International Journal of Experimental Pathology (company limited by guarantee) Report and Financial Statements for the year ended 31 December 2025 Charity No. 231407 Company No. 355858
IwtERNATIONAL JOURNAI. OF IXPLRIMENTAL PA"fHOLO(JY Report and Flnanclal Statements for the year ended 31 December 2025 Contents Page Truslees. report Independent examiner's report Statement of financial activities Balance sheet Notes to the financial .staleinents
INfERNATIONALJOURNAL OF EXPERIMENTAL PATHOLOGY Page I Trustees, report (intorporating tbe direetors, report) for the year ended 31 December 2025 The Tnlee5. who are also directors of the charity for the purposes of the Companies Act, present their annual Teport and accounts for the y¢ar ended 31 December 2025. The accounts comply with the Charities Act 201 I, th¢ Companies Act 2006, the Memorandum and Articles of Association and Accounting and Reportin8 by Charities: Statement of Recommended Pradice applicable to charities preparing their accounts in accordan¢¢ with the Financiaj Reporting Standard applic&ble in the UK and Republic of Ireland (FRS 102) O¢tob¢r 2019. Referenee and Admlnistrative iDfomation Company Number 355858 (En8land ond Wales) Registered Charity No. 231407 Directors and MemLK of the Council (Trustees) Professor I Laud¢r- President Pmfessor M Alison- Vice PTesident Professor G Murphy - Secretary Professor R Goldin PfessOr H LaclllDW Editor Professor D R Katz Re8lStered Office 28 Pheasants Way RiCknl$wOrt H¢rtfordshire WD3 7ES Bankers CAF Bank Limited 25 Kin8s Hill Avenue Kings Hill West Malling Kenl ME194JQ Investment Managers Canaccord Genuiiy Wealth Mana8ement Slip House, Princ¢s Drive Worcesler WRI 2AB Independent Examin¢r Paul Harris Paul Harris & Co Limited 59 West End Redruth Cornwall TR15 2SQ
INTERNATIONAL JOURNAL OF EXPERIMENTAL PATHOLOGY Page 2 Trustees, report (incorporating the directors, report) for the year ended 31 Deeember 2025 (conÉinu¢d) Structure, Governanet and Man¥gement Governing document The charity is ColtitUted as a company limited by giwant¢e and is therefore goven]ed by a Memordiidum and Articles of AssoLiation. The IAability of members in the event of a winding up is limited to £1 O. Control of the company is vested in the Board of Trustees. Recruitment and appointment of Trustees The Trustees are also directors of the Lompany tor the purposes ot. the Companies Act and are known as Members of the Council under the company's Articles of Associatio Under the requirements of the Memornndum and Articles of Association, one fillh of th¢ M¢mbers of the Council must retire at each Annual General M¢eting. these being the members who have been in office the long¢st. The retiring members are eligible for re-election In accordance with the Articles of Association, Professor Malcolm Alison retires and offers himself for re-ele¢iion. All Trnstees have expertise in tlie field of experimental pathology and when Trust¢¢s retire, they are repla¢ed by persons with similar exp¢rlise. The Board has the pow¢r to appoint additional Trustees as it considers fit to do so. All Trustees give of their time freely and no Trustee received remunerntion in the year. Irustees, reimbursed travelling expenses ar¢ shown in Note 5 lo the accounts. Obje¢tives and activities I'h¢ charity's object and its principdl activity is the publication of the Journal. Our policy is to pubIish research into th¢ USe, diagnosis and Cure of disease in man, and any profits from such publication are used to promote research in this field. The Tnistees confirni that they have consid¢red the Charity Commission's public benefit guidance when reviewing the ainis and objectives. MB PhD Fellowship awards are mad¢ ti) research inslitutions to fund nominaied students whose area of interest furthers the objects of the charity. Sponsorship of an annual lecture and prizes are provided to the British Society for Matrix Biology ]d bursarÈes are awarded to students of the Rani Rawii FoundatLOn. The type of inalerial that is published. including both primary research papers and review.% is subject to peer review and is monitored by an Editorial Board composed of an intemaliunal group of experts in thc field of experimental pathology-. which meets three limes each year. The Tnistees meet as a Board OF Directors to determine the general lIcY of the Journal.
