Good Return Annual Report 2024
From the CEO and Chair
Shane Nichols
CEO
Sondra Cortis
Chair
Our focus on financial inclusion means the team at Good Return works with numbers every day.
From counting new users on our My Money Tracker app, to reporting to investors on businesses funded via our impact investment fund and determining financial capability improvements among learners, numbers capture our day to day work. We are proud to report that this year our financial education campaigns reached over 300,000 people; 17,679 people managed their household and business finances with the assistance of our My Money Tracker app; and 2,815 staff working in financial services providers were trained in gender equality, social inclusion and safeguarding. We are also proud that by year end a cumulative total of 602 SMEs had been funded with loans via our Impact Investment Fund, with 90% of those loans going to women.
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However, it is the stories and details behind those numbers that show the real work of financial and economic inclusion. Stories such as the aquaculture farmer in Cambodia who has expanded her poultry business and has shown her daughter-in-law that women can build and lead businesses. Or seeing the pride evident in banking staff when they launched a new financial product in Fiji to support more women in agriculture.
As we report to you on the year that was, we are proud of the numbers AND the stories that show the depth of our work and reach. Of course, we can’t achieve this without our passionate supporters and we thank each individual and organisation for helping to bring more people into the economy for a more equitable world.
When it comes to numbers, there’s two key numbers we are here to tackle: 1 billion people in the world remain unbanked, and 670 million live below the international poverty line. We are a small but mighty team and we don’t let these numbers daunt us, because we know that as each additional person builds their skills and confidence, we help build one more family’s access to opportunity and pursuit of their dreams.
Thank you for your support,
Shane Nichols
CEOSondra Cortis
Chair
The Good Return Board
Leata Alaimoana-Roberts
Helene Ang
Sondra Cortis (Chair)
Maryanne Fernando
Kim Gyi
Shane Nichols
Clay O’Brien
Alicia de los Santos del Pozo
Financial Capability
With confidence comes power: building financial skills in our region
The people we meet in our region are usually managing a number of complex financial systems for their households and businesses - all without the benefit of access to banking services. Our Consumer Awareness and Financial Empowerment initiative - or CAFE, as we call it - brings a new level of confidence and skill, so that people can take control of their money. The training also helps people understand their financial consumer rights so they know how to talk to their bank or lender, and encourages more shared financial decision-making within families.
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This year we delivered our CAFE financial capability training in five countries - Nepal, Cambodia, Tonga, Solomon Islands and Papua New Guinea. The program relies on local partners, who help identify community leaders to become coaches. We onboarded seven new partners this year to grow the program - M’lup Russey Organisation (Cambodia), Life with Dignity (Cambodia), Taytay Sa Kauswagan, Inc or TSKI (Philippines), Lutheran Hope Cambodia Organization, Avodah (Cambodia) and Komunitas Pemberdayaan Ekonomi Perempuan or KomPEP (Indonesia). We also signed a three-year agreement with the Cambodian Government which will enable and support Good Return to extend our financial capability training to larger numbers of people living with disability.
The Good Return My Money Tracker app has been a well received tool by Cambodian micro-entrepreneurs to track their household and business expenses and takings. The app is designed for people with low digital and financial literacy, and requires only a small amount of internet data to upload and update. My Money Tracker has also launched in the Philippines, using localised symbols for banking and business. Our Facebook campaigns share tips and resources on running business and tracking budgets, and have led to increased downloads in both countries.
4,425 people completed a CAFE training course, with 80% being women and 6% being people with a disability. After the course, 89% were found to have improved their financial capability.
With the app now active in the Philippines and Cambodia, more micro-entrepreneurs are using our My Money Tracker app to keep track of their businesses.
We work to spread money safety messages far beyond our face to face training and we reached 309,749 people through our digital media campaigns.
FEATURE
Digital tools key to opening the door for women’s economic empowerment
Despite the growing popularity of digital financial services, millions of women still find themselves excluded from formal financial systems and are unable to access or use digital tools. Countries in the Asia and the Pacific region face some of the world’s lowest rates of digital and financial literacy and the unbanked population remains a major concern.
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The women we meet in our work are already running businesses and trying to build their livelihoods, but are underserved by the banking system. If more women can access digital banking services and financial literacy tools, they will be equipped to manage money with confidence, grow their businesses and participate more fully in the economy. We work to help them develop the skills and confidence needed to be able to access and use these tools effectively.
