REGISTERED CHARITY NUMBER: 1084835 

## REPORT OF THE TRUSTEES AND 

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 

## FOR 

## JAMES MADISON CHARITABLE TRUST 

Wettone Matthews Limited Chartered Certified Accountants Market House 21 Lenten Street Alton GU34 1HG 

JAMES MADISON CHARITABLE TRUST 

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 

|||Page||
|---|---|---|---|
|Reference and Administrative Details||1||
|Report of the Trustees|2|to|4|
|Independent Examiner's Report||5||
|Statement ofFinancial Activities||6||
|Balance Sheet||7||
|Notes to the Financial Statements|8|to|12|
|DetailedStatementofFinancialActivities||13||



JAMES MADISON CHARITABLE TRUST 

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 5 APRIL 2025 

TRUSTEES D A Grace Professor A Pabst AM Sladen Ms M Kirtilli Professer T K Hervey Dr R G Corbett J T Bishop Dr P Copeland Professor J E Smith 

PRINCIPAL ADDRESS 84 Hazelwood Close Cambridge Cambridgeshire CB4 3SP REGISTERED CHARITY 1084835 NUMBER 

INDEPENDENT EXAMINER Wettone Matthews Limited Chartered Certified Accountants Market House 21 Lenten Street Alton GU34 IHG 

INVESTMENT ADVISERS Quilter Cheviot Senator House 85 Queen Victoria Street London EC4V 4AB 

Page | 

JAMES MADISON CHARITABLE TRUST 

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025 

The trustees present their report with the financial statements of the charity for the year ended 5 April 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: 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 | January 2019). 

## OBJECTIVES AND ACTIVITIES 

## Objectives and aims 

The purposes of the Charity are set out in its governing document. The objects of the charity are to support and promote studies of federal government whether within or among states, including studies of procedures that may lead towards the establishment of such government, and to support or promote education and dissemination of knowledge of these subjects. 

## Significant activities 

The trustees meet or communicate electronically to decide on all matters involving the government of the Trust including instructions to the Trust's investment managers and the approval of grants for new projects, except where the Trustees from time to time delegate such decisions to two of more Trustees in committee, as set out in the Trust Deed. 

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JAMES MADISON CHARITABLE TRUST 

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025 

## OBJECTIVES AND ACTIVITIES 

## Continuing projects supported 

During the year we have continued support for the following projects. 

Dr Paolo Dardanelli of University of Kent has continued his work on “Why Centralisation and Decentralisation in Federations?”, an international collaborative project that seeks to measure long-term de/centralisation dynamics in federal systems and account for the patterns observed. 

Paul Copeland of Queen Mary's University London and Rachel Minto of Cardiff University completed their project on Civil Society and European Networks in a post-devolution UK: Governance for Equality and Social Justice after Brexit. Their report is here: (https://www.qmul.ac.uk/mei/research-projects/the-uk-joint-committee-on-women-project/ 

The University Association for Contemporary European Studies (UACES)'s project "Future proofing the study of Europe in the UK after Brexit." established an Ideas on Europe blog site: https://eufutures.ideasoneurope.eu and published a working paper on "Understanding EU legal integration/ disintegration: in search of new perspectives": https://openaccess.city.ac.uk/id/eprint/29601 / 

## They also held two masterclasses online via Zoom. 

Professor Neophytos Loizides of the University of Warwick completed his project on "New Federations: IDPs and Durable Solutions to Displacement in Federal Systems." 

Dr Paul Anderson of Liverpool John Moores University; project on "Levelling Up English Devolution" conducted interviews with 52 officials from mayoral authorities, civil servants, government ministers and stakeholders. 

In the project "Assessing the UK's new intergovernmental relations architecture post-Brexit: the case of EU policy" Dr. Carolyn Rowe of Aston University, Dr. Rachel Minto of Cardiff University and Dr. Elin Royles of Aberystwyth University interviewed practitioners from Scottish, Welsh and UK governments. They presented a paper to the 2nd Conference of the "Intergovernmenta! Coordination from Local to European Governance (IGCOORD)" network: :https:/igcoord.eu/activities/conferences/ 

Melis Kirtilli of Exeter University's project on “Taking Back Control: Decentralised Federalism and the Legacy of Anarchist Thought in Federal Studies” collected papers for a special issue of Publius: The Journal of Federalism. 

