International Journal of Experimental Pathology (company limited by guarantee) Report and Financial Statements for the year ended 31 December 2024 Charity No. 231407 Company No. 355858
INTERNATIONAL JOURNAL OF EXPERIMENfAL PATHOLOGY Report and Financial Statements for the year ended 31 Deeernber 2024 Contents Page Trustees, report Independent examiner's report Statement of financiaI activities Balance sheet Notes to the financial statements
iTrirERNATIONALJOURNAL OF EXPERIMENfAL PATHOLOGY Trusiees, report {fincorporating the directors, report) for the year ended 31 December 2024 The Trustees, who are also directors of the charity for the PUTFK)ses of the Companies ACL present their annual report and accounts for the year ended 31 December 2024. The accounts comply with the Charities Act 2011. the Companies Act 2(X)6. the Memordndum and Articles 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) (ktober 2019. RefereDee and Adminithtive inforntiOll Company Number 355858 (England and Wales) Registered Charity No. 231407 Directors and Members of the Council (Trustees) Professor l Lauder- President Professor M Alison- Vice President Professor G Murphy- Scctetary Professor R Goldin Professor H Lachmann Editor Prof¢ssor D R Katz Registerd Office 28 Pheasants Way Rickn]answorth Hertfordshire WD3 7ES Bankers CAF Bank Limiled 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Investment Managers Canaccord Genuity Wealth Management Slip House. Princes Drive Worcester WRI 2AB Independeni Examiner Paul Harris Paul Harris & Co Limited 59 West End Redruth Cornwall TR15 2SQ
IFERNAT[oNALj0URNAL OF EXPERIMENTALPATH0Ly Page 2 Trustees, report {incorporathig the directors, report) for the year ended 31 December 2024 (continued) Structur4 Governantt and Management Governing document The ¢harAty is constituled as a cotnpany 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 vested in the Board of Trustees. Recruitment and appointment of Trustr The Trustees are also directors of the company for the purposes of the Companies Act and are known 18 Members of the Council under the company's Articles of A$Slation. Under the requirements of the Memorandum and Articles of Association. one fifth of the Members of the CouDciI must retire at each Annual General Meeting. these being the members who have been in otrice the longest. The retiring members are eligible for re<lection In accordance with the Articles of Association. Professor lan Lauder retires and offers hirnself for re-election. All Trustees have expertise in the field of experitnenlal pathology and when Trustees retire. they are replaced by persons with similar expertise. The Board has the p)wer to appoint additional TnLStees as it considers fit ¢0 do so. All Trustees give of their time freely and no TTUStee received remuneration in the year. Trustees, reitnbursed travelling expenses are shown in Note 5 to the accounts. Objectives and activities The charity's object and its principal activlty continues to be that of the publication of the Journal. Our policy is to publish research into the cause. diagnosis and cure of dise&se in man. and any profits from such publication are used to promote research in this field. The Trustees confirn) that they have considered the Charity Commission's public benefit guidance when reviewing the aims and objectives. MB PhD Fellowship awards are made to research insututions to fund nominated studenls whose area of interest fijrthers the objects of the charity. Sponsorship of an annual lecture and PTiZ£S are provided to the Brilish Society for Matrix Biology and bursaries are awarded to students of the Rani Rawji Foundation. The type of rnaterial that is published. including both primary research papers and reviews, is subject to peer review and is monitored by an Editorial Board. composed of an international group of experts in the field of experimental pathology. which meets three limes each year. The Trustees meer as a Board of Directors to detern]ine the general policy of the Journal. which h&$ remained unchanged.
