Registered number: 05663828
FOR THE YEAR ENDED 31 MARCH 2026
COMPANY INFORMATION
CONTENTS
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2026
SAIF Charter Limited ("SAIF Charter") is a holding company, which did not trade during the year. The financial statements present the consolidated results of SAIF Charter ("Group"). The Group's trading activities are undertaken in the United Kingdom through its subsidiary Golden Charter Limited ("Golden Charter").
SAIF Charter was formed to hold the shares in Golden Charter on behalf of the SAIF Charter Association, an association of independent funeral businesses. The business model is explained more fully below.
Golden Charter is one of the UK's leading funeral plan providers with 369k funeral plan contracts with customers in place as of 31 March 2026. In the twelve months to 31 March 2026, the Group connected 27k customers to their choice of future funeral through the sale of funeral plans, an increase of 6% on the previous year.
There were no changes to the SAIF Charter Limited Board during the year.
There were several changes to Golden Charter 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 of Golden Charter in September 2024 following the tragic passing of Charlie Norman. Mark served on the Golden Charter 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 Golden Charter 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 Golden Charter Executive Team in delivering our strategic vision.
John Thornton stepped down as Golden Charter Chair following the appointment of his successor. John returned to the Board in September 2024 on a one-year contract, having served the Golden Charter Board for nine years through to 2023. Claire Zuurbier was appointed Chair of the Golden Charter Board. Claire joined the Board in 2022 as an independent non-executive director, and her appointment as Chair provides continuity and stability.
SAIF Charter would like to place on record its gratitude to John and Mark for their invaluable service to Group over the last decade, during a period of significant change in the funeral planning sector.
Golden Charter also appointed two new independent non-executive directors, Katie Wadey and Toni Wood, who bring significant commercial and financial services experience to Board discussions.
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. Golden Charter’s 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, this is achieved 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.
Golden Charter’s 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. Funeral directors are enabled to provide a ‘bespoke’ plan for customers so that they can get the plan that they want and can afford.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
Golden Charter was formed in 1990 to help connect people with their choice of future funeral, and this remains at the core of the business. The majority of Golden Charter’s customers continue to purchase their funeral plan through its network of independent funeral director appointed representatives, who also perform the customer funeral at the time of need. Customers also purchase funeral plans through online sales platforms or through a contact centre based in Glasgow, and these plans are allocated to the network of independent funeral directors who provide the customer funeral at the time of need.
Golden Charter regularly survey their customers and over 90% are satisfied or very satisfied with the service that is provided, placing particular value on staff availability, helpfulness, and product knowledge.
Golden Charter regularly survey their customers and over 90% are satisfied or very satisfied with the service that is provided, 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 value for money, and deliver the expected customer benefits. FCA regulation aligns closely with many of the customer-focused principles already in place at Golden Charter.
Golden Charter understands its responsibility to conduct itself in a manner which puts good outcomes for customers at the heart of its business operations. Golden Charter takes pride in being a trusted funeral plan provider for its customers and partners. The Golden Charter Board works to ensure that decisions, behaviours and actions consistently deliver fair customer outcomes, while recognising and actively managing the wider impact the business can have on the market and on consumer trust.
The Golden Charter Board and Audit Committee receive regular reporting from Golden Charter's risk and compliance team which includes key performance information on customer complaints, customer vulnerability tracking and the oversight of the appointed representative selling network. The management information received in the year gives the Golden Charter Board assurance that good outcomes and service levels are provided for customers, whilst highlighting areas of potential improvement that will be addressed within Golden Charter’s strategy in the coming years.
Golden Charter understands its responsibility to conduct itself in a manner which puts good outcomes for customers at the heart of its business operations. Golden Charter takes pride in being a trusted funeral plan provider for its customers and partners. The Golden Charter Board works to ensure that decisions, behaviours and actions consistently deliver fair customer outcomes, while recognising and actively managing the wider impact the business can have on the market and on consumer trust.
The Golden Charter Board and Audit Committee receive regular reporting from Golden Charter's risk and compliance team which includes key performance information on customer complaints, customer vulnerability tracking and the oversight of the appointed representative selling network. The management information received in the year gives the Golden Charter Board assurance that good outcomes and service levels are provided for customers, whilst highlighting areas of potential improvement that will be addressed within Golden Charter’s strategy in the coming years.
