SERET INTERNATIONAL LIMITED Formerly (ISRAELI FILM FESTIVAL LONDON LIMITED)
REPORT AND FINANCIAL STATEMENTS
31st January 2024
COMPANY REGISTRATION NUMBER: 7920225
CHARITY REGISTRATION NUMBER 1148131
Lachman Smith Associates Limited 16b North End Road Golders Green London NW11 7PH
SERET INTERNATIONAL LIMITED
Legal and Administrative Information
31st January 2024
Company Registered Number 7920225 Registered Charity Number 1148131 Registered Office 31 Fairview Way Edgware Middlesex HA8 8JE Directors Nurit Karol Noah Shacham Shirit Kedar Trustees Nurit Karol Noah Shacham Shirit Kedar Independant Examiner Lachman Smith Associates Limited 31 Fairview Way Edgware Middlesex HA8 8JE Bankers HSBC 897 Finchley Road Golders Green London NW1 7NX
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SERET INTERNATIONAL LIMITED
DIRECTORS' AND TRUSTEES' REPORT
The directors/trustees present their report and the financial statements for the year ended 31st January 2024.
DIRECTORS' RESPONSIBILITIES
Company Law which is also applicable to charitable companies in England and Wales requires the directors, who are also trustees of the company, to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the company and of the results of the company for that period.
In preparing those financial statements, the directors/trustees are required to:
select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP make judgments and estimates that are reasonable and prudent;
state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors/trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
PRINCIPAL ACTIVITY AND CHARITABLE OBJECTIVE
The advancement of education of the public arts, in particular Israeli film and telivision in the UK. The promotion of Israeli Culture as represented in the media of film and television.
SERET International is an independent, apolitical, all-inclusive charity, dedicated to engaging audiences with the richness and diversity of Israeli life and culture through the mediums of Film & TV.
Through our annual festival in the UK, we aspire to showcase new and innovative Israeli cinema, unveiling, touching and engaging stories from the rich tapestry which is Israel’s society and reality.
Through an honest and open representation of creators and characters from all walks of Israeli life, we hope to bring deeper understanding and insight of this unique country to audiences in the UK.
ORGANISATION AND CONSTITUTION
On the 20th October 2015 the company changed its name to Seret International Limited.
The company was incorporated on 23rd January 2012 and is governed by its Memorandum and Articles of Association. Charity Registration number 7920225.
The company is limited by guarantee and has no share capital. The guarantees of individual members are limited to £1.
The company is a registered charity, number 1148131.
The directors of the company form its Committee of Management and Governing Body and are empowered to act as necessary in order for the company to fulfill its objectives. Directors may be appointed by the members of the company or fellow directors at any time.
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SERET INTERNATIONAL
DIRECTORS' AND TRUSTEES' REPORT
ACHIEVEMENTS AND PERFORMANCE
At SERET-International, The Israeli Film & TV festival we have enjoyed great success in bringing the best of Israeli feature films, documentaries, shorts and TV to the UK over the past 13 years, and we have e expanded with new festivals in Germany, Netherlands, Spain, Chile, and Argentina.
SERET- International is now considered to be the largest Israeli film & TV festival in the world, screening in 6 different countries.
We had to find alternative cinemas to show our audiences Israeli films.
We also had demonstrations, during the festival, calling to boycott our festival.
It is important to mention that ALL screenings throughout the festival were SOLD OUT!
We feel we play a vital role in offering audiences a glimpse of the world-leading , innovative, dynamic and passionate film & TV industry in Israeli.
We also bring top actors, directors and film/ tv makers to our festivals for interesting Q&A sessions to share their insight with our audiences.
Through our international annual festivals, we aspire to showcase the outstanding contribution of Israeli film and television to the arts and culture industries worldwide. In each country where festivals take place, to strive to connect larger audiences and more artists to the flourishing Israeli film industry.
We further seek to inspire artistic collaborations between creative forces from Israel and the different cultural regions we’re active in and encourage partnerships that unleash creativity and expand artists’ abilities to further experiment and take chances, as well as learn from and teach each other.
SERET INTERNATIONAL, the Israeli Film and Television Festival, opens its 13th edition in the UK from 1622th May 2024.
DIRECTORS/TRUSTEES
The directors set out below have held office during the whole year of this report unless otherwise stated: Nurit Karol Noah Shacham Shirit Kedar
RESERVES POLICY
The company endeavors to maintain a level of reserves that will enable it, if the situation arises that funding is curtailed, to carry on its activities whilst alternative sources of funding are obtained.
ACCOUNTANTS
Lachman Smith Associates Limited have agreed to offer themselvers for re-election as Independent Examiner to the company at the forthcoming AGM.
INVESTMENTS
The charity has no investments.
