REGISTERED CHAIUTY NUMBER.. 11)84835 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 FOR JAMES MADISON CHARITABLE TRUST Wettone Maiihews Limited Cllartered Certifi¢d Accounlanls Markei House 21 Lenten Sireet Alion GU34 1 HG
JAMES MADISON CHAIUTABLE TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Page Referenee and Admlnlitrxtlvt DetAII$ Report of the Tru$ltts Independenl Examiner'i Report Statement of Fln*nclAI A¢tlvlti¢$ B#l&n¢e Shttl Notes to the FinanciAI Slatemenls 8 to 12 De¢alled Stalernenl of FlnAn¢iil A¢livi¢ies 13
JAMES MADISON CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE DETAII FOR THE YEAR ENDED 5 APRIL 2024 TRUSTEES Professor S HeniL' (resigned 81912023) D A Grace Professor A Pabst A M Sladen Ms M Kirtilli Professer T K Hervey Dr R G Corb¢ti J T Bishop Dr P Copeland Professor J E Smith PRILYCIPAL ADDRESS 84 Hazelwood Clos¢ Cambrid8e Cambridgeshire CB4 3SP REGISTERED CHARITY NUMBER 1084835 INDEPENDENT EXAMINER Weltone Matthews Limiied CharteTed Certified Accountants Markel House 21 Lenten Sireel Alton GU34 IHG INVESTMENT ADVISERS Quilier Chevioi Senator Hou5¢ 85 Queen Victoria Street London EC4V 4AB Pa8e I
JAMES MADISON CHAIUTABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024 The Iruslees present Ih¢ir report with the financial stalemenls of ihe charily for the year ended 5 April 2024. The Irusl¢es have adopted the provisions of Accounling and RepoTting by Chgrit1¢5.' Stat¢m¢nt of Recommended Practice applicable lo chllrilies prepkring their accounts in accordance th ihe Financial Reporting Siandard applicable in the UK and Republic of Ireland {FRS 102) (effecliv¢ l January 2019). OBJECTIVES AND A1VITIEs Objectives and alms The purposes of the Charily are set out in ils governing docurnenl. The objects of the charity are lo support and promote studies of federal giovernmenl whether within or amon&T slates. in¢ludinby Siudies of procedures that may lead towards th¢ establishment of such government, and to support or promole educalion and dissemination of knowledge of Ihese subjccls. Significant aetivities The Itee5 Tn¢el or communicate eleeironically lo d¢¢id¢ on 811 mall¢rs involving ihe government of the Trust including instructions io the Trust's investment managers and the approvAI of grants for new projecls, excepl where the Trustees from lime lo lime delegaie such decisions lo two of more Trusiees in committee. as sel out in the Trust Deed. Pag¢ 2
JAMES MADISON CHAIUTABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED S APRIL 2024 OBJECTIVES AND ACTIVITIES Publ1¢ benefit During the year w¢ have conlinued support for several projects as well as approving a new grnnl, We have supported the work of Dr Paolo Dard8n¢lll of Universlty of Kent on "Why C¢ntralisation and Deceniralisation in Feder&iions?11 an inlernalional collaborative projec( Ihai seeks lo measure lon¥-lerni decenlrali5alion dmI¢S in federal syslerns and account for th¢ p4tterns observed. The I si and 2nd phases have led to publications in the journals Publius volume 49 (1) and Regional and Federal Studies. The 3rd phase is still underway. We have continued ¥rau15 to Univ¢r5ity Associalion for Conlemporary European Siudies (UACES) (or the projecl "Future proofing the study of Europe in Ihe UK after Brexit." This ha5 SUPPQrt¢d rcscarch at the Historical Archives of (he European Union in Florence. publieaiion of articles in the Journal of ContempoT3ry Ewop¢an Research and the eslablishmeni of 2 new rcscaTch networks on (Re)Imagining Territorial Politics in a Time of Crisis and EU fureS. We also supported the project of Profe&sor Neophytos Loizides, Director of thc Conflict Analysis Research Centrc {CARC) at ihe University of Kent. on "New Federations.. IDPS and Durablc Solulions to Displacement in Fed¢ral Systems." The project of Dr JohAnna Schnabel of the Freie Universiiat Bcrlin on "The Effectiveness of Condittonal Grant Programmes in Educaiion and Health Care in F¢deral Systems also reeeived our support. Dr Paul Anderson of LiveTpooI John Moores University conlinued Work on "Levelling Up En81ish Devolulion" lookin8 al r¢lalions between Metro Mayors find central government. Dr. Carolyn Rowe of Asion University, Dr, Rachel Minlo of Cardiff University and Dr. Elin Royles of Aberyslwyth University received our grant for "Assessin8 the UK'S new inl¢rgovcrnrncnlol relations architectur¢ post-Brexil: the case of EU policy" whi¢h