Golden Charter’s ambition is to be the employer of choice in their market, providing growth opportunities for colleagues across the business. Employees are engaged and informed about strategy and other matters of importance to them. Feedback is gained through a range of activities throughout the year. Monthly ‘all employee’ calls led by the Golden Charter Executive team provide updates on progress against objectives and financial performance, and employees are encouraged to ask questions. A weekly bulletin, intranet articles and information, and a structured monthly manager cascade all help to keep employees informed and provide opportunities for feedback.
Golden Charter conducts regular pulse surveys with employees to supplement the full employee surveys which take place every year, with the most recent one conducted in March 2026. The most recent results show continued positive scores for staff engagement versus external benchmarks.
Golden Charter’s 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.
Golden Charter conducts regular pulse surveys with employees to supplement the full employee surveys which take place every year, with the most recent one conducted in March 2026. The most recent results show continued positive scores for staff engagement versus external benchmarks.
Golden Charter’s 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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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
The amounts that were paid by Golden Charter's 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 Golden Charter's existing funeral plans are held in the Trust. There is also a smaller number of plans where 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 instruct a Solvency Assessment Report annually. The report assesses the ability of the Trust’s assets to meet the projected liabilities of making payments to the funeral director network for the cost of the end service under each funeral plan contract. Within each funeral plan contract, there is no obligation to increase plan values over the life of the funeral plan, but it is the Golden Charter Board’s desired aim to increase plan values to provide a level of inflationary protection to the appointed funeral services provider, based on actuarial advice. The latest Report is available on the Golden Charter website and concludes that on 30 September 2025, the Trust’s assets were in excess of 110% of the potential liabilities under a range of future inflationary assumptions.
The FCA requires plan providers to instruct a Solvency Assessment Report annually. The report assesses the ability of the Trust’s assets to meet the projected liabilities of making payments to the funeral director network for the cost of the end service under each funeral plan contract. Within each funeral plan contract, there is no obligation to increase plan values over the life of the funeral plan, but it is the Golden Charter Board’s desired aim to increase plan values to provide a level of inflationary protection to the appointed funeral services provider, based on actuarial advice. The latest Report is available on the Golden Charter website and concludes that on 30 September 2025, the Trust’s assets were in excess of 110% of the potential liabilities under a range of future inflationary assumptions.
Customers are at the heart of Golden Charter’s strategy. Golden Charter’s purpose is to help customers and their families with later-life and end-of-life planning, by providing them with the services they need, when they need them. The 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.
Golden Charter’s unique benefit for customers is its network of independent funeral directors, offering unrivalled choice across the UK. These, often multi-generational, funeral director businesses are trusted within their local communities, and Golden Charter believe they offer the best choice, quality, and value of service in the marketplace.
The Golden Charter Board approved a revised strategic plan in March 2024, which targets sales growth and technology transformation through to 2028. Investment in brand building activity commenced 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 the customer journey and diversification of product and service offering to meet customers’ changing needs, while continuing to support independent funeral director partners.
Golden Charter will also continue its programme of technology and process transformation, implementing modern, scalable platforms to support its growth plans and deliver cost efficiencies over the next three years.
Golden Charter’s unique benefit for customers is its network of independent funeral directors, offering unrivalled choice across the UK. These, often multi-generational, funeral director businesses are trusted within their local communities, and Golden Charter believe they offer the best choice, quality, and value of service in the marketplace.
The Golden Charter Board approved a revised strategic plan in March 2024, which targets sales growth and technology transformation through to 2028. Investment in brand building activity commenced 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 the customer journey and diversification of product and service offering to meet customers’ changing needs, while continuing to support independent funeral director partners.
Golden Charter will also continue its programme of technology and process transformation, implementing modern, scalable platforms to support its growth plans and deliver cost efficiencies over the next three years.
SAIF Charter Limited was formed to hold the shares in Golden Charter on behalf of the SAIF Charter Association, an association of independent funeral businesses.