At Good Return, we have already seen the power of financial capability training and we have focussed this past year on building our plans, partnerships and resources so we can reach more people with digital training tools. Turning our curriculum into bite-sized learnings delivered via phones or devices will provide an accessible way for people to build their financial confidence and money management skills.
As digital banking apps grow in popularity, we also want to train vulnerable communities in cyber safety and how to ensure they minimise any risk when using banking apps. We want to work closely with banks and financial institutions to embed financial literacy and digital safety training and tips within their own banking apps and digital services. It is vital that financial institutions help their clients understand their rights when it comes to applying for loans or setting up accounts, and are using digital banking tools in a safe and secure way.
As we harness the power of digital technology for women, we know we will see real change for women and families in our region. Rather than being a barrier, this technology should be for everyone, and should be central to building financial inclusion.
Sustainable Inclusive Finance
Changing mindsets in the financial sector, transforming services for more clients
To build financial inclusion for women, it is vital to start with gender practices within the financial system. At Good Return, we partner with local financial service providers across the region - from microfinance providers to large national banks - to improve their gender practices and policies. We believe that, if staff understand their rights and responsibilities towards gender inclusion, the organisation not only improves conditions for their employees, but is also in a stronger position to provide better services to women clients.
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Good Return’s specialist team uses our assessment tools to analyse gender practices in the organisation. We use a collaborative approach, including workshops and discussion, to devise a bespoke gender action plan which includes recommendations on policies and training. In the past year, three financial service providers - Unique in Nepal, SECDEP in Philippines and Crowde in Indonesia - were supported to put a Gender Equality, Disability and Social Inclusion policy in place. Those partners plus another four - Wing Bank in Cambodia, Merchant Finance in Fiji, Chamroeun Microfinance in Cambodia and M’lup Russey Organisation (Cambodia) - are implementing their new gender action plans. Seven partner organisations were supported to put a social safeguarding policy in place.
Our Responsible Inclusive Finance (RIF) Academy is an e-learning platform that provides an accessible way to train staff in financial institutions in social inclusion concepts and practices. We have seen 1,620 learners complete a course this year on the RIF Academy, with 97% of learners rating the quality of modules as high.
With an engaging mix of workshops, presentations and discussion, 2,815 staff working in financial services providers were trained in social inclusion and safeguarding.
83% of our sustainable inclusive partners have implemented a gender, disability or social inclusion action plan.
1,620 learners completed a course on our RIF academy, an e-learning platform where courses on inclusion are accessible and in local language. 97% of learners on the RIF Academy rated the quality of modules as high.
FEATURE
Assessing what needs to change
Challenging and changing mindsets within financial institutions is an important step towards encouraging them to be more inclusive towards their potential customers. To understand barriers to inclusive practices and services, the Good Return team helps financial organisations to turn the lens on themselves and assess their gender practices. We encourage financial institutions to consider these questions:
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Gender Equality is considered in my organisation’s strategic planning (tick all that apply):
We have budget allocated for gender training/activities
We update our organisational policies regularly to uphold gender equality practices
We have a strategy in place to recruit or promote women into senior management positions
There is a practice to analyse or look at sex/gender disaggregated data for the organisation’s staffing, clients and products.
There is a risk management policy for the prevention of sexual harassment and abuse, and prevention of discrimination based on gender, race, disability and religion.
There is a clear policy for parental leave, breastfeeding breaks and other entitlements relevant to child care in the countries of operation
I feel confident in the ability of our staff of all levels to operate with practices that uphold equal rights, outcomes and opportunities for all genders (tick the response that most applies)”
I am aware of staff members with specialised knowledge in gender or focal points who can answer gender-related questions.
I am confident that I can do my work to the best of my ability by understanding that people of different genders face different circumstances and challenges in the workplace.
I need more capacity building on gender topics to build my knowledge and awareness in gender equality issues.
My organisation contributes to the empowerment of women/girls and the changing of unequal gender relations (tick all that apply):
My organisation has a complaint procedure for staff, and a person or department in charge of handling the internal staff complaints that is separate from client complaints.
I know that the services and products that my organisation offers contribute to empowering women/girls and promoting gender equality.
