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 A￿1VITIEs
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 I￿￿tee5 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 d￿￿mI¢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 fu￿reS.
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 SA￿ed 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 I￿￿teeS 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 L￿s CURRENT
LIABILITIES
972A91
889.431
NET ASSETS
971491
889,431
Unrestricted funds
972,491
889,431
TOTAL FUNDS
972.491
889,431
The f￿￿1¢1￿1 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¢ndI￿r¢ 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 i￿l￿ded 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 sTATEmE￿S- 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 cu￿ent 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 f￿ndS
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
T￿￿te¢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