Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-31The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the Statement of Comprehensive Income. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. 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Kaltura Europe Limited

Registered number: 08012257
Annual report and
 financial statements
For the year ended 31 December 2023

 
KALTURA EUROPE LIMITED
 
 
COMPANY INFORMATION


Directors
S David 
M Tsur 
E Vitale (appointed 1 August 2023)




Registered number
08012257



Registered office
Suite 4
7th Floor

50 Broadway

London

SW1H 0DB




Independent auditors
Forvis Mazars LLP
Chartered Accountants & Statutory Auditor

90 Victoria Street

Bristol

BS1 6DP





 
KALTURA EUROPE LIMITED
 

CONTENTS



Page
Strategic Report
1 - 4
Directors' Report
5 - 7
Independent Auditors' Report
8 - 11
Statement of Comprehensive Income
12
Balance Sheet
13
Statement of Changes in Equity
14
Notes to the Financial Statements
15 - 30


 
KALTURA EUROPE LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their strategic report for the year ended 31 December 2023.

Principal activity

The principal activity of the Company in the year under review was sales and support of online video platforms in its respective territory.

Business review
 
Our mission is to power any video experience, for any organization.
Video is everywhere. It has become a driving force for online interactions and engagement, and has revolutionized how we communicate, work, learn, and entertain. For businesses, video sits at the heart of digital transformation, with organizations increasingly embracing video solutions to better engage with customers and employees. The COVID-19 pandemic accelerated the use and adoption of video, while creating a long-lasting remote operation culture across all sectors. Moreover, generative AI enables real-time, automatic production of highly personalized and contextually-relevant content, including video and rich media, that we believe would materially boost the creation, consumption, and business impact of video experiences. With the expected growth in rich content in organizations, the potential need for content management solutions and advanced digital experiences is expected to grow. 
Kaltura's Video Experience Cloud includes products that power digital experiences such as virtual and hybrid events, webinars, online learning, and content portals for large enterprises and small and medium enterprises (SMEs), across all industries, including technology, financial services, healthcare and pharma, IT & professional services, retail and manufacturing. In 2023, we broadened our suite of offerings for marketers, successfully attracting new clients and stakeholders across Marketing Technology (MarTech), Field Marketing, and Chief Marketing Officer (CMO) groups.
Our platform also includes industry-specific solutions, currently for the Education and Media and Telecom industries. For developers, it includes an extensive array of Application Programming Interfaces (APIs) and developer tools that enable them to build other media workflows, integrations, and industry solutions.

Our Video Experience Cloud is used by leading brands, reaching millions of users, at home, at school and at work. Organizations from a wide range of industries, including financial services, technology, professional services, healthcare, pharma, education, public sector and media and telecommunications, trust Kaltura to power their video experiences for marketing, events, communication, collaboration, sales, customer care, training and learning, and entertainment experiences.
Before the COVID-19 pandemic, Kaltura demonstrated a track record of double digit revenue growth while having positive adjusted EBITDA. In 2020 and most of 2021 there was increased demand for video services due to the COVID pandemic across enterprises and in the education sector, which led to further acceleration of our year-on-year revenue growth. Beginning in the fourth quarter of 2021, revenue growth has decreased, which we attribute to the post-COVID return to offices and university campuses, and subsequently to the economic slowdown and financial markets instability that resulted from the increase in inflation and interest rates, and geopolitical unrest. 
 
- 1 -

 
KALTURA EUROPE LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Business review (continued)
In August 2022, our Board of Directors approved a strategic restructuring program (the “2022 Restructuring Plan”) to streamline our operations in order to support our investment in critical growth areas. The 2022 Restructuring Plan included, among other things, a workforce reduction of approximately 10% of our employees. The 2022 Restructuring Plan was substantially completed in 2022. On January 3, 2023, our Board of Directors approved a re-organization plan (the “2023 Reorganization Plan” and together with the 2022 Restructuring Plan, the “Reorganization Plans”) that included, among other things, downsizing an additional 11% of our workforce and adapting our organizational structure, roles, and responsibilities accordingly, to realign our operations, with a goal of increasing efficiency and productivity, in reaction to the macro-economic climate, position the Company for lower demand, spend, and available budgets across our market segments, align our business strategy in light of these market conditions and support our growth initiatives and our return path to profitability. The 2023 Reorganization Plan was substantially completed in 2023.
We foresee great potential and growth opportunities for video experiences, and we believe Kaltura is well positioned with our robust offering and strong customer base in this growing market. We intend to continue to innovate and invest in our products to maintain and improve our market position.
2023 was a strong year, keeping the momentum from the prior one. We achieved and sustained a 9% revenue growth rate and market leadership, protecting and growing our customer base and achieving operational leverage. As of December 31st 2023, Kaltura Europe Ltd had almost 300 customers from a wide range of industries, including financial services, high technology, healthcare, education, public sector, media and telecommunications

