Charity number: 10005811 Shgukat Khanum Memorial Trust Trustees, report and flllgtteial Statements for the year ellded 31 December 2020 Shaukat Khanum Memorial Trust Trustees. report and financial statements for tbe year ended 31 Decernber 20211 Contents P#g¢ Legal and administrative infonnation Trustees report Auditors, report to the Trustees Statement of financial activities Balanee sheet io Statement of Cash Flows Notes to the financial statements 12-16 Shaukat Khanum Memorial Trnst Legal and administrative information for the year ended 31 Deeember 2020 Status Established under a TDJst Deed Dated 27 July 1990 Trustees Imran Khan Taher Nawaz Asmi Da Clwity number 1000580 Charity Correspondent and address Mr Ikhlaq Ahmad PO Box 786 Bradford BD5 OYE Auditors Shipleys LLP 10 Orange Street London WC2H 7 Battkers Battlays Bank PIC National Westminster Bank PLC Shaukat Khanum Memorial Trust Trustees, report for the year ended 31 December 2020 Th¢ trustees present their report and accounts for the year ended 31 D¢e¢mber 2020. The financial statements have been prepared in accordance with the accounting policies set out on pag¢s 12 and 13 and comply with the Charity's Trust Deed and applicable law. STRUCTURE, GOVERNANCE AND MANAGEMENT Objects Shaukat Khanum Memorial Trust (also known as The Imrdn Khan Can¢¢r Appeal) was establtshed under a ¢n]s¢ deed dated 27 July 1990. Its object5 are'.- to promote research into the causes of and a cure for cancer and similar diseases the establishment, ¢ndowtnent of or making grants to hospitals and similar instr￿tionS in Pakistan for cancer sufferers The firtherance of cancer education Assisting can¢er sufferers in Pakistan by grbnts Engaging in any activities which will less¢n the sufferings of cancer palient$ in Pakistan Governing Doeument The Charity's goveming document is a deed dated 27 July 1990. The charity is not incorporated. Trustees Imran Khan, Taher Nawaz and Asmi Darr served as t￿SteeS during the year. The power of appointing new Trustees of the Charity is vested in Imran Khan as the Settlor and after his death in such person or p¢rsons as he shall by deed or deeds revocable or irrevocable or by will or codi¢il appoint. Any new trustees would re¢eive training from an existing trustee atrxlut the charity and their responsibilities as a trustee and would receive a copy of the Charity Commission's guide for new tNStee¥ "CC3 - The Essential Trustee.. What You Need to Know". Ongoing training is provided as required. The trusiees are aware of their legal duties and comply with the Charity Governance Code. Organisation The overall policy for the charity is detern)ined by the Tn]st¢es and the day to day management is overseen by Mr Ikhlaq Ahmad with the assistonce Of other paid staff. Risk Man&g¢ment The Charity's twstees have considered the major risks to which the charity is exposed and have reviewed those risks and established systems and procedures to manag¢ the risks. The management ensures that the in¢ernal controls ar¢ observed and r¢vtewed periodically. The management als(Tr ensures that sufficient resour¢es are maintained to meet any adverse or emergency ev¢nL Shaukat Khanum Memorial Trust Trustee5' report for the year ended 31 December 2020 0￿ECTIVEs AND ACTIVITIES FOR THE PUBLIC BENEFIT The trustees have given due regard to th¢ Charity Commission's guidance on public benefit when reviewing the aims and objectives and in planning the fvture activiiies of the chority. The charity continues to provide grants to support the Shaukat Khanum Memorial Cancer Hospital & Research Centre in Pakistan, which was found¢d in 1994 by Imran Khan, a trustee of the Charity. The h05Pital runs primarily on donations and generous Contributions from around the world. The h05Pital has established irself as a centre of excellence, providing tr￿ment to thousands of cancer paiients. who would otherwise be unable to afford cancer Care. The Shaukat Khanurn Memorial Trust is committed to provide diagnostic and therapeutic care absolutely free to cancer parients who cannot afford i(. Since 1994, Ihe hospital has tome a long way, but th¢r¢ is still a lot to be accomplished. Expansion plans for the future are atready underway for upgrading existing facilities and div¢rsifying etTorts for cancer treatment and research. Globally compardble with the best cancer hospitals. the Shauk* Khanum Memorial Can¢¢r Hospital & Research Centre has the latest facilities for cancer diagnosis and treat￿ent. The hospital has facilitie5 for initial evaluation of suspected and diagnosed cancer patients - both for adults and children. Diagnostie facilities include radioltsgy, laboratory medicine, endoscopies and nu¢lear medicine. Facilities for multimodality treatment include surgery, radiation and chemotherdpy. The