International Journal of Experimental Pathology (company limited by guarantee) Report and Financial Statements for the year ended 31 December 2023 Charity No. 231407 Company No. 355858
INTERNATIONAL JOURNAL OF EXPEIUMENTAL PATHOLOGY Report and Financial StatemeDls for the year ended 31 December 2023 Contents Page Trustees, report Independent examiner's report Statement of financial activities Balance sh¢¢t Notes to the financial statements 10
INTERNATIONAL JOURNAL OF EXPERIMENTAL PATHOLOGY Pag¢ I Trnstees, report (incorporating the directors, report) for the year ended 31 D¢eember 2023 The Trustees, who are also directors of the charity for the purposes of the Companies Act, present their arUal report and accounts for the year ended 31 December 2023. The accounts comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articl¢s of Association and 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) October 2019. Reference 2nd Administrative iThform2tion Company Number 355858 (England and Wales) Registered Charity No. 231407 Directors and Members of the Council (Trustees) Professor I Lauder - President Professor M Alison- Wi¢e Pr¢sid¢nt Professor G Murphy - Secretary Professor J Shaw (resigned 9 May 2023) Professor R Goldin Professor H Lachmann (appointed 9 May 2023) Editor Professor D R Ka Registered Office 28 Pheasants Way Rickn]answorth Hertfordshire WD3 7ES Bankers CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME194JQ Investment Managers Canaccord Genuity Wealth Management Slip House, Princes Drive Worcester WRI 2AB Independent Examiner Paul Harris Paul HaTris & Co Limited 59 West End Redruth Comwall TR15 2SQ
TERNATIONAL JOURNAL OF EXPEIUMENTAL PATHOLOGY Pag¢ 2 Trustees, report (ineorpor2ting the dlreetors, report) for the year ended 31 December 2023 (continued) Stru¢ture* Governanee and Mgnggement Governing doeument The charity is constituted as a company limited by guarantee and is therefore governed by a Memorandum and Articles of Association. The liability of members in the event of a winding UP is limited to £10. Control of the company is vesled in the Board of Trustees. Reernltment and appointment of Trustees The Trustees 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 Association. Under the requirements of the Memorandum and Articles of Associalion, one fifth of the Members of the Council must retire at each Annual General Meeting, these being the members who have been in office the longest. The retiring members are eligible for re-election In accordance with Ihe Articles of Association. Professor R Goldin retires and offers himself 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. The Board has the power to appoinl additional Trustees as it considers fit to do so. All Trustees give of their time freely and no Trustee received remuneration in the year. Trustees, reimburs¢d travelling expenses are shown in Note 5 to the accounts. ObJeetiv¢s and actlvitles The charity's object and its principal activity continues to be that of the publication of the Journal. Our policy is lo publish research into the cause, diagnosis and cure of dise in man, and any profits from such publication are used to promole research in this field. The Trustees confinn that they have considered the Charity Commission's public benefit guidance when reviewing the aims and objectives. MB PhD Fellowship awards are made to research institutions to fund nominated students whose area of interest rtherS the objects of the charity. Sponsorship of an annual lectLwe and prizes are provided to the British Society for Matrix Biology and bursaries are awarded to students of the Rani Rawji Foundation. The type of material that is published, including both primary research papers and review4 is subject to peer review and is monitored by an Editorial Board. composed of an internationaI group of experts in the field of experimental pathology, which meets three times ¢ach year. The Trustees meet as a Board of Directors to deterniine the general policy of the Journal, which has remained unchanged.
