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Annual and financial report 2011

2 november 2012

Yente Foundation P.O. Box 283 3830 AK Leusden The Netherlands +31 33 - 434 10 63 info@yente.org www.yente.org www.myente.org

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1. FOREWORD ............................................................................................................................................................................................................ 4

2. SUMMARY.............................................................................................................................................................................................................. 5

1. Main results .......................................................................................................................................................................................... 5

2. Yente cooperates and makes matches ........................................................................................................................................ 5

3. ...................................................................................................................... 6

3. YENTE PROGRAMMES AND ACTIVITIES ................................................................................................................................................................... 7

1. Building and strengthening of networks ....................................................................................................................................................... 7

2. Missions and matchmaking ................................................................................................................................................................................ 7

3. MYente ...................................................................................................................................................................................................................... 8

...................................................................................................................................................................... 9

5. Progress in the country programmes .............................................................................................................................................................. 9

a. Peru ............................................................................................................................................................................................................... 9

b. Bolivia ......................................................................................................................................................................................................... 11

c. Kenya ............................................................................................................................................................................................................ 11

d. South Africa ................................................................................................................................................................................................ 12

e. Ethiopia ........................................................................................................................................................................................................ 13

6. Communication....................................................................................................................................................................................................13

7. Fundraising ............................................................................................................................................................................................................13

4. REPORT OF THE BOARD ....................................................................................................................................................................................... 15

1. Introduction ..................................................................................................................................................................................................15

2. Developments in 2011 ......................................................................................................................................................................................15

3. About Yente ..........................................................................................................................................................................................................15

4. Strategy and goals ...............................................................................................................................................................................................15

5. Aims of communication ...................................................................................................................................................................................15

6. Statement of accountability ............................................................................................................................................................................16

1. Supervision, governance and execution .......................................................................................................................................... 16

2. Optimal spending of resources ............................................................................................................................................................ 16

3. Relations with stakeholders .................................................................................................................................................................. 17

7. Organization ..........................................................................................................................................................................................................17

1. Board and profile and secondary functions of the board ............................................................................................................ 17

2. Management en staff .............................................................................................................................................................................. 17

3. Tasks and responsibility of the board and management team .................................................................................................. 18

4. Audit committee ....................................................................................................................................................................................... 18

5. Complaints procedure ............................................................................................................................................................................ 18

8. Policy .......................................................................................................................................................................................................................19

1. Volunteers ................................................................................................................................................................................................... 19

2. Fundraising ................................................................................................................................................................................................. 19

3. Policy with regards to reservations ..................................................................................................................................................... 19

4. Investment policy ..................................................................................................................................................................................... 19

5. Costs for management and administration ..................................................................................................................................... 19

6. Remunerations for the board................................................................................................................................................................ 19

7. Remuneration of the management .................................................................................................................................................... 19

9. Developments on subsidy ................................................................................................................................................................................20

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10. Budget for 2012 ................................................................................................................................................................................................20

11. Financial data 2011 ...........................................................................................................................................................................................21

1. Balance sheet ............................................................................................................................................................................................. 21

2. Results .......................................................................................................................................................................................................... 22

3. Cash flow .................................................................................................................................................................................................... 23

4. Accounting principles for valuation and determination of results ........................................................................................... 23

5. Specification of balance sheet .............................................................................................................................................................. 24

6. Explanatory notes on balance sheet................................................................................................................................................... 25

7. Explanatory notes on statement of income and expenditure ................................................................................................... 26

8. Specification expenditures ................................................................................................................................................................... 28

9. Analysis of expenditure versus budget ............................................................................................................................................. 28

10. Specification subsidy and grants...................................................................................................................................................... 29

11. Subsequent events ......................................................................................................................................................................................30

12. Audit report .........................................................................................................................................................................................................31

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1. FOREWORD

Resilience and involvement

2011 was a year of drastic changes in all areas, in which Yente yet again proved itself to be an involved and flexible organization. In spite of a crucially decreased budget, Yente was able to book surprising results.

This resilience is based on the people directly involved with Yente and on our partner organizations. They put heart and soul into improving the economic position of women in developing countries by strengthening their entrepreneurship.

In Peru, in cooperation with Yente, ADEX and Desarrollo y Gestion organized two large international seminars. More than 200 women entrepreneurs from Peru, Bolivia (in cooperation with Nuevo Norte), the Netherlands and several other countries, attended these seminars. The nation-wide Peruvian newspapers and television channels reported extensively on these events.

In Kenya, it was encouraging to see that the MYente network increased to more than 100 members thanks to the efforts of our local partner, SEED Trust. Through SEED Trust, Yente now supports seven networks for women entrepreneurs in Kenya. As a result, these women are not only working together logistically, they are also improving their products and broaching new markets. Due to this cooperation, their turnover has increased by 5 to 10% and additional job opportunities have been created.

2011 was not an easy year; the board and all those involved within and around Yente were committed to continue realizing the programmes with care and creativity. Unfortunately, this meant that our focus had to be limited to fewer countries. As a consequence, the planned activities in Ethiopia and India could only be partially realized.

The administrative demands placed on Yente in order to fulfil all subsidy requirements are so strenuous that our overhead has risen .

In 2011 Yente made a start with fundraising activities. In 2012 we will give fundraising our full attention. An important gauge concerning the success of this project is that the Central Bureau of Fundraising granted Yente a CBF certification on the 29th of March of this year.

In the coming years Yente will continue to build up its international programmes. In the spring of 2012,

Cape Town, South Africa will follow later in the year. Taking into consideration the local needs of women

entrepreneurship. At the same time they are safe and trusted meeting places where women can do networking, make business contacts and exchange knowledge.

Jacqueline Ham, Interim Chairwoman

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2. SUMMARY

1. Main results

Yente has been able to end 2011 with convincing results characteristic for our commitment and tenacity despite the fact we had to reconsider our original plans. Some of the outcomes we harvested in 2011 were a result of our activities and support in earlier years, which the following highlights show:

partners ADEX and Desarollo y Gestion in Peru organized in Lima and Arequipa seminars for women entrepreneurs. It was the first time that our partners organized such an ambitious and comprehensive event under their own power! The two seminars attracted more than 200 women entrepreneurs and were opened by the First Lady of Peru, causing a lot of media attention. The participants who even came from neighbouring countries like Bolivia, Mexico, Colombia and Ecuador valued the seminars highly positive.

The network in Kenya made a leap growth from 20 to 100 entrepreneurs. Bolivian women entrepreneur Claudia Gallardo (Caleidoscopio) and the Dutch organization The Flying

Carpenters worked together in the summer of 2011. With local support and subsidy they were able to start up a carpentry workplace, specially focussed on the training of women. together during the trade mission 2009.

The number of women entrepreneurs who are member of our online community MYente increased with almost 50% to 689 members.

In this concise list of highlights we mapped our activities mainly on the output/outcome level. It often takes two to three years to achieve concrete impact on entrepreneurial level, that is to say: the closing of business deals and consequently the circumstances to employ more people, to develop growth and experience increase of income. Read more about

results in chapter 3 of this Annual Report.

More than 200 participants in Peru Networking in Nairobi Carpentry workplace in La Paz

2. Yente cooperates and makes matches

Yente cooperates with many other organizations for the benefit of its target groups, by matching entrepreneurs to these organizations. Some examples of successful cooperation:

ICCO regional office Latin America participated in the seminars in Peru and decided to further invest in the Yente programmes.

Experts from SharePeople (which is, like Yente, partner in the ICCO Alliance) assisted two Yente entrepreneurs with the development of their businesses.