Bone Morrowlstem Cell Transplanl unli had been opened with the first Bone Marrow TTansplantation procedure w&s ¢akTied out in April 2006. The Shaukat Khanum Memorial Cancer Hospital & Research Centre opened a multi-storey diagnostic ¢entre in Karachi which is equipped with state of the art PET CT S￿ner. Thi% will ensure that patients do not have to travel long distsn¢es for their diagnosis. The hospital been able to provide free of cost treatment to the poor and over the years 750/0 of the paiients have been so as5lSted. A specialist tanc¢r hospital has been built in Peshawar and is now serving thousands of cancer patients in NWFP region. The ¢onstrucÉion of Karachi h05pitsI has began and th¢ largest Shaukat Khanum hospital is taking shape whi¢h is scheduled io open its doors in Dec 2023. The aim of the Shaukat Khanum Memorial Cancer Hospital & Research Centre in Pakistan is to alleviate the suffering of patients with cancer through the application of modern methods of curdtiv¢ and palliative therapy irr¢spective of their ability to pay, the education of health care professionals and the public. and perfonn reseawh into the causes and treatment of cancer. The Charity provides the grant in furtherance of the charitsble objtttives of the Charity. which are in line with the obje¢tives of the Hospital. The tNstees of the Charity give their time fr¢ely and receive no remuneration for their services. The charity has the 5UPPOrt of many volunteers io a55iSt wilh fi]ndrdi5ing. particularly during busy times of the year including during Ramadan. During the year the charity had 276 (2019.- 215) volunteers. Shaukat Khanum Memorial Trust Trustees, report for the year ended 31 December 2020 ACHIEVEMENTS PERFORMANCE AND FINANCIAL REVIEW The total income amounted to £12,360.566 (2019.. £8,159,387). The principal source of income ts donations. These are mait]ly from dgnors who have an affinity with Pakistan or who are r¢latives of the patients. but also from people who support the chariry in providing quality cancer care to the underprivileged. Th¢ charitsble expenditure transferred an aTnount to Shaukat Khanuln Memorial Ttwt in Pakistan for the benefit Of the Shaukat Khanum Memorial Can¢er Hospital & Research Centre in the year, totslling £9,250,000 in on¢ instalment (2019.. £7,(X)O,000 in one instalment). Funds are sent either when adequate amounts have been collected or in respons¢ to a request from the Trust in Pakistan. A second hospital in Peshawar was opened on 29th December 2015 which is making a huge difference. The ground-br¢aking for a third Shaukat Khanum Memorial Cancer Hospitsl in Kara¢hi took place on 29th December 2016. Thousands of poor cancer patients continu¢ to suffer in and around Sindh province as they cannot afford to make repeated trips to Lahore or Peshawar. The Shaukat Khanum h05Pital in K&7chi will be of an immense importance for such Cancer patients. who would be able to a¢cess comprehensive cancer facilities all under one roof. The DHA city Karachi has already provided 20 a¢res of prime land at a highly advantageous rate for the new hospital. The aiTn is to finish the work and open the doors to the public by December 2023. Whilst in the pa51 fundraising has been arranged by events organised by voluntttrs, the gp&8modic nature of such ¢vents meant that funds raised vari¢d enom)ously. The m&ss market was approa¢hed through adverti5¢ments and mail shots and information leaflets to regular donors and others and this has now become the mainstay of the Charity's fundrdising. Costs are kept low as much of the work is done by volunteers. The Charity prides itself on incurring the least possible costs when compared io funds generated, to ensure that as much of the funds reach their intended destination as is possible, instead of losing funds to costs. This year direct fundraising costs, mainly postage, printing and online marketing amounted to £1,201.063 (2019- £687,872}. No professional fiJndrais¢rs have been employed. The charity has not voluntarily subscribed to any fithdraising standkrd or scheme. The charity has not received any complaints regarding its fiEndraising aciivities. At the year-end the unr¢stricted fijnds or reserves available for distribution by the Trystees amounted to £4.130,148 (2019: £2.378,7181. The Trustees intend io maintain enough resetves in order to meet any adv¢rse or emergency event suffered by (he Trust or the Shaukat Kh￿uM Memorial Can¢¢r Hospitsl & Research Centre. which is supported by the Ttwt. The Tninimum amount r¢quired to cover any emergency event is £ioo,000. cov1tk19 With thousands of people losing jobs and businesses suffering from the COVID-19 impacL it was inevitable for the charity to be impacted. We saw reduced donations from our regular donors with some canc¢lling