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Actual Experience The Tramshed, Beehive Yard,  
Walcot Street, Bath BA1 5BB United Kingdom
+44 1225 731340  |  www.actual-experience.com
ACTUAL EXPERIENCE 2015 ANNUAL REPORT
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WELCOME TO OUR  
2015 ANNUAL REPORT
Actual Experience is the leader and innovator of 
digital experience quality. 
Our analytics are the missing link between digital 
experience quality and improvements in the 
performance of digital business. 
Visit us online www.actual-experience.com
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CONTENTS
1 Actual Experience Annual Report and Accounts for the year ended 30 September 2015
STRATEGIC REPORT
OVERVIEW
BOARD BIOGRAPHIES 28-29
CORPORATE GOVERNANCE REPORT 30-33
REMUNERATION REPORT 34-36
DIRECTORS’ REPORT 37-38
DIRECTORS’ RESPONSIBILITIES STATEMENT 39
INDEPENDENT AUDITORS’ REPORT TO  
THE MEMBERS OF ACTUAL EXPERIENCE PLC 40-41
CONSOLIDATED INCOME STATEMENT AND  
OTHER COMPREHENSIVE INCOME 42
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 43
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 44
CONSOLIDATED STATEMENT OF CASH FLOWS 45
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 46-63
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS  
OF ACTUAL EXPERIENCE PLC 64-65
COMPANY STATEMENT OF CHANGES IN EQUITY 66
COMPANY STATEMENT OF FINANCIAL POSITION 67
COMPANY STATEMENT OF CASH FLOWS 68
NOTES TO THE COMPANY FINANCIAL STATEMENTS 69-72
NOTICE OF ANNUAL GENERAL MEETING 73-74
NOTES RELATING TO ANNUAL GENERAL MEETING 75
GOVERNANCE
CHAIRMAN’S STATEMENT 3
CHIEF EXECUTIVE OFFICER’S REVIEW 4-7
ACTUAL EXPERIENCE AT A GLANCE 8-11
CHAIRMAN’S STATEMENT PAGE 3
STRATEGIC REPORT
OUR BUSINESS STRATEGY 12-13
OUR MARKETS  14-19
OUR PRODUCT PORTFOLIO 20-23
CHIEF FINANCIAL OFFICER’S REVIEW 24-25
RISKS 26-27
STRATEGIC REPORT
FINANCIAL STATEMENTS
OVERVIEW
BUSINESS & STRATEGY
CONTENTS
OUR BUSINESS STRATEGY PAGES 12-13
CHIEF EXECUTIVE OFFICER’S REVIEW  
 PAGES 4-7
CHIEF FINANCIAL OFFICER’S REVIEW 
  PAGES 24-25
SHAREHOLDER INFORMATION
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“We are confident of 
further progress in the 
year ahead as we move 
through to the next stages 
of commercialisation.”
www.actual-experience.com  Stock code: ACT 2
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3 Actual Experience Annual Report and Accounts for the year ended 30 September 2015
STRATEGIC REPORT
OVERVIEW
Introduction
I am proud to present Actual 
Experience’s full-year results for the 
year ending 30 September 2015. While 
the financial results show growth, with 
revenues increasing by 23% to £0.7m 
(2014: £0.57m), the real success of 
the year was the progress made in our 
commercial relationships with major 
channel partners, including the signing 
of two important contracts which we 
believe will lead to a significant increase 
in revenue growth.
Actual Experience’s analytics are the 
missing link between digital experience 
quality and improvements in digital 
businesses. The analytics show the 
actual experience of the end-user 
in a way that has never been done 
before. This enables our customers 
to focus their resources on achieving 
consistent digital quality and improving 
business performance. The potential 
impacts are cost savings, reduction in 
lost customer revenues and improved 
brand experience. We are proud to 
be leading what could become one 
of the biggest sectors of the digital 
marketplace. 
The operational and commercial 
progress achieved in 2015 has left 
Actual Experience well positioned 
for the future. It has been a year 
characterised by a transition from  
start-up to a more structured 
organisation which will be better 
positioned to support our planned 
global growth. Following years of 
selling, testing, proving and evaluation, 
we signed our largest contracts to 
date with two global businesses. 