The Netherlands Embassy in Peru yielded an active contribution to the seminars in Peru.

programme. Yente promoted the business challenges of the Business in Development network, and participated in the final

event. Products of Yente entrepreneurs are sold at the Hubshop Rotterdam and Fates in Leiden and Amsterdam. The cooperation between Yente and SANEC as a logistical partner was continued.

Cooperation with SharePeople Products in Hubshop Dreamcatcher entrepreneurs

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3.

Yente works towards empowering women entrepreneurs as agents of change and drivers of economic prosperity for their communities and countries. This was made visible during the following events and activities:

March Yente case study in Results Report of the Ministry of Foreign Affairs 19 May presentation at the South African embassy end May networking workshop in Nairobi for 25 women entrepreneurs 22 June presentation and lottery at Bites & Business network, resulting in 16 new friends end July three-day workshop in Nairobi for more than 30 Kenyan women entrepreneurs November press article in Vice Versa, Dutch national journal on development cooperation 24-28 October two seminars for women entrepreneurs in Peru and neighbouring countries Launching of Spanish and English edition of booklet Creating Networks to Connect

Women Entrepreneurs November presentation at Tilburg-Matagalpa seminar November press article on Myworld website

22 December presentation at the Private Sector Development Platform December press article about Yente in Lof magazine

3-day workshop in Nairobi Seminar training in Lima Promoting Yente at Bites & Business

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3. YENTE PROGRAMMES AND ACTIVITIES

In 2011 Yente implemented the following three programmes:

1. Building and strengthening networks of women entrepreneurs 2. Missions and matchmaking 3. Digital community MYente

The first two programmes are implemented in our partner countries Peru, Bolivia, Kenya and South Africa. MYente is available for all women entrepreneurs worldwide. Because of our country programmes MYente is most actively promoted in the four mentioned countries. A start was made with the development of a fourth programme, the establishment of Women Business Centers.

In short the progress per programme is explained below, followed by a more detailed description of the programmes per country.

The agreements with the partner organizations were funded from the MFS Young and Innovative programme, and the other costs involved were financed by the MFS II programme and voluntary contributions from the Yente professionals.

1. Building and strengthening of networks

Yente supports four partner organizations that empower women entrepreneurs. These are ADEX and Desarollo y Gestion in Peru, Nuevo Norte in Bolivia and SEED Trust in Kenya. In addition to the work for their own network of women entrepreneurs, Desarollo y Gestion and SEED Trust put a lot of effort in establishing new networks as well as in strengthening and professionalizing existing networks. In total 4 networks of women entrepreneurs were facilitated with their professionalization.

Furthermore, Yente added 2 more publications to its toolkit for women entrepreneurs:

Handbook for individual visitors to the Netherlands Creating networks to connect women entrepreneurs

These publications are step-by-step guides that facilitate organizations and entrepreneurs to create networks and to prepare their business visits to the Netherlands. They are available online through the website of Yente, and can be professionally printed and distributed by our partners. Of course individual entrepreneurs and others can also download these documents.

Planned Realized

Continue working with the 4 existing partners and start working with 2 new partners in South Africa.

Continued working with 4 existing partners, 2 partners in South Africa identified.

Desk researches for Ethiopia and India. Desk research Ethiopia was done. It was decided not to research India as expanding to India is low on the priority list, regarding our increased focus on regional cooperation.

Develop guidelines for project proposals. Realized.

Develop reporting guidelines. Realized.

Add a publication about building and strengthening networks to our toolkit.

Realized.

2. Missions and matchmaking

This year Yente developed a different approach towards its annual trade mission. Until 2010 Yente organized the missions and recruited participants for each mission. In ations realized two seminars in Peru on their own power, which is a result in itself. As a consequence the mutual focus was more on the networking and matchmaking on a local and regional level, instead of putting effort in the participation of Dutch entrepreneurs. Still, two Dutch entrepreneurs participated in the mission, as well as our partner from Kenya who took advantage of the experience to learn from her Peruvian peers and to strengthen South-South relationships. As can be read later in this

rogress ed in Peru were a huge success with convincing results.

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Planned Realized

Seminars in Lima and Arequipa organized by partners.

Realized.

Inventory whether we can participate in missions organized by other organizations.

We did not have the opportunity to add extra missions.

Inventory of fairs and events that are interesting for

2012.

Fairs and events are listed. Participation is costly, so it depends on budget whether our target group will participate in 2012. Moreover in 2012 Yente organizes its own event on the occasion of the 10th year anniversary.

Handbook for individual business visits to the Netherlands.

Realized.

Increase the number of Yente followers by presentations at at least 2 events.

Presentations at Bites & Business women network, private sector development platform, stedenband Tilburg-Matagalpa, and NVR board meeting.

3. MYente

At the end of 2010 466 women entrepreneurs were registered at MYente. This number grew to 689 women entrepreneurs at the end 2011, an increase of 47,9%.

In 2011 an important MYente update was realized, tackling obstacles that were indicated by our target group:

Easier registration process. Removing the ballot system. There appeared to be hardly any misuse of MYente, as it is not a one step

registration process. New homepage explaining the benefits of MYente. Longer time-out because of lower internet speed in several Southern countries.

We were not able to realize an improved user system and new functions.

Number of MYente members

Country Registered in 2011 End 2010 Total Increase %

Bolivia 24 34 58 70,6

Ethiopia 3 3 0,0

Kenya 39 42 81 92,9

Peru 48 111 159 43,2

South Africa 8 109 117 7,3

Netherlands 33 140 173 23,6

Otheri (27 countries) 71 27 98 263,0

Total 223 466 689 47,9

Number of MYente networks

Country Number of networks in MYente

Kenya 3

South Africa 5

Peru 4

Bolivia 1

Other countries 20

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The total number of employees represented by MYente women entrepreneurs in Bolivia, Peru, Kenya and South Africa is 11,808 and the total number of suppliers is 26,435. These figures mostly represent the numbers upon first registration, since only a few MYente members update their figures yearly.

Social media In 2011 activities were increased to promote MYente via social media such as Facebook, Twitter and LinkedIn.

Planned Realized

Use social media to increase attention for MYente. Twitter and Facebook followers doubled.

Integrate social media in MYente. Realized.

Better explanation at MYente on the several features and its advantages.

Realized.

Maintenance plan for MYente Postponed until 2012.

4. Yente business centers

nt countries and different context made clear that activities to promote women entrepreneurship need to be context specific. Yente as well as its partners felt the need to connect the programme activities they jointly implement to a physical location, and the idea of women business centers was born.

In 2011 the foundations for women business centers in Kenya, Peru and South Africa were developed in consultation with the partners. In the meantime Yente and its partners are ready for actual establishment in 2012, starting with the center in Kenya in the first half of 2012.

Business Centers will fill in local needs for women entrepreneurs by offering them facilities for matchmaking, business training and coaching. Each center will act as a meeting place for networks and their boards, as a spot for the exchange of knowledge and experience and for sparring with other women. The centers can also include an internet point, facilitating the use of computers and offering internet training.

5. Progress in the country programmes

a. Peru

For Yente 2011 was the year where Peru was highlighted as it was the first time that our partners instead of Yente organized the annual outgoing mission. Their decision to organize two seminars in Lima and Arequipa in October 2011 dates from November 2010. mission to South Africa and got convinced that they could set up an event for women entrepreneurs themselves.

The two seminars attracted 185 participants 114 in Lima and 71 in Arequipa and were a great success. 30% of the participating women entrepreneurs are active in textile, 16% in agro-industry, 12% in jewellery and handicrafts and 12% in clothing services. Most of them run producing companies (56%) followed by service providers (19%) and sales companies (18%).