INfERNATIONAL JOURNAL OF EXPEREMENfAL PATHOLOGY Page 3 Itees, report (ineorporating tbe dirtttorJ' report) for the year ended 3J December 2025 (eontinued) Aehievements and perfonnanee It is very sad ihat after trading for 106 years the InternatiODal Journal of Ex]mental Pathology (IJEP) Bot)rd of Trustees have had to take the decision to Ce& trading. The reasons for this are complcx . The most important factor in the Journal's decline been the decline in academic Pathology in the UK. At its peak the number of UK academic pathologisls was numbered in the hundreds. As of la* year the Medical Schools Council annual survey of academic sts showed that Pathology posts had fallen to only 45. The standing ofthe Journal as defined by an impact factor was low so that UniN'ersities would noi rate highlj publications in our Journal. The pressure is on academic staff to submit their publications to higher rdted Journals io enhance the overall standing of the relevant university. Th¢ effect on our Journal of a combination of declining numbers of academic pathologists and a low rating for the Joumal has been devastating. Copy number has declined to the extent that ther¢ were no longer a sufficient number of submissions to IJEP to justify its continuing publication. Two additional factors were also relevant. The first was our inability to find a successor for our Editor in chief. None of the existing Editorial Borad was willing to take on the post which in itself says much about the decline in the Journal. The posi was advertised internationally, but no suitable candidates came forward. The wond relevant factor was the huge upsurge in the number of AI generated submissions to the Journal. Mosi of thes¢ emanated from China. Filtering these out of the system was a time Consuming tssk which as of the present, there is no automated procedure to eliminate. The effect on the journal was to prolong the time interval from submission to publication which inevitably leads to fewer submissions. Faced with a progressive decline in genuine quality submissions and the inability fmd a replacement Editor in Chief the Trustees 0k th¢ difficult decision to wind up IJEP. In doing so much thought was given to the future of the charitable actiNryties: which for many years have been largely to SUprt Medical Students who wisb to take on a MB,PhD program in the field of Pathology. In order to ty and continue supw)rt of Tr¢h for young clinical scientist4 the Trustees d¢cided that the Academy of Medical Sciences (AMS) was best placed to benefit from the IJEP legacy. A number of very useful discussions with AMS have tsken place and Trustees are confident that AMS will use the finances provided to continue supw)rting Young Clinical Scienlists in their ly research endeavours. The Tnlee$ also ensured thai all existing commitmenl lo research siudents have been financed in fijll and we also provided 3 rn0 years support the meetings of the Association of Malrix Biology. So we conclude that our Charitable objectives have fulfilled for many years now and our hope and belief is that they Viill be continued withinAMS after th¢ winding up of IJEP.
INTERNATIONALJOURNAL OF EXPERIMEKfALPATHOLOGY Page 4 Trustees, rcport (incorporating the dArertor8' report) for tbe year ended 31 December 2025 (continued) Finaneial revfiew The two year agreement with the publishers ended on 31 December 2025. The Trustees have taken the decision to cease publication of the journal from this d&e for the reasons outlined in the Achievements and Perfornwice parngraph. The company will be wound up in the Current year and all assets transferred to the Academy of Medical Sciences. The statement of fu)ancial activities on page 7 shows the financial results of the y&s activities. The balance sheet on page 8 shows the p)sition ai the year end. Revenues from the journal were broadly in line with th¢ previous year. Investment incomc iner¢ased due to receipt of a 5cial dividend this year. The charity lionoured agreed fimding comminnents to University College London and University of Cambridge. both of which were settled in full. Financial support payments were mad¢ in advance to ¢over a further year for the Woolf priz£ and Rani Rawii Foundation studentships and a further three years for the BSMB poster prizes and Fell Muir awards. The investsncnt portfolio pcrfomied SttODgly over the year, with net gains of £126262. Investment polley Under the Memorandum and Articles of Association, th¢ ¢lJarity has the power to make any investment whi¢h the Truslees see fit. The Tntees, FK)li¢y for investing funds is to generate knth income and capital growth and the investment portfolio is regularly reviewed for this purFrf)se. Ethical issues are gii'en due consideration when investment decisions are made. Funds not required for immediate use are invested in higher Intere paying accounts. The.fnt¢es consider tlie Teturn on