2023 CEF Annual Report

2023 

ANNUAL 

REPORT 

Supporting capacity development of 

public officials and their institutions 

in South East Europe through learning 

and knowledge sharing

ACRONYMS 

CIPFA 

EC 

EU 

ERP 

ESG 

FISR 

GIZ 

IMF 

IT 

IPSAS 

ODI 

PACT 

PFM 

SDG 

SEE 

TIAPS 

Chartered Institute of Public Finance 

and Accountancy 

European Commission 

European Union 

Economic Reform Programme 

Environmental, Social and Governance 

Fiscal Implications of Structural Reforms 

Deutsche Gesellschaft für Internationale 

Zusammenarbeit 

International Monetary Fund 

Information Technology 

International Public Sector Accounting 

Standards 

Overseas Development Institute 

Public Accountants Certification Training 

Public Financial Management 

Sustainable Development Goal 

South East Europe 

Training of Internal Auditors 

in the Public Sector 


ANNUAL 

REPORT 

Supporting capacity development of 

public officials and their institutions 

in South East Europe through 

learning and knowledge sharing 

LJUBLJANA, JUNE 2024

CONTENTS 

CONTENTS 

ABOUT THE CEF .................................................................................................7 

CHAIR OF THE CEF GOVERNING BOARD’S WELCOME ....................................8 

DIRECTOR’S WELCOME.....................................................................................9 

BUSINESS REPORT....................................................11 

CEF’s Focus and Value Added........................................................................ 12 

Learning and Knowledge Sharing Program Highlights in 2023....................14 

Knowledge Capturing, Packaging and Sharing..............................................24 

List of Learning and Knowledge Sharing Activities in 2023........................ 34 

Governance and Culture................................................................................. 40 

Partnerships.................................................................................................... 48 

Communication............................................................................................... 52 

Monitoring and Evaluation............................................................................. 54 

Sustainability Overview................................................................................... 58 

FINANCIAL REPORT................................................... 61 

APPENDIX: IMF FAD Advisors’ Report, 2023................................................. 94

6 CEF ANNUAL REPORT 2023 CEF ANNUAL REPORT 2023 

7 

ABOUT THE CEF 

OUR VISION 

As leaders in learning, our vision is to inspire public officials, both 

individuals and teams, to shape institutional governance that drives 

successful economies and fair societies. 

OUR MISSION 

We support the capacity development of public officials and their 

institutions in South East Europe through learning and knowledge 

sharing. 

OUR WORK 

We are a leader in applying people-centered learning approaches and 

holding the know-how of becoming and being a learning organization. 

We combine topical expertise in the fields of public financial management, 

central banking, leadership for managing reforms, and learning 

and knowledge ecosystems. We do this through innovative, participatory, 

and practical learning solutions. Our team knows how to nurture 

and deepen learning among individuals, teams, and institutions. 

OUR HISTORY 

The CEF is an international organization based in Ljubljana, Slovenia. 

We were established in 2001 under the Stability Pact for South East 

Europe by the Slovenian Government, at the initiative of the Slovenian 

Ministry of Finance and in close cooperation with other ministries of 

finance of former Yugoslav countries and Albania. In 2015, following 

14 successful years as a regional institution, we transitioned into an 

international organization.

8 CEF ANNUAL REPORT 2023 CEF ANNUAL REPORT 2023 

9 

CHAIR OF THE CEF GOVERNING 

BOARD’S WELCOME 

DIRECTOR’S WELCOME 

Dear friends and partners, 

Dear colleagues, partners and friends, 

I wish to express my respect and gratitude to the CEF, 

its members, and other participating countries for their 

continuous efforts in supporting the capacities of public 

officials. This work serves the entire region’s interests 

and particularly benefits each member country. 

The 2023 CEF Annual Report highlights the CEF community’s 

achievements in building the capacities of public 

officials and their institutions in South East Europe. It 

presents the CEF’s work creatively and distinctively. 

The past year has not brought peace to the region we all 

live in. Unfortunately, the war in Ukraine continues, triggering 

a chain reaction in terms of economic, political, 

and social challenges across the world. 

For Moldova, 2023 was a year of significant accomplishments 

amid serious turmoil, yet these challenges did not 

overshadow the country’s progress in moving closer to 

the EU. The decision of the EC to open accession negotiations 

with Moldova signaled an opportunity for the 

country to get where it belongs, namely, into the diverse 

and prosperous big European family. 

I am confident that Moldova will become an EU member 

state in the near future. Under these circumstances, the 

assistance of the CEF as an EU pillar-assessed institution 

is crucial. Its people-centered approach and peer-topeer 

methodology enhance knowledge exchange, build 

stronger partnerships, and advance the process of European 

integration. 

I am also thankful to the CEF team and our partners from 

the CEF constituency for their support in implementing 

the ongoing National Bank of Moldova (NBM) 

LearnOrgLab project. It is worth mentioning that this is 

the first time for the CEF to implement such a project in 

the region, and it is a great success that our bank has 

become its beneficiary. 

The involvement in NBM LearnOrgLab project events 

has led to the professional development of the NBM 

staff, greater collaboration within teams, and improved 

communication among departments. Thanks to the 

CEF’s activities, we have become a front runner in organizational 

transformation. We can share our experiences 

with other public institutions to foster a culture of continuous 

learning and knowledge creation. 

During Moldova’s chairing of the CEF Governing Board, 

we launched a fundraising initiative to secure financial 

resources for the “Strengthening Capacities for a 

Sound, Resilient, and Developed Macroeconomic and 

Financial Environment in South East Europe” project. 

I am very pleased and grateful that this ambitious 

undertaking, developed by the CEF for the central 

banks’ community, has received significant support 

from CEF member countries, increasing the chances of 

achieving its goals. 

Chairing the CEF Governing Board has been a valuable 

experience for me, allowing me to meet interesting and 

dedicated individuals who believe in the power of knowledge 

sharing. I wish the best to the next Chair of the 

Board and to all members of the CEF community. May 

the following year be rich in ideas, projects, and achievements. 

Anca-Dana Dragu 

Governor of the National Bank of Moldova 

It is with great pleasure that I present to you the CEF 

Annual Report for 2023, capturing the remarkable journey 

we undertook together throughout the year. This report 

is a visual testament to our joint dedication to inspiring 

public officials in shaping institutional governance that 

fosters successful economies and fair societies. 

Last year saw notable growth and innovation at CEF, 

highlighted by welcoming eight new team members. 

Croatia joined as a new CEF member state. This also 

brought two new appointments to the Governing Board, 

enhancing our expertise. Aligned with our strategic 

goals, we launched several transformative initiatives 

to drive regional progress. One such milestone was 

launching the certification training program for public 

sector internal auditors through the Training of Internal 

Auditors in the Public Sector (TIAPS) program in Albania. 

This represents an important step in enhancing 

accountability and transparency within the public 

institutions of the South East European (SEE) countries. 

Our longstanding partnership with the National Bank of 

Moldova led to the NBM LearnOrgLab project. In its first 

year it is already producing tangible results, fostering a 

culture of effective knowledge management and innovation 

among the Bank’s employees. 

Our dedication to fostering future leaders is evident in 

the launch of the WeLead project, engaging young professionals 

across the Western Balkans to equip them 

with skills for driving change. Given recent regional 

shifts, we feel it is vital to focus on nurturing young talent 

in the public sector. Our ongoing collaboration with 

the Montenegrin Ministries of Finance and Public Administration 

provides on-the-job mentoring to support vital 

reform strategies. Our goal is to enhance strategy performance 

and impact through mutual learning and knowledge 

exchange. With the FISR2 project, our focus stays 

on integrating structural reforms within national fiscal 

frameworks, to support reform aspirations outlined in 

the EU’s new Reform and Growth Facility for the Western 

Balkans and in the Economic Reform Programmes (ERP) 

of WB and Türkiye. Our program actively involves public 

institutions in addressing green finance and digitalization 

challenges, tailoring solutions to country-specific 

needs. We enhanced engagement and knowledge exchange 

effectiveness by introducing innovative learning 

formats like job shadowing. Additionally, we continuously 

refine internal mentoring and coaching skills to enrich 

our learning and knowledge sharing program. 

As we celebrate our achievements, I extend heartfelt 

gratitude to our entire community: Governing and Advisory 

Board members, CEF Coordinators, donors, partners, 

and affiliated experts. We brought together 2,738 

participants to engage in learning and knowledge exchange. 

We also co-created nine knowledge products to 

enrich our learning portfolio. 

Working together, we have achieved remarkable milestones, 

and I am confident our efforts will continue to 

drive positive change for individuals, teams, and institutions 

alike. My sincere wish is for us to remain committed 

to collaboration and innovation as we strive toward 

prosperous and sustainable societies across SEE. In 

today’s evolving world, adaptability and effective knowledge 

management are vital currencies of tomorrow. 

Jana Repanšek 

Director

BUSINESS 

REPORT

12 CEF ANNUAL REPORT 2023 

CEF’S FOCUS AND VALUE ADDED 13 

CEF’S FOCUS 

AND VALUE ADDED 

The mission of the CEF is centered around cultivating individual, team, 

and institutional growth through learning and knowledge sharing. Our 

methodo logy of becoming and being a learning organization is based 

on six building blocks, with a focus on a people-centered approach, 

empowering public officials to lead processes toward successful 

economies and fair societies. As a learning organization, the CEF 

continuously adapts and evolves to meet the changing needs of 

public officials and institutions. 

In 2023, we introduced tailored job shadowing and secondment 

oppor tunities, marking a significant value-added service for our 

beneficiaries. These initiatives provide firsthand exposure and 

practical experience, equi pping participants with invaluable insights 

and skills to drive impactful change in their respective roles. They 

also underline our commitment to delivering tangible value and 

engaging public officials to excel in their endeavors. Furthermore, 

these initiatives contribute to integrating lessons learned from the 

practices of our target institutions into our work. 

BUILDING BLOCKS OF A LEARNING ORGANIZATION 

COMMUNICATION 

RESOURCES 

GOVERNANCE 

AND CULTURE 

MONITORING 

AND 

EVALUATION 

KNOWLEDGE 

CAPTURING, 

PACKAGING AND 

SHARING 

PARTNERSHIPS


LEARNING AND KNOWLEDGE SHARING PROGRAM HIGHLIGHTS IN 2023 15 

LEARNING AND 

KNOWLEDGE SHARING 

PROGRAM HIGHLIGHTS 

IN 2023 

131 

LEARNING & KNOWLEDGE 

SHARING ACTIVITIES 

73+49 

In 2023, we saw a 25% increase in the 

number of delivered activities compared 

to 2022, as well as a 16% rise in the 

number of participants, and 43% in participant 

learning days. 

REGIONAL 

BENEFICIARY- 

SPECIFIC 

9 

KNOWLEDGE PRODUCTS 

2,738 

PARTICIPANTS 

5,838 

LEARNING DAYS 

242 

LECTURING EXPERTS



PARTICIPANTS 

FOSTERING EFFECTIVE 

LEARNING ENVIRONMENTS 

Country Participants Learning days Participation costs (EUR) 

Albania 356 976.75 19,150 

Bosnia and Herzegovina 264 483.00 14,400 

Bulgaria 61 115.75 3,000 

Croatia 65 119.75 5,850 

Kosovo 201 364.75 27,950 

Moldova 387 872.50 7,500 

Montenegro 313 735.00 4,250 

North Macedonia 151 309.00 6,850 

Romania 59 114.50 7,050 

Serbia 230 419.50 5,600 

Slovenia 93 166.00 0 

Türkiye 255 512.25 1,950 

CEF constituency 2,435 5,188.75 103,550 

Other countries* 303 648.75 26,000 

TOTAL 2,738 5,837.5 129,550 

At the CEF, we recognize that effective learning 

environments must cater to diverse preferences and 

needs. For this purpose, we offer a variety of learning 

spaces and formats, ensuring accessibility for all 

participants. We continue enhancing our IT infrastructure 

to optimize remote learning and collaboration through 

digital platforms. We also leverage learning spaces 

like online libraries and social media groups. This 

multifaceted approach enables dynamic engagement 

regardless of physical location, ensuring effective and 

high-quality knowledge exchange. 

The CEF’s commitment to fostering effective learning 

environments extends also to physical spaces. Our 

investments span from the award-winning lobby redesign 

by Kragelj Architects to reviewing our agile 

workplace office concept and the installation of soundproof 

booths. All this promotes productivity, comfort, 

and overall well-being during learning activities, and 

adds to providing an agile and collaborative workspace. 

It is not only used by the CEF Secretariat team and CEFbased 

IMF Advisors, but also by the broader CEF expert 

community during the co-creation and delivery of the 

CEF program, as well as for a growing number of CEF 

hosted events of our partners. 

We also foster mentoring 

and coaching as 

supplements to our 

learning program activities. 

Testimonials from 

participants highlight the 

value of coaching and 

mentorship in personal and 

professional development. 

Through coaching and 

mentorship, participants 

receive personalized 

guidance and support, 

enriching their learning 

experience and building on 

their potential. 

Participation costs (travel and accommodation) for in-person events were either financed through 

project funding or by a sponsoring institution (employer or donor). For in-kind attendance, costs 

are estimated at EUR 200 per participant per day plus EUR 500 for airfare. In-kind attendance 

from institutions situated in the country of the event location and for participants of online 

learning events is estimated at nil travel and accommodation costs. Numbers are rounded. 

OTHER COUNTRIES: Argentina, Armenia, Aruba, Austria, Azerbaijan, Belgium, Belize, Bermuda, 

Bolivia, British Virgin Islands, Estonia, Finland, France, Georgia, Germany, Greece, Hungary, 

Iran, Ireland, Israel, Italy, Jamaica, Jordan, Kazakhstan, Kyrgyz Republic, Latvia, Lithuania, 

Luxembourg, Malaysia, Maldives, Mongolia, Netherlands, Philippines, Poland, Portugal, Sierra 

Leone, Singapore, Slovakia, Somalia, South Africa, Switzerland, Trinidad and Tobago, Ukraine, 

United Arab Emirates, United Kingdom, and Uzbekistan. 

BLENDED 

73 49 73 40 

REGIONAL COUNTRY-SPECIFIC FACE-TO-FACE 

ONLINE 

EVENTS 

EVENTS 

9 

& HYBRID



PROJECTS 

DONORS 

PROJECTS 

Structural Reforms Better Integrated within Fiscal 

Frameworks (FISR2) 

WeLead: EU Scheme for Young Professionals in the 

Western Balkans (WeLead) 

Support to Coordination, Monitoring and Reporting 

on Public Administration Reform Strategy and Public 

Financial Management Reform Programme 2022– 

2026 (CEF Facility for MON) 

Public Accountants Certification Training at diploma 

level, North Macedonia (PACT L2 MKD) 

Efficient Public Sector Asset Management (EPSAM) 

In 2023, the 

learning and 

knowledge 

sharing activities 

were part of 

twelve capacity 

development 

projects, 

supported by 

seven donors. 

Strengthening Domestic Revenue Mobilization for 

Sustainable Development (DRM) 

Training of Internal Auditors in the Public Sector, 

Albania (TIAPS L1 ALB) 

National Bank of Moldova, Institutional Transformation 

into a Learning Organization (NBM LearnOrgLab) 

Public Accountants Certification Training at diploma 

level, North Macedonia PACT L2 MKD / 2022–2024 

National Bank of Moldova, Institutional Transformation 

into a Learning Organization (NBM LearnOrgLab) 

Public Internal Financial Control (PIFC) 

Tax Policy and Administration (TPA) 

Strengthening Capacities in Providing Sound, Resilient 

and Developed Macroeconomic and Financial 

Environment (MFE) 

Efficient Protection of Children’s Rights through Sound 

PFM in Serbia (Children & PFM in SRB) 

The Ministry of 

Finance, Slovenia 

provides core 

funding to the 

CEF. This funding 

serves as a 

cornerstone for 

developing our 

institutional 

capacity, launching 

new projects, and 

supplementing 

funding for several 

projects.



INSTITUTIONS BECOMING 

LEARNING ORGANIZATIONS 

RETAINING TALENT IN PUBLIC 

INSTITUTIONS 

NBM LearnOrgLab: Supporting the National Bank of 

Moldova to Become a Learning Organization 

The project supports the National Bank of Moldova in becoming a learning organization 

by promoting a culture of knowledge sharing through capacity development. We aim to 

improve leadership and learning skills, as well as foster lifelong learning and collaboration 

awareness. We also focus on capturing, packaging, and storing professional knowledge for 

efficient retrieval and sharing. 