Principal risks and uncertainties
 
Competitive risk
Our key competitors vary based on market and industry:
• Our main competitors for Video Portals are Microsoft and Vimeo
• Our main competitors for Virtual & Hybrid Events and Webinars are Zoom, On24, Cvent and Notified
• Our main competitors for Online Learning and Education are Zoom and Microsoft
• Our main competitors for Media and Telecom Solutions are Mediakind and Synamedia
• Our main competitors for API & Developer Tools are the media services offered by AWS and Microsoft
We believe our technology positions us well to compete with other video solution providers.
Cash flow and liquidity risk
The Company is a private company which generates revenue; the Company works in Low Risk Distribution ("LRD") with Kaltura Inc. (parent company) and therefore has no liquidity risk.
Foreign exchange risk
The Company's main income and expenses are in GBP and EUR currencies. It manages bank accounts in these currencies as well as in USD. A fluctuation in EUR and USD exchange rate will create profit or loss in the Company's financials report. In addition, there is one contract in RUB currency so a change in the RUB exchange rate will impact the collection from this contract.

- 2 -

 
KALTURA EUROPE LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Financial key performance indicators
 
There are no KPls for the Company as it operates a Limited Risk Distribution (LRD) model. All KPls are measured from a group perspective.

Directors' statement of compliance with duty to promote the success of the Company
 
This statement by the Board of Directors describes how they have approached the responsibilities under s172(1) (a) to (f) of the Companies Act 2006 in the financial year ending 31 December 2023. 
The directors set strategic objectives and maintain a financial plan that reflects how the company intends to achieve these objectives. This plan is kept under continuous review.  
Our key asset is our employees. Accordingly, we seek to promote the best interests of our employees through offering competitive pay, maintaining and applying detailed staff policies, communicating with staff in a structured way and operating an equal opportunities employment and advancement policy. 
Our relationships with key vendors are structured formally and are typically documented in detailed contracts. Specific personnel are allocated to the maintenance and development of these vendor relationships and the Company has a detailed, formal policy on the content of vendor contracts and for the commercial terms of trading with vendors that is intended to ensure the trading terms are balanced and fair to both parties. 
The Company’s trading with customers is also managed on the basis that specific personnel are allocated to the maintenance and development of key relationships. We again operate a formal policy with regard to acceptable and fair commercial and legal terms of trading.
In all business relationships – vendors, customers and others – we only deal with parties who operate to our minimum standards of fairness, transparency and financial probity. In our international business we are careful in our expansion into frontier markets and have strict and formal approval processes to manage market, legal, reputational, data management, IT security and credit risk. We have in-house professional resource who are legally and professionally qualified and highly experienced in all of these areas and where necessary we supplement this with the highest quality of external professional advice. We have detailed, formal policies covering, amongst other things, data protection, IT security, anti-corruption, equal opportunities, vendor and customer take-on and approval of contracts and management of credit risk.
   
The group trades almost exclusively by means of electronic software delivery and is mostly a business-to-business supplier. We do not consume significant amounts of energy or generate significant amounts of waste. Accordingly, we have little visible presence or impact in the communities where we are based and our business is not one that has major environmental impact.
We intend to drive growth and promote the success of the Company by executing on the following key strategies:
• Secure New Customers Within our Current Markets: Kaltura is already trusted by top large enterprises, leading     education institutions, and prominent Media & Telecom companies. We have a significant opportunity to   expand our presence in these markets, especially with Global 2000 companies. We have a well-tuned sales  and marketing operation, which we expect will drive both geographic and vertical expansion.
 