RELATED PARTIES
The charity has relationships with other charities on a project-by-project basis.
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SERET INTERNATIONAL LIMITED
DIRECTORS' AND TRUSTEES' REPORT (continued)
RISK MANAGEMENT
The company undertakes periodic reviews for different areas of risk including insurance cover,health and safety policies in the workplace and whilst performing, working with young children,financial affairs, personnel practices, ICT technology.
RESERVES
The movement in reserves is shown in note 9 to the accounts.
GOING CONCERN
The directors are of the opinion that the charity is solvent and that a going concern basis is appropriuate for the preparation of these accounts.and that it can continue operating for at least 12 months from the date of this report.
PUBLIC BENEFIT
The Trustees confirm that in compiling this report they have had due regard to the guidance on public benefit issued by the Charity Commission in compliance with the duty set out in section 4 of the Charities Act 2006.
This report has been prepared in accordance with the provisions in Section 419(3) of the Companies Act 2006 applicable to charitable companies subject to the small companies regime.
This report was approved by the board on 14th August 2024
and signed on its behalf by Nurit Karol
…………………………………….
Nurit Karol
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SERET INTERNATIONAL LIMITED
Independent Examiner's Report on the Accounts
We report on the financial statements for the year ended 31st January 2024 which comprise the Statement of Financial Activities, the Balance Sheet and the related notes.
Respective Responsibilities of Trustees and Examiner
The Trustees (who are also the directors of the charitable company for the purpose of company law) are responsible for the preparation of the accounts. The Trustees consider that an audit is not required for this period under section 144(2) of the Charities Act 2011 (the 2011 Act), and that an independent examination is needed.
Having satisfied ourselves that the charitable company is nor subject to audit under company law and is eligible for independent examination, it is my responsibility to;
examine the accounts under section 145 of the 2011 Act;
to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
to state whether particular matters have come to our attention.
Basis of examiner's statement
Our examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charitable company and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as Trustees concerning 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 to whether the accounts present a "true and fair view" and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with our examination, no matter has come to my attention to indicate that:
• accounting records have not been kept in accordance with section 386 of the Companies Act 2006;
• the accounts do not accord with such records:
• where accounts are prepared on an accruals basis, whether they fail to comply with relevant accounting requirements under section 396 of the Companies Act 2006, or are not consistent with the Charities SORP (FRS102)
• any matter which the examiner believes should be drawn to the attention of the reader to gain a proper understanding of the accounts.
On behalf of Lachman Smith Associates Limited Independent Examiner 14.8.2024
31 Fairview Way Edgware Middlesex HA8 8JE
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SERET INTERNATIONAL LIMITED
Statement of Financial Activities (incorporating an Income and Expenditure Account) For the Year Ended 31st January 2024
| Restricted Unrestricted Total Funds Funds Funds Notes 2024 Income and endowments Donations and legacies 2 137,800 80,990 218,790 Total income 137,800 80,990 218,790 Expenditure on: Charitable Activity Costs 3 137,800 88,044 225,844 Total expenditure 137,800 88,044 225,844 Net income/expenditure - (7,054) (7,054) Reconciliation of funds Funds brought forward - 14,631 14,631 Funds carried forward 7 - 7,577 7,577 |
Total Unrestricted Funds 2023 84,583 |
|---|---|
| 84,583 | |
| 86,122 | |
| 86,122 | |
| (1,539) 16,170 |
|
| 14,631 |
The statement of Financial Activities reflects the results of continuing activities for the year. There were no recognised gains or losses other than the net outgoing resources for the year. The net outgoing resources for the year have been calculated on the historical cost basis. The notes on pages 8 to 10 form part of these accounts.
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SERET INTERNATIONAL LIMITED
Balance Sheet at 31st January 2024
| Notes Current assets Debtors 4 Cash at bank and in hand Total current assets Creditors due within one year 5 Net current assets Net assets The funds of the charity Unrestricted Funds 6 Total charity funds |
£ £ £ £ - 1,868 10,572 30,779 - 32,647 2,995 18,016 7,577 14,631 7,577 14,631 7,577 14,631 7,577 14,631 2024 2023 |
£ £ £ £ - 1,868 10,572 30,779 - 32,647 2,995 18,016 7,577 14,631 7,577 14,631 7,577 14,631 7,577 14,631 2024 2023 |
|---|---|---|
| - 2,995 |
||
| 14,631 | ||
| 14,631 | ||
| 14,631 |
For the year ended 31 January 2024 the company was entitled to exemption under section 477(2) of the Companies Act 2006.
No members have required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibility for:
i. ensuring the company keeps accounting records which comply with section 386; and
ii. preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the section 393, and which otherwise comply with the requirements of the Companies Act relating to accounts, so far as applicable to the company.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies’ regime under Companies Act 2006.
