What this says
As at Fri 9 Oct 2026Final board pack issued 16 Apr 2025 by the CFO. It reports contracted ARR of £1.2m, 33 customers and headcount of 31 at 31 Mar 2025, and asks the board for steers on hiring and reporting basis.
What it is: an internal board pack from Bridget Kearsley, Chief Financial Officer, covering the quarter ended 31 Mar 2025. It states the ARR is "contracted annual recurring revenue taken from executed order forms", not the CRM amount.
Commits: nothing to any customer. It asks the board to note the position, confirm the ARR basis, advise on hiring pace and agree a customer-level ARR schedule with the next pack.
Risks named: renewals at the new price book, key-person exposure at customers, stale data and billing accuracy.
Not settled: it gives no forecast, no ARR by customer and no implementation revenue. It describes one quarter only, so it is not a current position at the as-of date.
Body
BG-Demo - Board Pack - quarter to 31 Mar 2025
Status: Final Version: 1 Prepared by: Bridget Kearsley, Chief Financial Officer Issued: 16 Apr 2025 Period covered: the quarter ended 31 Mar 2025
Purpose of this pack
This pack gives the board the position of BG-Demo at the close of the quarter. It covers the headline numbers, what sits behind them, and the points management would like the board to discuss. Figures come from the finance system and the signed order forms. Where a number cannot be cited from those records, it is left out and said so.
Headline numbers
| Measure | Position at 31 Mar 2025 |
|---|---|
| Annual recurring revenue (contracted) | £1.2m |
| Customers | 33 |
| Headcount | 31 |
For the avoidance of doubt, the ARR figure is contracted annual recurring revenue taken from executed order forms. It is not the CRM amount, and it does not include one-off implementation fees.
Annual recurring revenue
Read the whole document (5,021 characters)
- Contracted ARR at quarter end is £1.2m.
- The figure is built from the subscription lines on executed order forms, so it reflects what customers have signed for, not what has been forecast.
- Credit notes issued in the period are one-off adjustments and are not treated as a change in ARR.
- Discounts apply to the first term only, so ARR for a discounted customer steps up at its first renewal, at the price book in force for that customer.
Commentary
Our records show ARR is spread across the three subscription tiers: Starter, Growth and Enterprise. Management's view is that the mix matters more than the total at this stage. Growth and Enterprise customers carry more connectors and users, which gives deeper roots in the customer and more room to expand. The board will want to see that mix tracked quarter by quarter.
Customers
- BG-Demo had 33 customers at the end of the quarter.
- The count treats one organisation as one customer. Where the CRM holds two records for the same company, they are counted once.
- An organisation marked as a customer in the CRM with no live contract and no invoices since its last term ended is treated as churned and is not in the count.
Commentary
The customer base is still small enough that each renewal is individually visible to the board. The customer success team owns the renewal notice and the renewal conversation for each account, and finance checks every renewal against the executed order form before it is counted.
People
- Headcount at quarter end is 31.
- The count is taken from the HR record, not from CRM owners or mailbox lists, so anyone who has left is not included.
Commentary
Hiring has been paced against contracted ARR rather than against pipeline. Management would like the board's steer on whether that discipline should continue through the next quarter, or whether capacity in implementation and customer success should be added ahead of demand.
Cash and collections
Invoices are issued annually in advance, or quarterly on request, on thirty-day terms. Collections are reviewed weekly and any invoice that has gone unanswered is escalated to me personally. This pack does not restate cash balances, as those are reported separately in the management accounts.
Risks to watch
- Renewals at the new price book. Customers signed under the earlier price book move to the current list at their first qualifying renewal. Finance will confirm each uplift against the order form before it is invoiced.
- Key-person exposure at customers. Where one person asks most of the questions in the brain, the loss of that person puts the renewal at risk. Customer success is tracking this account by account.
- Stale data. A brain that is available but not refreshed is a value risk before it is a service-credit risk. Only Enterprise customers are credited for freshness.
- Billing accuracy. An invoice withheld by a customer may be our own billing mistake. Finance checks the order form and CRM deal record against each invoice before chasing.
What this pack does not show
- It does not give a forecast for the coming quarter. A forecast will be tabled once the renewal calendar has been reconciled with the order forms.
- It does not break ARR down by customer. That detail is held in the finance system and is available to directors on request.
- It does not include implementation revenue, which is a fixed fee at signing and is reported separately.
Decisions and asks for the board
- Note the position at 31 Mar 2025: contracted ARR of £1.2m, 33 customers and headcount of 31.
- Confirm that ARR continues to be reported on the contracted basis described above.
- Advise on hiring pace for the coming quarter.
- Agree that a customer-level ARR schedule is circulated with the next pack.
Sign-off
I would be grateful if directors would send any questions ahead of the meeting, so that the discussion can focus on the decisions above.
Best, Bridget
Bridget Kearsley, Chief Financial Officer, BG-Demo, 16 Apr 2025