The majority (60%) of the Peruvian women entrepreneurs who took part in the seminars employs up to 9 employees, while the average is 16 employees. 75% of the employees are female. 50% have up to 9 suppliers, while the average is 26 suppliers. 62% of the suppliers is female.

Average Mostly % Female

Employees 16 Up to 9 75

Suppliers 26 Up to 9 62

producingcompanies

serviceproviders

textiles

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61% had not been exporting over the last year, 35% had taken the first steps to exportation and 4% turned out to be actively exporting. In terms of international business, the majority was interested in exporting (60%), 20% in importing and 12% in investments.

The participants evaluated the seminars positively:

The organization of the events was rated with an average of 8 (out of 10). The exchange of knowledge of ideas was rated with 8.3, investigating markets and promotion with

6.8, national networking with 6.8, international networking with 6.6. The average of useful contacts obtained was 5.25, considerably higher than the assumed number of 3. 74% expected to conclude a commercial transaction the coming year. 50% expected to start business cooperation in the coming year.

Next to the seminars the partners in Peru also implemented other activities for women entrepreneurs.

Lima Besides the organization of the seminar our Peruvian partner ADEX planned the following results:

1. 200 women entrepreneurs in Peru will make steps in the development of their entrepreneurship. 2. 15 networks of women entrepreneurs will improve services to their members. 3. The number of users of MYente will increased with at least 150 entrepreneurs and 10 network

organizations. 4. A manual on import/export will be developed. 5. Yente and ADEX will be known in Peru for its support to women entrepreneurship.

The organizing of a seminar appeared to be more time consuming than expected, with as a consequence that not all results were achieved as planned. The numbers as planned in the first three results were lower. The last two results were fully achieved. The presence of the First Lady of Peru at the seminar generated a lot of media attention.

ADEX achieved the following results:

ADEX made a Spanish manual about registration at MYente and gave several presentations, resulting in 30 new MYente members.

ADEX created a manual for exporting and importing (in Spanish and English), which was launched at the seminar.

ADEX presented 4 women entrepreneurs to SharePeople, 1 actually received support. s assistance, 2 women entrepreneurs participated in the 10.000 women programme

of Goldman Sachs. ADEX also took care of matches between women entrepreneurs, within Peru, and with Dutch

entrepreneurs.

Arequipa

2011 was not an easy year for our programme in Arequipa. Due to budget cuts from donors our partner organization CID-Arequipa had to let go of some programmes and employees, among which contact person and her manager, as well as the programme targeting women entrepreneurs. Fortunately our contact person and her manager could continue the Yente activities within another NGO, called Desarolly y Gestion.

The other challenge was that some personal conflicts among network members threatened the progress of the network of women entrepreneurs that was successfully established in 2010. The solution was found in halving the network and by continuing with those 15 entrepreneurs who really felt committed to the network.

The following results were planned in the agreement between Desarollo y Gestion and Yente:

1. Further professionalization of the network in Arequipa, with at least 20 members participating in training and rotating fund activities.

2. 60 women entrepreneurs and 3 network organizations in Peru, Bolivia and Chile have made steps in the development of their entrepreneurship.

3. Yente, Desarrollo y Gestion and the Network of Women Entrepreneurs of Arequipa are known in Peru for their support to women entrepreneurship.

no exportuntil now

first steps inexporting

interest inexporting

interest inimporting

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Desarollo y Gestion achieved the following results:

10 women entrepreneurs were trained in writing proposals for local subsidies, of which 2 actually submitted a proposal.

20 women entrepreneurs received a scholarship to follow 5-month business management training. 15 women entrepreneurs participate in the rotating fund. 18 women entrepreneurs were trained in networking and cooperation, resulting in 4 women

entrepreneurs uniting in a textile network. Exhibition of products of 25 women entrepreneurs, which was visited by the ambassador of the

Netherlands. 7 women entrepreneurs took English lessons. 6 women entrepreneurs were trained in talent management. 10 trainings were provided on trade, export, credit, marketing, management, fashion, etc.

b. Bolivia

2012 was a year of changes for Nuevo Norte. Both the director and the chairman left the organization and were replaced by others, resulting in changes in management and systems. Moreover, our contact person could not work for months because of illness. Recently we also heard that because of budget cuts our contact person will have to leave Nuevo Norte per 1 February 2012.

The following results were planned in the agreement between Nuevo Norte and Yente:

1. 500 Bolivian entrepreneurs will have registered at MYente. 2. Nuevo Norte and Yente are known in Bolivia for its support to women entrepreneurship, through 10

newspaper articles. 3. A training programme for carpenters will be started, benefitting 15 trainees. 4. Selection of entrepreneurs and organization of the travel to the seminars in Peru.

Results Nuevo Norte achieved the following in 2011:

A carpenter school was established in cooperation with a woman entrepreneur and the Dutch organization The Flying Carpenters. 10 students followed the first training.

In cooperation with two other organizations Nuevo Norte selected 18 entrepreneurs to participate in the seminar in Peru and organized the travel. As a result of the participation 5 textile entrepreneurs formed a network and will launch a joint collection in April 2012.

3 articles were published in newspapers about women entrepreneurs, Yente and Nuevo Norte. 20 women registered at MYente. The Bolivian entrepreneurs in the network of Nuevo Norte are quite active

already on social media, particularly on Facebook. They did not see the added value of registering on MYente. Nuevo Norte decided to no longer focus on quantity of Bolivian members, but to assist those that will make active use of the platform.

Challenges Nuevo Norte sees the following challenges:

Until now registration at MYente was a main focus. In the future however Nuevo Norte will focus on quality, as MYente registration only makes sense if you use it actively.

The former director had a good network with the media. Such a network needs to be built up again. Strengthening the relationship with women entrepreneurs in other regions of Bolivia.

c. Kenya

The following results were planned in the agreement between Yente and SEED Trust:

1. 3 self-help groups with about 10 members each have turned into one or more networks with good governance and accountability, strategic plans, management systems, constitutions and good relations with service providers.

2. 30 women entrepreneurs have computer skills and have registered on MYente. 3. 15 women entrepreneurs have sparring partner relations. 4. The capacity of SEED Trust is strengthened and there is a monitoring system in place.

The achieved results exceeded the planned results. SEED Trust worked with three networks of women entrepreneurs, in total reaching at least 100 women entrepreneurs. More than 60 women registered at MYente. One of the networks now has systems and procedures in place, while the other two made good progress in that direction.

Results at the entrepreneurial level The programme had a much broader impact than the increased turnovers and incomes of the 100 women entrepreneurs that were reached, as also their 300 suppliers, 400 employees and 600 family members benefited. Moreover, also the

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family members of the suppliers and employees benefit from the progress made by the each entrepreneur. In total 6,400 persons benefited. 26 of the women were closely followed and monitored. These women entrepreneurs made the following progress:

The women employed 2 tot 12 persons, and their workforce increased on average with 1 person. The range of number of suppliers got wider, from 1 to 30. On average the entrepreneurs have 5

suppliers. This number increased on average with 1.5. The turnover of the entrepreneurs ranges 2,000 to 39,000. Their turnover increased with 5 to

10%.

Thanks to the Yente programme the women entrepreneurs learned how important it is to have a reliable network around them. Also, they discovered how much information is available on the internet and how they can use the internet to share information and promote their business and products.

s to Yente doing business has become easier. I use the internet to send samples to potential customers, and I do a lot of communication through email and Skype, which is much cheaper than making calls. I learnt to network, and together with other women entrepreneurs we have set up a fund to which we monthly

Results at the network level SEED Trust facilitated three groups in their transition from self-help groups to women entrepreneur networks. One is based in Nairobi, one in the west, and one in the east of Kenya. They received trainings in topics such as business management, group dynamics, product based training sessions, export marketing, networking, ICT, registering a network and lobby and advocacy.

