Charity number: 1073371
The Quitak Foundation
Trustees' report and financial statements
for the year ended 5 April 2025
The Quitak Foundation
Contents
| Page | |
|---|---|
| Legal and administrative information | 1 |
| Trustees report | 2 - 5 |
| Independent examiners' report | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 - 11 |
The Quitak Foundation
Legal and administrative information
| Charity number | 1073371 |
|---|---|
| Registered office | c/o Davis Bonley |
| Chartered Accountants | |
| 137 Watling Street, | |
| Radlett, Herts. | |
| WD7 7NQ | |
| Trustees | Alex Portnoy JP FCCA |
| Gary Quitak | |
| James A.C. Meston Cert PFS MIFP | |
| Ruth Portnoy | |
| Michelle Ginno | |
| Independent Examiner | Andrew Davis FCA |
| Davis Bonley | |
| Chartered Accountants | |
| 137 Watling Street | |
| Radlett, Herts. | |
| WD7 7NQ | |
| Bankers | TSB Bank Plc |
| PO Box 373, | |
| Leeds, | |
| LS14 9GQ | |
| Investment Advisors | JPM Asset Management |
| 400 Thames Valley Park Drive, | |
| Thames Valley Park, | |
| Reading, | |
| RG6 1PT | |
| Solicitors | Parkes Wilshire Johnson |
| 59 Church Hill Road, | |
| East Barnet,, | |
| EN4 8SY |
Page 1
The Quitak Foundation
Report of the trustees for the year ended 5 April 2025
The trustees present their report and the financial statements for the year ended 5 April 2025. The trustees who served during the year and up to the date of this report are set out on page 1.
Structure, governance and management
The Trust is a registered charity established under a Deed dated 17th December 1997, subsequently amended by a Deed of variation dated 23rd December 1998. The Trust was established by gifts from Mr & Mrs Simon Edgar Quitak. Further assets were received by the Trust from the Estates of the late Mr & Mrs Quitak. The Trust does not actively fundraise and seeks to continue the charitable work desired by the Settlors through careful stewardship of existing resources.
Under the terms of the Trust Deed there may not be more than five Trustees. The appointment of new Trustees is now vested with the continuing Trustees.
The Trustees carry out all the management functions with the assistance of professional advisors, where necessary. The Trustees have power under the terms of the Trust Deed to make any investment they see fit.
Objectives and activities
The Trust was established by the late Mr & Mrs Simon Edgar Quitak to provide, inter alia, funds for the advancement of:
a) Jewish education
b) medical research
c) medical support services
d) welfare, sport and social and cultural activities
Public benefit
The Trustees have referred to the Charity Commission's guidance on public benefit when reviewing the Trust's aims and objectives, in planning future activities and setting the Grant making policy.
The Trust furthers its charitable purposes for the public benefit through its Grant making policy which aims to fund the advancement of Jewish education, medical research (including ancillary support services) welfare, soical and cultural activities by providing support to organisations and projects which further these goals.
The beneficiaries of the Grant making policy are ultimately (a) the students who receive scholarships (b) the general public who benefit from the work of the medical establishments that are supported by the Trust and (c) the people who benefit from the activities of the students supported by the Trust, once they take up take up work positions in the community, having completed their education (d) The students attending the establishments supported by the Trust.(e) The people who receive the welfare, social and cultural support provided by the organisations to whom the Trust makes Grants.
Risks
The Trustees consider that there are no major risks to which the Charity is exposed.
Achievements and performance
The Trustees may in their absolute discretion distribute the Trust's funds for such charitable purposes as they so determine.
The Trustees make grants to organisations that full within the main objectives established by the settlors. They are constantly looking for new major projects to support.
Page 2
The Quitak Foundation
Report of the trustees for the year ended 5 April 2025
The Trust has been supporting the Forgotten People Fund which assists the Ethiopian Jewish minority group living in Israel to finish their studies achieving professional qualifications. All students using the programme are regulary monitored by the FPF who report back to the Trustees. The success of this project is measured by the fact that most students receive a higher education and most complete their training and go on to successfully work in the community.
The Trust has also supported 'Out for Change' [an organisation that assists people from the very religious Jewish communities improve their educational outcome], and various other organisations in the UK, and Israel. Additionally, the Trust has sent funds through Tikva UK to assist in supporting the eductional and welfare needs of children in Ukraine and Romania.
The Trust has also been supporting Hand in Hand an organisation that promotes education of both Arab and Jewish children.