Actual Experience  is now deploying 
its technology to analyse digital quality 
for a range of products and services 
both within their respective businesses 
and to their extensive customer 
networks. These represent significant 
revenue opportunities and serve as 
a compelling validation of our unique 
methodology of digital quality analysis. 
In addition to the two contracts signed 
during the year, there are other channel 
partner opportunities in development 
with some of the world’s largest 
technology and service companies. 
Combined, these opportunities have 
the potential to place us in front 
of many thousands of large global 
enterprise customers. 
An opportunity of this scale requires 
strong operational infrastructure 
including the establishment of a robust 
around-the-clock global support 
capability, as well as an expanded 
sales and marketing presence and the 
further development of our technology, 
particularly into the mobile arena. To 
fund that investment we raised £15.2 
million, before expenses, in June 2015 
and have been pleased by the positive 
response displayed by the investment 
community.
Board
I am delighted that Robin Young has 
agreed to join the executive team as 
Chief Operations Officer; his extensive 
experience will be invaluable as we 
rapidly build our business. Robin will 
remain on the Board, as an Executive 
Director. We are in the process of 
appointing a new Non-executive 
Director and expect to announce 
further details in the near future.
Outlook
While we have taken many important 
steps on the path to building a world-
class technology leader, there remains 
much to be achieved. We are confident 
of further progress in the year ahead as 
we move through to the next stages of 
commercialisation. 
On behalf of the Board, I would like 
to thank all shareholders, customers 
and employees that have supported 
Actual Experience and who have played 
an integral part in the Company’s 
successes to date. Actual Experience’s 
journey is only just beginning and I 
look forward to the business fulfilling its 
considerable potential.
STEPHEN DAVIDSON 
CHAIRMAN 
12 January 2016
CHAIRMAN’S STATEMENT 
Stephen Davidson
STRATEGIC REPORT
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“Actual Experience’s 
market opportunity is vast 
and growing and we have 
put in place many of the 
building blocks needed to 
capitalise on this.”
www.actual-experience.com  Stock code: ACT 4
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CHIEF EXECUTIVE OFFICER’S REVIEW
Dave Page
5 Actual Experience Annual Report and Accounts for the year ended 30 September 2015
STRATEGIC REPORT
OVERVIEW
Introduction
This year has been one of significant 
achievement for Actual Experience. 
Since our beginning in 2009 we have 
been developing our unique digital 
quality analytics and network of our 
channel partners. We are confident that 
Actual Experience has an innovation 
that has the potential to transform the 
quality of the digital world. 
As a young company, with a very large 
commercial opportunity, we soon 
realised that the most effective way to 
take our technology to market would 
be by working with businesses that 
have an established global base of 
customers. Proving the potential of 
our technology to channel partners 
and building our technology into their 
global distribution processes are 
naturally time-consuming. This year 
we signed our first two agreements 
with channel partners. The first is 
with a major organisation, listed in 
the top 100 of Forbes’ Most Valuable 
Brands. The second is with Verizon 
Enterprise Services, one of the 
world’s leading communications 
businesses, who will be building our 
technology into one of their global 
service offerings. These agreements 
provide a compelling validation of both 
our technology and our strategy. Our 
focus in the year ahead is to begin to 
realise the potential of these initiatives 
and establish additional, similar 
relationships.
With increasing evidence of channel 
engagement, the Group is now 
focused on execution. The funds raised 
in June 2015 are being invested in 
resources that can effectively support 
our channel partners and customers 
anywhere in the world. Headcount has 
been increased  in both the US and the 
UK and, for the first time, a significant 
investment is being made in marketing 
and brand to ensure that our offering is 
properly understood.
Market opportunity
The basis of Actual Experience’s 
market opportunity is the continuing 
rapid growth of the digital world. A third 
of CEOs expect to attribute more than 
half their revenues to digital operations 
within five years,
1
 and nearly 50% of 
all business-to-business purchases 
will be made on digital platforms by 
the end of 2015, with $2 trillion in retail 
sales generated by digital sales and 
marketing platforms by 2016.