Men and women are compensated (including wages, bonuses, leave, pay rises, promotions) fairly and equally
Access to Finance
Bringing them in: helping more people to borrow and thrive
Good Return’s Impact Investment Fund is a response to the growing call for innovative financial mechanisms to tackle the biggest issues in our region. Our model invites socially-minded investors to contribute to a fund that supports financial institutions to lend to women-led SMEs. Alongside the fund our team provides technical assistance to financial partners to build their inclusive practices and services and maximise the social impact of the fund.
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This year, our Impact Investment Fund continued to support women to grow their businesses, using a guarantee mechanism backed by Australian investors. During the year, 97 SMEs were funded, bringing the total number of loans made via the fund to 602. 90% of the loan recipients were women, and the injection of capital has supported jobs and income for 4,100 people (since the fund commenced operations in 2021). We were pleased to onboard Merchant Finance in Fiji as a new partner, helping them to launch a new loan product for women in agriculture.
Our microloan program funded 90 loans to entrepreneurs in Cambodia and Indonesia, helping store owners diversify their stock offering, farmers to buy more seeds and tailors to purchase more equipment.
A total of 602 loans totaling $5.05m have been made to agricultural SMEs since our Impact Investment Fund launched in 2021.
The majority of loans went to women, and the injection of capital has supported jobs and income for 4,100 people
FEATURE
Knowing the market gets this fish farmer ahead
Ms Seng Eang has 20 years’ experience in the fish farming and selling business. Despite this, when she tried to get a loan from a local bank to grow her business and livelihood, she was faced with a complicated and drawn-out process with little support.
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Ms Eang became a client of Chamroeun, Good Return’s loan guarantee partner in Cambodia. Ms Eang was impressed by how accessible the process was, and that the team from Chamroeun understood her needs and position.
With her loan of USD$40,000, Ms Eang expanded her fish wholesale business - buying more product from Phnom Penh and selling in the local market in Kampong Cham. She now has three employees helping her with this work, which includes driving and helping to dry and preserve the extra fish they don’t sell. She extended her operations by raising her own fish by creating new ponds, buying fingerlings and investing in fish food, medicine, and a water pump to add more water into the ponds during the hot dry season.
Ms Eang admits that, due to the recent economic downturn across the country, her business has struggled and customers are buying less. Her son noted that the changing climate has introduced new diseases to fish, increasing medical costs. However, the backing of Chamroeun has given her confidence to persevere with her entrepreneurial ambitions and she is now adding a duck farming business to the mix to diversify her revenue sources.
Ms Eang is aware of her vital role in her family. She is the head business person - managing staff, the book-keeping, and making financial decisions that will ultimately benefit her children and her husband. Being supported with a loan means her role as a leader, a financial decision maker and a contributor to the economy, has been recognised and strengthened.
Indigenous Women’s Entrepreneurship
The Future Weavers movement takes flight
Led by our Indigenous Women’s Program Ambassador Natasha Short and her business Kimberley Jiyigas, the Maganda Makers business club started in the Kimberley in Western Australia three years ago. Since that moment, over 100 women have grown in their business journeys and have forged deep connections with each other - inspired by the mentors in the group. Now we have seen the success of the business club model and learnt along the way, we’re reaching out to more women across northern Australia - and we’re calling the movement the Future Weavers.
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In the past year, we have strengthened the foundations of the movement and set up new partnerships and structures to ensure it takes flight. The Maganda Makers is now managed by Enterprise Partnerships WA, using their expertise in building entrepreneurial capabilities to nurture and support the club members. The women met at a camp in East Kimberley, providing an opportunity to share stories, showcase their products and host women from Elcho Island in the Northern Territory who are also looking to boost business opportunities for their own community.
We took time to reflect and listen, working with the women to design a new outcomes framework that looks at how Indigenous women’s self-employment contributes to flourishing communities. We published an ecosystem map to capture the flow of capital to, and support for, Indigenous entrepreneurship, with the goal of connecting the right people to provide the right support. And we started the design process with the women on a blended finance model which will combine loans and grants to improve access to capital.
FEATURE
Sharing and yarning in person boosts confidence for the women of Future Weavers
In June 2024, a group of First Nations women gathered at the beautiful Home Valley Station in Kununurra to share their experiences in venturing and focus on ways to support each other. The women are part of the Maganda Makers Business Club for Kimberley Indigenous Women, an Indigenous-led initiative to mentor and support Indigenous women building businesses.