Eunice Onyango, Yente key person in Kenya, organized several training sessions at the SEED Trust office in Nairobi

This resulted in the following:

The Nairobi network developed a constitution. Women are able and willing to represent each other

meetings. Group savings increased with about 20%.

Challenges Women entrepreneurs usually meet challenges as difficult access to credit, information, skills, markets and technology. In Kenya they face some more specific challenges such as:

High cost of living, in particular for , which affect many businesses. High cost of high-qualified employees. Negative attitude towards ethnic/traditional handicrafts by local people.

Furthermore, SEED Trust faced some challenges when implementing the programme:

The differences between members with regards to education, economic level, business performance and urban/rural creates barriers make it hard to network.

Members often expect immediate business results and feel disappointed if this goes slower than expected.

Access to computers is a challenge for those who have to rely on cyber cafes, as these are not considered as a good place to do business.

Members contributions are introduced but are not sufficient, so other forms of income generation or resource mobilization need to be found.

It is difficult to monitor what kind of exchanges takes place between entrepreneurs in the network.

d. South Africa

Yente planned to facilitate a seminar in South Africa, bringing women entrepreneurs and initiatives and organizations for (women) entrepreneurs together. However, due to changes in management and personnel our partner SANEC did not manage to organize the seminar. If budget permits the seminar will take place in 2012. We will continue our cooperation with SANEC.

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Conversations were started with another organization in South Africa with the aim to start a partnership in 2012.

e. Ethiopia

In 2010 Yente worked on a project basis with the Ethiopian women entrepreneur organization CAWEE. Originally it was planned to develop this into a partnership in 2011, but due to severe budget cuts we had to abandon this intention. We used the year and our diminished budget to hire a professional to do a research into the context of Ethiopian women entrepreneurs, their networks, and the possibilities for Yente.

The conclusion was that there is definitely a need for Yente in Ethiopia and some potential partner organizations were defined by the research.

Case study Claudia Oporto - Bolivia

Claudia Oporto Calderon is a young women entrepreneur from Bolivia, with her own company Preambolivia. She designs bags and other accessories, combining leather and textile materials. Her dream was to make sure that traditional handwork that is passed on through ages, translated into high quality fine fabrics with specific techniques and colours, will not get lost by integrating it in contemporary design accessories, and making it attractive to the customers of today.

In November 2009 Claudia joined the trade mission from Peru and Bolivia to the Netherlands. She learned and experienced a lot during that mission and sine then her business expanded substantially in 2010 and 2011. Thanks to the

shop of the Wereldmuseum in Rotterdam . When the exhibition ended Yente brought her products to the Hubshop, so that sales could continue. Later Yente matched her to a Dutch designer of leather bags, for whom she made 100 portfolios. She also started working with a Peruvian producer of textile products and is exporting her bags to a Japanese enterprise, that participated in the mission of 2010.

What inspired Claudia during the mission was the notice that she had underestimated the potential of her own national Bolivian market. She started intensifying her efforts in Bolivia and now sells her products at a 5 star hotel, a specialty handicraft shop and a duty free airport shop. In November 2010 she even opened her own shop in the tourist centre of La Paz. She also uses the visitors of her own shop as a source of information regarding the market taste in export markets.

Quite a number of people benefited from the growth of Preambolivia. New suppliers are three micro enterprises for the leather production, 1 workshop with 1 woman and 6 men, and 1 rural association of 20 men and women producing native fabrics.

Yente promoted the Women Business Challenge from BiD network at MYente. Claudia Oporto participated and was preselected for a presentation. She is still in contact with 6 women entrepreneurs from the mission. One of the Peruvians assisted her in exploring the market in Peru.

Results on outcome indicators ICCO Alliance MFS II FED-OA-3: Yente supports 4 networks of women led entrepreneurs. FED-OP-4: 0 women led enterprises connected to Dutch/international businesses. FED-OC-9: 100 (ca. 75% women) employees have improved income. FED-OA-16: Yente supports 4 networks of women led entrepreneurs. FED-OP-17: 150 active network members. FED-OC-30: 150 women entrepreneurs improved business skills and outreach.

6. Communication

The major part of the activities with regards to communication is done with the purpose of strengthening the programs, the exchange of information and knowledge, and to inform the MYente members about opportunities via MYente, Facebook, Linkedin and Twitter. Part of the communication is for informing the stakeholders of MYente and for fundraising purposes. This year we realized 4 newsletters and a regular posting via Twitterfeeds and postings on Facebook.

7. Fundraising

voluntary contributions of professionals

Yente felt the need to diversify its income, and to attract other sources such as the corporate sector, individuals (through social media) and foundations. This was financed by own income of Yente and voluntary contributions of Yente professionals.

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In 2011 the following results were achieved:

It is made was able to create a low cost webshop (www.yente-webshop.org).

Lof magazine (for working mums with ambition) as socially driven woman , creating the chance for Yente to receive a year Lof readers.

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4. REPORT OF THE BOARD

1. Introduction

This annual report was drawn up in accordance with Guideline 650, the Annual Reporting Guideline for Fundraising Institutions of the Netherlands. The board gives discharge to the management.

2. Developments in 2011

Early 2011 the Yente five year strategic plan was finalized, whereby Yente will focus on the strengthening of network organizations, missions and matchmaking and on the MYente online community.

2011 was not an easy year because Yente did not get an approval of the Ministry of Foreign Affairs for part of the financial statement on the MFS Jong & Vernieuwend for the period 2009-2011 (see paragraph 9).

The MFSII funding from 2011 meant a considerable reduction in comparison with the funding from MFS Jong & Vernieuwend. Next to that Yente experienced the indirect consequences of the general budget cuts in development cooperation locally. In the first half of 2011 a major donor of our partner in Arequipa decided to stop funding. As a consequence our contact person and her manager were fired. In Peru the solution was found in transferring our programme, our contact person and her manager to another NGO. We are now working on finding new partner organizations for Bolivia.

Since we need to augment our budget with alternative funding, we started this year with fundraising activities and will expand on that in 2012.

3. About Yente

is to inspire greater economic independence for women in less advantaged areas worldwide. We work towards empowering women entrepreneurs as agents of change and drivers of economic prosperity for their communities and countries.

is to join forces with and encourage synergy between local and international parties who support our mission and core values in the interest of expanding female entrepreneurship in all regions. We will be recognized internationally for our standard-setting matchmaking programmes and (online) networks for the exchange of knowledge and business opportunities between women entrepreneurs. Yente will be a multiplier of know-how and skills in regions where women have limited access to business education and entrepreneurship. We will facilitate the establishment of networks of women entrepreneurs that provide valuable services to all members seeking to expand their businesses. Our networks will bring hope, inspiration and encouragement to women and will also function as a steppingstone to Ye Each network will also function as a stepping

4. Strategy and goals

Yente are directed towards (small) established women entrepreneurs, enabling them to make steps in their entrepreneurship and to help their enterprises grow. We stimulate them to exchange information and knowhow by means of networking, to work together on capacity building, and help them to find ways for matchmaking with local, national and international entrepreneurs. The aim of Yente is that the growth of their enterprises contributes to their social environment and reduces poverty as growth involves work and income for more employees and more suppliers.

5. Aims of communication

Yente maintains the following aims in regard to communication to Contribute towards promoting women entrepreneurs and their activities in Yente's partner countries. Contribute towards promoting the exchange of information among women entrepreneurs in Yente's partner

countries. Contribute towards promoting networks of women entrepreneurs in Yente's partner countries. Provide information about the activities of Yente, MYente and their results. Create support for Yente's activities and increase Yente's renown. Engage Dutch and international funding and involve the business world in Yente's activities.

