International Journal of Experimental Pathology (company limited by guarantee) Report and Financial Statements for the vear ended 31 December 2020 Charity No. 231407 Company No. 3ii858
INTERNATIONAL JOURNAL OF EXPF.RIMF.NTAI_ PATHOI.OGY Report and Financlal Statements for the year ended 31 December 2020 Contents Page Trustees. report Independent examiner's report Statement of financial activities Balance sheet Notes to the financial statements
tNTERNATIONAL JOURNAL OF EXPERIMENTAL PATHOLOGY Page I Trustees, report (incorporating the directors, report) for the year ended 31 December 2020 The Trustees. who are also directors of the charity for the purposes of the Companies Act, present their annual report and accounis for ihe year ended 31 December 2020. The aecounls comply with the Charities Act 2011, the Companies Act 2006. Ihe Memorandum and Articles of Association and Accounting and Reporting by Charities.- Statement of Recommended Practice applicable lo charitics prLpJring their accounts in accordance with ihe Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) updated Oclober 2019. Reference and Administrative information Company Number 355858 IEnbyland and Wal¢s) Registered Charity No. 231407 Directors and Members of the Council (Trustees) Professor I IAuder - Presidenl Professor M Alison - Vice President Professor G Mutphy" Sccrelary Professor J Shaw Professor R Goldi Editor Professor D R Katz Regisl¢r¢d Office 28 Pheasanis Way Rickmanswonh Hertfordshire WD3 7ES Bankers CAF Bank Limited 25 Kings Hill Avenue Kings Hill Wcst Malling Keni ME194JQ Investment Managers Canaccord Genuity Wealth Managemenl Slip House. Princes Drive Worcester WRI 2AB Independent Examiner Paul Harris Paul Harris & Co Limited 59 I4'e51 End Redruth Cornwall TR15 2SQ
tNTERNATIONAL JOURNAL OF EXPERIMENTAL PATHOLOGY Page 2 Trustee5' report {incorporating the directors, report) for the year ended 31 December 2020 (continued) Structure, Governance and Managemenl Governing document The charity is constituted as a company limited by guarantee, and is therefore governed by a Meinorandum and Articles of Association. The liabilily of mcmbers in the ¢venl of a winding up is limited to £ l O. Control of the company is vested in the Board of Trustees. ReLruitment and appointment of Trustees The Tru51ees are dlso directors of the company for the purposes of ihe Companies Aci and are known as Members of the Council under ihe CQTnpany's Anicles of Associaiion. Under the requirements of the Memorandum and Articles of Association, one fifth of the Members of the Council must retire at each Annual General Meeiing. Ihese being (he members who hav¢ been in Olle the long¢¥l. The retiring members are eligible for re-eleclion In accordance with the Articles of Associalion. Professor l Lauder retires and offers himseir ror re- election. All Trusi¢es hav¢ ¢xp¢rtise in Ihe field ofexperimenthl pathology and when Truste¢s retire, Ihey are replaced by persons wilh similar cxpertise. The Board has the power to appoint additional Trusiees as it considers fit to do so. All Trustees give of iheir time freely and no Truslee received remuneration in ihe year. Trnstees, reimbursed travelling expenses are shown in Note 5 to ihe accounls. bjeclives and activities The charity's object and ils prinLiPdl actiN'ity conlinues to be Ihat of Ihe publication of the Journal. Our policy is to publish research into the causL", diagnosis and cure of disease in man. and any profils from such publicalion are used lo promoic rcscarch in Ihis field. The Truslees confirni that they have considered the Charity Commission's public benefit guidance when reviewing the aims lind objectives. MB PhD Fellowship award5 are made lo research inslituiions to fund nominated sludLnts whose area of inleresl furtheis ihe objects of the charity. Sponsorship of an annual lecture and prizes dre provided lo the Briiish SoLieiy for ldtriA Biolog} The type of material thai is published. including boih primary re%earch papers and reviews. is subjeLI to peer review and is monitored by an Ediiorial Board. con)poscd of dn inlemalional group of experts in the field of experimenlal paihology. IvhiLh meels Ihiee iitnes ¢d¢h year. The Trustees meet as a Board of Dire¢lors to deiermine the general policy of the Journal. which has remained unchanged.
