SERET INTERNATIONAL LIMITED Fornierty (ISRAELI FILIA FESTIVAL LONDON UMITED) REPORT AND FINANCIAL STATEMENTS 31st January 2023 COMPANY REGISTRATION NUMBER: 7920225 IAAITY REQSTRATION NUM8ER 114M31 Lachman Smith Associates Lwnited 16b North End Road Golders Gte¢n London NW117PH •ACGIR422* 17111r2023 COMPANIES HOUSE 111
SERET INTERNAnONAL LMfTED Legal and Adrninlstrati¥? Inf(xmalityi 31st January 2023 C£¥nY Rtgisterèd NLmb8r 7920225 RegiSted Charity Numt*r 1148131 Reg$stod Office 16b North End Road Lo1 NW11 7PH DI¢1$ Nuril K1 Noah Shadwn Shirit Kedar Tru498S Nuwil Kawvl Noah Shatharn Shirit Kedar Indep&idant EXIner 168 North End Roaj LryKI NW11 7PH Bankers HSBC 897 Finchley Ro&J NW1 7NX pe1
SERET INTERNATIONAL LIMITED DIRECTORS. AND TRUSTEES. REPORT The ditSrusteeS present their rekx)rt and the finan¢ial statements for Ihe year ended 31st January 2023. DIRECTORS. RESPONS181UTIES Company Law whh is a0 ap1¢able to charitat4e cthnpanies in En¥and and Wales rUIreS the directors. who are also trustees of the company, to wepare financial slatements each fin001 yaar which gve a Inje and fair view of the state of affars of the company and of Ihe results of the Company for that period. In rKeparing Ih¢)se financial ststements. the dIrlOrslusleeS are reqed to: sdect suitat4e accounting polcies and then appty them CCSiSten1tr, observe the methods and principles in the Chanbes SORP make judgments and e51imale5 that a reasonable and prudent.. state whether apbLe UK acwunting standards have been fc41chved. SUbit to any material departur8s disdosed and explained in the financkgl statements.. prepare the financial statement5 on Ing c(rtem bags unless it is inappropriate lo presume that the wnpany will continue in busness. The direclor51trustees are r8sponsitAe for keeping proper xcounling reccds vthich dr5ch)5e reasonable accuracy al any time the finan¢kl k>OSrt)n of the MpaNY and lo enable them lo ensure that the financia statements compty ¥Mth the Ccrfnpani8s Act 2CKJ6. They are also responSie for safeguarding the a55ets of the ccKnpany and hen¢e lor taking reasonab steps fcthe preventi and detection of fraud oth8r iff89ulariti•s. PRINCIPAL ACTMfY AND CHARITABLE OBJECTIVE The advancemenl of educat of the Publ arts, in particular Israeli fikn and td1vl5 in the UK. The promoiion of Israeli Cutture as representwj in the rnla of film and televisicm. SERET Inlgmab"¢Jnal is an indeperKlenl. aFc41bC. a1-incsive ¢harity. dede to engagng audiences wilh the ri¢hness ar diversity of Israeli life and cumure thro the mediiwns of Fikn & TV. Through our annual festiyal in tho UK. we aspire lo shoKase new and innovative Israeli cinwna, VeIl1ng. touching and engaging stories from the rich tapesty is Israel'$ society and retty. Through an honèst and opèn r8pr&sentab"on of creators and characters from all walks of Isradi life, we h¢Jpe to bring deeper understandin9 and ingghl of this unique Cotry lo audien¢es in th8 U ORGANISATION AND CONsfiTunoN On the 20th October 2015 the company changgj its name to Serel Intemational Limited. The company was in¢(XPOfated on 23rd January 2012 and L% 9)vemad by rts Memorandum and ArtiCS of As$1011¢?n. Charity R8gistratx)n numbw 7920225. Th8 company is limited by guarant and ha5 no she capital. The guarantees of iidTrridual members are limited to £1. Th8 company 1$ a regi$ter8d charity. number 1148131. The directors of the company form its Committee of Management G(weming Body and are empov•wad to act ès necessary in order for the company to fulfill its obieclives. Directo may be appointed by the members of the company or fello•V dirKlrys al any time. Page 2