Acquire resources to support the foundation and its activities.

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6. Statement of accountability

The Yente Foundation endorses the three general principles of the Code of Good Governance in the Regulations of DBF Selection:

1. Supervision, governance and execution 2. Optimal expenditure of resources 3. Relations with stakeholders

How Yente has given shape to these general principles internally is shown below.

1. Supervision, governance and execution

Yente has divided the bodies for supervision, governance and execution as follows. Yente endorses the importance of the separation of supervision, governance and execution. The board gives the direction to the organization and has the end responsibility in terms of vision, policy and strategy. The board takes responsibility for the acquirement of sufficient and adequate resources, the allocation and the spending of it and sees to the overall functioning of the organization. The board meets about six times a year, usually together with the management team. Every five years a new strategic plan is drafted. The current strategic plan is for the period 2011-2015. In practice the vision and policies are discussed with the management team. Every year an annual plan and budget is drafted and approved by the board. The board will decide about changes in budget and new activities that are presented in a Terms of Reference. Since September 2011 Yente has an audit committee. It consists of the chairwoman, the treasurer and an external member. The general manager is also a member of the committee without a voting right. The main task of the audit committee is to analyse the results of the organization and to give advices to the board. All tasks of the audit committee are comprised in the organization and quality handbook of Yente. The board was advised by the audit committee that the annual report and the financial report can be approved and that the management team can be given decharge. The audit committee noticed the sharp rise in percentage for management and administration, due to the strict regulations from the audit protocol for the MFSII funding and advised the board to take actions in order to prevent that the organization becomes too bureaucratic. Furthermore the audit committee advised the board to find ways to reduce the costs for management and administration. The management team of Yente takes care of the execution of the projects and activities. The members of the management teamwork part-time for Yente and by combining their forces, they are able to fulfil the many tasks that come from the dynamic environment they are working in. The management team meets on a regular basis, however, this depends on the actual situation with regards to the progress of the activities. The management team together with the other Yente professionals are paid by the hour. Next to that they work a considerable amount of time as an in kind contribution. They take care to carefully plan their activities and combine meetings in order to work as efficient as possible. The management team works along the plans that are laid out in the annual plan. For larger activities that are not detailed in the year plan they draft a Terms of Reference and present this to the board for approval. The management team and the Yente professionals are into close contact with the partners in the partner countries and exchange information on a regular basis, so that the activities reflect the local needs. Travel costs in the Netherlands, telephone costs, office costs are on the own account of the professionals and are not covered by Yente. Travel time is not paid by Yente and can be seen as an in kind contribution to Yente, making all paid hours effective.

2. Optimal spending of resources

Every five years board decides on a new strategic plan. Subsequently the board derives from this strategic plan an annual year plan with an accompanying budget. For amounts that are part of the annual year plan which do not exceed 10.000 the general manager has the responsibility to decide. For higher amounts a Terms of Reference proposal will be made for approval by the board. In this way it is guarded that the spending will stay in line with the budget. Every Terms of Reference proposal has to start with an evaluation referring to earlier activities so that the lessons learned from previous activities are seriously taken into account. The management team executes its tasks according to the allocated budgets. At least four times a year the board will receive a report on the financial and programmatic progress. The rate for management and administration has increased substantially. This is caused by the large budget cut in 2011, combined with high demands on the administration with regards to the MFS-II subsidy and a necessary additional audit for this. In 2011 this rate is 13,1%. The administration is now reorganized as such that the output is as efficient as possible. The hour registration of the professionals is complicated, since Yente has to report on country, programme, on project, cost category, ledger account and on source of financing. In order to reduce time an Excel format is used with pivot tables that is used by the professionals for time registration. An increasing number of activities are done abroad, as for example the organization of the Peruvian seminars that was almost completely realized by the South American partners. This is also important as it expresses the emerging power of capacity of our partners in this respect. In principle Yente no

17

longer prints its booklets for the programmes but only produces them as PDF documents. And, in order to reduce costs, it was decided to write this annual report only in English and make no translations in other languages. The board follows the spending of the budget carefully. At least four times a year the budget and spending is on the agenda. For what the spending by partner organizations is concerned, they are required to give a half year report on the progress with regards to spending and activities.

3. Relations with stakeholders

Yente appreciates creating and maintaining good relations with all stakeholders. It is important to raise the awareness on the importance of equal access for women entrepreneurs and Yente uses its means of communication to inform the stakeholders about this importance. Next to that the means of communication are used to inform the women entrepreneurs and their networks about all kinds of entrepreneurial information that can serve them to take new steps into their entrepreneurship. The following stakeholders are important for Yente: The target groups for whom the Yente Foundation carries out its activities:

Women entrepreneurs in less advantageous areas worldwide who could be inspired towards greater economic independence.

The networking organizations of these women entrepreneurs.

The target groups with whom the Yente Foundation carries out its activities: Dutch entrepreneurs MYente members Donors (Friends of Yente) Yente sponsors Yente partners Yente professionals The general public

Providing of information At the moment Yente sends out about four newsletters per year. These newsletters are always composed as such that they can appeal to all stakeholders of Yente. All messages that are relevant for our partner countries are translated into English and Spanish . The MYente online community has a weekly update that is generated automatically from the input of all MYente members. The privacy of the stakeholders of Yente is important, Yente provides a privacy statement on its websites. The annual report of Yente is published and can be downloaded via the yente.org website.

7. Organization

1. Board and profile and secondary functions of the board

Antje Melissen, chairwoman until 1st September, thus finishing a period of three years. Jacqueline Ham, chairwoman a.i. starting from 1st September is retired. She has a wealth of experience as

entrepreneur and currently she coaches starting entrepreneurs. Ms. Ham gives an essential contribution with her knowledge and experience.

Els Enschedé, secretary, is retired. She has extensive experience in the field of organizing events. She contributes this knowledge to Yente and promotes the activities of Yente within her wide network.

Carola van den Bruinhorst, treasurer until 1st September (ended prematurely because of a move to Hong Kong), tax advisor at Loyens & Loeff with a broad international fiscal and legal knowledge.

Nathalie Idsinga, treasurer starting 1st September, tax advisor at Loyens & Loeff with a broad international fiscal and legal knowledge.

Janet Poot, general board member, owner and CEO of JPCorporate International BV. She has an extensive experience in strategic questions regarding international entrepreneurship, and development cooperation. She has a South African background.

Ria Däpp, general board member until 12 February 2012, owner and CEO of Music Products. She has ample experience in international business and offers many practical advices to Yente.

2. Management en staff

Yente is an organization that functions without staff on a payroll. All professionals including the management are hired. Every Yente professional promotes the values of Yente in work and dedicates an extra contribution to Yente in the form

18

of free time and has to pay by herself for travel expenses (in the Netherlands), telephone costs, representation costs, travel time and her own office costs etc. By combining the resources of a part-time director Yente is able to create a balanced management team with the following persons:

Ina Oostrom, general manager. Next to her work for Yente she is owner of Oostrom Organisatie Advies. She has a master degree in Business Administration and brings and her experience from living in East Africa during six years.

Karen Kammeraat, programme director Next to her work for Yente she is the owner of NYota, a consultancy bureau in the field of development cooperation. She is founder and board member of the Foundation EerlijkWinkelen, board member of the Foundation Source Connection. She has a degree in industrial design and a master in advance development studies. She brings in expertise from East Africa and expertise in working in development projects.

