SERET INTERNATIONAL LIMITED Fonnerly (ISRAELI FILM FESTIVAL LONDON LIMITED) REPORT AND FINANCIAL STATEMENTS 31st January 2025 COMPANY REGISTRATION NUMBER: 7920225 CHhRrrY REGISTrATION NUMBER 1148131 Lachman Smlth A5soclates Llmited 31 Fairrfiew Way Edgware Middlesex HA8 8JE
SEREf INTERNATIONAL LIMrrED L•gal and Admlnlstratlve Infonnatlon 31st January 2025 cpanY Registered Nnor 7920225 RegSsiered Charity Number 1148131 Reglstered Office 31 Fairview Way Edgware Middlesex HA8 Dir8Ctors Nurit Karol Noah Shacham Shirit Kedar Tru5te8S Nurit Karc4 Noah Shacham Shlrit Kadar Independant Examlner Lachman Smth Assodates Lirnlted 31 Falrvlew Way Edgware Middlesex HA8 &JE Banke HSBC 897 Flnchley Road Golders Green London NW17NX Page 1
SERET INTERNATIONAL LIMITED DIRECTORS. AND TRUSTEES. REPORT The directOTsltruslees pr8sent thelr report and the financial statements for the year ended 31st January 2025. DIRECTORS. RESPONS181LrriES Company Law %thich Is also applicable to charitable companies In England and Wales requires the (JireCtS, who are also truste&s of the company, to prepare financial statements for each financlal year which give true and fair view of the state of affairs of the company and of the results of the company for that period. In preparfng those financial statements, the directorsltrustees are required to.. select suitsble 8ccounb.ng poli¢les and Ihen apply them consistendy, observe the methods and principles in the Charities SORP make judgments and estimates that are reasonable and pnjdant.. state whether applicable UK accounting standards have been followed, subject to any material departures disciosed and explained in the financial slatementS', prepare the financial statements on the going concem basis unless it is inapprowlate to presume that the company 11 continue in business. The directorsltNstees are responsible for keeping proper accounting records which disclose reasonable accuracy 81 any tlme the finandal position of the company and lo enable them to ensure that the financial statements compWwith the Companies Act 2006. They are also responslble for safeguarding the assets of the company and hence for tsking reasonable steps for the prevention and dgtection of fraud and other irregularitses. PRINCIPAL ACTivrrY AND CHARITABLE OBJECTNE The advancement of educatlon of the public arts. in particular Israefi film and telNision In the UK. The promotion of Israeh. CUUre as represented in the media of film and television. SERET Inlematlonal is an independent, apolltlcal. all-lnduslve charity. dedicated to engaging audiences with the richness and diversity of Israeli lrfe and cullure through the mediums of Film & TV. Through our annual festival in the UK, we aspire to showcase n6w and innovative Israefi neMa, unveiling. touching and engIng slorfes from the tapesty which is Israel'g society and realty. Thrwgh 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 county to audi&nces in lh8 UIL ORGANISATION AND CONSTITUTION On Ihe 20th OGtober 2015 the company changed Its name to Seret Intemational Limited. The company was incorporated on 23rd January 2012 and is govemed by its Memorandum aThJ ArknGles of Ssociatir. Charity RegiStraLlon nutnber 7920225. The company is limrted by guarantee and has no share capttal. The guarantees of indNidual members are limited to £1. The company is a regbstered Gharity, number 1148131. The directors of the Gompany fo its Committee of Management and Govemlng Body and are empowered to act a5 necessary in order for the company to fulfill Ils oblecllves. Dlreclors may be appointed by the members of the company or fellow directors at any time. Page 2
