SERET INTERNATIONAL LIMITED Fonnerly (ISRAELI FILM FESTIVAL LONDON LIMITED REPORT AND FINANCIAL STATEMENTS 31st January 2022 COMPANY REGISTRATION NUMBER: 7920225 CHARITY REGISTRATION NUMBER 1148131 Lachman Smith Associates Limited 16b North End Road Golders Green London NW11 7PH *AB6W90DL" 1611112022 COMPANIES HOUSE All #182 SERET INTERNATIONAL LIMITED Logal and Administrative Inforniation 315tJanuary 2022 Company RegiSte￿d Number 7920225 Registered Charity Number 1148131 Registered Office 16b North End Road Golders Green London NW11 7PH Directors Nurtt Karol Noah Shacham Shirit Kedar Trustees Nuril Karol Noah Shacham Shiril Kedar Independant Examiner Lachman Smith A5s0uates Limited 16B North End Road London NW11 7PH Bankers HSBC 897 Finchley Road Golders Green London NW17NX SERET INTERNATIONAL LIMITED DIRECTORS. AND TRUSTEES. REPORT The directorsltruslees present their report and the finanoal stslements for the year ended 31st January 2022. DIRECTORS. RESPONSIBILrriES Company Law which is also applicable to charitsble companies in England and Wales ￿qUireS the d1￿ctOrS. who are also IfU51ees of the company, to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the company and of the results of the company for that period. In p￿paring those financial statements, the dire¢torsAruslees are required to-. select suitable a¢¢ounling poliaes and then appty them consistenty; observe the methods and principles in the Charitses SORP make judgmenls and estimates that are reasonable and prudent". slate whether applicable UK accourkting standards have been followed. subjeGt to any material departures disdosed and explained in the financial stalemenls" P￿pare the financial slalements on the going concem ba&$ unless it is inappropriate to presume that the company will continue in business. The difectorsltruslees a￿ ffsponsible for keeping proper accounting records whi¢h disclose with reasonable accuracy at any lime the finanaal pOsit￿n of the company and to enab￿ them lo ensure that the financial 51alemenls comply with the Companies Act 20C6. They are also responsible for safeguarding the assets of the company and hence for taking reasonab￿ step5 for the prevents.on and detection of fraud and other irregularitses. PRINCIPAL ACTIVITY AND CHARITABLE OBJECTIVE The advancement of education of the public arts. in parlicular Israeli film and telivision in the UK. The promotion of15raeli Culture as represented in the Med￿ of film and television. SERET International is an independent. aFX)litical. all-inclusive chanty, dedicated to engaging audiences with the richness and diversity of Israeli life and culture through the mediums of Filrn & TV. Through our annual festival in the UK. we aspire to showcase new and innovative Israeli cinema. unveiling, touching and engaging stories from the nch tspeslry which is Israel's society and realtty. Through an honest and open representab.on of creators and characters from all walks of Israeli life. we hope to brin9 deeper understanding and insight of this unique county to audiences in the UK_ ORGANISATION AND CONSTITUTION On the 20th October 2015 the company changed ils name to Serel Inlernational Limited. The company was incorporated on 23rd January 2012 aThY is govemed by ts Memorandum and Ay￿cleS of Association. Charity Registration number 7920225. The company is limited by guarantee and has no share capital. The guarantee5 of individual members are limited lo £1. The company is a registered Charity. number 1148131. The directors of the company fom ils Committee of Management and Governing Body and are ernpoweTed to act as necessary in order for the company lo fulfill rt5 Objectives. Directors may be appointed by the members of the company or fellow directors al any ts"me. SERET INTERNATIONAL DIRECTORS. AND TRUSTEES. REPORT ACHIEVEMENTS AND PERFORMANCE AI SERET-Inlernational. The Israeli Film & TV festival we have enjoyed great success in bringing the best of Israeli feature films, documentaries, shorts and TV to Ihe UK over the past 11 years. and we have expanded with new festivals in germany, Netherlands, Chile, and for the first tsme this year in Argentirba. SERET- International considered now to be the largest Israeli film & TV festNal in the world. screening in S different countries. We feel we play a vital role in offering audiences a glimpse of the worfd4eading . innovative. dynamic and passionate film & TV industry in Israeli. We also bring lop actors, diiectors and filml fv makers lo our festivals for interesting Q&A sessions lo share their insight with our audiences. Through