INTERNATIONALJOURNAL OF EXPERIMENTALPATHOLOGY Page 3 Trustees, report (incorporating the directors, report) for the year ended 31 December 2024 {continued) Achievements and perfornjanee In 2024 the Journal had another difficult year. Although the number of submissions (218) fell frorn 2023 (406). the qua]ity and hence percentage of acceptsnce remained low {9%}. The time to first decision was 63 days overdll. and to acceptance (taking into account revisions) was 136 days. From acceptance to publication was 29 days. One review was published: the Fell-muir lecture by Prof Adams entitled 'TbromknspoDdins: Conserved mediators and modulatots of metazoan extracellular matrix". One set of British Society for Matrix Biology Abstracts was published from the April 2U24 meeting. which wa5 entitled 'The Dynamic Matrix-meehanics. Ageing and Repaif.. There were 15 original articl¢s: 13 of these were open access. Full online views of published articles (102,839) satisfactory. The citation score was 3.4 and the Impact Factor was 2.2. 20% of papets were from Brazil. and 13% from each of Chin4 United Kingdom. Italy and Japan. For onlxne views 20% were from Chin4 17% from the United States. 6% from the United Kingdorn. and 5% from each of India and Japan. As ever the work of our loyal referees. particularly of the Editorial Board. was our greatest strength. In particular Profs Alison. Goldin. Howie. Morgan and Silver. and the British Society for Matrix Biology (BSMB) team, have played a remarkable role in maintsining standards. Many authors should be grateful for their efforts. A Cambridge Lachmann MB PhD studentship was awarded to Theo Von Wilmowski. who is supervised by Prof Mike Weekes. A UCL LachmanD MB PhD siudentship was awarded to Ryan Turner supervised by Ptof Tom Jacques and DarreD Hargrave. Five UCL Rani Rawji swdentships were awarded to do research projects during the summer vacation. BSMB poster prizes were awarded based upon the recent meetings. and the two Fell Muir awards (Profs Adams and Pitsillides) were made. Thus far in 2025 112 articles have been submitted of which 41 have been handled to completion. The following articles hav¢ appeared: Role of the tendon circadian clock in tendin Mobjerg A. Pedersen SD. Kjaer M. Yeung CC. Int J Exp Pathol. 2025 May:106(3):e70001. doi: l O. I I I 1liep.70001.PMID: 40308034 Free PMC article. Review Extracellular matrix: can inletactions-Roles for the d stro hin-associated I com lex in skeletal tissue d namics. Hopkinson M. Pitsillides AA. tnt J Exp Pathol. 2025 Mar:106(2):e12525. doi: l 0.1 I I Iliep.12525.PMID: 39923120 Free PMC article. Review Review of methodolo id mediators PMS Gilroy DW. Int J Exp Pathol. 2025 Feb.106(1):e12523. doi: 10. I I I l/1ep.12523. Epub 2024 Dec 23.PMID: 39713922 Free PMC article. Review The role of ketone bodies in oxidi7£d LDL-indu¢ed cell oliferation and li macro es. Sato A. Nemoto H. Yabuki A. Sato G. Ogawa Y. Ohira M. Int J Exp Pathol. 2025 Jul;106(4):e70002. doi: 10.1 I I l/iep.70002.PMID: 404483 KLF9 a ravates the cardiom throu h the IncRNA and im lications for thera uti co rotein and re-anal sis of li idomic dats f usin ons ecialised m-resolution in a human miKlel of resolvin inflammation. Homer NZM. Andrew R. id accumulation inh 27 axis. Ding D. Zhao G. rtro hic obslructive cardiom CAI
INTERNATIONALJOURNALOF ExPERImETrAL PATHOLOGY Page 4 Trustees, report {incorporntlng the dlrettors, report) for the year ended 31 December 2024 (continued) Achievements and perforniance (continued) Int J Exp Pathol. 2025 Mar,106(2):e12526. doi: 10. I l l lliep.l2526.PM: 39909852 Silencin cells b non-codin etin RNA linc(X)689 su resses the rowth and invasion of osteosarcoma miR-129-5 INUSAPI. 7thang L, Song J. Xu X. Sun D, Huang H, Chen Y, Zhang Int J Exp Pathol. 2025 Mar,106(2):e12524. doi: l O. I I I Iliep.12524.PMID: 39891384 Identification of BCL3 as a biomarker for chondroc te ammed cell death in osteoarthritis. Ren J, Li EL Meng C, Xu Y. Li c.nt J Exp Pathol. 2025 Feb-106(1):e12522. doi: 10.111 Iliep.12522. Epub 2024 Dec 16.PMID: 39676743 Free PMC article Exercise combined with corticoidlome a-3 thera sitivel affected skeletal and cardiac muscles in middle a ed mdx mice. Suarez PAS. Junior MM. de Carvalho SC. Santo Neto H. Minatel E, Marques MJ. Int J Exp Pathol. 