What this says
As at Fri 9 Oct 2026Board pack from CFO Bridget Kearsley, issued 17 Jan 2025, for noting. It states contracted ARR of £780k, 26 customers and headcount of 26 at 31 Dec 2024. It asks the board for no decisions.
What it is: an internal board pack for the quarter ending 31 Dec 2024, prepared by Bridget Kearsley and marked Final. It says every figure is "taken from the finance system and the executed order forms".
Claims: contracted ARR of £780k on "Executed order forms, annual subscription value only", 26 customers with a live contract, and headcount of 26 from the HR record. Implementation fees, credit notes and unexecuted drafts are excluded.
Risks flagged: the price book transition arrives at renewal, first-term discounts end at renewal, and any unanswered invoice will be escalated.
Not settled: the pack has no tier split, which is promised for the next pack, and no usage metrics. It is a position at 31 Dec 2024, not a forecast, and the evidence does not show whether it is still current.
Body
BG-Demo - Board Pack - quarter to 31 Dec 2024
Status: Final Prepared by: Bridget Kearsley, Chief Financial Officer Issued: Friday 17 January 2025 Period covered: the quarter ending 31 Dec 2024 Distribution: Board of directors, BG-Demo
Purpose of this pack
This pack gives the board the headline position for the quarter to 31 Dec 2024. It is deliberately short. It states the three numbers we manage the business by, explains how each was arrived at, and sets out what finance will watch in the coming quarter.
For the avoidance of doubt, every figure below is taken from the finance system and the executed order forms. Where the CRM and the finance system differ, the executed order form and the invoices decide.
Headline numbers
| Measure | Position at 31 Dec 2024 | Basis |
|---|---|---|
| Annual recurring revenue (contracted) | £780k | Executed order forms, annual subscription value only |
| Customers | 26 | Organisations with a live contract at quarter end |
| Headcount | 26 | Employees on the HR record at quarter end |
Annual recurring revenue
Contracted annual recurring revenue stood at £780k at the end of the quarter.
Read the whole document (4,818 characters)
- What is included: the annual subscription on each live order form, across Starter, Growth and Enterprise.
- What is excluded: one-off implementation fees, credit notes and any quote or draft that has not been executed.
- How it was checked: the CRM amount for each account was compared with the executed order form and with what accounting has invoiced. Our records show no account being counted twice; where two CRM organisations shared a domain, the ARR was counted once.
The figure is a contracted position, not a forecast. It does not anticipate renewals, upgrades or losses in the coming quarter.
Customers
BG-Demo had 26 customers at 31 Dec 2024, counted as organisations with a live contract at quarter end.
- An organisation marked "Customer" in the CRM with no live contract and no invoices since its last term ended is not counted.
- Each organisation is counted once, whatever the number of CRM records.
- The pack does not split the base by tier. The tier mix will be added to the next pack so the board can see how the subscription value is distributed.
Headcount
Headcount was 26 at quarter end, taken from the HR record. Anyone who has left BG-Demo is not counted, and is not treated as the owner of any account in the CRM.
The board will note that headcount and customer count are the same figure this quarter. That is a coincidence of the period and is not a ratio we manage to.
Commentary
The business earns twice from each customer: a fixed-fee implementation when they join, then an annual subscription that has to be renewed and, ideally, grown. This pack looks at the second of those, because it is the part that compounds.
Three observations for the board:
- Quality of the ARR figure. The number is built from executed paper and reconciled to invoicing. I am comfortable defending it as stated.
- Dependence on renewals. With a base of this size, each individual renewal is material to the total. Customer success owns the renewal notice and the conversation, and finance will report any account where notice has gone out without a response.
- Capacity. The team is the same size as the customer base. As accounts are added, the board should expect to be asked about support and implementation capacity before it shows up in service levels.
Risks and open points
- Price book transition. Customers signed under the earlier price book keep it until their first renewal on or after the changeover. The effect on ARR will arrive at renewal and will be reported when it occurs, not before.
- Discounts. First-term discounts end at renewal, so renewal ARR will not be a straight roll-forward of the current figure.
- Collections. Cash is expected on the due date. Any invoice that has gone unanswered will be escalated by me personally and reported to the board.
- Data on usage. This pack does not include usage metrics. The board should not read the ARR figure as a measure of the value customers are getting; that is a separate piece of work for customer success.
What finance will bring next quarter
| Item | Owner |
|---|---|
| ARR bridge from opening to closing, by movement type | Bridget Kearsley |
| Customer count by tier | Bridget Kearsley |
| Renewals due and their status | Bridget Kearsley with customer success |
| Collections and overdue invoices | Bridget Kearsley |
Decisions requested of the board
None. This pack is for noting.
I would be grateful if any questions on the figures could reach me ahead of the next board meeting, so that the answers can be given with the supporting records to hand.
Best, Bridget