our intematsonal annual festivals, we aspire to show¢ase the outstanding contribut￿n of Israeli film and television lo the arts and cutture industries woddwide. In each country where are festivals tske pla￿, to strive to connect larger audiences and more artists to the flourishing Israeli film industry. We further seek to inspire artistic collaborab'ons between creative forces from Israel and the different cultural regions we're active in and encourage partnerships that unleash creativity and expand art15ts' abilitses lo further experiment and tske chances, as well as learn from and leach each other. For the last 11 years, SERET Israeli Film Fesbval UK brought every year guest speakers from diverse Israeli background including directors, scripts•m"ters, producers and actors, who engage wth the British audience across the UK and share stories from the rich tspesty of Israel's souety, touch on ils strengths and weaknesses. celebrate the victories and debate the ¢halenges. In our 2022 business plan, we have decided to devek)p and indude edUca￿nal workshops and screenings for schools from all over the UK. A5 a result of COVID19 crisis. we had lo re-strategi5e our plans for our 3 last yeats. We decided lo create a digital plafform and managed to have a fantasbc hybrid festival for our aUdien￿S. We managed lo expend our audience signifieanuy as we eouhj ￿8¢h people from all over the UK and notjusl in places we screen in cinemas. SERET UK Run from 12-19 May 2022. We offer this yeai an eclectic mix of features. documentaries and shorts mirroring the diversity of modern Israeli. Our screenin9s will be in cinemas in central London. NW of London. Cambridge, Oxford. Brighton and Edinburgh. Highlights of 2022 festival in the UK include a tribute to the work of Israel's esteemed director Avi Nesher with the screening of his latest film, and a retrospective of hi5 work in the past 44 years. We have cU￿ted a segment of dcthmentaries devoted to Israeli cultural icons.. writers, pl8￿rIghts. fashionisla5 and actors. And we have a fantastic selection of the newest and best that Israeli film and TV rnake￿ have created over the past year. SERET INTERNATIONAL LIMITED DIRECTORS. AND TRUSTEES. REPORT (continued) DIRECTORSITRUSTEES The directors set oul below have held office during the whde year of Ihis report unless otr*Mse slated.. Nurit Karol Noah Shacham Shiril Kedar RESERVES POLICY The company endeavors to maintain a level of reserves that will enable it. if It* situalion arises that funding is curtailed, to rry on ils activities whilst alternatyve sources of funding are obtained. ACCOUNTANTS Lachman Smith Associates Limited have agreed lo offer themsdvers for re-election as Independent Examiner lo the company al the forth￿rning AGM. INVESTMENTS The charity has no investments. RELATED PARTIES The charity has relationships olher charities on a proiect-by-project basis. RISK MANAGEMENT The company undertakes periodic reviews f¢y thfferent areas of risk induding insurance cover,heallh and safety policies in the workploee and wlM"Isl perfomiing. working young children.fin8rKial affairs. personnel Pfaclices. ICT technology. RESERVES The movement in reserves 1$ Sh¢v•￿ in note 9 to the a¢¢ounts. GOING CONCERN The directors are of the opinion that Ihe charity is solvent and that a goiThJ concem basis is appropriuale for the preparation of these accounls.and that il conlinue OFwating for at Ivast 12 nvJnths from the date of this report. PU8LIC BENEFIT The Trustees confirm that in compiling this report they have bad due regard lo the guidance on public benefil issued by the Charty Commission in Compli￿Ce wth the duty sel out in section 4 of the Charities Act 2QO6. Thi5 report has been wepared in accordan￿ with the provisions in secb.on 419(3) of the Companies Act 2006 applieable to charitsble ¢ompaThes subject lo the small companies regime. This report was approved by the board on 22nd October 2022 and signed on ils behalf by Noah Shacham Noah Shacham SERET INTERNATIONAL LIMITED Independent Examinefs R8port on the Accounts We report on the financial statements for the year ended 31st January 2022 which Comprise the Statement of Financial Aclivilies, the Balance Sheet and the related notes. Respective Responsibilities of Tnjstees and Examiner The Trustees (who are also the directors of the charitsble company for the purp)se of cornpany law) are ￿sponsible for the preparation of the accounts. The Trustees consider that an audrt is not required for this period undei section 144121 of the Charities Act 2011 (the 2011 Act). and