tNTERNATIONAL JOURNAL OF EXPERIMENTAL PATHOLOGY Page 3 Trustees, report (incorporating the direetors, reportl for the year ended 31 December 2020 (continued) Achievements and performance Joumal activities during 2020 continued on from previous years. with ihe continued smooth and efficient support of the Editorial oifice Ims Biljana Nlikolic), which is a major Joumal as5el. During 2020 360 manuscripls were handled of which 305 were new submissions. This represents an increase of 131 papers over ihe previous year. Of these 43 /0 were from China. 120/0 from Brazil, and >50/D from Turkey, UK, Egypt. India. Japan. Nigeria and Iran. 240 manuscripts were handled to completion during 2020. Acceptance rate was 15 % for the year overall (mean for previous 4 years 210/o}. During the first six monihs of the year the acceptance rale was 510/0 (56 /0 in 2019} refle¢ling revised papers from the previous year. There were several countries from iyhich one paper Wds submitted and accepled giving l OOO/o acceplance. 25 papers were published and ihe lolal numb¢r of pages was 282. Mean submi55ion lo first decision was 66 (lays. to final decision was 62 days and io acceptance was 17 days,. from ceipt at Wiley to early view wa5 62 days. The Joumal is grateful for all the efforts made by referees during the year. 1.134 reviewer5 were invited and 394 reviews were received. The median time to receipl of reviews is 13 days. Once again the stalwarts have been among the Ediiorial Board members= Profs Alison. Corfe. Goldin. Hoivie (A), Howie (S). Morgan. Silver and Ziats in particular. Others are Profs Brandner, Gilroy and Holecek. The Joumal 15 accessible to 7,420 subscrib¢rs, 99 /0 via Ihe Wiley Licence. Also during 2020 philanthropic initiatives extended low-cosi or free access to cent content to 6.696 developing world inslitulions, and Research4Life continues lo provide ei'en ivider access. Review articles published during 2020 were: ADAMTS-5.. A dIlcult leenager tuming 20. SaniamaTia S 101.4-20 2020 Preclinical r¢levanee of probiolics in type 2 diabetes.. A s>'slemalic rel'ie, AM Marques ¢1 al 101 ..68-79 2020 I'he cellular origins of cancer with particular referencc io Ihc gilstroinlestinal tract M R Alison l 01-. 132-512020 Download access to articles during 2020 was 450,000- 710/0 of these were from China, USA and UK. The average number of downloads per article published in 2020 was 324 (compared 10 282 .across all Wiley journals in the same subject area. The most frequenl downloads during 2020 were: Experimental tnodels and methods for cutaneous wound healing assessment. Masson - Myers D ei al 101.'21-37 2020 Origins of a pervasive, erroneous idea.. The "green birefringence" of Congo red-stained amyloid. Howie A 100.4.. 208-212019 Extracellular matrix dynamics in cell migraiion. invasion and iissue morphogen¢sis. Yamada K et al 100.. 144-52 2019 An improved mouse model that rapidly develops fibrosis in non-alcoholic sieatohepatitis. Matsurnoto M et al 94.. 93-103 2013 ADAMTS-5'. A ditricult ieenager turning 20. Santamaria S 101-4-20 2020
