International Journal of Experimental Pathology (company limited by guarantee) Report and Financial Statements for the year ended 31 December 2022 Charity No. 231407 Company No. 355858
INTERNATIONAL JOURNAL OF EXPERIMENTAL PATHOLOGY Report and Financial Statements for the year ended 31 December 2022 Contents Page Trustees, report Independent examiner's report Statement of financial activities Balance sheet Notes to the financial Statements io
INTERNATIONAL JOURNAL OF EXPERIMETrrfAL PATHOLOGY Page I Trustses, report (incorporating the directors, report) for the year ended 31 December 2022 The TStees, who are also directors of the charity for the purposes of the Companies Ac(, present their annual report and accounts for the year ended 31 DecemE[ 2022. The accounts comply with th¢ Charities Act 201 I, the Companies Act 2(M, the Memorandum and Articles of Association and Accounting and Reporting by Chilles: stament of Recommended Pracuce applicable to chariCi¢S preparing their accouThts in aOrdanCe with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) October 2019. Reference and Administrative infonnation Company Number 355858 (England and Wales) R¢gistered Charily No. 231407 Directors and Members of the Council (rsteeS) Professor l Lauder - President Professor M Alison- Vice President Profe550r G Murphy- Secretary Professor J Shaw Professor R Goldin Editor Professor D R Katz Registered Office 28 Pheasants Way Rickniansworth Hertfordshire WD3 7ES Bankers CAF Bank Limi( 25 Kings Hill Avenue Kings Hill Wesi Malling Kent ME19 4JQ Investment Managers Canaccord GeThuity Wealth Management Slip House. Princes Drive Worcester WRI 2AB Independent Examiner Paul HaTris Paul Harris & Co Limited 59 West End Rednjth Cornwall TR15 2SQ
INTERNATIONAL JOURNAL OF EXPERDAENTAL PATHOLOGY Page 2 Trustees, report (incorporating the directors, report) for the year ended 31 December 2022 (continued) Strncture, Governance and Management Governing document The charity is constituted as a cornpany limited by guardntee and is therefore governed by a Memorandum and Articles of ASs(lation. The liability of m¢mbers in the evenl of a winding up is limited to £10. Control of the company is vested in the Board of Trustees. Recruitment and appointment of Trustees The Trusie¢s are also directors of the company for the purposes of the Companies Act and are known as Members of the Council under the company's Articles of Asswiation. Und¢r the requirements of the Memorandum and Articles of A$Slation. one frfth of the MeMrS of the Council must retire ai each Annual GeTheral Meeting. these being the members who have been in office the longest. The retiring members ar¢ ¢ligible for re<leciion In accordance with th¢ Articles of Association. Professor G Murphy retires and offers herself for re- election. All Trustees have expertise in the field of experimental pathology and when Trustees retire. they are replaced by persons with similar expertise. Th¢ Board has the tM)wer to appoint additional Trustees as it considers fil to do so. All Trustees give of their time freely and no Trustee received remuneration in the year. Trustees, rcimbursed rravelling expenses are shown in Not¢ 5 to the accounts. Objectives and activities The charity's object and its prillcipal activity continues to be that of the publication of the Journal. Our policy is to publish research into the cause, diagnosis and cure of disease in man. and any Profits from such publication are used to promote research in this field. The Trustees confirni that they have considered the Charity Commission's public nefit guidancc when reviewing the aims and objectives. MB PhD Fellowship awards are made to research instiiutions io fund nominated students whose area of interest furthers the objects of the charity. Sponsorship of an annual leciure and prizes are provided to the British Society for Matrix Biology. The type of material that is published. including FA)th primary research papers xnd reviews, is subject to peer review and is monitored by an Editorial Board, composed of an iniernational group of exrtS in the field of experimental pathology, which meets three times each year. The Trnstees meet as a Board of Directors to detennine the general policy of the Journal. which has remained unchanged.