- 3 -

 
KALTURA EUROPE LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Directors' statement of compliance with duty to promote the success of the Company (continued)
• Expand our Product Offering for our Existing Markets: Our flexible and extendable platform facilitates a   continuous expansion of our product portfolio to include more enterprise video products, and additional   industry-solutions for the Education and Media & Telecom markets. 
• Expand into New Markets: We are expanding down market from large enterprises to also power SMEs through   making our products more self-operated, and advancing our inside-sales and self-serve marketing, sales, and operations practices. We also plan to expand in the future into new markets by introducing new industry solutions, for example for the financial services and healthcare markets.
• Accelerate through Partnerships and M&A: We plan to increase the breadth of partnerships with our technology partners, further allowing us to provide the most comprehensive video solutions to our customers. Additionally, we intend to continue to explore potential M&A transactions that could enhance our capabilities, increase our market share in markets we already operate in, or open up new markets. 
The Company has only one shareholder and therefore the requirement in s172(f) of the Companies Act 2006 currently has no application to us. 


This report was approved by the board and signed on its behalf.



S David
Director

Date: 31 July 2024

- 4 -

 
KALTURA EUROPE LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The Directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting 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; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and 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 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £205,445 (2022 - £602,934).

During the year the Company paid a dividend of £Nil (2022: £Nil).

Directors

The Directors who served during the year were:

S David 
M Tsur 
E Vitale (appointed 1 August 2023)

- 5 -

 
KALTURA EUROPE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Economic impact of global events

UK businesses are currently facing many uncertainties, including environmental sustainability and geopolitical events such as the Russian invasion of Ukraine. These uncertainties have contributed to an environment where there exists a range of issues and risks, including inflation, rising interest rates, labour shortages, disrupted supply chains and new ways of working. 
The Directors have carried out an assessment of the potential impact of these uncertainties on the business, including the impact of mitigation measures, and have concluded that these are non-adjusting events with the greatest impact on the business expected to be from the economic ripple effect on the global economy. The Directors have taken account of these potential impacts in their going concern assessment.
The Company continues to work with its partners to minimise any impacts of these events and maximise the realisation of any opportunities they may provide to the business.

Future developments

There are no significant future developments expected to impact the Company.

Greenhouse gas emissions, energy consumption and energy efficiency action

The company has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower.

Matters covered in the Strategic report

As permitted by Paragraph 1A of Schedule 7 to the Large and Medium-sized companies and group (Accounts and Reports) Regulations 2008 certain matters which are required to be disclosed in the Directors' report had been omitted as they are included in the Strategic report. These matters relate to the statement of engagement with suppliers, customers & others. 

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditorsForvis Mazars LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

- 6 -

 
KALTURA EUROPE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

This report was approved by the board and signed on its behalf.
 




S David
Director

Date: 31 July 2024

- 7 -

 
KALTURA EUROPE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KALTURA EUROPE LIMITED
 

Opinion

We have audited the financial statements of Kaltura Europe Limited (the ‘company’) for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statements of Changes in Equity and notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

give a true and fair view of the state of the Company’s affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereo.
- 8 -

 
KALTURA EUROPE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KALTURA EUROPE LIMITED
 

Other information (continued)
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the tcourse of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:
 
the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of Directors

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors intend either to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
- 9 -

 
KALTURA EUROPE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KALTURA EUROPE LIMITED
 

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Based on our understanding of the company and its industry, we identified that the principal risks of non-compliance with laws and regulations related to the UK tax legislation and employment regulation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, such as the Companies Act 2006.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.  

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation and the Companies Act 2006.

In addition, we evaluated the Directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to, revenue recognition (which we pinpointed to the cut-off assertion) and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:
Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
Gaining an understanding of the internal controls established to mitigate risks related to fraud;
Discussing amongst the engagement team the risks of fraud; and
Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
- 10 -

 
KALTURA EUROPE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KALTURA EUROPE LIMITED
 

Use of the audit report

This report is made solely to the Company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the company's members as a body for our audit work, for this report, or for the opinions we have formed.

 

Jonathan Marchant (Senior statutory auditor)
  
for and on behalf of
Forvis Mazars LLP
Chartered Accountants and Statutory Auditor 
90 Victoria Street
Bristol
BS1 6DP

14 August 2024
- 11 -

 
KALTURA EUROPE LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
55,587,355
51,017,887

Gross profit
  
55,587,355
51,017,887

Administrative expenses
  
(54,475,140)
(49,997,527)

Operating profit
 5 
1,112,215
1,020,360

Interest receivable and similar income
 8 
5,656
74

Profit before tax
  
1,117,871
1,020,434

Tax on profit
 9 
(912,426)
(417,500)

Profit for the financial year
  
205,445
602,934

The notes on pages 15 to 30 form part of these financial statements.