looked al relations between devolved governments and WhitehAII and ihe European Union. Melis Kirtilli of Exeler University continued her project on "Takin& Back Control., Decenlralised Federalism and the Le8a¢y of Anarchisl Thought in Federal Studies" which included a WVTkshop with intcrnational participants at Ex¢l¢r in June 2023 and is expected lo lead to a new resear¢h network and publieaiion. We also awarded a brant for a new proj¢¢l now undenvay."'Does Neor Equal D¢ar?11 which analyses citizens preferences for regional vs. central government and is run by Dr Lena Masch of Freie Universitsi Berlin. The trustees have had rcg8rd lo the Charity Commission's guidance on public benefit in managing the activiiies of the charity. In Ociobcr 2023 we held a joint conference with Federal Trusi asking whal the European Union might look like in 2033. The conference discussed soft power and hafd power, economics. democratic and environmeni81 challenges for ihe EU. Th¢r¢ were speakers and altendanis in person and online and film of Ihe sessions Can be found here.. https:Ilwww.youtube.comlwatch?rtkDniQrYLIE8 ACHIEVEMENT AND PERFORMANCE Charltable aetlvltles The clwity has bcen able lo nd the initiation of 50 many new projecis and a¢hiev¢ th¢ aims of Ihe charity. Grdnls made have facililated scholarly publicalions and enabled Ihe org3ni5alion of conferences and workshops exploring Ihe aspe¢l$ of federalism set out in the charity's obJec(Iv¢5. Pa8e 3
JAMES MADISOIY CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 3 APRtL 2024 FINAIYCIAL REVIEW Flnaneial posltk)n In 2021 truslees had decided to changc our investhienl managers to Quilter Cheviol with our moD¢y invesled in their Global Income and Growth fund for Charilies. TTusIx5 conlinue lo be conient with the perforniance of this fund and consider that our resources are well managed. All the investsnent fjjnds are in the Quiller Cheviol Global Income and Gro Fund for Charities . This is diversified, both geographically and by seclor. The ytrdr saw a recovery after the adversc inveslment result of 2022r23, and the iotal return wa5 13.V/o of whlch 10.6 /0 was capilal growth. The charity maintained around £70,000 in cash with CAF bank, representlng nearly three years of normal expendilure. Reserves poliey All reserves are available for distribudon for qualifying granis as approved by the trustees at regular medln8S. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing docwnenL a deed of trust and constitutes an unincorpordled charity. Organlsational slructure The charity is constliuied as an unincoryx)raled Charity, established by Trust Deed. The governin8 document of the charlty Is the TnLSt I)ced cstablishing the charity. The 8overniD8 document is dated 20 April 2000. There are no restriclions in the governing documents on the operation of the Charity or on its Invesljnent powers other than those Imw)sed by Charity Law. The trustees are all individuals. Induction and training of new trustees The Trusi has a strong board of Trusices but is continuiiig to scek new TnLStees to reinforce its administrative and academtc skilts. New Trustees are sougbi throu8h rccommendallon and exlcrnal Cs)lltscts and atso by a nolic¢ on the TnLSt's websile. Approved by order of the board of trustees on I l October 2024 and SAed on its behaifby: A M Sladen - Trust Page 4
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF JAMES MADISON CHARITABLE TRUST Independenl examlner's report lo the trustees ofJames MAdtson Ch*ritAble Trust I report lo th¢ charity IteeS on my examination of the 8¢counts of James Madison Charitable Trust (the Trnst) for the year ended 5 April 2024. R¢$pon$ibilities and basls of report As the charity ITuslees of the Tnjsi you are responsible for the preparation of the arrounls in accordance with the requirements of ihe Charities Act 2011 {'Ihe Act,). I report in respect of my ¢xaminaiion of the Trust's accounts carried oui under Section 145 of Ihe Act and in caTrying out my examination I have followed all applicable Directions given by the Chariry Commission under Section 145(5){b) of the Act. Independent examlner's slA¢emenl I have completed my exaniinalion. I confirni thai no material matters have come to my #ttenlion in connection with the cxaminalion giving m¢ cause lo believe Ihal in any material respccl: accounling records were not kept in respect of ihe TNst as required by Section 