WeLead: EU Scheme for Young Professionals 

in the Western Balkans 

The WeLead project focuses on young public officials of the Western Balkans. We aim to improve their 

knowledge of the EU accession process and foster a stronger professional network across the region 

through various activities. In 2023, we selected the first cohort of 54 participants, assigned to the 

project’s six components. WeShare and WeConnect activities were open to all participants. 

DURATION 

2023–2026 

DURATION 

2023–2026 

2023 DELIVERABLES: 

2023 DELIVERABLES: 

950 14 5 

PARTICIPANTS LEARNING ACTIVITIES* KNOWLEDGE PRODUCTS 

* All the events took place in Moldova. 

WeWrite 

8 mentors 

8 mentees 

8 policy 

papers 

developed 

3 learning 

activities 

WeLearn 

5 learning 

activities 

31 

participants 

WeCoach 

14 executive 

coachings for 

participants 

9 executive 

coachings for 

alumni 

WeExperience 

2 study visits 

31 

participants 

WeConnect 

Jumbo 

meeting 

51 

participants 

Equipping 

alumni with 

mentoring 

skills 

WeShare 

Knowledge exchange 

sessions integrated within 

capability trainings and 

study visits 

LinkedIn closed group 

Knowledge sharing diaries 

Knowledge sharing webinars 

For reforms to be sustainable, retaining talent and knowledge is essential. 

In this regard, we feel that a focus on “softer” skills, like knowledge sharing, 

personal development, and talent management, which will enable staff to 

thrive and perform, is also a key to success. 

Organizations increasingly acknowledge these challenges and act on them, 

as we can see in the case of the LearnOrgLab project in Moldova. For the 

Constituency Program of the Ministry of Finance of the Netherlands, this project 

is an excellent opportunity to cooperate with two of our longstanding partners, 

the National Bank of Moldova and the CEF. 

ANGELIQUE VAN HAASTEREN, Ministry of Finance, the Netherlands 

PROJECTS IN DEVELOPMENT (STARTING IN 2023 AND 2024) 

• Support to Coordination, Monitoring and Reporting on Public Administration Reform Strategy and Public Financial 

Management Reform Programme in Montenegro 

• Greening Human Capital of Public Institutions in Western Balkans 

• Developing Efficient and Resilient Tax Institutions 

• Empowered Accountants and Auditors for Accountable Public Sector 

• Strengthening Capacities for a Sound, Resilient and Developed Macroeconomic and Financial Environment in 

South East Europe 

• Efficient Protection of Children’s Rights through Sound PFM in Serbia



JOINT VISIONING OF PARTICIPANTS AT THE OPENING MEETING OF THE 

“WeLead: EU SCHEME FOR YOUNG PROFESSIONALS IN THE WESTERN BALKANS”


KNOWLEDGE CAPTURING, PACKAGING AND SHARING 25 

KNOWLEDGE 

CAPTURING, PACKAGING 

AND SHARING 

To provide quality learning for public officials in SEE, 

we focus on four thematic areas: Public Financial 

Management, Central Banking, Leadership for 

Managing Reforms, and Learning and Knowledge 

Ecosystems. 

Public Financial Management and Central Banking cover the core functions of 

public institutions. Leadership for Managing Reforms focuses on policy-making 

and coordination skills, included in our other topics or as standalone activities. 

Our expertise in Learning and Knowledge Ecosystems is integrated throughout 

the thematic areas, supporting participants to adopt our methods and integrating 

a knowledge sharing culture into their work. Our program actively involves public 

institutions in addressing green finance and digitalization challenges.



PUBLIC 

FINANCIAL 

MANAGEMENT 

During the Managing Uncertainty 

for Structural Reforms learning 

event, we were able to create an 

overview of the key structural reforms 

in line with the European 

Commission’s ERP delivered all 

Guidance 2023–2025. 

At the end, we had a good overview 

of the subject and a clear action 

plan that can help us better perform 

our daily tasks, expand the network 

of stakeholders, and involve other 

colleagues in our institutions. 

The CEF is continuously expanding 

the learning areas for further 

improvement, monitoring the situation, 

and offering support to the 

public administration in the region 

to ensure that we increase our capacities 

in terms of alignment with 

the EU requirements and beyond 

that. 

I believe that engaging with the CEF 

is important not only for the countries 

in our region but also others, 

keeping us all closer on the path to 

the EU family. 

EVELINA VISOÇI 

State Agency of Strategic 

Programming and Aid 

Coordination, 

Albania 

Together with the Ministry of Finance of the Netherlands, 

we invited tax administrations and finance ministries to discuss 

various tax policies. Additionally, we collaborated with 

the Ministry of Foreign and European Affairs of Slovenia to 

improve revenue mobilization. We also focused on boosting 

tax morale, enhancing cybersecurity to prevent digital fraud, 

and promoting cooperation between tax administrations 

and finance ministries. We continued aiding tax administrations 

in adopting a systematic approach to learning and 

making sustainable investments in people and knowledge 

management. 

With support from the Slovene Ministry of Foreign and European 

Affairs, we involved SEE finance ministries, line ministries, 

and state audit institutions in learning how to efficiently 

manage public sector assets. In 2023, we addressed policies, 

regulatory frameworks, and institutional accountability 

in asset management. We explored strategies to enhance infrastructure 

asset mana gement and valuation and highlighted 

the increasing significance of digitalization. Our initiatives 

were geared toward improving efficiency, governance, and 

accountability in public sector assets, addressing both traditional 

and contemporary challenges comprehensively. 

Funded by EU, we closely collaborated with finance and line 

ministries in the Western Balkans and Türkiye contributing 

to sustainable growth and enhancing competitiveness, 

crucial for meeting the EU accession criteria. We supported 

countries in refining descriptions, costs, and financing 

of proposed structural reform measures, and integrating 

them into their 2024–2026 Economic Reform Programmes 

(ERP). We promoted collaboration among ERP team members 

and inclusive planning for structural reforms. Methodological 

guidelines on monitoring reform implementation 

and assessing economic impacts were published for the 

Western Balkans and Türkiye. 

In partnership with CIPFA, the Ministry of Finance of Albania, 

and the Ministry of Foreign and European Affairs of Slovenia, 

we initiated a training of internal auditors in the public sector 

(TIAPS) in Albania. This program aims to enhancing auditors’ 

capabilities to meet EU requirements and follow international 

standards and best practices. We established a Localization 

Working Group (LWG) to facilitate the transition of the TIAPS to 

the future future takeover institution. The LWG’s achievements 

were noted in the EU progress report on Albania. 

In 2023, we completed level 2 modules of the public 

accountants certification training (PACT) in North Macedonia 

and focused on supporting the newly-established Public 

Finance Academy. Notably, 64% of the enrolled students 

successfully completed the PACT at level 2. Our efforts continue 

to be devoted to supporting the Public Finance Academy in 

gaining capacities to be able to run PACT independently. 

To foster exchange and peer-to-peer learning among tutors 

across the region, we launched the Network of Experts in 

Accounting and Auditing. Together with partners, particularly 

the Ministry of Finance of the Netherlands, we implemented 

a professional development program for auditors and provided 

support to central harmonization unit officials. We 

focused on enhancing auditors’ communication skills and 

innovative approaches to quality assurance, data analysis, and 

performance audits. We also engaged regional supreme audit 

institutions in a knowledge-sharing session on transforming 

into learning organizations. 

Our collaborative efforts have strengthened tax policies, 

improved public sector asset management, supported the 

design of reforms, and enhanced accounting and auditing 

training. Looking ahead, we will continue with these initiatives 

to foster sustainable growth and transparency.



Aiming to create their own future, organizations 

are continually expanding 

their capacities, but this requires 

a fundamental shift in the mindset 

among all members of the organization. 

The National Bank of Moldova 

has also started its transformation 

into a learning organization. 

With this in mind, I started the job 

shadowing journey with the CEF, 

which has been meaningful for my 

professional and personal development. 

It has been like a route, 

where every small step and activity 

is linked to each other, helping 

me to improve my public speaking 

skills and boost my confidence. Every 

learning activity has been useful 

and applicable to my work and development. 

I have applied all the newly acquired 

knowledge at our internal knowledge 

sharing activities and also at the CEF 

events, for example, the workshop 

on the Review of Capital and Liquidity 

Adequacy Assessment Processes. 

Being with peers, face-to-face, 

sharing experience, and approaching 

challenges that are common for 

banking regulators and supervisors 

in the region, is a precious opportunity 

given by the CEF and appreciated 

by the community. 

CENTRAL 

BANKING 

In collaboration with our partners, particularly Banka Slovenije, 

the International Monetary Fund (IMF), the European Central 

Bank, the National Bank of Moldova, the Bank of Albania, 

and the Central Bank of the Republic of Türkiye, our focus 

remains on financial stability and prudential supervision. Senior 

staff from our constituency central banks’ banking regulation, 

supervision, and resolution departments have deepened 

their collaboration within the banking regulation and 

supervision (BRS) knowledge sharing community, supported 

by the CEF. Through online platforms and meetings, this 

community discusses challenges in five key areas: peoplecentered 

BRS approaches, green finance, stress testing and 

analysis, regulatory updates, and digitalization. 

In 2023, we put our efforts on green finance and climate-related 

risks, which culminated in a high-level conference in Tirana. 

Members of the BRS community met at this occasion for the 

first time face-to-face, delving with ministers of finance and 

central bank governors of the CEF Governing Board into practical 

aspects of green finance, challenges, and the way forward. 

An essential addition in 2023 was the introduction of 

job shadowing opportunities at the CEF and Banka 

Slovenije. After designing and facilitating a workshop 

at the CEF, employees from the National Bank of 

Moldova closely observed various roles of the CEF 

Secretariat team. Similarly, by visiting different 

departments in Banka Slovenije, they gained a 

deeper insight into their expertise and fostered 

connections on an expert level. 

In addition, we addressed internal capital and 

liquidity adequacy assessment processes (ICAAP and 

ILAAP) and offered insights into how macroprudential 

instruments can help mitigate macroeconomic 

shocks through interactive simulations. We also 

facilitated the exchange of experiences among 

supervisors overseeing commercial banks, focusing 

on challenges in implementing the International 

Financial Reporting Standard (IFRS) 9. 

In collaboration with the Central Bank of the Republic 

of Türkiye, we co-organized a training of trainers 

event, inviting experts from various central banks 

to engage in the learning program. Participants 

were acquainted with diverse adult learning 

methodologies, and they independently designed 

and implemented successful knowledge-sharing 

sessions, while refining their presentation skills. 

In the future, our collaborative efforts with the 

central bank community will continue to address 

emerging challenges and reinforce financial stability 

and prudential supervision, striving to advance the 

resilience and prosperity of the financial sector. 

LUDMILA ANDRUSCEAC 

National Bank of Moldova



LEADERSHIP 

FOR MANAGING 

REFORMS 

In 2023, we witnessed a steep increase of activities 

in the thematic area of Leadership for Managing 

Reforms. We supported ERP teams in strategically 

planning and costing structural reforms. At countryspecific 

events, we placed particular emphasis on 

enhancing team dynamics and coordination among 

team members, aiming to streamline the implementation 

of the ERP process. Individual coaching sessions 

were offered to those involved in ERP drafting, 

with a special focus on team leaders’ personal 

communication, negotiation, planning, and decision-making 

skills. These sessions supported officials 

in reflecting on professional relationships and 

improving coordination with stakeholders. 

We also assisted our beneficiaries in communicating 

reforms (especially digitally), writing policy notes 

and high-quality ERP documents, negotiating with 

and engaging relevant stakeholders – key skills 

for effective coordination. In North Macedonia, we 

delivered targeted activity on collaborative impact 

assessment for structural reforms. 

In 2023, we also started WeLead, a four-year EU-funded 

multi-beneficiary capacity development project. 

We consider investing in the future leaders of the 

Western Balkans as an important milestone that 

benefits all stakeholders involved, including our team. 

Moving forward, we are committed to reinforcing the 

importance of blending technical expertise with the 

cultivation of non-technical skills for effective policymaking 

and successful implementation of reforms. 

I was very grateful to participate 

in the Clear Communication: 

The Key to Unlocking the Value 

of Internal Audit Activities workshop 

organized by the CEF. 

I expect that what I have learned 

will be infused into my work 

performance, and I’m excited 

to catch and ride this wave of 

learning and pushing myself 

and other colleagues. As I reflect 

upon the past decade of 

my internal audit activities, I 

am now embarking on an exciting 

new chapter. It is with 

great enthusiasm that I return 

to Moldova to contribute to the 

advancement of internal auditing. 

I will be working in the internal 

audit unit at the Ministry of 

Finance of Moldova, channeling 

my energy and commitment to 

taking my audit reporting skills 

to the next level and achieving 

good results. I will also share 

the useful information I have received 

to other internal auditors 

around the country. 

ELENA COLESNIC 

Ministry of Finance, Moldova



It was a pleasure to participate 

in this online course organized 

by the CEF. The training met all 

my expectations thanks to the 

great atmosphere, participants, 

and lecturers. Yes, online 

courses can have an excellent 

atmosphere, too! It was not my 

first time participating in a CEF 

learning event, and I can say 

that all CEF courses and events 

have a great atmosphere. 

Digital communication has 

changed the culture and ways 

of communication. It has erased 

boundaries and built new bridges 

between people and countries. 

During this course, I was 

sitting in Riga, Latvia behind 

my computer and talking with 

other participants from Croatia, 

Bosnia and Herzegovina, Serbia, 

Romania, Moldova, Germany, Albania, 

Turkey, and Slovenia. We 

did different exercises together, 

brainstormed, put our ideas on 

digital boards, and presented 

them to the others. You do not 

have to go out of your office or 

home to connect with others, implement 

different projects, and 

exchange ideas. 

LEARNING AND 

KNOWLEDGE 

ECOSYSTEMS 

Our strategic aim is to foster learning organizations within 

the institutions we support. We prioritize learning and 

knowledge sharing as fundamental elements of capacity 

development, serving as catalysts for change in alignment 

with the reform agendas of our constituency countries. 

In 2023, our activities heavily emphasized these 

components, integrating leadership skills development 

with technical expertise in public financial management 

and central banking. 

With the National Bank of Moldova, we initiated the NBM 

LearnOrgLab project, addressing the six building blocks 

of a learning organization. We supported the capacity 

development of individuals, teams, and the entire institution. 

The National Bank of Moldova team identified the 

main focuses of the organizational culture strategy, including 

fostering a knowledge sharing culture and leveraging 

the physical environment to support learning and 

collaboration. We held trainings of trainers, where we 

introduced various facilitation tools and techniques. We 

also learned from TIGERS, in-house facilitators specializing 

in learning and knowledge sharing, from the Ministry 

of Finance of the Netherlands. Job shadowing opportunities 

were organized at the CEF and Banka Slovenije. 

Moreover, we designed the first microlearning week to 

promote the EU accession process of Moldova. 

In 2023, we provided knowledge sharing to the first group 

of young policy-makers from the Western Balkans participating 

in the WeLead project. Among other activities, they 

explored online learning methods and ways to showcase 

their learning progress. We organized study visits to public 

institutions, meeting with participants’ superiors to evaluate 

their institutions’ capacity to support and retain young 

professionals. Additionally, we explored strategies to cultivate 

a mentoring culture in the workplace. 

In the FISR2 project, aimed at aiding ERP teams in drafting 

economic reform programs, we addressed developing 

strategies for transitioning public institutions into 

learning organizations. We also facilitated networking 

and knowledge exchange among ERP team members, 

especially through the Network of Regional Experts and 

explored methods for documenting and disseminating 

best practices in ERP document preparation. 

We prioritized continuous professional development 

and knowledge sharing in our Public Financial Management 

and Central Banking programs. CEF Coordinators 

played a vital role, overseeing capacity development 

and strategically managing human capital within their 

institutions in our constituency. Public officials attended 

the training of trainers on learning methodologies and 

honed their presentation skills. New networks and communities 

were initiated or further strengthened, fostering 

connections and conversations. 

Looking ahead, we remain strongly committed to enhancing 

knowledge sharing and management within the 

institutions we support. 

