Registered number: 02511598
FOR THE YEAR ENDED 31 MARCH 2026
COMPANY INFORMATION
CONTENTS
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2026
Introduction
Golden Charter is one of the UK's leading funeral plan providers, with 369k funeral plan contracts in place as of 31 March 2026. For more than thirty-six years, we have helped customers connect with their preferred funeral director through the UK’s widest network of independent funeral directors.
In the twelve months to 31 March 2026, we connected 27k customers with their choice of future funeral through the sale of funeral plans, an increase of 6% on the previous year.
Board changes
There were several changes to Board membership in September 2025.
Mark Huggins informed the Board that he wished to step back from his full-time role. Mark was appointed as CEO in September 2024 following the tragic passing of Charlie Norman. Mark served on the Board since 2018 and became Chair in April 2023. He played a key role in leading the business through a turbulent period, during which a clear growth plan was established, and a new Executive team was embedded.
Chris Wilson joined the Board as Chief Executive Officer in September 2025, succeeding Mark Huggins following an orderly handover. He brings significant financial services experience and will lead the Executive Team in delivering our strategic vision.
John Thornton stepped down as Chair following the appointment of his successor. John returned to the Board in September 2024 on a one-year contract, having served the Board for nine years through to 2023. Claire Zuurbier was appointed Chair of the Board. Claire joined the Board in 2022 as an independent non-executive director, and her appointment as Chair provides continuity and stability.
The Board would like to place on record its gratitude to John and Mark for their invaluable service to the Company over the last decade, during a period of significant change in the funeral planning sector.
We also appointed two new independent non-executive directors, Katie Wadey and Toni Wood, who bring significant commercial and financial services experience to the Board.
Board structure
The Board operates with nine directors in total. Three are funeral directors nominated by the SAIF Charter Executive: John Byrne, Adam Ginder and Maria Stibbards, who represent the views of our funeral director network in Board discussions. Claire Zuurbier is the independent Chair of the Board and is joined by Geraldine Gammell, Katie Wadey and Toni Wood as independent non-executive directors. Geraldine chairs our Audit Committee, Toni chairs our Remuneration and Nomination Committee and Katie is the Board Consumer Duty Champion. The Board has two executive directors: Chris Wilson, Chief Executive Officer, and Robert Speir, Chief Financial Officer.
Overview
Funeral planning continues to play a crucial role in many people’s lives and offers peace of mind to thousands of families every year. Our purpose is to connect customers and their families with later and end-of-life planning, by connecting them with the services they need when they need them. In the main, we achieve this by supporting one of the largest independent funeral director networks in the UK and enabling them to connect with customers looking to pre-plan and pre-pay for their own funeral arrangements.
Our core business remains the provision of pre-paid funeral plans. Most plans are arranged through conversations between customers and their chosen funeral director, with whom they discuss their detailed wishes. We enable funeral directors to provide a ‘bespoke’ plan for customers so that they can get the plan that they want and can afford.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
Golden Charter was formed in 1990 to help people plan their future funeral, and this remains at the core of our business. The majority of our customers continue to purchase their funeral plan through our network of independent funeral director appointed representatives, who also deliver the funeral service at the time of need. Customers also purchase funeral plans through our online sales platforms and Glasgow-based contact centre. These plans are allocated to our network of independent funeral directors, who deliver the funeral service at the time of need.
We regularly survey our customers and over 90% are satisfied or very satisfied with the service that we provide, placing particular value on staff availability, helpfulness, and product knowledge.
The FCA commenced regulation of the funeral plan market in July 2022. The FCA rules require all businesses operating in the market to make sure that funeral plans are sold fairly, provide fair value, and deliver the expected customer benefits. FCA regulation aligns closely with many of the customer-focused principles we already have in place at Golden Charter.
We understand that it is our responsibility to conduct ourselves in a manner which puts good outcomes for customers at the heart of what we do. We pride ourselves on being a trusted funeral plan provider for our customers and partners. We seek to ensure that decisions, behaviours and actions consistently deliver fair customer outcomes, while recognising and actively managing the wider impact our business can have on the market and on consumer trust.