- 12 -

 
KALTURA EUROPE LIMITED
REGISTERED NUMBER: 08012257

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
Restated
2022
Note
£
£

Fixed assets
  

Tangible assets
 10 
75,835
117,242

Investments
 11 
38
38

  
75,873
117,280

Current assets
  

Debtors: amounts falling due within one year
 12 
15,658,749
16,570,371

Cash at bank and in hand
 13 
9,069,089
16,353,361

  
24,727,838
32,923,732

Creditors: amounts falling due within one year
 14 
(20,788,551)
(29,463,296)

Net current assets
  
 
 
3,939,287
 
 
3,460,436

Total assets less current liabilities
  
4,015,160
3,577,716

  

Net assets
  
4,015,160
3,577,716


Capital and reserves
  

Called up share capital 
 16 
100
100

Other reserves
 17 
2,372,443
2,140,444

Profit and loss account
 17 
1,642,617
1,437,172

  
4,015,160
3,577,716


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




S David
Director

Date: 31 July 2024

- 13 -

 
KALTURA EUROPE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
100
1,369,270
834,238
2,203,608


Comprehensive income for the year

Profit for the year
-
-
602,934
602,934

Share based compensation
-
771,174
-
771,174
Total comprehensive income for the year
-
771,174
602,934
1,374,108


Total transactions with owners
-
-
-
-



At 1 January 2023
100
2,140,444
1,437,172
3,577,716


Comprehensive income for the year

Profit for the year
-
-
205,445
205,445

Share based compensation
-
231,999
-
231,999
Total comprehensive income for the year
-
231,999
205,445
437,444


Total transactions with owners
-
-
-
-


At 31 December 2023
100
2,372,443
1,642,617
4,015,160


The notes on pages 15 to 30 form part of these financial statements.

- 14 -

 
KALTURA EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Kaltura Europe Limited is a company incorporated in the United Kingdom under the Companies Act. The Company is a private company limited by shares and is registered in England and Wales. The registered office is Suite 4, 7th Floor, 50 Broadway, London, United Kingdom, SW1H 0DB.
The principal activity of the Company in the year under review was that of sales and support of online video platform in its respective territory.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Kaltura, Inc. as at 31 December 2023 and these financial statements may be obtained from 860 Broadway, 3rd Floor, New York, 10003.

- 15 -

 
KALTURA EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP, rounded to the nearest whole £.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'other operating income'.

- 16 -

 
KALTURA EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

The Company provides an open-source video platform that enhances websites with customised video, photo, and audio functionalities. The Company provides access to its platform either as a cloud-based service ("Cloud") or as a license to software installed on the customer's premises ("On-Prem").
Revenue from cloud subscriptions is recognised ratably over the time of the subscription, beginning from the date in which the customer is granted access to the subscription. Revenue from the sale of a term license is recognised at a point in time in which the license is delivered to the customer.
Revenue from post-contract services ("PCS") included in On-Prem projects is recognised ratably over the time of the PCS.
In some of the Company's projects, Professional Services ("PS") are accounted for as a separate performance obligation, and revenue will be recognised upon rendering the service, unless the impact is not material in which case revenue will be recognised upon completion of the service. However, in some of the Company's Cloud projects the Company determined that the PS are solelyset up activities that do not transfer goods or services to the customer and therefore are not accounted for as a performance obligation.
The Company's contracts usually include a fixed amount of consideration, as well as variable consideration for overage usage that, in most cases, is not considered probable at the inception of the contract. In addition, the Company has elected to apply the practical expedient for financing component for transactions in which the difference between the payment date and the revenue recognition timing is up to 12 months.
When applicable, the Company allocates the transaction price between the separate performance obligations according to their standalone selling price ("SSP") which is based on the price at which the performance obligation is sold separately. If the SSP is not observable through past transactions,the Company estimates the SSP taking into account available information, including, but not limitedto, pricing practices.
The Company records accounts receivable and related contract liabilities for non-cancelable contracts with customers when the right to consideration is unconditional.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the lease term.

 
2.6

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

- 17 -

 
KALTURA EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to the Statement of Comprehensive Income over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to the Statement of Comprehensive Income over the remaining vesting period.
Where equity instruments are granted to persons other than employees, the Statement of Comprehensive Income is charged with fair value of goods and services received.