tNTERNATIONAL JOURNAL OF EXPERIMENTAL PATHOLOGY Page 4 Trustees, report (incorporating the directors, report) for the year ended 31 December 2020 (continued) Of these, the articles from Profs Howie and Yamada were published during ihe currenl impact factor period. Four of the other five most frequent download5 were review articles from earlier i%%ues' the fifth was to the recent review by Prof Alison. The most frequent citations in the curreni impact factor calculation period were to the following papers.. Charting the unexplored extracellular matrix in cancer T Cox 99=58-76 2018 Fcll Muir Leclure.- Collagen fibril formation in vitro and In vivo K Kadler 98=4-16 2017 Experimental lype 2 diabeles induciion reduces serum vaspin, bui noi scrum omentin, in Wistar rats C A Castro el al 98..26-33 2017 Hcpaiocellular carcinoma in a mouse model fed a choline-deficient, L_amino acid-defined, high-fal diet A Ikawa Yoshida 98.- 221-33 2017 Fell-muir Lecture.. Fibrillin microfibrils-. structural tensometers of elastic tissues? C Kiclty 98..172- 902017 The 2 year Itnpact Factor announced in 2020 was 1.672 (5 y¢&r 1.796). Links with the British Sociei for Matrix Biolo coniinued lo be excellent. led by Prof Couchman and Midwood. This is reflected in the reviews. downloads and citations noted above. Abstracis of the Autumn 2019 m¢¢ting'"Ccll Adhesion Networks in Hcalth and Disease" were publishcd. Scveral meetings hav¢ bccn postponcd. bul ai ihe Autumn 2020 meeling priLes were awarded 10 Alaa Al-shaer (Vancouver) for her 'ork on analysing the flexibility of collagen IV int¢miplion sequences. Chris Derrick {Sheffield} for his ialk on the regulalion of cardiac growh by laininins and Christine Chew (Manchester) for her presentation on kidney macrophage heterogeneity and the contribution to mairix homcostasis. Prof Andrew Pitsillides w&£ Fell_muir Lecturer for 2020. MBPhD Lachmann Fellowshi Cambridge.. Mr Eric Jou continued working on his lellowship during the 2019-20 academic year under the supervision of Prof Andrew McKenzie. Two new MBPhD Lachmann Fellowships were awarded. Cambrid Fe.. Alex Fleet who is working on a projeci eniitled "Changes in the Oligodendrocyte Pi'ogenitor Cell Nuclear LaTnina during Ageing" supervised by Dr Robin Franklin. UCL.. Deborah Oluwadamilola Alawode who is workingF on a project entitled "Developing Novel Sup¢r Sensitive Fluid Biomarker Assays in Neurodegencratii'e Diseases" supervised by Prof Henrik Zellerberg (primary) and DrAmanda Heslegrave (subsidiary). Fin9ncial review The statement of financial a¢tivities on page 7 shows the financial results of the year's *lCtivities. The balance sheet on page 8 shows the position al ihe year end. Nel revenue from the Joumal increased by 50/D, while investment income decreased by 25010, mainly due to reductions in dividend payments as a result of ihe pandemic. The charity conlinued ils support for the Fellowship award to University of Cambridge. the annual Fcll Muir lecture and British Society of Matrix Biology pri7CS. Further three-year funding awards wer¢ made lo University of Cambridge and UniN'ersity College London togeih¢r with a new UCL Woolf pri7.e. The investment portfolio perfom)ed in line with expectations, with nei unrealised gains of £40,998 over ihe year. Overall. the trnst¢¢s consider that the charity is in a strong position lo continue lis work.