Antje Melissen, director corporate relations starting from 1st September 2011, is CEO of The Art of Doing Business bv, and co-owner of Melissen & de Jong vof. Secundary functions: Member of the Advisory Board of Dreamcatcher Nederland Foundation, board member of Niza/ActionAid, board member (secretary) of Foundation 4Days for Europe, board member of NiCH (Nederlands-Italiaans Centrum voor Handelsbevordering). Ms. has a broad experience in the field of matchmaking and international business.

They are assisted by professionals such as matchmakers, country experts, experts on communication, international business, events, social media, ICT etc.,

3. Tasks and responsibility of the board and management team

In 2011 there were five board meetings together with the management team.

Early 2011 there was an evaluation of the managers of Yente, as was already reported in the annual report over 2010.

In 2011 the five year strategic plan was finalized an approved. Preparations were made for Yente to be able to function as a fundraising organization. For instance the administration was set up in accordance with Guideline 650. The management team worked according to the approved annual plan and a number of separate Terms of References (TORs).

All financial and other reports are prepared by the management team, if necessary assisted by other Yente professionals. Of course the management team gives verbal accounts during the board meetings.

The board monitors whether Board members are appointed according to a basic profile in combination with what is needed at that moment by the organization. Their appointment is for three years and their term can be extended for another three years. Starting 5th September 2011 a monitoring function was created within Yente in the form of an audit committee.

4. Audit committee

Since September 2011 Yente has formed an audit committee that will meet at least once a year in order to evaluate the realization of the objectives in relation to the goals of Yente.

The audit committee consists of the following persons:

Jacqueline Ham chairwoman Nathalie Idsinga treasurer Frank Spruijt external member Ina Oostrom general manager as informative member with no vote The audit committee had a meeting on 7th March 2012.

The board advised the board of Yente to approve the annual report and the MFS report over 2011 The audit committee advised the board to investigate the possibilities to reduce the percentage of

management and administration that increased significant because of the high demands with regards to the MFS accountability

The audit committee advised to give decharge to the management The audit committee advised to keep a strong focus on a limited number of countries

5. Complaints procedure

Since 2009 Yente has introduced a complaints procedure. It is published on the website in four languages (Dutch, English, Spanish and French). In 2011 no complaints were received.

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8. Policy

1. Volunteers

In 2011 a volunteer policy was formulated. Basically Yente has three types of volunteers: - Volunteers for the recruitment of new Friends of Yente - Volunteers for providing information about Yente - Volunteers that give support when organizing an event

Volunteers assisted in the recruitment of Friends of Yente and one volunteer (student) assisted in working out statistical data for Yente.

2. Fundraising

In 2011 Yente made a careful start with fundraising activities. The larger part of the efforts was brought in on a voluntary basis and, in some occasions, as a contribution by the Yente professionals. The hours spent on fundraising were registered separately from the hours professionals declared for other activities and are visible in kind contributions. Communication is a vital part of the Yente programmes and does only in part relate to fundraising costs. The costs of communication that were added to fundraising were calculated as follows. In a total of 105 news items, there were 4 items related to fundraising, making a percentage of 10,4%. We expect that this percentage will be higher next year as the activities in this field will increase and at the same time we intend to produce news items in English and Spanish related to fundraising. In 2011 there were no separate activities aimed at generating funds. The limited activities were solely aimed at recruitment in relation to the activities in Peru.

3. Policy with regards to reservations

In 2010 Yente decided to to maintain sufficient liquidity and to cover not foreseeable expenses and calamities. Furthermore it was decided to make a reservation for the maintenance or, if necessary, This intention was not realized due to the severe budget cut and a large depreciation of the project reserve. The continuity reserve is now below the policy of maintaining an equivalent amount of the costs of one year for management & administration. The board in 2012 will strive towards increasing the continuity reserve by adding the received amounts of interest that is not part of the MFSII funding and amounts received via the sponsor programme.

4. Investment policy

Yente does not partake in any investments. Cash equivalents that are not needed immediately are put into a savings account.

5. Costs for management and administration

Before the beginning of 2011 it we already realized that we would not be able to maintain the rate for management and administration at around 9%. Consequently we wanted to strive for 11%. However the demands on administration and audit control are very high in regards to MFSII. Next to that, extra time was needed to convert the administrative system from guideline 640 to guideline 650. For 2011 the rate for M & A is 13,1% (including is this ration the costs for depreciation of the project reserves). In the coming years Yente will strive to bring this rate down. The administration at the moment is organized to a maximum of efficiency. Efforts will be made to find ways to reduce the costs for M&A in 2012. The work that Yente needs to do in an administrative way for all the requirements from MFSII are very high in comparison the annual amount received. Together with ICCO Yente will look into a way to resolve this problem.

6. Remunerations for the board

In 2011 the board freely distanced itself from any remuneration.

7. Remuneration of the management

Yente is an organization without staff on a payroll highly qualified professionals with entrepreneurial expertise. Professionals, including the management, are hired. In order to have a transparent and acceptable structure for tariffs, Yente bases the remuneration of its professionals on the middle and lower tariff of the Prijzen & Tarievengids and needs to conform to the code of Conduct according to the Code Wijffels. For the management Yente pays less than the lowest tariff. Next to that the involvement of the management for the mission of Yente needs to be expressed in the form of a considerable contribution in free time. The management function is a shared function by three, whereby the title of the function indicates the main tasks and responsibilities. The management invoices for the paid hours and the hours in kind. There is no payment for costs of travel and subsistence within the Netherlands, telephone representation and or other costs. About 25% is spent on management tasks, the rest of the time is spent on the objectives.

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Function General Manager Programme director Director Corporate Relations

Type contract One year contract One year contract Four month contract

Average hours per week1 Including volunteer work

14,2 hours 13,7 hours 13 hours

Period* 1-1-2011 - 31-12-2011 1-1-2011 - 31-12-2011 1-9-2011 31-12-2011

Amount paid (exclusive of 19% VAT)

* For each director there is a signed framework contract Each year a new assignment with the total number of working days and the total amount is agreed upon.

9. Developments on subsidy

Mid 2011 the Ministry did not approve the financial statement on MFS Jong & Vernieuwend. The Ministry praised Yente

id. Yente objected to this decision and pending the

outcome of a final decision froze the spending of this appropriation. Since Yente did not have the resources to make a

new audited financial report on 2009 and 2010 based on cash flow the Ministry did not react in substance and requested

a refund of the outstanding balance. Therefore, Yente had to depreciate and refund the disputed amount. All in all the

activities and programs were affected: it meant a reduced capacity for fundraising, cutting a substantial number of

activities and a more integrated way with the MFSII funding in order to fulfil the essential part of our programmes. This is

mostly visible in the actual spending on programmes and travel costs.

professionals became out of balance.

10. Budget for 2012

Costs per category Business Centers

Missions and matchmaking

Strengthening Networks

Myente Fundraising M & A Total

Expenditure on programmes 36.900 35.300 42.500 11.300 126.000

Publicity 1.700 1.000 1.700 500 4.900

Communication 6.000 1.200 7.200

Outsourcing via professionals 18.600 46.500 39.200 12.300 24.600 6.800 148.000

Travel costs Yente 20.000 20.000

Management 4.200 6.600 6.400 5.000 22.200

Secretariat/office management 1.000 1.000 1.000 1.000 1.000 1.000 6.000

Auditor 11.000 11.000

Administration costs 3.000 3.000

Other expenses 1.700 1.700

60.700 97.100 110.100 24.600 28.500 29.000 350.000

Sources of financing

MFSII funding 190.000

Professionals in kind contributions 49.000

Through fundraising 49.500

Gifts and donations* 21.500

STG Yente Fund Triodos Foundation 13.000

ICCO South America 27.000

Total 350.000

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* Including donations via Friend of Yente, Gift of Eur 10.000 of Carla Commijs Fund and Eur 1.500 from Marja Rens Foundation, Huibert

van Saane Foundation.