SERET INTERNATIONAL DIRECTORS. AND TRUSTEES. REPORT ACHIEVEMENTS AND PERFORMANCE- SERET UK 14° edition At SERET-Inlemalional. The Israeli Film & TV festival we have enjoyed great success in bringing the best of Israeli feature films. documentaries. shorts and TV lo the UK over the past 14years. and we have expanded wlth new festivals in Gemiany, Nelherlands, Spain, Chile, Aryentina and even one single screening in Greece. SERET- Intemational is now consid8red to b8 th8 largest15rael film & TV festival in the wortd, screening in 7 drfferent cwntries. Because of the Challenging polibcal situation in the middle east, we had this year many obstsdes finding cinemas to screen our films. We didn't give up and we find clnemas as well as aernatIVe venues, such as hotels. theatres etc. Finally. w8 did not have any demonstrations, during the festival. or any Gallings to boywtt our festival. It is Important to mention that ALL screenings throughoul the festival were SOLD OUTI We feel we play a vit81 role in offering audiences a gllmpse of the world4eading . Innovatlve. dynamlc and passionate filrn & TV indu5ty in Israel. We also bring top actors. directors and filml tv makers lo our festivals fix interesting Q&A sessions 10 5har8 Iheir insight with our audiences. Through our intemalional annual festlvals, we aspire to showcase the outstanding contribution of Israeli film and television to the arts and culture industries worfthwde. In each country ere festivals take place, to strive to connect larger audiences and more artists to the flourishing Israeli film industy. We further seek lo inspire artistic collaborations be88n crealve forces frorn Israel and the different cultural region5 we are active in and encourage partnerships that unleash creativity and expand artists. abilities to further experiment and take chances, as well as le8m from and teach each other. DIRECTORsrrRUSTEES The directors Set out below have held office during the whole year of thls report unless otheThvtse stated: Nurlt Karol Noah Shacham Shirit Kedar RESERVES POLICY The ¢(panY endeavors to maintain a level of reserves that will enable it, rf the situation arises that fvndlng 1$ curtailed, to cary on Its adivities whilst allemative sources of funding are obtained. Pagg 3
SERET INTÉRNATIONAL LWIITED DIRECTCIIS. AND TRUSTEES. REPORT {continuEdl ACCOUANTs Lachman Snmth A8sLM?ates Linit•d. IP4VESTMENTS The tharfty hos no investsT RELATED PJITIES The Larty has rntafknnshlps lth other dwrfVe& on a prl8(-by-wW b8815. RISK MANAGEMENT Thè corrpany uThlertakes periodic wow5 f(Y different areas cl risk IndJing irtsurartce &i¥er.hoalh and so1&ty Wi¢ios In the ard thilAt wfom¥ng, wtvking ¥Ath >vung Chithn.finalllI affm. wath5. ICT le(n¢0gy. The mty•wnerf in SerS is shwi in nce 9 to the acCnts. GOING CONCERN directors arè of V that the tharity i& solveniarKI Ihat a {j con(rn b•sk8 is apwopriuat• futhfr preparatic oftt80 accc4Jnand that rt can CCArtlnuo L¥wating for at knt 12 mnths fmm the dats ofthls PUBL BENEFIT Th8 Tn88 that in comFAlln9 tNs r•pcrtlhey have hod wawd to the wtdance on publle knefit1$8u8d by the Chlty Coynmwon kn cpIanCa thB duty $8t OLrt In [On 4 ofthe Charft5es Act 2CQ6. ThIB repL¥t has been prepared In a¢L)ydan the provisions in $8dton 419131 dthè CnFs Act 2rM)6 applleat4# tts tharit8ble (y)mparles SleCt to Ihe small ciwanies reglm8. Ths rewl wa$ aFpDl bythe board on and on its behaifby Nwit
SEREf INTERNATIONAL LIMrrED Ind•pndent Examln•rfs R•port on th• Accounts W? rwrt on the flnanc4al statThrts forthg end&a 31st Janu8ry2025 tAthich Lxryrise Ihg Stat8mwrt of Financial Acties. the Balance Shoat and the relaj not8s. Res1¥6 ReSl11185 ofTrusteès and Examlner The Trte8$ (W 8R also the dlrectors of the tharitstsle company for the purFosè cleompany bw) are r•swisl>l8 f(Y th8 preparation of the ac&Kmts. The Trustees COnder that an audit 15 not roqulred for this uThJer s910n 144(2> of the Charitses Act 2011 (the 2011 Ad}, and that on ind0dent exaMIon Is needed. avlng sallsfièd oursehts that thg charitabte wnpany Is nor subject to audit under cornpany Lqw Ss elgtblo for Ind8p8ndent axamlnatth. it ts Thy resPStAty to,. •xamlne the acc(nts undw seckn 145 of the 2011 Aca: to folkAttr dureS laid In the gerwal Dlrth glven by th• Commlssion 145(5Xb) of the 2011 Act and to state vth8thBr p3thwlar matters have c£fft8 to our att8ntl)n. BasB of exam1n& statement r e1811( was (Art In a(xOrd9n vlth the Gw81 Drgclion5 given by tha Charity Crynmissw)MrB. An 8xaminalfon indud85 a raM8w oftha 8oxwnting re(¥yd5 kept by ts chwitable DnpanY and a (rftha ffiarthl StsiBmts preswitsd tth rEc¢xds. It aLso nc*Jd85 consideration of ory unusual