SERET INTERNATIONAL DIRECTORS. AND TRUSTEES. REPORT ACHIEVEMENTS AND PERFORMANCE At SERET-InternalK)nal, The Israeli Film & TV feslival have ertjd great success in bringng the best of Israeli fealure films, documentaries, shorts arKI TV to the UK over the past 12 ywrs. and we have e expanded th new festivals in Gemiany. Nethwlands. Chile. and Argwlina. SERET- 1n1emalhaI is now considered to be the largest Isradi film & TV festival in the world. ser1n9 in 5 diffenI countries. We feel we play a vital role in offering aUdYan a glimpse of the d4eadlng . innovabve, dynarn and passionate film & TV industy in Israeli. We also brin9 top 8CtOfS, direct¢ys and filml tv makws lo cwr festivals for interestiThJ Q8A sessions to share their insit wth our audiersces. Through our intematiCal annual fest+va15. we aspire to sh¢Ncase the outstanding contribution oflsraeli film and television to the arts and culture industries worlthvide. In each country where festivals lake place. lo strive to connect larger audiences and m¢ye artisls to the fbNishing Isradi film iTrJusty. We fwther seek lo inspire artistic collatDraiims betwew creatP48 fms Iswl and the different cultural regions we're active in and encourage partnerships that unleash Creativity and expand arti$ts' abilities to further experiment and take chances. as as18am frcxm teach each other. SERET INTERNATIONAL. the Israeti Film and Tel8vision Feslival. opens its 121h edition in th& UK frcth 18-25th . May 2023. As every year. the program of the festiv is vard a1 fascinating and this year will fOS on the female narrative in Israel. cinema and on films made by crea. This is an opportunity to be expc6ed lo Ihe of the besl female directcffs from Israel. in a celebration of f$m81È. original and diversè eAMma. As a rlt of the social processes taking ace in the as well as in Israel in recent years and affeIng the lives of wcmnen and their nghts in and the worfd in general. we wish to celebrate the female filmmakers of Israel. make thr work accesgble to the general public, to share all the diverse powlations of Israel in the festival, and of course to a pEarfomi to excellent stories of Woffn. DIRECTORwfRUSTEES The dirt015 set out bekTh¥ have held office thring the of this pOrt unless othgrwise stated: Nuril Karol Noah Shatham Shint Keda RESERVES POLICY The company endeavors lo maintsin a Iwel of reswes thal V*ill enable IL if the situation ari5e5 that furnling 1$ curtailed. lo carry on its activities whilst altemative souros of funding ar8 obtsined. ACCOUNTANTS Lachman Smith Associates Limite(I have agre&J to offer Ihemsthers for re-eWion as Independt Examiner to the company at the forthcoming AGM. INVESTMENTS The charity has imiestments. Page 3
SERET INTERNATIONAL LIMITED DIRECTORS. AND TRUSTEES. REPORT (conlindI RELATED PARTIES tharity has latShips wth other thaiilies on a prcpct-ty-PWDi basi5. RISK MANAGEMENT The company undertakes periodic for ifferen¢ areas ot risk Wudi1¥j insurancè eovÈr,hèath and safèty pol1e$ in the w0p1aCe and whilst pfomiThJ, thi"ThJ wrth your¥J chil¢kn.financial affaw5. personrtl ptice$, ICT tthnob3y. RESERVES The rrN)vemenl in seNe$ is slThwn in Trjte 9 to ts wxJJrt5. GOING CONCERN The direclors are of the Opinic that chanty is sc4vent and that a going basis is appropriuate for the preparatM)n of these accounts.and Ihat it can continue oFeratiThJ for 8t least 12 rnonths fvom the date of this reporL PUBLIC BENEFtr Th• Trusteès confim that in corry'ling this report they hav had due ard to the guidance public benefft i58uèd by Ihe Chanty Comrni5sion in complkqnce the duty 5etout in 10 4 of the Char"e$ Ad 2(Kk8. This has been prepared wi accord 7Mth the Pon$ in Section 419(3) ofthe Ccrfnpanie5 A(a 20C6 aPpCable to tharilable ¢oryanie5 5ubierl to the 5maU COFnpani8s regimè. Thi$ roFMt wa$ approved by tho boaft1 M 24 O¢tobw 2023 and sIgd on its behalf by Noa Moah Shxham Page 4
SERET INTERNATIONAL UIAITED Independ•nt Examinorfs Report on the Accwnts We report on the finarKial ststemen15 for the year ended 31st January 2023 comwise Ihe statem of Financial Activitie5, the Balance Sheet and ihe related nole5. Respective RespxsibiSties of Trustees and Examiner The Trustegs (who a also the dirg¢tcvs of the ¢haritsble company for the purpose of company law) are Te$p(SIble for the preparation of the accojnts. The Trustees sIder that an audit is required for this 0d under section 144121 of the Charities Act 2011 (the 2011 Act). and that an independent examination is needed. Having satisfied ours8lvgS thal the charitabte company is nor sut¥ect to a11 under company law and is eligSble for independent examination. it 15 my respOnbIty lo: examine the atxounls Lmder secb.on 145 of the 2011 kl: to follow the procedures la dcNm in the eTaI DIrtionS given by the Charity commion under section 14515llbl of the 2011 Act: to state wheth8r parbcular