## New projects 

We publicised our grant-making through several international academic networks and received ten new applications. We awarded grants for the following. 

A book on "The UK Regulatory Framework post-Brexit: "Law Unbound’ edited by Prof Paul Craig of Oxford University & Dr Vilija Velyvyte of Reading University. 

A project on "From Barracks to Brussels: How NATO membership enhances public support for EU Integration” by Professor Eyal Rubinson of Ariel University, Israel. 

A project by Josephine Harmon, Assistant Professor at Northeastern University on "Prospects and Challenges for EU Federalism". 

A project by Dr Jonathan Arlow of Liverpool! University and Dr S. Harikrishnan of Dublin City University on "Structuring Representation in a United Ireland: Federal models". 

## Investments 

Trustees continue happy with our investment managers, Quilter Cheviot with our money invested in their Global Income and Growth Fund for Charities. Trustees have been content with the performance of this fund and consider that our resources are well managed. 

## Governance 

Page 3 

## JAMES MADISON CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025 

## SSS 

## OBJECTIVES AND ACTIVITIES 

We re-elected the same trustees and officers as the previous year. We began preparations for the recruitment of new trustees to assure the future governance of the trust. 

## ACHIEVEMENTS AND PERFORMANCE 

## Charitable activities 

The charity has been able to fund the initiation of so many new projects and achieve the aims of the charity. 

Grants made have facilitated scholarly publications and enabled the organisation of conferences and workshops exploring the aspects of federalism sct out in the charity's objectives. 

## FINANCIAL REVIEW 

## Financial position 

Quilter Cheviot have managed the investments since 2021. The funds are invested in their Global Income and Growth Fund for Charities which is diversified both geographically and by sector. 

The year to 5 April 2025 ended with volatile markets largely caused by US tariff uncertaintics. Our investments showed a small capital loss of 2.5 % , more than offset by income of 2.7%. 

‘The trustees are happy with the investment managers . 

The charity maintains at least £70,000 of cash with CAF bank , representing around three years of normal expenditure. 

## Reserves policy 

All reserves are availabic for distribution for qualifying grants as approved by the trustees at regular meetings. 

## STRUCTURE, GOVERNANCE AND MANAGEMENT 

## Governing document 

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity. 

## Organisational structure 

The charity is constituted as an unincorporated charity, cstablished by Trust Deed. The governing document of the charity is the Trust Deed establishing the charity. 

## The governing document is dated 20 April 2000. 

There are no restrictions in the governing documents on the operation of the Charity or on its investment powers other than those imposed by Charity Law. 

## The trustees are alt individuals. 

## Induction and training of new trustees 

The Trust has a strong board of Trustees but is continuing to seek new Trustecs to reinforce its administrative and academic skills. New Trustees arc sought through recommendation and external contacts and also by a notice on the Trust's website. 

Approved by order of the board of trustees on 8 October 2025 and signed on its behalf by: 


**----- Start of picture text -----**<br>
.<br>Y,(FM JV ete<br>A M Sladen - Trustee<br>**----- End of picture text -----**<br>


## ——————— 

Page 4 

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF JAMES MADISON CHARITABLE TRUST 

## Independent examiner's report to the trustees of James Madison Charitable Trust 

I report to the charity trustees on my examination of the accounts of James Madison Charitable Trust (the Trust) for the year ended 5 April 2025. 

## Responsibilities and basis of report 

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). 

I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act. 

## Independent examiner's statement 

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 

1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or 

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. 