A project with Lev Chash, an organisation in Israel that supports sick children and their families by providing accommodation near to the hospital where they are undergoing treatment, was completed during the year and a further project was undertaken.
The Trustees concluded a project with ORT Israel by furnishing a technical laboratory at one of their colleges in Bnei Brak as well as supporting a number of students with their studies. This support will continue until March 2027.
Page 3
The Quitak Foundation
Report of the trustees for the year ended 5 April 2025
Financial review
The Trustees have, with the guidance of their investment advisors, placed the Trust's assets into investments to provide an income stream to fund grants and administration costs.
Review of the year
After a good financial performance in 2023/24, it appeared that the Foundation would benefit from another strong year. That was until mid-February 2025 when markets were unnerved by talk of tariffs emanating from the USA. There was a decline over the following 6 weeks but nothing outwith the normal ebbs and flows seen within markets in any other year. The actual tariff announcements were far worse than anything that had been speculated about and on 2nd April in successive days the leading global indices dropped by double digit percentages. In total investors were nursing losses of up to 30% in the space of a week and there followed a period of volatility as countries scrambled to agree trading terms with the USA.
It has become clear that all nations want to see an end to this harmful process of implementing tariffs and the markets breathed a sigh of relief when a pause was implemented giving time to get trade deals in place.
This seen a swift recovery and although volatility remains, market levels are nearing their February 2025 levels. Once withdrawals are factored in the reduction in value over the year was -3.06% as at 5th April 2025. There has been an 11.9% improvement since 5th April.
We also maintain the following investments through Meteor Investment Management.
-
Barclays Bank - Interest payable at 0.56% per month (6.72%/ann) for 4 years from August 2023.
-
Credit Agricole - Interest payable at 0.5333% per month (6.4%/ann) for 4 years from October 2023.
Total income from these investments is running at c. £64,000 p.a.
The Structured Deposits we hold have not been subject to a formal valuation. These are term-based investments of up to 4 years and the capital will be returned at the maturity date. The issuing parties are Barclays Bank Plc and Credit Agricole, a leading French bank. Both institutions are rated A+ (Stable) by the major credit ratings agencies. There is a small variance, on a month to month and year to year basis, in the underlying valuations, which merely reflects the early surrender of these plans akin to an interest rate penalty, or in the case of a variance on the upside, reflects and income payment earned & due but not paid
Here is the updated investment fund list of holdings that were present for some or all of the year and the implicit cost figure has been updated in the text below.
L Global 100 Index Trust - 0.14%
Polar Capital Technology Trust - 1.12% Royal London Short-Term Money Market Fund - 0.1% TwentyFour Monument Bond Fund - 0.63% Artemis Global Select - 0.89% Fundsmith Equity - 0.94% Rathbones Global Opportunities - 0.77% Royal London Sustainable World - 0.77% Vanuard Lifestrategy "60" - 0.22% NASDAQ 100 ETF - 0.1% The Fund Advisors have aggregated these implicit costs within the holdings and calculated them as below. For the year to 5 April 2025 ABRDN reported pure investment fund costs amounting to £7,330.01
Reserves Policy
The Trustees hold, in immediate accessible form, via short term money market holdings, sufficient funds to cover one year's administrative costs, the amount of grants already committed for the future twelve months, plus a contingency fund equal to the prior six months expenditure.
Page 4
The Quitak Foundation
Report of the trustees for the year ended 5 April 2025
Plans for future periods
The Trustees continue to support Tikva UK in its endeavours to help with the education of orphaned children still in the Ukraine and those who have been evacuated to Romania. The Trust is also supporting up to fifty of these children in an after school programme. The support offered to the Forgotten People Fund also continues as does that to ORT Israel, and Hand in Hand. The Foundation has committed to education sponshorship of £80,000 per annum for the next two years. The Trustees are always looking for new projects and welcome applications from organisations that provide services that fall within the Trust's objectives.
Statement of trustees' responsibilities
The trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of charity and of the incoming resources and application of resources of the charity for that year. In preparing these financial statements the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements 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 charity will continue in operation.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
On behalf of the board
Alex Portnoy JP FCCA 10 June 2025
James A.C. Meston Cert PFS MIFP
Page 5
The Quitak Foundation
Independent examiner's report to the trustees on the unaudited financial statements of The Quitak Foundation.
I report on the accounts of The Quitak Foundation for the year ended 5 April 2025 set out on pages 2 to 11.