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A key word that came up when the women reflected on the camp was ‘nourishment’. Connecting together on Country gave the women the time and space to foster relationships, and set up solid support networks to back each other on their entrepreneurial and leadership journeys.
A special moment occurred one evening with an impromptu market for tourists at the Home Valley Station. Maganda Makers were proud of their businesses and grew in confidence in showcasing their products as a group. The Kimberley women also welcomed a group of women from Elcho Island, building connections and ideas so that the Future Weavers movement can reach more women across Northern Australia.
Evaluating our Work
Our monitoring, evaluation and learning (MEL) team collaborates with all project leaders to establish effective evaluation strategies for our work, gaining a rich insight into our impact and where improvements can be made. Good Return’s Theory of Change provides a guide for the information we collect, and our impact frameworks ensure we are looking at the right program and social inclusion indicators and we are learning-focused. The aim of our MEL is to study the evolution of our programs and develop knowledge that helps us adapt to the realities of our target participants and ultimately improve their realities.
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Central to our evaluation work is capturing the behaviour change resulting from our CAFE financial capability training sessions. To do this we collect quantitative and qualitative data through baseline and endline surveys, interviews and pictures. While this work is ongoing, this year we produced detailed reports on CAFE training in Nepal, Solomon Islands, Cambodia and Papua New Guinea. An interesting study on our financial capability training with women trade union members in Cambodia revealed the boost in confidence, with 99% of respondents either ‘agreed a little’ or ‘strongly agreed’ that they were comfortable speaking their mind on big money issues (compared to a baseline level of 66%). In Nepal, we saw a significant increase in money knowledge, with 98% of participants being able to identify the golden rule of money which is to "spend less than they earn" (compared to 28% prior to training). We discovered some practical things that need to change, such as making images more accessible on tablet devices and holding the training sessions during lunch breaks so more workers can attend.
Other evaluations from the year included a review of our Let’s Talk Money campaign with the National Bank of Cambodia. Findings from surveys, phone interviews, facebook data and focus group discussions revealed the effectiveness of Facebook groups to share resources and money management tips, and the importance of hands-on sessions to demonstrate the My Money Tracker app. A survey with financial service partners using our RIF Academy e-learning platform found that 71% of learners had completed more than 5 courses, with the top topics being gender, sexual harassment, child protection, cultural diversity and disability.
Country highlights - building inclusion in our region
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Australia
In Australia, we launched a narrative and visual artwork to tell the story of the Future Weavers. “Dollar Reef”, by Paula Savage, is inspired by the artist’s Torres Strait Islander cultural heritage and traditional stories and the woven piece describes the importance of the reef to her community.
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Cambodia
Our partnership with Wing Bank in Cambodia has led to them developing a new gender action plan and safeguarding policy. The bank has now signed on to a project with Good Return to build digital financial literacy for vulnerable communities.
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Fiji
Merchant Finance in Fiji joined our impact investment program, launching a new responsible loan product for women in agriculture. We will work together to ensure women across the country have the opportunity to apply for the loan.
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Indonesia
We interviewed 280 business owners in Indonesia to learn about their financial literacy and business building goals so we can design a new financial capability curriculum to be delivered by our partner KomPEP.
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Nepal
22 selected learners in Solukhumbu, Nepal who had been part of our CAFE financial capability training went on to complete our Strengthen Your Business course. They learnt new technical skills in livestock and vegetable farming and how to access seed money.
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Papua New Guinea
CAFE sessions were very popular in Kokopo, Papua New Guinea with a localised curriculum being taught by village leaders to women who run small market businesses and are striving to keep their children in school.
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Philippines
The rollout of My Money Tracker continued in the Philippines, thanks to our partnerships with SECDEP and TSKI. More micro-entrepreneurs are learning to track their sales and expenses and have a clearer understanding of their business and balance sheets.
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Solomon Islands
Rural Women’s Day in Solomon Islands was a wonderful opportunity to present certificates to financial capability coaches who are leaders in their local savings groups in Guadalcanal. The certificates were presented by our partner, the Central Bank of Solomon Islands, which is responsible for growing access to finance in a country where financial inclusion rates are very low.
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Tonga
The Mango Cafe in Vava’u in Tonga proved an inspiring space to equip ten new coaches to share financial literacy skills with their local communities. The Tonga National Workers Council worked with Good Return to create a collaborative learning environment, with a heartwarming certification celebration at the conclusion.
