Registered number: 09952345
AUDITED
ANNUAL REPORT
AND FINANCIAL STATEMENTS
AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024
31 DECEMBER 2024
COMPANY INFORMATION
CONTENTS
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors present their Strategic Report for Frontiers Media Limited ("the Company") for the year ended 31 December 2024.
The principal activity of the Company during the year under review was the provision of support services to its parent company, Frontiers Media SA.
The principal activity of the Company during the year under review was the provision of support services to its parent company, Frontiers Media SA.
Following the significant contraction of the academic publishing market in 2023, Frontiers Media Limited undertook a workforce restructuring exervise in the first half of 2024 to align its operations with prevailing market conditions and its revised strategic focus. As a result, the number of full-time equivalent (FTE) employees decreased by approximately 48%, from 924 at 31 December 2023 to 484 at 31 December 2024.
Turnover for the year ended 31 December 2024 was £35,774,241 (2023 - £50,153,279). The decrease in turnover is primarily due to a significant reduction in the workforce from the second quarter of the year. During the year, the parent company continued to incur substantial losses. In response to the financial performance in 2023 and 2024 a revised policy for intercompany transactions was introduced. Under this policy, the Company recharged costs to Frontiers Media SA with an applied margin of 3.2%. This margin was established based on the results of an independent transfer pricing benchmarking study and reflects the lower quartile of comparable market rates.
Following a return to profitability in 2024, the Company's balance sheet strengthened further, with a net current asset figure of £3,826,406 (2023 - £2,643,172).
During the year, the Company relocated to new office premises, resulting in a substantial reduction in rental costs. Looking ahead to 2025, the Company plans to implement a revised hybrid working strategy, under which locally based employees will return to the office on a more regular basis.
Turnover for the year ended 31 December 2024 was £35,774,241 (2023 - £50,153,279). The decrease in turnover is primarily due to a significant reduction in the workforce from the second quarter of the year. During the year, the parent company continued to incur substantial losses. In response to the financial performance in 2023 and 2024 a revised policy for intercompany transactions was introduced. Under this policy, the Company recharged costs to Frontiers Media SA with an applied margin of 3.2%. This margin was established based on the results of an independent transfer pricing benchmarking study and reflects the lower quartile of comparable market rates.
Following a return to profitability in 2024, the Company's balance sheet strengthened further, with a net current asset figure of £3,826,406 (2023 - £2,643,172).
During the year, the Company relocated to new office premises, resulting in a substantial reduction in rental costs. Looking ahead to 2025, the Company plans to implement a revised hybrid working strategy, under which locally based employees will return to the office on a more regular basis.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company provides support services to its Swiss parent company, Frontiers Media SA, on a cost-plus basis. Fees are calculated monthly, with a markup applied in accordance with a transfer pricing benchmarking study conducted by an independent third party. For the year ended 31 December 2024, the markup was set at 3.2%, consistent with the lower quartile of the interquartile range for comparable companies within the publishing sector. This arrangement underpins a low-risk operating model and provides a stable financial environment for Frontiers Media Limited.
The principal risk facing the Company relates to the ongoing viability of the Swiss parent entity. As at the reporting date and heading into 2025, Frontiers Media SA remains a going concern with a strong balance sheet and adequate cash reserves, and is expected to continue providing operational and financial support to the Company.
Other risks relating to operational management, employment procedures and corporate governance are managed on a group-wide basis by the Swiss holding company with guidance from local UK advisors where applicable. Insurance policies are taken out by Frontiers Media Limited where these are considered beneficial to mitigate any identified risks.
As a result of the workforce restructuring carried out in early 2024, the Company experienced a reduction in average full-time equivalent (FTE) employees from 999 in 2023 to 610 in 2024. This, combined with an improved profit margin, led to a notable increase in revenue per employee to £58,646 (2023 - £50,203). Average salary cost per head also increased during the year to £48,719 (2023 - £45,379).