130 of ihe Act,. or the accounts do noi accord with thos¢ records- or the accounts do not comply wilh ihe applicable requirements concerning the fonn and content of a¢¢ounts sel out in the Charities {A4¢ounts and Rcports) Regulations 2008 other than any requiremcnl that the accounts 8iv¢ a tru¢ and fair view which is not a matter considered as part of an indcpendent examination. I have no concerns and have come across no other malt¢rs in Connection with Ihe examination to which atteniion should be drawn in this report in ordeT lo enabl¢ a prop¢r understanding of ihe 4ccounls lo be reached. W Croucher Wellone Maiih¢w3 Limil¢d Chartered Certified Ac¢ounlNnls Market House 21 Lenten Slreel Alion GU34 1 HG Da.. 17...Octobcr 2024 Pag¢ 5
JAMES MADISON CHAIUTABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024 2024 Unrestricted fund 2023 Total funds Notes INCOME AND ENDOWMENTS FROM Investment income Other income 26,738 593 25,659 403 Totll 27J31 26.062 EXPENDITURE ON Charllable *etlvities Charitable activities 21,045 13.615 Net 8ainsl(losses} on investments 76,774 (70.883) IYET INCOMEI(EXPENDITURE) 83.060 (58,436) RECONCILIATION OF FUNDS Tothl funds brou8hi forward 889,431 947.867 TOTAL FUNDS CARRIED FORWARD 972,491 889.431 The notes fomi Part of these financial slalements Page 6
JAMES MADISOIY CHARITABLE TRusr BALANCE SHEET S APRIL 2024 2024 Unrejtricted fund 2023 Tolal fvnds Noies FIXED ASSETS Investments 9D2J57 759,310 CURRENT ASSETS 71J34 J31,32J CREDITORS Amounls falling due within one year (1300) CJ,200) NET CURRENT ASSETS 70.134 130,12] TOTAL ASSETS Ls CURRENT LIABILITIES 972A91 889.431 NET ASSETS 971491 889,431 Unrestricted funds 972,491 889,431 TOTAL FUNDS 972.491 889,431 The f1¢11 statements were approved by the Board of Tntstees wid authorised for Issue on I l October 2024 und were Si8ned on lis behalf by: A M Sladen- Tnistee The notes forni Pdrt of these financial statements Page 7
JAMES MADISON CHARITABLE TRUST NOTES TO THE FtNANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 ACCOUNTING POLICIES Basls of prep*ring the finanelal statements Thc financial stslemenls of the charity, which is a public benefit entily under FRS 102, have beett prepared in accordance with Ihe Chariti¢s SORP (FRS 102) 'Accounting and Reporting by Charities.. Sialement of Recommended Practice applicable io charilies preparinbl ih¢ir accounls in accordance with lh¢ Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {effective l January 2019),, Financial Reporting Standard 102 'The Financial Report ing Standard applicable in th¢ UK and Republic of Ireland, and the Charities Act 2011. The financial slalemen15 have b¢¢n prepared under the historical cost convenlion, with the exceplion of inveslmenis which are included at market value, as modified by the revaluation of certain asseis. In¢om¢ All income is recobylli5ed in the Sialcmenl of Financial Aclivili¢5 once thc charily has enlitlemenl lo th¢ nds, il is probable that Ihe income will be re¢¢iv¢d and the amount can be measured reliably. Expendlture Liabililics are re¢ogni.sed a5 ¢xp¢ndIr¢ as soon as there 18 a legal or constructive obligation commilling the chanty io thai expenditure, it is probable that a transfcr of economic benefits will b¢ required in settlement and the amount of the obli8alion can be measured reliably. Expendilure is CoUnted for on an accru41s basis and has been classified under headings that aggregate all Cosi relaied 10 Ihe category. Where costs eannoi be directly altribuled lo particular headinbys ihey have bccn allocated lo aclivilies on a basis consislenl with Ihe use of iesour¢es. Granls offered subjeci 10 conditions which have nol been mel ai Ihe year end dale are noted as a ¢omrnilrncnl but not accrucd as expenditure. Taxatlon The charity is exempt from lax on its charitable acliviiies. Fund Accoyntlng Unrestricled funds c¥n be used in accordance with the charitable objectives at Ihe disereiion of the Irust¢¢s. Restricted funds can only be used for particular r¢slricled purposes within th¢ objccls of the charity. Reslriclions arisc when specified by the donor or when funds are raised for particular restricted purposes. Further explanalion of the nature and purpose of each fund is ilded in the notes lo Ihe fsnancial staiem¢nl$. INVESTMENT INCOME 2024 2023 Other fixed asset invesl - Fll Deposit occount inleresl 25,S53 1,185 24,918 741 26,738 25,659 Pa8e 8 continued...
