeholder platforms have been established to develop a financial inclusion strategy,

design and rollout curriculum content, build the capacity of local teachers, and engage the public in a dialogue on the importance of financial capability and sustainable livelihoods for young people. In 2013 the Philippines took the honors due to the leadership of the Central Bank of the Philippines in creating a policy environment that allows for financial education to be integrated into the national curriculum, and for helping financial service providers in the country offer Child and Youth Friendly banking products.

5. The Pioneer Award: Young people have unique needs, including when it comes to financial products. Such products need to be appropriate, safe, and easy to use. The Pioneer Award recognizes financial service providers that have designed innovative child and youth friendly banking products. The Movement’s success depends on providers committing to deliver these products in a sustainable manner, reaching considerable scale while demonstrating positive impact on young clients. Kenya Post Office Savings Bank won the Pioneer Award in 2013 for their work in developing low cost inclusive products for children and youth. In just two years they have opened over 11.000 accounts across their 99 branches.

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Chart 4: GMW Organizers by Industry

2.1.2. Global Money Week:

Global Money Week is a series of activities organized nationally and coordinated globally by the Child and Youth Finance Secretariat. The events raise awareness as to the importance of Economic Citizenship and actively engage children and youth on these issues.

In 2012, 21 countries participated in Global Money Week, reaching 33,000 children. In 2013, the number

Chart 5: GMW Growth by Region

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of countries taking part rose by 281% to 80 countries, reaching over 1 million children. 403 organizations were involved in organizing Global Money Week events. For many of the participating countries, the Global Money Week provided a platform for multi-sectorial national stakeholders to collaborate- many for the first time – on developing financial education and inclusion initiatives and policies in their countries.

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Global Money Week Celebrations Examples of activities that took place around the world during Global Money Week are described below: Ringing of the NASDAQ stock exchange – Child and Youth Finance International was twice invited to ring the NASDAQ opening bell to celebrate Global Money Week in 2012 and 2013.

Visits to banks – Children and youth visited banks and other financial institutions to learn about how they work.

Visits to the stock exchange – Children and youth visited the stock exchange, with some of them ringing the opening bell to signal the beginning of trade!

Workshops and lessons in schools and centers – Children and youth enjoyed financial education lessons in schools and universities.

Talking to Central Bank Governors – Children shared their recommendations and opinions with the governors of their central banks.

(Web) Chat with policy makers – Children had the chance to discuss financial education and financial access with global policymakers.

Global web chat – Youngsters connected via web chats to share their experiences.

Debates – Debates on financial education, employment and enterprise took place in schools.

Visit to money museums – Money museums opened their doors to youngsters to teach them about money and its history.

Publications – Various publications to encourage children to learn about finance were made available in schools and libraries.

Contests and competitions – From poster-making contests to football competitions, children engaged in fun contests on topics of financial education and inclusion.

“ I have just realized that owning an account is not just for adults but for everyone who wants to have a secure future. I am going to open one so I can save all my coins for investment after school.” School-aged youth during Global Money Week

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Theatre – youngsters expressed themselves through theatre and the arts on financial issues.

Financial education games – Team games took place for a fun way of learning about finance.

Radio talk shows – Radio was used as a medium to share about financial education and inclusion.

Book bank – Special book banks were set up to share publications on finance for children.

Folk Stories – Telling stories has always been an effective means of teaching. It was no difference with teaching financial matters.

Exhibitions – Youngsters had the opportunity to display their artwork and projects in interactive exhibitions.

Cartoons – Cartoons and comic books were used to communicate key messages to children and youth.

Youth budget to parliament – Children and youth presented their recommendations and input into the youth budgets of their countries.

Ensuring inclusion – All children were in included in financial education activities – no matter if they were street children, children in juvenile correctional centres or children from care homes.

Learning from the market – Children and youth carried out their own enterprises, with some presenting them to the central bank governor.

Other innovations and fun activities from across the world included jigsaw puzzles of banknotes, money magicians, face painting, financial mimes and famous bands singing about the importance of saving.

“ I couldn’t believe that we were talking to children in a different country who were doing the same things we were doing here! Even though I didn’t understand some of their words, I realized that they were learning about saving and money and that kind of stuff just like us here. I liked that we looked like we were on a TV show.” 6th grade girl, referring to the videoconference with children from Peru Annual Report 2013

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2.2.3. Advocacy

Advocacy travel has remained a very important task within the organization, with a smaller amount of the travel being done by the Managing Director. During 2013 much of the travel has been taken over by departmental coordinators and managers, with more specialized regional trips being done by the regional coordinators. It is expected that less advocacy related travel will be necessary in 2014, as most travel again will be shifting towards the specialized regional trips.

Support from the UN Secretary General: The Child and Youth Finance Movement has enjoyed the support of the UN Secretary General. In his letter to the CYFI Annual Summit 2013, the UN Secretary General wrote: “Access to financial and social assets is essential to helping youth make their own economic decisions and escape poverty. I join you in celebrating the milestone of the Child and Youth Finance International movement now operating in 100 countries. I encourage you to exceed your target of providing 100 million children and youth with financial services that are both responsive to their needs and protective of their rights.”

Working with the G-20: The Movement has also worked closely with the Mexican G20 Presidency on emphasizing the importance of financial access for children and youth.

Paragraph 53 of the G-20 leaders declaration states “We recognize the need for women and youth to gain access to financial services and financial education.”

CYFI also played a facilitative role at the Y20 event in which children and youth also expressed their desire for increased financial education and financial inclusion.

Recognition for the Movement: Through all of this CYFI has not gone unnoticed. A few examples in 2013 of the international recognition received due to the strong efforts at the Secretariat: • Child and Youth Finance International spread the messages of the Movement by ringing the NASDAQ opening bell for two consecutive years to mark Global Money Week. This year’s bell-ringing ceremony was celebrated in collaboration with UNCDF. • Child and Youth Finance International was again listed in the Top 100 NGO list published by the Global Journal in 2013. It was also given the honor of “most promising NGO” in 2012.

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2.2.4. Website

Website CYFI’s website was launched in 2012 and serves as a hub of information on activities, organizations and resources on financial topics for children and youth.

The website currently houses over 600 resources ranging from academic papers, policy documents, discussion papers and news articles. Over 120 organizations are listed on the website, with details on the programs and services they offer which are designed to increase financial education and inclusion for children and youth. The website also features country pages. Displayed on each country page are CYFI’s partnering organizations who are working in that specific country, as well as information on the country’s policies on financial inclusion and education.

During 2013 the website was reworked slightly to ensure that efforts undertaken in a given country are counter-tagged to correlate with others and can thus highlight the collaborative efforts underway.

Some key highlights in 2013 are: • Site redesign • traffic growth & overall numbers • new probono hosting provider Altushost • launch of (separate) Global Money Week website The Global Platforms team led efforts of the CYFI Secretariat across all digital platforms including websites and social media channels. The CYFI websites are built on the Joomla platform. The websites were updated in August to a modern, “responsive” design in order to improve both look & feel and performance across all devices. Importantly, the websites were transferred to a new dedicated hosting server in November which is kindly provided on a probono basis

by Altushost.

Google Analytics reported a total of 117 thousand website visitors and 272 thousand page views for the year, an average of 9800 visitors and 22600 page views per month. The analytics were only started in November, therefore a full year-on year comparison is difficult. However the increase was substantial from the 2012 average per month of 525 visitors and 1800 page views.

Social Media Some key highlights on the social media outreach are: • significant rise in followers and engagement • growing linkages and engagement with partners & stakeholders • increased reach and awareness on the components of economic citizenship

The Secretariat also utilized social media platforms such as Facebook, Twitter, YouTube and LinkedIn to reach a wider audience and create greater public awareness. Importantly, greater linkages and engagement with partners and stakeholders were created, resulting in a multiplier effect and benefit

in terms of reach and public awareness of economic citizenship and the activities of all partners to the Movement. Total followers across social media channels increased from about 1000 across all social media channels at year end 2012 to 5343 total followers at year end 2013.

Chart 6: Social Media Outreach Comparison

During the 2013 Summit in Istanbul, 847 social media posts and shares achieved a total reach of 2.8 million, engaging many who were not able to be present in Turkey and creating a multiple which amplified the impact of the event. Importantly, this trend

continued throughout 2013. Over the course of the year, an additional 10.7 million social media accounts were reached through posts, tweets, and shares.

Chart 7: Social Media Outreach Comparison at Global Summits

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2.2 Strategic Objective 2- Regional and Country Platforms The objective of Regional Platforms is to build and maintain national and regional collaborations and networks. We wish to ensure that 100 countries have or are developing national strategies for the inclusion

Engagement

Involvement

2.2.1. Engagement

The first step in the process of working with National Authorities is Engagement. This is essentially when the communication begins at an event such as the global summit and leads to the regional meetings.

From October to December 2013, Regional Meetings were held at the request of participants of the Child and Youth Finance Annual Summit. The meetings served to bring together diverse stakeholders from within each region to exchange expertise, form collaborations and bring forward regional-specific child and youth finance issues. Three regional meetings were held in Africa, Europe, and the Americas. In total, the Regional Meetings brought together over 800 senior level participants from 105 countries in the different areas of the world.

The Meetings took place in Zambia, Germany and Colombia. Youth representatives were present at all the meetings and shared their feedback directly with the participants.

2.2.1.1. Americas and the Caribbean The Second Child and Youth Finance International (CYFI) Regional Meeting for the Americas and the Caribbean was held in BogotĂĄ, Colombia, on 1011 October, 2013, and was held in combination with the IV Latin American Congress on Financial Education CLEF Felaban 2013. This event was coorganized by the Colombian Banking Association (Asobancaria), the Federation of Latin American Banks (FELABAN), the Colombian Federation of Insurance Companies (Fasecolda) and Child and Youth Finance International, hereby becoming the largest event dedicated to financial education in the region

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of children and youth in the financial sector by 2015.