The activities of SAIF Charter are overseen by an executive committee comprising eleven elected or nominated funeral director representatives and the Chief Executive Officer of Golden Charter Limited. One role is vacant at the date of this report.
The activities of SAIF Charter are overseen by an executive committee comprising eleven elected or nominated funeral director representatives and the Chief Executive Officer of Golden Charter Limited. One role is vacant at the date of this report.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
Strategy and business model (continued)
The executive committee elect three of its members to serve as directors on the Boards of Golden Charter Limited and SAIF Charter Limited. One member of the executive committee also serves as a Trustee of the Golden Charter Trust.
The twelve members of the committee as at the date of this report are as follows:
Ross Anderson (SAIF Scotland Representative)
John Byrne (Chair, Golden Charter Board Director)
David Garland-Thomas (SAIF Representative)
Sam Gallagher
Adam Ginder (Golden Charter Board Director)
Jill Glencross
Ruth Jardine
George Locke (Golden Charter Trustee)
Maria Stibbards (Golden Charter Board Director)
Tracey Warren
Charlotte Wathall
Chris Wilson (Golden Charter CEO)
Much of SAIF Charter's work focuses on different aspects of the funeral planning profession.
The principal activity of the Group is the sales, marketing, and administration of funeral plans across the United Kingdom. The primary route to market is through an appointed representative and introducer appointed representative network of independent funeral directors. Funeral directors either work with Golden Charter 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 Golden Charter to complete the regulated sales process.
This activity is supplemented by offering funeral plans to consumers through other direct routes to market. The ultimate provision of the funeral services to customers is through the network of independent funeral director businesses.
The Group’s funding requirements are met by the retention of profits. The Group targets a modest operating profit each year in the range of 1-2% of the retail value of annual funeral plan sales. This level allows the Group to build sufficient reserves to mitigate risk whilst providing funds to invest in the future strategy and resilience of the Group.
The key performance measures for Golden Charter 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;
∙Underlying Earnings before Interest and Tax.
The Golden Charter 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.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
Turnover for the year was £24,357k (2025: £23,242k) which was a £1,115k increase compared with the prior year. The movement in Turnover reflects:
∙a small increase in Golden Charter funeral plan arrangement fees within the year, based on increased costs;
∙an increase in Golden Charter funeral plan sales;
∙a reduction in the level of ongoing remuneration that Golden Charter withdraws 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.
The Group reported 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 Consolidated 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.
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 Golden Charter Board approval of additional marketing investment to support 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 Group 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.
The capital and reserves at the end of the year were £14,127k (2025: £14,909k), remaining in excess of the core capital requirements for Golden Charter as defined by the FCA.
The accounts make provision for a corporation taxation credit in the year of £276k (2025: debit of £12k).
Golden Charter operates a defined contribution pension scheme under the UK auto enrolment regime. Golden Charter contributes a minimum of 6% of basic salary for employees and paid employer contributions of £628k during the year (2025: £556k).
The Golden Charter Board approved a revised strategic plan in March 2024 focused on sales growth and technology transformation through to 2028. Investment in brand-building activity and technology transformation commenced in October 2024, and this will continue in 2026-27. The investment is funded from reserves, and the Golden Charter Board is targeting a return to profitability by the 2027-28 financial year.
The loss included a £1,953k non-cash gain arising from the time value of money adjustment recognised in the Consolidated 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.
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 Golden Charter Board approval of additional marketing investment to support 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 Group 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.
The capital and reserves at the end of the year were £14,127k (2025: £14,909k), remaining in excess of the core capital requirements for Golden Charter as defined by the FCA.
The accounts make provision for a corporation taxation credit in the year of £276k (2025: debit of £12k).
Golden Charter operates a defined contribution pension scheme under the UK auto enrolment regime. Golden Charter contributes a minimum of 6% of basic salary for employees and paid employer contributions of £628k during the year (2025: £556k).
The Golden Charter Board approved a revised strategic plan in March 2024 focused on sales growth and technology transformation through to 2028. Investment in brand-building activity and technology transformation commenced in October 2024, and this will continue in 2026-27. The investment is funded from reserves, and the Golden Charter Board is targeting a return to profitability by the 2027-28 financial year.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
The Golden Charter Board delegates its oversight of a number of governance activities to an Audit Committee, and it receives regular updates in return.