The Board and Audit Committee receive regular reports from our risk and compliance team, including key performance information on customer complaints, customer vulnerability tracking and oversight of our appointed representative network. The management information received during the year gives the Board assurance that we are delivering good outcomes and service levels for customers, while also highlighting areas for improvement to be addressed through our strategy in the coming years.
Our ambition is to be the employer of choice in our market, providing growth opportunities for our colleagues across the business. We keep our employees engaged and informed about our strategy and other matters of importance to them. We gain their feedback through a range of activities throughout the year. Monthly ‘all employee’ calls led by the Executive team provide updates on progress against our objectives and financial performance, and employees are encouraged to ask questions. A weekly Company bulletin, intranet articles and information, and a structured monthly manager cascade all help to keep employees informed and provide opportunities for feedback.
We conduct regular pulse surveys to supplement our full employee survey, which takes place every year and was most recently conducted in March 2026. The most recent results show continued positive scores for staff engagement versus external benchmarks.
Our hybrid ways of working continue to provide employees with flexibility, support and an excellent work-life balance, while ensuring customers continue to receive the best possible service when they need it.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
Golden Charter Trust
The amounts that were paid by our funeral plan customers within the year for the provision of their future funeral were placed in the Golden Charter Trust (“Trust”). The Trust is an entirely separate legal entity from Golden Charter Limited, with its own Board of independent Trustees. The vast majority of our existing funeral plans are held in the Trust. We also have a smaller number of plans under which customer funds are held in whole-of-life insurance policies with a number of leading UK-based insurance providers.
The FCA requires plan providers to commission a Solvency Assessment Report annually. The report assesses the ability of the Trust’s assets to meet the projected liabilities of making payments to our funeral director network for the cost of the end service under each funeral plan contract. Our funeral plan contracts do not require plan values to increase over the life of the plan. However, based on actuarial advice, the Board aims to increase plan values where possible to provide a degree of inflationary protection to the appointed funeral service provider. The latest Report, which is available on our website, concludes that at 30 September 2025 the Trust’s assets exceeded 110% of potential liabilities under a range of future inflation assumptions.
Our customers are at the heart of our strategy. Golden Charter’s purpose is to help customers and their families with later-life and end-of-life planning by providing the services they need, when they need them. Our vision is to be the trusted specialist brand helping customers plan their funeral and, in time, access other later-life and end-of-life services.
A key strength of our offering is our network of independent funeral directors, which provides customers with unrivalled choice across the UK. These often multi-generational funeral director businesses are trusted within their local communities, and we believe they offer the best combination of choice, quality and value in the market.
The Board approved a revised strategic plan in March 2024, which targets sales growth and technology transformation through to 2028. We began investing in brand-building activity in October 2024, and the initial results are encouraging, with sales increasing by 6% in 2025-26. This investment will continue into 2026-27 and will be supported by improvements to our customer journey and diversification of our product and service offering to meet customers’ changing needs, while continuing to support our independent funeral director partners.
We will also continue our programme of technology and process transformation, implementing modern, scalable platforms to support our growth plans and deliver cost efficiencies over the next three years.
Strategy and business model
Strategy and business model
Golden Charter is owned by SAIF Charter Limited, which was formed in 2006 to hold the shares in the Company on behalf of those independent funeral businesses who form the SAIF Charter Association ("SAIF Charter"). SAIF Charter’s activities are overseen by the SAIF Charter Executive, which comprises eleven elected or nominated funeral director representatives and Golden Charter’s Chief Executive Officer. The Executive nominates three of its members to serve as directors on the Board of Golden Charter, including the current Chair of the SAIF Charter Executive.
Our principal activity is the sale, marketing and administration of funeral plans across the United Kingdom. Our primary route to market is through our network of independent funeral directors, who operate as either appointed representatives or introducer appointed representatives. Funeral directors either work with us as appointed representatives, guiding customers through the regulated sales process, or as introducer appointed representatives, introducing Golden Charter funeral plans to customers and passing their details to us to complete the regulated sales process.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
Strategy and business model (continued)
This activity is supplemented by offering funeral plans to consumers through other direct routes to market. The ultimate provision of the funeral services to our customers is through our network of independent funeral director businesses.