The regional and country platforms are really at the core of CYFI’s efforts and are THE way in which the movement will be reaching its targets by 2015.

In order to complete this strategy CYFI engages in a three point process, going from Engagement to Involvement and then finally action. This is a structured process whereby CYFI characterizes the leve Each stage will be further explained below.

Action

and the only one with a special focus on child and youth finance issues.

This conference provided an opportunity for the CYF Movement to strengthen its foundation in the Americas and the Caribbean, facilitated dialogue across different stakeholders and discussed initiatives that could inform policy makers at national and regional levels. It brought together high-level government officials, experts from public and private institutions, financial regulatory and supervisory authorities, representatives from academia and research institutions, regional bodies and nongovernmental organizations (NGOs). 281 participants from 19 countries attended the meeting.

2.2.1.2. Europe and Central Asia The Second Annual Regional Meeting for Europe and Central Asia, hosted and organized in collaboration with the European Central Bank (ECB), was held on November 4th and 5th in Frankfurt, Germany. ECB Vice-President Constancio commenced the meeting which also featured closing remarks from European Central Bank President, Mario Draghi. During the 2 days event, 24 youth delegates from 12 European countries engaged in dialogue with policy makers about how best to ensure a financially positive future for Europe’s young people. Youth participation in this event helped focus attention on the national and regional policy objectives in Europe they found most relevant.

The 2nd Annual Regional Meeting for Europe and Central Asia provided a much needed space for adult and youth stakeholders from across Europe

and Central Asia to come together to ensure that future generations have the opportunity to become financially included economic citizens of their countries.

2.2.1.3. Africa The Second Child and Youth Finance Regional Meeting for Africa took place on September 19 and 20, 2013 at the Zambezi Sun Hotel in Livingstone, Zambia. It was jointly organized by CYFI and the Bank of Zambia with support from the Pensions and Insurance Authority (PIA), the Securities and Exchange Commission (SEC) and CareersExpo Zambia.

Over 150 delegates and 46 youth participants from 15 sub-Saharan African countries attended the event. The delegates included the leadership of central banks, ministries of finance, education, youth, women and children affairs, and their affiliate institutions. There was also representation from international and regional bodies, academia and research, the IT sector, civil society groups and nongovernmental organizations (NGOs).

The Second Child and Youth Finance Regional Meeting for Africa in Zambia followed the success of the maiden edition in Abuja, Nigeria n 2012. It built

on the momentum created in Abuja towards attaining the CYFI Movement’s global agenda of reaching 100 Million children and youth in 100 countries with ECE and access to safe and secure financial services by 2015.

2.2.2. Involvement

Once contact has been initiated with stakeholders and a general understanding is developed as to potential areas of collaboration, more concrete ideas are further “fleshed out.� This next step involves creating a partnership with national authorities whereby these potential areas of collaboration are spelled out in the partnership agreement with specific efforts that both parties want to develop in the near future. Typically this first step involves spelling out terms of reference under which the collaboration will be realized in the coming years.

Under this, CYFI takes national authorities such as central banks and Ministries of Finance as partners.

In 2013 we saw a large growth in these active collaborations with government authorities in Europe and the MENA region while the other three regions saw mild growth, as is shown below.

Chart 8: Governmental Collaborations by Region

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2.2.3. Action

CYFI facilitates collaborations between national stakeholders with the aim of creating national policies for advancing the financial capabilities of children and youth. As Economic Citizenship encompasses different groups of stakeholders, areas of expertise, and initiatives, developing a comprehensive approach which encompasses the various stakeholders involved is a difficult task for any government.

Chart 9: Regional Breakdown for Countries in the Action Phase with CYFI

To help governments respond to these concerns, Child & Youth Finance International has developed the National Implementation Plan in 2013. This level of the strategy involves examples whereby CYFI is actively inputting into national strategies and/or assisting in the development of a national platform for Economic Citizenship for children and youth.

As this phase was pioneered in 2013, there is no comparison data for 2012.

2.2.4. Resources for the National Authorities

National Implementation Plan: This is the world’s first comprehensive plan on good practices of economic citizenship for children and youth, drawn from the experience of CYFI and CYFI partners. It offers a structured approach, in which objectives are set, concrete building blocks are chosen and a detailed implementation plan is developed to meet countryspecific needs and circumstances for children and youth. A National Implementation Plan ensures a centralized approach for the provision of Economic Citizenship. The Plan is also instrumental in involving multiple stakeholders and streamlining vision, efforts and resources. This is a first step for national authorities, as a step by step plan will be launched in the coming year with the assistance and input of pioneering countries.

2.2.5. Regional Highlights

During 2013 CYFI has many highlights to share in terms of examples of the strategic process for national and regional platforms. For the sake of

brevity, we wish to highlight one example per region below.

Chile - Prior to working with CYFI, representatives from various stakeholder groups in Chile were conducting separate efforts to address the different areas of financial education and financial inclusion for children and youth. During the CYFI Regional Meeting for the Americas the different stakeholders saw the opportunity to combine their efforts. They successfully carried out a joint Global Money Week event and created a national working group. The purpose of this working group is to create national and coordinated efforts for financial inclusion and access for children and youth in Chile.

“What some of us don’t notice is that some parents aren’t even trying to teach us about money. I think 8 is the right age for a child to have money. If a bank teaches a child to save that will grow our economy.” Child aged 16, participant at the Child and Youth Finance Annual Summit

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Latvia - Representatives from the Central Bank of Latvia and the Financial and Capital Markets Commission decided to collaborate when they met at the CYFI regional meeting for Europe. They joined forces to reach out to the Ministry of Education and Science. Today, all are working collaboratively to create a national strategy for financial education and inclusion for children and youth.

Morocco - Representatives of national authorities in Morocco attended the first CYFI MENA Working Group Meeting and were inspired to include Child and Youth Finance topics into their national strategy for education and inclusion. They formed a multistakeholder committee and organized Global Money Week activities. They went on to create a dedicated foundation for the development of a national strategy for Economic Citizenship Education.

Nepal - The Central Bank of Nepal attended the CYFI Annual Summit in 2012, where they had the opportunity to explore the activities of other countries in the region. As a result, the Central Bank of Nepal, in collaboration with UNICEF and UNCDF, organized a national multi- stakeholder meeting to address Child and Youth Finance issues. Children and youth were also invited to this meeting. The stakeholders launched a project to collect data on all banking products available to children and youth in Nepal.

Zambia - In Zambia, the Financial Sector Development Plan was developed by the Central Bank and the Ministry of Finance to address financial education and inclusion for youth. In collaboration with Child and Youth Finance international, they also organized a national Global Money Week event which will become a yearly celebration in Zambia.

2.3 Strategic Objective 3Education and Inclusion Financial inclusion and Economic Citizenship education are two themes which run across all the activities of CYFI. Financial inclusion refers to the Movement’s efforts to increase access to appropriate financial services for children and youth. Economic Citizenship has been defined by Movement partners as an education which combines social, financial and livelihoods components. CYFI places a great emphasis on ensuring that financial education and financial inclusion are simultaneously provided to young individuals in order for them to gain both the

knowledge and experience of financial realities.

The objective of education and inclusions to help children and youth under the age of 18 gain access to high quality Economic Citizenship education and safe and reliable banking services. We want to ensure that inclusion is to ensure that 100 million children and youth have access to high quality Economic Citizenship education and appropriate child-friendly financial products by 2015.

Activities in 2013 related to this objective have been focused in a few different areas: within the education side, CYFI launched the Economic Citizenship curriculum assessment, the academics-led research briefs on Economic Citizenship education and inclusion, Children Youth and Finance, the annual state of the movement publication and the Secretariat spent a considerable amount of time advocating for CYFI with various working groups and experts panels in an effort to grow the network of organizations working on child and youth finance topics. Within inclusion, the document entitled “Beyond the Promotional Piggybank” was launched in collaboration with UNICEF. The organization was also thoroughly engaged with creating a network of official CYFI partners.

2.3.1. Strengthening the Network

CYFI promotes a partnership model with the stakeholders with which it works. Through this model the CYFI movement is able to reach out to the maximum number of stakeholders and through this, reach the largest number of children and youth.

Partnership in the movement offers organizations the following benefits: • Access to a global network of senior and expert stakeholders from a wide range of disciplines around the issue of child and youth finance • Attendance at the CYFI’s Annual Summit and Regional Meetings. This includes the possibility of a speaking slot • Profiling as a partner on this website and access to CYFIs partner website for online exchange of experiences, learning, innovations, publications, and reports • Possibility to obtain the Certificate for Child and Youth Friendly Banking Products and Assessment of Economic Citizenship educational programs • Participating in CYFI Expert Councils and Working Groups on specific topics relevant to your institution

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Chart 10: CYFI Partnerships by Region

The guide was revised in 2013 with feedback from the Summit in Istanbul and was then translated into multiple languages.

2.3.2.2. Beyond the Promotional Piggybank UNICEF and CYFI co-produced a discussion paper entitled “Beyond the Promotional Piggybank: Towards Children as Stakeholders.” The paper outlines some of the key challenges, opportunities and risks that major retail financial institutions in OECD countries can encounter when dealing with the segments of children and youth.

The paper uses case studies to highlight the various facets of how a child rights approach can be integrated in retail banking could look like. The document was completed in 2013 and translated into multiple languages.

2.4.2.3. A Guide to Economic Citizenship This document provides a rationale for why integrated financial, social and livelihoods education is necessary. It also explains why it is essential to link this education with financial inclusion for children and youth.

Within the partnership process organizations first must fill in the online survey which gathers such information as incorporation details and programming information (if relevant). The process is completed when the organization signs and completes a commitment letter which outlines what they are committing to in terms of serving the movement. During 2013, CYFI completed partnerships with 96 organizations, excluding government authorities and individuals.