inv¢stm¢nls in the year to be satisfxtory. Reserves policy R¢s¢rves are maintained ai levels which are necessary to support the ¢ODtinuatlOD of th¢ publication of the Journal and the Fellowships awarded. The balan¢e on genernl unrestri¢t¢d reserves at the year end was £1,094,180. Statement of trustees, rupoD8lbllities The Trustees are required by law to prepare financial statements for each financial year which give a true and fair Vlew of th¢ financial activities of the charity and of its financial position at the end of that year. In preparing those finan¢ial slatements. the trustees are requir¢d w: select suitable accounting p)licies and apply them consistently; • make judgements and eslimatcs that are reasonable and prudent; stat¢ whether the policies adopted are in accordan¢e with the Companies Act 2006 and with applicable accounting standards and statements of recommended prnctice. subject to any material departures disclosed and explained in the fancial sts*m¢nts; and prepare the fllwicial ststements on a going concern b&sis unless it is inappropriate to &ssume Ihat the charity wtll contirAUe in operdtion. The Tntee$ are responsible for keeping proper aoUnting records which disclose with reasonable accuracy at any lime the financial position of the charity and enable them io ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets olthe charity and hence for taking r¢wnable steps for th¢ pr¢vention und detection of fraud and other irregularities.
INTERNATIONAL JOURNAL OF EXPERIm[AL PATHOLOGY Page 5 Trustees. report (incoryoratlng the direetors. report) for the vvar eDd¢d 31 Dee¢mber 2025 (continued) Small tonipany provisions This report has been prepared in accordance with the provisio in Part 15 of the Comptinies Act 2006 applicable lo companies subject kn the small colnpanies regime. This r¢port was approved by the Board of Directors and Tn on 14 July 2026 and signcd on its behalf by: Profe550r Ian Lauder Director and Trustee
IwrERNAI'IONALJOURNAL OF EXPERIMENTAL PATHOLOGY Page 6 Independent examintr'g report to tb¢ Trustee5 of InternatlonAI,lournAR of Fxperlmental Pathology I report lo the charity tnkn"t¢¢¥ on my Lxainination of th¢ aLLounls of the charitable company for the )eai ended 31 December 2025 which are set out on pages 7 to 12. Re$ponslbllltl #Dd basis of rnport As the chitv'S trustees of tli¢ company (and also it5 directors for the pulposcs of wmpany law) you aTe rcsponsil)le for the preparation of die accounts in accordance ivith ihe requirements of the Companies Acl 2006 ('the 2006 Aet.). Having been sat151ied that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and eligible t'or ind¢pendent exknatio l report in respect of mv examination of your ¢harily'S accounts as catrted out under seclioii 145 of the Chariti¢s Act 2011 ('the 2011 A¢t'). ID carryints oul my exaTnination I have followed the l)irection.s giicn by the Charity Commi&sion under section 145 (5) (b) of die 201 l Act. Independent examiner's statement I have complet¢d my ¢xaminaiion. I confirm thut no iiiatters have come to my attention in ¢oDThection wAth the exami(vdtion giving me cause lo believe.. (l) accounling rccords were not kept in respeLt of the company as required by section 386 of the 2006 Act. or (2) the a¢coiints do not accord with tliose re¢ords' or (3) tbe accounts do nol comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that th¢ ac¢ounts 8ive &, IN¢ and tair. view which is not a matter considered as part of aji indcpeiideiil examinulion. or (4) the accounts Imvc not been prepared in accordance wryth the methods and principl¢s ot the Statement of Recommended Prn¢li¢¢ tor accountinsy wid reporting by charilies applicable to Lhariues preparing their aLiounts in accordance the Financiul Reporting StandaTd appliLable in the UK RepubliL of lieland (TrIiS 102). I have no ConceTh and hav¢ come across no other matters in ci)nnection with the examiithlion to which attenliun should be drawn in this report kn order to enable a proper understanding of the accounts to b¢ reached. Paul FIaTris Paul Harris o Limited Chartered Ccrtified Accountdnls 59 West bnd Redruih Cornwall Dale 14 July 2026
IbrrERNATIONAL JOURNAL OF EXPERIMENTAL PATHOLOGY Page 7 StAtement of financial activities for the year ended 31 December 2025 In¢ome and eJpendlture a¢¢ount Notes 2025 2024 Income from: Charitable activities 28,847 29.650 Investments 67,482 55,877 Totttl income 96,329 85,527 Expenditure on: Charitable activities: Reseawli fellowship grants and pri overnanc¢ costs 21,394 21.1,571 16,010 14,451 Total ¢xpendilure 37,404 228,022 Net in¢omcl(expenditure) b¢for¢ inve3tmeni gaiii 58,925 (142.495) Net gainlon investmenls 126,262 26,798 Net movement In funds 185,187 {115,697) Reconeilialion of fundg: Total brought forward 1,300,880 1,416.577 Toial fimds Larried forward 1,486,067 1,300,880 The notes on pag¢s 9 to 12 fc>rni part of these financial statements.
