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 ar￿Ual 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
T￿￿tee8, 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 sUp￿rt &s Tr￿Urer. 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 'V￿CUlar 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 eXp￿tatIonS 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 ExPERIMETr￿AL 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 t￿o￿nts 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 rn￿tets hav¢ ￿)rne to my attention in conne￿10n with
th¢ examination Bivin8 me cause lo believe:
(l) a￿oUnting records were wt kept in Tespxl of Ihe coMp￿Y 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 rE￿Ing by charilies applithl¢ to charities preparin8
their accounts in aCcOrda￿e 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 D￿￿Mber 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.

Il￿NAlI0NALJOuRNAL0F 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 fi￿dS
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 ac￿rdance 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 PrePar￿10n of a¢counts.
These accounts have been prepared in accordance with the provisions applicable to small
cornpanies subj￿1 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 fL￿￿ing 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¢n￿lS
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