ČESLAVS GRŽIBOVSKIS 

Ministry of Economy, 

Latvia


LIST OF LEARNING AND KNOWLEDGE SHARING ACTIVITIES IN 2023 35 

LIST OF LEARNING AND 

KNOWLEDGE SHARING 

ACTIVITIES IN 2023 

TITLE* 

Designing Tax Policy – Cooperation Between Tax Administrations 

and Ministries of Finance 

TIAPS ALB: Informative Session with Local Tutors 

Implementation of IFRS 17 

Exchange with CEF Central Bank Coordinators 

Strengthening the Network of Regional Experts for Accounting and Auditing 

TIAPS ALB: Training of Trainers on Teaching Methodology 

GovTech: Fiscal Data Governance 

Managing Health Care Structural Reforms 

Training of Trainers: Knowledge Sharing and Presentation Skills 

Performance Auditing 

Capturing and Sharing Good Practices in Preparing the Economic Reform Programme 

CEF Tax Coordinators' Meeting: Developing Knowledge Sharing Culture 

Macroprudential Policy Analysis 

Cyber Security and Oversight of Payment and Settlement Systems 

LEARNING FORMAT 

Online course 

Meeting, Albania 

Online course 

Online meeting 

Workshop, North Macedonia 

Workshop, Albania 

Workshop 

Workshop 

Workshop 

Workshop 

Online course 


Workshop 

Online course 

Climate and Environmental Risks in Financial Institutions Webinars (2) 

Sustainable Finance 

WeLead Steering Committee Meeting 

How to Manage Public Sector Assets More Efficiently 

Training of Trainers: Transforming Public Institutions into Learning Organizations 

Leadership Challenges for Structural Reforms – PDIA 

TIAPS ALB: Training of Trainers on Module 1 – Audit and Assurance 

TIAPS ALB: Opening Ceremony 

IPA Funds as a Source of Financing Structural Reforms 

Digital Communication for Public Officials 

Value Added by Central Banks’ Internal Auditors 

Challenges in Improving Domestic Revenue Mobilization for Sustainable Development 

Collaborative Approach to Impact Assessment 

Managing Public Sector Assets 

Advancing Digital Change through Public Financial Management 

Workshop 

Meeting, Serbia 

Online course 

Workshop 

Online course 


Ceremony, Albania 

Workshop 

Online course 

Webinar 

Conference 


Workshop, Kosovo 

Conference, Kosovo 

Institutional Capacity Development for Better Reform Programs, Serbia, Albania Meetings (2) 

Knowledge Sharing within the Network of Regional Experts (1) 

Financial Statistics 


Workshop 

* Sorted in chronological order of delivery dates.


LIST OF LEARNING AND KNOWLEDGE SHARING ACTIVITIES IN 2023 37 

TITLE* 


TITLE* 


ERP 2024–2026: Integrated Planning and Coordination - Serbia, Bosnia and 

Herzegovina, Albania, North Macedonia, Türkiye, Kosovo, Montenegro 

Strengthening Communication Skills: From Verbal Communication 

to Reporting Audit Results 

Foreign Exchange Intervention Rules: A Risk-Based Framework 

NBM LearnOrgLab: Project Opening 1 

Annual Meeting of the CEF Governing Board 

High-level Conference on Green Finance in South East Europe: 

Developing Capacities and a Taxonomy 

TIAPS ALB: Module 1 – Audit and Assurance 

Training of Trainers: Facilitation Tools and Techniques 

WeConnect: Jumbo Meeting 

WeWrite: Topic of the Policy Paper 

PACT MKD: Financial Management 

PACT MKD: Business and Change Management 

TIAPS ALB: Training of Trainers on Module 2 – Good Governance, Managerial 

Accountability, Developing Strategy, and Data Analysis 


Training of Trainers: Knowledge Sharing and Presentation Skills 

Our Invisible Power – NBM Organizational Culture 

TIAPS ALB: Training of Trainers on Module 3 – Accounting Fundamentals 

Integration of Structural Reforms from the ERP 2024–2026 into Budgets 

Serbia (Part 1 and 2). Albania, North Macedonia, Kosovo, 

Bosnia and Herzegovina, Türkiye, Montenegro (Online meetings 2 ) 

Combating Tax Fraud and Cyber Crime 

Managerial Accountability (1): The Role of Internal Audit and Central 

Harmonization Units 

WeLearn: Participative Governance and Listening at a Bigger Scale 

Challenges in Implementing IFRS 9 and Policy Recommendations for Supervisors 

Writing Policy Notes: Making Ideas Clear and Concise 

Meeting of PR Professionals 

WeExperience: Intra-regional Study Visit to Tirana 

Learn4Dev Annual Meeting 

Meeting of the CEF Governing Board 

* Sorted in chronological order of delivery dates. 

Workshops (7) 

Blended learning 

Webinar 

Conference, Moldova 

Meeting, Albania 

Conference, Albania 

Certification module, Albania 

Workshop, Moldova 

Conference 

Webinar 

Certification module 

Certification module 



Workshop, Türkiye 


Workshop 

Workshops (5) 

Workshop 

Webinar 


Workshop 

Workshop 


Study visit, Albania 

Workshop 

Meeting (by correspondence) 

1 

The Opening Conference of the project Institutional Transformation into a Learning Organization was integrated into another National Bank of Moldova 

event, attended by over 400 NBM representatives. They are not added to the overall participant number presented for the reporting period. 


2 3 

The in-person delivery of this event was cancelled; instead, we delivered the contents through written and virtual communication. More than 100 NBM representatives attended this webinar. They are not added to the overall participant number presented for the reporting period. 

Tax e-Audit 

Annual Meeting of the CEF Advisory Board 

Change Management and Decision Making 

Meeting with the Network of CEF Coordinators 

How CRM Processes Impact Tax Morale 

Managerial Accountability (2): Promoting Institutional Change 

Public institutions in Moldova as learning organizations 

WeWrite: Analysis of the Policy Problem 

Collaborative Approach to Impact Assessment 3 

Role of Communication in Reform Processes 

Training of Trainers: Knowledge Sharing with TIGERS 

Consultation of Banking Regulation and Supervision Knowledge Sharing 

Community 

Retreat of PAR and PFM Reform Coordination Teams in Montenegro 

CEF Tax Coordinators' Meeting: Developing Knowledge Sharing Culture 

WeWrite Cohort 1 Webinar 3: Effective Policy Writing Styles 

Public Finance Academy – Mission, Vision and Values 

Digitalization of Internal Audit and Ensuring Quality 

Developing Knowledge Sharing Culture 

Risk Management in Central Banks 

WeLearn: Leadership Styles and Their Applications 

Preparation: Green Transition within Domestic Revenue Mobilization 

Managing Public Sector Assets – A Multidisciplinary Perspective 

on Regional and Global Good Practices 

Using Performance Indicators for Assessment of Structural Reforms 

WeExperience: Intra-regional Study Visit to Sarajevo 

Collaborative Approach to Impact Assessment 2 

Good Governance and Culture for Sound Learning Development 

How Can the Physical Environment Support Learning and Collaboration 3 

Supreme Audit Institutions Transforming into Learning Organizations 

Enhanced Institutional Capacity for Talent Retention 

Knowledge Sharing within the Network of Regional Experts (No. 3) 

Review of Capital and Liquidity Adequacy Assessment Processes 

Workshop 

Hybrid meeting 




Webinar 

Meeting, Moldova 

Webinar 


Online course 



Workshop, Montenegro 

Webinar 

Webinar 


Online course 

Webinar 

Webinar 

Workshop, Bosnia and Herzegovina 

Workshop 

Webinar 

Blended learning 

Study visit, Bosnia and Herzegovina 

Online course 


Webinar 

Webinar 

Meeting, Serbia 


Workshop



TITLE* 


Review of Capital and Liquidity Adequacy Assessment Processes 

Development of Microlearning Solutions 

WeLearn: Digital Transformation and its Interrelation with PFM and PAR 

WeConnect: Mentoring Webinar Series 

TIAPS ALB: Module 2 – Good Governance, Managerial Accountability, 

Developing Strategy and Data Analysis 

WeWrite: Developing the Story of the Policies 

Coaching for ERP Coordinators and Their Teams 

WeCoach: Coaching for Alumni 

WeCoach: Coaching for Cohort 1 

WeShare: Online Sessions of Cohort 1 

WeLead: Online Learning Methodologies and Tools 

WeLead: Grow Your Skills to Promote Change 

How to Make a Good ERP 2023 

PACT MKD: Localization 

Job Shadowing at the CEF and Banka Slovenije 

Group and Individual Coaching 

TIAPS ALB: Localization 

Job Shadowing for Banking Regulation and Supervision Working Group 

Digital Competency Development Program 



Workshop 

Knowledge deepening 

Online course 

Webinar 

Certification module, Albania 

Workshop 




Online meetings 

Online course 

Online course 

Online course 

Meetings, North Macedonia 



Meetings, Albania 


Online course 

In addition to the above-listed activities, the CEF hosted 29 events of our partners 4 

in various fields. 


4 

These events of our partners are hosted by the CEF, typically by invitation to participants who are usually also part of the CEF target group; in some 

cases, the CEF proposes additional participants and experts. The CEF contributes premises, event organization services and/or learning expertise, 

either as an in-kind contribution or these partners reimburse (part of) the costs to the CEF.


GOVERNANCE AND CULTURE 41 

GOVERNANCE 

AND CULTURE 

GOVERNING 

BOARD 

The board comprises finance ministers and central bank 

governors from our member states Albania, Bulgaria, Croatia, 

Moldova, Montenegro, North Macedonia, Romania, and Slovenia. 

Additionally, it incorporates up to three Advisory Board 

representatives. 

In 2023, we welcomed Croatia as a new CEF member and two 

new Governing Board members: Minister of Finance of Croatia 

and Governor of the Croatian National Bank. 

In June 2023, members of the CEF Governing Board convened 

in Tirana for the annual meeting. The meeting was hosted by 

Gent Sejko, Governor of the Bank of Albania, who had chaired 

the CEF Governing Board over the past year. He passed the 

chairmanship to Octavian Armaşu, who was serving as the Governor 

of the National Bank of Moldova at the time. Governor 

Armaşu was later succeeded by Governor Anca-Dana Dragu. 

At the heart of 

the CEF is our 

Governing Board, 

the key decisionmaking 

body. It 

is responsible 

for setting the 

strategic direction, 

assessing progress, 

and reviewing 

annual reports 

and financial 

statements, thus 

playing a crucial 

role in the CEF’s 

operations. 

CEF GOVERNING BOARD MEMBERS (AS AT APRIL 30, 2024) 

Ervin Mete, Minister 

Gent Sejko, Governor 

Assen Vassilev, Minister 

Marko Primorac, Minister 

Boris Vujčić, Governor 

Petru Rotaru, Minister 

Anca-Dana Dragu, Governor 

Novica Vuković, Minister 

Irena Radović, Governor 

Fatmir Besimi, Minister 

Anita Angelovska Bezhoska, Governor 

Boloş Marcel Ioan, Minister 

Mugur Isărescu, Governor 

Klemen Boštjančič, Minister 

Boštjan Vasle, Governor 

Mateja Vraničar Erman*, Secretary 

Martin Polónyi*, Director General 

Ministry of Finance, Albania 

Bank of Albania 

Ministry of Finance, Bulgaria 

Ministry of Finance, Croatia 

Croatian National Bank 

Ministry of Finance, Moldova 

National Bank of Moldova 

Ministry of Finance, Montenegro 

Central Bank of Montenegro 

Ministry of Finance, North Macedonia 

National Bank of the Republic of North Macedonia 

Ministry of Finance, Romania 

National Bank of Romania 

Ministry of Finance, Slovenia 

Banka Slovenije 

Ministry of Foreign and European Affairs, Slovenia 

Ministry of Finance, Slovakia 

* Representatives of the CEF Advisory Board



ADVISORY 

BOARD 

Serving as a valuable resource, the Advisory Board helps ensure 

the relevance and effectiveness of our activities. By leveraging 

their knowledge and insights, we enhance our capacity to 

address the evolving needs of our constituency and facilitate 

impactful learning experiences. 

With two representatives currently on the Governing Board, their 

influence also extends to strategic decision-making processes, 

further strengthening our collaborative efforts in advancing capacity 

development in the region. The Advisory Board meets annually. 

The chair of the Board is Mateja Vraničar Erman from the 

Slovenian Ministry of Foreign and European Affairs. 

In 2023, longtime (alternate) Advisory Board members Birger 

Nerré (GIZ) and Marianna Macášková (Ministry of Finance, Slovakia) 

concluded their terms. We thank them for their invaluable 

contributions to shaping the CEF into a learning organization. 

Our Advisory Board, 

a consultative group 

of experts from our 

donors and partners, 

is integral to our 

governance structure. 

Their diverse expertise 

and perspectives greatly 

contribute to the design 

and implementation of 

our learning program. 

PARTICIPATING INSTITUTIONS 

AT THE ADVISORY BOARD 

MEETING IN 2023: 


Zusammenarbeit (GIZ) 

Ministry of Finance, the Netherlands 

National Bank of Belgium 

Ministry of Finance, Slovakia 

Ministry of Foreign and European Affairs, 

Slovenia 

ODI, United Kingdom 

EXPERT ENGAGEMENT SURVEY 

The experts play a pivotal role in promoting CEF´s learning 

and knowledge sharing culture. In 2023, 242 experts cocreated 

and delivered our program. 

With the support of our Advisory Board, we surveyed CEF 

Coordinators in 2023 to understand public officials’ engagement 

in external knowledge sharing. It showed most sharing 

happens internationally, through programs and seminars. Key 

findings: 

• a strong commitment within institutions to sharing knowledge 

• a need for more CEF support, and strategies to foster sharing 

among SEE public institutions. 

Our Coordinators actively promote knowledge sharing, with 

CEF´s events and structured approaches facilitating sharing internally 

and externally. Most institutions support knowledge sharing 

financially and logistically in some form, promote a culture 

that values and rewards it, and provide opportunities for professional 

development. 

Public officials benefit greatly from sharing knowledge internationally, 

expanding networks, and gaining new knowledge, 

confidence, motivation, and inspiration. It also improves their 

skills, like language proficiency, problem-solving, and project 

management. 

The CEF is crucial for promoting knowledge sharing through 

platforms, databases, and events. By continuing investing in 

more structured communication and workshop agendas, we 

will facilitate more frequent and streamlined interactions.



Our Coordinators 

are key 

representatives 

from ministries of 

finance, central 

banks, and tax 

administrations in 

our region. They 

play a vital role 

in pinpointing 

learning needs and 

trends, while also 

managing strategic 

human resources 

within their 

organizations. 

CEF 

COORDINATORS 

Through biannual meetings and ongoing communication, 

we collaborate closely to identify learning 

opportunities and enhance knowledge management 

strategies. Together, we prioritize capacity development 

initiatives, ensuring that our learning program remains 

relevant and responsive to the evolving needs of our 

constituency. 

2023 HIGHLIGHTS INCLUDE: 

• Exchange with CEF Central Bank Coordinators 

• CEF Tax Coordinators’ Meeting: Developing Knowledge 

Sharing Culture (two meetings) 

• Meeting with the Network of CEF Coordinators 

CEF COORDINATORS (AS AT APRIL 30, 2024) 

Vasilika Vjero 

Ministry of Finance, Albania 

Eralda Bici 

Bank of Albania 

Olisa Osmani 

General Taxation Directorate, Albania 

Sehija Mujkanović 

Ministry of Finance and Treasury, Bosnia and Herzegovina 

Almir Salihović 

Central Bank of Bosnia and Herzegovina 

Denisa Seho 

Indirect Taxation Authority of Bosnia and Herzegovina 

Amela Kazazić 

Tax Administration of the Federation of Bosnia and Herzegovina 

Sandra Kovačević 

Tax Administration of Republic of Srpska, Bosnia and Herzegovina 

Galina Tzekova 

Ministry of Finance, Bulgaria 

Stoyan Bozhkov 

Bulgarian National Bank 

Boryana Yankova-Sharkova National Revenue Agency, Bulgaria 

Danijela Stepić 

Ministry of Finance, Croatia 

Davor Lončarek 

Croatian National Bank 

Marija Lončar 

Ministry of Finance, Tax Administration, Croatia 

Kaltrina Dauti Bytyci Ministry of Finance, Labor and Transfers, Kosovo 

Syzana Mahmutaj 

Central Bank of the Republic of Kosovo 

Floransa Sahiti 

Tax Administration of Kosovo 

Tatiana Onici 

Ministry of Finance, Moldova 

Natalia Zabolotnii 

National Bank of Moldova 

Iulia Nazarco 

State Tax Service, Moldova 

Bojana Bošković 

Ministry of Finance, Montenegro 

Lidija Šećković 

Revenue Administration, Montenegro 

Marija Radenović 

Central Bank of Montenegro 

Magdalena Simonovska Ministry of Finance, North Macedonia 

Aleksandra Kacarski National Bank of the Republic of North Macedonia 

Marjan Mihajlovski 

Public Revenue Office, North Macedonia 

Emanuel-Alex Constantin Ministry of Finance, Romania 

Mugur Tolici 

National Bank of Romania 

Costin Naghi 

National Agency for Fiscal Administration, Romania 

Bojana Drobnjak 

National Bank of Serbia 

Aleksandra Bošković Tax Administration, Serbia 

Sanja Pregl 


Klemen Babnik 

Ministry of Finance, Slovenia 

Mateja Koren 

Financial Administration of the Republic of Slovenia 

Taşkın Babaoğlan 

Presidency of the Republic of Türkiye, Presidency of Strategy and Budget 

Arzu Hancı Karademirci Central Bank of the Republic of Türkiye 

Halil Şimşek 

Ministry of Treasury and Finance, Türkiye



SECRETARIAT 

Our international composition enables us to effectively communicate 

with most of the region in their native languages. In 2023, 

the CEF Secretariat gained eight new team members to ensure 

efficient program delivery also in the future. 