2.3.2. Thought Leadership

Responding to the needs of the partners within the Movement has always been at the forefront of all that is done within the Secretariat of CYFI. To that end, CYFI has been continually called upon by organizations to be a thought leader, or more accurately, to collect and make sense of the best practices that are out there within the network and beyond. Responding to this call, CYFI has completed the below documents within the Education and Inclusion workstreams in 2013. Each of these documents are meant to inspire and guide organizations undertaking some aspect of Economic Citizenship Education or Inclusion.

2.3.2.1. Certification Guide This Certification Guide, developed and supported

by Deloitte, Houthoff Buruma and KPMG, provides standards for Child and Youth Friendly Banking Products, and outlines the criteria and process for obtaining the Child and Youth Friendly Banking Product Certificate.

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A main feature of this publication is the current Learning Framework. This is a set of guidelines for the development and modification of quality Child and Youth Finance Educational programs and curricula. The framework was created by global experts from across the world who are part of the CYFI Education Expert Council in 2012 and was revised in 2013 based upon the feedback received in the Expert Council and was then translated into multiple languages.

2.5.2.4. Economic Citizenship curriculum assessment In 2013, CYFI developed the Economic Citizenship Education (ECE) Curriculum Assessment Tool with inputs from members of the CYFI Education Working Group. CYFI provides curricula assessments for partner organizations to gain a better understanding of how their educational resources integrate the three modules of the CYFI Education Learning Framework for Economic Citizenship Education: Financial, Social and Livelihoods Education. The objectives of this curriculum assessment include: • Referencing which areas of the ECE framework are covered in the partner’s curriculum • Identifying which learning activities are utilized in the partner’s curriculum.

• Determining if pedagogical materials from other educational programs could be useful to the curriculum developers at the partner organization • Providing analysis, feedback, and recommendations on the curriculum material for future educational programming.

This curriculum assessment tool is intended to be used by either government education authorities or youth serving organizations involved in ECE related programming. CYFI has also developed a rapid assessment tool to gain a quick overview of the key ECE related topics in a particular curriculum resource as a way to initiative partnership discussions with various organizations and government representatives. In the past year, CYFI has carried our 25 complete curriculum assessments and nearly 100 rapid assessments.

2.3.3. Ongoing Research Activities:

Research Briefs CYFI and the Centre for Social Development (CSD) published two research briefs on the Conceptual Development of the CYFI Model of Children and Youth as Economic Citizens and on Research Evidence on the CYFI Model of Children and Youth as Economic Citizens. The former provides the theoretical framework and practical application of the concepts within CYFI’s Model for Economic Citizenship. The latter describes current gaps in research and recommends areas of future academic evaluation.

Children Youth and Finance Launched in the 4th quarter of 2013, Children, Youth and Finance compiled data from the CYFI network showing the outreach of our partners in 2012 and especially highlighting the efforts of national governments in either economic citizenship education or financial inclusion.

Date will continue to be collected from partners will be collected each year in order to gauge the progress of the movement in reaching its goals by 2015.

Further Research During 2013, CYFI sent out a Call for Proposals with the express purpose of filling some of the gaps in knowledge that are currently present in the CYFI Theory of Change. CYFI received a great quantity and quality of responses (34) and through a competitive process by a subcommittee of the CYFI Research working group we selected four proposals which aim to fill some of those important remaining gaps. CYFI has provided seed funding for these researchers to develop their research plans with the hopes of exploring the projects further in the coming year.

Furthermore, a subgroup of the research working group has engaged itself concerning the development of local research projects. A common point of reference was to get more insights into the perceptions and experiences of the youth, concerning final services and financial education in different contexts, through qualitative and participatory research. This subgroup proposes as

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a goal of the working group to create a framework of capabilities in order to generate a bottom–up approach; empower local youth and practitioners at grass roots level and to link local research to policy makers.

Additionally, local researchers are given the opportunity to form collaborations with external research institutions for advice and to develop this mechanism that links research with policy. The project will additionally aim to lever internships and fellowships in order to promote research in this area by future young researchers.

Confirmed case studies are in Iceland, Uganda, Colombia, Kenya and Puerto Rico.

Research Working Group Meetings Three Working Group Meetings were held in 2013. The first meeting took place in February and was hosted by Washington University in St. Louis with 22 attendants.

The second working group meeting took place at the annual summit in Istanbul, Turkey. The third event was hosted by the Autonomous University of Mexico in Mexico City. On the first day of the event, proceedings were arranged in a conference format with 70 people participating. The following day 24 researchers continued on and focused their hard work on the development of the research proposals and projects.

2.3.4. Collaboratively Building the Movement:

During 2013 CYFI spent a lot of its efforts in engaging providers of economic citizenship education and those giving financial access to children and youth. At many of the events CYFI was given a prominent speaking position, thus further allowing the movement to be highlighted.

Through these outreach efforts we are able to bring more organizations into the network. Some highlights within the Education and Inclusion workstream include: • • • • • • • • • • • • •

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The African Finance and Banking Conference (Kenya) The International Arab Banking Summit 2013 (Austria) The European Microfinance Week (Luxembourg) WSBI financial education workshop with savings banks (Belgium) WEF Financial Inclusion Steering Committee (United Kingdom) & WEF African regional event on financial inclusion (Nigeria) FI2020 (United Kingdom) The Pakistan Microfinance Summit (Pakistan) MasterCard Prepaid Europe Conference (Italy) The 2013 Microcredit Summit (Philippines) African Youth Entrepreneurship Conference (Senegal) European Commission Entrepreneurship Education Task Force Meeting (Denmark) Youth Unemployment Solutions in Europe (Belgium) C20 Conference (Russia)

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• Aflatoun International Meeting (Kenya) • UNESCO 21st Century Functional Literacy Skills (France) • African Microfinance Network Conference (Ethiopia) • SEEP Conference (United States) Through these engagements, CYFI was able to make many valuable contributions following the events, such as: providing input to the European Commission Qualifications Framework for Entrepreneurship and Financial Education schools and participating and giving feedback to the World Economic Forum Financial Inclusion Steering Committee and Innovations Working Group. CYFI has contributed the ECE framework, curriculum development guidelines and a resource mobilization chapter to the APEC Guidebook on financial and economic education at the primary and secondary school level. This guidebook will be distributed to education authorities throughout the APEC region.

Furthermore, CYFI worked with the European Commission Entrepreneurship Education Task Force on establishing Learning Outcomes for Financial Literacy and Entrepreneurship Education under the European Qualifications Framework, corresponding with the 4 levels of the CYFI Learning Framework for ECE.

2.4 Strategic Objective 4Innovations The objective of the Innovations department is to develop and check the feasibility of innovations which can support the goals of the Movement and which are based on the Movement’s needs.

The innovations work stream strategizes a two-fold approach. First and foremost, CYFI is a young and fresh movement led by the voices of the world’s children and youth. Therefore, CYFI is committed to engaging with children and youth to ensure that they are constantly being heard. Innovation is the “nerve center” of the Movement as the backbone to the Innovations activities is listening to the voices and ideas of children and youth in order to impact the growth of the movement.

Outlined below are the three innovation projects that evolved in 2013: • SchoolBanks • Technology and Innovation • Youth Engagement

2.4.1. SchoolBanks

Looking back to 2012, Innovations saw the germination of the idea for SchoolBanks. SchoolBanks began as a small idea in 2012, but gained momentum and grounding and, as a result, a strategy was developed and SchoolBanks was piloted in 2013 with three concrete pilots. Throughout 2013 it became clear that technology, innovations and youth was a new and popular trend which led to the creation of YouthTech.

Mongolia, XacBank In May 2013, XacBank launched the SchoolBank mobile banking pilot in two high schools in Ulaanbaatar. The pilot provides students with savings accounts that can be easily managed at access points located at school through the AMAR mobile banking platform of XacBank. It is combined with the Aspire Program, a financial education program of XacBank. The pilot aims to familiarize young clients with modern banking technologies as well as equip them with the knowledge and skills in managing their financial resources.

Kenya, Equity Bank In March 2013, Equity Bank launched Junior Member Account, as part of the CYFI SchoolBank initiative.

The product allows parents to deposit money to and withdraw money from the account of their children at Equity Bank agents. In addition, parents can transfer mobile money to their children’s Junior Member Account

on their mobile. Children will receive a free financial education booklet and participate in free financial education during Junior Member open days.

Philippines, BPI GlobeBanKO In the beginning of 2013, BPI GlobeBanKO joined the CYFI SchoolBank initiative. The PondoKO account of BPI GlobeBanKO makes it easy for children starting from age 7 to open a bank account. Children can apply to open a PondoKO account at the BanKO partner outlet. The Globe and TM mobile number will serve as the account number. In addition, children and youth will be offered an ATM card which can be activated on mobile phone.

2.4.2. Technology and Innovations

Technology and innovations were an emerging trend of the Movement. In 2013, CYFI started exploring the way how technology and innovations can be used in furthering the Movement. This is initiated through the YouthTech blog and social media.

Launched in May 2013 at the Child and Youth Finance International Annual Summit in Istanbul, YouthTech is a blog to address the emerging theme of the Movement.

Many of the CYFI stakeholders – especially governments, financial institutions and companies are increasingly interested in exploring technology and innovations in reaching the young generation. The objective of YouthTech is to share and explore how innovations can

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transform access to, and delivery of, financial services and economic citizenship education to better serve and empower the young generation.

YouthTech spotlights innovative ideas, solutions, products and programs in financial services and education across the world. It provides a platform where professionals and talented minds within the CYFI network and beyond engage in dialogues of the role of technology in enhancing financial capability of children and youth. We hope this will not only contribute to the understanding of what is needed for technology to make a difference in the current financial inclusion and education landscape, but also open doors to collaborations among our partners and to turn it into a reality.