INTERNATIONAL JOURNAL OF EXPERIMENTAL PATHOLOGY Pag¢ 3 Ttee8, report (IncorporAting the direetors, report) for the year ended 31 December 2023 (continued) Aehlevements and performance Back This Editorial Office Report is for the year 2023, and thus foreshadows severaI major changes which occurred in 2024. This was the final year of the previous contract with Wiley. It was also the final full year in which Ms Biljana Nikolic ran the Editorial Otrice. Edit rial oifice R umm During the period from January to December 2023: 439 articles were submitted. The breakdown of thc5e showed: 416 original articles (67 via EEO) 21 review articles (5 via EEO) 2 letters to the editor 406 of these were new articles and 33 were revised articles Country of origin showed: China- 267. Brazil- 33. Turkey- 28. Iran- 25: Egypt- 18: UK- 7: USA- 7; remainder between 3 and I Acceptance rate showed: China- 70/0 Brazil - 240/0; Turkey - 0%. Iran- 5 %; Egypt- 80/0; UK- Original arti¢le submission (416) breakdown showed that 480/0 had been rejected; 290/0 awaited referee allocation. 150/0 were under revision; and 80/0 had been withdrawn. Original articles submitted during the calendar year and handled to completion {194) showed 81 Yfy rejection rate, and 19 % accepted or requiring revision. Revised article submission (33) breakdown showed that 70Q/o wer¢ a¢pIed and 210/0 were sent for further revision., The average time to first decision WÈS 60 days, and for final decision was 58 days. There were longer periods for EEO original articles (-90 days). The long time periods of handling (> 60 days) were for the major revision and reject / resubmit ¢ate8ori¢s. Prolonged delay period >200 days) applied to-20 articles. Journal i atio ri nal articl There were 32 original artlcles published during 2023. Reviews Two reviews were published during 2023: Wnt signalling in the articular eartilage: a matter of balance. Amanadeep Kaur Gill, Peter J Mcconnick, David Sochart and Giovanna Nalesso Clinical applicatxons of gen¢ therapy for rare diseases: a review. Ioannis Papaioannou, James S. Owcn and Rafael J. Yafiez-mufioz
INTERNATIONAL JOURNAL OF EXPERJMENfAL PATHOLOGY Page 4 Trustees, report {ineorpornting tbt direttors, report) for the year ended 31 December 2023 (continued) Aehievements and perfonnance (continued) British Socie for Matrix Biolo Prof Kim Midwood. who has given the Journal support and help for several year4 handed over the BSMB SecTetsry Position to Prof Qing-jun Men8. close links have continued seamlessly. Dr James Whiteford continued to provide strong sUprt &s TrUrer. Fell Muir Award lectures were promised from Profs Pitsillides. Cheah and Adams. Two sels of BSMB meeting abstrdcts were published - from ihe Autumn 2022 Meeting entitled "Matrix in Development" and from the Spring 2023 Meeting entitled 'VCUlar Inflatnmation and the Extracellular Matrix. Poster and ora] presentation prizes at the Autumn meeting were awarded to Natslie Rog¢rs (Man- chester), Mark Naven (Bristol) (Live imaging the wound inflammatory response and the eonse- quences of disrupted circadian clocks) and Rebecca Preston (Manchester) (The circadian regulation of the glomerular matrix). At the Spring meeting awards were made to Mia Zol-Hanlon (Crick, London) (Regulation of neurotTophi¢ GDNF signalling and receptor en8a8ement by glycosamin glyc8ns)' Leah Fallon (University College Dublin) (Syndecan4 enhances contractility and activa- tion of pancreatic lumour and stromal cells). Catarina Marques (PortU8al) (Heparan Sulfate 8lyco- syltransferases remodel the cell glycoproteome and shape gastrie cancer aggressive features). Val- entine Esperance Aho (Cross-linking of Heparan Sulfate induced by Proteins: structural remodel- ling of Glycocalyx and functional etTect): and James HooperfLeeds) (Superselective Lyll t84etin8 through multivalent lectin-glycan interactions). Reviewers: The Journal is grateful for all the efforts made by referees during the ye8r. The most frequent respondents to our requests this year were Profs Alison. Brandner. Couchman, Goldin, Howie, Ilyas, Mar¢inkiewic4 Masson-myers, Mor8an, Ryffel and Silver. Both Alex Fleet and Deborah Alowade compleied their MB PhD Lachmann Fellowships during 2023. Both Cambridge and UCL will thus be eligible to nominate fellowships in 2024. The Rani Rawji summer vacation scholarship scheme was supported again. These were Emil Le- coinle - Clinical Microbiology supervised by Professor Tim McHugh explored the effects of Mini- mum Inhibitor Concentrations on m.abscessus' Hadia Yaqubi - Immunology and Transplantstion supervised by Dr Dimitra Peppa exploring fijnctional and phenotypic analysis of cells from patients with HIV and hepatitis B. Leckhna Paras Chajed - Queen Square Institute of Neurology supervised by Zane Jaunmuktane exploring th¢ development of algorithms to analyse brain scans: Nikhil Kamabadi- Pathology supervised by Dr Akarca exploring using and maintaining the Ventana benchmark and thinking about study design in regards to evaluating diagnostic techniques; and So- fia Grusbkevych- Biochemisty supervised by Prof Ivan Gout exploring the role of a tnetsslasis suppressor protein in promoting CoAlation and the anti-oxidant function of COA.