 
2.9

Taxation

Tax is recognised in the Statement of Comprehensive Income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

- 18 -

 
KALTURA EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
10 years
Fixtures and fittings
-
14 years
Computer equipment
-
3 or 7 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

 
2.11

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

- 19 -

 
KALTURA EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the Statement of Comprehensive Income. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the Statement of Comprehensive Income.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

- 20 -

 
KALTURA EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

  
2.16

Restatement of comparatives

The directors have reviewed the presentation of deferred revenue. In previous years the total contract value was shown gross in other creditors with the unbilled element in other debtors. It is considered more appropriate to show the net balance (which is the value of services invoiced but not yet delivered) in other creditors as this is more in line with group accounting policies and those disclosed in 2.4. The comparative information has been restated to match this presentation. The restatement changes other debtors and other creditors. It does not impact revenue, profit or net assets.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements in conformity with FRS 102 requires management to make estimates, judgements and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company evaluates on an ongoing basis its assumptions, including those related to contingencies, income taxes, deferred taxes, stock-based compensation cost, as well as in estimates used in applying the revenue recognition policy.


4.


Turnover

Analysis of turnover by country of destination:

2023
2022
£
£

EMEA
47,865,637
46,182,561

Rest of the world
7,721,718
4,835,326

55,587,355
51,017,887


- 21 -

 
KALTURA EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
867,444
(1,307,071)

Other operating lease rentals
153,302
150,768

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
15,500
14,800


6.


Employees

Staff costs, including Directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
3,530,701
5,437,624

Social security costs
401,138
657,316

Cost of defined contribution scheme
59,738
55,770

3,991,577
6,150,710


The average monthly number of employees, including the Directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
1
-



Marketing
1
1



R&D
2
4



Sales
15
17



Administration
2
3



Revenue & Costs
3
6

24
31

- 22 -

 
KALTURA EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
38,766
103,475

Company contributions to defined contribution pension schemes
1,130
-

39,896
103,475


During the year retirement benefits were accruing to 1 directors (2022: Nil) in respect of defined contribution pension schemes.


8.


Interest receivable

2023
2022
£
£


Other interest receivable
5,656
74

5,656
74


9.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
296,212
282,742


Double taxation relief
(296,212)
(282,742)


-
-

Foreign tax


Foreign tax on income for the year
912,426
417,501

Foreign tax in respect of prior periods
-
(1)

912,426
417,500

Total current tax
912,426
417,500


Tax on profit
912,426
417,500
- 23 -

 
KALTURA EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
9.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,117,871
1,020,434


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
262,929
193,882

Effects of:


Fixed asset differences
79
(3,905)

Expenses not deductible for tax purposes
57,714
150,758

Other permanent differences
(34,114)
(61,021)

Adjustments to tax charge in respect of prior periods
-
(1)

Remeasurement of deferred tax for changes in tax rates
(604)
(955)

Rounding differences
1
-

Deferred tax not recognised
10,207
3,983

Overseas taxes
616,214
134,759

Total tax charge for the year
912,426
417,500


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

- 24 -

 
KALTURA EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Tangible fixed assets





Leasehold improvements
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
40,952
20,992
371,871
433,815


Additions
-
-
30,601
30,601



At 31 December 2023

40,952
20,992
402,472
464,416



Depreciation


At 1 January 2023
40,952
18,338
257,283
316,573


Charge for the year on owned assets
-
968
71,040
72,008



At 31 December 2023

40,952
19,306
328,323
388,581



Net book value



At 31 December 2023
-
1,686
74,149
75,835



At 31 December 2022
-
2,654
114,588
117,242


11.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 January 2023
38



At 31 December 2023
38




- 25 -

 
KALTURA EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Debtors

2023
Restated
2022
£
£


Trade debtors
11,113,363
16,117,910

Amounts owed by group undertakings
3,043,330
-

Other debtors
1,502,056
452,461

15,658,749
16,570,371



13.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
9,069,089
16,353,361

9,069,089
16,353,361



14.


Creditors: Amounts falling due within one year

2023
Restated
2022
£
£

Trade creditors
1,736,471
1,012,329

Amounts owed to group undertakings
-
8,851,099

Other taxation and social security
1,038,187
1,207,595

Other creditors
18,013,893
18,392,273

20,788,551
29,463,296


- 26 -

 
KALTURA EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets that are debt instruments measured at amortised cost
14,593,627
16,556,324


Financial liabilities


Financial liabilities measured at amortised cost
2,787,809
11,357,776


16.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



17.


Reserves

Other reserves

Other reserves represents a capital contribution from the parent entity.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.

