Thirteen questions, answered with receipts.

Yes, the May pack cash ties to the bank reconciliation arithmetically, but I need a reviewer decision on one stale item before I can mark the bank rec fully complete.

Reconciliation check:

Bank statement close: £9,882,613.23 per the May operating account statement 40
Less unpresented payments from the May bank rec:

• Cheque 004182 — Airedale Window Cleaning: £1,850.00, still outstanding at 12 Jun 14
• Expense claims batch: £23,412.77, cleared 1 Jun 14
• Supplier payment run: £1,191,437.29, cleared 1 Jun 14

Add uncleared lodgements:

• Customer remittances in transit: £161,309.55, cleared 1 Jun 1
• Card settlements: £84,166.20, cleared 1–2 Jun 1

Calculator check:

That agrees to the cashbook closing balance of £8,911,388.92 1, independently shown in the May cashbook extract as the closing balance c/f 19. It also rounds to the May Monthly Reporting Pack cash figure of £8,911k on the Balance Sheet basis 1.

Verdict: arithmetic TIES to the May pack, at £’000 rounding.

Checkpoint: Cheque 004182 for Airedale Window Cleaning is still outstanding and flagged as stale/review-required 14. Please choose: chase, reissue, or write back per policy. I’ve written the verification note to deliverables/bank-rec-verification-May-26.md with the decision pending.

Recommendation: Use 37.7 months as the planning-case runway if FANFARE-2 / SFB-201 Phase 3 runs 12 months longer than planned.
Confidence: MEDIUM

As of the June 2026 close, Super Fancy Bio has $717.2M of cash, cash equivalents and investments, with $15.8M/month of YTD average net burn and 45.4 months of implied runway. 286 The schedule’s methodology assumes the YTD average burn continues and excludes the undrawn Stonebridge Capital facility. 287

For a 12-month FANFARE-2 extension, the best-supported planning case is an incremental $122.4M of CRO-related cash need: $5.9M/month of Tessern direct service fees plus $4.3M/month of pass-through costs, for 12 months. 162 That would consume about 7.7 months of runway at the current burn rate, reducing runway from 45.4 months to roughly 37.7 months. 286

I would also track sensitivities:

• Floor case: about 41.3 months of runway, assuming only recurring project/site costs continue. 155172
• Downside all-in program case: about 32.5 months, using recent FANFARE-2 program spend as a proxy. 308309310

The assumptions to challenge are: whether the 12-month delay should include only CRO direct/pass-through costs; whether CMC, internal FTE, lab, site, patient, and closeout costs are incremental; and whether the current YTD burn rate is the right denominator for runway planning.

The full advisory report is saved in the workspace as advisory-report.md. Happy to walk through the math, the sensitivity cases, or what management should request before approving an extension budget.

NEAR-MISS — they do not quite agree. The December FY26 Route Results show YTD SSR total operating expense of $1,158.1M 169170, while the MTD P&L shows YTD total expense of $1,159.5M 171172: a $1.4M gap.

Materiality: $1.4M on the larger reported value of $1,159.5M = 0.12%.

Likely cause shown in the notes: there was a known December/January timing issue around the Meridian winter-cycle true-up: the central P&L accrual route was considered fine, but late items could slip the route-level extract, especially on “Non-Corridor Special Trains & Adjustments” 24. Since the MTD P&L is the anchor when reports disagree, I would treat the P&L as the control total and follow up on the route extract.

May 2026 revenue was £21.063m actual versus £20.753m budget, a £0.310m favourable variance. The pack is stated in £’000, and variances are actual less budget. 3637

Per the May-26 GL extract, the journal lines posted in June against period May-26 total £333,173 Σ.

The single item accounting for most of it is JNL-508295, the £285,000 accrual for the Ridgway Freight May invoice received after ledger cut, posted on 2026-06-10 to Carrier & freight charges / Warehouse & Logistics. The other June-posted May-26 lines are much smaller: Digital media retainer, Advisory fees, and SaaS subscriptions. 59606162

Using the May-26 Monthly Reporting Pack as the governing issued pack:

The pack states figures are in £’000 and that department totals tie to the operating-expense lines of the Consolidated P&L, excluding depreciation and amortisation 737475. For Warehouse & Logistics, carrier & freight charges were £336k vs £328k budget, i.e. £8k over budget 5051. The May commentary notes the £336k includes a £285k accrual for a late carrier invoice received after the ledger cut 27.