The Company's funding requirements are met by the retention of profits. We have targeted a modest operating profit over the last decade in the range of 1-2% of the retail value of our annual funeral plan sales. This approach has allowed us to build sufficient reserves to mitigate risk while also funding investment in the Company’s future strategy and resilience.
Our key performance measures are:
∙Service levels to customers;
∙Number of customer complaints;
∙Satisfaction levels of customers and funeral directors;
∙Number of customers who are connected to their funeral director of choice;
∙Vulnerability capture by sales channel and vulnerability type;
∙Appointed representative oversight activity outcomes;
∙Staff engagement and enablement;
∙Core Capital Requirements as defined by the FCA;
∙Golden Charter Trust solvency levels; and
∙Underlying Earnings before Interest and Tax.
The Board reviews a number of other performance indicators to ensure that the strategy and objectives are being delivered and that good customer outcomes are at the heart of the business model.
Turnover for the year was £24,357k (2025: £23,242k), an increase of £1,115k compared with the prior year. This movement reflected:
∙a small increase in our funeral plan arrangement fees within the year, based on increased costs;
∙an increase in sales;
∙a reduction in the level of ongoing remuneration that we withdraw as surplus from the Golden Charter Trust to support the ongoing maintenance and administration of our existing customers' plans; and
∙a gain in the year-on-year impact of time value of money as discussed below.
We delivered a loss before taxation in the year of £1,058k (2025: loss of £119k).
The loss included a £1,953k non-cash gain arising from the time value of money adjustment recognised in the Statement of Comprehensive Income during the year. The equivalent adjustment for 2025 was a gain of £1,468k. The adjustment relates to assets and liabilities expected to be settled more than twelve months after the balance sheet date. The increase in the adjustment reflected a lower discount rate applied to long-term debtors, in line with the decrease in the Bank of England base rate during the year, and a higher discount rate applied to long-term creditors, in line with the increase in 10-year gilt rates.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
Finance review (continued)
Excluding the gain on time value of money, the underlying loss before taxation for the year was £3,011k. This was in line with the budget for the year, following Board approval of additional marketing investment to support our longer-term growth strategy and investment to replace legacy technology platforms. This investment was funded from accumulated reserves.
At the end of the year, the Company held cash and money market deposits of £11,700k (2025: £16,032k). The £4,332k decrease in cash was driven by the underlying loss for the year, investment in marketing and the replacement of legacy technology platforms, and the settlement of a number of prior year provisions.
Capital and reserves at the year end were £14,127k (2025: £14,909k), remaining in excess of the FCA's core capital requirements.
The accounts make provision for a corporation taxation credit in the year of £276k (2025: debit of £12k).
We operate a defined contribution pension scheme under the UK auto-enrolment regime. The Company contributes a minimum of 6% of basic salary for employees and paid employer contributions of £628k during the year (2025: £556k).
The Board approved a revised strategic plan in March 2024 focused on sales growth and technology transformation through to 2028. We began investing in brand-building activity and technology transformation in October 2024, and this will continue in 2026-27. We will fund this investment from our reserves, and the Board is targeting a return to profitability by the 2027-28 financial year.
Governance and Principal Risks
The Board delegates its oversight of a number of governance activities to the Audit Committee, and it receives regular updates in return.
The Audit Committee oversees our external audit, internal audit, and risk and compliance activities, and seeks assurance through regular reporting and discussion with the executive directors and other members of the wider management group. The Committee also meets on occasion with risk and compliance, internal audit and external audit without management being present.