We maintain an agile workplace, regularly adjusting it to meet 

organizational needs. The CEF Staff Council, comprising three 

members with a three-year mandate, addresses various internal 

topics in close cooperation with the Lead Team. 

We prioritize a supportive and inclusive organizational culture, 

exemplified by initiatives such as regular meetings, coaching and 

mentoring sessions, and investments in well-being and upskilling 

opportunities for our team. 

We invest in learning opportunities for both individuals and teams. 

In 2023, we conducted 18 short knowledge sharing sessions and 

supported the participation of CEF Secretariat team members in 

68 trainings. Our Workplace Culture Specialist actively shapes the 

working culture through coaching and mentoring programs, fostering 

a shared commitment among Secretariat team members. 

The CEF Secretariat 

- the director, staff 

and experts - is the 

backbone of our daily 

operations. With a 

team of 41 members 

from Albania, Bosnia 

and Herzegovina, 

Georgia, Germany, 

Montenegro, North 

Macedonia, Serbia, 

Slovenia, and Türkiye, 

we bring a wealth 

of experiences to 

our work. Our team 

extends beyond the 

headquarters in 

Ljubljana, with three 

CEF Secretariat team 

members (experts) 

residing and working 

in Podgorica, Skopje, 

and Tirana.



PARTNERSHIPS 

Our partners include governments, international financial 

institutions, academia, independent experts, NGOs, 

and CEF constituency institutions. They contribute to our 

program’s funding, expertise, and governance. Additionally, 

we collaborate with 16 associate fellows and two 

IMF regional capacity development advisors and their interpreter, 

enriching our learning and knowledge-sharing 

endeavors. 

We also facilitate communities of practice and networks, 

such as the Networks of Regional Experts for Structural 

Reforms and the ERP, as well as in auditing and accounting, 

to promote collaboration and inclusivity across the 

region. By fostering diverse partnerships, including 

expanding our community of associate fellows, we effici 

ently deliver our learning and knowledge sharing 

initiatives and implement international development 

cooperation. This enables us to fulfill our mandate and 

generate value for all stakeholders. 

Our increased focus on leadership in public institutions is 

exemplified by collaboration with the Ministry of Finance 

of the Netherlands and the Ministry of Foreign and European 

Affairs of Slovenia, to support the National Bank of 

Moldova’s transition into a learning organization. Led by 

local experts and supported by CEF headquarter experts, 

in 2023, we developed a partnership with the EU Delegation, 

Ministry of Public Administration, and Ministry of 

Finance in Montenegro. This partnership aims to promote 

the learning and knowledge sharing capacity of the structure 

coordinating, monitoring, and reporting on Montenegro’s 

2022–2026 Public Administration Reform Strategy 

and Public Financial Management Reform Program. 

Through our partnership 

approach encompassing 

governance, donors, 

and knowledgesharing 

partners, 

we drive forward 

our interconnected 

objectives: fostering 

good governance, 

ensuring sustainable 

financing, and 

advancing regional and 

global expertise. 

In 2023, we reaffirmed our partnership of more than two 

decades with CIPFA by signing a Memorandum of Understanding. 

With this, we underlined our joint mission of 

enhancing the quality of public financial management, 

governance, and accountability in the public sector. 

Our close collaboration with the IMF’S Fiscal Affairs 

Department (FAD) serves as a pivotal hub for technical 

assistance in SEE. This collaboration in vol ves knowledge 

exchange and expertise sharing to address regional 

capacity development needs through a variety of learning 

and technical assistance activities. In 2023, we hosted 

two FAD advisors for public financial management and 

revenue administration, along with their interpreter, and 

co-hosted three IMF regional lear ning events, further 

enhancing our collaborative efforts as detailed in the 

IMF FAD Advisors’ Report for 2023 (see appendix).



PARTNERS’ IN-KIND 

CONTRIBUTIONS 

TO OUR PROGRAM 

Partners’ contributions in cash are 

recorded and reported in the CEF’s 

financial statements. The in-kind contributions 

that are not recorded and 

reported in the financial statements 

are shown here. Several partner institutions 

and donors sponsor lecturers 

(travel expenses and lecturing fees) 

for their engagement in CEF learning 

activities. 

EUR 

Affiliated and external experts 1,500 

CEF constituency institutions 56,750 

Banka Slovenije 3,750 

Central Bank of the Republic of Kosovo 2,750 

Ministry of Finance, Labor and Transfers, Kosovo 1,250 

Ministry of Finance, North Macedonia 2,500 

National Bank of Moldova, Moldova 15,500 

National Bank of the Republic of North Macedonia 5,000 

Office of the Prime Minister, Kosovo 2,500 

Public Revenue Office, North Macedonia 5,500 

Ministry of Public Administration, Slovenia 3,000 

Other* 15,000 

EU institutions & international organizations 53,750 

European Central Bank 2,000 

European Union 2,000 

International Monetary Fund 42,000 

Organisation for Economic Co-operation and Development 4,500 

Other* 3,250 

Other countries’ institutions 42,500 

Banque de France 5,500 

Ministry of Finance, the Netherlands 28,250 

Norwegian Tax Administration 2,500 

Swedish Tax Agency 2,500 

Other* 3,750 

Total 154,500 

* Institutions with an estimated contribution of less than EUR 1,000. 

A lecturing day is estimated at EUR 1,000 (including the preparation time). Travel 

expenses are estimated to be EUR 1,500 based on historical data, whereby sending 

institutions cover travel expenses in 50% of cases. A weighted travel lump sum of 

EUR 750 is hence applied to all individual expert engagements


COMMUNICATION 53 

COMMUNICATION 

We use various channels to effectively communicate the outcomes, 

success stories, and benefits of partnering with us. Through transparent 

and accountable communication, we strive to build a stronger 

community in the region, as demonstrated also by our regional 

Meeting of PR Professionals in 2023. 

Leveraging diverse communication platforms, we continuously 

adapt and improve our strategies in line with evolving technologies 

and trends. Regular analytics of the performance of our communication 

channels allow us to refine our approach and ensure 

maximum impact. At the end of 2023, we expanded our reach by 

launching the CEF official TikTok account, thus embracing new 

ways to engage with the target audiences. 

We are proud to see a growing number of external contributions to 

our channels, including Value Creation Stories, CEF Learning Blog, 

and Voices of Partners. This reflects their recognition of the value 

we bring to their work and institutions. It also provides evaluation 

for the CEF, visibility for authors and their institutions, and fresh 

perspectives and ideas to those engaging with us. 

By prioritizing effective communication, we enhance transparency, 

strengthen relationships, and heighten the impact of our initiatives. 

In 2023, our team also started carefully using artificial intelligence 

tools in processing communication texts. 

Communication 

plays a vital role 

in our efforts 

to connect with 

stakeholders, 

share our 

mission and 

values, and 

showcase our 

achievements. 

11.6% 21 16 15 

ENGAGEMENT RATE 

ON SOCIAL MEDIA 

(sector average is 1.5%) 

LEARNING 

BLOGS 

VOICES FROM 

THE REGION & 

PARTNERS 

PUBLICATIONS 

&VISIBILITY 

ACTIONS 

KNOWLEDGE PRODUCTS & LEARNING NUGGETS: 

• How to Reconcile the Interests of Different Stakeholders 

• Manual for Impact Assessment 

• Toolkit for Impact Assessment of Structural Reforms 

• Case Study: Changes in Pension and Labor Market Laws in Slovenia 

• Tricks and Tips on Stakeholder Identification, Analysis & Engagement 

• Green Finance – Overview of Current Situation in South East Europe 

• Selecting Key Performance Indicators for Monitoring the Results of 

Structural Reform Measures in Economic Reform Programmes 

• Economic Reform Programme at a Glance (ALB, BSC, ENG, MKD, TUR) 

• Managing Fixed Public Assets in South East Europe: Learning Video


MONITORING AND EVALUATION 55 

MONITORING 

AND EVALUATION 

As part of our strategic perspective for 2022–2026, we have established 

six strategic objectives that guide us in implementing 

improvements to our work and cooperation, aligning with the six 

building blocks of a learning organization. We set annual objectives 

along with related targets, which are linked to personal performance 

plans of CEF team members. This keeps us connected 

with our strategic direction. Twice a year, we monitor our joint 

progress on these objectives and create feedback loops – both 

internally and externally – to make any necessary adjustments. 

We employ established models to monitor progress in implementing 

our program. We collect stories illustrating the value we 

create through our activities and interactions with the target audiences 

and partners. These stories help us better understand 

how change happens and how we can contribute to it. In 2023, 

we deepened our understanding of the changes we will be supporting 

across our four thematic priorities and cross-thematic 

perspectives in the coming years. This supported the framing of 

expected results in an increased number of multi-year projects 

that we developed, and the presentation of our program proposal 

for 2024–2025 in the form of stories. An important new feed into 

this storytelling was the introduction of structured consultations 

with CEF Associate Fellows during the programming phase. 

Findings from 

our monitoring 

and evaluation 

feed into 

our learning. 

Through 

feedback loops 

with people 

across the 

entire CEF 

ecosystem, we 

constantly seek 

opportunities to 

improve.


MONITORING AND EVALUATION 57 

RISK MANAGEMENT 

To support our decision-making, we have a structured 

and systemic risk management process integrated into 

other management systems. All CEF Secretariat team 

members participate in risk identification, monitoring 

and mitigation through regular meetings, whereby 

key information is traced in the risk register. Risks 

are informally reviewed as part of our daily work, and 

formally addressed on institutional and project levels. 

In 2023, we reviewed and improved the risk register on 

project and operational levels and updated our internal 

risk management manual. 

MAJOR STRATEGIC AND OPERATIONAL RISKS 

1. Financial risks: risks associated with ensuring the right 

scope and funding of projects, including timely disbursements 

2. Political risks: risks stemming from political instability, 

changes in governments and reform agendas in 

constituency countries (e.g., changes in dedicated coordination 

teams and high turnover or differences in 

absorption capacities) 

3. Risks related to human resources: risks related to 

attracting and mobilizing the right talents and skills, 

and to developing a mentoring and coaching organizational 

culture (e.g.,ownership and commitment by 

target audiences to complete project activities, and 

dedicated roles in project implementation) 

4. Reputation risks: risks associated with not meeting 

the needs and expectations of CEF target audiences 

and donors; risks associated with diminishing overall 

quality of delivery due to conducting additional activities 

beyond the planned capacity 

5. Security risks: vulnerability to cyber-attacks, use and 

safety of data and social media platforms, and risks 

related to communication breakdown due to attacks 

on constituent institutions



SUSTAINABILITY 

OVERVIEW 

While sustainability reporting is not mandated for our organization, we recognize 

relevance of our environmental, social, and governance (ESG) impact and commitment 

to Sustainable Development Goals (SDGs), the Paris Agreement and the European 

Green Deal. 

WE FULFILL OUR AMBITIONS RELATED TO THE ESG CONSIDERATIONS IN FOUR KEY AREAS: 

OUR ANNUAL LEARNING AND KNOWLEDGE 

SHARING PROGRAM 

INTERNAL 

PROCESSES 

Sustainability and digitalization were markedly included in our program 

as standalone learning activities or embedded in other relevant topics. 

We provide learning opportunities to better navigate digital environments, 

the green transition or digital transformation and how they impact the 

economy and society, and what actions, changes and risks they entail. 

We conceptualized a capacity development project focusing on greening 

human capital in public institutions to be implemented by 2026. We 

started to systematically develop internal capacities in sustainability. 

We have embraced digital and paperless 

operations. We promote environmentallyfriendly 

waste mana gement and avoid 

the use of disposable plastic products 

and packaging. We promote awareness 

of responsible energy consumption and 

carbon footprint. We adopted hybrid 

work to diminish daily commuting. 

PARTNERSHIPS 

GOVERNANCE 

In our internal and external partnerships, we advocate diversity 

and foster equal opportunities. We prioritize the health, 

safety, and satisfaction of Secretariat team members. As a 

learning organization, we promote their personal growth and 

development and offer a range of knowledge sharing opportunities, 

many of them carried out online. We daily engage 

with a number of knowledge partners, i. e. our learners, experts, 

as well as governance and funding partners, by way of 

supporting social responsibility and environment. 

We maintain a lean and efficient governance structure. 

In 2023, we secured an increased multiannual 

project funding and provided a stable medium-term 

funding outlook. We aligned strategic 

institutional objectives and targets with operational 

goals for 2023. We implement effective risk management 

protocols and routinely monitor and evaluate 

the implementation progress, resulting in the 

fulfillment of a majority of set targets. 

In achieving the Sustainable Development Goals (SDGs), we brought our most significant contribution to the realization 

of the Goal 16: Peace, Justice and Strong Institutions and Goal 17: Partnerships for the Goals through implementation 

of our Learning and Knowledge Sharing Program. With our internal processes, efficient governance and 

partnerships, we contribute to Goals 10: Reduced Inequality, Goal 12: Responsible Consumption and Production, and 

Goal 13: Climate Action.


FINANCIAL STATEMENTS 61 

FINANCIAL 

REPORT



FINANCIAL STATEMENTS 

RESPONSIBILITY 

FOR THE FINANCIAL 

STATEMENTS 

The Management is responsible for ensuring that the financial statements 

are prepared for each financial period in accordance with the 

International Financial Reporting Standards (IFRS), which give a true 

and fair view of the state of affairs and results of the CEF. 

After making enquiries, the Management has a reasonable expectation 

that the CEF has adequate resources to continue in operational 

existence for the foreseeable future. For this reason, the Management 

continues to adopt the going concern basis in preparing the 

financial statements. 

In preparing those financial statements, the responsibilities of Management 

include ensuring that: 

• suitable accounting policies are selected and then applied consistently; 

• judgments and estimates are reasonable and prudent; 

• applicable accounting standards are followed, subject to any material 

departures disclosed and explained in the consolidated financial 

statements; and 

• the financial statements are prepared on the going concern basis. 

Management is responsible for keeping proper accounting records, 

which disclose with reasonable accuracy at any time, the financial 

position of the CEF and its financial performance. The Management 

is also responsible for safeguarding the assets of the CEF, and 

hence, for taking reasonable steps for the prevention and detection 

of fraud and other irregularities.

64 

CEF FINANCIAL REPORT 2023 


1. FINANCIAL STATEMENTS 

1.1. STATEMENT OF FINANCIAL POSITION 

Items Note 31-Dec-23 31-Dec-22 

Non-current assets 586,990 599,201 

Intangible assets 1 6,210 15,525 

Property, plant and equipment 2 580,779 583,676 

Current assets 3,010,846 3,520,985 

Trade receivables 3 82,097 208,345 

Financial Investment 4 500,000 0 

Cash and cash equivalents 5 2,428,750 3,312,640 

Prepayments and other assets 6 640,340 497,248 

TOTAL ASSETS 4,238,176 4,617,434 

Equity (Founder's funds) 1,411,545 1,328,648 

Share capital (Founder's funds) 7 4,173 4,173 

Capital surplus 7 225 225 

Fair Value Reserve 7 -19,667 -10,990 

General reserves 7 1,426,814 1,335,239 

Provisions and long-term accrued costs and deferred revenue 850,455 812,597 

Provisions 8 263,465 213,395 

Long-term accrued costs and deferred revenue 9 586,990 599,201 

Operating liabilities 281,022 225,327 

Trade payables 10 103,792 67,418 

Liabilities to employees 10 174,520 152,904 

Other short-term payables 10 2,710 5,004 

Advances payable and other current liabilities 11 1,695,153 2,250,862 

TOTAL EQUITY AND LIABILITIES 4,238,176 4,617,434 

Accounting policies and notes are an integral part of these financial statements and should be read in conjunction 

with them. 