The results for the year were impacted by an increased cost and subsequent turnover of £2,546,251 pertaining to workforce right-sizing.
After the increased corporation tax rate as of 01 April 2023, the Company moved from the effective tax rate of 23.5% in 2023 to the new rate of 25% in 2024.
The principal risk facing the Company relates to the ongoing viability of the Swiss parent entity. As at the reporting date and heading into 2025, Frontiers Media SA remains a going concern with a strong balance sheet and adequate cash reserves, and is expected to continue providing operational and financial support to the Company.
Other risks relating to operational management, employment procedures and corporate governance are managed on a group-wide basis by the Swiss holding company with guidance from local UK advisors where applicable. Insurance policies are taken out by Frontiers Media Limited where these are considered beneficial to mitigate any identified risks.
As a result of the workforce restructuring carried out in early 2024, the Company experienced a reduction in average full-time equivalent (FTE) employees from 999 in 2023 to 610 in 2024. This, combined with an improved profit margin, led to a notable increase in revenue per employee to £58,646 (2023 - £50,203). Average salary cost per head also increased during the year to £48,719 (2023 - £45,379).
The results for the year were impacted by an increased cost and subsequent turnover of £2,546,251 pertaining to workforce right-sizing.
After the increased corporation tax rate as of 01 April 2023, the Company moved from the effective tax rate of 23.5% in 2023 to the new rate of 25% in 2024.
The revenue per employee (average FTE) increased to £58,646 from £50,203 in 2023 while the average salary cost per head (excluding the right-sizing workforce costs) increased by 7% to £48,719 (2023 - £45,379).
The Directors do not consider that there are any other key performance indicators to the Company.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors of the Company have acted in accordance with their duties codified in law, which include their duty to act in the way in which they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, having regards to the stakeholders and matters set out in section 172 of the Companies Act 2006.
In executing their statutory duty the Directors periodically review the strategic direction, business relationships and interactions, impacts more widely of business activity and business conduct, including those activities and roles outsourced to third parties, to ensure the continued promotion for success of all members as well as the interests and success of the Group.
In executing their statutory duty the Directors periodically review the strategic direction, business relationships and interactions, impacts more widely of business activity and business conduct, including those activities and roles outsourced to third parties, to ensure the continued promotion for success of all members as well as the interests and success of the Group.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors present their report and the financial statements for the year ended 31 December 2024.
The Directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the Directors are required to:
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £851,373 (2023 - £11,087).
No dividends were declared or paid in the current or prior periods.
The Directors who served during the year were:
The Company will seek to minimise adverse impacts on the environment from its activities, whilst continuing to address health, safety and economic issues. The Company has complied with all applicable legislation and regulations.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Following the contraction in the academic publishing market in 2023 and the restructuring undertaken in the first half of 2024, the Directors believe the Company is now well position for a return to growth in 2025 and beyond. This is expected to support the groups mission to make all science open.
Management remain commited to the long-term trnsaction from the traditional subscription-based publishing model to Open Access, which provides access to scientific research. The Directors consider the transition essential for fostering innovation and enabling the next generation of discoveries, ultimately contributing to better health outcomes and a more sustainable planet.
The Directors do not anticipate any change in the level or nature of the Company's business in the near future and remain focused on enhancing and improving existing operations.
Management remain commited to the long-term trnsaction from the traditional subscription-based publishing model to Open Access, which provides access to scientific research. The Directors consider the transition essential for fostering innovation and enabling the next generation of discoveries, ultimately contributing to better health outcomes and a more sustainable planet.
The Directors do not anticipate any change in the level or nature of the Company's business in the near future and remain focused on enhancing and improving existing operations.
The Directors recognise that a fully engaged workforce is essential to the successful delivery of the Company’s strategic objectives. Frontiers is committed to maintaining open and transparent communication with its employees and fostering a culture of inclusion, trust, and collaboration.
