What this says
As at Fri 9 Oct 2026Final board pack from the CFO, issued 17 Jan 2025. It reports contracted recurring revenue of £1.0m, 34 customers and headcount of 26 at 31 Dec 2024. It has no movement bridge, tier split, or cash figures.
What it is: an internal board pack prepared by Bridget Kearsley, Chief Financial Officer, marked "Board and management only". It is stored as final and the text says "Final, version one".
Claims: contracted recurring revenue is £1.0m, with 34 customers and headcount of 26, all "as at 31 Dec 2024". Recurring revenue is built from executed order forms and checked against invoices, not the CRM alone.
Unusual: it states that credit notes "do not change contracted recurring revenue" and that discounted customers step up at first renewal. No discount, waiver or change to commercial terms is proposed, and any change would need Nell Ashcombe's agreement first.
Not settled: there is no bridge from the previous quarter, no tier split, and no debtor ledger, cash balance or runway. It is a snapshot from 17 Jan 2025 and is not current for later planning.
The document
Body
BG-Demo - Board Pack - quarter to 31 Dec 2024
Status: Final, version one Prepared by: Bridget Kearsley, Chief Financial Officer Date issued: 17 Jan 2025 Period covered: the quarter ending 31 Dec 2024 Classification: Board and management only
Purpose of this pack
This pack gives the board the position of BG-Demo at the close of the quarter. It covers the three numbers we track most closely: contracted annual recurring revenue, the number of customers and the size of the team. Commentary is deliberately short. Where our records do not support a statement, the pack says so rather than estimating.
For the avoidance of doubt, every figure below is taken as at 31 Dec 2024.
Headline numbers
| Measure | Position at 31 Dec 2024 |
|---|---|
| Annual recurring revenue (contracted) | £1.0m |
| Customers | 34 |
| Headcount | 26 |
How to read these
Read the whole document (5,345 characters)
- Annual recurring revenue is the contracted annual value of live subscriptions. It is built from executed order forms and checked against what has been invoiced. It is not taken from the CRM alone, because a CRM amount is a claim until accounting and the signed order form agree with it.
- Customers counts organisations with a live contract. An organisation shown as "Customer" in the CRM with no live contract and no invoices since its last term ended is not counted. Where two CRM records belong to one company, it is counted once.
- Headcount is the number of people employed by BG-Demo at the quarter end, as held by HR.
Revenue commentary
Contracted recurring revenue closed the quarter at £1.0m. This is the figure I would ask the board to rely on for planning, and it is the figure our finance records can cite.
Three points for the avoidance of doubt:
- Implementation fees are one-off and fixed. They are earned when a customer joins and are not part of recurring revenue.
- Credit notes, where issued, are one-offs. They do not change contracted recurring revenue.
- Discounts apply to the first term only, so the recurring figure for any discounted customer will step up at its first renewal, subject to the price book in force at that point.
This pack does not include a bridge from the previous quarter, and I have not put one together from memory. If the board wants a movement analysis (new business, expansion, contraction and churn), I would be grateful if that could be requested for the next meeting so that it can be prepared from the order forms and invoices.
Customer commentary
We ended the quarter with 34 customers. The count reflects live contracts only.
Two things the board should keep in mind when looking at this number:
- A customer count says little about health on its own. The better measures of value are questions asked, records indexed and the number of active users, and these are reported through the customer success review rather than here.
- Renewals are the second engine of the business after new implementations. The customer success team owns the renewal notice and the renewal conversation, and the account executive owns commercial terms. Finance supports both by confirming what has been invoiced and paid.
This pack does not break the customer base down by tier, and I have not done so here, because that split is not part of the facts supplied for this quarter.
People commentary
Headcount stood at 26 at the quarter end. Our records show this as the number of people employed by BG-Demo, and HR is the source of truth for who works here. Where a CRM owner, call host or email signer has left, the account has no active owner until one is assigned, and finance will not treat the former employee as the owner for any purpose.
Hiring plans and the cost of the team are not covered in this pack.
Cash and collections
Our collections approach is unchanged. Invoices are raised annually in advance, with quarterly billing available on request, on standard payment terms. Finance escalates personally where an invoice has gone unanswered.
This pack does not report the debtor ledger, cash balance or runway. Those figures were not supplied for this quarter, and I will not quote a figure our finance system cannot cite.
Risks and watch points
| Area | Observation | Owner |
|---|---|---|
| Data quality | CRM amounts must be reconciled to order forms and invoices before they are reported as recurring revenue | Bridget Kearsley |
| Duplicate records | Organisations sharing a domain are one company and must be counted once | Bridget Kearsley |
| Departures | Accounts whose owner has left need a named active owner | Chief Executive to confirm |
| Forecasting | A movement analysis is not yet part of the standard pack | Bridget Kearsley |
Requests of the board
- Note the position at 31 Dec 2024: contracted recurring revenue of £1.0m, 34 customers and headcount of 26.
- Confirm whether the next pack should include a quarter-on-quarter movement analysis and a tier split.
- Confirm the preferred format for cash and collections reporting.
No discount, waiver or change to commercial terms is proposed in this pack. Any such change would need Nell Ashcombe's agreement first.
Sign-off
Prepared and issued by:
Bridget Kearsley Chief Financial Officer, BG-Demo 17 Jan 2025
Best, Bridget
Unusual terms
As at Fri 9 Oct 2026- Credit notes do not change contracted recurring revenue
- No movement analysis or tier split included