JAMES MADISON CHAIUTABLE TRUST NOTES TO THE FINANCIAL sTATEmES- eontlnued FOR THE YEAR ENDED 5 APRIL 2024 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees. remuneration or other benefits for the year ended 5 April 2024 nor for the year ended 5 April 2023. Trust¢e$' exp¢ns¢s 2024 2023 Truste¢s' expenses 1,004 251 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund INCOME AND ENDOWMENTS FROM Lnveslmeni income Other incorne 25,659 403 Tolal 26.062 EXPENDITURE ON Ch*rltable attlvltles Charilable Aclivilies 13,615 Net gain51(IosscsI on investments (70,883) NET INCOMEI(EXPENDITURE) (58,436) RECONCILIATION OF FUNDS Total funds brought for4vard 947,867 TOTAL FUNDS CARRIED FORWARD 889.431 Pa8¢ 9 ¢ontinu¢d...
JAMES MADISON CHARtTABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 5 APRIL 2024 FIXED ASSET INVESTMEIYTS Listed investments MARKET VALUE Ai 6 April 2023 Additions Revaluations 759JlO 66.273 76,774 Ai S April 2024 902J57 NET BOOK VALUE At 5 April 2024 902,357 Ai 5 April 2023 759,3JO There were no invcslmenl assets outside the UK. Cost or voluation al 5 April 2024 is reprtsenled by.. Llsted InvestThent$ Valuation in 2024 Cost (3,689) 906,046 902a57 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Oihcr creditors 1,200 1.200 MOVEMENT IN FUNDS Net movement in funds At 514124 Ai 614123 Unrestrleted funds General fund 889,431 83,060 972,491 TOTAL FUNDS 889,431 83,060 972.491 Page 10 colllinued...
JAMES MADISON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS - Contlntsed FOR THE YEAR EiYDED 5 APRIL 2024 MOVEMENT I]Y FUNDS- continued Nel movement in funds. included in the above are as follows.. Incomin8 resources Resources expended Gains and losses Movement in lunds Unre$tri¢¢ed funds General fund 27aJl (21,045) 76,774 83,060 TOTAL FUNDS 27,331 {21,045) 76,774 83,060 Comparatlves for movtm¢n¢ In funds Net movement in funds At 514123 At 614122 Unrestricted funds General fund 947,867 (58,436) 889,431 TOTAL FUNDS 947,867 (58.436) 889.431 Comparative net rnovemenl in fvnds, included in the above #re is follows: Incoming resources Resources expended Gains and losses Movement in funds Unr¢strl¢ted fundi Gen¢ral fvnd 26,062 {13,615) (70,883) (58,436) TOTAL FUL¥DS 26.062 {13.615) (70.883 (58,436) A CU¢nI year 12 monihs and prior year 12 months combined position is as follows.. Net movcmenl in fvnds At 514124 At 614122 Unrestrlcted funds General fund 947.867 24,624 972,491 TOTAL FUiYDS 947,867 24,624 972,491 P48ell continued...
JAMES MADISON CHARITABLE TRUST NOTES TO TIIE FINANCIAL STATEMENTS- Continued FOR THE YEAR ENDED S APRIL 2024 MOVEMENT IN FUNDS- continu¢d A cuent yeaT 12 nKJnths and prior year 12 months combined net movement in fiJnds. included in the above are as follows.. Incoming Tesources Resources expended Gains and losses Movern¢nt in funds Unreslrlcl¢d fndS General fund 53,393 {34,660) 5,891 24.624 TOTAL FUNDS 53,393 (34,660) 5,891 24.624 RELATED PARTY DISCLOSURES There were no relaied party transactions for the year ended 5 April 2024. Pa8e 12
JAMES MADISON CHARITABLE TRUST DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED S APRIL 2024 2024 2023 INCOME AND ENDOWMENTS Investment Ineome Oih¢r fixed as5el invest - Fll Deposit account inlerest 25,553 1,185 24.918 741 2A738 25.659 Other Ineome Royaliies from inlell¢¢tual property rights 593 403 Total In¢omln% rewvr¢e$ 27,331 20. 062 EXPENDITURE ChArliAble x¢¢ivitles Tte¢s, expenses Website development Meeting expenses Conferences Grants to institutions 1,004 250 251 231 J49 3.229 8,483 7,453 11,173 19,880 12,343 Suppor¢ costs Flnance Bank charges 85 72 Governance cost Ac¢ouniancy and legal fees 1,080 1.200 Total resources expended 21,045 13,015 Net Income before galns and losses 6,286 12,447 Reallsed recognis¢d 84lns and losses Unrealised Lrains, (losses) on fixed asset investments 76,774 (70,883) N¢t in¢omel{expendilure) 83,060 {5A,436) This page does not fomi part of ihe stalulory financial slat¢rnenls Page 13