FINANCIAL INFORMATION AND AUDIT REPORT
The balance sheet and income statement presented below were obtained from the 2008 annual financial statements of the Rafael del Pino Foundation, and on 25 April 2009 BDO Audiberia Auditores S.L. issued their audit report with an unqualified opinion.
Balance sheet at 31 December 2008
| ASSETS | Thousands of euros |
| Fixed assets | 17.128,8 |
| Furniture and installations | 2.441,8 |
| Accumulated amortisation and depreciation of fixed assets | -3.126,5 |
| Accounts receivable | 11.458,5 |
| Investments | 93.261,5 |
| Cash and cash equivalents | 541,9 |
| Total Assets | 121.706,0 |
| LIABILITIES | |
| Foundation Endowment | 114.000,0 |
| Reserves | 5.153,1 |
| Surplus for the year 2008 | -2.439,8 |
| Valuation adjustments | -8.228,1 |
| Accounts payable | 3.004,1 |
| Payable to beneficiaries | 10.216,7 |
| Total Liabilities | 121.706,0 |
Income statement at 31 December 2008
| INCOME | Thousands of euros | |
| Financial | 5.697,6 | |
| Sponsors and collaboration | 10.523,2 | |
| Building rents | 260,1 | |
| Total Income | 16.480,8 | |
| EXPENSES | ||
| Monetary aid (activities) | 15.779,0 | |
| Personnel expenses and social security expenses | 796,0 | |
| General and maintenance expenses | 735,6 | |
| Depreciation of building and installations | 170,0 | |
| Value impairments | 1.440,0 | |
| Total Expenses | 18.920,6 | |
| SURPLUS FOR THE YEAR 2008 | -2.439,8 |