INTERNATIONALJOURNALOF EXPERIMENTAL PATHOLCQY Trustees. report Oacorporathig the dlrectors. rep)rt) for the yeAr ended 31 December 2020 (contlnued) CoFld 19 Th¢ ch8rity'8 main sourc¢ of in¢ome frorn the journal has not been adversely impactsd by the pandemi¢. There has been a decline in ini'estment income due reductions or cancellation of dividends paid by compallie4 although the investment portfolio bas mBintained its value. The Tnlee5 are satisfied that the clwity is largely shelterol from the etTects of Covid 19 in the short to medium tern], due to its significant re8erves. Page 5 Investment pomcy Under the Memorandum and Articles ofAssociatiow the charity has the power to make any investrnt which the Trustees see fit. The Trustees. policy for investing fimds is to geJMa both income and capital gmwth and the inv¢strnent portfolio is regularly reviewed for this purpos¢. Ethical issu¢s ar¢ given due Lwideration wben investment decisions are made. Funds not required for imtnediate use are invested in higher interest paying accounts. The Trustees consider the r¢turn on investsuents in the year to be satisfa¢tory. Reserves poll Reserves are maintsined at levels whicb are necessary to supwrt th¢ continuatÈon of the publi¢ation of the Journal and the F¢llowships awar1. The baI8nce on g¢ntt21 unrestrict¢d reserves at the year end was £940,408. Stxtsment of trnstees, resnSIbIlI¢S Th¢ Trustee5 are required by law Èo prepare fin8ncial statements for each financial year whieh give a true and fair view of the financiaI activities of the charity and of its fuwicial position at the end of that year. In pr¢parin8 those finan¢ial ststements, the truste¢s are rquired to: s¢Lect suitable accounting policies and apply them consistently. ' llk¢ judgements and estimates that are reasonable and prudent. • State whether the pK>licies adopted tre in accordance with the Companies Act 2(K)6 and with applicable a¢counting stsnd8rds and st8m¢nts of recommended practice, subject to any material dePats disclosed and explained in the financial statemell and ' prepare the fu1&1 statfflnents on a going concern basis unIesg it Is inappropriat¢ to assume that the charity will continue in operatio Th¢ Trustee$ are responsible for keeping proper accounting re which disclose with reasonable accuracy at any time the financial position of the charity and e[1¢ them to ensure that the rllwicial statements comply with the ComrAnies Act 2. They are also responsible for safeguarding tlle assets of the cbarity and hence for tsking re&nable steps for the prevention and detection of fraud and other ittegularÈties. Snll ¢ompaDy provlilon8 This report bas been preptred in accordance with the provisions in Part 15 of the Conwanies Act 2Crf)6 applicable to comp8rries subject to the small companies ree. This rert was approved by the Board of Drectors and Trustees on 17 MaT¢h 2021 and Sign oa its behalf by: Professor lan IAuder Director and Truste¢
INTERNATIONAL JOURNAL OF EXPERIMENTAL PATHOLOGY Page 6 Independent examiner's reporl ¢0 ihe Trustees of International Journal of Experimental Patholog!. I report to the charity trLLStees on my examination of the accounts of th¢ ¢hatitabl¢ company for ihe year ended 31 December 2020 which are set out on pages 7 to 12. Responsibilities and basis of report As the charity's trustees of the company {and also its directors for thc purwses of company law) you are respotjsiblt for the preparation of the accounis in accordance with the requirementg of the Colnpanies Act 2006 ('the 2006 Act.). Having been satisfied that the accounts of the cownpany are noi required io be audited under Part 16 of the 20Q6 Act and are eli¥ible for independent examination, I retK)rt in respect of my examination of your charity s accounts as carried out under section 145 of the Charilies Act 2011 ('th¢ 201 l Art.). In carrying out my examination I have folloi%red the D2rectioAs given by the Charity Commi55ion under section 145 (5) (b) of the 2011 Act. IndependeDt examiner's statement I have ¢ompleted my exatnination_ I confirm thai no matters have come to my attenlion in connection with the exaJninalioii giving me cause to believe.. { l) accounting records were noi kept in respect of the company as required by StiOn J86 of ihe 2(XJ6 Act.. or {21 the accounts do not arcord with those rec(kr(ts- or {3} the ac¢ounts do not complv with the acrounting requirements of section 396 of the 20 Act other than any requirement rhat the accounts give a truc and fair. virw %vhi¢h ts not a matter considered as part of an independeni examinatioii: or (4) the accoun(s have noi been prepared in accordance with the methods and principles of the Stalejnenl of Recommended Practice for accounling and reporting by cliarities applicable to charities preparing their aceounis in accordanct with th¢ Financial RertIn Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection wiih ihe examination lo which attention should be drawli iii this report in order to enable a proper understsnding of the accounts to be reached. Paul Harris Paul Harris & Co Limited Chartered Certified Accountants 59 West End Redruth Cornwall 17 March 2021
tNTERNATIONAL JOURNAL OF EXPERIMENTAL PATHOLOGY Page 7 Statement of financial activities for the ve4r ended 31 December 2020 Income and expenditure account Notes 2020 2019 Income from: Charitable activities 41,054 39,080 Investments 29,101 38,873 Total income 70,155 77,953 Expenditure on: Charilable aclivilies.. Research fellowship grants and prizes Govcrnan¢c ¢0515 172.858 11.450 2,400 11,257 Total expendilure 184,308 13,657 Net (expendilure)/income befo investmenl gain (114,153) 64,296 Nct gain on investments 10 39,807 146,546 Net movemenl in funds (74.346) 210,842 Reconciliation of funds: Tulal funds brou1 torward 1,345.924 1,135,082 Total funds catTied forward 1,271,578 1,345,924 The notes on pages 9 to 12 fonn part of these financial statemenls.