INTERNATIONAL JOURNAL OF EXPERImETrAL PATHOLOGY Page 3 Trust, report (incorporating the directors, report) for the year ended 31 December 2022 (continued) Achievements and perforniance Journal activities during 2022 continued onwards from pVIouS years. with the smooth and efficieni support of the Editorial Olee (Ms Biljana Nikolic), which is the major Journal assec. During 2022 the impact of Covid-19 continued to be felL The advances in informaiion technology, and the much wider prevalence of imn]ediate response methods. impact inevitably on publishing. Some of the pandemic effects have persisted, and processes thai weie waived during that period have not been reinstated. Competition in the journal markei remains intense with yet further increased penetration of paperniills. Unfortunately, the image softwar¢ and IP address monitoring that were proposed by Wiley- Blackwell were not introduced during 2022. Meantitne. referee recruitment (and review solicitations) continue to be more difficuli than previously. One of the problems (indeed hallnlarks!) of "non-paperniill" papers is that the language and grammar is substandard. which brings its own problems. Links with the British Society for Matrix Biology (BSMB) continued 10 be excellent, Profs Piisillides and Midwood have worked with the Editor to ensure Ihat these are maintained and extended. New different fonns of support for research in pathology have been initiated. The prize award for the besi MBPHD thesis at UCL was noi funded by the Journal in 2022 bui this will be initiated in 2023 in memory of Prof Neville Woolf. Fornier UCL MBPhD students have organised oppormnities for undewaduate medical students to do research during the summer vacation. This Rani Rawji Scholarship scheme attfdcied 80 applicants for 15 places in 2022, three of which were supported by the Journal. During 2022 501 (2021.456) manuscripts were handled of which 455 (2021: 415) were new submissions. This represents an increase of 45 papers (2021.. 96) when there were already 227 more than in 2019. 310 (2021: 281) manuscripts were handled to completion during 2022. Acceptance rate was 7.1% for 2022 overall (2021: 7%). 92.9% (2021". 393) were rejected. For all manuscripts with fjnal decisions from those submitted during 2022 5.8% were accepted and 56.1 % were rejected. For all revised tnanuscripts submitied during 2022 60.8% were accepied and 2 (4.3%) were rejecied. Of the revie, articles (only one of which was commissioned) 2 (12.5%) were accepted. 28 papers were published (including abstracts) and the 10(al number of pages was 284. The Journal is graleful for all the efforts made by referees during the year. 712 r¢viewers were invi(¢d (2021: 1.158) and 230 (2021: 303) reviews were received. The median time to receipt of reviews 15 14 days. The Journal is accessible lo 2,514 SUbSlber5 via the Wiley All Journals Licence, representing 4,145 siies in 41 countries. Transfonnational agreements have been agreed with 2.048 institutions. Overall 7.091 institU¢ions (2021: 7.182) have ready access. There is major emphasis on exlending open access - this approach leads to 3.2x downloads. 1.5 x more citations and 2.7 x higher altme(ric scores. Iliileys have also signed the Declaration on Research Assessment which aims to move from journal based metric5 to article based metrics. During 2022 philanthropic initiaiives extended low- cost or free access to current conteni to 4.304 instirutions froffl 72 counties. developing world institutions
INTERNATIONAL JOURNAL OF EXPERIMENTAL PATHOLOGY Pag¢ 4 Trustees, report (incorporating the directors, report) for the year ended 31 December 2022 {continued) Achievements and perfonnance (Contlnued) The review article published during 2022 was.. Role of extracellular matrix roteo cans in immune cell recrnitment Anna L. Gray, Nabina Pun. Atnanda J. L. Ridley, Douglas P. Dyer Int J Exp Pathol. 2022: 103.2 3443 (published online Jan 25 2022). Download access to articles durkng 2022 was >4(K),(MX). Of these 22% were from Chin4 16% were from the USA and 7% from Ihe UK. 33% downloads were classified as "other- in origin. The iotal download access numbers reflect not only Wiley Online Library but also other sources such as Pub- Med. Altmetric scores (which reflec( wider media access) were also recorded and there were 320 mentions. The most frequeni mention oierall was of an original paper from Ochiai E ei al entitled 'Inhala(i n of stach bo s chartaDJrn causes ulffton arterial h rtension in mice" whicb ared in 89.201-8 2008. The two y&4r Impact Factor announced in 2022 w&$ 2.793. The 10 most frequendy cited articles contributing to the 2022 Impact Factor were: Masson-meyers D et al Experimental mcdels and MethIS for cutaneous wound healing ass¢s5ment. 101.21-37 2020 Yamada K et al Extfdcellular matTiX dynamics in cell n]igration. invasion and tissue morphogenesis 100.144-52 2019 ADAMTS-5: A difficult teenager turning 20 101.420 2020 c0-expSsion of TLR-9 and MMP-13 is a$Slated with the degree of tumour diff¢r¢ntiation in prostate cancer. 