CEF Annual report 2021

76 CEF FINANCIAL REPORT 2021
NOTES TO THE FINANCIAL STATEMENTS 77
NOTE 6: EQUITY
Equity (Founder’s funds) December 31, 2021 December 31, 2020
Share capital (Founder's funds) 4,173 4,173
Capital surplus 225 225
Fair value reserves -80,332 -38,491
General reserves 1,477,736 1,444,042
Total 1,401,802 1.409.949
Share capital represents start-up contribution in the amount of EUR 4,173 and capital surplus.
The surplus generated in 2021 was allocated 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 80,332 at the
end of 2021.
NOTE 7: PROVISIONS
Provisions January 1, 2021 Disbursement Increases December 31, 2021
Reserves for severance pay 192,900 -14,853 79,150 257,197
Other provisions 36,377 0 0 36,377
Total 229,277 -14,853 79,150 293,574
Provisions January 1, 2020 Disbursement Increases December 31, 2020
Reserves for severance pay 157,808 0 35,092 192,900
Other provisions 36,377 0 0 36,377
Total 194,185 0 35,092 229,277
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). Textbooks for Level 2
are being prepared to be put in use in the future. The CEF will need to keep these textbooks updated, so funds will be
reserved for this also in the future.
EUR
EUR
EUR
NOTE 8: GOVERNMENT GRANTS
Long-term accrued costs
and deferred revenue
January
1, 2021
New
investments
Write
offs
Amortization
and
depreciation
EUR
December
31, 2021
Fund to finance amortization and depreciation 696,895 43,395 -2,524 -78,664 659,102
Carrying value 659,102
Long-term accrued costs
and deferred revenue
January
1, 2020
New
investments
Write
offs
Amortization
and
Depreciation
EUR
December
31, 2020
Fund to finance amortization and depreciation 591,046 175,695 0 -69,846 696,895
Carrying value 696,895
Government grants are covering the depreciation and amortization of long-term assets.
NOTE 9: OPERATING LIABILITIES
Operating liabilities December 31, 2021 December 31, 2020
Trade payables to suppliers in Slovenia 125,801 15,435
Trade payables to suppliers outside Slovenia 19,602 1,412
Liabilities to employees 138,673 125,661
Other short-term liabilities 21,284 4,223
Total 305,359 146,732
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).
NOTE 10: ADVANCES PAYABLE AND OTHER CURRENT LIABILITIES
Advances payable and
other current liabilities January 1, 2021 Disbursements Increases December 31, 2021
Deferred revenues for projects 385,241 -385,241 906,611 906,611
Other accrued costs 233,909 -233,909 56,446 56,446
Total 619,151 -619,150 963,057 963,058
EUR
EUR