their direct debits. In order to bridge the gap and keep on providing the ¢iiti¢al cancer care. IKCA stepped up its efforts with additional online advertising which brought in new donors. The focus (Trn reaching out to new audience not only bridged the gap but brought in some addÉtional revenue. Going forward. we plan to focus on this TQUte which has been very successful. PLANS FOR THE FUTURE The charity is COTnmitted io continue raising money for the Shaukai Khanum Memorial Cancer Hospital and Research Centre, $0 that the hospital can continue to function ad¢quately. to expand its operation5 to other area5 of Pakistan and io ¢ontinue its research in the advaneement of cancer treatment. Shaukat Khanum Memorial Trnsl Trustees, report for the year ended 31 December 2020 STATEMENT OF TRUSTEES, RESPONSIBILITIES Th¢ Trustees are responsible for preparing the Trustees, Annual Report and the financial statetnents in accordance with applicable law and United Kingdorn A￿oUn[1ng Standards (United Kingdom Generally Accepted A¢¢ounting P￿tice). The law applicable to charities in England and Wales requir¢s the trusttts to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of its income and expenditure for that period. In preparing those fLnan¢ial statements, the Tn]5te¢5 are required to: seled suitable accounting poli¢i¢s and then apply them WDSiStentlyy observe the methods and principles in the Charities SORP,. make judgem¢nts and estimates that are reasonable and prud¢nL state whether applicable accounting standards have be¢n followed subject to 2ny mal¢rial departures disclosed and explained it] the financial statements- prepare the financial statements on the going concern b&%is unle55 it is inappropriate to presume that the Charity will continue in business. The Tn￿tte$ are responsible for keeping proper accounting records which disclose with reasonable accurdcy at any lime the financial position of the Charity and enabl¢ them to ensure that the financial statements comply with the Chariiies Act 2011. the Charity (Accounts and Reports) Regulations and the provisions Of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the pr¢v¢ntion and det¢¢tion of fraud and other irregulariti¢5. 28/10/2021 This report was approved by the Tnjstees on .........................and signed ort its behalf by.. Mr T Nawaz Trust¢¢ Shaukat Khanum Memorial Trust Independent Auditors, Report to the Trustees of Shaukat Khanum Memorial Trust for the year ended 31 December 2020 OpiDio We have audiied the financial ststements of Shaukat Khanum Memorial T￿￿t (the 'Charity') for the year ended 31 December 2020 whi¢h ¢omprise the Sts(ement of Financial Activities, the Balance Sheei. the Statement of Cash Flows and notes to the fIt￿nCIal statements, tncluding a summary of significant a¢￿untIng policies. The financial reporting framework that has been applied in their preparation is appllcable law and UTtit¢d Kingdom Accounting Standards, including Financial Reporting Standard 102.. The Financial Reporting Stsndard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Prdctice). In our opiniom the financial statements.. give a true and fair view of the stste of the Charity's affairs &% at 31 December 2020 and of its income and expenditure for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.. have been prepared in accordance with the requirements of the Ctwiiies Act 2011. Bssis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under thos¢ standards are ￿rther described in the Auditor's responsibilities for the audit of the financial stateTn¢nts section of our report. We are independent of the Charity in aeeordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard and we have fulfilled our other ¢thical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained ts sufficient and appropriate to provide a basis for our opinion. Conclusion5 relating to going concern In auditing the financial statements, we have concluded that the trustees. use of th¢ going concern basis of a¢¢ounting in the preparation of th¢ financial statements is appropriate. Based on the work we have performed, we have not idenlified any rnaterial uncertAinties relating to events or conditions thai. individually or colle¢tively. may cast signifieant doubt on the ¢harity'S ability to continue ls a going concern for a period of at least twelve months from when the financial 5tstements are authoris¢d for issue. Our responsibilities and the responsibilities of the tn￿teeS with respect to going concern are described in the relevant sections of this report. Other information Th¢ trustees are responsible for the other inforn)ation. The other infonnation comprises the inforniation included in the annual report other than the financial statements and our auditor's rep)rt th¢reon. Our