EUR 

1.2. STATEMENT OF PROFIT OR LOSS 

Items Note 2023 2022 

Revenue from program 12 3,878,969 2,672,760 

Other revenue 36,302 78,241 

Total revenue 3,915,271 2,751,001 

Cost of materials 14 71,672 69,839 

Cost of services 15 1,654,684 1,027,575 

Labor costs 16 1,949,842 1,682,867 

Depreciation and amortization costs 17 93,609 89,684 

Other operating expenses 18 48,091 17,871 

Other expenses 20 447 2,312 

Total expenses 3,818,345 2,890,148 

Financial income 13 3,201 89 

Financial costs 19 8,551 3,440 

Result 91,575 -142,497 

1.3. STATEMENT OF OTHER COMPREHENSIVE INCOME 

Comprehensive income 

Generated in 


EUR 

EUR 

Generated in 

2022 

Excess of revenues over expenses 91,575 -142,497 

Other comprehensive income 

Actuarial gains (losses) -8,677 69,343 

Other comprehensive income for the period -8,677 69,343 

Total comprehensive income (loss) for the period 82,898 -73,154 

Accounting policies and notes are an integral part of these financial statements and should be read in conjunction 

with them.



1.4. CASH FLOW STATEMENT 

1.5. STATEMENT OF CHANGES IN EQUITY 

EUR 

Items 2023 2022 

Cash flows from operating activities 

Annual result 3,915,271 2,751,001 

Total expenses -3,818,345 -2,890,148 

Adjustments for 

Amortization and depreciation 93,609 89,684 

Actuarial gains (losses) -8,677 69,343 

Write-downs of property, plant and equipment 21 676 

Financial income 1,362 -54 

Financial costs -8,551 -3,439 

Operating profit before changes in net current assets and taxes 174,689 17,063 

YEAR 2023 

Items 

Share capital 

(Founder's 

funds) 

Capital 

surplus 

Fair Value 

reserves 

General 

reserves 

EUR 

Total Equity 

Opening balance as of January 1, 2023 4,173 225 -10,990 1,335,238 1,328,647 

Entry of additional capital payments 0 0 0 0 0 

Total comprehensive income (loss) 

for the period 

Other components of the comprehensive 

income for the reporting period 

0 0 -8,677 91,575 82,898 

0 0 -8,677 0 -8,677 

Annual result 0 0 0 91,575 91,575 

Closing balance as of December 31, 2023 4,173 225 -19,667 1,426,814 1,411,545 

Changes in net current assets and provisions 

Change in receivables 126,248 -142,602 

Change in prepayments and other assets -143,091 158,188 

Change in operating liabilities 55,695 -80,032 

Change in provisions 37,858 -140,080 

Change in advances payable and other current liabilities -555,709 1,287,804 

Net cash flow from operating activities -304,310 1,100,341 

Cash flow from investing activities 

Financial investment -500,000 0 

Interest received 1,839 143 

Acquisitions of property plant and equipment -81,418 -30,551 

Net cash flow from investing activities -579,579 -30,408 

Cash flow from financing activities 

Interest paid 0 0 

Net cash flow from financing activities 0 0 

YEAR 2022 

Items 

Share capital 

(Founder’s 

funds) 

Capital 

surplus 

Fair 

value 

reserves 

General 

reserves 

EUR 

Total 

equity 

Opening balance as of January 1, 2022 4,173 225 -80,332 1,477,736 1,401,802 

Entry of additional capital payments 0 0 0 0 0 

Total comprehensive income (loss) 

for the period 0 0 69,342 -142,496 -73,154 

Other components of the comprehensive 

income for the reporting period 0 0 69,342 0 69,343 

Annual result 0 0 0 -142,496 -142,497 

Closing balance as of December 31, 2022 4,173 225 -10,990 1,335,240 1,328,648 

Accounting policies and notes are an integral part of these financial statements 

and should be read in conjunction with them. 

Cash nad cash equivalents at the beginning of period 3,312,640 2,242,706 

Net increase in cash and cash equivalents -883,890 1,069,933 

Cash and cash equivalents at the end of period 2,428,750 3,312,640 

Accounting policies and notes are an integral part of these financial statements 

and should be read in conjunction with them.


INTRODUCTORY NOTES AND ACCOUNTING POLICIES 69 

2. INTRODUCTORY NOTES 

AND ACCOUNTING POLICIES 

2.1. REPORTING ENTITY 

The reporting organization Center of Excellence in Finance (CEF) is based in Slovenia. Its registered 

office is at Cankarjeva 18, SI-1000 Ljubljana, Slovenia. 

The CEF strategically enhances the capacity development of public officials in SEE by merging 

specialized knowledge in public financial management and central banking with leadership for 

managing reforms and learning and knowledge ecosystems. We primarily work with ministries of 

finance, central banks, tax administrations, and budget-intensive line ministries to jointly foster 

lifelong learning, innovation, and growth. We create networks that support skill development by valuing 

and strengthening existing knowledge, adapting our methods, and building strong partnerships. This 

blend of technical and practical skills positions us as leaders in people-focused learning, amplifying 

our impact on sustainable institutional development. 

The financial statements of the CEF were prepared for the business year that ended on December 

31, 2023. 

2.2. BASIS FOR PREPARATION 

(A) STATEMENT OF COMPLIANCE. The financial statements were prepared in accordance with the 

International Financial Reporting Standards (IFRS) as adopted by the EU and the provisions of the 

CEF Internal Rules. 

The financial statements were approved by the CEF Director on April 26, 2024 

The financial statements were compiled in accordance with the assumption of going concern. The 

CEF’s work is not influenced by seasons; however, the financial result depends on the number and 

duration of approved projects. 

(B) MEASUREMENT BASIS. The financial statements were compiled on a historical cost basis. 

(C) FUNCTIONAL AND PRESENTATION CURRENCY. The financial statements are expressed in euros, 

the CEF’s functional currency. All accounting data presented in euros are rounded to the nearest 

integer. 

(D) REPORTING PERIOD. The CEF’s financial year equals the calendar year. 

(E) USE OF ESTIMATES AND JUDGMENTS. When preparing the financial statements, the CEF’s management 

is required to make judgments, estimates and assumptions that affect the application of accounting 

policies and the reported values of assets, liabilities, revenues and expenses in accordance 

with the IFRS. Actual results may vary from these estimates. 

The estimates and underlying assumptions are reviewed on a regular basis. Revisions to accounting 

estimates are recognized in the period in which the estimate is revised and in any future 

periods affected. 

2.3. MATERIAL ACCOUNT POLICY INFORMATION 

The CEF has consistently applied the accounting policies to all periods presented in its financial 

statements. 

(A) FOREIGN CURRENCY 

Foreign currency transactions 

Foreign currency transactions are converted into the functional currency of the CEF using the exchange 

rate applied on the day they arise. Monetary assets and liabilities denominated in foreign 

currencies are converted into the functional currency using the exchange rate applicable at the 

end of the reporting period. Exchange rate differences are recognized in the income statement. 

The ECB’s reference exchange rates and the Bank of Slovenia’s monthly exchange rates for currencies 

for which the ECB does not publish reference exchange rates are used to convert all 

transaction in foreign currencies. 

(B) FINANCIAL INSTRUMENTS 

Non-derivative financial assets 

Receivables and deposits are initially recognized on the day they arise. Financial assets are 

derecognized when the contractual rights to cash flows from these assets expire, or when the 

CEF transfers the rights to cash flows from financial assets based on a transaction that involves 

the transfer of all risks and benefits associated with the ownership of the financial asset. 

Depending on their maturity, they are classified as current financial assets (maturity of up to 12 

months from the date of the statement of financial position) or non-current financial assets (maturity 

of more than 12 months from the date of the statement of financial position). Deposits and 

receivables are recognized initially at fair value plus any directly attributable transaction costs. 

Subsequent to initial recognition, they are measured at amortized cost using the effective interest 

method, less any impairment losses. 

Receivables 

Loans and receivables are non-derivative financial assets with fixed or determinable payments 

not quoted on an active market. They are initially recognized at fair value and increased by any direct 

transaction costs. After initial recognition, loans and receivables are measured at amortized 

cost using the effective interest rate method, less any impairment losses. Loans and receivables 

include operating and other receivables. 

The CEF checks the recoverability of disclosed receivables at least once a year. Receivables, for 

which there exists the possibility that they will not be settled in part (or not at all) within 180 days 

of maturity, are generally deemed as doubtful. The CEF creates an allowance for doubtful and 

disputed receivables in an amount equal to 100%, which is charged to revaluation expenses. CEF 

did not make material changes to impairment policy for undue receivables as IFRS 9 requires, as 

the effects are immaterial.

70 



Cash and cash equivalents 

Cash and cash equivalents include cash in hand, sight deposits and deposits with original maturity 

of less then 3 months. 

Financial investment 

Financial investment includes bank deposits with the original maturity of more than 3 months. 

They are initially recognized at fair value and increased by any direct transaction costs. After initial 

recognition, bank deposits are measured at amortized cost using the effective interest rate 

method, less any impairment losses. 

Financial and operating liabilities 

Other financial and operating liabilities are initially recognized at fair value on the day they arise, 

and afterwards at amortized cost, using the effective interest rate method. 

Liabilities are only derecognized if they have been extinguished, meaning that they have been 

fulfilled. The difference between the carrying amount of liabilities that have been extinguished 

and the consideration paid (including non-monetary assets or assumed liabilities) is recognized 

immediately in the profit or loss account. 

Share capital 

Share capital is the capital contributed by the founder. The CEF’s total equity comprises capital 

and capital surplus. 

General reserves 

As envisaged in Article 17 of the CEF Financial Rules and Regulations, general reserves are created 

to cover the annual running costs of the CEF and its core program and shall amount at least 

to the total sum of one million euro. Financial result of the year shall be transferred to the general 

reserves, unless otherwise decided by the Governing Board. 

(C) PROPERTY, PLANT AND EQUIPMENT 

Recognition and measurement 

Items of property, plant and equipment are disclosed at historical cost, less depreciation costs 

and impairment losses. 

Costs of assets produced comprise the costs of materials, direct costs of labor, other costs that can 

be directly attributed to enabling the use of assets for their intended purpose, costs of disposal and removal, 

costs of restoring the location of the asset to its original state, and capitalized borrowing costs. 

Any computer software that contributes significantly to the assets’ functionality should be capitalized 

as part of these assets. 

Components of items of property, plant and equipment that have different useful lives are accounted 

for as separate items. 

Subsequent costs 

Costs arising from the replacement of parts of fixed assets are recognized at carrying value if 

future economic benefits associated with a part are likely to increase and if its historical cost can 

be measured reliably. All other costs (such as daily maintenance) are recognized as expenses in 

the income statement in the period they arise. 

Spare parts 

Spare parts and maintenance equipment of lower value with useful lives of up to one year are 

treated as inventory and recognized as costs in the income statement. Spare parts and equipment 

of significant value with estimated useful lives exceeding one year are recognized as items 

of property, plant and equipment. 

Depreciation 

Depreciation is calculated using the straight-line method based on the useful life of each component 

of an item of property, plant and equipment. This is the most accurate method for predicting 

asset usage patterns. 

Estimated useful lives for the current and comparative period are as follows: 

Depreciation rates 2023 2022 

Computer equipment, mobile phone, copy machine 2–3 years 2–3 years 

Investment in premises 33 years 33 years 

Other equipment 3–5 years 3–5 years 

Depreciation methods, useful lives and residual values are reviewed at the end of the reporting 

period and adjusted if necessary. No changes in recording depreciation were applied in 2023. 

(D) INTANGIBLE ASSETS 

Other intangible assets 

Other intangible assets with limited useful lives are disclosed at historical cost, less amortization 

costs and accumulated impairment losses. 

Subsequent costs 

Subsequent costs associated with intangible assets are only capitalized if they increase future 

economic benefits arising from the asset to which the cost is related. All other costs are recognized 

as expenses in the income statement when they arise. 

Amortization 

Amortization is calculated based on an asset’s purchase value or another value that is used 

instead. Amortization is recognized in the income statement using the straight-line method and 

is based on the useful life of intangible assets, starting from the date the asset is available for 

use. This is the most accurate method for predicting the patterns of future economic benefits 

associated with the asset. 

Estimated useful lives for the current and comparative year are as follows: 

Amortization rates 2023 2022 

Software 2–3 years 2–3 years 

Other intangible assets 2–3 years 2–3 years



Amortization methods, useful lives and other values are reviewed at the end of each business 

year and adjusted if necessary. No changes in recording amortization were applied in 2023. 

(E) SHORT-TERM DEFERRED COSTS AND ACCRUED REVENUE 

Costs that will occur in the next financial year, but were already paid in the financial year, are 

recorded as short-term deferred costs. 

Short-term accrued revenues are revenues where costs occurred in the financial period but the 

formal report and reimbursement request will be submitted to the donor in the next financial year. 

(F) EMPLOYEE EARNINGS 

Liabilities from short-term employee earnings are measured on an undiscounted basis and are 

recognized as expenses as soon as the work is performed by an employee and comprise basic 

gross salary, allowances, and benefits. 

(G) SHORT-TERM ACCRUED COSTS AND DEFERRED REVENUE 

The CEF records short-term deferred revenues for revenues from projects that were received in 

the financial year (as advance payments) for deliverables due in the next financial year. 

The CEF reports short-term accrued costs for materials and services that were delivered in the 

financial year, but for which invoices will be received in the next financial year. 

(H) PROVISIONS 

Provisions are recognized for legal or constructive obligation as a result of a past event that can 

be measured reliably, and it is probable that an outflow of economic benefits will be required to 

settle the obligation. Provisions are determined by discounting expected future cash flows at a 

pre-tax rate that reflects current market assessments of the time value of money, and—where 

appropriate—the risks specific to the liability. 

Provisions for severance payments and long-service bonuses 

Pursuant to the internal rules, the CEF is obliged to pay long-service bonuses and severance 

payments to employees and has created long-term provisions for this purpose. There are no other 

obligations relating to pensions. Provisions are created in the amount of estimated future severance 

payments and long-service bonuses, discounted at the end of the reporting period. 

The CEF created non-current provisions for long-service bonuses and severance payments at 

retirement as the present value of future payments required to settle liabilities arising from employees’ 

service in the current and future periods, taking into account the costs of severance 

payments at retirement and the costs of all expected long-service bonuses until retirement. A 

discount rate of 3,60% was set for the calculation on December 31, 2023 based on the yields on 

15-year corporate bonds with high credit rating in the euro area. The calculation was prepared by 

an outsourced actuary. 

Labor costs and interest expenses are recognized in the income statement, while recalculated 

post-employment benefits and unrealized actuarial gains or losses from severance pay are recognized 

as an equity item in other comprehensive income. 

(I) REVENUE 

Revenue is recognized as follows: 

For long-term projects, the revenue from services rendered is recognized based on the stage of 

completion as at the balance sheet date. Under this method, the revenue is recognized in the 

accounting period in which the services are rendered. 

Grants 

All types of grants are recognized in the financial statements when the CEF submits a report 

and/or issues a reimbursement request or a payment request. In addition, they are recognized 

in deferred revenues when the work was done but the report was not submitted by the end of the 

financial year. 

Deferred/accrued revenues and expenses 

The CEF records in short-term deferred revenues advance payments received for projects with 

expected deliverables in the next financial year. Short-term accrued revenues comprise revenues 

generated from activities delivered in the financial year that will be reported and paid for in the 

next financial year. 

The CEF records in short-term deferred costs expenses that were paid in the financial year (such 

as advance payments) that will occur in the next financial year, and in short-term accrued costs 

expenses in the financial year for which invoices have not yet arrived. 