INTERNATIONALJOURNAL OF EXPERIMENTAL PATHOLOGY Page 5 Trusteu, report (incorporAting the directors. report) for the year ended 31 December 2023 (eontinued) Financivdl review The stakment of fmancial activities on page 8 $hows the financial results of the yeafs activities. The balance sheet on page 9 shows the position at the year end. This is the final year of the agreement with the publishers that commenced in 2014. A new agreemenL applicable from 2024 has been sign¢d. Govemance costs are higher than previous year& due to additional legal and professional costs incurred in connection with the new agreement. Income from the journal increased by I l 0/0 and investment income by 9.40/0. The charity continued its support for the Fellowship awards to University of Cambridge, the annual Fell Muir lecture and British Society of Matrix Biology prizes. A new Fellowship award was agreed for a University College London student, commencing in 2024. Funding was also provided for five students from the Rani Rawii Foundation. The investrnent portfolio perfom)ed in line with eXptatIonS based on 8lobal equity markets, with net unrealised gains of £34.471 over the year. Overall. the trustees consider that the charity is in a strong posltion to continue its work. Investment policy Under the Memorandum and Articles of Association, the charity has the power to make any investment which th¢ Trustees see fit. The Trustees, policy for investing ndS is to generate both income and capitsl growth and the investment portfolio is regularly reviewed for this purpose. Ethical issues or¢ given due consideration when investhient decisions are made. Funds not ffquir¢d for immediate use are invested in higher int¢rcsi paying accounts. The Tru5tKs ¢onsid¢r the return on investments in the year to be satisfactory. Reserves polley Reserrfes are maintained at levels which are n¢cessary io support the continuation of the publi¢8tlOD of the Journal and the Fellowships awarded. The balhnce on general unrestricted reserves at the year end was £1.185.043. Statement of trustees, responslbilities The Trustees are required by law to prepatt financial statements for each financial year which give a true and fair view of the financial activities of the Charity and of its financial posilion at the end of that year. In preparing those financial statements, the trustees are required to.. seleet suitsble accounting wlicies and apply them consistently: make judgements and estimates that are reasonable and Prudent. state whether the policies adopted are in accordanc¢ with the Companies Act 2006 and with applicable accountinB Standards and stslements of recommended practice, subject to any material departures disclosed and explained in the financial slatements: and prepare the financial statements on a going concern hsis unless it is inappropriate to assume that the charity will continue in operdtion. 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 them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities.
INTERNATIONAL JOURNAL OF EXPERIMENTAL PATHOLOGY Trustees, report (ineorporatlDg the directors, report) for th¢ year ended 31 December 2023 (eolltinu) Page 6 Small company provtslo This report h&8 been prepared in accothn¢e with the provisions in Part 15 of the Companies Act 2006 applicable to ¢ompanies subject to the small Companies regime. This wort approved by the Board of Directors and Trustees on 31 July 2024 and signed on its behalf by: Prof¢$8or lan Liuder Dlr¢ctor and Trustee
INTERNATIONAL JOURNAL OF ExPERIMETrAL PATHOLOGY Page 7 Independent examiDer's report to the Trustees of IDtern2tlonal Joun] of Experimentsl Pathology I report lo the charity InLStees on my examination of the acc(Mmts of the charitable company for the year ended 31 December 2023 which are set out on pa8es 8 to 13. Respowlbllldcs and rfrep)rt As the charity's Inisiees of the company (and also its dirtttCV5 for the purNM of company law) you a resrKJnsible for the preparation of tk tonts in e0rd with Yequirements of the Companies Act 2006 ('Ihe 2006 Act.). Havin8 been satisfied that the accounts of the company are not required lo be audired under Part 16 of the 2006 Act and ar¢ cli8ible for indep¢ndcni cxaminaiion. I report in respc¢t of my examination of your ¢harity's accounts as carried out under seaion 145 of the Charities Aci 2011 ('Ihe 2011 Act,). In ¢arryin8 1)ut my examinaiion I hav¢ followed the DiKedion5 givert by th¢ Clwity Conimission under section 145 (5) (b) of the 2011 Act. Independent examlner's statement I have completed my examination. I confirni that no rntets hav¢ )rne to my attention in conne10n with th¢ examination Bivin8 me cause lo believe: (l) aoUnting records were wt kept in Tespxl of Ihe coMpY 05 ryu1 by section 386 of the 2(X)6 Acl: or (2) Ihe 8¢counts do not accord with those records; OT (3) the accounis do comply with the accounting requirements of sedion 396 of th¢ 2(6 Act other than any requirement ihai the accounls give a. Irue and fair. view which is not 8 matter considered 88 part of an independent ¢xamination' or (4) Ihe accounts have not been prepared in accorda with the methods and principles of th¢ S¢a¢¢menl of Recommended Practice for accounting und rEIng by charilies applithl¢ to charities preparin8 their accounts in aCcOrdae with the Financial Reportin8 Standard applicable in the UK and Republic of Ireland (FRS IIy2). I have no concerns and have come across no other matters in connection with the examinatson to which aitention should be drawn in this report in orth to enable a proper und¢rs¢anding of the Kcounts to be reached. Paul Harris Paul Harris & Co Limited Chartered Certified Accountants 59 West End R¢dNth Cornwall 31 July 2024