tNTERNATIONAL JOURNAL OF EXPERIMENTAL PATHOLOGY Balance Sheet as at 31 De£ember 2020 Pa8e 8 Notes 2020 2019 Fixed assets tnvestments 1,060,677 1,014,411 Current assets Debtors Jnvestments Cash at bank 85,450 89,717 134.IKKI 209,477 238,627 Cttditors: amounts falling due within one y¢2r 504.077 433,194 179,988 75285 Net current assets 324.089 357,909 Totsl 8ssets less cumt liabilities Creditors: amounts fallin8 due aftw one year 1.384.766 1,372,320 113.188 26,396 Net assets 1,271.578 1,345,924 Funds of the charity Unrestricted fimds General fimds Fair value reserve 940,408 331,170 1,048.590 297,334 Total fimds 10 1271.578 1,345,924 The conyny was ¢ntitl¢d to exemption frorn audit under se¢tion 477 of the Companies Act 2006 Telating to small companies. The members have not required the compauy to obtsin an audit of its accounts in accordance with section 476 of the Cotnpanies Act 2(N)6. The directo acknowledge their responsibilities for complying with the r¢quirements of the Companies Act with resp¢ct to accounting records and the pr¢parntion of aounts. These accounts have been prepared in accordance with the provisions applicable to sn71 companies subject t() the small companies regill and in 8ccorden¢e with FRS 102 SORP. Approved by the Board of Dire¢tOTS and Trustees on 17 March 2021 and signed on its behalf. Professor lan Lauder Director and Tnte¢ The notes on pag¢s 9 to 12 forni part of these finan¢iaI statements.
INTERNATIONAL JOURNAL OF EXPERIMENTAL PATHOLOGY Page 9 Notes to the accounts for the year ended 31 December 2020 Accounting policies Basis of aceounting The a¢¢ounts have been prepared under the historical Cost convention, with items recognised at cost or transaction value, unless otherwise stared in the notes to these accounts. The accounts have been prepared in accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing iheir accounts in accordance with the Finxncial Reporting Standard applkcable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102) updated Ociober 2019, Ihe Financial Reporting Siandard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 201 l and the Companies Acl 2006. The company Tneels the definition of a public benefit entily under FRS 102. Income Recognition of income.. These are included in the slalemenl or rinancial aclivilie5 ISOFAI when ihe charity becomes entitled to the resources, il is Tnore likely than nol Ihal the Trusle¢s will receive the resources and the monetary value can be tnea5ured wilh sU1Clent reliability. Income from Ihe Journal: This is th¢ Company's share of profit from Ihc publication of ihe Journal as shown in th¢ accounts produced by the Publisher and is recognis¢d when the charily has entiilemeni to the funds. Investment income.. This is includ¢d in the accounts when receipi is probable and the amounl receivable ¢an be measured r¢liably. Investment gains and losses.. This includes any realised or unrealised gains or1055es on the sale of investments and any gain or loss resulting from revaluing investmenls lo market value at the cnd of th¢ year. Expenditure and liabilities Liiibilily recognition-. Liabilitie5 are recognised when it is more likely than not thai there is a legal or consiruclive obligation commilling ihe charity lo pay out resources and the amouni of the obligalion can be measured wilh reasonable certainly. Governance and support costs: Support costs have been allocated between governance and other support. Gov¢rnancc costs comprise all costs Invol1ng public accounlabiliiy of the charity and its compliance wilh regulation and good practice. Support costs include central functions and are allocated io a¢livily c051 categories on a basis consistent with Ihe use of resources. Grants payable without perforniance conditions= Where thcrc are no perfonnance condilions attaching to Ihe grant payable. that enables the charity lo realistically avoid the commilment. a liability for the full funding obligation is recognised.