2
As the digital world has matured and 
become fully integrated into business 
and society, we believe that quality is 
becoming as significant to users of 
digital products and services as it is to 
businesses and consumers in the non-
digital world. Digital quality increasingly 
will determine which companies create 
or lose valuable brand share. 
Successful businesses have long been 
aware of the need to consistently 
improve the performance of their 
non-digital supply chains and are 
now committing greater resources 
to solutions for managing their 
increasingly complex digital supply 
chains. This creates a vast opportunity 
for Actual Experience. 
The requirement to give workers and 
customers a consistent high-quality 
experience is paramount for digital 
brand leaders and Actual Experience 
has the solutions to meet their needs.
Strategy
Actual Experience’s analytics as a 
service has the potential to benefit the 
digital business of all organisations 
globally. We will service the global 
business markets primarily through 
channel partners, but will maintain 
select direct customer engagements. 
Channel 
Most Group revenues to date have 
been achieved through direct sales 
activities. However, we believe that 
the market is so sizeable that it can 
only be addressed efficiently through 
relationships with large channel 
partners, leveraging their global 
footprint and sales teams. Over the 
coming years, we expect channel 
business to comprise a significant 
portion of our revenue. To this end, we 
have invested considerable resources 
in nurturing channel opportunities over 
the last four years. 
1 
BCG: The Internet Economy in the G-20, 2012.
2 
Six building blocks for creating a high-performing digital enterprise, McKinsey, 2015.
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www.actual-experience.com  Stock code: ACT 6
CHIEF EXECUTIVE OFFICER’S REVIEW
Continued
Direct
Providing our services directly to well-
known global brands achieves two 
important goals for Actual Experience. 
First, it helps to build awareness and 
know-how. Second, it demonstrates 
to potential channel partners the 
commercial interest and enthusiasm for 
our unique service offerings.
Consumer
Similarly, it is strategically important 
to continue to develop our consumer 
offering, Actual Home. Across the 
world, governments are increasingly 
focused on policies to harness the 
social and economic benefits of digital 
inclusion and competitiveness. We are 
able to show how fit for purpose any 
national digital infrastructure is and 
consequently where policy must focus 
to correct for any market failure.
This parallel investment by Actual 
Experience in understanding the 
consumers’ experience of digital quality 
has a positive impact on business 
opportunities and will ultimately offer 
Actual Experience an unparalleled view 
of digital quality globally. 
The continuous improvement of our 
technology and the market reach 
from global channels provides Actual 
Experience with compelling market 
potential. We believe the Group is 
well placed to establish long-term 
leadership in the business-critical 
market for the management of digital 
quality. 
Customer highlights
Top 100 global brand 
In May 2015, we were delighted to 
sign a significant three-year contract 
with a major global organisation. Actual 
Experience will continuously analyse 
the organisation’s global digital supply 
chains to ensure that the quality of 
products delivered to end-customers is 
always visible to business leaders and 
that their customers’ digital experience 
can be improved. 
Verizon Enterprise Solutions
We announced in September 2015 
the signing of a three-year contract to 
supply services to Verizon Enterprise 
Solutions, the division of Verizon that 
delivers communication services 
to businesses and government. 
Actual Experience now forms part of 
Verizon’s enhanced managed service 
reporting capabilities, and is being 
actively promoted by Verizon to their 
customers worldwide. The service was 
soft launched in December 2015 and 
represents the largest potential roll-out 
of the Group’s analytics service to date. 
We have begun to see Verizon account 
teams request information about 
the service for their own customers 
and expect this to have a significant 
positive impact on revenues in the 
years ahead.