I have no concems and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 

W Croucher 

Wettone Matthews Limited 

Chartered Certified Accountants Market House 21 Lenten Street 

Alton GU34 1HG 

## Date: 13, Octooe Joas 

Page 5 

JAMES MADISON CHARITABLE TRUST 

## STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025 

|||2025|2024|
|---|---|---|---|
|||Unrestricted|Total|
|||fund|Sunds|
||Notes|£|£|
|INCOMEAND ENDOWMENTS FROM||||
|Investment income|2|29,661|26,738|
|Other income||559|593|
|Total||30,220|27,331|
|EXPENDITURE ON||||
|Charitable activities||||
|Charitable activities||7,275|21,045|
|Net gains/(losses) on investments||(20,762)|76,774|
|NET INCOME||2,183|83,060|
|RECONCILIATION OF FUNDS||||
|Total funds brought forward||972,491|889,431|
|TOTALFUNDSCARRIEDFORWARD||974,674|972,491|



The notes form part of these financial statements 

Page 6 

JAMES MADISON CHARITABLE TRUST 

BALANCE SHEET 5 APRIL 2025 


**----- Start of picture text -----**<br>
||||||
|---|---|---|---|---|
|eee|
|2025|2024|
|Unrestricted|Total|
|Notes|fund|funds|
|FIXED|ASSETS|£|£|
|Investments|5|881,594|902,357|
|CURRENT ASSETS|
|Cash at bank|94,340|71,334|
|CREDITORS|
|Amounts|falling due within one year|6|(1,260)|(1,200)|
|NET CURRENT ASSETS|93,080|70,134|
|TOTAL ASSETS|LESS CURRENT|
|LIABILITIES|974,674|972,491|
|NET ASSETS|974,674|972,491|
|FUNDS|7|
|Unrestricted|funds|974,674|972,491|
|TOTAL FUNDS|974,674|972,491|

**----- End of picture text -----**<br>


The financial statements were approved by the Board of Trustees and authorised for issuc on 8 October 2025 and were signed on its behalf by: 


**----- Start of picture text -----**<br>
{ 4<br>Ai ! er| f4 (Aa, Pay<br>AM Sladen - Trustee ~~<br>**----- End of picture text -----**<br>


The notes form part of these financial statements 

Page 7 

JAMES MADISON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 

1, ACCOUNTING POLICIES 

## Basis of preparing the financial statements 

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: 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 2019Y, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. 

## Income 

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. 

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. 

## Taxation 

The charity is exempt from tax on its charitable activities. 

## Fund accounting 

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. 

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. 

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements, 

2. INVESTMENT INCOME 

|INVESTMENT INCOME|||
|---|---|---|
||2025|2024|
||£|£|
|Other fixed asset invest - FII|28,219|25,553|
|Deposit account interest|1,442|1,185|
||29,661|26,738|



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continued... 

JAMES MADISON CHARITABLE TRUST 

NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 5 APRIL 2025 

## 3. TRUSTEES' REMUNERATION AND BENEFITS 

There were no trustees’ remuneration or other benefits for the year ended 5 April 2025 nor for the year ended 5 April 2024. 

4. 

|Trustees’ expenses|||
|---|---|---|
||2025|2024|
||£|£|
|Trustees’ expenses|110|1,004|
|COMPARATIVES FORTHE STATEMENT OF FINANCIAL ACTIVITIES|||
|||Unrestricted|
|||fund|
|||£|
|INCOMEAND ENDOWMENTS FROM|||
|Investment income||26,738|
|Other income||593|
|Total||27,331|
|EXPENDITURE ON|||
|Charitable activities|||
|Charitable activities||21,045|
|Net gains on investments||76,774|
|NETINCOME||83,060|
|RECONCILIATION OF FUNDS|||
|Total funds brought forward||889,431|
|TOTALFUNDSCARRIEDFORWARD||972,491|



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continued... 

JAMES MADISON CHARITABLE TRUST 

NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 5 APRIL 2025 

## 5. FIXED ASSET INVESTMENTS 


**----- Start of picture text -----**<br>
||||||||||
|---|---|---|---|---|---|---|---|---|
|Listed|
|investments|
|£|
|MARKET|VALUE|
|At|6|April|2024|902,357|
|Disposals|(20,763)|
|At|5|April|2025|881,594|
|NET|BOOK|VALUE|
|At|5|April|2025|881,594|
|At|5|April|2024|902,357|
|There|were|no|investment|assets|outside|the|UK.|
|Cost|or valuation|at|5|April|2025|is|represented|by:|