opinion on the financial staiements does not cover the other infomation and, except to the extent othenvise explicitly stsied in our report. w¢ do not express any form of assuran¢e conclusion ther¢on. In connection with our audit of the financial statements, our responsibility is to read the other inforn)ation and, in doing so, consider whether the other inforniation is materially inconsisient with the f]nancial statements or our knowledge obtained in the audit or otherwise appears to be M￿erIallY misstated. If we identify such rnaterial inconsistencies or appareni material misstatemeEJts, we are required to de¢ernine wh¢ther there is a material mi5Statemen¢ in the financial statements or a material misstatelnent of the other infom)a(ion. If, based on the work we have perfom)ed, we Conclude that there is a material misstat¢ment of this other inforn￿tiO￿, we ar¢ required to r¢port that facL Shaukat Khanum Memorial Trust Independent Auditors, Report to the Trustees of Shaukat Khanum Memorial Trust for the year ended 31 December 2020 We have nothing to report in this regard. Matters on which we are required to report by exception In the light of the knowl¢dg¢ and understanding of the Charity and environment obtained in the course of ihe audii we have not identified material misstatements in the Trustees. Annual Report. We hav¢ nothing to re￿rt in respxt of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to re￿rt to you if. in our opinion.. the inforniation given in the Trustees. Annual Report is inwnsistent in any material respect with the financial statements: suificient accounting records have not been kept; the f￿￿)cIal statements are not in agreement with the accounting records and relurns. or we have nol obtained all the inforniation and explanations n¢cessary for the purposes of our audit. Responsibilitie5 of the trustees As explained more fully in the trustees, r¢sponsibilities statement 5, the trustees are resp(Trnsible for the preparation of the financial statements and for b¢ing satisfied that they give a true and fair view, and for such internal control a% they detemiine is necessary to enable the preparation of financial statements that are free from material misstht¢rnenL whether due to fraud or error. In preparing the fitwicial statements, the trustees are responsible for assessing the Charity's ability to continue as a going concern, di%losin& as applicable, matters related to going concern and using the going concern b&sis of accounting unl¢ss the trustees either intend to liquidate the Charity or to cease operations, or have no realisti¢ alternative but to do so. Auditor's r￿ponsIbIlitieS for the audit of tbe fjnancial statements We have been appointed as auditor under section 144 of the Charities A¢t 2011 and report in a¢¢ordance with the Act and relevant regulations made or having effect thereunder Our objectives are to obtain reasonable assurance about whether the financial ststements as a whole are free frorn matertal misstat¢menL whether du¢ to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high lev¢l of assurance, but is not a guarantee that an audit Conducted in accordanc¢ with ISAS (UK) will always dete¢t a material misstatement when it exists. Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures tn line with our responsibilities. outlined above, io detwt material tnisstatements in respect of irr¢gularities, in¢luding fraud. The extent lo which our procedures are ￿pable of detecting I￿egUlaritIes, including fraud is detailed below.. We obtain¢d an understanding of the chariry's activities. controls and 12w5 and regulations and assessed the suscepttbility of the charity's financial stateTnents to maieriai misstatemeni from irregularities, in¢luding fraud. We deterniined that the laws and regulations that are most significant to the charity are the Charities (Accounts and Reports) Regulations 2008. the Charities Act 2011, the Financial Reporting SL￿dard applicable in th¢ UK and Republic of Ireland (FRS 102), Accounting and Reporting by Chariiies-. Statement of Recommended Practice Applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP FRS 102> and the Trust De¢d. Based on this underscanding we designed our audit procedures to detecting irregularitie5, including fraud. Testing undertaken included making enquiries of those charg¢d with govemance; journal enty testing. review of bank lett¢rs and governing document; reviewing financial statement dis¢losures and testing to supporting d￿UmentatIon to assess complian¢e with applicable laws and Shaukat KhaDUm Mcmorial Trust Independent Auditors, Report to the Trnstees of Shaukat Khanum Memorial Trnst for the year ended 31 December 2020 regulation5. These procedures were designed to provide reasonable assurance that the financial ststements