100'.123-32 2019 Non-inferiority of microencapsulated mesenchymal stem cells to free cells in cardiac repair after My0cala] infarction". A rduonale for using paracrine factor(s) instead of cells 100'.102-13 2019 The effects of intravitreal H2S applicauon on apoptosis in the retina and cornea in experimental glaucoma model 100..330-6 2019 Carboxypeptidase A4 promotes proliferalion and stem cell characteristics of hepatocellular carcinoma IW'.133-8 2019 Identificacion of funclionai long non<(Kling RNAS in gastric cancer by bioinfonrlatics analysis 101.96-105 2020 Long non-coding RNA GAS5 overexpression inhibits M2-like polarization of tumour-associaied macrophages in SMCC-7721 cells by promoting iyfEN expression 101.215-22 2020 Resverdtrol attenuates cerebral ischaemia reperfusion injury via m¢yJulating MItth0ndrAal dynamics homeostasis and acuvating AMPK-Mfn I pathway l(Y)..33749 2019 Of these three out of ten were r¢views. The Altmetric scores (reflecting wider ndia interest) for the year 2022 were: Role of extracellUl matrix proteoglycans in immune cell recruitment 103.3443 2022- 16 Skin fibr(isis associated with keloid, scleroderma and Jorge Lobo's disease Ilacaziosis): An imtnune- hiscochemical study 103.23444 2022- 2 High level of FHL2 exacerbates the outcome of non-small cell lung cancer (NSCLC) patients and the malignant phenotype in NSCLC cells 103.90-1012022 - 2 Autoantibodies dir¢cted against glutsmaie decarboxylase interfere with glucose-stimulated insulin
RNATIONAL JOURNAL OF EXPERIMENTAL PATHOLOGY Page 5 Thiste, report (inCOTporatlng the directors. report) for the year ended 31 December 2022 (continued) Achievements and performance (continued) secretion in dispersed rat islets 103.40-8 2022 - 2 ReTnifentanil reduces the proliferation. migration and invasion of HCC cell5 via IncRNA NBR21miR-650rriMP3 axis 103.44-53 2022 - 1 Two sets of abstracts were published from tbe British Societ for Mairix Biolo BSMB meetin s. These were from ihe BSMB Autumn 2021 Meeiin "Exrracellular Matrix and Rare Disease". Inl J Exp Pathol. 2022: 103..1 AI-A14 (published online Jan 25, 2022). and from the Spring 2022 Meeting: "Interactions between Lipids l Derivatives and the Extracellular Matrix" Int J Exp Pathol. 2022.. 103.6 AI-A8 (published online Nov 15. 2022). Three prizes were awarded at ¢acb of the British S(Kiety for Matrix Biology meetings in Autumn 2021 and Spring 2022. Two MBPhD Lachmann Fellowships continued: Cambridge: Alex Fleet who is working on a project entitled 'thanges in the Oligodendrocyte Progenitor Cell Nuclear Lamina during Ageing" UCL.. Deborah Oluwadamilola Alawode who is working on a project enlitled "Developing Novel Super Sensitive Fluid Biomark¢r Assays in Neurodegen¢ra(ive Dise&ses" supervised by Prof Henrik Zeiterberg (primary) and Dr Amanda Heslegrnve (subsidiary). In addition: UCL: Bridging support for one year was provided for Vaishnavi SabarigiTivasan who is working on a project entitled 'X)rigins and evolution of telralogy of Fallot.. Using Synchrotron-based Hierarchical X-ray Phase-contrdst Tomography to link micro-structurdl anatomy to development and treatment of dÉsease" supervised by Prof Andrew Cook. Financial review The statement of financial aclivities on page 8 shows the fjnancial iesulls of the year's activities. The balance sheet on page 9 shows the posilion at the end. There was a small increase in nel revenue from the Journal. Inyesunent income increased by 25%. The charity continued lis SUPPOrt for the Fellowship awards to University of Cambridge and University College IA)ndon, the annual Fell Muir lecture and British sIetY of Matrix Biology pri7Es. A new one year Fellowship award was agreed for a Universiry College London student. Funding was also provided for five students from the Rani Rawji Foundation. The investment portfolio perfornied in line with expectations based on global equity markets. with net unrealised losses of £173.182 over the year. The decrease in valu¢ of investments does not impact on the charity's funding pattern or comtnitments. as income and reserves are sutricient to maintain funding for the foreseeable fijture. Overall. the twstees consider that Ihe charity is in a srrong position io continue its work.