The Board regularly reviews our strategic risk profile through a structured process designed to identify, evaluate, and mitigate our operational and financial risks. The Board’s current view of the main risks and uncertainties faced by the Company is as follows:
∙Brand reputation - adverse publicity resulting from a poor customer experience damages our reputation, reducing the sales of our products;
∙Business disruption – we suffer a catastrophic cyber-attack that stops us serving our customers and causes significant reputational damage, cancellations, and regulatory sanctions;
∙Customer Needs – we react too slowly to changing customer buying behaviour and fall behind our competitors due to the complexity of deploying solutions across our selling network of independent funeral directors;
∙Economic, competitive, and pricing pressures – external conditions or pressure from existing or new competitors reduces our market share, the underlying profitability of our products and services and the financial viability of our local funeral director base;
∙Misuse or loss of data – we are exposed to investigation or sanction from the Information Commissioner's Office due to personal data not being managed in line with our policies;
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
Governance and Principal Risks (continued)
∙Operational resilience - we do not have adequate disaster recovery or business continuity planning/plans in place for our key business activities in the event of failure negatively impacting our business/service delivery;
∙People - we are unable to recruit staff within the key areas of our business due to rising wage demands and scarcity of labour, leading to a deterioration in service levels and an inability to execute our strategy;
∙Prudential – we have insufficient balance sheet reserves and/or recurrent revenue to service our existing book of funeral plans leading to a breach of the FCA capital requirements and the loss of our regulatory permissions;
∙Regulation – we face sanctions as a result of failing to deliver on the requirements of FCA regulation;
∙Technology – we are unable to meet the future needs of our customers due to the inflexibility of our legacy technology platforms;
∙Trust investment performance – poor Trust investment returns and volatility reduce the Trust solvency levels, impacting our future solvency and the ability to provide sufficient levels of inflationary protection for the funeral director appointed to provide the end service under each funeral plan.
The Board actively reviews these risks on a regular basis, taking action to mitigate the potential impact as the environment develops.
Outlook
The Board is focused on delivering further sales growth in the funeral plan market while continuing to support our independent funeral director partners. We will continue to invest in technology, replacing legacy solutions with modern, scalable platforms that will support our growth plans, deliver cost efficiencies over the next 1-3 years, and provide better support for our customers.
We have budgeted for a reduced underlying loss in 2026-27, with higher revenue partially offset by continued investment in marketing and technology. This investment will be funded from our reserves over that period, and the Board is targeting a return to profitability by the 2027-28 financial year.
We also expect the 2025-26 gain that arose from the non-cash time value of money adjustment to partially reverse in 2026-27, based on current interest rate and gilt rate projections. An adverse change of 0.5% on the discount rates applied to long term debtors and creditors would create a charge of £1.2m to the 2026-27 financial results.
Outlook
The Board is focused on delivering further sales growth in the funeral plan market while continuing to support our independent funeral director partners. We will continue to invest in technology, replacing legacy solutions with modern, scalable platforms that will support our growth plans, deliver cost efficiencies over the next 1-3 years, and provide better support for our customers.
We have budgeted for a reduced underlying loss in 2026-27, with higher revenue partially offset by continued investment in marketing and technology. This investment will be funded from our reserves over that period, and the Board is targeting a return to profitability by the 2027-28 financial year.
We also expect the 2025-26 gain that arose from the non-cash time value of money adjustment to partially reverse in 2026-27, based on current interest rate and gilt rate projections. An adverse change of 0.5% on the discount rates applied to long term debtors and creditors would create a charge of £1.2m to the 2026-27 financial results.
This report was approved by the Board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2026
The directors present their report and the financial statements for the year ended 31 March 2026.
The loss for the year, after taxation, amounted to £782k (2025: loss £131k).
The directors have recommended and paid a dividend of £Nil (2025: £Nil).
The directors who served during the year, and up to the date of signing this report, were:
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GOLDEN CHARTER LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
There have been no significant events affecting the Company since the year end.
The auditor, Grant Thornton UK LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the Board and signed on its behalf.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GOLDEN CHARTER LIMITED
We are responsible for concluding on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the auditor’s opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the Company to cease to continue as a going concern.
In our evaluation of the directors' conclusions, we considered the inherent risks associated with the Company's business model including effects arising from macro-economic uncertainties such as volatility in financial markets and interest rate fluctuations, we assessed and challenged the reasonableness of estimates made by the directors and the related disclosures and analysed how those risks might affect the Company's financial resources or ability to continue operations over the going concern period.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GOLDEN CHARTER LIMITED (CONTINUED)
Conclusions relating to going concern (continued)
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GOLDEN CHARTER LIMITED (CONTINUED)
Matters on which we are required to report by exception
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GOLDEN CHARTER LIMITED (CONTINUED)
∙We obtained an understanding of the legal and regulatory frameworks applicable to the Company, and the industry in which it operates by making enquiries of management. We also enquired as to whether there were any instances of non compliance with laws and regulations or whether there were any knowledge of actual or suspected fraud. We determined that the most significant are those that relate to the reporting frameworks (FRS 102 and Companies Act 2006), the relevant tax compliance and FCA regulation.