that an independent examination is needed. Having satisfied ourselves that the ¢harilable company is nor subject to aLKlit under company law and is eligible for independent examination. it is my responsibility to., examine the accounts under section 145 of the 2011 Act: lo follow the procedures laid down in the general Directions given by the Charity Commission under section 14515llbl of the 2011 Act., and lo stale whether particular matters have come to our attention. Basis of examinerfs statement Our examination was ¢arried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounb.ng records kept by the eharttable company and a comparison of the financial slalemenls presented wlh Ihose records. 11 also indudes consideration of any unusual items or disclosures in the financial statement5, and seeking explanab.ons from you as Trustees con￿MIng any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as lo whether the accounts present a'true and fair vievl. and the repx)rt is limited lo those matters set out in the slatemenl below. Independent examinerfs statement In connection with our examination. no matter has come lo my attention to indicate that.. ' accounb'ng records have not been kept in accordance wilh see￿n 386 of the Companies Act 2006; • the accounts do not accord with such records.. • where accounts are prepared on an accruals basis. ￿ether they fail to compty wth relevant accounting quifement5 under section 396 of the Companies A¢1 2006, or are not consistent with the Charitie5 SORP IFRS1021 any matter which the examiner believes should be drawn to the attention of the reader lo gain a proper understanding of the accounts. On behalf of Lachman Smith Assoaates Limited Independent Examiner 22nd October 2022 16b North End Road London NW117PH SERET INTERNATIONAL LIMITED Statement of Financial Activilies (incorporating an Ineome and Expenditure Account) For the Year Ended 31st January 2022 Unrestricted Funds Total Funds 2022 Total Funds 2021 Notes Income and endowments Donations and legacies 62.091 62.091 79,713 Investment incC￿e Total income 62.091 62.091 79.715 ExpendSture on: Charitable Activlty Costs 74.483 74.483 82,690 Total expendlthre 74.483 74,483 82.690 Net incomelexp¢nditure 112.3921 (12,3921 12.9751 Reconciliation of funds Funds brought foThvard 28.562 28.562 31,537 Funds carrled forward 16.170 16.170 28.562 The statement of Finarrial AclivilÈs ￿fleets the results of cLJntinuing activib.es for the year. There were no recognised gains or losses other than the nel out90ing resources for the year. The net outgoing resources for the year have been calculated on the historical cost basis. The notes on pages 8 tci 10 fom part of these a￿unts. SERET INTERNATIONAL LIMITED Balance Sheetat 31st January 2022 Notes 2022 2021 Current assets Debtors Cash al bank and in hand 21.236 29.174 Totsl current assets 21,236 29,174 Creditors due withln one year 612 Net Current assets 16.170 28.562 Net assets 16.170 28.562 The funds of the charlty Unreslrieled Funds 16.170 28,562 Totsl charity funds 16.170 28.562 For the year ended 31 January 2022 the company was entitled to exemption under section 477(21 of the Companies Act 2CWJ6 No members have required the company to obtain an audit of its a¢￿￿nIS for the year in question in accordance with sectM)n 476 of the Compan￿5 Act 2006. The directors acknowledge their responsibility for". i. ensuring the company keeps accounting records whKh comply wth section 386: and ii. prepaiin9 accounts which give a true and fair vw of the stale of affairs of the wmpany as at the end of the financial yeaT and of its profit arKI loss for the financial year in accordan￿ wrth the section 393, and which olhewse compty with the requirements of the Companies Act relating to accounts. so far as applicable to the company. The accounts have been prepared in accordance the special provTsions applicable to companies subject lo the small companies. regime under Companies Act 2006. Approved by the directors on 22nd October 2022 , and signed on their tehalf by Noah Shacham Noah Shaeham SERET INTERNATIONAL LIMITED Notes to the Financial Statements Forthe Year Ended 31¥t January 20Z2 1 Accountlng Polices (al The financial slalements have been prepared in accordance wrth Accounling and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporb'ng Standard applicable in the UK and Republic of Ireland IFRS 102) leffeclive 1 January 20791- (Charities SORP {FRS 1021), the Finan¢ial Repothng Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companvd Acl 20C6. Assets and liabilities are initially