The Audit Committee oversees 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 of Golden Charter. The Committee also meets on occasion with risk and compliance, internal audit and external audit without management being present.
The Golden Charter Board regularly reviews its strategic risk profile through a structured process designed to identify, evaluate, and mitigate its operational and financial risks. The Board’s current view of the main risks and uncertainties faced by the Group is as follows:
The Audit Committee oversees 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 of Golden Charter. The Committee also meets on occasion with risk and compliance, internal audit and external audit without management being present.
The Golden Charter Board regularly reviews its strategic risk profile through a structured process designed to identify, evaluate, and mitigate its operational and financial risks. The Board’s current view of the main risks and uncertainties faced by the Group is as follows:
∙Brand reputation - adverse publicity resulting from a poor customer experience damages Golden Charter's reputation, reducing the sales of its products;
∙Business disruption - the Group suffers a catastrophic cyber-attack that stops the servicing of customers and causes significant reputational damage, cancellations, and regulatory sanctions;
∙Customer Needs - Golden Charter reacts too slowly to changing customer buying behaviour and falls behind competitors due to the complexity of deploying solutions across the selling network of independent funeral directors;
∙Economic, competitive, and pricing pressures - external conditions or pressure from existing or new competitors reduces Golden Charter's market share, the underlying profitability of products and services and the financial viability of the local funeral director base;
∙Misuse or loss of data - the Group is exposed to investigation or sanction from the Information Commissioner's Office due to personal data not being managed in line with policies;
∙Operational resilience - there are inadequate disaster recovery or business continuity planning/plans in place for key Group business activities in the event of failure negatively impacting business/service delivery;
∙People - Golden Charter is unable to recruit staff within the key areas of the business due to rising wage demands and scarcity of labour, leading to a deterioration in service levels and an inability to execute on its strategy;
∙Prudential - the Group has insufficient balance sheet reserves and/or recurrent revenue to service the existing book of funeral plans leading to a breach of the FCA capital requirements and the loss of regulatory permissions;
∙Regulation - Golden Charter faces sanctions as a result of failing to deliver on the requirements of FCA regulation;
∙Technology - Golden Charter is unable to meet the future needs of customers due to the inflexibility of its legacy technology platforms;
∙Trust investment performance - poor Trust investment returns and volatility reduce the Trust solvency levels, impacting the Group's 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 Golden Charter Board actively review these risks on a regular basis, taking action to mitigate the potential impact as the environment develops.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
The Golden Charter Board is focused on delivering further sales growth in the funeral plan market while continuing to support its independent funeral director partners. Investment will continue in technology, replacing legacy solutions with modern, scalable platforms that will support growth plans, deliver cost efficiencies over the next 1-3 years, and provide better support for customers.
The Group has 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 reserves over that period, and the Golden Charter Board is targeting a return to profitability by the 2027-28 financial year.
The Group 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.
The Group has 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 reserves over that period, and the Golden Charter Board is targeting a return to profitability by the 2027-28 financial year.
The Group 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: £131k).
The directors did not recommend the payment of dividends in the year (2025: £Nil).
The directors who served during the year, and up to the date of signing this report, were:
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
∙select suitable accounting policies and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent; and
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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SAIF CHARTER LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
There have been no significant events affecting the Company and the Group 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 SAIF 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 Group's and of the parent 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 Group and the parent Company to cease to continue as a going concern.
In our evaluation of the directors' conclusions, we considered the inherent risks associated with the Group's and of the parent 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 Group and the parent 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 SAIF 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 Group and the parent 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 SAIF 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 SAIF CHARTER LIMITED (CONTINUED)
Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
∙We obtained an understanding of the legal and regulatory frameworks applicable to the group, 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 group’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;
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SAIF CHARTER LIMITED (CONTINUED)
Auditor's responsibilities for the audit of the financial statements (continued)
∙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 group operates;
−understanding of the requirements of the legal and regulatory requirements specific to the group.
∙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 group’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 group’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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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2026
Page 15
CONSOLIDATED 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 21 to 41 form part of these financial statements.