A new objective for 2012 will be the establishment of business centers in Nairobi and Arequipa. The purpose of the Yente

Women Business Centres is to offer small business owners the opportunity to gain new skills, knowledge and added

confidence allowing them to expand their businesses. Courses, seminars, network events and mentoring programs are

provided at our centres. Giving local business owners this opportunity leads to significant benefits for hundreds of

employees, suppliers, family members and the larger community .

11. Financial data 2011

All amounts hereafter are in Euros.

1. Balance sheet

Balance sheet per 31-12-2011 2011 2010

ASSETS

Current assets

Receivable VAT 1.533 86.131

Receivable subsidies 5.000 50.956

Receivable interest 658 519

Other receivables 4.950

Prepaid creditor 1.138

Cash equivalents 114.448 34.191

TOTAL ASSETS

122.777 176.747

LIABILITIES Continuity reserve 16.921 30.822

Project reserve 0 75.000

MYente reserve 2.683 10.000

Project reserve YWBC-Kenya 3.000

Pre received subsidy ICCO-South America 27.271

Pre received subsidy MFSII 9.984

Debt 31.361

Creditors 6.710 46.512

Short term debts MFSII 24.847 14.413

TOTAL LIABILITIES

122.777 176.747

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2. Results

Statement of income and expenditures 31-12-2011

Actual 2011 Budget 2011 Actual 2010

INCOME Fundraising activities 67.914 35.000 133.519

Government grants 201.741 221.461 473.681

Share third party actions 2.729 3.000 13.358

Interest 2.211 1.000

Other income 572 36.026

Extraordinary income - 75.544

TOTAL INCOME 275.167 260.461 732.128

EXPENDITURE Project related MFS J&V 2.423 569.924

Project related ICCO Missions and matchmaking

3.000 3000 10.088

Project related MFSII 214.253 208.915

MFSII alliance costs* 11.050

Fundraising 10.066 2.890 6.526

Management & Administration 48.561 35.073 60.095

Special expenditures 82.317 -

Additional tax previous years 7.765 -

TOTAL EXPENDITURE 368.385 260.928 646.633

Result -93.218 -467 85.495

* In the course of 2011 it became clear that this amount is withheld by ICCO and that these costs remain outside the Yente statements

Allocation of results

Mutation continuity reserve

-13.902

Mutation project reserve YWBC Nairobi

3000

Mutation project reserve Myente

- 7.317

Mutation project reserve other

-75.000

Total allocation of results -93.218

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3. Cash flow

The statement of cash flows was drawn up on the basis of the indirect method. Statement of cash flows in 2011 2011 2010

Cash flow from operational activities

Result -93.218 85.495

Gross cash flow from operational activities -93.218 85.495

Changes in receivables 134.227 -126.994

Changes in short term debts 39.248 115.112-

Net cash flow from activities 80.257 156.611-

Cash flow from investment activities

Changes in cash and cash equivalents 80.257 156.611-

Cash and cash equivalents at the end of the financial year

114.448 34.191

Cash and cash equivalents at the start of the financial year

34.191 190.802

Changes in cash and cash equivalents 80.257 156.611-

4. Accounting principles for valuation and determination of results

This Accountability Report has been drawn up in strict adherence with the Guidelines for Financial Reporting by Fundraising Institutions (650) General valuation basis Unless stated otherwise, the acquisition price is used as the general basis for the valuation of the assets and liabilities and for determining the result. Unless stated otherwise, the assets and liabilities are valued for their nominal value. Bases for valuation of assets and liabilities: Claims Claims include the deduction of a provision for bad debts, in as far as necessary. Claims are expected to have a one-year term at maximum. Liquid assets Liquid assets are freely disposable, unless stated otherwise. Short-term liabilities Short-term liabilities are expected to have a one-year term at maximum. Bases for determining the result General The result is determined as the difference between revenues and expenses. The expenses are determined subject to the basis for valuation already referred to above. The revenues are recorded in the year the services are performed, or alternatively in the year to which the revenues are related. The expenses are determined subject to the valuation bases already referred to above.

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5. Specification of balance sheet

Specification activa 2011 2010

Total receivable subsidies ICCO South-America 5.000

MFS J&V 50.956

Prepaid creditor 1.138

Receivable interest 658 519

Receivable tax 1.533 86.131

Other receivables 4.950

8.329 142.556

Cash & Cash equivalents ABN-AMRO 149 5.869

ABN-AMRO savings account 114.299 28.322

114.448 34.191

Total 122.777 176.747

Specification passiva 2011 2010

Equity Continuity reserve 16.921 30.822

Projectreserve YWBC Nairobi 3.000

Project reserve Myente 2.683 10.000

Project reserve other - 75.000

22.604 115.822

Debt MFS J&V 31.361

Creditors 6.710 46.512

Short term debt MFSII 24.847 14.413

Pre-received subsidies Pre-received subsidy MFSII 9.984

Pre-received subsidy ICCO South America

27.271

37.255

Total 122.777 176.747

The receivable subsidy of ICCO South-America of Eur 5.000 will be received on 15-2-2013 and has a maturity of longer than one year. The pre-received subsidy of ICCO South-America is for contract period 2011-2013. The liquid assets are immediately due and payable Debt MFSJ&V is explained on paragraph 11.8 The pre-received subsidy MFSII is underspent because one of the activities in South Africa did not take place.

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6. Explanatory notes on balance sheet

reserves

1. Continuity reserve

1/1/2011 30.822

31-12-2011 Flushing of invoices 2010 regarding non refundable TAX

-2.080

Additional VAT on 2007 3.261

Additional VAT 2009 and 2010 6.584

Other such as costs for CBF Keurmerk and auditor costs for Statement on 2010 according 650 guidelines

6.136

-13.901

Balance 1/1/2011 16.921 1/1/2011 2. Project reserves 75.000 31-12-2011 Depreciation project reserve

Fundraising -14.280

31-12-2011 Depreciation project reserve meeting -3300 31-12-2011 Depreciation projectreserve

Corporate relations -22.375

31-12-2011 Depreciation project reserve mission Peru

-24.245

Depreciation project reserve MYente -10.800 31-12-2011 Balance Project reserve 0 1/1/2011 3. Projectreserve MYente 10.000 31-12-2011 Releasing reserve MYente -7.317 31-12-2011 Balance reserve MYente 2.683 31/12/2011 4. Project reserve Yente Nairobi

3000

1. The continuity reserve decreased due to additional VAT on previous years and costs related to the CBF Keur that could

not be financed otherwise. In 2012 and 2013 this continuity reserve will be brought back to the amount of Eur 30.000 by

adding non-allocated interest and profits to the continuity reserve together with sponsor amounts.

2. The project reserves had to be depreciated because of the refund with regards to MFS Jong & Vernieuwend. See also

paragraph 9.

3. The project reserve for MYente that is meant as a reserve for major updates or renewal was depreciated because of a

refund with regards to MFS Jong & Vernieuwend. In 2012 a plan for MYente will be made together with a financing plan.