Respective responsibilities of trustees and independent examiner
As the charity's trustees you are responsible for the preparation of the accounts, you consider that the audit requirement of section 43(2) of the Charities Act 1993 (the Act), as amended by section 28 of the Charities Act 2006 does not apply and that an independent examination is needed. It is my responsibility to examine the accounts under section 43(3)(a) of the Act, as amended; to follow the procedures laid down in the General Directions given by the Charity Commission under section 43(7)(b) of the Act, as amended; and to state whether particular matters have come to my attention.
Basis of independent examiner's statement
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, 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 my examination, no matter has come to my attention:
(i) which gives me reasonable cause to believe that in any material respect the requirements:
-
to keep proper accounting records in accordance with section 41 of the Act; and
-
to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Act
have not been met; or
- (ii) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Andrew Davis FCA Chartered Accountant Independent examiner Davis Bonley Chartered Accountants 137 Watling Street Radlett, Herts WD7 7NQ 20 June 2025
Page 6
The Quitak Foundation
Statement of financial activities
For the year ended 5 April 2025
| Unrestricted | Unrestricted | Unrestricted | 2025 | 2024 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| funds | Total | Total | |||||||||||
| Notes | £ | £ | £ | ||||||||||
| Incoming resources | |||||||||||||
| Incoming resources from generating funds: | |||||||||||||
| Investment income | 2 | 89,508 | 89,508 | 71,467 | |||||||||
| Total incoming resources | 89,508 | 89,508 | 71,467 | ||||||||||
| Resources expended | |||||||||||||
| Charitable activities | 3 | 269,365 | 269,365 | 186,395 | |||||||||
| Governance costs | 4 | 18,288 | 18,288 | 23,184 | |||||||||
| Total resources expended | 287,653 | 287,653 | 209,579 | ||||||||||
| Net incoming/(outgoing) resources before | |||||||||||||
| other recognised gains and losses | (198,145 | ) | (198,145 | ) | (138,112 | ) | |||||||
| Other recognised gains and losses | |||||||||||||
| Unrealised Gains/(Losses) on investment assets | (45,876 | ) | (45,876 | ) | 283,525 | ||||||||
| Net movement in funds | (244,021 | ) | (244,021 | ) | 145,413 | ||||||||
| Total funds brought forward | 3,271,679 | 3,271,679 | 3,126,265 | ||||||||||
| Total funds carried forward | 3,027,658 | 3,027,658 | 3,271,678 |
The notes on pages 9 to 11 form an integral part of these financial statements. All funds are unrestricted
Page 7
The Quitak Foundation
Balance sheet
as at 5 April 2025
| Notes Fixed assets Investments 6 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 7 Net current assets Net assets Funds 8 Unrestricted income funds: Unrestricted income funds Unrealised investment gains/(losses) Total unrestricted income funds Total funds |
2025 £ £ 3,002,878 48,679 48,679 ) (23,900 24,779 3,027,657 2,920,287 107,370 3,027,657 3,027,657 |
2024 £ £ 3,196,243 103,401 103,401 ) (27,966 75,435 3,271,678 3,118,432 153,246 3,271,678 3,271,678 |
|---|---|---|
The financial statements were approved by the trustees on 10 June 2025 and signed on its behalf by
Alex Portnoy JP FCCA Trustee
James A.C. Meston Cert PFS MIFP Trustee
The notes on pages 9 to 11 form an integral part of these financial statements. All funds are unrestricted
Page 8
The Quitak Foundation
Notes to financial statements for the year ended 5 April 2025
1. Accounting policies
1.1. Basis of preparation and assessment of going concern
The financial statements are prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s). The financial statements have been prepared in accordance with the 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 2015, and the Charities Act 2011.
- 1.2. The Trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern.
1.3. Fund structure
All the Trust's funds are unrestricted which the Trustees are free to use for any purpose in furtherance of the charitable objects.
1.4. Incoming resources
All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
Income from investments is included in the year in which it is receivable.
1.5. Resources expended
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
1.6. Grants
Where fully committed grants have not paid by the accounting date an accrual for these funds is made. Ongoing Grant commitments for periods after the accounting date are not accrued for but are stated in the notes to the accounts.
1.7. Exchange gains and losses
The Trustees hold all investments in pounds sterling. Where Grants are to be paid in an different currency, the Trustees purchase funds when they consider the best exchange rate can be obtained. All Agreements are stated in the overseas currency. Consequently the figures shown in the accounts represent the total cost to the Foundation of the agreed Grant.
1.8. Investments
Investments held as fixed assets are revalued at achievable market price at the balance sheet date and the gain or loss taken to the statement of financial activities.