21 blog posts were published on YouthTech in 2013 and have hit over 15,000 views by December. The blog posts were contributed a diversity of guest bloggers including policy makers, financial experts, educator and young people. It showcased various innovations and ideas in the space of financial inclusion, policy, gamification and apps, and employment, covering different regions of the world. Furthermore, YouthTech also played a key role in encouraging innovations in the CYFI network and opening doors to new opportunities. A few examples are shared below.

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• CYFI partners and stakeholders such as Three Coins, Aflatoun, IND Group Virtual Piggy shared their practice of applying gamification and technology in financial education programs.

• Financial service providers such as Verifone, BRAC USA, XacBank, PesaCard, goHenry showcased innovative banking products for children and youth.

The innovations include prepaid cards, mobile bank account, mobile money, smart cards.

• The series of blog posts on #BYND2015 Summit in collaboration with International Telecommunications Union brought increasing youth participation in the CYFI network.

On the other hand, in 2013, CYFI has started the youth engagement strategy through social media.

Finance & Me Blog, Facebook page and Twitter were launched, reaching children and young people in over 100 countries. Children and youth shared their views on child and youth financial inclusion and education through social media, which were incorporated in CYFI’s policy brief. At the 2013 CYFI Europe & Central Asia Regional Meeting, the youth participants engaged over 10,000 children and young people in Europe through social media during the two days’event. Final policy recommendations were presented to President Draghi of the Europen Central Bank.

2.4.3 Youth Engagement

In addition to SchoolBanks and Techonology and Innovations, there are a number of other ways in which CYFI has collaborated directly with children and youth to keep youngsters at the core of our Movement.

2.4.3.1. Annual Summit and Awards Competition The most visible way that CYFI puts a direct focus on children and youth as the voices of change is through the Youth Summit held yearly, where by children and youth from around the world gather together to share their opinions and thoughts on Economic Citizenship education and inclusive finance. In 2013, the Youth Summit was held in Istanbul, Turkey, where 101 youth participants joined from over 40 countries, which showed progress from the 2012 Youth Summit in Amsterdam where 70 youth participants were present. A main highlight of the 2013 Youth Summit was the Awards Competition which acknowledged three separate youth award winners in comparison to a single youth award champion in 2012.

2.4.3.2. CYFI Youth Committee In order to take immediate action on the various financial issues raised by the children and youth present in Istanbul, the first CYFI Youth Committee was formed.

This committee brought together youth representatives from around the world, from 14 countries and growing, who work together to organize various monthly activities in their respective countries. While the monthly projects are the same for each of the members involved, such as a Primary School Workshop or Youth Business project, the committee members have the freedom to creatively adjust the project details depending on local circumstances.

2.4.3.3. Youth Strategy Plan Taking into account the initiative of the youth representatives to add to the momentum of the Movement, a Youth Strategy Plan was formed with this input of McKinsey and company. The Youth Strategy Plan focused on the following components: context, success criteria, scope, decision makers and other stakeholders, constraints and philosophy.

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Context: The current financial system is not effective in: Employment: increasing level of global employment Banking Services: providing child banking services in a safe and independent way Technology: providing safe and remote access to banking services Economic citizenship education: providing youth with quality financial, social and livelihoods education Entrepreneurship: providing the opportunities and skills to empower youth entrepreneurship Success criteria Mid June 2013 – YouthCo’s up and running for all regions, including defined roles & responsibilities for the Mid July 2013 – First draft of strategy, high level work plan, representative sample from youth committees Before regional meetings (end 2013) – Strategy to communicate and first proposals for country policy changes 2014-2015 – Evolve strategy, formulate briefings, improve input collection, realize early wins 2015-2020 – Policy changes enacted in part or full and shared with other regions

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The scope of the Youth Strategy Plan entails influencing policy making including a children & youth perspective (driven). The scope will be attained by bringing policies through national, regional and global summits: involving all relevant stakeholders, sharing knowledge between stakeholders and by providing other advice where applicable. The decision makers and other stakeholders that will give continual input to the development of youth engagement are the CYFI Managing Director, Youth Committee, Select Advisory Board Members, Working team, Regional Meetings and Coordinators, Acedaemia and educational sector, and parents, to name a few. In developing the Youth Strategy Plan, a number of constraints became apparent to be taken into account when establishing the most effective forms of youth involvement. For example, engagement must be youth driven; limited funding; Limited access to technological resources; Language barriers (has to be translation at all levels and times); Constant rotation in people; Country infrastructure & political readiness; Banking lobbies resisting certain financial policies; Disagreement among board members and Children & youth not represented/ taken seriously in policy making. Despite the number of constraints, the Youth Strategy Plan adheres to the following philosophy points: Children & youth centred approach; Incentivize peers exchange and collaboration; the 5 core principals of CYFM and, most importantly, to be fun.

2.4.3.4. Global Youth Survey Within the development of the Youth Strategy Plan, the CYFI Global Youhth Survey was included as a core youth engagement activity. The Global Youth Survey was launched in reaction to the issues raised during the Global Youth Summit in Istanbul in 2013, to examine the challenges youth face in relation to financial education, financial inclusion and employment/entrepreneurship.

This survey was compiled by listening to the topics that youth felt mattered the most to them. The Global Youth Survey went through test rounds with the Youth Committee before being finalized and completed by more than 4000 respondents who took part in the survey from 125 countries around the world.

2.4.3.5. YouthTalk Newsletter Additionally, a monthly “YouthTalk” newsletter was started by the Youth Committee. This newsletter highlights the various monthly projects in order to spread awareness of how youngsters are taking it upon themselves to reshape the future of finance, as well as to encourage other youth from across the world to get involved. The YouthTalk newsletter also highlights key events in which youth participate such as the regional meetings.

2.4.3.6. Regional Meetings and Policy Recommendations In addition to the annual global Youth Summits, CYFI hosts regional meetings as well to look at the children, youth and finance on a smaller, more local scale. In the fall of 2013, the Regional Youth Meeting for Europe and Central Asia was held at the European Central Bank in Frankfurt, Germany, as well as the Regional Youth meeting for Africa in Livingston, Zambia. Between the two regional meetings, there were more than 75 children

and youth present to voice their opinions regarding youth and finance at the regional level. The challenge areas and suggestions that emerged from the past two Youth Meetings were not only presented to policy makers, such as President Mario Draghi of the European Central Bank, but have laid the foundation for the topics of interest and challenge areas to focus on with youth in 2014.

2.4.3.7. International Meetings In addition to the CYFI Youth Meetings, both international and regional, the innovations department had the opportunity to facilitate at the BYND 2015 Global Youth Summit in San Jose, Costa Rica in September of 2013, hosted by the International Telecommunications Union. The BYND2015 Global Youth Summit was a platform for young people to lend their voice and influence decisions at the United Nations on the Future We Want.

Young people from around the world gathered in San José, Costa Rica to shape the sustainable development agenda in the post-2015 era. CYFI facilitated a critical thinking workshop in order for youth to think critically and strategically about the Post 2015 opinions and suggestions that they have as young people.

This conference served as a strong example of the importance of technology and innovation in relation to the importance of policy change.

When breaking apart the three main Innovations Projects of 2013, SchoolBanks, Technology and Innovation and Youth Engagement, it is clear that these three projects are the result of a number of various efforts and outreach activities to put children and youth at the core of the Child and Youth Finance Movement.

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Chapter 3

Supervisory Board and Secretariat Team

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Chapter 3

Supervisory Board and Secretariat Team 3.1 Supervisory Board Child and Youth Finance International has been established as a not-for-profit Dutch foundation with a two-tier board governance structure. The Supervisory Board is comprised of representatives from banking networks, NGOs, development foundations, multilaterals, academic institutions and corporations.

The Supervisory Board is primarily responsible for strategy and selection and oversight of the Managing Board members who will be responsible for the daily operation of activities coordinated through the Child and Youth Finance International Secretariat.

Members of the Supervisory Board are appointed to two year terms and can be reappointed. Members of the Supervisory Board are appointed by the Supervisory Board in accordance with a profile drawn up by the Nominations Committee and confirmed by the Supervisory Board.

The directors of the Supervisory Board do not receive a salary or any other compensation for their work.

During 2013 the Supervisory Board met in-person once and twice telephonically. The Supervisory Board met in May in person and held a telephonic call in June and again in December. The purpose of these meetings was to review the overall progress and achievements of the organization and review the strategy following the International Summit held in 2013. The Supervisory Board also held non-official update calls at various points during the year. The Supervisory Board was made up of the following members in 2013:

3.1.1. General Supervisory Board

3.1.1.1. Members from the NGO sector Bob Friedman- Bob Friedman is general counsel, founder and chair of the board of CFED, based in San Francisco, United States. A recognized leader in economic development innovation, Bob has contributed to the development of the U.S. microenterprise field, flexible

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business networks, state and federal entrepreneurial policy, and innovative benchmarking tools, like CFED’s Assets and Opportunity Scorecard.

Fiona Macaulay- Fiona Macaulay is the Founder and Chief Executive Officer at Making Cents International, a social enterprise dedicated to equipping youth and adults with the vision, confidence, and skills to find quality employment or to create and grow their own businesses, based in Washington D.C., United States.

Jaap Doek- Professor Jaap Doek is a global authority in the field of Child Rights and was formally the Chairperson of the UN Committee on the Rights of the Child. Jaap is the Chair of the Board of Aflatoun, based in The Netherlands.

Mary Hagerty- Mary Hagerty is the First Senior Vice President and Global Chief of Financial Literacy at Operation Hope, an NGO working to expand economic opportunity in underserved communities through economic education and empowerment located in California, The United States.

Monique Cohen- Monique Cohen is the Founder and President of Microfinance Opportunities, a non-profit that supports an agenda for market-led microfinance.

Monique is currently focused on microinsurance and financial education for low income individuals.

Nigel Chapman- Nigel Chapman is the Chief Executive Officer of Plan International, located in London, United Kingdom.