**----- End of picture text -----**<br>



**----- Start of picture text -----**<br>
|||||
|---|---|---|---|
|Listed|
|investments|
|£|
|Valuation|in|2025|(24,452)|
|Cost|906,046|
|881,594|

**----- End of picture text -----**<br>


## 6. 

## CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 


**----- Start of picture text -----**<br>
||||||
|---|---|---|---|---|
|2025|2024|
|£|£|
|Other|creditors|1,260|1,200|
|7.|MOVEMENT|IN|FUNDS|
|Net|
|movement|At|
|At|6/4/24|in|funds|5/4/25|
|£|£|£|
|Unrestricted|funds|
|General|fund|972,491|2,183|974,674|
|TOTAL|FUNDS|972,491|2,183|974,674|

**----- End of picture text -----**<br>


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continued... 

JAMES MADISON CHARITABLE TRUST 

NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 5 APRIL 2025 

## 7. MOVEMENT IN FUNDS- continued 

Net movement in funds, included in the above are as follows: 


**----- Start of picture text -----**<br>
|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|Incoming|Resources|Gains and|Movement|
|resources|expended|losses|in|funds|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|30,220|(7,275)|(20,762)|2,183|
|TOTAL|FUNDS|30,220|(7,275)|(20,762)|2,183|
|Comparatives|for|movement|in|funds|
|Net|
|movement|At|
|At|6/4/23|in|funds|5/4/24|
|£|£|£|
|Unrestricted|funds|
|General|fund|889,431|83,060|972,491|
|TOTAL|FUNDS|889,431|83,060|972,491|
|Comparative|net|movement|in|funds,|included|in|the|above|are|as|follows:|
|Incoming|Resources|Gains|and|Movement|
|resources|expended|losses|in|funds|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|27,331|(21,045)|76,774|83,060|
|TOTAL|FUNDS|27,331|(21,045)|76,774|83,060|

**----- End of picture text -----**<br>


A current year 12 months and prior year 12 months combined position is as follows: 


**----- Start of picture text -----**<br>
||||||
|---|---|---|---|---|
|Net|
|movement|At|
|At|6/4/23|in|funds|5/4/25|
|£|£|£|
|Unrestricted|funds|
|General|fund|889,431|85,243|974,674|
|TOTAL FUNDS|889,431|85,243|974,674|

**----- End of picture text -----**<br>


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continued... 

JAMES MADISON CHARITABLE TRUST 

NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 5 APRIL 2025 

## 7, MOVEMENT IN FUNDS- continued 

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: 

||Incoming|Resources|Gains and|Movement|
|---|---|---|---|---|
||resources|expended|losses|in funds|
||£|£|£|£|
|Unrestricted funds|||||
|General fund|57,551|(28,320)|56,012|85,243|
|TOTALFUNDS|57,551|(28,320)|56,012|85,243|



a. RELATED PARTY DISCLOSURES 

There were no related party transactions for the year ended 5 April 2025. 

Page 12 

JAMES MADISON CHARITABLE TRUST 

## DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025 

||2025|2024|
|---|---|---|
||£|£|
|INCOME AND ENDOWMENTS|||
|Investment income|||
|Other fixed asset invest-FII<br>Deposit account interest|28,219<br>1,442|25,553<br>1,185|
||29,661|26,738|
|Other income|||
|Royalties from intellectual property rights|559|593|
|Totalincoming resources|30,220|27,331|
|EXPENDITURE|||
|Charitable activities|||
|Trustees’expenses|110|1,004|
|Website development|260|250|
|Conferences<br>Grants to institutions|-<br>5,500|7,453<br>11,173|
||5,870|19,880|
|Support costs|||
|Finance|||
|Bank charges|85|a3|
|Governance costs|||
|Accountancy and legal fees|1,320|1,080|
|Total resources expended|7,275|21,045|
|Net income before gains and losses|22,945|6,286|
|Realised recognised gains and losses|||
|Unrealised gains/(losses) on fixed asset|||
|investments|(20,762)|76,774|
|Netincome|2,183|83,060|



This page does not form part of the statutory financial statements 

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