- 27 -

 
KALTURA EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Share-based payments

In 2021, Kaltura Inc (the full owner of Kaltura Europe Ltd), was listed in NASDAQ under ticker KLTR. Effective upon the effectiveness of the registration statement for the IPO, the Company adopted the 2021 Incentive Award Plan (the “2021 Plan”, and together with the 2007 Plan and the 2017 Plan, the "Plans"). The 2021 Plan provides for the grant of stock options, stock appreciation rights, restricted stock, RSUs, and other stock or cash-based awards to the Company’s officers, directors, employees, advisors, and consultants. A total of 8,500,000 shares of the Company’s common stock were initially reserved for issuance pursuant to the 2021 Plan. In addition, the number of shares of common stock reserved for issuance under the 2021 Plan includes certain shares of common stock subject to awards under the Plans, in the case of certain occurrences such as expirations, terminations, exercise and tax-related withholding, or failures to vest.
Under the 2021 Plan, the exercise price of options granted is generally at least equal to the fair market value of the Company’s common stock on the date of grant. The term of the options generally may not exceed ten years. Additionally, the exercise price of any options granted to a 10% stockholder shall not be less than 110% of the fair market value of the common stock on the date of grant, and the term of such option grant shall not exceed five years.
A summary option activity since 2023 is shown in the table below:

Weighted average exercise price (pence)
2023
Number
2023
Weighted average exercise price
(pence)
2022
Number
2022

Outstanding at the beginning of the year

307

292,111

195
 
2,387,995
 
Granted during the year


-

 
-
 
Transferred out during the year


-

171
 
(1,655,748)
 
Transferred in during the year


-

158
 
3,375
 
Exercised during the year

127

(41,400)

11
 
(187,501)
 
Forfeited during the year

335

(134,161)

282
 
(256,010)
 
Outstanding at the end of the year
339

116,550

307
 
292,111
 

 
- 28 -

 
KALTURA EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.Share-based payments (continued)

2023
2022

Option pricing model used


Black-Scholes

Black-Scholes
 
Weighted average share price (pence)


4.45

3.02
 
Exercise price (pence)


4.36

3.83
 
Weighted average contractual life (days)


3-4 years

3-4 years
 
Expected volatility


50%-63%

50%-63%
 
Risk-free interest rate


0.46%-1.34%

0.40766%-2.8412%
 



.


Restricted Stock Units (RSUs)

2023
2022
£
£



Outstanding at the beginning of the year
181,342
300,947

Granted during the year
89,533
440,764

Transferred out during the year
7,607
5,288

Transferred in during the year
-
(213,841)

Exercised during the year
(87,885)
(120,551)

Forfeited during the year
(26,443)
(231,265)

Outstanding at the end of the year
164,154
181,342

EAs at 31 December 2023 there are no exercisable RSUs (2022: Nil).


19.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions payable to the company's pension scheme are chaged to the profit and loss in the period to which they relate. Contributions totalling £14,862 (2022: £14,707) were payable to the fund at the balance sheet date. 

- 29 -

 
KALTURA EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
99,280
99,280

99,280
99,280


21.


Related party transactions

During the year amounts totaling £151,533 (2022 - £224,365) were paid for the services of Ron Yekutiel (Chairman and CEO of Kaltura Inc.). No amounts remain unpaid (2022: £Nil) at year end. 
At the year end a debtor balance totaling £2,536,027 (2022: creditor balance of £9,126,496) was due from Kaltura Inc., which is included in amounts owed by group undertakings.
At the year end a debtor balance totaling £507,303 (2022: £275,397) was due from Kaltura Limited, which is included in amounts owed by group undertakings.
During the year expenses between the companies totaled £48,161,937 (2022: £43,013,913). 
Kaltura Europe Limited currently guarantee Kaltura Inc. obligations under the Credit Facilities, which are required to be guaranteed by all direct and indirect subsidiaries other than certain excluded subsidiaries and immaterial foreign subsidiaries. The Registration of Charge can be found within Companies House.
 


22.


Controlling party

Kaltura Inc (Incorporated in USA) is regarded by the directors as being the company's ultimate parent company. 
The information included in the Kaltura Europe Limited financial statements are also included in the consolidated financial statements of Kaltura Inc., and these financial statements may be obtained from 860 Broadway, 3rd Floor, New York, 10003.
The smallest and largest group that the Company is part of is Kaltura, Inc. a public company incorporated in the United States of America. 

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