were free froln fraud or error. A further description of our responsibilities for the audit of th¢ f]nancial statements is located on the Financial Reporting Council's website at.. www.frc.org.uklauditorsresponsibilitie5. This description fornjs part of our auditor's report. Use of our report This report is made solely to the Charity's tnJstee5, as a body, in accordance with section 144 of the Charities Act 2011 and the regularions made under Section 154 of that Act. Our audit work has been undertak¢n so that we might stste to the Charity's trustees those matters we ore required to slate to ihem in an auditor's report and for no other purpose. To the fullest extent pemiitt¢d by law, we do not accept or assume responsibility to anyone other than the Charity's twstees as a body, for our audit worL for this report, or for the opintons we have fonned. LLP Shipleys LLP Chgrtered Aceountants & St•tutory Auditors 10 Orange Street London WC2H 7DQ 28 Ortober 2021 Shipleys LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2(N)6. Shaukat Khanum Memorial Trust Ststement of Finaneial Activities For the year ended 31 Deeemb¢r 2020 Unrestricted Funds 2020 2(119 Total Total Notes INCOME Donations 12,360,566 8,159,387 Tolal income 12,360,566 8,159.387 EXPENDITURE Costs of rnising funds Costs of Charitable activities (1.359,136) (845,426) {9,250,000) (7,000.000) {10,609,136) (7,845,426) Net ineome and ovement fuDds for the year 1.751,430 313.961 Total funds brought (orward 2,378,718 2,064.757 Total funds earried forward £4,130,148 £2.378.718 The notes OD pages 12 to 16 form an integral part of these finaDeial $tstements. Shaukat Khanum Memorial Trust Balanrting by Charities: Ststelneni of Recommended Praciice effective from l April 2￿5 which has since been withdrawn. Assets and liabilities are initially reCo￿lISed at historical cost or transaction value unles$ otherwise stated in the relevant ￿COUntIng policy. Shaukat Khanum Mernorial Tn￿1 meets the definition of public benefit entity under FRS 102. The fimctional currency of the charity is ¢onsidered io be y)unds sterling because that is the CUTr¢ncy of the primary economic environment in which the Chariry operdte5. The financial ststements are also presented in pounds sterlin The amounts in the financial statements ar¢ presented to the nearest £1. unless otherwise stated. 1.3 Going eoncerD TheTe are no material uncertainties casting d(Trubt on the charity'5 ability to continue as a going concern. The accounts have been pr¢p8red on the going COD¢¢m b&sis. W2ih thousands of people losing jobs and businesses suffering from the COVID-19 impacL it was inevitable for charity to be impa¢ted. We saw reduced donations from our regular donors with some cancelling their direct debits. In order to bridge the gap and keep on providing the critical cancer care, IKCA stepped up it efforts with additional online advertising which brought in new donors. The fo¢u5 on reaching out to new audience not only bridged the gap bui brought in some additional revenue. Going fonyard, we plan to f￿uS on this route which has been proven successful. 1.4. Income Income is recognised when the charity has entitl¢Tneni io the income, li is probable that th¢ income will be received and the amount of income receivabl¢ can be measured reliably. The charity includes an estimate in the accouDts for gift aid recov¢rdble on donations. This is based on past history of gift aid claimed on donations. The provision at 31 Dec¢mber 2020 was £2,200,000 relating to £1,300.(K)O for 2020 and £900,000 for 2019 (2019= £900,000). 12 Shaukat Khanum Memorial Trnst Not￿ to th¢ financial statements for the y¢ar ended 31 December 2020 Aceounting policies (conlinued) 1.5. Expenditure Expenditur¢ 15 recognised onee there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the atnount of the obligation can be measured reliably. Expenditure is classified under the following activity headings.- Costs of raising ￿ndS COTnprise the costs associated with fundrdising and attracting donations. Expenditure of charitable actiVLties includes grdnts made. Grants payable are payments mad¢ to third parties in the furth¢ran¢e of the charitable objective5 of th¢ charity. Unconditional ￿ant offers are accrued once the r¢¢ipient has been notified of th¢ grant award. The notification gives the recipieni a reasonable expectation that they will r¢c¢ive the grant. Support costs are those functions that asstst ihe work of the charity but do not directly undertake haritable activities. Support Costs include office costs, finance, IT support costs and governance costs. Th¢s¢ costs have been allocated berween ¢051 of raising funds and expendiiure on charitable activities based on staff tirne. Governance costs represents those costs of strategic management of ihe Charity and of eomplying with constitutional and sthtuttsry r¢quirements. Irrecov¢rable VAT is ¢harged against th¢ expenditure heading for which it Was incurred. 