matieTS have come to our attent)n. 8asis of e¥amin¥s statemwt Our examination was carried ojt in ColdanCe the General DirtrS won by the Charity cmISSer$. An examination includes a revwl of the acccNJntiro records kepl by the charitae company and a ¢omparison of the finarla1 statèments kyasanted with those records. It also inclLKles Considera of any unv5ual items QY disclosures in Ihe financial staiements. and seeking explanat$ from you as Tnjstees conceming any such matters. The procedures undertaken do not provKle all Ihe evKleft that would be wuired in an audit, and consequenuy no opinion is gN as to whether Ihe accwnts psent a-true and fair and thg report is limited to Ihose matters set out the statement beith¥. Independent examw)erf$ str1ment In Connectic with ow examination. matter has ry)me to my attenlK)n to Ind18 thaL ' a¢¢ounling records ha not been kept in acc(dance ith section 386 ofthe Comwies Act 2006., . the accounts do not accord w1h suth recwd5". vthere accounts are preped on an accruals basis. thether they fail to comF4y knnt a¢count)g regulMentS uThJer Secti 396 of the Companies Ad 2006. or are not consistent Mth the Charibes SORP {FRS102) ' any matter which the examiner bdieve5 5hwld be dravm to the attention of the reader to gain a proper understanding of the xwunts. On behalf of Lachman Smith Associ81es Lmrited Independent Examiner 24 Cktober 2023 16b North End Road Lonth)n NW11 7PH Page 5
SERET INTERNATIONAL UMrfED Statement of Financial Activities (incorporating an In¢ome and Expenditure A¢¢wnt) For the Year Ended 31st January 2023 Total Funds 2023 Total Funds 2022 Funds In¢ome and eNI(¥wments Donalions and leges 84.583 84.583 62.091 Investrnent incofflg Tolal income 84.S93 84,583 62.091 Expenditure on: Charitabl? A¢ti¥ity Costs 86.122 86.122 74.483 Total •xp•nd1rn 86.122 86.122 74.483 Net Incomdexpenditijre {1.5391 11.5391 (12.392) Reconciliation of funds Funds brought forswdrd 16.170 16.170 Funds carrlod fonwanl 14.631 14.631 16,170 The statement of FinanrAal Activities reflects the resUrt5 of a¢b"vities for the year. There were no rg¢ognised gains or IcEses other than the net outg)irKJ rgsoLYces for ihe year. Tha net t9¢n9 resources the ygar have been calculated w the hisl¢yi¢al cost basis. Thg notes on pages 8 to 10 part ofthese a¢¢cwnts. Page 6
SERET INTERNATIONAL UMITED Balance Sheet at 31st January 2023 Not•s 2023 2022 Curr•nt ass•ts Debtor5 Cash at bank and in hand 21236 Total current assets 32.647 21236 Credltors due wllhin one ar 18.016 5.066 Net current assets 14,631 16.170 Net assets 14,631 16,170 The funds of the charlty Unrestncted Funds 14.631 16.170 Totsl ¢h•rity fvnds 14.631 16.170 For the yoar ended 31 January 2023 the ¢cthpany VAS entillèd to exempl under seclion 477121 of the Companies A¢t 2006. No rnembers have required the company to oblain an audit ol its accounts for the year in quests'on in accordanc8 Secti( 476 of thè Cornpan Act 2006. Tha diractors ad(rwledge their $F)nb11ty for. i. ensuring the company keeps accounlirvj cold$ whh c(rfnY wth section 386.. and ii. pParing accounts which gve a tnje and fair vithw of the state of affairs of the company as at the end of the finanaal year and of its pfofft arKI loss for the financial year li accordance wth the sect¢on 393. and which otheMise ccnply WTth the requirements of the Compans Act rdab.ng lo accounts. $0 far as applicable to the company. The accosjnts have been Prepared in accordance wth the special provi&ons applicable to companie$ subject to the small ¢ompanies' regime under Companies Act 2006. Approved by the direc$ on 2 r 2023 . and &gn•J their behalf by Noah Shacham Noah Sha¢ham Page 7
