What it says
What this says
As at Fri 9 Oct 2026Final board pack from the CFO, issued 16 Apr 2025. It reports £1.6m contracted annual recurring revenue, 42 customers and headcount of 31 at 31 Mar 2025. It states no service levels, price or quarter comparison.
What it is: an internal finance board pack by Bridget Kearsley, Chief Financial Officer, covering the quarter ending 31 Mar 2025. It says "Contracted annual recurring revenue stands at £1.6m at quarter end."
Basis: the figure is built from executed order forms, not the CRM deal amount, and excludes one-off implementation fees. Credit notes are one-offs, and duplicate CRM records are counted once.
Unusual: the pack is explicit about what it omits. It makes no comparison with the previous quarter and gives no cash, cost, margin, runway or forecast figures.
Not settled: the customer count is not split by tier. It is a point-in-time position from April 2025 and should not be read as current. It asks the board to note the position and say whether it wants a quarter-on-quarter and a cash view added.
As found in this document
As at Fri 9 Oct 2026- Date end31 Mar 2025Source: the AI read of this record
Body
BG-Demo - Board Pack - quarter to 31 Mar 2025
Status: Final Prepared by: Bridget Kearsley, Chief Financial Officer Date issued: 16 Apr 2025 Period covered: the quarter ending 31 Mar 2025
This pack gives the board the headline position at quarter end, with short commentary from finance. Every figure below is taken from our finance records as at 31 Mar 2025. For the avoidance of doubt, where a number is not shown here it has not been restated for this pack.
Headline numbers
| Measure | At 31 Mar 2025 |
|---|---|
| Annual recurring revenue (contracted) | £1.6m |
| Customers | 42 |
| Headcount | 31 |
Three numbers frame the quarter: what we have contracted on a recurring basis, how many customers sit behind it, and the size of the team that delivers and supports it.
Annual recurring revenue
Contracted annual recurring revenue stands at £1.6m at quarter end.
Read the whole document (4,882 characters)
- The figure is built from executed order forms, not from the CRM deal amount. Our records show the order form decides the contracted price and terms.
- It is annual subscription revenue only. One-off implementation fees are not part of it.
- A credit note is treated as a one-off and does not change the recurring figure.
- Where two CRM records exist for the same organisation, the revenue is counted once.
I would be grateful if the board would read the figure as contracted revenue, not as cash collected. Collections are tracked separately against invoices and due dates.
Customers
We closed the quarter with 42 customers.
- A customer here means an organisation with a live contract. An organisation marked "Customer" in the CRM with no live contract and no invoices since its last term ended is treated as churned and is not counted.
- The customer count is deduplicated by organisation, so one company with two CRM records appears once.
- Customers are spread across the three subscription tiers: Starter, Growth and Enterprise. This pack does not break the count down by tier.
People
Headcount at quarter end is 31.
- The figure reflects people employed by BG-Demo as recorded by HR, which is the source of truth for who works here.
- Anyone who has left is not counted, even if they still appear as an owner or host in a customer-facing system. Where that happens, the account is reviewed so it has an active owner.
Commentary from finance
The quarter closes with a recurring revenue base of £1.6m across 42 customers, supported by a team of 31. That is the position I can defend line by line from the finance system and the executed order forms.
Three points for the board to hold in mind:
- Quality of the number. Recurring revenue is checked against order forms and invoices, so the CRM is a claim that finance verifies, not the answer by itself.
- Renewals carry the base. Our model earns twice, through a fixed-fee implementation on joining and then an annual subscription that must be renewed and, ideally, grown. The recurring base only holds if renewals are managed ahead of their notice dates.
- Capacity. With a team of 31, delivery and customer success capacity is a constraint on how quickly we can take on new implementations while still running quarterly reviews well for existing customers.
What this pack does not show
In the interest of being plain about the evidence:
- It does not compare this quarter with the previous one, so no movement in recurring revenue, customers or headcount is claimed.
- It does not state cash collected, costs, margin or runway.
- It does not forecast the next quarter.
These can be tabled separately if the board wants them for the next meeting.
Risks and watch points
| Area | Watch point | Owner |
|---|---|---|
| Recurring revenue | Keep the CRM aligned with executed order forms so the reported figure stays defensible | Bridget Kearsley |
| Customer base | Confirm that churned organisations are removed from the customer count promptly | Bridget Kearsley |
| Team | Make sure every account has an active BG-Demo owner after any departure | Bridget Kearsley, with HR |
Decisions and asks of the board
- Note the position at quarter end: £1.6m contracted annual recurring revenue, 42 customers and headcount of 31.
- Confirm that the board is content with recurring revenue being reported on the order-form basis described above.
- Say whether it wants a quarter-on-quarter view and a cash view added to the next pack.
Any change to pricing, discounts or fee waivers remains a matter for Nell Ashcombe and is not proposed in this pack.
Next steps
- Finance to circulate this final pack to the board following issue on 16 Apr 2025.
- Finance to take questions from directors by email ahead of the next board meeting.
- Finance to reconcile the customer list to live contracts at each quarter end, using the same basis as this pack.
Best, Bridget