Page 9
The Quitak Foundation
Notes to financial statements for the year ended 5 April 2025
| 2. Investment income Unrestricted funds £ Income from UK listed investments 89,509 89,509 3. Costs of charitable activities - by activity Grant funding activities £ Grants made to organisations for educational and medical activities, including ancillary services. 269,365 269,365 The Charity does not make Grants directly to individuals. 4. Governance costs Unrestricted funds £ Investment platform fees 3,243 Investment manager's fees 8,112 Independent examiner's fee 900 Professional fees 5,950 Subscriptions and training 84 18,289 |
2025 Total £ 89,509 89,509 2025 Total £ 269,365 269,365 2025 Total £ 3,243 8,112 900 5,950 84 18,289 |
2024 Total £ 71,468 |
|---|---|---|
| 71,468 | ||
| 2024 Total £ 186,395 |
||
| 186,395 | ||
| 2024 Total £ 3,912 12,292 900 5,850 230 |
||
| 23,184 |
Page 10
The Quitak Foundation
Notes to financial statements for the year ended 5 April 2025
5. Payments to Trustees
| Professional fees paid to Trustees Investment manager's fees Professional fees |
2025 £ 8,112 5,950 14,062 |
2024 £ 12,292 5,850 |
|---|---|---|
| 18,142 |
The professional fees were paid to Mr A Portnoy and the Investment Manager's fees were paid to JPM Asset Management Limited of which Mr J Meston is a director.
Other than providing the professional services mentioned above the Trustees give freely of their time and expertise without any form of remuneration or benefit.
Number of employees
The average monthly numbers of employees (including the trustees) during the year, calculated on the basis of full time equivalents, was as follows:
| 2025 | 2024 |
|---|---|
| Number | Number |
| 1 | 1 |
| Fixed asset investments | Listed | ||||||
|---|---|---|---|---|---|---|---|
| investments | Total | ||||||
| £ | £ | ||||||
| Valuation | |||||||
| At 6 April 2024 | 3,196,244 | 3,196,244 | |||||
| Additions/(losses) | (2,490 | ) | (2,490 | ) | |||
| Disposals | (145,000 | ) | (145,000 | ) | |||
| Revaluations | (45,876 | ) | (45,876 | ) | |||
| At 5 April 2025 | 3,002,878 | 3,002,878 | |||||
| Historical cost as at 5 April 2025 | 3,020,000 | 3,020,000 |
6. Fixed asset investments
All fixed asset investments are held within United Kingdom Platforms.
The £1m held on Structured Deposits have not been subject to a formal valuation. These are term-based investments and the capital will be returned at the maturity date. The issuing parties are Barclays Bank Plc and Credit Agricole, a leading French bank. Both institutions are rated A+ (Stable) by the major credit ratings agencies. There is a small variance, on a month to month and year to year basis, in the underlying valuations, which merely reflects the early surrender of these plans akin to an interest rate penalty, or in the case of a variance on the upside, reflects and income payment earned & due but not paid.
Page 11
| 7. | Creditors: amounts falling due | ||
|---|---|---|---|
| within one year | 2025 | 2024 | |
| £ | £ | ||
| Accruals and deferred income | 23,900 | 27,966 |
Long Term Liabilities
At the Balance Sheet date the Charity had entered into Agreements with various Institutions for the educational sponsorship of a number of students. These funds become payable between September 2025 and March 2027 and total NIS 640,000 [approximately £140,000]. These payments are not included in the Financial Statements.
8. Analysis of net assets between funds
9.
| Unrestricted | Unrestricted | Total | Total | ||||||
|---|---|---|---|---|---|---|---|---|---|
| funds | funds | ||||||||
| £ | £ | ||||||||
| Fund balances at 5 April 2025 as represented by: | |||||||||
| Investment assets | 3,002,878 | 3,002,878 | |||||||
| Current assets | 48,679 | 48,679 | |||||||
| Current liabilities | (23,900 | ) | (23,900 | ) | |||||
| 3,027,657 | 3,027,657 | ||||||||
| Unrestricted funds | At | At | |||||||
| 6 April | Incoming | Outgoing | Gains and | 5 April | |||||
| 2024 | resources | resources | losses | 2025 | |||||
| £ | £ | £ | £ | £ | |||||
| General unrestricted income fund | 3,118,433 | 89,508 | 287,653 | - | 2,920,288 | ||||
| Revaluation reserve | 153,246 | - | - | ) (45,877 |
107,369 | ||||
| 3,271,679 | 89,508 | 287,653 | ) (45,877 |
3,027,657 |