2025 May"106(3):e70000. doi: 10.1 I I Iliep.70(KIO.PMID: 4030802 Perinatal ex osure to lead alters male re roductive behaviour and immunoreactivit of andro en and oestro en rece tors in the brain. Arteaga-silva M. Vigueras-Villas¢rior RM, Guillen-Herrera G, Lander<FHuerta DA, Contreras-Garcfa IJ, Montes S. 0$ C. Limon-morales O, Rojas-castaneda Jc. Int J Exp Pathol. 2025 Feb:106(1):e12521. doi: 10.llllli.1252I. Epub 2024 Dec 16.PMID: 39676704 The relationship between the Journal and Wiley's has evolved further during the year. where there is a team of people handling individual aspects of production. Their considerdtion and backing has helF¢d to make sure that timings and online access rates have improved. Ffinaneial review The sthtement of financial activities on page 7 shows the fmancial results of the yeafs activities. The balance sheet on page 8 shows the kx)sition at the y¢ar end. This is the fst year of the new agreement with the publishers. which commenced on 1° January 2024 for a period of two years. Under this agreemenL the company receives a royalty equivalent to 25% of revenues from the journal and a contsibution iowards editorial costs. Income from the journal decreased as a result of the new tenns, however investment income increased due to increases in interest rates. Thus. total income remained comparable to last year. Two new three year Fellowship awards for candidates from University of Cambridge and University College London commenced in 2024. Additionally, the charity continued its support for the annual Fell Muir lecture, British Society of Matrix Biology prizes and students from the Rani Rawji Foundation. The investment portfolio perfornied in line with expectations based on global equity markets. with net gains of £26.798 over the year. Overall, the trustees consider that the charity is in a Strong [anCIal position.
If+rrERNATIONAL JOURNAL OF EXPERIMETrAL PATHoLy Page 5 Trustets, report (incoryorating the directors. report) for the year ended 31 December 2024 (continued) Investment pollcy Under the Memorandum and Articles of Association. the charity has the power to make any investment which the Thistees see fiL The Trnstees. policy for investing funds is to gen¢rdte IK)th income and capital growth and the investrnent rtfoliO is regularly reviewed for this PUTPOSe. Ethical issues are given due considerdtion when investment decisions are made. Funds not requittd for irnrnediate use are invested in higher interest paying accounts. The Trnstees consider the return on investments in the year to be satisfactory. Reserves pollcy Reserves are mntaIned at levels which are necessary to support the continuation of the publication of the Journal and the Fellowships awarded. The balance on general unrestricted reserve5 at the year end was £1.046,120. Statement of trustees, respoThsibilities The Thistees are required by law to prepare financial statements for each financial year which give a Irue and fair view of the financial activities of the charity and of its fancial position at the end of that year. tn preparing those financial statements. the trustees are required to: select suitable accounting policies and apply them consistently" nke judgernents and estimates that are reasonable and prudent" stat¢ whether the policies adopted are in accordance with the Companies Act 2006 and with applicable accounting standards and statements of tecornmeDded practice. subject to any material d¢partLwes disclosed and explained in the financial statements. and prepare the fmancial staternents on a going concern basis unless it is inappropriate to assume that the charity will continue in operation. The Trustees are responsible for keeping proper accounting records which disclose with re&sonable accuracy at any time the financial p)sition of the charity and enable thern to ensure that th¢ financial statements comply with the Companies Act 21M. They are also responsible for safeguarding the &ssets of the charity and hence for tskiDg twonable steps for the prevention and detection of fraud and other irregularities. This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2(K)6 applicable to companies subject to the small companies regime. This report was approved by the Board of Directors and Trustees on 9 July 2025 and signed on its ljehalf by: Professor Ian Iauder Dlrector and Ilwstee
