Result for the financial year

The outcome for the financial year 2018 is a deficit of €34 627 (in 2017 the surplus was €12 736). The result showed a deficit despite funds transfers and capital gains, which were recognised as revenue as a result of portfolio swaps and competitive tendering of asset managers. The total income of the Cancer Society was €8 657 051 (€8 578 223 in 2017), and total expenditure was €9 660 914 (€8 468 955 in 2017).

Financial statement 2018 for Cancer Society of Finland

Work continued to develop and improve the organisation’s financial processes. Particular attention was paid to financial reporting and accounting practices. In early 2018, we introduced electronic processing of travel claims, and in late 2018 we updated the salary reporting system with features that are compatible with the National Incomes Register project (KATRE).

The financial performance and monitoring of CSF units and operations was supported by regular financial reports and forecasting models. We have also been able to meet funders demands with regard to clearly allocated costs and income by developing our financial reporting.

Investment assets

The Cancer Society’s investment assets are managed in accordance with the principles laid down in the investment plan approved by the Board. The plan was updated in autumn 2017. The portfolio management was tendered out in spring 2018 and was eventually transferred to three separate asset managers with similar proportions. CSF investment assets were managed by Evli Bank Plc, SEB Investment Management AB and LocalTapiola Asset Management Ltd. The return on the portfolio in 2018 was -5.0%. The market value of the CSF’s investment assets was €7 217 409 (31 December 2018). The difference between the market value and the book value was €62 084.

Bequests

The Cancer Society’s fundraising proceeds come from bequests received, which in 2018 amounted to €784 645 (in 2017 the amount was €1 741 365). At the express wish of bequeathers, nearly €590 000 was transferred from the Cancer Society to the Cancer Foundation to be used for supporting cancer research. During the financial year, the CSF completed an update of the management plans for bequest funds and finalised a fund study.

Research grants

The Cancer Society awarded five grants in connection with the Cancer Foundation’s call for grant proposals. The proposals were received by the Cancer Foundation and evaluated by the Foundation’s evaluation committees and the grants committee. Grants were awarded for a total amount of €760 000.

List of research grants awarded in 2018 (www.syopajarjestot.fi/apurahat/syopasaation-apurahat/myonnetyt-tutkimusapurahat-2018, in Finnish)