INTERNATEONALJOURNAL OF EXPEIUMENTAL PATHOLOGY Statement of financial activities for the year ended 31 DMber 2023 Page 8 Income and expenditure a¢count Notes 2023 2022 Income from: Charitable activities 39.351 35,438 Investments 48.810 44,611 Total income 88,161 80,049 Expenditure on: Charitable activities: Research fellowship grants and prizes Governance costs 6,700 16,079 33,782 12,061 Total cxpenditure 22,779 45,843 Net income before inv¢stsnent gain 65J82 34,206 Net 8ainl(loss) on investments io 32,446 (175,123) Net movemeDt in fvnds 97,828 {140,917) Reeoneiliation of funds: Total funds brought forward 1.318.749 1,459,666 Total funds carried fonvard 1,416,577 1,318,749 The notes on pages 10 to 13 forn) part of these financial statements.
IlNAlI0NALJOuRNAL0F EXPERIMENTALPATHOLOGY Page 9 lan¢¢ sheet as at 31 D¢eemb¢r 2023 Noles Fixed assets 1.081503 1.049.914 Debtors Investments Cosh at b8nk 4&574 49.162 75,0 240.634 34Q417 391991 364,796 Creditors: amounts falling due within one year 58.917 95,961 334.074 268,835 Totsl kss current liabilities Creditors". amounts falling due 1,416J77 lJ18.749 Net 8&8ets 1.416577 lJ18.749 Funds of the charity Unrestricted fidS 1.185.043 231534 1.119243 199J06 Fair value reserve Total funds 10 1.416.577 lJ18.749 The company was entitled to exemmion from audit sedion 477 of the Compgnies Act 2006 relating to smdi companies. The membus have not required the company io obtsin an audit of its aLtounts in acrdance with 8e¢tion 476 of the CompMni¢s A¢1 2006. The directors a¢krK)wledge their responsibilities for complying with the requirements of d CompaniesAct with respect COUnting records aThl the PrePar10n of a¢counts. These accounts have been prepared in accordance with the provisions applicable to small cornpanies subj1 to the small companies regime and in accordance with FRS 102 SORP. Approved by the Board of Ditectors and Trustees on 31 July 2024 and signed on its behalf. Professor lan Lauder Th¢ notes on pages 10 to 13 forni of these finall¢1 ststement&
INTERNATIONAL JOURNAL OF EXPERIMENTAL PATHOLOGY Page 10 Notes to the &¢¢ounts for tbe year ended 31 December 2023 Aecounting policles Basis of aecountlDg The accounts have been prepared under the historical cost convention. with items recognised at cost or transaction value, unless otherwise stated in the notes to these accounts. The accounts have been prepared in accordance with the Ststement of Recommended Practice: Accounting and Reporting by Charities preparing 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 Rew)rting Stsndard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011 and the Companies Act 2006. The company meets th¢ definition of a public benefit entity under FRS 102. Income Recognition of income: These are included in the statement of financial activities (SOFA) when the charity becomes entitled io the resources. it is more likely than not that the Trust¢¢s will r¢c¢iv¢ the resources ond the monetary value Can be measured with sufficient reliability. Income from the Journal: This is the company's share of profit from the publication of the Journal as shown in the accounts produced by the Publisher and is recognised when the charity has entitlement to the fimds. Investment income: This is Included in the COUnts when receipt is probable and the amount receivable can be measured reliably. Investm¢nt gains and losses: Thls includes any realised or unrealised 8ain5 or losses on the sale of investments and any gain or loss resulting from revaluing investments to markel value at the end of the year. Expenditure xnd liabilitles Liability recognition: Liabilities are recognised when it is more likely than not that there is a legal or constructive obligation committin8 the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty. Governance and support costs: Support costs have been allocated between governance and other support. Governance costs comprise all costs involving public accountsbility of the charity and its compliance with regulation and good practice. Support costs include central functions and are allocated to activity cost categories on a basis consislent with the use of resources. Grants payable without perforniance conditions: Where there are no perfornjance conditions attaching to the grant payable, that enables the charity to realistically avoid the commitmenL a liability for the full fLing obligation is recognised.