IMERNATtONALJOURNAL OF EXPERIMENTALPATHOLOGY Page 6 Independent uaminer's report lo the Trustees of knternational Journal of Experimental Pathology I report to the charity trustees on my examination of the accounts of the chaTitabJe company for the year ended 3l December 2024 which are set out on pages 7 10 12. Responsibilities and basts of report As the charity's trustees of the company (and a]so its directors for the purposes of company law) you are responsible for the preparation of the &counts in accordance with the requirements of the Companies Act 21X)6 ('the 2tM)6 Act'}. Having been Sdtisfied that the IoUnts of the uMnpY are not required to be audited under Part 16 of the 21XJ6 Act and are eligible tor independent exatnination. I report in respect of my exatnination of your charity's accounts as carTied out under section 145 of the chlueS Act 2011 ('the 2011 Act.). In carrying out my examination I have followed thc Directions given by the Charity Commission under section 145 (5) (b) of th¢ 2011 Act. Independent eLgminer's statement I have completed my examinatiOD. I cont-llm that no matters have com¢ to my attention ID connection with the examination giving me cause to Ltlieve: (l) accs)unting records wett not kept in respect of the company &8 rquired by wtion 386 of the 2006 Act" or (2) the accounts do not accord with those records" or (3) the accounts do not comply with ihe accounting requ1Ments of section 396 of the 2006 Act other than any requirement that the accounts give a. irue and fair, view which is not a Inatter considered as part of an independent examination: or (4) the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charlties applicable lo charities preparing their accounts in accordance with the Financial Rep)rting Standard Éipplicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come acmss no other matter5 in connection with the examination to which attention should be drawn in this report in order to enable a proper understsnding of the accounts to be reached. Paul Hdrris Paul Harris & Co Limited Chartered Certified Accountants 59 West End Redruth Cornwall 9 July 2025
iTr¥rERNATIONALJOURNALOF EXPERIMENTALPATHOLOGY Page 7 Statement of llnaneSal activities for the year ended 31 Deeember 2024 locome and expenditure account Notes 2024 2023 Income from: Charitable activities 29.650 39,351 Investments 55.877 48,810 Total income 85,527 88.161 Expendithre on: Chariiable activities: Research fellowship grants and prizes Governance costs 213.571 14,451 6.700 16,1Y79 Total expenditure 228.022 22.779 Net (expenditureyincome before investment gain (142.495) 65.382 Net gainlon investments 26.798 32.446 Net movement In funds {115,697) 97.828 RecoDciliation of funds: Total funds brought forward 1.416.577 1.318.749 Total funds carried forward 1.300.880 1.416.577 The notes on pages 9 to 12 forni part of these financial statements.
INTERNATIONALJOURNAL OF EXPERIMEKfALPATHOLOGY Page 8 Balance sheet gs at 31 Dember 2024 Nofrs 2023 Fixed assets Investments 1.107,086 1.082.503 Current assets Debtors C&th at bank 34,552 317,333 46.574 346,417 361.885 392,991 Creditors: amounts falling due within on¢ year 99.167 58.917 Net current assets 262.718 334,074 Totsl assets less current liabilities Creditors: amounts falling due after one year 1,369.81X 1,416577 68.924 Net assets 1,3(K).880 1,416,577 Funds of the charity UDrestricted funds G¢nerai funds Fair value reserve 1.046.120 254,761 1,185.043 231.534 Total funds 10 lJ(K),880 1.416.577 The company w&8 entitled to exemption from audit under section 477 of the Companies Act 2( relating to small cornpanies. The rnembers have not required the company to obtain an audit of its accounts in accordance with section 476 of the Companies Act 26. The directors acknowledge their resnSIbilIti$ for complying with the requirements of the Companies Act with respect to xcounting records and the preparation of accounts. These accounts have been prepared in accordaDLZ with thc provisions applicable to small companies subject to the small companies regime and in accordance with FRS 102 SORP. Approved by the Board of Directors and Trustees on 9 July 2025 and signed oll its bchalf. Professor lan Lauder DiTector and Trust The Dotes on pages 9 to 12 forni part of these financial statements.
