Sample board pack for Northwind Labs, a fictional company. Figures are illustrative, not a real client.
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F
FINNOVATOR
Board Pack · October 2025
{{ co }}
Monthly performance review for the board of directors and current investors. Seed stage · UK SaaS.
£982k
Cash at month end
11.4mo
Cash runway
£128k
Monthly revenue
71.8%
Gross margin
Contents
1 · Executive summary02
2 · Cash & runway03
3 · Profit & loss04
4 · Revenue & margin05
5 · Balance sheet06
6 · Receivables & payables07
7 · KPIs vs plan08
8 · Basis & sign-off09
Prepared by Terramont CFO via Finnovator Generated 4 November 2025 · 10:30 GMT
STRICTLY PRIVATE & CONFIDENTIAL
{{ coUpper }} · OCTOBER 2025Board Pack
1
Executive summary
✓ Reviewed by Terramont CFO
{{ co }} closed October with £982k in the bank against a net cash burn of £86k, giving 11.4 months of runway at the current rate. Revenue grew 8.5% month-on-month to £128k as two enterprise contracts went live, and gross margin held at 71.8%. Burn rose 8% on two senior engineering hires — a deliberate, budgeted investment ahead of the planned Series A in Q2 2026.
The business remains on plan. Management recommends holding the current hiring and spend plan, and revisiting pace only if monthly revenue growth falls below 6% for two consecutive months. Series A preparation (data room, model refresh) should begin in January to support a Q2 close.
Highlight
Enterprise ARR up 32% QoQ; two logos signed in October.
Watch
Net burn up 8% MoM; runway now inside the 12-month guardrail.
Ask of the board
Warm intros to Series A leads ahead of Q1 process.
Performance scorecard
Metric
Oct actual
Plan
MoM
Status
Revenue
£128.0k
£124.0k
+8.5%
Gross margin
71.8%
70.0%
+1.4pts
Net cash burn
£86.3k
£80.0k
+7.9%
Cash runway
11.4 mo
12.0 mo
−0.8 mo
Cash balance
£982.4k
£970.0k
+1.3%
Strictly private & confidentialFinnovator · generated 4 Nov 2025Page 02 of 09
{{ coUpper }} · OCTOBER 2025Board Pack
2
Cash & runway
Cash balance · trailing 12 months
NovDecJanFebMarAprMayJunJulAugSepOct
Cash bridge · October
Opening cash (1 Oct)
£1,040.0k
Operating loss (EBITDA)
(£32.1k)
Working capital movement
(£42.5k)
Capex & other
(£11.7k)
Net non-cash add-back
£28.7k
Closing cash (31 Oct)
£982.4k
Bank accounts
Barclays · Current
£428.1k
Barclays · Reserve
£512.0k
Wise · USD (GBP eq.)
£42.3k
Total cash
£982.4k
At the current 3-month average burn of £85.3k, cash is projected to last until September 2026.
Runway projection
Today · Oct 2511.4 monthsSeries A · Q2 26+24mo
Strictly private & confidentialFinnovator · generated 4 Nov 2025Page 03 of 09
{{ coUpper }} · OCTOBER 2025Board Pack
3
Profit & loss
£ thousands
Aug
Sep
Oct
YTD
Revenue
109.0
118.0
128.0
1,036.0
Cost of sales
(31.6)
(33.9)
(36.1)
(297.3)
Gross profit
77.4
84.1
91.9
738.7
Payroll & contractors
(63.0)
(68.0)
(72.0)
(602.0)
Sales & marketing
(13.5)
(14.2)
(15.0)
(121.5)
Software & infrastructure
(15.8)
(16.4)
(17.0)
(142.6)
Office & operations
(10.4)
(10.8)
(11.0)
(94.2)
Professional fees
(7.5)
(8.2)
(9.0)
(74.8)
EBITDA
(32.8)
(33.5)
(32.1)
(296.4)
Depreciation & amortisation
(2.3)
(2.4)
(2.4)
(22.6)
Operating result
(35.1)
(35.9)
(34.5)
(319.0)
Commentary. Gross margin improved to 71.8% as the new enterprise contracts carry lower delivery cost. The widening operating loss is fully attributable to the two senior engineering hires, in line with the board-approved hiring plan.