Ofcom
We are pleased to have made positive,  
early progress with Ofcom, where our 
crowd-sourced data, enabled by the 
Actual Home (formerly BbFix) project, 
has been used to analyse the digital 
economy of Britain. The result of this 
early work was the publication of 
Ofcom’s ‘State of the Nation’ report 
which highlighted our key findings, 
namely that digital quality is not solely 
dependent on speed but is affected 
by a number of additional factors 
that occur across the UK’s national 
digital supply chains. This successful 
project confirms that our digital quality 
analytics can be leveraged equally by 
governments and businesses.
Fundraise and expansion of 
operations
We were delighted to successfully 
complete a placing in June 2015, 
raising gross proceeds of £15.2m. The 
funds were raised for investing across 
the business as well as strengthening 
our balance sheet and funding the 
Group’s working capital requirements 
for the foreseeable future.
Expansion of our sales team and 
channel support
The funds raised have enabled us to 
grow client-facing teams in the UK and 
US, including channel development 
and support. 
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7 Actual Experience Annual Report and Accounts for the year ended 30 September 2015
STRATEGIC REPORT
OVERVIEW
Investment in our technology
We have been able to significantly 
increase the size and skill base of our 
technology development team. The 
technical capabilities and features 
demanded by our target market are 
rapidly evolving, in particular with 
regard to trends in corporate adoption 
of mobile computing platforms. This 
year we have rolled out an update to 
our Analytics-as-a-Service business 
offering. It simplifies use and puts 
digital quality into the pockets of 
business leaders on mobile phones. 
Alongside increasing channel 
engagement, we are increasing our 
focus on data-centre scaling and 
security matters. 
Strengthening our operational 
team
We were delighted to announce in 
early October 2015 the appointment 
of Robin Young, previously a Non-
executive Director of the Company, 
as Chief Operations Officer. Robin 
stepped into this new role in response 
to the continuing growth of Actual 
Experience and the need to build 
a global operation to support its 
international customer base.
Robin has extensive CIO, COO, 
technology and operations experience, 
previously holding positions at blue- 
chip public companies, including 
Mitchells & Butlers, GlaxoSmithKline, 
Proctor & Gamble and Ford Motor 
Company.
Investment in brand and 
marketing
Our brand is being refreshed to more 
accurately reflect our commercial 
focus, to build on what we have 
learned, to differentiate our service and 
underline its relevance. We are creating 
the category ‘digital experience quality’ 
for our brand to occupy. Our offering 
has been honed and modernised, 
and the customer journey refined. 
We expect this work to support the 
creation of direct demand both to us 
and to our channel customers. 
Outlook
We have made significant progress 
across key aspects of our business 
this year. Actual Experience’s market 
opportunity is vast and growing and we 
have put in place many of the building 
blocks needed to capitalise on this 
potential. In the current financial year 
we will continue to invest in people 
and technology, develop further sales 
opportunities, both channel and 
direct, and also expect to see further 
significant revenue contribution from 
our existing customers.
DAVE PAGE
CHIEF EXECUTIVE OFFICER 
12 January 2016
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Why does this matter?
Businesses across the world are 
increasingly digital. Digital products and 
services are provided to employees to 
make them more productive whether 
they are in the office, on the road or in 
the home. Likewise, customers interact 
with businesses in an increasingly 
digital way through apps or browsers, 
and from anywhere.
As a result, business leaders are 
realising that they need to take digital 
quality seriously. More specifically, they 
are taking digital experience quality 
seriously.
Why?
Take brand for example. Some 
businesses have spent many years 
and huge resources establishing a 
brand for their physical products (e.g. 
groceries) and services (e.g. hotel 
rooms). Increasingly, customers are 
engaging to procure these products 
and services through a business’ digital 
products such as websites and mobile 
apps. Consequently, customers that 
experience frustration with a business’ 
digital products will be less likely to buy, 
and continued frustration will harm the 
brand.
Like physical products, digital customer 
experience and brand is largely built 
upon design and quality. 
In the digital world, design relates to 
the customer journey – the steps a 
customer must take to conclude a 
bank transaction online, or purchase 
a product, or to order a new driving 
licence, and so on. 
Quality relates to the consistency and 
repeatability of the customer journey. 