Sean Rush- Sean Rush is the President and CEO of JA Worldwide and is based in Colorado Spring, United States. Junior Achievement has become known as the world’s largest organization dedicated to teaching students about entrepreneurism, workforce readiness and financial literacy.

3.1.1.2. Members from the Banking Sector Chris de Noose- Chris de Noose is the Managing Director of the World Savings Bank Institute and, the network leader of savings banks based in Brussels, Belgium.

Herve Guider- Herve Guider is the Secretary General of the European Association of Cooperative Banks, the network leader of cooperative banks in Europe based in Brussels, Belgium.

Luis Felipe Derteano- Luis Felipe Derteano is the President of Grupo ACP. Grupo ACP is a financial institution developing a range of complementary activities that provide entrepreneurs in small and micro businesses and emerging segments with the tools and access ways they need to successfully overcome their social and economic exclusions.

Wissam Fattouh- Wissam Fattouh is the Secretary General of the Union of Arab Banks, a main referral center for the Arab financial and banking community based in Beirut, Lebanon.

3.1.1.3. Members from Academia Lew Mandell- Lew Mandell is a Professor Emeritus of Finance and Managerial Economics at the University of Buffalo in the United States. Lew has published 21 books on consumer finance and is considered one of the authorities in the academic study of financial education.

Michael Sherraden- Michael Sherraden is the Founder of the Center for Social Development at the University of Washington at St. Louis located in Missouri, the United States. Michael is considered the authority in asset building and has been named one of Time Magazine’s 100 most influential people.

3.1.1.4. Members from Corporations Henrik Naujoks -Henrik Naujoks is a Director and Partner at Bain & Company in Germany. He is heading the EMA Financial Services Practice. Henrik has also been instrumental in the World Economic Forum’s Young Global Leaders Programme.

Jacques Buith- Jacques Buith is the Managing Partner of Deloitte Enterprise Risk Services in The Netherlands.

Jacques has committed his firm’s resources to strengthening internal controls in Child and Youth Finance and also perform the internal audit.

Koen Vermeltfoort- Koen Vermeltfoort is a Partner at McKinsey & Company in The Netherlands. Koen began working with Jeroo a few years ago and has since that point provided much assistance in strategic consultancy.

Michiel Wesseling- Michiel Wesseling is a Partner at Houthoff Buruma law firm and is highly specialized in corporate law. Michiel has committed his firm’s resources to assist the organization with any and all legal matters. In 2011 Houthoff led CYFI’s legal foundation.

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3.1.1.5. Ex-officio Members from multilaterals Andre LaBoul- André Laboul is the Head of the Financial Affairs Division at the “Organisation for Economic Cooperation and Development” (OECD); This Division is responsible for financial markets, private insurance and private pensions issues and is servicing the eight OECD related financial Committees and Groups.

Beth Porter- Beth Porter is Policy Advisor at UNCDF where she provides policy guidance and support to the global team on financial inclusion. Beth previously launched and directed the YFS-Link initiative at Making Cents International to build the capabilities of financial services providers and youth-serving organizations in youth-inclusive financial services. *Mmantsetsa Marope- Mmantsetsa Marope is the Director of Basic Education based in the UNESCO Headquarters in Paris, France. She is an educationist with 30 years of practice. Her experience covers school teaching, school management team, ministry of education, university teaching, managing regional research networks.

3.1.1.6. Ex-officio Members from Government *Fe de la Cruz- Fe de la Cruz is the Director of Corporate Affairs at the Central Bank of the Philippines. *José Darío Uribe- José Darío Uribe is the Governor of the Central Bank of Colombia and has held that position since 2005. *Mona El Baradei- Mona El Baradei is the Executive Director of the Egyptian Banking Institute. *Paul Eluhaiwe- Paul Eluhaiwe is the Director of the Development Finance Department at the Central Bank of Nigeria.

Vahdettin Ertaş- Vahdettin Ertaş is the Chairman of the Capital Markets Board of Turkey, located in Ankara. Dr. Ertaş actively led the Summit planning in Istanbul.

3.1.1.7. Committees of the Supervisory Board The Supervisory Board created the following committees to assist the Secretariat and provide greater oversight: Executive Committee The Executive Committee assists in the day-to-day tasks at the Secretariat. More specifically, it has been tasked with: 1. Support and evaluate the Managing Director and other members of the Management Board; 2. Review and approve major organisational decisions,

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commitments and plans including expenditures, loans and leases as outlined in these by-laws; 3. Review the budget and recommend it to the Supervisory Board in consultation with the Management Board; 4. Evaluate progress toward programme and financial goals; 5. Ensure the continuity of the organisation through development and recruitment of the Management Board members; 6. In conjunction with the Management Board, provide leadership on organisational transition, structure and planning.

The committee is composed of the following members: Henrik Naujoks Jacques Buith Koen Vermeltfoort Michiel Wesseling Nominations Committee Broadly the Nominations Committee is looking at board succession planning and as well as assisting with the development of key organizational documents.

Specifically the Nominations Committee has been tasked with the following: 1. Make recommendations regarding the Supervisory Board’s composition, operations and performance; 2. Develop profiles and recommendations for new Supervisory Board members; 3. Develop and execute an effectiveness assessment process for members of the Supervisory Board for use by the Chair and the overall functioning of the Supervisory Board and its committees with the exception of the Nominations and Governance Committee. The Nominations and Governance Committee effectiveness shall be assessed by the Executive Committee; 4. Serve in an advisory capacity to the Supervisory Board and the Management Board on matters of organization, management succession plans, major changes in the organizational structure of Foundation, and the conduct of board activities.

The committee is composed of the following members: Beth Porter Bob Friedman Monique Cohen Audit Committee The Audit Committee has been tasked with the following: 1. Overseeing CYFI’s financial statements including recommending approval of the annual report and accounts;

2. Overseeing CYFI’s compliance with regulatory requirements and the independent auditor’s qualifications and independence; 3. Overseeing the performance of CYFI’s internal audit function and independent auditors including the recommendation of the appointment of external auditors to the Supervisory Board.

4. Overseeing the risk assessment and management for CYFI including the process for monitoring statutory compliance.

The committee is composed of the following members: Jacques Buith Lew Mandell Mary Hagerty

3.2 Personnel The Child and Youth Finance International Secretariat is staffed by a mix of persons with expertise in education, finance, research, communications and other areas. The listing in this annual report only includes staff working with Child and Youth Finance at the end of 2013. We would like to thank those staff that have left during the year and all volunteers and interns that have helped Child and Youth Finance International on its way to success throughout 2013.

3.2.1. Management Board

CYFI is managed by the Management Board, acting under the supervision of the Supervisory Board. Members of the Management Board are appointed by the Supervisory Board in accordance with a profile drawn up by the Supervisory Board.

Jeroo Billimoria, Managing Director and Founder of Child and Youth Finance International Jeroo is the founder and inspirational leader behind Child and Youth Finance International. Jeroo volunteers her time as Managing Director and does not accept a salary. She is a serial social entrepreneur who was named an Ashoka Innovator in 1999 and received the Schwab Fellowship for Social Entrepreneurs in 2001 among many other awards for her work. She was featured in David Bornstein’s book ‘How to Change the World’. She consults with the Indian Government on issues related to child protection and has written several educational books for children and published academic literature on the management of non-profit organizations.

The Managing Director does not receive a salary for her work and provides her time pro-bono to the organization. In 2013 she held the following positions

with other organizations: Member of the General Board: Stichting Child Savings International (Aflatoun); Chair of the Supervisory Board: Stichting Child Helpline International, The Netherlands; President of the Board of Directors: MelJol, India; Founder Trustee: Childline India Foundation, India.

3.2.2. The Team

As CYFI is an international movement coordinating and triggering activities around the world, it believes that the Team, a mix of staff and interns, should reflect that global diversity in its composition. To that end, CYFI had representation in its office from 27 countries across 5 continents. As a major global educational hub, CYFI was able to benefit from students coming from around the world to study in Amsterdam.

Staff The team operates all our day-to-day activities in maintaining our network, reaching out to new stakeholders, developing our financial inclusion and education strategies and all materials, as well as all operational support. Child and Youth Finance International could not have achieved the above without strong help from the board, the Managing Director and the commitment of the staff. As CYFI is an international movement. The following listing were employees as of 31 December, 2013.

3.2.2.1. Directors Michael Fawcett, Director of Programmes, 1.0 FTE Robin Willing, Director of Corporate Communications and Operations, 1.0 FTE 3.2.2.2. Inclusion and Education Ignacio Bianco, Inclusion Coordinator, 1.0 FTE Floor Knoote, Research Coordinator, 1.0 FTE Jared Penner, Education Manager, 1.0 FTE Bram Stoffele, Inclusion Manager, 0.8 FTE 3.2.2.3. Regional Platforms Omar Abed Rabbo, MENA Regional Coordinator, 1.0 FTE Bianca Isaincu, Europe Regional Coordinator, 1.0 FTE Sofia Ortega, Americas Regional Coordinator, 1.0 FTE Daniele Scauso, Regional Platforms Manager, 1.0 FTE Karan Sharma, Asia Regional Coordinator, 1.0 FTE 3.2.2.4. Global Platforms Matilda Kristofferson, Communications Coordinator, 1.0 FTE Liina Liblik, Communications Coordinator, 1.0 FTE

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3.2.2.5. Innovations Kim de Rose, Youth Coordinator, 1.0 FTE Geraldine Hafkemeijer, Innovations Manager, 0.8 FTE Jie Xue, Innovations Coordinator, 1.0 FTE 3.2.2.6. Operations Corey Au Young, Financial Administrator, 0.4 FTE Mano Delea, Office Manager, 0.6 FTE Bram van Eijk, Operations Manager, 1.0 FTE Interns During 2013 Child and Youth Finance International benefitted greatly from the assistance and hard work of interns. Thanks to these mostly students, Child and Youth Finance International was able to accomplish much more than the staff otherwise would have been able to. The students were required by their universities to do an internship for the completion of their studies and clear goals and plans were created with them to help aid in their personal and professional growth.

