Operating revenues and expenses were largely unchanged from the previous year. Liquidity remained reasonable. Liquidity was strengthened by an exceptionally good testamentary fundraising performance and favourable investment performance in 2020. The result is a surplus of €133 732 (deficit of €133 141 in 2019). In addition to the above reasons, the CSF’s result was also in surplus due to cost savings resulting from the Covid-19 situation, in particular in operational running costs, travel expenses and staff costs. The Covid-19 situation caused some delays in the implementation of the actual activities, which is reflected in the increase in the amount of the assistance carried over from STEA activities. The implementation of activities was postponed to 2021. However, there has been no need for any major cancellations or cessation of activities, and efforts have been made to lighten the workload for patients, loved ones and peers. The cuts in public funding particularly affected health promotion activities and the Cancer Registry. The CSF’s total income was €9 125 821 (in 2019 €8 792 742) and total expenses were €8 992 676 (in 2019 €9 162 911). A major financial development project was launched during the year, covering the entire financial operations, systems and related service models of the CSF. The aim of the project is to create a coherent framework and structure for the financial management of the CSF, to achieve cost savings and to improve the internal division of labour. This amounts to the creation of the CSF’s own internal accounting model. During the year, we mapped the current state of financial operations and processes of the CSF, its member associations and the Cancer Foundation. Workshops on new service models and system procurement were held in the autumn. This project will continue until 2022. The development of financial processes continued, in particular in terms of reporting and accounting practices to better meet the needs and predictability of operations and the revised financial calendar. Financial planning tools and forecasting processes were developed and harmonised, with greater use of common tools. Regular financial reports were produced to support the performance accountability and financial monitoring of CSF units and activities, and forecasting models were developed to support the monitoring of the financial situation. The reporting requirements of donors such as STEA, THL and the European Commission were also responded to by further developing financial reporting in unison with the activities. Investment assets The Cancer Foundation’s investment assets are managed in accordance with the principles laid down in the investment plan approved by the Board. The portfolio management was done by Evli Bank Plc, SEB Investment Management AB and LähiTapiola Asset Management Ltd. The return on the portfolio in 2020 was 4.1%. The market value of the investment assets at 31 December 2020 was €8 227 112. The difference between market value and book value was €774 650. During the year, an update of the investment plan was initiated to better reflect the changed economic and financial situation. The investment plan took better account of the revised sustainability principles and the introduction of alternative investments as a new asset class. It was approved in January 2021 for implementation from the beginning of that year. Bequests The CSF’s fundraising income comes from bequests received, which amounted to €1,005, 79 in the financial year (€1,223,215 in 2019). Their main use is for cancer treatment and to support and develop patient care.