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COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2026
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £Nil (2025: £Nil).
The financial statements were approved and authorised for issue by the Board and were signed on its behalf by:
The financial statements were approved and authorised for issue by the Board and were signed on its behalf by:
The notes on pages 21 to 41 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
Page 18
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
Page 19
CONSOLIDATED 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
SAIF Charter Limited is a private company limited by shares, incorporated in England and Wales. Its registered number is 05663828, and its registered head office is located at One Fleet Place, London, England, EC4M 7WS.
2.Accounting policies
The Group and 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 Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The Parent Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; and
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Consolidated Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Consolidated Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
Page 21
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
The forecast continues to show a positive cash flow 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, Golden Charter'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 Group 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.
For funeral plans that are paid by instalments in periods greater than twelve months, similar arrangements are in place to single payment funeral plans, with the exception that a small portion of the amount that the customer pays is remitted to a third party insurance partner to provide full cover for the customer in the event that the customer dies before completing payment of all instalments due. The amount that is received from the customer and the amount that is remitted to the third party insurance provider are recognised as Revenue or Expenditure in the Consolidated Statement of Comprehensive Income.
The Group draws down Revenue from the Golden Charter Trust to support the ongoing plan 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 Consolidated Statement of Comprehensive Income as Revenue in the year that it is received.
The Group 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 Group received remuneration for providing this service which was recognised in the Consolidated Statement of Comprehensive Income as Revenue in the year that the Group entered into the funeral benefit option contract.
The Group 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 Consolidated Statement of Comprehensive Income.
Page 22
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
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 Group 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.
The arrangement is treated as a defined contribution arrangement and the annual premiums paid are recognised as an expense in the Consolidated 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 Consolidated Statement of Comprehensive Income in the year where the employee has passed away.
In the event that the payment from the insurance company has not been passed to the late employee’s next of kin, then the payment from the insurance company is recorded within Cash at bank and in hand in the Consolidated Statement of Financial Position and the corresponding payment that is due to the late employee’s next of kin is recorded within Creditors: amounts falling due within one year.
Page 23
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
An internally generated intangible asset arising from the Group’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 Group, and it is probable that future economic benefits will flow to the Group.
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%
Page 24
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
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.
Page 25
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 Consolidated Statement of Comprehensive Income.
Page 26
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
3.Judgements in applying accounting policies (continued)
Over the life of the funeral plan, the Group 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 Group instructs the Trust to make payment to the Group 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 Group 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 Group'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.
ii. Accounting for Revenue
The directors are of the opinion that it is appropriate to account for funeral plan sales as an agent. The Group’s business model and customer terms and conditions ensure that the financial risks and rewards associated with the provision of the end service are largely passed to the funeral director who is appointed under each funeral plan or funeral benefit option contract. Accordingly, the portion of customer funds that is placed into the Trust or held within a whole of life insurance policy to pay the funeral director at the time of need, is not recognised in the Financial Statements of the Group. This approach is in line with the FRS 102 principle that transactions and other events and conditions should be accounted for and presented in accordance with their substance and not merely their legal form.
The directors consider annually whether there have been any changes to terms and conditions, or accounting standards that would change this determination.
Page 27
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
3.Judgements in applying accounting policies (continued)
Provision and corresponding Asset for future cancellations (see note 4, note 19)
The Group is required to refund elements of the remuneration it receives for entering into funeral plans or funeral benefit option contracts if the contracts are cancelled before the end service is provided. Assumptions are based on historical experience about the level of future (post year-end) cancellations on funeral plans or funeral benefit options sold up to and including 31 March each year and in respect of the timing of those cancellations and the value of the remuneration received that will be returned. Any increase/(decrease) in this provision each year is accounted for within the Consolidated Statement of Comprehensive Income in the period.
The Group has the ability to retain an arrangement fee from customers in the event that a plan is cancelled after a contractual cooling off period. The same assumptions that are used in calculating provisions are used to calculate the value of the arrangement fee that would arise and this is shown within debtors within the Consolidated Statement of Financial Position. Any (increase)/decrease in this asset each year is accounted for within the Consolidated Statement of Comprehensive Income in the period.