(J) FINANCIAL INCOME AND FINANCIAL EXPENSES 

Financial income includes interest from deposits and positive exchange rate differences. 

Financial expenses include negative exchange rate differences. 

(K) NEW AND AMENDED IFRS ACCOUNTING STANDARDS THAT ARE 

EFFECTIVE FOR THE CURRENT YEAR 

The following amendments to IFRS Accounting Standards issued by the International Accounting 

Standards Board (IASB) and adopted by the EU are mandatorily effective for reporting period that 

begins on or after 1 January 2023. 

Standard 

IFRS 17 

Amendments to IAS 1 




Title 

New standard IFRS 17 Insurance Contracts including the June 

2020 and December 2021 Amendments to IFRS 17 

Disclosure of Accounting Policies 

Definition of Accounting Estimates 

Deferred Tax related to Assets and Liabilities arising from a 

Single Transaction 

International Tax Reform — Pillar Two Model Rules



• IFRS 17 Insurance Contracts issued by IASB on 18 May 2017. The new standard requires insurance 

liabilities to be measured at a current fulfillment value and provides a more uniform 

measurement and presentation approach for all insurance contracts. These requirements 

are designed to achieve the goal of a consistent, principle-based accounting for insurance 

contracts. IFRS 17 supersedes IFRS 4 Insurance Contracts and related interpretations while 

applied. Amendments to IFRS 17 Insurance Contracts issued by IASB on 25 June 2020 defer 

the date of initial application of IFRS 17 by two years to annual periods beginning on or after 

1 January 2023. Additionally, the amendments issued on 25 June 2020 introduce simplifications 

and clarifications of some requirements in the Standard and provide additional reliefs 

when applying IFRS 17 for the first time. 

• Amendments to IAS 1 Presentation of Financial Statements - Disclosure of Accounting Policies 

issued by IASB on 12 February 2021. Amendments require entities to disclose their material accounting 

policies rather than their significant accounting policies and provide guidance and examples 

to help preparers in deciding which accounting policies to disclose in their financial statements. 

• Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors - 

Definition of Accounting Estimates issued by IASB on 12 February 2021. Amendments focus 

on accounting estimates and provide guidance how to distinguish between accounting policies 

and accounting estimates. 

• Amendments to IAS 12 Income Taxes - Deferred Tax related to Assets and Liabilities arising 

from a Single Transaction issued by IASB on 6 May 2021. According to amendments, the 

initial recognition exemption does not apply to transactions in which both deductible and taxable 

temporary differences arise on initial recognition that result in the recognition of equal 

deferred tax assets and liabilities. 

• Amendments to IAS 12 Income Taxes - International Tax Reform — Pillar Two Model Rules 

issued by IASB on 23 May 2023. The amendments introduced a temporary exception to the 

accounting for deferred taxes arising from jurisdictions implementing the global tax rules and 

disclosure requirements about company’s exposure to income taxes arising from the reform, 

particularly before legislation implementing the rules is in effect. 

• Amendments to IFRS 16 Leases - Lease Liability in a Sale and Leaseback issued by IASB on 

22 September 2022. Amendments to IFRS 16 require a seller-lessee to subsequently measure 

lease liabilities arising from a leaseback in a way that it does not recognise any amount of the 

gain or loss that relates to the right of use it retains. The new requirements do not prevent 

a seller-lessee from recognising in profit or loss any gain or loss relating to the partial or full 

termination of a lease. 

• Amendments to IAS 1 Presentation of Financial Statements - Classification of Liabilities as 

Current or Non-Current issued by IASB on 23 January 2020 and Amendments to IAS 1 Presentation 

of Financial Statements - Non-current Liabilities with Covenants issued by IASB on 

31 October 2022. Amendments issued on January 2020 provide more general approach to 

the classification of liabilities under IAS 1 based on the contractual arrangements in place at 

the reporting date. Amendments issued on October 2022 clarify how conditions with which an 

entity must comply within twelve months after the reporting period affect the classification of 

a liability and set the effective date for both amendments to annual periods beginning on or 

after 1 January 2024. 

At present, IFRS as adopted by the EU do not significantly differ from IFRS adopted by the International 

Accounting Standards Board (IASB) except for the following new standards and amendments 

to the existing standards, which were not adopted by the EU as at date of authorisation of 

these financial statements: 

Standard Title EU adoption status 

IFRS 18 


and IFRS 7 


Presentation and Disclosures in 

Financial Statements 

(IASB effective date: 1 January 2027) 

Supplier Finance Arrangements 


Lack of Exchangeability 


Not yet adopted by EU 



The adoption of these new standards, amendments to the existing standards and interpretation 

has not led to any material changes in the CEFs financial statements. 

(L) STANDARDS AND INTERPRETATIONS ISSUED BY THE IASB BUT NOT YET EFFECTIVE 

OR NOT ADOPTED BY EU 

At the date of authorisation of these financial statements, the Company has not applied the following 

revised IFRS Accounting Standards that have been issued by IASB and adopted by EU but 

are not yet effective: 

Standard Title Effective date 

Amendments to IFRS 16 

Lease Liability in a Sale and 

Leaseback 

1 January 2024 

IFRS 14 

Amendments to IFRS 10 

and IAS 28 

Regulatory Deferral Accounts 


Sale or Contribution of Assets between 

an Investor and its Associate or Joint 

Venture and further amendments 

(effective date deferred by IASB 

indefinitely but earlier application 

permitted) 

The European 

Commission has 

decided not to launch 

the endorsement 

process of this interim 

standard and to wait 

for the final standard 

Endorsement process 

postponed indefinitely 

until the research 

project on the equity 

method has been 

concluded 


Classification of Liabilities as Current 

or Non-Current and Non-current 

Liabilities with Covenants 

1 January 2024

76 

CEF ANNUAL REPORT 2023 

NOTES TO THE FINANCIAL STATEMENTS 77 

• IFRS 18 Presentation and Disclosures in Financial Statements issued by IASB on 9 April 2024 

will replace IAS 1 Presentation of Financial Statements. Standard introduces three sets of new 

requirements to improve companies’ reporting of financial performance and give investors a 

better basis for analysing and comparing companies. The main changes in the new standard 

compared with IAS 1 comprise: (a) The introduction of categories (operating, investing, financing, 

income tax and discontinued operations) and defined subtotals in the statement of profit 

or loss; (b) the introduction of requirements to improve aggregation and disaggregation; (c) 

The introduction of disclosures on Management-defined Performance Measures (MPMs) in the 

notes to the financial statements. 

• Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures 

- Supplier Finance Arrangements issued by IASB on 25 May 2023. Amendments add 

disclosure requirements, and ‘signposts’ within existing disclosure requirements to provide 

qualitative and quantitative information about supplier finance arrangements. 

• Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates - Lack of Exchangeability 

issued by IASB on 15 August 2023. Amendments contain guidance to specify when a 

currency is exchangeable and how to determine the exchange rate when it is not. 

• IFRS 14 Regulatory Deferral Accounts issued by IASB on 30 January 2014. This standard is 

intended to allow entities that are first-time adopters of IFRS, and that currently recognise 

regulatory deferral accounts in accordance with their previous GAAP, to continue to do so upon 

transition to IFRS. 

• Amendments to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in 

Associates and Joint Ventures - Sale or Contribution of Assets between an Investor and its 

Associate or Joint Venture issued by IASB on 11 September 2014. The amendments address 

a conflict between the requirements of IAS 28 and IFRS 10 and clarify that in a transaction 

involving an associate or joint venture the extent of gain or loss recognition depends on 

whether the assets sold or contributed constitute a business. 

The CEF has elected not to adopt these new standards, amendments to existing standards and 

new interpretation in advance of their effective dates. The CEF anticipates that the adoption of 

these standards, amendments to existing standards and new interpretations will have no material 

impact on the financial statements of the CEF in the period of initial application. 

3. NOTES TO THE FINANCIAL 

STATEMENTS 

NOTE 1: INTANGIBLE ASSETS 

Intangible assets 

January 1, 


New 

investments Write-offs Amortization 

EUR 

December 31, 


Purchase value 54,100 0 0 0 54,100 

Accumulated amortization -38,575 0 0 -9,315 -47,890 

Carrying value 15,525 0 0 -9,315 6,210 

Intangible assets 

January 1, 

2022 

New 

investments Write-offs Amortization 

December 31, 

2022 

Purchase value 56,258 0 -2,138 0 54,120 

Accumulated amortization -31,418 0 2,138 -9,315 -38,595 

Carrying value 24,840 0 0 -9,315 15,525 

Intangible assets comprise computer software and are recorded at purchase value. A change in position results from 

investment, amortization and write-offs. In 2023 CEF didn’t have investments in intangible assets. 

NOTE 2: PROPERTY, PLANT AND EQUIPMENT 

Equipment 

January 1, 


New 

investments Write-offs Depreciation 

EUR 

December 31, 


Purchase value 1,317,449 81,418 -17,344 0 1,381,523 

Accumulated depreciation -733,772 0 17,323 -84,295 -800,744 

Carrying value 583,677 81,418 -21 -84,295 580,779 

Equipment 

January 1, 

2022 

New 

investments Write-offs Depreciation 

December 31, 

2022 

Purchase value 1,331,538 30,551 -44,640 0 1,317,449 

Accumulated depreciation -697,367 0 43,964 -80,369 -733,772 

Carrying value 634,171 30,551 -676 -80,369 583,677

78 

CEF FINANCIAL REPORT 2023 NOTES TO THE FINANCIAL STATEMENTS 79 

Equipment owned by the CEF is used to carry out the CEF’s activities and comprises office, computer and other 

equipment, as well as investments and improvements in the business premises. A change in the position results 

from purchases, write-offs and accumulated depreciation. Write-offs relate to the equipment that is no longer in use. 

New investments in 2023 comprise electronic equipment (computers) and two booths. The CEF’s equipment is not 

pledged. Liabilities for purchase of equipment as of December 31, 2023 amount to EUR 0 and to EUR 0 as of 

December 31, 2022. 

NOTE 4: FINANCIAL INVESTMENT 

EUR 

Financial investment December 31, 2023 December 31, 2022 

Current deposit 500,000 0 

Total 500,000 0 

NOTE 3: TRADE RECEIVABLES 

Trade receivables December 31, 2023 December 31, 2022 

IMF 0 144,388 

Ministry of Finance, the 

Netherlands 

EUR 

20,926 0 

Other receivables 61,171 63,957 

Total 82,097 208,345 

Trade receivables comprise claims from projects and other receivables from original documents and without any 

valuation adjustment. 

Deposit in amount of EUR 500,000 with the maturity of 12 months concluded in December 2023. 

NOTE 5:CASH AND CASH EQUIVALENTS 

EUR 

Financial investment December 31, 2023 December 31, 2022 

Cash and Deposits in EUR 2,428,155 3,311,982 

Cash and Deposits in USD 167 174 

Cash in hand 427 484 

Total 2,428,750 3,312,640 

Cash and cash equivalents comprise short-term deposits in EUR and USD with UniCredit Bank, Ljubljana. 

Trade receivables are non-interest bearing. The method of impairment did not change in 2023. 

Trade receivables change from year to year depending on the life cycle of a project run by the CEF. 

Other receivables comprise VAT refunds and social security refunds. 

Age structure and changes in impairments of receivables 

EUR 

December 31, 2023 December 31, 2022 

Aging of receivables Gross amount Impairments Gross amount Impairments 

Not past due 82,097 0 208,345 0 

Past due up to 90 days 0 0 0 0 

Past due from 91 to 180 days 0 0 0 0 

Past due from 181 to 365 days 0 0 0 0 

More than one year 0 0 0 0 

Total 82,097 0 208,345 0 

NOTE 6: PREPAYMENTS AND OTHER ASSETS 

EUR 

Prepayments and other assets January 1, 2023 Disbursement Increases December 31, 2023 

Accrued revenue (not yet invoiced) 467,158 -467,158 612,731 612,731 

Advance payments 5,580 -5,580 5,046 5,046 

Deferred costs 24,510 -24,510 22,562 22,562 

Total 497,248 -497,248 640,340 640,340 

Prepayments and other assets January 1, 2022 Disbursement Increases December 31, 2022 

Accrued revenue (not yet invoiced) 627,127 -627,126 467,158 467,158 

Advance payments 719 -719 5,580 5,580 

Deferred costs 27.590 -8.200 5,120 24,510 

Total 655,436 -636,045 477,858 497,248 

Short-term deferred costs and accrued revenue comprise accrued income and costs that were paid in 2023 and will 

occur in 2024, such as insurance premiums.

80 


NOTE 7: EQUITY 

Equity (Founder’s funds) December 31, 2023 December 31, 2022 

Share capital (Founder's funds) 4,173 4,173 

Capital surplus 225 225 

Fair value reserves -19,667 -10,990 

General reserves 1,426,814 1,335,239 

Total 1,411,546 1,328,648 

Share capital represents start-up contribution in the amount of EUR 4.173 and capital surplus. 

The positive result generated in 2023 was transferred to the general reserve fund (as envisaged in the internal rules 

of the CEF). 

Fair value reserves from actuarial calculations of severance pay were negative in the amount of EUR 19,667 at the 

end of 2023. 

NOTE 8: PROVISIONS 

Provisions January 1, 2023 Decreases Increases December 31, 2023 

Reserves for severance pay 177,018 0 69,459 246,478 

Other provisions 36,377 -19,390 0 16,987 

Total 213,395 -19,390 69,459 263,465 

Provisions January 1, 2022 Decreases Increases December 31, 2022 

Reserves for severance pay 257,197 -80,178 0 177,018 

Other provisions 36,377 0 0 36,377 

Total 293,574 -80,178 0 213,395 

The CEF created provisions for severance payments and long-service bonuses based on the current value of its liabilities 

to employees (see also Note 15). 

The reserves for textbooks were created as CEF received some funds that were specifically dedicated to prepare textbooks 

for TIAPS program. Textbooks for Level 1 have been finalized in 2019 (see also Note 1). 

EUR 

EUR 

EUR 

NOTE 9: GOVERNMENT GRANTS 

Long-term accrued costs 

and deferred revenue 

January 

1, 2023 

New 

investments 

Write 

offs 

Amortization 

and 

depreciation 

EUR 

December 

31, 2023 

Fund to finance amortization and depreciation 599,202 81,418 -21 -93,609 586,990 

Carrying value 586,990 

Long-term accrued costs 

and deferred revenue 

January 

1, 2022 

New 

investments 

Write 

offs 

Amortization 

and 

depreciation 

EUR 

December 

31, 2022 

Fund to finance amortization and depreciation 659,103 30,551 -768 -89,684 599,202 

Carrying value 599,202 

Government grants are covering the depreciation and amortization of long-term assets. 

NOTE 10: OPERATING LIABILITIES 

Operating liabilities comprise accounts payable (short-term trade payables to suppliers of goods and services, including 

maintenance services), liabilities to employees (December salary), and other short-term liabilities (other taxes and 

lecturers’ fees). 

Operating liabilities December 31, 2023 December 31, 2022 

Trade payables to suppliers in Slovenia 77,018 63,860 

Trade payables to suppliers outside Slovenia 26,775 3,558 

Liabilities to employees 174,520 152,904 

Other short-term liabilities 2,710 5,004 

Total 281,022 225,327 

NOTE 11: ADVANCES PAYABLE AND OTHER CURRENT LIABILITIES 

Advances payable and 

other current liabilities January 1, 2023 Disbursements Increases December 31, 2023 

Deferred revenues for projects 2,196,304 -1,717,246 1,156,728 1,635,787 

Other accrued costs 54,558 -54,558 59,366 59,366 

Total 2,250,862 -1,771,804 1,216,095 1,695,153 

EUR 

EUR

82 



other current liabilities January 1, 2022 Disbursements Increases December 31, 2022 

Deferred revenues for projects 906,611 -839,805 2,129,498 2,196,304 

Other accrued costs 56,446 -56,146 54,258 54,558 

Total 963,058 -895,951 2,183,755 2,250,862 

Contract liabilities represent revenues received in 2023 for costs that will occur in 2024; EUR 957,480 for the 

FISR2 project and EUR 412,662 for the WeLead project, EUR 240,000 for the CEF Facility for Montenegro project 

all financed by European Union and EUR 25,644 for PACT L2 MKD co-financed by revenues received in 2022 for 

costs that occured in 2023; EUR 877,612 for the FISR2 project and EUR 1,134,559 for the WeLead project, both 

financed by European Union and EUR 166,806 for PACT L2 MKD co-financed by Ministry of Finance, Slovakia and 

17,325 for projects co-financed by Ministry of Foreign and European Affairs, Slovenia. 