∙We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or whether they had any knowledge of actual, suspected or alleged fraud.
∙We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur, by making enquires of management and those charged with governance. Audit procedures performed by the engagement team included:
−Identifying and evaluating the design effectiveness and implementation of controls that management has in place to prevent and detect fraud;
−challenging assumptions and judgements made by management in its significant accounting estimates; and
−identifying and testing journals, with a focus on material journals and those considered by the engagement team to carry a higher risk of fraud.
∙These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it;
∙The engagement partner’s assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagement team’s:
−understanding of, and practical experience with audit engagements of a similar nature and complexity through appropriate training and participation;
−knowledge of the industry in which the Company operates;
−understanding of the requirements of the legal and regulatory requirements specific to the Company.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GOLDEN CHARTER LIMITED (CONTINUED)
Auditor's responsibilities for the audit of the financial statements (continued)
∙Team communications in respect of potential non-compliance with laws and regulations and fraud included the potential for fraudulent journal entries to be posted.
∙In assessing the potential risks of material misstatement, we obtained an understanding of:
−the Company’s operations, including the nature of its revenue sources, account balances, expected financial statement disclosures and business risks that may result in risks of material misstatements;
−the Company’s control environment including the policies and procedures implemented to comply with laws and regulations, the adequacy of procedures for authorisation of transactions, and procedures to ensure that possible breaches of laws and regulations are appropriately investigated and reported.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Senior Statutory Auditor
for and on behalf of Grant Thornton UK LLP
Statutory Auditor, Chartered Accountants
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2026
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STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2026
The financial statements were approved and authorised for issue by the Board and were signed on its behalf by:
The notes on pages 18 to 36 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
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STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2026
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Golden Charter Limited is a private company limited by shares, incorporated in England and Wales. Its registered number is 02511598, and its registered head office is located at One Fleet Place, London, England, EC4M 7WS.
2.Accounting policies
The Company’s functional and presentation currency is Sterling and all values are rounded to the nearest pound (£) except when otherwise stated.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The forecast continues to show a positive core capital and cash position for the twelve-month period following the approval of these Financial Statements. A number of sensitivities have been performed to stress test the forecast. This shows that even in a severe but plausible trading position, the Company's cash position remains positive and continues to meet the FCA's core capital requirements. On this basis the directors confirm they are satisfied that the Company has adequate resources to continue operating for the foreseeable future. For this reason, they continue to adopt the going concern basis for preparing the financial statements.
For funeral plans that are paid by single payment or over instalments less than twelve months, the balance of the amount that is paid by the customer is placed in the Golden Charter Trust or in a whole of life insurance policy with a third-party insurance company.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
The Company draws down Revenue from the Golden Charter Trust to support the ongoing maintenance of the funeral plans over their lifecycle. The Revenue is drawn down from the actuarially verified surplus in the Golden Charter Trust, in line with the FCA's rules. The plan maintenance fee is recognised in the Statement of Comprehensive Income as Revenue in the year that it is received.
The Company also had a number of arrangements with third-party insurance providers where a funeral benefit option was provided to the third-party insurer’s whole of life customers. The Company received remuneration for providing this service which was recognised in the Statement of Comprehensive Income as Revenue in the year that the Company entered into the funeral benefit option contract.
The Company makes provision for the expected future cancellation of funeral plans and arrangements with third-party insurance providers and the movement in provisions is deducted from Revenue in the Statement of Comprehensive Income.
All costs in respect of marketing and administration of pre-paid funeral plans or funeral benefit options are expensed in the Statement of Comprehensive Income as incurred.
Neither the sales value of funeral plans or funeral benefit options nor the costs of providing funerals are recognised in the financial statements of the Company when a pre-paid funeral plan or funeral benefit option is sold or when the end service is provided under the funeral plan contract. Further detail on the judgement applied is contained in section 3 of the Notes to the Financial Statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
The arrangement is treated as a defined contribution arrangement and the annual premiums paid are recognised as an expense in the Statement of Comprehensive Income when they fall due.