ttgms or dOTe5 In th6 finandal 8tstsments. and seaking exptanalions frc4n yw as Tnjstees c%)n1ng any s matter5. Tho WDc&Jur85 underfaken do not wovtde all the evid that would be rewired aud¢ and consaqugnty no WAnion 1$ as to wh•thwth8 &counts present a Irue arml fairwie¥f and thè r¥ryt' mlw to1htsse rnatrers 8et rArt In the ststement te. ITrJ8 examlnorf8 slatemwrt In Ixjnnerthi th our eXamInatio no matter tWS LW lo myatrenuon to irKknte thjt • the acC)t# do Tvjt a¢xord th such reccrt¥: where aco)unts are swargd on an accruals ba515, whether ttwlal to complyvAth releydnt auntirJ reqreMA uTrder 8eLlion of the Compgnips Aot 2006. or t¥)t wwstont vlih charfli SORP (FRS1021 . matterfith the examiner ble& ShOd b9 drawn to the attaon ofthe readerto galn a woper understa¥Jlry ofthe Kcounts. On behalf of Lachman Smrfth Assoclth knm deper¥Jent Examiner 31 Fairvl8w Way Edgwaro Mlddlesex HA8 &JE
SEREf INTERNATIONAL LIMITED Statement of Flnanclal Acttvltles Ilncorporaling an Income and Expènditure Account) Forthe Year Ended 31¥t January 2025 RostrI0d Unreslrlcted Funds Fundg Totsl Restrlctsd Unr•strlctod Funds Funds Funds 2025 Tolal Fund5 2024 Notes Income and •ndowments Donab'ons and legacies 128.755 128,755 137,800 80,990 218.790 Totsl income 128.755 128,755 137,800 80,990 218,790 Expendlture on: Charhable Acllvlty Costs 119.445 119,445 137,800 88,044 225,844 Total expendlture 119,445 119,445 137,800 88,044 225.844 Net In¢omèloXPonditurg 9.310 9,310 (7.054) (7.054) Reconclllatlon of funds Funds brought forward 7,577 7,577 14,631 14.631 Funds Carrled f0Thr 16,887 16,887 7,577 7,577 The statement of Financial Actiwties rellects 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 rasour¢es for the year have been calculated on the historical cost basls. The notes pages 8 to 10 fomi part of these 8c¢ounts. Page 6
SEREf INTERNATIONAL LIMITED Balance Shoet at 31st January 2025 Notes 2025 2024 Current assets 08btors Cash at bank and in hand 40.220 10,572 Total current assets Credllors due within one year 23,333 2,995 Net current a5Sots 16,887 7,577 Net assets 16.887 7,577 The funds of tho charlty Unrestricted Funds 16,887 7,577 Total charlty funds 16,887 7.577 For the year ended 31 January 2025 the company Wds entitled to exemption under section 477{21 of the Companles Act 2006. No members have required the wmpany to obtain an audit of its accounts for Ihe year In questlon in accordance with section 476 of th8 Companies Act 2006. The dlrectors acknowledge thr responsibility for i. ensuring the company keeps accountlng records which comply bwlh section 386" and ii. preparing accounts whlch give a true and fair view of the state of affairs of the company as at th8 end of the financial year and of ils profft and loss fgr the financial year in accordance with the section 393. and which otherwise comply wth the requirements of the Companies Acl relating lo accounts, so far as appllcable lo the company. The accounts have been prepared in accordance wth the spec4al promsions appCable to companies subject to the small companies, regime under Companies Act 2006. Approved by the dir8ctoTr on , and signed on their behalf by Nurit Karol Nurft Karol Page 7
SERET INTERNATIONAL LIMITED Note$ to the Flnanclal Statements For the Year Ended 31st January 2025 1 Accountlng Polic•s la) The financial statements have been prepared in accordance wtth Accounting and RerM)rting by Charities.. Statement of Recornmended Practice applicable to charities preparing their accounts in aGcordanGe wth the Financial Reporting Stsndard appli¢able in the UK and Republic of Ireland IFRS 102) leffeclive 1 January 2022)- Icharities SORP IFRS 102}), the Financial Reporknng Stsndard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Assets and Ilabiltues are initially recognised at historical cost ortrdnsaction value unless otherwise stated in the relevant accounting pollry notels). {b> Income Inix)me is recognised when the charity has entitlement to the ftjnds, any perfomiance conditions attached to the items of income have been mel, it is probable that the income will be received and the amount can be measured reliabty- Income from