SERET INTERNATIONAL LIMITED Notes to the Finan¢i•l Ststements For the Year Ended 31st January 2023 1 A¢¢oynting Police5 {a) The financial statements have been prepared in Kdanc8 Vith Accounting and Repcyiing by Charities.. Statement of Recommended Practice applicable to charities preparing thwr accounts in aGcL¥dance with the Financial Rep¢yting Standar¢J applicable in the UK and Repl11¢ ol Ireland IFRS 102) (effective 1 January 2019)- ICh8rities SORP IFRS 1021). the Finan¢ial ReFtsting Stsndard app[able in the UK an¢J Republic of Ireland IFRS 1021 and the Cornpan Act 2006. Assets and liabilities we initialty al htstcrfical cost or transa(Xion value unless OtherSe stsled in the relevant accountirvj pdicy nS). (bl In¢ome Incomè is lenIsed when the Charity has entitlement lo the fvrds, afty pèrformarte conditnS attached to the items of inc¢yne have been met, Tt is prObae that Ihe income will be rerEr¥ed and the arnnI can be Measu reliably. Income from grants. whether capital Of revenue grants, is recognised when the charty has entthement lo the lunds, any performance condib.ons atta¢hed to Ihe grants has b88n met. rt is probab that the income will be received and thè amcrtjnt cèn be measureLI 8rKf defwr&J. Icl Expenditure All expenditure is ac¢ounled an accTua15 ba5. Expenditure is recognised once the is a 18981 or constructive olgatiOn to make a payrnent to a Ihird paty. It is 0bae Ihat setuement will be reqLlid and the amount of Ihe otAigation can be measured rdk?bty. Costs are all¢xated to a ¢ategory either because such Costs are directty incurred in relation to StKh category, or because they are support costs in reswt 0fwhh an apporbonmerf has been made befven th8 categories. Support Costs consisl of infrastructure cost5 for salarie5. premise5. offKe administrab¢m. Such w515 arg apportK)ned on a reasonable and consistent basts to the varicxjs CategeS a ¥1 to determining. a5 accurately as pos5iblg. the total resources expended for ea¢h categ¢. The basis of apF4)rtionmenl used ts either a func of staff time applied to a given athity. or an estimate of the proportion of costs asscciated wth tho same. or a combination of both. Direct and Support costs are sgpar*dy shown by natural ¢la$gfiCatk in Note 5 to these accounls for each categNy of Cost. Idl TatIon The company as a regislored ¢harity ( nLrmber 1148131) is exempt from trxatl on most investment income insofar as il is applie¢J for charitable purposes. The company is also exempl from taxatv)n on capital gains. lo) Dèbtors Trade and rAher debtors are recogrmsed at the setuemenl amomt due after any trad? discount offered. Prepayments are valued at the amount prepaKY net of any trade discounts due. lfj Creditots and provlslons Creditors and provisions a ¢()gnised where the chariiy has a sent obligati{ resulting from a past event that will probabty Sur( in the transfer of funds to a third party and the amwnl due to settle the obligation can be measured or estimated reliably. Creditors and prowisons are nonnalty reclSed at tlT settlement OUnt after allowng for any trade discounts due. Page 8
SERET INTERNATIONAL UMITED Notes to the Financial Stat•monts Far the Y•ar End•d 31st J•nu•ry 2023 2 Donations and legaci•s Unrestri¢t¢d 2022 Funds 2023 DonaJons and Sponr$hIp 81.028 81.028 59,722 Ticket sales 3.555 2.369 84,583 62.091 3 Char5table activity costs Support and govmaK Charitable Costs Activity Costs Total 2023 Support and Charitable govem•n¢e Activity Costs Costs Unr•strictsd Unrestrfet•d Total 2022 Direct costs Gala Night, Event and Producli¢)n ¢osts Pmducers and adminislrattys f8&s Ad¥ertising Oesign Costs Screening Righ15 Flight ticket5 Travel and subsistence Accountant's fee Examiner's f88 Offi¢6 ¢0sts Bank Charges and exchange rat& change 19.038 19.038 15.056 15,056 25,600 9.289 25,61X> 9,289 28.CQO 4,807 5.299 13,516 2.163 1,332 28,000 4,807 5.299 13.516 2.163 1.332 921 18.174 7.305 18.174 7.305 3.376 3.376 1,063 1.063 569 5,768 80.354 86.122 4,310 70.173 74,483 The c(Jnpany had empkises in the year { 2022- N¢e)
SEREf INTERNATIONAL UMITED N¢tes to the Financial Statements For the Year End•d 31st January 2023 4 Debtors 2023 2022 Prepaymertts S CREDrroR& AMOUNTS FALUNG DUE WITHIN OIIE YEAR 2023 2022 Tfadg ¢reditors Accruals aThJ oth8r cre(litors 18.016 18.016 S.066 5.066 RECONCILIATION OF MOVEMENTS IN FUNDS Balance at 31st January 2022 8alan¢* at 31st January 2023 In¢ome exp•ndltur• Unrestncted Fund$ - Reseryes 16.170 84.583 {86,122) 14,631 16.170 84,583 86.122 14,631 7 ANALYSIS OF NET ASSETS BETWEEN FUNDS Nel Current Ass•ts Totsl 2023 T¢)tal 2022 Unrestricted Funds: 14.631 14.631 16.170 14.631 14,631 16.170 8 TRUSTEES Ouring the ye8r. none of Ihe trustees receNefJ any remuneration as trustees from the trust aThJ no porsonal expenses were reimbursed to any of them or pahl on their behaff. Page 10