Any payment from the insurance company and subsequent payment to the late employee’s next of kin are netted off within the Statement of Comprehensive Income in the year where the employee has passed away.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
An internally generated intangible asset arising from the Company's development of computer systems (including websites) is recognised if, and only if, the costs are directly associated with the production of identifiable and unique software products, controlled by the Company, and it is probable that future economic benefits will flow to the Company.
After recognition, under the cost model, intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses. Amortisation is provided at rates calculated to write off the cost of the intangible assets, less their estimated residual value, over their expected useful lives.
Amortisation is provided on the following basis:
Software - 10% to 33%
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
Financial assets that are measured at cost and amortised are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
Provisions, other than deferred tax, are discounted where the present value of the provision is materially different to the undiscounted value.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Estimates and underlying assumptions are reviewed on an ongoing basis. Estimates are based on historical experience and other assumptions that are considered reasonable in the circumstances. The actual amount or values may vary in certain instances from the assumptions and estimates made. Changes will be recorded, with corresponding effect in the financial statements, when, and if, better information is obtained.
Critical judgements and sources of estimation uncertainty that management have made in the process of applying accounting policies disclosed herein and that have a significant effect on the amounts recognised in the financial statements relate to the following:
a. Judgements
Over the life of the funeral plan, the Company draws down an amount of revenue for each plan from the Trust to support the ongoing plan maintenance of the funeral plan over its lifecycle. Any Revenue that is drawn down has been actuarially verified in line with the FCA's rules and is subject to Trustee approval.
When a funeral plan customer passes away, the Company instructs the Trust to make payment to the Company for the end service which is remitted to the appointed funeral director who will provide the end service under the contract. The amount that is paid to the appointed funeral director is not guaranteed and will depend on the underlying funding level of the Trust.
The directors are of the opinion that the Company does not control the Trust and does not receive or face the majority of the risks and rewards of the Trust. On this basis, the Trust is not consolidated within the Financial Statements. The main considerations are:
The directors are of the opinion that the Company's relationship with the Trust does not constitute a related party relationship in accordance with FRS 102 section 33.2. This is assessed annually, taking into account the ongoing transactions and the nature of the transactions. Further details on the nature of the relationship with the Trust is included in Note 26.
Page 23
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Page 24
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Page 25
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Page 26
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Page 27
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Page 28
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
10.Taxation (continued)
Deferred tax balances have been measured at 25%, being the enacted UK corporation tax rate applicable to future periods at the balance sheet date.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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Page 30
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Page 31
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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Page 33
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Profit & loss account
The profit and loss account reserve represents retained profits from the current and prior periods.
The Company maintains a group life insurance policy with an insurance company through payment of an annual premium. The premium represents contributions payable by the Company to the insurance provider and amounted to £39,475 (2025: £31,462).
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
The Golden Charter Trust (“Trust”) was established in 1990 to ingather, invest and administer the funds paid by plan holders in respect of funeral plans sold by the Company. The governing document of the Trust is the Trust Deed. The regulatory position of the Trust and the Trustees is governed by the Trust Deed, primary and secondary legislation including article 59 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, as well as the rules of the Financial Conduct Authority (“FCA”) contained in the Funeral Plan: Conduct of Business sourcebook as applicable to trusts which manage the assets that back funeral plans sold by regulated firms.
The purposes of the Trust are to ingather, hold, invest and administer the Trust funds in order to make payments from a prescribed list set out in the rules of the FCA for the funeral planning sector effective from 29 July 2022, primarily payment to the relevant funeral services provider on behalf of the Company, of such sums as are necessary to enable the Trust to meet the invoice costs of the selected funeral services provider.
The Company continues to enter into funeral plan contracts with customers that are underpinned by the Trust arrangement. At the point of entering into the funeral plan contract, the Company retains a fixed sum from the amount that is paid by the customer and places the balance which is sufficient for the purpose of providing the agreed funeral into the Trust. £92m was transferred to the Trust in the year to be held as payment for the end service.