If images don’t load, or explanatory 
videos don’t run, or if click-to-talk is 
unintelligible, or forms stop working, 
this is poor digital quality.
Even if the digital design is excellent, 
a variable and inconsistent customer 
journey will wreck customer experience 
and digital brand.
Today, without Actual Experience, 
business leaders have no way to 
manage and improve digital quality.
How come?
In the manufacture of physical products 
and services, business have for 
decades used quality management 
techniques such as Six Sigma, Kaizen 
and others. At the heart of these 
methods is the so-called Voice of the 
Customer. Simply put, customers 
are asked what they think of a 
product, and their feedback is used 
by the manufacturer to improve the 
manufacturing process. Today, most 
manufacturing processes involve global 
supply chains, so the reality is that the 
manufacturer uses the feedback to 
help manage and improve its supply 
chains.
However, in the digital world, these 
quality management techniques cannot 
be used.
Why not?
Simply put, talking to people, asking for 
their feedback, is much too slow. 
In the digital world, the glitches that 
cause videos to freeze, or forms and 
images to stop loading, or audio 
to sound inaudible, happen in tiny 
fractions of a second. They are fleeting 
and transient. Not only that, but they 
occur somewhere in a global digital 
supply chain made up of thousands of 
businesses and technologies. 
Therefore, asking customers what 
they think, even if it could be done 
continuously, is on a completely 
different timescale to the digital world, 
and there is consequently very little 
possibility for correlating customer 
feedback with the underlying cause of 
customer frustration. 
This means that there is no way to 
connect digital experience quality 
with a quality management process 
to improve digital business. This is 
also the explanation for why digital 
experience quality in the home, on the 
phone or in the office is so inconsistent.
ACTUAL EXPERIENCE AT A GLANCE 
Leader and innovator of digital experience quality.
Our patent-pending analytics are the missing link between digital 
experience quality and improvements in the digital business. 
www.actual-experience.com  Stock code: ACT 8
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The growth of digital
Digital revenues will double to 41% by 
2019. A third of CEOs expect to attribute 
more than half their revenues to digital 
within five years. Nearly 50% of all 
business-to-business purchases will be 
made on digital platforms by the end of 
2015 and $2 trillion in retail sales will be 
influenced by digital by 2016. 
T o move in that direction, this year, CEOs 
have technology-related change as a 
top priority, even higher than in 2014. 
Sixty-three per cent of CEOs intend to 
increase IT and digital investment in 2015. 
Research shows that companies have lofty 
ambitions: they expect digital initiatives to 
deliver annual growth and cost efficiencies 
of 5-10% or more in the next three to five 
years.
At the same time, board members at large 
companies estimated that 32% of their 
company’ s revenue would be under threat 
from digital disruption in the next five years; 
60% of board members felt their boards 
should spend significantly more time on this 
issue in 2016. 
Digital quality increasingly will determine 
which companies create or lose valuable 
brand share with their customers, 
members, subscribers, employees, 
contractors, partners and suppliers. 
50%
2015
Business-to-Business purchases made on digital platforms
Six building blocks for creating a high performing digital enterprise, 
McKinsey, 2015
41%
2019
Digital revenue by 2019 
2015 Gartner CEO Survey Committing to Digital
63%
2015
Percentage of CEOs intending to increase digital investment 
2015 Gartner CEO Survey Committing to Digital
9 Actual Experience Annual Report and Accounts for the year ended 30 September 2015
STRATEGIC REPORT
OVERVIEW
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10 www.actual-experience.com  Stock code: ACT
So what do we do?
We provide digital quality analytics to 
businesses that provide digital products 
and services to their customers and 
employees.
Our patent-pending analytics are able 
to link digital experience quality with a 
digital quality improvement process, 
which will help make the digital 
business of our customers better  
and better. 
Continuous quality improvement 
is something that has been taken 
for granted in manufacturing for 
decades. Now it can be applied to the 
manufacturing of digital products and 
services.
How do we do this?
Small pieces of software called Digital 
Users are situated amongst real human 
users in, for example, the home or the 
office. They run on laptops, PCs and 
small devices like Raspberry Pi and 
Intel sticks.