Internships ranged in time from one moth to 8 months. If all interns are taken into account for 2013, the total FTE contribution made by these young people would have amounted to 14,5 FTE’s. The Secretariat would like to wish a warm thank you to everyone that has interned at Child and Youth Finance International.

Alba Gomez Valerio, Spain Ana Leonor Duarte de Andrade, Portugal Andreea Barbu, Romania Angela Herrera Molina, Spain Anouk Moser, The Netherlands Arafo Jama, Somalia Ariunzul Erdeneshoo, Mongolia Baciu Bogdan, Romania Beatriz Martinez Escobar, Spain Benito Roig Lluesma, Spain Bruna Consiglio, Brazil Claudia Llovet Rausell, Spain Eduardo Ros Dopico, Spain Erik Svanberg, Sweden Fernando Escalante, Spain Fiona Wong, The Netherlands Genevieve Partington, Ghana Giulio Ferraresi, Italy Hawanatu Koroma, Sierra Leone Hugo Neron, France Inigo Cavestany, Spain Iosto Ibba, Italy Jiaxin Xie, China Jenna Vaisman, United States Julija Gimbutaite, Lithuania Kim de Rose, United States Kiril Akhmetov, Russia Liina Liblik, Estonia Maria Lauricella, United States

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Mengmeng Pan, China Natalia Kavourinou, Greece Panayiota Constanti, Cyprus Paola Mazzoli, Italy Paul Boaheng, Uganda Rosanna Martucci, Italy Sergio Garcia de Diego, Spain Shohei Kawabata, Japan Sophie Donszelmann, The Netherlands Stefano Silvestri, Italy Tereza Krasteva, Bulgaria Tran Van, Vietnam Valentina Lindi, Italy Varpu Ahtonen, Finland Xiao Li, China Xiaowei Zhang, China Yansong Chen, China Yixin Rong, China

3.3 Institutionalization As the organization and the movement progresses, CYFI has been undergoing an institutionalization process whereby the Salesforce CRM system is being used to track all key performance indicators. This process streamlines workflows and assists in keeping track of how individual team members, departments and the team as a whole are working towards the targets. The following are a few examples of how we are using the system: 1. Defining ownership Ownerships of contacts, organizations, sectors, countries and activities around them are assigned to team members to ensure accountability.

2. Partnerships & event management The partnership process is streamlined in Salesforce.

Progress of partnership chasing and administration is updated by responsible team members. Detailed reports on partnership statistics are shared on a weekly basis to identify key issues and keep track of progress.

Events such as summit, regional meetings, Global Money Week are also tracked in Salesforce with statistics shared on a weekly basis.

3. Country overview An overview of each individual country is also available in Salesforce through the country page. This enables the team to keep track of the level of country engagement in CYFM, partnerships, the formation of national platform, progress of financial inclusion and education strategy at the country level, which allows the team to identify key issues and improve inter-departmental coordination.

4. Deliverables tracking Individual deliverables and action plan (with deadlines) are entered into Salesforce and assigned to each team member. Team members and department managers will be notified on a weekly basis the individual and/ or departmental deliverables (in the case where support from other department is needed, the relevant department and staff in charge will also be notified).

The completion of deliverables is updated by each team member; departmental overview is shared with line mangers.

5. Reporting Weekly and monthly reports are generated to inform the team of the progress of various activities and completion of deliverables:

Table 3: Reports Generation at CYFI Theme

Weekly Reporting

Monthly Reporting

Partnership

• New partnerships and payments last week • Partnerships overview by sector, country, region • Partnerships overview by owner vs. targets • Up-to-date partnership revenue • Invoices sent and invoices expired last week

• Partnerships by owner & by department vs. monthly deliverables • Up-to-date partnership revenues vs. target

Regional Meetings 2013

• Up-to-date attendance of each regional meeting • Attendance by sector, country, region • Fund raising

• Attendance by owner & by department vs. monthly deliverables • Fund raising vs. targets

Global Money Week & Summit 2013

• Commitments by sector, country, region • Commitments by owner vs. targets

• Commitments by owner & by department vs. monthly deliverables

Action plan and deliverables

• Tasks due this week (with owner & supports) • Task due last week vs. status of completion

• Completed tasks by owner & by department vs. monthly deliverables

3.4 Communication with Third Parties and Donors

3.5 Financial Reserves and Investments

On a yearly basis CYFI produces an annual report outlining the activities of the previous year. Within this report the audited financial statements are also presented. Furthermore, an annual State of the Movement document, “Children, Youth and Finance” is also produced. This document outlines the progress of the movement on a yearly basis. Reports to donors are made as per contract requirements.

In accordance with the Wijffels Code, CYFI maintains a policy with the desire to build, at the minimum, a 6 month operational reserve. All funds held by CYFI are deposited between a current account and savings accounts. The organization does not invest in stocks or any other type of potentially risky financial endeavor.

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Chapter 4

Looking Forward to 2014

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Chapter 4

Looking Forward to 2014 4.1 Global Platforms • In April of 2014, CYFI will again hold the annual Global Money Week celebrations. The Secretariat expects over 100 countries to be represented in this third iteration of the very popular event.

• CYFI will be holding a slightly different take on its Annual Meeting in 2014. In collaboration with UNCDF, CYFI will hold a high-level stakeholders meeting at the United Nations with the hope of influencing the Post2015 development agenda to ideally address Economic Citizenship Education and financial inclusion for children and youth.

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4.2 Regional and Country Platforms • In 2014, CYFI is planning to get back to its 5 regional meetings; one in Europe, the Americas, Africa, Asia and MENA. • CYFI plans on “deep-diving” with national authorities to further develop national strategies with which the organization is already working.

• Launching a “cookbook” which will be a step-by-step guide for countries in implementing Economic Citizenship as a follow-up to the National Implementation Plan.

4.2 Education and Inclusion

4.5 Operational Budget

• CYFI will launch its Product Development Guide in collaboration with the Mastercard Corporation.

• Launching ECE curriculum certification • Developing ECE teacher training materials • CYFI will look to launch a few small scale research projects in coordination with the Research Working Group

The operational budget for 2014 can be found in the attached financial statements in Annex 2.

4.4 Innovations • CYFI hopes to further expand pilot programs for its SchoolBank concept around the world • CYFI will hold a youth meeting in New York City during the High level stakeholders meeting at the United Nations in May

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Annex 1

Organizational Chart

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Annex 1 Organizational Chart

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Annex 2

Financial Statements and Independent Auditors

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Stichting Child and Youth Finance International, Amsterdam Financial statements for 2013

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Contents Report Balancesheet Statementofrevenue and expenditure for the period ended December 31, 2013 Commentary on actuals versus budget 2013 Cash flow statement Notes to financial statements Notes to the balance sheet Notes to the statement of revenue and expenditure Allocation of expenses to objectives Signatories to the financial statements Other information Auditors report Budget 2014 (unaudited)

3 4 7 8 9 11 15 17 19 20 21 23

Total number of pages in this report: 23

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Balance sheet December 31, 2013 (before proposed appropriation of the balance of income and expenses) Ass ets

Fixed assets Tangible fixed assets (1)

2013

2012

EUR

EUR

10,950

16,779

Current assets Receivables and prepayments (2) Cash at banks and in hand (3)

21 2,522 49,362

105,225 301,963

Total assets

272,834

423,967

Continuity Reserve Destination Reserve Destination Fund Balance of income and expenses for the period

92,071 100,859 71,927 (50,162)

27,814 34,165 202,878

Total reserves and funds

214,695

264,857

58,139

159,110

272,834

423,967

Reserves,

funds

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Reserves and Funds (4)

Current liabilities (5) Total reserves, funds and liabilities

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Statement of revenue and expenditure for the period ended December 31, 2013 ctuals 2013

Budget 2013 (unaudited)

Actuals 2012

EUR

EUR

EUR

Source of income Income from own organizational fundraising (6) Income from government (7) Interest income (8)

1,074,833 660,000 950

374,250 815,000

655,110 604,757 3,103

Total income sources

1,735,783

1,189,250

1,262,970

31 0,454

196,706

249,230

734,671

262,641

287,918

214,128

21 9,976

166,933

21 0,296

239,987

168,951

1,469,549

919,310

873,032

26,029

-

-

290,367

201,928

187,060

1,785,945

1,121,238

1,060,092

(50,162)

68,012

202,878

Expenses Expenses made for Strategic Objectives Objective 1:

Objective 2:

Objective 3:

Objective 4:

Education and inclusion: Helping children and youth under the age of 18 gain access to high quality Economic Citizenship education and safe and reliable banking services Global Platform: On international level continue to create alliances, among policymakers and financial regulators to further increase financial education and access for children and youth at national levels.

Regional and National Platforms: Building and maintaining national and regional collaborations and networks.

Innovations: Develop and check the feasibility of innovations which can support the goals of the Movement and which are based on the Movements needs

Sub total Objectives 1, 2 ,3 & 4 Expenses for fundraising Expenses from own organizational fundraising Operational and administrative expenses Total expenses Result

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It is proposed to appropriate the result 2013 as follows: EUR Deduction from destination fund [A]: Mastercard Foundation Citi

-

EUR

(25,833) (46,094) (71,927)

Addition to continuity reserve [BI: Interest income and others -

21,765 21,765 (50,162)

Footnote A: The amount as proposed to deduct from destination fund of EUR 71,927 is concerned with the differences between income recognized in 2013 and expenses recognized in 2013, for the objective global platforms.

Footnote B: The amount of EUR 21,765 is concerned with the difference between income recognized in 2013 and expenses recognized in 2013 relating to various donors for which no agreement is in place where specific requirements for spending are agreed.