rNTERNATIONAL JOURNAL OF EXPERIMENTAL PATHOLOGY Page 10 Notes to the financial statements for the year ended 31 December 2020 (Continued) Accounting policies {eontinued) Creditors: Creditors are measured al settlemenl amounts. Value Added Tax is not 0Verable by the charity, and as such is included in ihe relevanl cosis. Assets Investments: Fixed asset investments in quoted shares, traded bonds and similar investmen15 are valued initially al cost and subsequently at fair value {their market value) al the year end. Debtors.. Debtors are measured on initial recognition at settlement amouni. Subsequently, they are measured al the cash or other consideraiion expecied to be received. Current asset investmenls. The ¢harily has cash deposits with a maturity of 1¢$$ than one year, held for investmenl purposes raiher than lo meer shon ierm cash commitments as they fall due. Income from charitable activities In¢omc from charitable actii'ilies repr¢s¢nts the company's share of profit from the publication of the Journal, as shown in the accounts produced by tlie Publisher. after deducting non rechargeable Editorial costs. The cuent publishing agreement imposes a maximum annual limit on Edilorial costs inCued by the company that can b¢ charged to the Publisher. In return, the company receives a guaranteed profit share equivalent to 8IP/o of the profit share paid to the company for the previous year. 2020 2019 Share of profit Ediiorial costs not recharged 41,084 (30} 41,787 (2,707) 41,054 39.080 Income from investments 2020 2019 Dividends from investment portfolio Inierest on bank deposits 27.112 1,989 36,792 2.081 29.101 38,873
INTERNATIONAL JOURNAL OF EXPERIMENTAL PATHOLOGY Pagc 11 Notes to the financial statements for the )'ear ended 31 December 2020 {con(inlled) Research fellowship grants and priies 2020 2019 Institutional grants- Fellowship for MB PhD studies= University of Cambridge University College London Institutional prizes and lectures: British Society for Matrix Biology Fell Muir award and iravel costs UCL Woolf prize Brazil conference guest speaker subsidy 88,032 81.193 1,200 ,433 1,000 600 800 1,000 172,858 1,400 Governance costs 2020 2019 Fee for independent examiner Other governance costs 900 10.550 900 10.357 11.450 11,257 The Trustees receiv¢d no remuneration or reimbursed expenses during the year. Travelling expenses amounting to £2,51 O wer¢ reimbursed io four Truslees in 2019. There are no employees. Investment assets Fixed asset investments Carrying (fair) value at l January 2020 Additions al cost Disposals at maikct value 1,014,411 57,709 (52,441) 1,019.679 40,998 Increase in market value for the year Carrying (fair) value dt 31 December 2020 1,060,677 The historical cost of listed inveslmenls is £729,507 (2019 £717,077) Current asset investments 2020 2019 Cash deposits with a maturity of less than one year 180,000 134,000
tNTERNATIONAL JOURNAL OF EXPERIMENTAL PATHOLOGY Pag¢ 12 Notes to the financial sta¢ements lor the year ended 31 December 2020 (continued) Debtors 2020 2018 Trade debtors Other debiors 58.478 26,972 55,860 33,857 85,450 89,717 Creditors". amounts falling duc within one year 2020 2019 Accruals 179.988 75,285 Creditors: amounts falling due aftcr more than one ycar 2020 2019 Accrual for Fellowships awarded 113,188 26,396 10. Movement in funds General Fair value Fund reserve Total Funds Ai l January 2020 Nel expenditure for the year Realised and unrealised gainl(loss) on investments Transfer of surplus relating to investments sold 1,048.590 297,334 1,345,924 (114,153) (114,153) {1,191) 39,807 7.162 40.998 (7,162) Ai 31 December 2020 940,408 331,170 1,271,578