Approved by the directors on 14th August 2024 , and signed on their behalf by Nurit Karol
………………………………………………..
Nurit Karol
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SERET INTERNATIONAL LIMITED
Notes to the Financial Statements For the Year Ended 31st January 2024
1 Accounting Polices
(a) The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
(b) Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the items of income have been met, it is probable that the income will be received and the amount can be measured reliably. Income from grants, whether capital or revenue grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants has been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
(c) Expenditure
All expenditure is accounted for on an accruals basis. Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party. It is probable that settlement will be required and the amount of the obligation can be measured reliably.
Costs are allocated to a category either because such costs are directly incurred in relation to such category, or because they are support costs in respect of which an apportionment has been made between the categories.
Support costs consist of infrastructure costs for salaries, premises, office administration. Such costs are apportioned on a reasonable and consistent basis to the various categories with a view to determining, as accurately as possible, the total resources expended for each category. The basis of apportionment used is either a function of staff time applied to a given activity, or an estimate of the proportion of costs associated with the same, or a combination of both.
Direct and Support costs are separately shown by natural classification in Note 5 to these accounts for each category of cost.
(d) Taxation
The company as a registered charity ( number 1148131 ) is exempt from taxation on most investment income insofar as it is applied for charitable purposes. The company is also exempt from taxation on capital gains.
(e) Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
(f) Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting 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 measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
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SERET INTERNATIONAL LIMITED
Notes to the Financial Statements For the Year Ended 31st January 2024
| **2 ** | Donations and legacies | Donations and legacies | Total | |||||
|---|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Funds | Unrestricted | |||||
| Funds | Funds | 2024 | 2023 | |||||
| Donations and Sponsorship | 73,913 | 137,800.00 | 211,713 | 81,028 | ||||
| Ticket sales | 7,077 | - | 7,077 | 3,555 | ||||
| 80,990 | 137,800 | 218,790 | 84,583 | |||||
| **3 ** | Charitable activity costs | |||||||
| Support and | Charitable | Support and | Charitable | |||||
| governance | Activity | Charitable | governance | Activity | Total | |||
| Costs | Costs | **Activity Costs ** | Total 2024 | Costs | Costs | 2023 | ||
| Unrestricted | Unrestricted | Restricted | Unrestricted | Unrestricted | ||||
| Direct costs | ||||||||
| Gala Night, Event and | ||||||||
| Production costs | - | 12,889 | 137,800 | 150,689 | - | 19,038 | 19,038 | |
| Producers and | ||||||||
| administrators fees | - | 19,554 | - | 19,554 | - | 25,600 | 25,600 | |
| Advertising | - | 6,113 | - | 6,113 | - | 9,289 | 9,289 | |
| Design costs | - | 4,168 | - | 4,168 | - | - | - | |
| Screening Rights | - | 30,309 | - | 30,309 | - | 18,174 | 18,174 | |
| Flight tickets | - | 10,803 | - | 10,803 | - | 7,305 | 7,305 | |
| Travel and subsistence | - | - | - | - | - | 948 | 948 | |
| Accountant's fee | 2,380 | - | - | 2,380 | 3,376 | - | 3,376 | |
| Examiner's fee | 1,200 | - | - | 1,200 | 960 | - | 960 | |
| Office costs | 791 | - | - | 791 | 863 | - | 863 | |
| Bank charges and | ||||||||
| exchange rate change | (163) | - | - | (163) | 569 | - | 569 | |
| 4,208 | 83,836 | 137,800 | 225,844 | 5,768 | 80,354 | 86,122 |
The company had no employees in the year ( 2023 - None)
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SERET INTERNATIONAL LIMITED
Notes to the Financial Statements
For the Year Ended 31st January 2024
| 4 Debtors Prepayments 5 CREDITORS- AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Accruals and other creditors |
2024 2023 - 1,868 - 1,868 2024 2023 - - 2,995 18,016 2,995 18,016 |
|---|---|
6 RECONCILIATION OF MOVEMENTS IN FUNDS
| Unrestricted Funds - Reserves Restricted Funds ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Funds: |
Balance at 31st January 2023 Income Expenditure Balance at 31st January 2024 14,631 80,990 (88,044) 7,577 - 137,800 (137,800) - |
|---|---|
| 14,631 218,790 (225,844) 7,577 |
|
| Net Current Assets Total 2024 Total 2023 7,577 7,577 14,631 7,577 7,577 14,631 |
- 7 ANALYSIS OF NET ASSETS BETWEEN FUNDS
8 TRUSTEES
During the year, none of the trustees received any remuneration as trustees from the trust and no personal expenses were reimbursed to any of them or paid on their behalf.
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