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2013

2012

-Operational and administrative expenses in % of Total expenses [C]

16,26%

17,65%

-Expenses made for strategic objectives in % of Total expenses

82,28%

82,35%

2,42%

0%

84,66%

69,12%

-Expenses for fundraising in % of income of fundraising -Expenses made for strategic objectives in % of Total income

Footnote C: The operational and administrative cost reached 16.26% of the total expenditure in the financial year 2013. This includes direct and indirect costs as well as pro-bono contribution relating to work at Secretarial level in support of the strategic objectives and work supporting activities directly related to the strategic objectives.

The EUR 201,442 in overhead cost allocated to administrative and operational cost represent 16.40% of total cost less pro-bono contributions, respectively.

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Commentary on actuals versus budget 2013 Actual expenses in 2013 excluding pro-bono of EUR 1,228,050 were overall 9,5% higher compared to the budget (EUR 1,121,238), though the breakup per objective is slightly different than was budgeted. Overall on the yearCYFl had a loss of EUR 50.162. This loss is composed of: 1. EUR 71 .927 of expenses were related to income received in 2012 that was set aside in the destination fund as tied up capital, to be spent in 2013, 2. A positive result of EUR 21.765 (the difference between income and expenses and a small amount of interest). It is proposed that this will be allocated to the continuity reserve. Reference is made to the result appropriation.

When pro-bono costs are factored in, the differences become higher as these pro-bono costs were not initially put in the budget for 2013, though each objective will be explained further below.

Education and inclusion most costs are due to salaries and travel to present and advocate for the Child and Youth Finance Concept to stakeholders. Within the education track, some expenses for the working group meetings that were to be held in the 4th quarter of 2012 had been delayed until the ist quarter of 2013, the costs of which came from the destination fund. Within the inclusion track, pro-bono expenses were higher than expected and salary costs were higher as It was initially anticipated that CYFI would hire one director overseeing all departments as opposed to the two which were on staff in 2013.

-

Global Platforms- the main costs within global platforms were the annual summit held in Istanbul in 2013, salaries and travel for high level stakeholder engagement and activation, all of which were on budget. Travel was lower than expected here as travel moved partially to education and inclusion. The main differences come here from the Global Summit. Initially CYFI has not budgeted for receiving a grant in support of the Summit from the Mastercard Foundation, enabling CYFI to sponsor many more participants than initially, based on the budget. CYFI also did not initially include the substantial amount of pro-bono services (venues, dinners, etc.) which were provided by Summit partners in Turkey.

Regional and National Platforms- the two costs associated with this were salaries of regional coordinators, which was almost on par with expectations and the costs of the regional meetings. These were almost on target, the only difference being that less was spent for the regional meetings overall, since we did not hold stand-alone events in Asia and MENA. Innovations- expenses related to innovations varied from the budget due to the fact that CYFI did not budget for the grant received in support of the Summit from the Mastercard Foundation, which enabled CYFI to sponsor many youth for the meeting. Salaries were lower than expected in Innovafions as CYFI delayed filling a vacancy which had initially been budgeted for within innovations.

The costs for Operations were higher than expected mainly because of pro bono services provided to CYFI with the Internal and External Audits. The internal and external audft costs were not initially accounted for in the budget as the Secretariat was already aware that these would be done pro bono. Salary costs were slightly lower than expected due to efficiency saved with external consultants.

Fundraising- expenses for fundraising were not initially budgeted for as all fundraising had previously been done by the volunteer Managing Director of CYFI. With the hiring of the directors, they were both tasked with partly working on it in the second half of the year.

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Cash flow statement Period ended December 31, 2013 2013

EUR Cash flow from operating activities Net result Depreciation

2012

EUR

EUR

(50,162) 8,922

EUR

202,878 6,993 (41,240)

Changes in working capital Receivables and prepayments Current liabilities

(107,296) (100,970)

209,871

(49,686) (133,732) (208,266)

Cash flow from operating activities Cash flow from investing activities Additions tangible fixed assets

(249,506) 3,095 t.

Netcashflow

.1

Increase/(decrease) cash and cash equivalents

(252,601)

Movements in cash and cash equivalents Opening balance cash and cash equivalents Increase cash and cash equivalents

301,963 (252,601)

283,457 18,506

49,362

301,963

Closing balance cash and cash equivalents

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Notes to financial statements General Activities Large numbers of vulnerable children and youth are still not able to acquire essential skills provided through social and financial education, nor access financial services that can build their asset base and financial capability. Child and Youth Finance International aims to initiate, leverage and coordinate a global multi-stakeholder approach to these challenges, ultimately building a global consensus on a multifaceted, culturally sensitive, approach to the provision of child friendly banking services and social and financial education for children in all countries of the world.

Stichting Child and Youth Finance International is a foundation located in Amsterdam.

Stichting Child and Youth Finance International was founded on June 30, 2011, its vision is â&#x20AC;&#x153;That all chlldren and youth realize their full potential as responsible economic citizens â&#x20AC;&#x153;.

To achieve our mission, strategic objectives are structured along the four pillars of the organization: 1 2 3 4

Education and Inclusion: Helping children and youth under the age of 18 gain access to high quality Economic Citizenship education and safe and reliable banking services with the purpose of equipping them with the opportunities for financial and social security needed as they grow older.

Global Platform: On international level continue to create alliances among policymakers and financial regulators to further increase financial education and access for children and youth at national levels.

Regional and National Platforms: The core activities in this area relate to building and maintaining national and regional collaborations and networks which have placed Child and Youth Finance topics into their agendas.

Innovations: Developing and checking the feasibility of innovations which can support the goals of the Movement and which are based on the Movementâ&#x20AC;&#x2122;s needs. These includes innovations related to the use of technology and innovations in reaching children and youth.

Accounting principles The financial statements are prepared under the historical cost convention in accordance with accounting principles generally accepted in the Netherlands pursuing RJ 650 (Fund Raising Organizations). Assets and liabilities are stated at face value, unless indicated otherwise.

Allocation of expenses The expenses recognized in the reporting year are allocated to the objectives or to operational and administrative costs. The allocation has been prepared in the schedule allocation of expenses to objectives.

Index numbers The index number operational and administrative expenses provides the percentage from total expenses used for operative and administrative tasks.

The index number expenses made for strategic objectives provides the percentages from total expenses used for expenses made for strategic objectives.

The index number expenses from fundraising provides the percentages from total income from fundraising or expenses made for fundraising.

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The index number expenses made for strategic objectives provides the percentages from total income used for expenses made for strategic objectives.

Summary of significant accounting policies Foreign currencies Assets and liabilities denominated in foreign currencies are translated into EUR at year-end exchange rates; exchange gains and losses are charged to the Statement of revenue and expenditures. Transactions in foreign currencies during the financial year are translated into euroâ&#x20AC;&#x2122;s at the rate of exchange ruling on transaction date.

Tangible fixed assets Tangible fixed assets are valued at historical purchase price less depreciation, determined on a straight-line basis over the estimated useful economic lives of the assets concerned, taking into account any residual values.

Receivables Receivables are valued at face value less a provision for possible uncollectible accounts.

Principles of determination balance of income and expenses General The result is determined as the difference between income generated by contributions, membership fees and others, and the costs and other charges for the year. Income is recognised in the year in which it is realised.

Income relating to services in kind and expenses of pro bono services received are valued at their respective fair value amounts.

Income and expenses Income is recognised in the period it has been received or by contract agreed.

Expenses are recognised at the historical cost convention and are allocated to the reporting year in which they occurred. As the result of the aforementioned, in instance, income might not match with expenses and are in these cases processed via destination fund and/or reserves.

Depreciation Depreciation is provided by the straight-line method over the estimated useful economic life.

Cash flow statement The cash flow statement has been prepared applying the indirect method.

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Notes to the balance sheet December 31, 2013 Office equipment EUR

Fixed assets Tangible fixed assets (1) Net book value at January 1, 2013 Additions Depreciation charge for the year

16,779 3,095 (8,924)

Net book value at December 31, 2013

10,950

Cost Accumulated depreciation

27,776 16,826

Net book value at December31, 2013

10,950

Office equipment is depreciated over a life term of 3 years.

Current assets 2013

2012

EUR

EUR

21 2,522

105,225

21 2,522

105,225

Receivables and prepayments (2) Other receivables and prepayments

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2012

EUR

EUR

Cash at banks and in hand (3) Current account ABN AMRO Bank Paypal bank account Saving account ABN AMRO Bank Bank Business Deposit Cash in hand

34,187 1,027

118,127 30,945

11,379

150,316

2,000 769

2,000 575

49,362

301,963

Cash at banks and in hand are available on demand.

Reserve and funds (4) Continuity

reserve Balance at 1 January, 2013 Appropriation of balance 2012 Balance income / expenses 2013 Balance at December 31, 2013

27,814 64,257 -

92,071

Destination

Destination

Balance of

reserve

fund

income / expenses

100,859

34,165 37,762

-

-

100,859

71,927

-

Total

202,878 (202,878) (50,162)

264,857

(50,162)

214,695

(50,162)

In accordance with the provisions of Article 19 of the articles of association, the Board decides on the appropriation of the balance of income and expenses. The appropriation of balance income and expenses is proposed on page 5 of the financial statements.

Continuity reserve The Stichting wants to ensure sustainability of the organization so that its international network is not affected.

Therefore the Stichting wants to create a continuity reserve to cover operational and program costs for a period of 6 months. This time frame is based on a prudent assessment of the time required to source additionalfunding.

According to â&#x20AC;&#x2DC;The Wijifels codeâ&#x20AC;&#x2122; this reserve should not exceed 1,5 times the operational costs. A higher reserve will need clarificaijon. On December 31, 2013, the reserve was well below this limit. The continuity reserve is built up by income primarily from private donors or membership fees that are not specified for a particular activity.

Within the continuity reserve before result appropriation no balance is included as destination fund.

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Destination reserve The Stichting creates a destination reserve for the purpose to allow the organization to reach out to vulnerable children and youth around the world, ensuring they have access to economic citizenship education and access to financial servces. As per board recommendations, the reserve is remain locked until 2015 or when it reaches its recommended target value of 1 .5 million euros, whichever comes first.