Other accrued costs relate to costs that occurred in 2023 and invoices we not received yet, auditing services and 

costs of unused annual leave days that were allocated to the staff for the year 2023 and are to be used by August 

31, 2024. 

NOTE 12: REVENUE FROM PROGRAM 

EUR 

List of project short names (abbreviations): 

Project short name (abbreviation) 

Children & PFM in SRB 

CEF Facility for MON 

DRM 

EPSAM 

FISR2 

MFE 

NBM LearnOrgLab 

Project 

Efficient Protection of Children’s Rights through Sound PFM in Serbia 

Support to Coordination, Monitoring and Reporting on Public 

Administration Reform Strategy and Public Financial Management Reform 

Programme 2022-2026 

Strengthening Domestic Revenue Mobilization for Sustainable 

Development 

Efficient Public Sector Asset Management 

Structural Reforms Better Integrated within Fiscal Frameworks 

Strengthening Capacities in Providing Sound, Resilient and Developed 

Macroeconomic and Financial Environment 

National Bank of Moldova, Institutional Transformation into a Learning 

Organization 

Revenue from program in 2023 Project Invoiced 

Accrued 

Revenue 

Net amount 

Ministry of Finance, Slovenia Program 2023 1,000,000 0 1,000,000 

Ministry of Foreign and European 

Affairs, Slovenia 

Ministry of Finance, the Netherlands 

PACT L2 MKD; 

EPSAM; DRM; 

TIAPS L1 ALB; NBM 

LearnOrgLab 

TPA; PIFC; NBM 

LearnOrgLab 

446,882 0 446,882 

279,925 0 279,925 

Banka Slovenije MFE 211,000 0 211,000 

European Union 

FISR2; WeLead; 

CEF Facility for 

Montenegro 

1,091,601 612,731 1,704,332 

CIPFA Conference 11,074 0 11,074 

IMF Workshops 57,622 0 57,622 

Ministry of Finance, Slovakia PACT L2 MKD 141,162 0 141,162 

Revenue other events Other 14,760 0 14,760 

Total 3,254,026 612,731 3,866,757 

PACT L2 MKD 

PIFC 

TIAPS L1 ALB 

TPA 

WeLead 

Public Accountants Certification Training at diploma level, North Macedonia 

Public Internal Financial Control 

Training of Internal Auditors in Public Sector Albania 

Tax Policy and Administration 

WeLead: EU Scheme for Young Professionals in the Western Balkans 

To provisions to finance 

amortization and depreciation 

From provisions to finance 

amortization and depreciation 

-81,418 -81,418 

93,630 93,630 

Total 3,254,026 624,943 3,878,969 

Transfer to reserves -91,575

84 


Revenue from program in 2022 Invoiced 

From/To 

Accrued 

Revenue 

EUR 

Net amount 

Ministry of Finance, Slovenia Program 2022 1,000,000 0 1,000,000 

Ministry of Foreign Affairs, Slovenia 

PACT L2 MKD; 

EPSAM; DRM 

315,331 0 315,331 

Ministry of Finance, the Netherlands TPA; PIFC 227,121 0 227,121 


CB workshops 

(MFE) 

201,616 0 201,616 

European Union FISR2 323,873 467,158 791,030 

CIPFA Conference 15,877 0 15,877 

IMF Workshops 17,645 0 17,645 

Ministry of Finance, Slovenia Other 244 0 244 

Ministry of Finance, Slovakia PACT L2 MKD 33,194 0 33,194 


Zusammenarbeit 

Workshops 10,632 0 10,632 

Other General 168 0 168 

Total 2,145,701 467,158 2,612,859 

To provisions to finance amortization 

and depreciation 

From provisions to finance amortization 

and depreciation 

-30,551 -30,551 

90,452 90,452 

Total 2,145,701 527,059 2,672,760 

Transfer to reserves 142,497 

In addition, the Government of Slovenia contributed to the CEF by granting free of charge premises. This is an in-kind 

contribution that was not recorded in the CEF books estimated at EUR 12 per square meter (in total EUR 182,184 + 

VAT EUR 40,081) = EUR 222,265. 

NOTE 13: FINANCIAL INCOME represents interest on deposits and exchange rate changes. 

NOTE 14: COSTS OF MATERIALS 

Costs of materials 2023 2022 

Costs of energy 37,707 35,118 

Materials and spare parts 9,658 12,251 

Office supplies 13,075 12,254 

Other costs of materials 11,233 10,215 

Total 71,672 69,839 

Costs of materials and spare parts comprise spare parts for equipment and materials for maintaining the CEF premises. 

EUR 

NOTE 15: COSTS OF SERVICES 

Costs of services 2023 2022 

Production services costs 164,203 140,537 

Transport services costs for events 303,664 212,128 

Rents 41,115 31,891 

Costs of employees’ business travels 62,882 40,221 

Payments, bank services, insurance costs 11,862 19,079 

Intellectual services costs for events 390,413 130,659 

Intellectual services costs 60,887 66,101 

Costs of exhibition, advertising 16,032 8,700 

Personal services costs for events (authors, translators, mentors) 265,265 169,217 

Costs of other services for events 338,362 209,043 

Total 1,654,684 1,027,575 

Intellectual services for events records fees for experts, authors, translators and mentors who work from their companies 

and issue invoices to the CEF; and personal services for events records fees for experts, authors, translators 

and mentors who are paid by contract. The CEF records transport services for events (e.g. travel for participants) only 

when sponsored by a donor. Other services for events comprise copying materials, rent of interpretation equipment 

and classrooms when workshops are organized outside the CEF, as well as refreshments and lunches for participants. 

Intellectual services are costs of experts that support the CEF with services, such as communication, legal advice 

and training. 

NOTE 16: LABOR COSTS 

Labor costs 2023 2022 

Employee salaries 1,426,598 1,244,674 

Employee salaries compensation 42,595 45,884 

Reimbursement & other employee benefits 226,133 185,989 

Employer's salaries contributions, taxes 218,280 188,117 

Other labor costs 36,237 18,203 

Total 1,949,842 1,682,867 

The CEF calculates salaries and other labor-related costs (meal and travel allowance, supplement health and pension 

insurance, travel insurance) according to the CEF Rules of Employment, Annex I. On December 31, 2023, the CEF had 38 

employees. In 2023, there were two international employees, who did not pay social security and personal income taxes. 

On December 31, 2022, the CEF had 34 employees. In 2022, there were three international employees, who did not 

pay social security and personal income taxes. 

In 2023, the CEF calculated costs of annual leave days that were unused in 2023 and are to be used by the end of 

August, 2024. Other labor costs comprise provisions for severance payments and long-service bonuses. 

EUR 

EUR

86 


The earnings of members of the Executive Management and Governing Board 

EUR 

Data regarding groups of persons 

Employees under individual employment contract 

2023 2022 

Salaries 79,034 81,294 

Reimbursements and other employee benefits 10,580 2,287 

Total 89,614 83,581 

Members of the Governing Board are not compensated. 

Number of employees by formal education level 

Number of employees by formal education level (EQF) December 31, 2023 December 31, 2022 

Level 4 2 2 

Level 5 5 4 

Level 6 7 6 

Level 7 20 18 

Level 8 4 4 

Total 38 34 

NOTE 17: AMORTIZATION AND DEPRECIATION 

EUR 

Amortization and depreciation 2023 2022 

Amortization of intangible assets 9,315 9,315 

Depreciation of equipment 65,789 61,864 

Depreciation of other fixed assets 18,506 18,506 

Total 93,609 89,684 

NOTE 18: OTHER OPERATING EXPENSES 

EUR 

Other operating expenses 2023 2022 

Contributions not related to labor costs 6,082 2,918 

Students’ work 16,383 14,328 

Other costs 25,626 626 

Total 48,091 17,871 

4. DETERMINATION 

OF FAIR VALUE AND RISK 

MANAGEMENT 

The CEF is exposed to the following risks: strategic, reputational, operational and financial. 

The CEF’s prudent approach to risk management helps the CEF maintain its high level of operational quality and 

is crucial for achieving its business goals. The use of standard methodologies and risk management procedures 

enables quality risk assessment, timely responses, and minimum exposure of the CEF to major risks, being strategic, 

reputational, operational and financial. 

Strategic risks may arise from the pursuit of an unsuccessful business plan, poor business decisions, substandard 

execution of decisions, inadequate resource allocation, and/or from a failure to respond well to changes in the business 

environment. The CEF manages these risks by close cooperation and under supervision by the Governing Board 

and other stakeholders. 

Reputational risks may result in damages to the CEF’s reputation, which may manifest either in lost revenues or 

increased costs and in destruction of stakeholders’ value and trust. To minimize these risks, the CEF invests in building 

its ethics, security, sustainability, quality and innovation to remain capable of answering to stakeholders’ needs. 

Operational risks are imputed in CEF business activities through inadequate or failed internal processes, people and 

systems, as well as from some external events. The CEF manages these risks by strict implementation of internal 

procedures that include, but are not limited to, strict implementation of the principle of four eyes, introduction of the 

internal audit function, and training managers to improve their control functions. 

Financial risks are associated with financing, including budgeting, managing expenses within budgets, and overspending 

in case a project cannot be successfully completed without additional expenses. The CEF manages these 

risks by budgeting for all expenses that might occur within the project, and building sufficient reserves to cover 

potential loss from the project. 

Information on the maximum exposure to credit risk is presented in the table below: 

CREDIT RISK 

Credit risk Note December 31, 2023 December 31, 2022 

Current deposit 4 500,000 0 

Cash and cash equivalents 5 2,428,750 3,312,640 

Trade receivables 3 82,097 208,345 

Total 3,010,846 3,520,985 

EUR 

NOTE 19: FINANCIAL COSTS record negative exchange rate changes. 

NOTE 20: OTHER EXPENSES represent differences from rounded amounts paid in cash.

88 

CEF FINANCIAL REPORT 2023 DETERMINATION OF FAIR VALUE AND RISK MANAGEMENT 89 

CURRENCY RISK 

Currency risk December 31, 2023 EUR CHF 

Current deposit 500,000 500,000 0 

Cash and cash equivalents 2,428,750 2,428,750 0 

Trade receivables 82,097 82,097 0 

Operating liabilities 281,022 279,672 1,350 

Total 3,291,869 3,290,519 1,350 

Currency risk December 31, 2022 EUR CHF 

Current deposit 0 0 0 

Cash and cash equivalents 3,312,640 3,312,640 0 

Trade receivables 208,345 208,345 0 

Operating liabilities 225,327 224,058 1,269 

Total 3,746,312 3,745,043 1,269 

Exposure to changes in exchange rates: a change in exchange rate would not have significant effect on the financial 

statements. 

EUR 

EUR 

Non-current financial assets 

The fair value of non-current financial assets is determined based on the closing market price as at the reporting date. 

Financial liabilities 

Fair value is calculated for reporting purposes based on the present value of future principal and interest payments, 

discounted using a market interest rate at the end of the reporting period. 

Trade and other receivables 

The fair value of operating and other receivables is calculated for reporting purposes based on the present value of 

future principal and interest, discounted according to a market interest rate at the reporting date. 

Financial instruments are categorized to three levels with respect to the calculation of their fair value: 

Level 1 – assets and liabilities at market price (the use of published prices arising on an active market for the same 

assets or liabilities); 

Level 2 – assets and liabilities not classified as Level 1 but whose value is determined directly or indirectly on the 

basis of market observables; 

Level 3 – assets and liabilities whose value cannot be determined on the basis of market observables and thus cannot 

be classified to Level 1 or Level 2. 

The fair value of current assets and liabilities is equal to their carrying amount, because all these instruments are 

short-term. 

INTEREST-RATE RISK 

Exposure to interest-rate risk, i.e. the risk of changes in interest rates on deposits, is low. By planning investment activities, 

current operations and deposits, the CEF’s cash flows are coordinated and do not require borrowings. 

Interest-rate risk December 31, 2023 December 31, 2022 

Financial instruments at fixed interest rates 

Financial assets (deposits) 2,004,322 3,152,488 

Financial liabilities 0 0 

Financial instruments at floating interest rates 

Financial assets 0 0 

Financial liabilities 0 0 

Total 2,004,322 3,152,488 

Determination of fair value 

Given the CEF’s accounting policies and classification approach, the determination of the fair value of both financial 

and non-financial assets and liabilities is necessary. 

EUR 

FAIR VALUE 

Fair value 

Carrying 

amount 

EUR 

2023 2022 

Fair value 

Carrying 

amount 

Fair value 

Trade receivables 82,097 82,097 208,345 208,345 

Current deposit 500,000 500,000 0 0 

Cash and cash equivalents 2,428,750 2,428,750 3,312,640 3,312,640 

Prepayments and other assets 640,340 640,340 497,248 497,248 

Trade payables 103,792 103,792 67,418 67,418 

Other short-term payables 2,710 2,710 5,004 5,004 

Advances payable and other current liabilities 1,695,153 1,695,153 2,250,862 2,250,862 

Total 5,452,841 5,452,841 6,341,518 6,341,518 

The fair values of individual groups of assets were determined for measurement and/or reporting purposes based on 

the method described below.

90 


FAIR VALUE OF ASSETS 

Fair value of assets Level 1 Level 2 


Level 3 Level 1 Level 2 

EUR 

2022 

Level 3 

Current deposit 500,000 0 0 0 0 

Trade receivables 0 82,097 0 0 208,345 0 

Cash and cash equivalents 2,428,750 0 0 3,312,640 0 0 

Prepayments and other assets 0 640,340 0 497,248 0 

Total 2,928,750 722,436 0 3,312,640 705,594 0 

FAIR VALUE OF LIABILITIES 

Fair value of liabilities Level 1 Level 2 


Level 3 Level 1 Level 2 

EUR 

2022 

Level 3 

Trade payables 0 103,792 0 0 67,418 0 

Other short-term payables 0 2,710 0 0 5,004 0 


other current liabilities 

0 1,695,153 0 0 2,250,862 0 

Total 0 1,801,655 0 0 2,323,285 0 

5. RELATED PARTY TRANSACTIONS 

The CEF does not have related parties. 

The earnings of members of the Executive Management and Governing Board are presented in Note 15: Labor costs. 

6. EVENTS AFTER THE STATEMENT 

OF FINANCIAL POSITION DATE 

There were no events after the balance sheet date that would have a material effect on the financial statements for 

the year 2023. 

7. CERTIFIED AUDITOR’S REPORT 

1. 

1. 

1. 

INDEPENDENT AUDITOR’S REPORT 

to the founders and the Governing Board of organization Center of Excellence in Finance 

CERTIFIED AUDITOR’S REPORT 91 

Deloitte revizija d.o.o. 

Dunajska cesta 165 

1000 Ljubljana 

Slovenia 

INDEPENDENT AUDITOR’S REPORT 

Opinion to the founders and the Governing Board of organization Center of Excellence in Finance 

We have audited the financial statements 

INDEPENDENT 

of organization 

AUDITOR’S 

Center 

REPORT 

of Excellence in Finance (hereinafter ‘the 

Company’), 

to the 

which 

founders 

comprise 

and 

the 

the 

statement 

Governing 

of 

Board 

financial 

of organization 

position as at 

Center 

31 December 

of Excellence 

2023, 

in 

and 

Finance 

the 

statement Opinion of profit or loss, statement of other comprehensive income, statement of changes in equity 

and We have cash audited flow statement the financial for the statements year then of ended, organization and notes Center to the of financial Excellence statements, in Finance including (hereinafter ‘the 

material Company’), Opinion 

accounting which comprise policy information. the statement of financial position as at 31 December 2023, and the 

statement We have audited of profit the or financial loss, statement statements of other of organization comprehensive Center income, of Excellence statement in Finance of changes (hereinafter equity ‘the 

In our opinion, the accompanying financial statements present fairly, in all material respects, financial 

and Company’), cash flow which statement comprise for the the statement year then ended, of financial and notes position to as the at financial 31 December statements, 2023, including and the 

position of the Company as 31 December 2023, and its financial performance and its cash flows for the 

material statement accounting of profit or policy loss, information. 

statement of other comprehensive income, statement of changes in equity 

year and cash then flow ended statement in accordance for the with year International then ended, Financial and notes Reporting to the financial Standards statements, as adopted including by the EU 

(hereinafter In material our opinion, accounting ‘IFRS’). the accompanying policy information. financial statements present fairly, in all material respects, the financial 

position of the Company as at 31 December 2023, and its financial performance and its cash flows for the 

year In 

Basis 

our then for 

opinion, 

opinon ended the in accompanying accordance with financial International statements Financial present Reporting fairly, in Standards all material as adopted respects, by the the financial EU 

(hereinafter position 

We conducted 

of the ‘IFRS’). Company 

our audit in 

as 

accordance 

at 31 December 

with International 

2023, and its 

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financial performance 

on Auditing. 

and 

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responsibilities 

cash flows for the 

year 

under 

then 

those 

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standards 

in accordance 

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in the 

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Standards 

for the 

as adopted 

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by 

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the 

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EU 

(hereinafter 

Statements Basis for opinon section 

‘IFRS’). 

of our report. We are independent of the Company in accordance with the 

International We conducted Code our audit of Ethics in accordance for Professional with International Accountants (including Standards International Auditing. Our Independence responsibilities 

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of standards the International are further Ethics described Standards in the Board Auditor’s for Accountants Responsibilities (IESBA for Code) the Audit and other of ethical Financial 

requirements Statements We conducted section that 

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and 


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other 

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these (including requirements. 