I1ERNATIONAL JOURNALOF EXPERtMFNfAL PATHOLOGY Page 6 the yeAr ended 31 December 2022 (Clled) Investment pollcy Under d Memorath aud Articles of Association. the charity the power to make any inv¢stm¢nt whith th¢ Trustees se¢ fiL The Tntstees. policy for investing funds is to generate both incon and capitsl growth and tbe Investhia 0110 is Trgularly reviewed for this purpo Ethical issues are given due coL8idetation when investmetrt decisions are rn¢. Funds not qUIred for immth use are inv¢sted in highu interest pying xcouTht& The Trustees consider the tetum on investDMts in the year to be satisfxtory. Resuves are mainrnined at levels which are necessary to support the continuation of the pub]ication of the Journal and the Fellowships awarded The balance on general unrestricted resezyes at the year end was £1.119.243. Statemtht of trustees, rUnbIlItIeS The Tn are required by law to prepate financial sl*ments for exh financial year wbich give a true and fair view of the rinp1al activities of the charity and of its firlancial position at the end of ' sel#t suitable accounting 111¢1¢5 and apply them consistently; ' make judgements and estimates that are reasonable and prudent: • state wbether the policies adoved are in accordance with the Companies Act 2(XY6 and with applicable accounting standard5 and sLitements of recommended pwtsce, subjett to any material departur disclosed and explained in the financial statements. and . prepare the financial stateThts on a going concern bAsis unless it is Inapprlate to assum¢ that the clwity will continue in operntion. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable thein to ensure that the fin181 statents comply with the Cornpanies Act 2(. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the ention and d¢tion of fraud aud other inEgulatilies. This report Iw been prepared in Iordall with the provisions in Paff 15 of the Companies Act 2(M)6 applicable io companies subject the small companies rcgime. This report was approved by the Board of Directors Ènd ThtteS on 9 May 2023 and signed on its bel1[ by: Professor Ian Lauder
Ir+fTERNATIONAL JOURNAL OF EXPERIMENTAL PATHoLy Independent examlner's report to the Tn of knternational Journal of Experimental PatlKdo I retrf)rt to the ckwity Erustres on my examination of the CoUnts of the chariiabl¢ company for the year ended 31 [kcem1 2(Y22 whith are sei ol on pages 8 13. Rtspotisibilities Ind b&sis d ftp)rt As the chariiy's ol the company (aod also direci¢)rs lor the purFK>ses of company law) you are sponsible for the prepararion of the accounts in aca)rdw with the reqIrements of the Companies Act Having eTr satisfied that the accounls of the cornpaDy are required audid under Part 16 of the 2(Xkn Act and are eligible for in(kpendem examina110 I in respeth of my exarnination of your chaniy's accounls as caxrial out under seaion 145 of the Charities Aci 2011 ('the 2011 Act,). In canying out my examination I hav¢ followed Directions given by the Charity Comttllssion unthr sedion 14515) Ib) VI Illde¢ eXnineT'S St4temeu¢ I have compkted my examination. I c(M)fum rAO matws have come io my wkntion in eonne£tion with the examinatson giving tne cawe io Etlieve: (11 accounting ffc(ffds were kept in SPt of company as required by 11( 386 of the 2(M (21 the ac¢ouDts do n( ac¢(d with those rec&$. or (3) the accounts do not comply with the accouniing rquirenKnts of section 196 of the 21Mkn Act {er than any requirerneDt that th¢ a($1$ give a. and fair view which is not a matter crnsidefftl as pakl uf dii ithk"p¢iia¢iii ¢knliiiiatithi. (4) the accounis have not been prepared in accordKe with a1 principles of the Sthtement of Recommenlkd Prartice f(( accounting a] rertIng by chariiies applicable to charitscs pParing their accounls in acc(Kdartt with the Finala1 RenIng Sthndard aP}cable in the UK and Republic of Irela1 (FRS 102). I have no concerns and hav¢ come xross w (rther matters ID C(XUtIOn with the examinOn to which r¢ach¢d. Paul HWTIS . Hantb & Llilli43 Chartered CtrtifKd Accountants 59 West End Redruth Cornwalj 9 May 2023