The Digital Users make continuous 
measurements of the most important 
digital products and services that our 
customer provides to its customers 
and employees (applications in 
illustration). The Digital Users 
also simultaneously measure the 
behaviour of the many businesses and 
technologies in our customer’s global 
digital supply chain seeking the glitches 
that impact customer experience. 
The Digital Users immediately send 
the results of these measurements to 
data centres, which host our cloud 
analytics-as-a-service platform.
“CEOs are coming in 
to MIT and saying 
I’m spending so 
much money on IT 
and technology and 
I feel like it’s a black 
hole with nothing 
coming out.”
The value of the customer  
experience quantified
Peter Kriss, HBR
ACTUAL EXPERIENCE AT A GLANCE 
Continued
Digital User (DU) software makes measurements 
(cannot be done from browsers) 
•	 End-to-end
•	 Gently exercises IP network nodes and application layers to understand behaviour in every part of 
user supply chain
•	 Metrics are: network (loss, delay, delay variation); application (goodput, throughput, RTT)
In the data centre
•	 End-to-end measurements are combined in algorithms to calculate End-user Experience score
•	 Algorithms adapt for video, audio, interactive, protocols, etc.
•	 Node/layer behaviour is continuously correlated with Voice of the People variation to establish 
cause and effect 
www.actual-experience.com  Stock code: ACT 10
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11 Actual Experience Annual Report and Accounts for the year ended 30 September 2015
STRATEGIC REPORT
“One of the hardest  
things we have with 
technology is  
user perception. 
Is it working well?  
Is it not working well?”
Customer 
Our cloud analytics platform transforms 
the measurements of the digital 
product and service into real-time 
digital Voice of the Customer quality 
scores. These scores represent the 
actual experience of a person and act 
as the lens through which we analyse 
the behaviour of the digital supply 
chain.
In our cloud, the Actual Experience 
lens allows us to correlate poor quality 
that frustrates customers or employees 
and harms brand or productivity, with 
the transient, fleeting glitches in the 
supply chain that cause poor quality. 
Since this is done continuously and 
very quickly – in fractions of seconds 
– our analytics are able to locate the 
source of quality problems in the 
numerous businesses and technologies 
of our customers’ global digital supply 
chain and hence provide actionable 
data in order for our customers to:
1.  Reduce the number of quality 
problems by continuously improving 
the performance of the global digital 
supply chain by:
a. more targeted and efficient 
investment; and
b. better management and 
collaboration with their digital 
suppliers.
2. Resolve quality problems within 
  important digital products and 
  services in hours, not days, 
  weeks or months, and do this in a 
  substantially more automated way 
  that reduces cost.
How do customers get their 
analytics?
Our customers buy a service from us 
called Actual Work (formerly Digital 
Supply Chain Director). They access 
the results of the Actual Work service in 
three ways:
1. Through web browsers and mobile  
 apps
2. Via emails for alerting of predefined  
 events or regular reports
3. Via electronic interfaces between  
 the Group’s systems and customer 
  or partner systems.
Who do we do it for?
Actual Experience’s analytics-as-a-
service is of potential use to every 
business in every industry. 
Any business that provides digital 
products and services to its customers 
or employees, or both, will need to 
continuously improve digital quality 
or risk losing out to competitors with 
better digital quality and hence better 
digital brand and productivity.
How do you address such a 
large market?
We will service this vast global market 
primarily through channel partnerships, 
with an important component of 
our business strategy focused on 
building relationships with selected 
direct enterprise customers. These 
relationships continue to accrue 
valuable intelligence on service use by 
business type, department, role, and 
other factors. 
The value derived from our direct 
involvement with customers actively 
consuming this digital experience 
quality data to drive new and improved 
continuous improvement processes is 
realised in our channel relationships, 
where our learned best practices will 
improve the performance of all channel 
partners.
Current customers include channel 
partners Verizon and direct customers 
Condé Nast, Charles Stanley and 
Harrods.