4. This amount is received from Huibert van Saane Foundation and will be used for the seminar in May 2012 with regards

of opening the Nairobi Y

Short term debt MFSII

Specification

Costs for annual report 6.498 Administration cost 750

Auditor 9.000 Subtotal 16.248 Creditors transit invoices 8.599

Total 24.847

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7. Explanatory notes on statement of income and expenditure

Specification of statement of income and expenditures 31-12-2011

INCOME Actual 2011 Budget 2011 Actual 2010

Fundraising activities Gifts Friends of Yente 6.116 6.000 4.924

Other gifts 3.000

In kind contribution 58.798 29.000 128.595

67.914 35.000 133.519

Government grants MFS 211.725

MFS pre-received subsidy -8.856

MFS interest received -1.128

201.741 221.461 473.681

Share third party actions

ICCO South America 30.000

ICCO pre-received -27.000

ICCO balance 2009-2010 -271

2.729 3.000 13.358

Interest Received interest MFS subsidies

1.128

Other interest 1.083

2.211 1.000

Other income Sales Myente entrepreneurs products

97

Contribution entrepreneurs to mission

225 20.632

Contribution entrepreneurs mission abroard

2.584

Other income 250

572 12.810 36.026

Extraordinary income 75.544

TOTAL INCOME 275.167 260.461 732.128

Expenditure

Project related MFS J&V

Network strenthening 110 171.606

Missions and matchmaking 2.175 176.120

Myente 138 113.557

Connecting with women entrepreneurship Netherlands

77.505

Mission new partner country 12.851

Capacity building organisation

18.285

2.423 569.924

Project related ICCO South Africa

Missions and matchmaking (Bolivia)

3.000

Network strenghtening 10.088

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3.000

Project related MFSII Network strenghtening 49.565 35.030

Missions and matchmaking 120.543 52.774

Myente 44.145 124.111

214.253 208.915

Fundraising Cost third party actions 3.034

Costs webshop 321

Fundraising costs 6.711 2.890 6.526

10.066

Management & Administration

Management 9.705 8.282 22.219

Administration costs 12.769 12.235 4.806

Bank costs 293 275 607

Renumeration board 6.084

Auditor costs 15.115 6.975 7.034

Non-deductable TAX 6.046 6.585

Secretariat and office 1.660 1.785 3.855

Other costs 2.973 5.521 8.905

48.561 35.073 60.095

ICCO-alliance

overhead and PME

11.050

Special expenditures Uncollectable subsidy MFS J&V

50.956

Refund subsidy MFS J&V 31.361

82.317

Additional tax previous years

Flushing of TAX invoices 2010 -2.080

Additional VAT on 2007 3.261

Additional VAT on 2009 and 2010

6.584

7.765

TOTAL EXPENDITURE 368.385 260.928 646.633

Result -93.218 -467 85.495

The project related costs in the specification of the statement of income and expenditure concur with the objectives of Yente in 2011.

The classification in the statement of income and expenditure is somewhat different than the format used in the table of specification

expenditure, where the objectives are included.

The objectives network strengthening, missions and matchmaking and MYente are specified in the table of paragraph 11.8 on page 28

and they relate to this table as follows:

Project/Objective Network strenghtening

Missions and Matchmaking

MYente

MFSJ&V 110 2.175 138

ICCO 3.000

MFSII 49.565 120.543 44.145

Total 49.675 125.717 44.283

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8. Specification expenditures

Specification of state of income and expenditure per 31-12-2011 per category

Costs per category Networks Missions matching

MYente Fundraising Not

allocated M & A

Actual 2011

Budget 2011

Actual 2010

Expenditure on programmes

16.386 21.269 5.112 42.767 55.330 319.374

Publicity 1.454 150 1.655 3.259 1.840 4.186

Communication 6.766 6.766 12.709

Outsourcing via professionals

40.174 71.294 17.778 4.320 9.133 142.699 135.555 201.335

Travel costs Yente 3.488 5.660 9.148 12.280

Management 1.425 12.211 9.705 23.341 23.134 74.509

Secretariat/office management

1.077 1.457 1.289 1.660 5.483 6.783 13.208

Auditor 15.115 15.115 9.355 7.034

Administration costs 3.636 3.636 3.667 4.806

Bank costs 33 293 326 275 607

Remuneration board

- 6.084

Non refundable Tax 3.478 10.489 3.947 484 6.046 24.444 6.585

Other expenses 1.318 1.318 8.905

VAT previous years 7.765 7.766

Depreciation and refund of MFS Jong & Vernieuwend.

82.317 82.317

TOTAL 49.675 125.717 44.283 10.066 90.082 48.561 368.385 260.928 646.633

9. Analysis of expenditure versus budget

The expenditure on objectives and outsourcing professionals, travel costs was lower than expected due to the fact that

we reduced costs for fundraising and reduced the overall budget for 2011.

The costs for the auditor are higher than budgeted because of an extra audit that was required for the MFSII subsidy. At

and costs were

made to have an approved statement of accounts of 2011 according to guidelines 650.

The column ot allocated costs consists of costs that cannot be attributed to a specific programme or category. It consists of the amounts paid for TAX on previous years and the depreciation and refund of MFS Jong & Vernieuwend. As the administrative system was changed from guideline 640 to guideline 650 a comparison with the actual figures of 2010 is not really meaningful.

2011 2010

Spending ratio of income

(spending on objectives/total income)

79,8% 79,2%

Spending ratio of expenditure

(spending on objectives/total expenditures)

59,6% 89,7%

Costs as a percentage of funds for fundraising

10,4% 3,9%

Percentage for management and administration (M & A)

13,1% 9,3%

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needed to adjust the administration in accordance with guideline 650, a requirement from the MFSII subsidy. The

financial administration has become quite complex in order to comply with the requirements for providing detailed

information. The protocol for auditing the MFSII subsidy is very extensive in relation to the total amount that is granted

to Yente. In the next year we will give it our best effort to reduce the percentage for management and administration.

Preparatory work has been undertaken to give fundraising more attention. A low cost web shop was created. The

construction of it was done on a voluntary basis by one of the professionals of Yente. The spending ratio on objectives

and income are lower than 2010, due to the fact that we could not spend our project reserves as we intended in 2011. For

2012 we expect these ratios to improve.

Next year the costs for fundraising will rise, however, the major part of these costs will come from contributions of Yente

professionals.

Non-refundable tax 2011

The tax office differentiates between activities that are taxable, non-taxable and mixed. For each project it was

determined to what category the projects belong. The VAT part of mixed and non-taxable projects are booked in the cost

category non-refundable tax.

Specifiation VAT calculation

Continuity reserve Deductable tax 4.567 Tax indication 1st Quarter -770 2nd Quarter -1.916 3rd Quarter -348 4rd Quarter -1.533 Additional tax 167

10. Specification subsidy and grants

Specification subsidy and grants

MFS Jong & Vernieuwend

To be received 2009-2010 50.956

MFSII Received funds

18-1-2011 108.011

19-7-2011 78.253

27-9-2011 (frontloading) 25.461

Total 211.725

MFS expenditures 202.869

Remaining 8.856

Interest 1.128

Pre-received subsidy for 2012 9.984

ICCO South America

Subsidy 30.000

Expenditure 2011 -3000 27.000

Balance of subsidy 2009-2010 271

Balance 27.271

Explanatory notes on income

64 is available for Yente because of a deduction for costs for management & administration of the ICCO Alliance (1%) and Programme Monitoring and Evaluation (4%). An addition 725 available for 2011.

The income for fundraising was higher than in the budget, because of more in kind contributions of professionals of Yente in order to mitigate the effects from the severe budget costs.

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The income for fundraising was higher than in the budget, because of more in kind contributions of professionals of Yente in order to mitigate the effects from the severe budget costs.

11. Subsequent events

Starting from 2012 a new component will be added, namely providing for locations for women entrepreneurs through business centers, where the Yente programme and all other business activities can be combined and coupled with training. Preparations for this started in 2011. We submitted a request for a CBF Keur.

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12. Audit report

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