The Group is contractually entitled to claw back commission paid to sellers if a funeral plan or funeral benefit option is subsequently cancelled. Assumptions are made based on historical experience about the level of future (post year-end) cancellations on funeral plans or funeral benefit options sold in the period and in respect of the value of the commission paid that will be clawed back. This provision is accounted for within the Consolidated Statement of Comprehensive Income in the period.
Page 28
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
3.Judgements in applying accounting policies (continued)
Remuneration recognised and expected to be received after more than one year from the balance sheet date is discounted at the Group's cost of borrowing. Liabilities expected after more than one year are discounted at a risk free rate in line consistent with the expected duration of the liability.
Other provisions (see note 14, note 19)
Provision is made against trade receivables accounts that in the estimation of Group management may be impaired. With each account, assessment is made of the recoverability of trade receivables based on a range of factors including the age of the receivable and the type of services provided.
Provision is also made against commission the Group is entitled to claw back that in the estimation of Group management may be impaired. With each account, assessment is made of the recoverability of commission claw backs based on a range of factors including the age of the debt and Group management's experience in recovering similar debts in the past.
A provision has been made relating to potential liabilities arising from past events which are not covered by insurance. The provision includes an assessment, based on historical experience, of claims incurred but not reported at the period end. The claims are expected to be settled substantially over the next three years.
A provision has been made relating to potential liabilities arising from customer complaints in relation to past sales. The provision includes an assessment, based on historical experience, of complaints received during the year. The complaints are expected to be substantially settled through customer redress where appropriate over the next three years.
Page 29
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Page 30
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
7.Employees (continued)
Page 31
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Factors that may affect future tax charges
Deferred tax balances have been measured at 25%, being the enacted UK corporation tax rate applicable to future periods at the balance sheet date.
Deferred tax balances have been measured at 25%, being the enacted UK corporation tax rate applicable to future periods at the balance sheet date.
Page 32
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 34
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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Page 35
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Page 36
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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Page 37
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
18.Deferred taxation (continued)
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Page 38
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
The Group and the Company's capital and reserves are as follows:
Profit and loss account
The Group participates in a number of multi company defined contribution pension schemes, where the assets of the schemes are held separately from those of the Group in independently administered funds. The pension cost charge represents contributions payable by the Group to the funds and amounted to £628,171 (2025: £555,837). Contributions totalling £98,584 (2025: £100,230) were payable to the funds at the reporting date.
The Group maintains a group life insurance policy with an insurance company through payment of an annual premium. The premium represents contributions payable by the Group to the insurance provider and amounted to £39,475 (2025: £31,462).
The Group maintains a group life insurance policy with an insurance company through payment of an annual premium. The premium represents contributions payable by the Group to the insurance provider and amounted to £39,475 (2025: £31,462).
Page 39
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 Group. 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 Group, of such sums as are necessary to enable the Trust to meet the invoice costs of the selected funeral services provider.
The Group 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 Group 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 for the end service directly to the Group, which is remitted to the funeral services provider who was appointed to provide the end service under the contract. The amount that is paid to the funeral services provider 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.
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 Group, of such sums as are necessary to enable the Trust to meet the invoice costs of the selected funeral services provider.
The Group 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 Group 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 for the end service directly to the Group, which is remitted to the funeral services provider who was appointed to provide the end service under the contract. The amount that is paid to the funeral services provider 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.
Page 40
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Over the life of the funeral plan, the Group 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 Group drew down £12.2m in the year, which is included within Revenue in the Consolidated 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 Group when a funeral plan is sold or when the end service is provided under the funeral plan contract.
The directors are of the opinion that the Group does not control the Trust, and therefore the Trust is not consolidated within the financial statements. The main considerations are:
Neither the sales value of funeral plans nor the costs of providing funerals are recognised in the Financial Statements of the Group when a funeral plan is sold or when the end service is provided under the funeral plan contract.
The directors are of the opinion that the Group does not control the Trust, and therefore the Trust is not consolidated within the financial statements. The main considerations are:
∙The Group has no ability to appoint or remove the majority of the Trustees;
∙The Group has no voting rights;
∙The Group 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 Group 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 Group 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.
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 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
Page 41