Financial Highlights
Income
Good Return Limited achieved a net surplus of $24,650 for the 2023-24 financial year (compared to the previous year’s surplus of $44,362). Revenue for the year increased by 2.3% over the previous year to $3,839,639 (FY23 $3,751,709) with a significant increase in investment income $156,330 ( FY23 $40,444). There was a $139,968 decrease in Non Monetary and In Kind Donations during the year, to $330,393 (FY23 $470,361).
2024 Revenue
- Monetary Donations
- DFAT Grants
- Other Australian
- Other Overseas
- Other Income
- Commercial Activity
- Non Monetary
- Monetary Donations
- DFAT Grants
- Other Australian
- Other Overseas
- Other Income
- Commercial Activity
- Non Monetary
Expenditure
Expenditure for the year increased by 2.9% to $3,814,989 (FY23 $3,707,347). International expenditure was 63% of total expenditure FY24. Domestic expenditure was 18% of total expenditure. This increased by $289,882 (81%) during FY24 due to the increased activity in the Kimberley. Fundraising expenditure remained at 10 per cent of total expenditure for FY24 of $355,877. Accountability and administration expenses accounted for 6% of total expenditure, at $219,101.
Good Return’s unrestricted reserves increased to $1,476,414. These Reserves are available to support Good Return should there be a change in economic conditions.
Overall, Good Return’s financial performance in FY24 provides a solid foundation for future years.
2024 Expenditure
- International Programs
- Domestic Programs
- Community Education
- Public Fundraising
- Other Fundraising
- Administration
- Non Monetary Expenses
- International Programs
- Domestic Programs
- Community Education
- Public Fundraising
- Other Fundraising
- Administration
- Non Monetary Expenses
Thank you to our Partners & Supporters
The Good Return family is a unique group of people and organisations, with a passion for financial inclusion and building opportunity and an understanding that we’re an organisation that makes our resources go a long way. With your support we have been able to teach more, reach more, understand and learn deeply and truly transform lives.
Thank you to our Philanthropic Supporters
We respect the confidentiality of our major supporters and we thank them for their incredible support.
Thank you to our Corporate Purpose Partners:
EY • Think Tank • NES Fircroft • Olbia
Data Colada • LGT Crestone • Macquarie University • Mastercard • Pearl Consulting • Origin • Westpac
Special Thanks:
Her Finance • Goldman Sachs • Mastercard • Benevity • AVPN • WPGA • Shared Value Project • Peloton • Momentum Media
Thank you to our Program Partners:
Cambodia
National Bank of Cambodia
Chamroeun Microfinance Plc
NH Finance
Hattha Bank
Wing Bank (Cambodia) Plc.
Ministry of Social Affaires, Veteran and Youth Rehabilitation (MoSVY)
Mlup Russey Organisation (MRO)
Avodah
Lutheran Hope Cambodia Organisation (LHCO)
MAXIMA Microfinance Plc.
Nepal
World Education Nepal, a division of JSI
Sapana Village Social Impact (SVSI)
Rural Region and Agro-Forestry Development Centre (RRAFDC)
Unique Nepal Laghubitta Bittiya Sanstha Ltd. (UNLBSL)
Philippines
St. Elizabeth Community Development Program, Inc. (SECDEP)
Taytay sa Kauswagan Inc. (TSKI)
Alliance of Philippine Partners in Enterprise Development Inc. (APPEND INC.)
Indonesia
PT CROWDE Membangun Bangsa (CROWDE)
The Komunitas Pemberdayaan Ekonomi Perempuan (KomPEP)
PasarMIKRO
Solomon Islands
Central Bank of Solomon Islands (CBSI)
Papua New Guinea
Kada Poroman Microfinance Limited (KPML)
Fiji
Merchant Finance Limited (MF Ltd)
Tonga
Tonga National Worker's Council (TNWC)
Australia
Kimberley Jiyigas
Enterprise Partnerships WA
Good Return strives to maintain the highest possible standards of governance. Good Return supports and is committed to adherence to the ACFID Code of Conduct as a minimum standard for integrity, governance and reporting.
All directors, paid staff and volunteers are expected to adhere to and uphold the Code of Conduct.
In November 2023, Good Return Limited was re-accredited by the Australian Government through the Australian NGO Cooperation Program until 2028.