INTERNATIONALJOURNAL OF EXPERIMFwfAL PATHOLOGY Page 8 B81aDce sbeet 48 at 31 Dttember 2025 Notes 2025 2024 Fixed assets lllvestmcnts 124A194 1.107.086 Debtors Cash * bank 31.832 242,495 34,552 327,333 274,327 361,885 Creditors". amounts falling due withtn on¢ year 34,454 99.167 Net current assets 239,873 262.718 Total assets l¢ss current Iiabilities Creditots: amounts falling due after one year 1,486,067 1,369,804 68,924 Net assels 1.486,067 1,300.880 Funds of the charity Unrestricted fimds General funds Fair value reserve 1.094.180 39l,887 1.046.120 254.760 Total funds io 1,486.067 1,300,880 The company w&$ entitled to exemption from audit under section 477 of the CompaDies Act 2006 telating to small companies. The members have not required the company to obtsin 8Ji audit of ils accounts in accordance with section 476 of the Companies Act 2006. The directors acknowledge their reSpoIblI1tieS for Complying with the requirements of the Companies Act with respect to accounting iecords and the preparation of accounts. These accounts have been prepared in accordanc¢ with the provisions applicable to small companies subject to the small companies regime and in aOrdanCe 7th FRS 102 SORP. Approved by the Board of Directors and Trustees on 14 July 2026 and signed on its belwlf. Professor lan Lauder Director and Tnlstee Th¢ notes on pages 9 to 12 forni part of these flljancial statements.
INTERNATIONALJOURNAL OF EXPERIMENTAL PATHOI.OGY l>age 9 Notes to tht 8c¢oullts for the year ended 31 December 2025 A¢counting polities Basly of aeeounting Tlie accounts have been prepared under the historical cost convention, with iiems reLognised at cost or transaction value, unless otherwise stated in the notes to these accounts. The accounts have been prepared in a¢¢ordance with the Siateinent of Recommended Practice: AccountAng and Reporting by Charilies preparing their accounts in accordance with the FinarAcial Reporting Standard appliLabl¢ in the UK and Republic of Ireland (FRS 102)- (Charities SORI) FRS 102) October 2019. the Financial Rcporting Standard applicable in the UK and Republic ofIreland (fRS 102). the Charities Act 2011 and the Companies Act 2006. Thc Company meets the definition of a public ben¢fil entity under FRS 102. Ineome Recognition of income: These are includ¢d in tlie statement of financial activities {sofA) when the charity becomes entitled lo the res()Iwces, it is nii)re likely than not that the Trustees will receive the resources and the monetary Vali can be measured with Sufficient reliabillty. Income from the Journal: This is ihe conipany's share ol profit from th¢ publication of th¢ Journal as shown in the accounts produced by the Publisher and is reeognised when the charity has entitlemeiit lo the funds. Investment in¢ome: This is includ¢d in the ac¢ouThls when receipt Is probable and the amount receivable Can be m¢asured reliably. Investment gains and losses: This includes any realised or unrealtsed gains or losses on tli¢ sale of invesiments and any 8ain or loss resulting from revaluing Anveslmcnts to market value at the end of the year. Expendlture and Ilabllltleg Liability recognition: Liabilities are recogi)ised when it is more likely than not Ihal th¢re is a legal or constructive obligation committing the charity to pay out resourc£s Bnd Ihv aniowlt of the obligation can be measured with reasonable certainty. Governance and support COSls.' Suppurt cosls have been alloLated between governance and other support. (iovernance costs comprise all costs involving public accouiitability of the charity and its compliancc with re8ulation and good practice. Support costs include central functions and are allocated to aclivity cost categories on a basis consistent with the use of resources. Grants payabl¢ without perfom]ance conditions: Where there are no perfonnance conditions attaching to the grant payable, that enables the charily to realistically avoid the commitmenL a liabilily for ihe full funding obli8atioii is recognised.