INTERNATIONAL JOURNAL OF ExPERImAL PATHOLOGY Page 9 Notas to the accounts for the year ended 31 December 2024 Accounting polides Basls of aecounting 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 Statement 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 FanCIal Retorling Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011 and the Companies Act 2006. The company meets the definition of a public benefit entity under FRS 102. Income Recognition of incoffle: These are included in the staternent of fmancial activities (SOFA) when the charity becomes cntitled to the resources, it is more likely than not thal the Trustees will receive the resources and the monetary value can be measured with sufficienl 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 wben the charity has entitlement to the funds. Investment income: This is included in the accounts when receipt 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 from revaluing investments to niarket value at the end of the year. Expenditure and liabilities Liability recognition: Liabilities are recognised when it is more likely than not that there is a legal or constructive obligation commirting 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 wsts involving public accountability of the charity and its compliance with regulation and good practice. Support costs include central functions and are ailixated to activity cost categories on a basis consistent with the use of resources. Grants payable without perforniance conditioDS: Where there are no perfoTmance conditions attaching to the grant payable, that enables the charity to realistically avoid the c0ttunirnnt. a liability for the funding obligation is
INfERNATIONALJOURNAL OF EXPERIMENTAL PATHOLOGY Pag¢ 10 Notes to the flDancial statemeDts for the year ended 31 December 21)24 (conlinued) Atcounting policies {continued) Creditors: Creditors are measured at settlement amounts. Value Added Tax is not recoverable by the charity. and as such AS included in the relevant costs. A&sets Investments.. Fixed asset investsnents in quoted shares. traded bonds and similar investments are valued initially at cost and subsequently at fair value {their maTket value) at the year end. Debtors: Debtors are measured on initial recogniuoD at settlement amounL Subsequently, they are measured at the cash or other consideration expected to be received. Current asset inveslments: These are cash deposits with a maturity of less than one year, held for investment purposes rather than to meet short terni c&8h commitments as they fall due. Income from charltable actlvltles Income from charitable actkvities represents the royalty receivable fmm the publication of the Journal. as shown in the accounts produced by the Publisher. after deducting excess Editorial costs. Excess Editorial costs are costs of the Editorial office, for which the company is responsible. less a fixed contsibution from the Publisher. 2024 2023 Royalty Excess Editorial costs 30.198 (548) 40.790 {1.439) 29,650 39,351 Ineonie from investments 2024 2023 Dividcnds from investment p)rtfolio Interest on bank deposits 39,948 15,929 38,032 10,778 55,877 48.810
lEiNATIoNALJOuRNAL0F EXPERIMENTALPATHOLOGY Page 11 Notes to the fllwlchal statements for the year ended 31 December 2024 (eontinued) Research fellowship grants and priz 2024 2023 Institutional grants: Fellowship for MB PhD studies: University College London University of Cambridge Institutional prizes and leclures: British Society for Matrix Biology Fell Muir award Rani Rawji Studentships Woolf prize 99.281 104,095 800 8.045 250 213.571 6,700 Governance eosts 2024 2023 Fee for independent examiner Other governance costs 13.551 15.179 14.451 16,079 The Thistees received reimbursed travel expenses of £151 (2023 £218). There are no employees. Investment assets Fixed asset investments Market value at l January 2024 Additions at cost Sales proceeds on disposals 1.082,503 106.175 (108.390) 1.080.288 26,798 Increase in market value for the year Market valu¢ at 31 December 2024 1,107,086 The historical cost of listed iDvestments fts £849.015 (2023 £850.970) Debtors 2024 2023 Trade debtors Other debtors 30.198 4.354 44.808 1.766 34.552 46.574
INTERNATIONAL JOURNAL OF EXPERIMENfAL PATHOLOGY Page 12 Notes to the fUleal statements for the year ended 31 Deeember 2024 (eonthiued) Credltors: amounts falling due within one year 2024 2023 Accruals 99,167 58.917 Creditors: amounts fa]ling due after more than one year 2024 2023 Accrual for Fellowships awarded 68,924 10. Movement in funds General Fair value Fund reserve Total Funds At l January 2024 Net expenditure for the year Realised and unrealised gain on investments Transfer of surplus relating to investments sold 1,185.043 231.534 1.416.577 (142.495) (142,495) 1,916 26.798 1.656 24,882 (1,656) At 31 Dettmber 2024 1,046.120 254,760 1,3(Y).880