INTERNATIONAL JOURNAL OF EXPERIMENTAL PATHOLOGY Page 8 Statement of finsncial activities for the year ended 31 December 2022 Income and expenditure account Notes 2022 2021 Income from: Charitable activitie5 35,438 33,624 Invesiments 44,611 35,713 Total income 80.049 69.337 Expenditure on: Charitable activities: Research fellowship grants and prizes Govemance costs 33,782 12,061 4,700 11,507 Total expenditure 45.843 16.207 Net income before inveslment (loss)Igain 34,206 53,130 Net (loss)Igain on investments io (175,123) 134,958 Net movement In funds (140.917) 188,088 Reconciliation offunds: Total funds brought forward 1.459,666 1.271,578 Total funds c8Thied forward 1,318.749 1.459.666 The notes on pages 10 to 13 forni part of these fitwicial stazements.
Page 9 2022 Fixed assets lavestsnents 1.049.914 1,221.687 Current #sscts tkbtors IDvesthwits Cash at bank 49.162 75.( 240.634 49.282 258.474 364.796 387.756 within one year 95,961 2.933 Net cuTrt &8sets 268.835 294.823 1.318,749 1516.510 Creditors: amouw falling due after one year Net assets 1318,749 1.459.666 FuNts of the clwity 1,119.243 1995 1,082.148 377J18 Fair value resetV¢ Total funds io 1.318.749 1,459,666 The company was entided to exemption from audit under sKti( 477 of the Companies Act 2006 reIng to SU1] ¢onwies. The members have not required the Collyy to obtsin an audit of its xcounts in accord with section 476 of the Companies Act 21K. The directsn a¢knowledg¢ their responsibiliti&s for complying with the requiLEments of thc These accounts have t*en pttpaTrd in with the PrnViSiODS applicable to small conv subjed to the small companies regill and in tKcordance with FRS 102 SORP. ved by the Boanl of Directs a1 Tntstees on 9 May 2Q23 and signed on its Ixhalf. Professor Ian Lauder Director and Thtstee The notes on pages 10 to 13 forni part of t1 finwKial slateiiwifs.
INTERNATIONAL JOURNAL OF EXPERIMENTAL PATHOLOGY Page 10 Notes to the accounts for the year eDded 31 December 2022 Accounting policies B&sis of accounting The accounts have been prepared under the historical cost convention, with items recognised at cost or transaction value. unless otherwis¢ sta(ed in the notes to these accounts. The accounts have been prepared in accordance with the Ststement of Recommended Practice: Accounting and Reporting by Charities prepariThg their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102) October 2019. the Financial Reporting Siandard applicable in che UK and Republic of Ireland (FRS 102). the Charities Aci 2011 and the Companies Aci 2006. The company meeis the definition of a public benefit enuty under FRS 102. Income Recognition of income: These are included in the statement of financial activities (SOFA) when the ciwity becomes entitled to the resources, it is more likely Ihan not that the Trnstees will receive the resources and the monetary value can be me&sured with sufficient reliability. Income from the Journal: This is the company's Share of profit from the publication of the JournaI as shown in the accounts produced by tlle Publisbei and is recognised when the charity has entitlemeni io the funds. tnvestment income: This is included in the accounts wben receipi is probable and the amount receivable can be measured reliably. Investment gains and losses". This includes any realised or unrealised gains or losses on the sale of investments and any gain or loss resulting fiotn revaluing investments to markei value at the end of the year. Expendithre and liabilities Liability recognition- Liabilities are recognised when it is more likely tban not that there is a legal or construciive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainry. Governance and support costs: Support costs have been allocated tween governance and other support. Govemance costs comprise all costs involving public accountability of the Charity and its compliance with regulauon and good praccice. Support costs include central funciions and are allocated io activiry cost categories on a basis consisteni with the use of resources. Grants payable without Ferformance conditions: Where there are no performance conditions attsching to the grant payable. that enables the cbari(y to realistically avoid the commitmenL a liability for the full funding obligation is recognised.
