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 Tn￿lee5. 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
P￿fessOr H LaclllDW
Editor
Professor D R Katz
Re8lStered Office
28 Pheasants Way
RiCkn￿l$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 Col￿titUted 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
I￿￿tees, 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 SUp￿rt 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 T￿r¢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 Tn￿lee$ 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 5￿cial 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 Tn￿tees, 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.fn￿t¢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 f￿ancial 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 Tn￿tee$ are responsible for keeping proper a￿oUnting 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 ch￿itv'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 ex￿￿knatio￿ 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 reSpo￿IblI1tieS 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 a￿OrdanCe ￿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.
Deb￿r$.
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