To support this, the Company conducts regular employee engagement surveys across all levels of the organisation. These surveys provide employees with the opportunity to share honest and constructive feedback and help establish meaningful two-way communication between staff and senior management. Survey results are reviewed and acted upon, with specific focus areas identified for improvement. Progress against these areas is tracked in subsequent surveys to ensure measurable impact and continued development.
In addition, the Company holds quarterly review for all employees, during which the leadership team shares financial and non-financial updates. These sessions are designed to promote visibility into the Company’s performance and strategic direction.
To support this, the Company conducts regular employee engagement surveys across all levels of the organisation. These surveys provide employees with the opportunity to share honest and constructive feedback and help establish meaningful two-way communication between staff and senior management. Survey results are reviewed and acted upon, with specific focus areas identified for improvement. Progress against these areas is tracked in subsequent surveys to ensure measurable impact and continued development.
In addition, the Company holds quarterly review for all employees, during which the leadership team shares financial and non-financial updates. These sessions are designed to promote visibility into the Company’s performance and strategic direction.
The Directors of the Company have, and continue to have, regard for the need to foster the Company’s business relationships with suppliers and other stakeholders. This regard is reflected across the decision making process of the Board and is evident throughout the financial year. The Company's only customer is its parent undertaking, who is supportive of the Company's efforts to foster good relationships with stakeholders and works with the Board to ensure these are applied in line with group policy.
Frontiers actively embraces diversity and prides itself on providing a safe and welcoming workplace for all. This policy permeates throughout our recruitment and selection process, training and development, performance reviews and promotion.
The Company's policy is to promote an environment that is free from discrimination, harassment and victimisation, where everyone will receive equal treatment regardless of their race, national or ethnic origin, age, religion, disability, sex, gender identity or sexual orientation.
The Company's policy is to promote an environment that is free from discrimination, harassment and victimisation, where everyone will receive equal treatment regardless of their race, national or ethnic origin, age, religion, disability, sex, gender identity or sexual orientation.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Frontiers’ energy and carbon calculations have been conducted in accordance with the UK Government’s Reporting Guidelines for Company Report. Data has been reviewed and verified by Adler & Allan Group Limited.
Greenhouses gas (GHG) calculations have been performed using the Greenhouse Gas Protocol Corporate Reporting Standards (GHG Protocol) and ISO14064-1:2018 Greenhouse Gases – Part 1: Specification with guidance at the organisation level for quantification and reporting of greenhouse gas emissions and removals. All emissions calculations follow up to date GHG Conversion Factors for Company Reporting (as per the Department for Environment, Food & Rural Affairs guidelines) and are reported as carbon dioxide equivalent (CO2e), accounting for all major greenhouse gases.
The table below sets out Frontiers’ total energy consumption and resulting GHG emissions by scope arising from business operations.
The total emissions in the year expressed in kWh was 58,066 kWh.
Frontiers’ carbon footprint for the 2024 reporting year has been calculated based on the environmental impact across scope 1, 2 and 3 (selected categories) emissions sources for the UK only.
Frontiers’ emissions for 2024 are 12.02 tCO2e, which represents an average impact of 0.336 tCO2e per £m revenue. Emissions intensity metrics have been calculated on revenue, floor area and employee bases, which will be monitored to track performance in subsequent environmental disclosures.
During the reporting period, the following actions have been taken to reduce Frontiers environmental impact:
Greenhouses gas (GHG) calculations have been performed using the Greenhouse Gas Protocol Corporate Reporting Standards (GHG Protocol) and ISO14064-1:2018 Greenhouse Gases – Part 1: Specification with guidance at the organisation level for quantification and reporting of greenhouse gas emissions and removals. All emissions calculations follow up to date GHG Conversion Factors for Company Reporting (as per the Department for Environment, Food & Rural Affairs guidelines) and are reported as carbon dioxide equivalent (CO2e), accounting for all major greenhouse gases.
The table below sets out Frontiers’ total energy consumption and resulting GHG emissions by scope arising from business operations.
The total emissions in the year expressed in kWh was 58,066 kWh.