Strictly private & confidentialFinnovator · generated 4 Nov 2025Page 04 of 09
{{ coUpper }} · OCTOBER 2025Board Pack
4
Revenue & margin
Monthly revenue · £k
NovDecJanFebMarAprMayJunJulAugSepOct
MoM growth
+8.5%
Trailing 12-mo growth
+106%
Gross margin (Oct)
71.8%
Revenue by stream · October
Stream
Revenue
% mix
MoM
Enterprise subscriptions
£74.2k
58%
+14%
SMB subscriptions
£38.4k
30%
+4%
Services & onboarding
£15.4k
12%
+2%
Total
£128.0k
100%
+8.5%
Strictly private & confidentialFinnovator · generated 4 Nov 2025Page 05 of 09
Strictly private & confidentialFinnovator · generated 4 Nov 2025Page 06 of 09
{{ coUpper }} · OCTOBER 2025Board Pack
6
Receivables & payables
Accounts receivable38 debtor days
£148.0k
Current £96k30+ £34k60+ £18k
Accounts payable24 creditor days
£63.2k
Current £49k30+ £10k60+ £4k
Top outstanding receivables
Customer
Amount
Age
Status
Halcyon Group
£32.0k
18 days
Current
Mercia Retail
£24.5k
41 days
30+
Pinnacle Health
£18.0k
63 days
60+
Other (12 invoices)
£73.5k
—
mixed
Action. Pinnacle Health (£18k, 63 days) is the only materially overdue balance. Collection call scheduled; no bad-debt provision considered necessary.
Strictly private & confidentialFinnovator · generated 4 Nov 2025Page 07 of 09
{{ coUpper }} · OCTOBER 2025Board Pack
7
KPIs vs plan
KPI
Actual
Plan
Variance
On track
Monthly revenue
£128.0k
£124.0k
+£4.0k
New ARR booked
£21.0k
£18.0k
+£3.0k
Gross margin
71.8%
70.0%
+1.8pts
Net cash burn
£86.3k
£80.0k
−£6.3k
Cash runway
11.4 mo
12.0 mo
−0.6 mo
Logo count
47
45
+2
Net revenue retention
112%
110%
+2pts
Source of metrics
Revenue, margin, burn, runway and balances are derived directly from Xero. ARR, NRR and logo count are sourced from the connected billing system.
Locked metrics
CAC / LTV and cost-per-head require ad-platform and payroll connections — not yet enabled for {{ co }}.
Strictly private & confidentialFinnovator · generated 4 Nov 2025Page 08 of 09
{{ coUpper }} · OCTOBER 2025Board Pack
8
{{ basisTitle }}
Data sources
X
Xero
Ledger, P&L, balance sheet
Open banking · Plaid
Live bank balances
Basis of preparation
Figures are presented on an accruals basis, in GBP thousands, for the month ended 31 October 2025.
Data is pulled automatically from the company's accounting platform; no manual adjustments have been made outside the general ledger.
Runway is calculated as closing cash divided by the trailing 3-month average net burn.
This pack is management information and has not been audited.
Reviewed & signed off
DO
Daniel Okoye, FCA
Fractional CFO · Terramont CFO
ICAEW-regulated · PI insured
Signed: 4 November 2025
Integrity hash: a7f3·9c21·de08
Every figure traces to a signed source record.
Self-serve pack — not reviewed by a CFO
This pack was generated automatically from the company's connected accounting data on the Basic plan. It has not been reviewed, adjusted or signed off by a CFO, and carries no professional assurance. The figures are only as reliable as the underlying books. For a pack reviewed and signed off by an ICAEW-regulated Terramont CFO, upgrade to Essential.
Finnovator is a software platform provided by Finnovator Ltd. CFO services are provided by Terramont CFO, the trading name of Terramont Wealth (ICAEW-regulated). Fundraising advisory, where engaged, is provided separately by Terramont Capital (FCA-authorised). This document is strictly private and confidential and intended only for the directors and current investors of {{ co }}.
Strictly private & confidentialFinnovator · generated 4 Nov 2025Page 09 of 09