Destination fund The Stichting creates a destination fund for income recognized in a year, conform contract terms, which is not spent yet.

2013

2012

EUR

EUR

Current liabilities (5) Accounts payable Other payables Wage tax and social securityâ&#x20AC;&#x2122;s payables Accrued holidays Received in advance Mastercard Foundation

18,583 5,860 17,528 16,168 -

18,140 11,603 11,118 11,254 106,995

58,139

159,110

Employee information In 2013 the Foundation employed on average 16 (FTE:15,2) employees and 2012: 13 (FTE: 10,8). The employees are divided in FTEâ&#x20AC;&#x2122;s over the objectives as follows: 2013 2012 Education and inclusion Global Platform Regional and National platforms Innovations Operations

5,0 1,25 4,7 2,0 2,25

3,4

Total personnel cost

15,2

10,8

3,5 2 1,9

EUR

EUR

Gross salary Social contributions

476,847 81,139

273,114 47,022

Total personnel cost

557,986

320,136

[i~itia(ed

for Identiflcatjon

Ernst & Voung Acco

E ~

s LIP

Remuneration Board of Directors No members of the Board of Directors received any remuneration for the year 2013 (2012: EUR 0).

The managing director did not receive any remuneration for the year 2013.

Contingencies and commitments There are no off balance sheet commitments as per December 31, 2013.

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sLLP

Notes to the statement of revenue and expenditure December 31, 2013 2013

2012

EUR

EUR

Income from own organisational fundraising (6) Mastercard Foundation [1] Citi Foundation Visa Contributions and meetings Partnership fees Stichting Energo Pro bono Borsa Instanbul Pro bono McKinsey Pro bono Google Pro bono Capital Markets Board of Turkey Pro bono Central Bank of Turkey Pro bono Services Deloitte Pro bono Services Ernst & Young Accountants LLP Pro bono Sales Force Pro bono Services KPMG NY Stock Exchange Foundation Pro bono Services Houthoif Buruma Levi Foundation Others

286,578

148,165 114,025

-

96,310 60,549 57,423

-

71,914 74,304 50,000

-

303,039 60,000 53,298 50,225 44,266 17,480 11,200 10,888

-

62,000 -

-

16,077

29,450 10,300 13,500 26,400 24,331 13,777 15,406 1,538

1,074,833

655,110

-

7,500 -

Multiple year donor commitments are as follows: 1 Mastercard Foundation â&#x20AC;&#x201D;one year contract from October2012 until March 2013, totaling EUR 190,913 of which EUR 87,406 is the first year of income in 2012 and 103,507 in 2013. EUR 183,071 is regarding a contract from 2013.

Income from government (7)

ICS [D]

2013

2012

EUR

EUR

660,000

604,757

Footnote D: The income of ICS via the co-financing system (MFS) of the Ministry of Foreign Affairs of the Netherlands in support of Dutch non-government organisationsâ&#x20AC;&#x2122; interventions in developing countries is r ~corded sep~r~t~ly ~s income from government (7).

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LLP

Multiple year donor commitment is as follows: 1 ICS three year contract from 2012â&#x20AC;&#x201D; 2015, totaling EUR 1546,675. Income for 2013 is EUR 660,000 â&#x20AC;&#x201D;

Interest income (8)

Interestsaving account ABN AMRO Bank

2013

2012

EUR

EUR

950

3,103

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Ernst & Young Accou -

Building a botter workln~ world

(

s LLP

Allocation of expenses to objectives Strategic objectives

Education and inciusion: Helping children and youth under the age of 18 gain access to high quality Economic Citizenship Education and safe and reliable banking services.

Global Platform: On international level continue to create alliances among policymakers and financial regulators to further increase financial education and access for children and youth at national levels.

1

2

3

4

EUR

EUR

EUR

EUR

110,134

-

-

-

251,795

-

Regional and National Platforms: Building and maintaining national and regional collaborations and networks

44,227

Innovations: Developing and checking the feasibility of innovations which can support the goals of the Movement and which are based on the Movement needs

-

-

152,566

56,295 10,019

135,612 24,289

40,415 7,315

-

-

Wages Social securities and taxes Depreciation and interest expenses Other costs

151,080 26,832

Subtotal

288,046

318,109

204,128

200,296

22,408

41 6,562

10,000

10,000

31 0,454

734,671

214,128

21 0,296

Pro bono services [E]

Total expenses

Donor allocations have been made in accordance to the specifications of the donors in the contracts. Allocations of costs to objectives have been made based on actual costs and salary costs spent on meeting the said objective.

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Expenses for Fundraising

Operational and administrative [F1

EUR

EUR

Budget 2013

Budget 2014

EUR

EUR

EUR

110,134

114,187

84,231

251,795

162,912

152,085

44,227

54,987

139,552

-

152,566

84,412

141,235

-

79,681 10,420 8,922 102,419

476,847 81,140 8,922 102,419

521,702 92,065 7,000 83,973

329,009 58,060 7,000 36,966

16,029

201,442

1,228,050

1,121,238

948,138

10,000

88,926

557,896

-

593,235

26,029

290,368

1,785,946

1,121,238

1,541,373

13,764 2,265 -

Total 2013

Footnote E: Pro bono goods and services for 2013 are valued at EUR 557,896 and have been added to the expenses totals for 2013.

Footnote F: The operational and administrative cost reached 16.26% of the total expenditure in the financial year 2013. This includes direct and indirect costs as well as pro-bono contribu~on rela~ng to work at Secretarial level in support of the strategic objectives and work supporting activities directly related to the strategic objectives.

The EUR 201,442 in overhead cost allocated to administrative and operational cost representi 6.40% of totaL cost less pro-bono contribu~ons, respectively.

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ants LLP

Signatories to the financial statements Amsterdam May 21, 2014 Managing director: J. Billimoria

[~~entZZtio~

20

Other information Proposed result appropriation In accordance with article 19 of the articles of association, the annual proceeds from the reserve and funds as well as the gains whatsoever named and received in any year, not destined to be regarded as reserve and funds, can be used for the realisation of the objectives of the company.

The managing director proposes to appropriate the balance of income and expenses as follows: Deduction: EUR 46,094 Citi Foundation and EUR 25,833 Mastercard Foundation from destination fund.

Addition: EUR 21,765 to continuity reserve. â&#x20AC;&#x201D; â&#x20AC;&#x201D;

For a detailed explanation of the result appropriation, reference is made to page 5.

Awaiting a decision from the Board, the balance sheet is prepared before appropriation of the balance of income and expenses.

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Building a better working world

Ernst & Voung Accountants LLP Cross Towers, Antonio Vivaldistraat 150 1083 HP Amsterdam Postbus 7883 1008 AB Amsterdam

Tel: +31 88 407 1000 Fax: ÷31 88 407 10 05 ey.com

Independent auditor’s report To: Stichting Child and Youth Finance International

We have audited the accompanying financial statements 2013 of Stichting Child and Youth Finance International, Amsterdam, which comprise the balance sheet as at December 2013, the statement of revenue and expenditure for the year then ended and the notes, comprising a summary of the accounting policies and other explanatory information.

Management’s responsibility Management is responsible for the preparation and fair presentation of these financial statements and for the preparation of the managing director’s report, both in accordance with Dutch Guideline for external reporting RJ 650 “Fondsenwervende instellingen” (Fund Raising Organizations). Furthermore management is responsible for such internal control as it determines is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

A uditor’s responsibility Our responsibility is to express an opifllofl on these financial statements based on our audit. We conducted our audit in accordance with Dutch law, inciuding the Dutch Standards on Auditing. This requires that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disciosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Ernst & Voung Accountants LLP is a limited liability partnership incorporated under the laws of England and Wales and registered with Companies House under number 0C335594. The term partner in relation to Ernst & Younq Accountants LLP is used to refer to (the representative of) a member of Ernst & Young Accountants LLP. Ernst & Young Accountants LLP has its reqistered office at 1 Lambeth Palace Road, London SEI 7EU. United Kingdom, its principal place of business at Boompjes 258.3011 XZ Rotterdam, the Netherlands and is registered witt, the Chamber of Commerce Rotterdam number 24432944. Our services are subject to general terms and conditions, which contain a limitation of liability clause.

Page 2 Building a better working world

Opinion with respect to the financial sta tements In our opinion, the financial statements give a true and fair view of the financial position of Stichting Child and Youth Finance International as at December 31, 2013 and of its result for the year then ended in accordance with Dutch Guideline for external reporting RJ 650 â&#x20AC;&#x153;Fondsenwervende instellingenâ&#x20AC;? (Fund Raising Organizations).

Amsterdam, May 21, 2014

Ernst & Young Accountants LLP

Y.M. Jansen

23

Budget 2014 (unaudited) Budget 2014 EUR Source of income Income from own organizational fundraising Income from government Interestincome

1,268,117 279,000

Total income sources

1,547,117

-

Expenses Expenses made for Strategic Objectives Objective 1:

Objective 2:

Objective 3:

Objective 4:

Education and inciusion: Helping children and youth under the age of 18 gain access to high quality Economic Citizenship education and safe and reliable banking services Global Platform: On international level continue to create alliances, among policymakers and financial regulators to further increase financial education and access for children and youth at national levels.

Regional and National Platform: Building and maintaining national and regional collaborations and networks.

Innovations: Develop and check the feasibility of innovations which can support the goals of the Movement and which are based on the Movements needs

Sub total Objectives 1, 2, 3 & 4

270,437

350,948

419,226

349,538 1,390,149

Expenses for fundraising Expenses from own organizational fundraising

Operational and administrative expenses Total expenses Result

5,744

Child and Youth Finance International PO Box 16524 1001 RA Amsterdam Netherlands + 31(0)20 5203900 www.childfinanceinternational.org