1.6 Debtors Other debtot3 ar¢ recognised at the settlement amount due. 1.7 Cash at bank Cash at bank and cash tn hand includes and short term highly liquid inv¢stments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 1.8 Creditors and provisions Creditors and provisions ar¢ recognised where the eharity has 2 pr¢seT)t obligation resulting from a past event that will pmbably result in the transfer of fijnds io a third party and the amount due to settle th¢ obligation Can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. 1.9 DefiDed contrlbution plarts Contributions to d¢fined eontribution plan5 are recognised as an expense in the period in which the relaied service is provided. Differences between contributions payable in the year and the contributions actually paid are shown either in a¢¢Tuals or prepa￿Trents on the balan¢e sheet. 1.10 FinaneiaI instruments The charity only has finan¢ial assets and f]nancial liabilities of a kind that qualify as basic f￿anCial instruments. B&ic financial instrum¢nts are initially recognised at transaction value and subsequently measured at iheir settlement value. 1.11 Fund AecouDting Unrestricted funds are available to Spend on a¢tivities that fiLrth¢r any of the purpos¢5 of the charity. 13 Shaukat Khanum Memorial Trust Notes to the financial statements for the year ended 31 December 2020 Donations 2020 2019 Income from Donations 12,360,566 8,159,387 The charity benefits greatly from the involvement and enthusiastic support of its maDy volunteers. In accordance with FRS 102 and the Ctwities SORP (FRS 102), the ¢conomic Contribution of general volunteers is not re¢ognised in the accounts. Cost of raising fuDds 2020 2019 Fund Raising and publicity costs Support costs Wages and salaries 1.201,063 78,374 79,699 687,872 75,484 82.070 1,359,136 845,426 Ch&ritable activitit5 Grani funded aetivity 2020 2019 Gr2Mts payable 9250,000 7,000,(K)O The grdnts are amounts paid to the Shaukat Khanum Memorial Cancer Hospital & Research Centre in Pakistan. Th¢ objectives of the hospital are in line with the ¢haritsble objectives of the charity. 14 Sbaukat Khanunl Memorial Trust Notes to the financial statements for the year ended 31 December 2020 Support costs 2020 2019 Finan¢¢ & card processing Charges IT support costs Office Governanc¢ ¢05ts 19,415 34,562 18,397 6,000 51.952 6.202 1,330 6.000 78.374 75,484 Support Costs ar¢ allocated ￿tw¢¢n cost of raising funds and expenditure on charitable aetivities based on stsff time. Employee tirne is spent exclusively on raising funds for the charity. Goverllanee costs 2020 2019 Audit Fees 6,000 Staff eosts 2020 2019 Wages and salarÈ¢s 79.699 82.070 The average number of employees and full time equivalent in the year was four (2019.. five) with all etnployee time involved in raising fvnds for the charity. The number of employees that received emoluments of £60,000 or more in the y¢ar was Nil (2019.. Nil). No trustee received any relnunerdtion or reimbursernent of expenses in re$￿t of the ¢urrent or prior year. No tswste¢ received payment for professional or other setwices supplied io the charity (2019.. £nil). No salaries were paid to memb¢rs of key management during th¢ current or prior period. TaxatiOD charity is exempt from tax on in¢ome and gains to the extent that these are applied to its charitable objectives. 15 Shaukat Khanum Memoriydl Trnst Notes to the financial statements for the year ended 31 December 2020 Fin#neial Instruments 2020 2019 Fi[￿￿claI assets that are measured ai amortised cost= Cash ￿ bank and in hand ,857.231 594,617 io. Unrestrieted funds The Purpos¢ of the unrestricted fund5 15 the promotion of research into the causes and a cure for ¢ancer and similar diseases. Further to this, fi]nds are intended for the ¢stablishmenL the endowment of or Fnaking wts to Shaukat Khanum Memorial Cancer Hogpital in Pakistan for eaneer sufferers. The Trust is devoted to rhe furtherance of eancer education and engaging in any activities whatsoever which will lessen ihe sufferings (Trf cancer patients in Pakistan. 11. Related Party Transactions Imran Khan, a trustee of the Chariry, is founder and Chairnian of the Board of Governot3' of the Shaukat Khanum Memorial Cancer Hospital & Research Centre in Pakisian. During the ye￿. the Chariry m2de a ￿t to the Shaukat Khanum Mernortal Cancer Hospital & Research Centre of £9.250.(M)0 {2019.. £7,000.000). 12. Analysis of changes in net debt AtlJan 2020 Cash Flow$ At 31 Dec 2020 Net cash Cash at bank and in hand 594,617 1,262,704 1.857,321 AtlJa 2019 C4sh Flows At 31 Dec 2019 Net cash Cash at bank and in hond 747.594 {152.977) 594,617 16