When a funeral plan customer passes away, the Trust is instructed to make payment to the Company for the end service which is remitted to the appointed funeral director who will provide the end service under the contract. The amount that is paid to the appointed funeral director is not guaranteed and will depend on the underlying funding level of the Trust. £107m was paid by the Trust in the year as payment for the end service.
Over the life of the funeral plan, the Company draws down an amount of revenue for each plan from the Trust to support the ongoing plan maintenance of the funeral plan over its lifecycle. Any revenue that is drawn down has been actuarially verified in line with FCA's rules and is subject to approval by the Trust. The Company drew down £12.2m in the year, which is included within Revenue in the Statement of Comprehensive Income.
Neither the sales value of funeral plans nor the costs of providing funerals are recognised in the Financial Statements of the Company when a funeral plan is sold or when the end service is provided under the funeral plan contract.
The purposes of the Trust are to ingather, hold, invest and administer the Trust funds in order to make payments from a prescribed list set out in the rules of the FCA for the funeral planning sector effective from 29 July 2022, primarily payment to the relevant funeral services provider on behalf of the Company, of such sums as are necessary to enable the Trust to meet the invoice costs of the selected funeral services provider.
The Company continues to enter into funeral plan contracts with customers that are underpinned by the Trust arrangement. At the point of entering into the funeral plan contract, the Company retains a fixed sum from the amount that is paid by the customer and places the balance which is sufficient for the purpose of providing the agreed funeral into the Trust. £92m was transferred to the Trust in the year to be held as payment for the end service.
When a funeral plan customer passes away, the Trust is instructed to make payment to the Company for the end service which is remitted to the appointed funeral director who will provide the end service under the contract. The amount that is paid to the appointed funeral director is not guaranteed and will depend on the underlying funding level of the Trust. £107m was paid by the Trust in the year as payment for the end service.
Over the life of the funeral plan, the Company draws down an amount of revenue for each plan from the Trust to support the ongoing plan maintenance of the funeral plan over its lifecycle. Any revenue that is drawn down has been actuarially verified in line with FCA's rules and is subject to approval by the Trust. The Company drew down £12.2m in the year, which is included within Revenue in the Statement of Comprehensive Income.
Neither the sales value of funeral plans nor the costs of providing funerals are recognised in the Financial Statements of the Company when a funeral plan is sold or when the end service is provided under the funeral plan contract.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
The directors are of the opinion that the Company does not control the Trust, and therefore the Trust is not consolidated within the Financial Statements. The main considerations are:
∙The Company has no ability to appoint or remove the Trustees;
∙The Company has no voting rights;
∙The Company has not entered into any contractual arrangements that provides it with any power to govern the financial and operating policies of the Trust; and
∙The majority of the financial risks and benefits associated with the investment performance of the Trust are borne by the funeral directors who are appointed to provide the end service under each funeral plan contract.
No assets or liabilities of the Trust have been recognised in these Financial Statements.
The terms of Trust Deed permit the Trustees to fund their own administration expenses from the assets that the Trust holds. The Company has not provided financial or other support to the Trust within the year.
As at 31 March 2026, the Trust held assets of £1,265m relating to 352k outstanding funeral plan contracts.
The terms of Trust Deed permit the Trustees to fund their own administration expenses from the assets that the Trust holds. The Company has not provided financial or other support to the Trust within the year.
As at 31 March 2026, the Trust held assets of £1,265m relating to 352k outstanding funeral plan contracts.
The immediate parent of Golden Charter Limited is SAIF Charter Limited , registered company number: 05663828. SAIF Charter Limited is a non-trading holding company, and has one issued ordinary share, which is currently held in trust “for and on behalf of the SAIF Charter Association”. The smallest and largest group into which the company is consolidated is that headed by SAIF Charter Limited.
The SAIF Charter Association is an unincorporated body with membership open to independent funeral director firms who promote Golden Charter’s funeral plan sales and are a full member of the trade body, the National Society of Allied and Independent Funeral Directors.
TheSAIF Charter Association is the ultimate controlling party.
The SAIF Charter Association is an unincorporated body with membership open to independent funeral director firms who promote Golden Charter’s funeral plan sales and are a full member of the trade body, the National Society of Allied and Independent Funeral Directors.
The
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