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and our auditor’s 

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report 

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evidence Other information we have obtained is sufficient and appropriate to provide a basis for our audit opinion. 

Our opinion on the financial statements does not cover the other information and we express no 

Management is responsible for the other information. The other information comprises the information 

assurance thereon. 

included Other information 

Annual report, other than the financial statements and our auditor’s report thereon. 

Management is responsible for the other information. The other information comprises the information 

included Our opinion Annual on the report, financial other statements than the does financial not cover statements the other and information our auditor’s and report we express thereon. no 


Our opinion on the financial statements does not cover the other information and we express no 


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Slovenia Deloitte refers is one to of one the leading or more professional Deloitte Touche services Tohmatsu organizations Limited in the (“DTTL”), country its providing global network services of in member audit and firms, assurance, and their consulting, related entities financial (collectively, advisory, risk the advisory, “Deloitte tax organization”). and related services, DTTL (also through referred over to 160 as 

national Deloitte 

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Deloitte www.deloitte.com. revizija d.o.o. - The company is registered with the Ljubljana District Court, registration no. 1647105 - VAT ID SI62560085 - Nominal capital EUR 74,214.30. 

Deloitte is a leading global provider of audit and assurance, consulting, financial advisory, risk advisory, tax and related services. Our global network of member firms and related entities in more than 150 countries 

© In 

and 

Slovenia 2024. territories For the information, (collectively, 

services are contact provided 

the „Deloitte by Deloitte 

organization“) Slovenia. revizija d.o.o. 

serves 

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www.deloitte.com. 

is one of the leading professional services organizations in the country providing services in audit and assurance, consulting, financial advisory, risk advisory, tax and related services, through over 160 

national and foreign professionals. 

In Slovenia the services are provided by Deloitte revizija d.o.o. and Deloitte svetovanje d.o.o. (jointly referred to as “Deloitte Slovenia”) which are affiliates of Deloitte Central Europe Holdings Limited. Deloitte 

Deloitte 

Slovenia 

revizija 

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d.o.o. 

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© 2024. For information, contact Deloitte Slovenia. 

Deloitte revizija d.o.o. - The company is registered with the Ljubljana District Court, registration no. 1647105 - VAT ID SI62560085 - Nominal capital EUR 74,214.30. 

© 2024. For information, contact Deloitte Slovenia. 


Tel: +386 (0) 1 3072 800 


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www.deloitte.si 

Slovenia 



Tel: 

1000 

+386 

Ljubljana 

(0) 1 3072 800 

Fax: 

Slovenia 

+386 (0) 1 3072 900 

www.deloitte.si 

Tel: +386 (0) 1 3072 800 

Fax: +386 (0) 1 3072 900 

www.deloitte.si

92 

CEF FINANCIAL REPORT 2023 CERTIFIED AUDITOR’S REPORT 93 

In connection with our audit of the financial statements, our responsibility is to read the other information 

and, in doing so, assess whether the other information is materially inconsistent with the financial 

statements, legal requirements or our knowledge obtained in the audit, or otherwise appears to be 

materially misstated. If based on our work performed we conclude that other information include material 

In relation to this and based on our procedures performed, we report that: 

misstatement we need to report such circumstances. In relation to this and based on our procedures 

performed, 

Other 

we 

information 

report that: 

are, in all material respects, consistent with the financial statements; 

• Other information is, are in prepared all material in respects, compliance consistent with applicable with the law audited or regulation; financial statements; and 

• Based Other information on our knowledge is prepared and understanding compliance with of the applicable Organization law or and regulation; its environment and obtained in 

• the Based audit, on our we knowledge did not identify and understanding any material misstatement of the Company of and fact its related environment to the other obtained information. 

the 

audit, we did not identify any material misstatement of fact related to the other information. 

Responsibilities of Management and Governing Board for the Financial Statements 

Management Responsibilities is of responsible Management for the and preparation Those Charged and with fair Governance presentation for of the Financial financial Statements statements in 

accordance Management with is responsible IFRS, and for for such the preparation internal control and fair as management presentation of determines the financial is necessary statements to in enable the 

preparation accordance with of financial IFRS, and statements for such internal that are control free from as management material misstatement, determines is whether necessary due to to enable fraud the or 

error. preparation of financial statements that are free from material misstatement, whether due to fraud or 

In error. preparing the financial statements of the Organization, management is responsible for assessing its 

ability to continue as a going concern, disclosing matters related to going concern and using the going 

In preparing the financial statements of the Company, management is responsible for assessing its ability 

concern basis of accounting unless management either intends to liquidate the Organization or to cease 

to continue as a going concern, disclosing matters related to going concern and using the going concern 

operations, or has no realistic alternative but to do so. 

basis of accounting unless management either intends to liquidate the Company or to cease operations, 

Governing Board is responsible for overseeing the Organization’s financial reporting process and for 

or has no realistic alternative but to do so. 

approving audited annual report. 

Those charged with governance are responsible for overseeing the Company’s financial reporting process. 

Auditor’s Responsibilities for the Audit of the Financial Statements 

Auditor’s Responsibilities for the Audit of the Financial Statements 

Our objectives are to obtain reasonable assurance about about whether whether the the financial financial statements statements as as a whole a whole are are 

free from material misstatement, whether whether due due to to fraud fraud or or error, error, and and to to issue issue an an auditor’s auditor’s report report that that 

includes our opinion. Reasonable assurance 

assurance 

is 

is 

a 

a 

high 

high 

level 

level 

of 

of 

assurance, 

assurance, 

but 

but 

is 

is 

not 

not 

a guarantee 

a guarantee 

that 

that 

an 

an 

audit 

audit 

conducted 

conducted in 

in 

accordance 

accordance 

with 

with 

International 

auditing rules 

Standards 

will always 

on 

detect 

Auditing 

a material 

will always 

misstatement 

detect a material 

when it 

exists. 

misstatement 

Misstatements 

when it exists. 

can arise 

Misstatements 

from fraud or 

can 

error 

arise 

and 

from 

are 

fraud 

considered 

or error 

material 

and are considered 

if, individually 

material 

or in the 

if, 

individually or in the aggregate, they could reasonably be expected to influence the economic decisions of 

aggregate, they could reasonably be expected to influence the economic decisions of users taken on the 

users taken on the basis of these financial statements. 

basis of these financial statements. 

As part of an audit in accordance with International Standards on Auditing, we exercise professional 

As judgment part of and audit maintain accordance professional with scepticism auditing throughout rules, we exercise the audit. professional We also: judgment and maintain 

professional • Identify scepticism and assess throughout the risks of the material audit. We misstatement also: of the financial statements, whether due to 

fraud or error, design and perform audit procedures responsive to those risks, and obtain audit 

Identify and assess the risks of material misstatement of the financial statements, whether due to 

evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not 

fraud or error, design and perform audit procedures responsive to those risks, and obtain audit 

detecting a material misstatement resulting from fraud is higher than for one resulting from error, 

evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not 

as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override 

detecting a misstatement resulting from fraud is higher than for one resulting from error, as fraud 

of internal control. 

may involve collusion, forgery, intentional omissions, misrepresentations, or the override of 

• Obtain an understanding of internal control relevant to the audit in order to design audit 

internal 

procedures 

control. 

that are appropriate in the circumstances, but not for the purpose of expressing an 

Obtain opinion an on understanding the effectiveness of internal of the Company's control relevant internal to controls. the audit in order to design audit 

• procedures Evaluate the that appropriateness are appropriate of accounting the circumstances, policies used but and not the for reasonableness the purpose of expressing accountingan 

opinion estimates on and the related effectiveness disclosures of the made Organization's by management. internal controls. 

 

 

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting 

estimates and related disclosures made by management. 

Conclude on the appropriateness of management’s use of the going concern basis of accounting 

and, based on the audit evidence obtained, whether a material uncertainty exists related to 

events or conditions that may cast significant doubt on the Organization’s ability to continue as a 

going concern. If we conclude that a material uncertainty exists, we are required to draw 

attention in our auditor’s report to the related disclosures in the financial statements or, if such 

• Conclude on the appropriateness of management’s use of the going concern basis of accounting 

and, based on the audit evidence obtained, whether a material uncertainty exists related to 

events or conditions that may cast significant doubt on the entity’s ability to continue as a going 

concern. If we conclude that a material uncertainty exists, we are required to draw attention in 

our disclosures auditor’s are report inadequate, to the related to modify disclosures our opinion. the financial Our conclusions statements are or, based if such on disclosures the audit 

are evidence inadequate, obtained to modify up to our the opinion. date of our Our auditor’s conclusions report. are based However, on the future audit events evidence or conditions obtained 

up may to the cause date the of organization our auditor’s to report. cease However, to continue future as a events going or concern. conditions may cause the 

 

organization 

Evaluate the 

to 

overall 

cease to 

presentation, 

continue as a 

structure 

going concern. 

and content of the financial statements, including the 

• Evaluate 

disclosures, 

the overall 

and whether 

presentation, 

the financial 

structure 

statements 

and content 

represent 

of the financial 

the underlying 

statements, 

transactions 

including 

and 

the 

disclosures, and whether the financial statements represent the underlying transactions and 

events in a manner that achieves fair presentation. 

events in a manner that achieves fair presentation. 

We communicate with Governing Board regarding, among other matters, the planned scope and timing of 

We the communicate audit and significant with those audit charged findings, with governance including any regarding, significant among deficiencies other matters, in internal the planned control scope that we 

and identify timing during of the our audit audit. and significant audit findings, including any significant deficiencies in internal control 

that we identify during our audit. 

DELOITTE REVIZIJA d.o.o. 

DELOITTE Yuri Sidorovich REVIZIJA d.o.o. 

Dunajska Certified cesta auditor 165 


Ljubljana, 6 May 2022 

Nina Kravanja Novak 

Certified auditor 

For signature please refer to the original Slovenian version. 

Ljubljana, 26 April 2024 

TRANSLATION ONLY, SLOVENE ORIGINAL PREVAILS

APPENDIX: IMF FAD ADVISORS’ REPORT, 2022 

95 

APPENDIX: 

IMF FAD ADVISORS’ 

REPORT, 2023 

The CEF hosts two IMF FAD Regional Advisors: Yasemin 

Hürcan, covering Public Financial Management 

(PFM), and Jim Sorensen, covering revenue administration 

(RA). Together with four other IMF colleagues, 

who are based at the Joint Vienna Institute in Vienna, 

and as resident advisors based in Bosnia and Herzegovina, 

they facilitate the implementation of an IMF 

project to support capacity development (CD) in the 

areas of PFM, Tax Policy and RA in South East Europe. 

The beneficiary countries are Albania, Bosnia and Herzegovina, 

Kosovo, Montenegro, North Macedonia, and 

Serbia. 

This project is delivered with financial support from 

the European Union and the Swiss State Secretariat 

for Economic Affairs (SECO). A set of delivery milestones 

is agreed on for each country in terms of reform 

progress in the areas that are addressed by the 

project. The program’s delivery model involves IMF 

Headquarters’ (HQ) led CD missions to the beneficiary 

countries; regular CD visits by IMF Regional Advisors; 

CD support provided remotely; and a considerable 

number of CD visits by short-term IMF experts. 

In 2023, IMF FAD Advisors maintained frequent contact 

with the authorities to identify relevant areas of 

support, and quickly accommodated new CD requests 

that appeared due to modified country priorities. 

For RA, in 2023, CD focused on continuing to build capabilities 

in all core RA processes and providing strategic 

advice on each administration’s medium-term 

reform agenda. This involved strengthening key administrative 

functions by enhancing audit methodologies, 

improving the arrears management function, 

and debt collection procedures, and adopting compliance 

by design, data-driven and risk-based approaches, 

all contributing to sustained revenue mobilization. 

In PFM, CD focused on strengthening fiscal risk management, 

public investment management (PIM), medium-term 

budget framework, and cash management. After 

the impact of the pandemic, the new shocks in the energy 

sector have stressed once again the importance of 

developing strong frameworks for managing fiscal risks. 

Some State-Owned Enterprises (SOE)-related risks have 

materialized, requiring increased budget support, and underscoring 

the importance for ministries of finance across 

the region to improve their SOE monitoring and managing 

the SOE-related fiscal risks. Fiscal risks CD also covered 

fiscal risk disclosures through fiscal risk statements. Public 

investment CD supported the authorities in aligning the 

PIM and PPP procedures and strengthening the appraisal 

and selection of capital projects through the implementation 

of the newly adopted legal framework. Cash management 

CD work was aimed at improving cash forecasting 

and cash balance management. 

Regional advisors continued to play a key role in maintaining 

engagement with authorities to discuss the implementation 

of previous recommendations, identify 

areas for potential support, and agree on upcoming CD 

engagements. Workshops and webinars were crucial in 

providing training in common areas: fiscal risks, PIM, 

fiscal data governance, gender and climate tagging, institutional 

capacity building to fight against corruption in 

PFM, International Taxation in RA, fostering peer-to-peer 

learning through the establishment of the community of 

practices in Compliance Risk Management, Debt Management 

and Audit in RA, and promoting the European 

Regional Network for Infrastructure Governance in PFM. 

The IMF advisors cooperate closely with the CEF on 

training needs assessments in the areas of PFM and 

RA in SEE countries, and the design and delivery of the 

CEF training program and other CEF learning activities, 

projects and work plans. 

1 Phase II of the project ended in December 2022. Phase III started in January 2023 and will end in December 2026.

Published by: CEF 

Production editors: Urška Miklič 

Text editor: Kadri Põdra 

Design: Sonja Eržen 

Photographs: CEF Archive, Aleksander Kovačič, Alenka Slavinec & Urška Rahne 

Illustrations: Mireille van Bremen 

Printing: Tiskarna Medium 

June 2024 

CEF VALUES 

IN OUR WORK, WE FOLLOW THE CORE VALUES THAT WE HAVE 

DEFINED TOGETHER. 

TRUST 

We trust ourselves and each other in our goal to deliver highquality 

programs, support regional cooperation, and work 

effectively with our partners. 

TEAM SPIRIT 

We respect, accept and support each other in combining our 

diverse roles and capacities. 

FOCUS ON RESULTS 

We set clear and measurable goals with specific action plans 

and efficient use of resources, while also considering staff 

interests and capabilities. 

ACCOUNTABILITY 

By aligning our integrity with clear organizational expectations, 

we take responsibility for what we do, how we do it and how 

this affects the world around us. 

OPPORTUNITY TO GROW 

We are committed to supporting an environment where we 

grow as individuals and team(s). 

CEF VALUES

ABOUT US 

The CEF is an international organization with the mission 

to support the capacity development of public officials and 

their institutions in South East Europe through learning and 

knowledge sharing. We are a leader in applying peoplecentered 

learning approaches and holding the know-how 

of becoming and being a learning organization. As a key 

learning partner for public officials in the CEF constituency in 

SEE, we have specified four thematic priorities for our work: 

public financial management, central banking, leadership for 

managing reforms and learning and knowledge ecosystems. 

CEF 

Cankarjeva 18 

SI-1000 Ljubljana 

Slovenia 

+386 1 369 6190 

info@cef-see.org 

www.cef-see.org 

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2023 CEF Annual Report

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