INTERNATIONAL JOURNAL OF EXPERIMENTAL PATHOLOGY Page 11 Notes to the financial statements for the year ended 31 Deeember 2023 (eontinued) Aeeounting policies (Continued) Creditors: Creditors are measur¢d al settlement amounts. Value Added Tax is not recoverable by the charity, and as such is included in the relevant costs. sets Inv¢stmenls: Fixed asset investments in quoted shares, trad bonds and similar investments are valued initially at cost and subsequently at fair value (their market value) at the year end. Debtors: Debiors are measured on initial recognition at settlement amount. Subsequently, they arc measured at the cash or other consideration expected io be received. Current asset investments: These are cash deposits with a maturity of less than one year, held for investment purposes rather than to meet short krm cash commitments as they fall due. Ineome from charitable aclivi¢ie8 Income from charitable activities represents the company's share of profit from the publication of the Joumal, 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 profit share equivalent to 800/0 of the profit share paid to the company for the previous year. 2023 2022 Share of profit Editorial costs not recharged 40,790 (1,439) 37,639 (2,201) 39,351 35,438 Income from investments 2023 2022 Dividends from investment portfolio Interest on bank deposits 38,032 10,778 42.575 2,036 48,810 44.611
INTERNATIONAL JOURNAL OF EXPERIMENTAL PATHOLOGY Page 12 Notes to the financial ststemenls for the year ended 31 December 2023 (eontinued) Research fellowship grnnts gnd prizes 2023 2022 Institutional grants: Fellowship for MB PhD studies: University College London Institutional prizes and lectures: British Society for Matrix Biology Fell Muir award Rani Rawji Studentships 27,882 900 800 5,000 900 5.000 6,700 33,782 Governance ¢08ts 2023 2022 Fee for independent examiner Other governance costs 900 15,179 900 16,179 12,061 The Trustees received reimbursed travel expenses of £218 (2022 £nil). There ar¢ no employe¢s, Investment asjets Flxed Ajget invegtments Market value at l January 2023 Additions at cost Disposals at market value 1,049,914 29,592 (29,450) 1,050,056 32,447 Increase in market value for the year Markel value at 31 December 2023 1,082,503 The historical cost of listed investments is £850,970 (2022 £850,409) Current asset investments 2023 2022 Cash deposits with a maturity of less than one year 75,000
INTERNATIONAL JOURNAL OF EXPERIMENTAL PATHOLOGY Pag¢ 13 Notes to the finaneial statements for the year ended 31 Deeember 2023 (eontinued) Debtors 2023 2022 Trade debtors Other debtors 44,808 1,766 47,705 1,457 46.574 49,162 Creditors: amounts falling due within one year 2023 2022 Ac¢nlS 58,917 95,961 Creditors: amounts falllng due after more than One year 2023 2022 Accrual for Fellowships award¢d 10. Movemenl ID funds General Fair value Fund reserve Total Funds At l January 2023 Net income for the year Realised and unrealised loss on investments Transfer of surplus relating to investmenls sold 1,119,243 199.506 1,318,749 65,382 65,382 (2,025) 34,471 32.446 2,443 (2,443) At 31 Dec¢mber 2023 1,185,043 231,534 1,416,577