Reading and co-workers introduced a new technique a few years ago called Modulated Differential Scanning Calorimetry or MDSC. Here the first part of a theoretical analysis for this technique is given. A simple mathematical model for modulated differential scanning calorimetry in the form of an ordinary differential equation is derived. The model is analysed to find the effect of a kinetic event in the form of a chemical reaction. Some possible sources of error are discussed. A more sophisticated version of the model allowing for spatial variation in a calorimeter is developed and it is seen how it can be reduced to the earlier model. Some preliminary work on a phase change is also presented.