recognised at historical cost or transactK)n value unless otherwise staled In the relevant accounting policy notel51. Ib) Income Income is recognised when the charity has entitlement to the funds. any perfofmants eondilions attached lo the items of Income have been met. il is probable that the income will be received and the amount can be measured reliably. Income from grants. whether capital or ￿venue grants, is recognised when the charity has enlitlemenl to the funds, any performance condilKpns attached lo Ihe grants has been met. it is probabk that the income will be received and the amount can be measured reliably and is not deferred. (c} Expendlture All expenditure is accounted for on an ac¢ruals basis. Expenditure is recognised once there is a legal or constructive obligab.on to make a payment lo a third paty- It is probable that setuemenl will be required and the amount of the obligation can be measured reliatrAy. Costs are allocated lo a category either because su¢h Costs are directly incurred in relation lo such category, or because they are svpport cLisls in respect of which an apportionment has been made be￿en the ealegories. Support costs consist of infrastructure c051$ for salaries. premises. office administration. Such costs are apportioned on a reasonable and consistent basi5 to the various categories a view lo determining. as accurately as possible, the total reSoUr￿S expended for each category The basis of apporb'onment used is either a function of staff lime applied lo a given aclivty, or an ests'male of the proporbon of costs associated Y￿th the same, or a combination of both. Direct and Support costs are separately shown by natural classification in Note S to these ￿OUnts for each cale90ry of cost. Idl Taxatlon The company as a registered charity I number 1148131) is exempt from taxation on most investment income In50far as it is applied for charrtable purposes. The company is also exempl from tsxation on capital gains. (el Debtors Trade and other debtors are recognised al the settlement amount due after any trade discount offered. Prepayments are valued al the amount prepaid nel of any trade discounts due. lfj Creditors and provislons Creditors and provisions are recognised where the charity has a present obligatp)n resultsng from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be meaSU￿d or estimated reliably. Creditors and provisions are nomally recognised at their settlement amount after allowing for any trade discounts due. SERET INTERNATIONAL LIMITED Notes to the Financial Statements For the Year Ended 31st January 2022 2 Donatlons and legacles Unrestricted Funds Unrestricted 2021 2022 Donations and Sponsorship 59.722 59.722 59,308 Ticket sales 2.369 2.369 20,405 62,091 62.091 79,713 3 Charitable activity costs Support and govemance Costs Unrestricted Support and Charitable governance Activity Costs Costs Unrnstricted Unrestricted Charitable Activty Costs Totsi 2022 Unrestrlcted Total 2021 Direct costs Event Se¢urity Gala Night, Event and Produth'on costs Social Media costs Ath'stic Director Producers and administrators fees Consultancy fees Photographer Filming and editsng costs Advertising Brochure and banner Desi9n costs Dislribulion. postage and courier costs Screening Rights Flight tt"ckets Travel and subsistence Webhosting and design Donations Accountant's fee Professional fees Insurance oirice c051s Bank charges and exchange rale change 15.056 1S,056 17,220 5,411 7,960 17,220 5.411 7,960 28.000 28.000 20.132 451 20,132 451 4.807 4,807 2,977 2.977 5,299 5.299 6.730 6.730 13.516 2.163 1.332 13.516 2,163 1,332 16.331 16.331 186 546 546 2.252 2,252 1,791 1,881 1,881 1.791 1,C63 1,063 306 306 1.366 1.366 397 397 4.310 70.173 74.483 2.494 80.196 82,690 The Company had no employees in the year12021 - None) SERET INTERNATIONAL LIMITED Note5 to the Financial Statements For the Year Ended 31st January 2022 4 Debtors 2022 2021 Trade debtors 5 CREDITORS- AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 2021 Trade creditors Accruals and other creditors 612 612 6 RECONCILIATION OF MOVEMENTS IN FUNDS Balance at 31st January 2021 Balance at 31$t January 2022 Income Expenditure Unreslricled Fvnds - Reseryes 28.562 62.091 (74,483) 16,170 28,562 62,091 74.483 16,170 7 ANALYSIS OF NET ASSETS BETWEEN FUNDS Net Current Assets Total 2022 Totsl 2021 Unreslrided Funds". 16,170 16.170 28.562 16,170 16,170 28.562 TRUSTEES During the year. none of the trustees receNed any remunefation as trustees from the trust and no personal expenses We￿ reimbLFrsed to any of them or paid on their behalf.