LwfERNATIONAL JOURNAL OF EXPERIMENTAL PATHOLOGY Page 11 Notes to the financial statements for the year ended 31 December 2022 (continued) Accounting policies (contlnued) Creditots.. Creditors are measured at settlement amounts. Value Added T&x is not recoverable by the cllarity. and as such is included in the relevani costs. Assets Investents: Fixed asset investments in quoted shares, traded bonds and similar investmenis are valued initially at cost and subsequently at fait value (their market value) at the year end. Debtors: Debtors are measured on initial recognition ai settlement amount. Subsequently. they are measured at the cash or other consi(kration expected to be received. Current &sset iThvestments.' The charity has cash deposits with a maturity of less than one year, held for investmenl purposes rather than io meet shon term cash cotnmitm¢nts as they fall due. Income from charitable activities Income from charitable aciiviiies represents the company's share of profil from the publication of the Journal, as shown in the accounts produced by the Publisher. after deducting non rechargeable Editorial costs. The current publishing agreement imposes a maximum annual limit on Editorial costs incurred by the company that can be charged to the Publisher. In return, the company receives a guaranteed profEt share ¢quivalent to 80% of the profit share paid to the company for the previous year. 2022 2021 Share of profit Editorial costs not recharged 37.639 (2.201) 36,751 (3,127) 35,438 33,624 Income from investments 2022 2021 Dividends from investment portfolio Inleiest on bank deposits 42.575 2.036 34.518 1,195 44,611 35,713
INTERNATIONAL JOURNAL OF EXPERIMETrrfAL PATHOLOGY Page 12 Notes to the Ilnancial Statements for the year ended 31 December 2022 (continued) Research fellowship grants and prizes 2022 2021 Institutional grants: Fellowship for MB PhD studies: University College London Institutional pri7£s and lectures: British Society for Matrix Biology Fell Muir award and travel costs Rani Rawji Studeniships 27,882 800 3,000 33,782 4,7(M) GoverDaDce costs 2022 2021 Fee for independent examiner Other governance costs 9(K) 10,607 11.161 12.061 11.507 The Trustres received no remunerntion or reimbued expenses in 2022 and 2021. There are no employees. Invesknent &ssets Fixed asset investments Market value at l January 2022 Additions at cost Disposals at marker value 1,221,687 21,165 (19,756) 1.223.096 {173.182) Decrease in matket value for the year Market value at 31 December 222 1,049.914 The historical cost of lis*d InveStnTrts is £850.41Y) (2021 £844,170) Current asset investments 2022 2021 C&sh deposits with a maturity of less Ehan one year 75.(KK) 80,000
INTERNATIONAL JOURNAL OF EXPERIMENTAL PATHOLOGY Page 13 Not to the financial slatements for the year ended 31 December 2022 (eontlnued) Debtors 2(Y22 2021 Trade debtors Other debtors 47,705 1.457 47.715 1,567 49,162 49,282 Creditors: amounts falling due within one year 2022 2021 Ac¢al$ 95,961 92,933 Creditors: amounts falling due after more than One year 2022 2021 Accrual for Fellowships awarded 56,844 10. Movement in funds General Fair valu¢ Fund reserve Tot Funds At l January 2022 Net income for the year Realised and unrealised loss on investments Trdnsfer of surplus relating to investmenLS sold 1,082.148 377.518 1,459,666 34.2( 34,206 (1.941) (173,182) (175.123) 4,830 (4,830) At 31 Decetnber 2022 1.119,243 199,506 1,318.749