The annual accounts of the Canary Foundation Puertos de Las Palmas reviewed by Canarymaritime for the last year under the authority of the General State Intervention present a complex accounting structure where the recognition of impairments significantly alters the final performance of the entity. The financial document reveals how the meticulous application of technical criteria allows for a constant offset of items, creating a scenario of operational neutrality where ordinary profits and losses seem to be calculatedly diluted in the balance sheet.
The dissolution of abstract commitments
The core of the cross movements is located in Note 9 of the institution’s memorandum, under the heading ‘Users and other debtors of the own activity,’ where the total current assets experienced a drastic reduction from 167,336.01 euros to just 2,916.61 euros. The breakdown of movements indicates that the account of ‘Users from other sources,’ which started the year with a balance of 117,336.05 euros, was fully settled to zero after a corresponding decrease was recorded. Meanwhile, the account of ‘Sponsors from other sources,’ which began with 49,999.96 euros and received additions worth 170,000.00 euros during the year, reflected a decrease of 217,083.35 euros, leaving a final live balance of just 2,916.61 euros. The total volume of decreases in the debtors section amounted to 334,419.40 euros.
Financial investigation sources confirm that this movement would jointly respond to the ordinary management of collections and the application of prudent valuation criteria in the face of outstanding balances. From a formal perspective, the annual accounts identify these debtor balances under the generic designation of ‘other sources’ within the categories of users and sponsors. On this heading, the entity’s management proceeded to recognize an impairment for insolvencies of approximately 95,000 euros applicable to trade credits that were older than six months, reclassifying them as doubtful recovery balances in accordance with technical regulations. In accordance with the necessary legal safeguards, the provisioning of this technical impairment responds to a mandatory accounting estimate due to the passage of due dates and does not conclusively presuppose a scenario of definitive delinquency, legal insolvency, or deliberate non-compliance by contributing entities, corporations, or members of the board traditionally linked to the foundation’s support. The adjustment translates into a cleansing of the balance sheet to accurately reflect the true picture of realizable assets as of the closing date.
The retreat of liquidity in the balance of the desert
The impact of this commercial cleansing directly translates to the income statement, explaining the entity’s shift towards a negative space that neutralizes previous fiscal years. The foundation closed fiscal year 2024 with a result of -138,660.30 euros, representing a significant reversal from the positive surplus of 181,021.45 euros recorded in fiscal year 2023. This drop is also linked to a reduction in income from the core activity, which amounted to 181,409.53 euros compared to 346,532.48 euros the previous year, as well as a 50% decrease in the ‘Other income from activity’ section.
In contrast to this setback in resource generation, the item ‘Cash and other liquid equivalent assets’ showed an opposite trend, rising from 705,131.72 euros in 2023 to 863,521.92 euros at the end of 2024. This accumulation of cash in a period of net losses suggests a strategy for preserving liquidity or the collection of previous exercises; an attempt to shield the short-term treasury position from the general fatigue of the environment, accurately balancing the entity’s measures.
The slow degradation of real estate assets
The management of the institution’s fixed assets introduces additional technical adjustment elements impacting the balance sheet. The building owned by the foundation, whose exploitation through leasing constitutes one of the funding avenues for its statutory purposes, bears a mismatch of temporal criteria derived from old directives from the Delegation of Economy and Finance. After the annual depreciation rate was modified from 3.33% to 2% in 2011 following the eviction of the property, the fiscal authority noted in 2019 the need for the net book value of the asset to be zero at the end of the 30-year administrative concession.
To correct the gap arising from the previous depreciation pace, the entity has proceeded with the gradual provisioning of impairments. In the financial statements of 2024, an impairment charge of 31,220.61 euros was recorded with a direct impact on the results of the fiscal year; technically, this adjustment is accounted retroactively as attributable to the historical year of 2015, regularizing the property’s value a decade later. At the end of the period, real estate investments in constructions reflect an acquisition cost of 2,347,414.02 euros, accumulated amortization of 1,769,873.24 euros, and an accumulated impairment of 218,544.27 euros.
The bureaucratic inertia and the limbo of the State
The regulatory and institutional framework adds a factor of prolonged provisionality to the governance of the organization, suspended in a kind of administrative timelessness. Despite this bureaucratic paralysis in the state oversight, the financial statements are formulated under the going concern principle, operating independently in practice from the allocations of the general budgets of public administrations, awaiting a definitive legal ratification that formalizes its corporate status.
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