Yes. The estate has a clear document-authority hierarchy and a few “do not cite / cite with care” traps.

Short version: use the issued Monthly Reporting Pack as the anchor; use FINAL reissues over earlier versions; never cite Apr-26 v1; avoid the legacy headcount tracker as authority; and never present Budget/LF1 plan columns as actuals.

The May-26 pack is already issued: the May Monthly Reporting Pack shows reporting period “May-26,” issued on 10 June 2026, with status “Final” 2021. I’ll therefore frame this as a re-run of the May close checks and verification of the issued pack, not as a first-time close. The calendar says the WD8 issued Monthly Reporting Pack is the governing pack, and any later copy marked FINAL supersedes prior versions 27.

May-26 close checklist — table of record

Close board

The board is a visual of the cited checklist above. Bank reconciliation is included as a skill-added close check; it is not shown as a separate row in the close calendar.

Runnable close steps mapped to skills

The other calendar steps stay with their named owners.

Shall I run these in order? I’ll stop for your sign-off at each gate.

Caldergate’s management structure is shown as a group executive team led by Robert Calder, CEO. Beneath him are five functional directors, who are also the budget owners for the five cost centres: CFO/G&A, Operations/Warehouse & Logistics, Commercial/Sales & Account Management, Procurement & Merchandising, and IT & Digital. 3420 Segment general managers report to the Commercial Director, while the three depots — Leeds NDC, Bristol RDC and Glasgow RDC — report to the Operations Director. 2122 The finance team sits under the CFO, with controller, FP&A, management accounting, AP, AR/credit and payroll roles; controller-side work covers close/journals/statutory/covenants, while FP&A owns the pack, flash, budget and LF1. 343536

Caldergate Distribution Group Ltd
└── Robert Calder — Chief Executive Officer
    ├── Sarah Okonkwo — Chief Financial Officer
    │   ├── G&A / CC-50 budget owner
    │   └── Finance team
    │       ├── James Whitfield — Financial Controller
    │       ├── Priya Nair — FP&A Analyst
    │       ├── Ben Tranter — Management Accountant
    │       ├── Marta Kowalska — AP Lead
    │       ├── Dev Patel — AR & Credit Lead
    │       └── Joan Pickering — Payroll Administrator
    ├── Marcus Webb — Operations Director
    │   ├── Warehouse & Logistics / CC-10 budget owner
    │   └── Depots
    │       ├── Leeds NDC
    │       ├── Bristol RDC
    │       └── Glasgow RDC
    ├── Helen Drummond — Commercial Director
    │   ├── Sales & Account Management / CC-20 budget owner
    │   └── Segment GMs
    │       ├── Tom Askey — GM, Facilities & Safety Supplies
    │       ├── Rachel Vine — GM, Industrial Consumables & Packaging
    │       └── Daniel Mercer — GM, Office & Print Solutions
    ├── Laura Bexley — Procurement & Merchandising Director
    │   └── CC-30 budget owner
    └── Sanjay Rao — IT & Digital Director
        └── CC-40 budget owner

Also shown within G&A:
└── Fiona Marsh — HR & Corporate Services

Commercially, the three segment GMs own revenue by segment, and each segment sells through the same three channels: contract & framework, spot & project, and trade counter & online. 2141

Code it to:

• Account: 7410 — Software licences & SaaS
• Cost centre: CC-40 — IT & Digital

Even though the sales team will use it, the cost centre map says software licences & SaaS sit in IT & Digital, and the analyst note confirms software goes to 7410/CC-40 no matter whose team uses it. 114

I couldn’t find the CFO’s salary in the available documents. The documents identify Sarah Okonkwo as the Chief Financial Officer, but the relevant governance/authority policy explicitly says it contains no salary or remuneration data 192832.