INTERNATIONALJOURNAL OF EXPERIMENTAL PATHOLOGY Page 10 Notes to the financial statements for the year ¢nded 31 December 2025 (continued) Aecounting polities (¢onllnu¢d) Creditors: Creditors are measur¢d at settlemcnt amounts. Value Added Tax is not re¢ov¢rabl¢ by the charity. and as such is included in the relevant costs. Assetg Investments: Fixed asset investments in quoted shares, traded b()nds and siiiiilar investments are valued initially at cost and subscquently at fair value (their market value} lit the year end. Debr$. Debtors at¢ measured on inilial reLognition at sertlement amount, Subsequently, they are meosuRd at the cash or other consideration expected to be received. Current asset investments: These are Lash deposits with ll maturity Ot. less than one ycar. held for investment purpobey rathcr th( to me¢t sliort terni cash ¢ommitments as they fall duc. Ineome from ¢haritable a¢tivltl¢s Income froin charitable activities represents the royalty receivable from the publication of the Journ¢il, shown in the accounts pri)duced by the Publisher, aficr net Editorial iosts. Net Editorial costs are costs of the Editorial office, for which the conipaiiy is responsible. less 8 fix¢d contribulion from the Publisher. 2025 2024 Royalty Editorial Costs net re¢eipV(exeess costs.) 27587 1260 30,198 (548) 28,847 29,650 Eneome from Investments 2025 2024 Dividends from investment portfolio Intercst on bank deposits 52,553 14,929 39.948 15,929 67,482 55,877
INTERNATIONALJOURNAL OF EXPERIMf.NTAL PATHOLOGY Page 11 Not¢s to the financial statements for the year ended 31 D¢cember 2025 (eontinued) Research fellowship grants and prizes 2025 2024 Institutional grants: Fellovthip for MB PhD studies: Universiiy College Loiidon University of Cambridge Instilutional prizes and lectures: British Society for Matrix Biology Fell Muir award R£ffti Rawji Studentships Woolf prize (3,148) 442 99.281 104.095 3.150 4,000 15,700 1,250 900 1,000 8.045 250 21.394 213,571 Governanc¢ eosts 202) 2024 Fee for independent examiner Other governance costs 900 13,551 15.110 16,010 14,451 The Truste¢s Teceived reimbursed travel expenses of £188 (2024 £151). Therc are no employees. Inv¢8tment assets Fixed assct Invegtmcnts Market valu¢ at l January ?025 Additions at cosl Sales proc¢cds' on disposals 1,107,086 35,658 (22,812) 1.119,932 126,262 Increase in market value for the year Markel value at 31 December 2025 1,246,194 The historical cost of listed investments is £854.307 (2024 £849,015) Debtors 2025 2024 Trade debtors Other deblors 27.587 4,245 30,198 4,354 34,552
INTERNATIONALJOURNAL OF EXPERIME.NTAL PATHOLOGY Page 12 Notej to the financial st8t¢m¢Dts for the year ellded 31 December 2025 (eontinued) Creditors: omounts falllng due withiD one y¢ar 2025 2024 Accrnals 34,454 99.167 Credltors.. amounts falllng due after more than one year 2025 2024 Accrual for Fellowships awarded 68,924 10. Movement In funds Cyeneral Falr valu¢ reserve Total Funds At l January 2025 Net income fur the ye&r Realised and unrealised gain on investments Transfer of surplu5 relnting lo investments sold 1,046,120 254,760 1,300,880 58,925 58.925 (7,111) 133,373 126,262 (3,754) 3,754 Al 31 December 2025 1,094,180 391,887 1,486.067