grants, whether capital or revenue grants, is recognised when the charity has entitlement lo the funds. any performance conditions attached to the grants has been met. il is probable thal the income wll be received and the amounl can be measured reliably and is not def8rred. {cl Expenditure All expendllure is accounted for on an accruals basig. Expendlture Is recognised once there Is a regal or constructive obligation to make a payment to a third party. It is wobable that settlement will be required and the amount of the obligation can be measured reliab. Costs are allocated to a category either because such costs are direclty incurred in relation to such category. or because they are supwrt costs in respect of which an apportionment has been made beiween the oategories. Support costs consist of infrastructure costs for salarles, premlses. offe administration. Such costs are apportioned on a reasonable and consistent basis to the various categories wth a wew to determining, as accuratety as possible. the totsl resources expended for each category. The basis of apportionment used is either a function of staff time applied lo a given aclimty, or an estimate of the proportion ol costs aSSated wlh the same, or a combination of botrt. Direct and Support costs are separately shown by natural classrfication in Note 5 to thèse accounts for èach category of tost. (d) Taxatlon The company as a registered charty { number 1148131 1 is exempt from taxatson on most investment income insofar as it is applied for charitable purposes. The company is also exempt from taxation on capital gains. lel Debtors Trade and other debtors are recognised al the settlement amount due after any trade dlscount offered. Prepanents are valued at the amount prepaid net of any Iradg discounts due. (fj Creditors and pr¢)vlslons Credftors and provisions ar8 r8cognised where the charity has a present obligation resulting from a past event that will probably result in the Iransfer of funds to a third paty and the amount due lo settle the obligatlon can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts du8.
SERET INTERNATIONAL LIMrrED lotes to the FinancSal Statements or tho Yoar Ended 31st January 2025 l Donatlons and legacies Total Fund5 2025 Total Fund5 2024 Unrestrictèd Re$trlctsd Funds Funds Unrnstrict8d Restrlcted Funds Funds Donations and Sp)nsorship 126,582 126.582 73.913 137,800.00 211.713 Ticket sal8s 2.173 2,173 7,077 7.077 128,755 128,755 80,9 137,8LKJ 218,790 3 Charltable activity costs Support and Charitabl8 Charitable governance A¢tivity Actlv Costs Costs Costs Support and Charitable Ch•rltable govemancè tivlty Activity Costs Costs Costs Total 2024 Total 2025 Unrestrictod Unr9$trI0d Restrlcted Unrnstrlct•d Unrgstrtcted Restrlcted Direct costs Gala Nighl, Event and Production costs 27.831 27.831 12,889 137,800 150.6 PrcKJucers and administrators fees Advertising Design costs Screening Rights Flight tickets Accountanvs fe8 Examinerfs fee Office costs Bank charges and exthange rat8 change 40,680 12.468 40.680 12.468 19,554 6,113 4,168 30,309 10.803 19,554 6.111 4,16E 24,307 10,015 24.307 10.015 1,522 1,200 871 10,804 2,3 1.20( 791 1.522 1,200 871 2.380 1,200 791 551 551 {1631 {161 4.144 115.301 119.445 4208 83.836 137.81X) 225.844 The company had no employees in the year12024- Nono)
SEREf INTERNATIONAL UMITED Notes to the Flnanclal Ststemenls For the Year Ended 31st January 2025 4 Debtors 2025 2024 Prepayments 5 CREDITORS- AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Trade creditors Def&ed Inwme AccnJ8ls and other creditors 22,133 1.200 23,333 2,995 2.995 6 RECONCILIATION OF MOVEMENTS IN FUNDS Balance at 31st January 2024 Balance at 31st January 2025 Income Expendlturè Unrestricted Funds - Reserves Restricted Funds 7,577 128.755 {119,445) 16.887 7,577 128,755 119,445 16,887 7 ANALYSIS OF NET ASSETS BETWEEN FUNDS Net Current Assets Total 2025 Total 2024 Unrestricted Funds: 16,887 16,887 7,577 16.887 16.887 7.577 8 TRUSTEES During the year, none of the trustees received any remuneration as tnjstees from the trust and no personal expenses were reimbursed to any of thern or paid on their b8half. Page10