Frontiers’ carbon footprint for the 2024 reporting year has been calculated based on the environmental impact across scope 1, 2 and 3 (selected categories) emissions sources for the UK only.
Frontiers’ emissions for 2024 are 12.02 tCO2e, which represents an average impact of 0.336 tCO2e per £m revenue. Emissions intensity metrics have been calculated on revenue, floor area and employee bases, which will be monitored to track performance in subsequent environmental disclosures.
During the reporting period, the following actions have been taken to reduce Frontiers environmental impact:
∙Employees awareness: best practices to enhance employees’ understanding of sustainability and encourage
eco-friendly habits have been shared;
eco-friendly habits have been shared;
∙Data visibility: to promote transparency, carbon footprint dashboards have been made available to
employees, enabling them to track and understand their impact; and
employees, enabling them to track and understand their impact; and
∙Local suppliers: Frontiers has committed to working with local suppliers, thereby reducing transportation
related emissions and supporting community businesses.
related emissions and supporting community businesses.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Over the next three years, Frontiers will work towards achieving the following targets set in the ESOS actionplan:
∙Ensuring workstations are switched off when not in use to conserve energy;
∙Cleaning all refrigerant coils in refrigeration and freezer units to improve efficiency; and
∙Transitioning to cloud-based servers and data storage to reduce energy consumption and improve overall
sustainability.
sustainability.
There have been no significant events affecting the Company since the year end.
The auditors, Wellden Turnbull Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FRONTIERS MEDIA LIMITED
We have audited the financial statements of Frontiers Media Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of income and retained earnings, the Statement of financial position, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The Directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FRONTIERS MEDIA LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FRONTIERS MEDIA LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. We have identified the greatest risk of a material impact on the financial statements from irregularities, including fraud, to relate to the timing and recognition of revenue and the override of controls by management. We have obtained an understanding of the legal and regulatory frameworks that the Company operates within including both those that directly have an impact on the financial statements and more widely those for which non-compliance could have a significant impact on the Company’s operations and reputation. The Companies Act 2006, employee legislation, health and safety legislation, data protection legislation and UK company tax law are those we have identified in this regard. Auditing standards limit the required procedures as to non-compliance with laws and regulations to enquiries of those charged with governance and review of any applicable correspondence.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙Enquiry of management and those charged with governance as to actual and potential litigation and claims;
∙Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations;
∙Assessing the reasonableness and accuracy of revenue recognised in the period based on underlying contractual terms and obligations and the requirements of accounting standards;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business, and reviewing accounting estimates for bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FRONTIERS MEDIA LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
Albany House
Claremont Lane
Surrey
KT10 9FQ
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STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024
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STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 27 form part of these financial statements.
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STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Frontiers Media Limited is a private company, limited by shares and incorporated in England and Wales, registration number 09952345 . The registered office address is Albany House, Claremont Lane, Esher, Surrey, KT10 9FQ. The principal place of business is The Yarnwicke, 119-121 Cannon Street, London EC4N 5AT.
2.Accounting policies
These financial statements are rounded to the nearest £.
The following principal accounting policies have been applied:
Functional and presentation currency
Transactions and balances
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Management do not consider the Company to have any key sources of estimation uncertainty not any significant judgements or assumptions in preparing these financial statements.
The whole of the turnover is attributable to the Company's principal activity and invoiced to the Company's parent undertaking, Frontiers Media SA, located in Switzerland.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
There were no factors that may affect future tax charges.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £1,892,209 (2023 - £3,047,846). Contributions totalling £224,213 (2023 - £NIL) were payable to the fund at the reporting date and are included in other creditors.
The ultimate parent undertaking and controlling party is Frontiers Media SA , a company incorporated in Switzerland located at Avenue du Tribunal Fédéral 34, 1005 Lausanne .
The parent company of the largest group in which the results of the Company are consolidated isFrontiers Media SA .
The parent company of the largest group in which the results of the Company are consolidated is
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