A fundamental component of our 
strategy, particularly for this year, is 
the expansion of our customer-facing 
teams in the US and the UK. This 
is an important use of the £15.2m 
investment in June 2015. Global 
coordination of these activities will be 
considerably enhanced by our recent 
addition of Robin Young as COO. 
11 Actual Experience Annual Report and Accounts for the year ended 30 September 2015
STRATEGIC REPORT
OVERVIEW
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OUR BUSINESS STRATEGY
Actual Work
Service Providers, 
Consultancies
Audience
Products
Agency, Regulatory, 
Legislative, 
NGO, Association 
Direct partnerships
Value 
proposition
Foundational data for 
business improvement 
processes, typically 
employed by market 
leaders across all categories. 
Technology
Branded commercial offering 
for digital quality analysis;
integrate as component within
service management 
frameworks.   
Brand 
proposition
Our analytics are the missing link between digital experience quality and improvements in the digital business. We use 
the actual experience of the end-user as the lens that enables our clients to focus their resources on achieving consistent 
quality and improving business performance.The continuous improvement of experience quality makes the world work better.
-
Actual Home
Consumers Government Business
Direct enterprise 
customers
Customers
Analyse standard, easily acquired measurements to produce actionable intelligence for improving business performance. 
Constituent view of digital 
quality and delivery against 
government targets for digital 
equality; meaningful KPIs to 
describe social benefits of 
state investment.
Understand what you can 
do to improve quality.
Identify those responsible 
and know how to
notify them.
High-intensity computer environments continuously analyse standard measurement data, via intellectual property 
built on algorithmic and correlative mathematics, to produce actionable data for managing digital experience quality.
12 www.actual-experience.com  Stock code: ACT
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History and future of our 
technology
Actual Experience was founded in 
2009 to commercialise 10 years of 
research originally undertaken at 
Queen Mary, University of London, by 
our Chief Science Officer, Professor 
Jonathan Pitts, to analyse and 
evaluate the impact of digital supply 
chain behaviour on perceived human 
experience.
The research has been continuously 
developed since 2009 to work in the 
real world and at the scale and speed 
required to deliver actionable analytic 
results to our direct and channel 
partner customers. 
The Directors consider that this 
development, together with low-
friction deployment through large-
scale channel partners, is the source 
of Actual Experience’s competitive 
advantage.
Actual Experience has developed the 
Actual Work product to address the 
requirements of the market. While 
discussions with leading technology 
companies and industry analysts 
confirm our belief that Actual Work is a 
market-leading product, the technical 
capabilities and features demanded 
by our target market are rapidly 
evolving, in particular with regard to 
trends in corporate adoption of mobile 
computing platforms. 
We believe that it is strategically 
important for Actual Work to maintain 
its rate of technological progression. 
Consequently, we are investing to 
further increase the size and skills base 
of our R&D team.
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OUR MARKETS 
Actual Experience’s analytics as  
a service is of use to all businesses.
Most of Actual Experience’s revenues 
to date have been achieved through 
direct sales activities but it is believed 
that this sizeable international market 
can only be realistically addressed by 
putting in place relationships with large 
channel partners. To this end, Actual 
Experience have invested considerable 
resources in nurturing channel 
opportunities over the last three years. 
We will service the global business 
markets primarily through channel 
partnerships and through select direct-
enterprise customer relationships. 
Providing digital performance quality 
management services to well-known 
global brands contributes to two 
important goals for Actual Experience. 
First, it helps to build our brand 
and our direct revenue. Second, it 
demonstrates to potential channel 
partners the interest and enthusiasm 
from business for our unique service 
offerings. Our customers are typically 
large businesses with well-established 
brands and our sponsors are business 
leaders who are painfully aware of 
the challenges in managing today’s 
digital business. These businesses 
and leaders are eager for an analytics 
service platform that facilitates a data-
driven approach to improving digital 
business performance. 
We intend to extend our early focus 
on direct business sales by putting 
in place significant channel partner 
relationships that rapidly expand our 
revenue opportunity. Over the coming 
years, we expect channel partners to 
comprise a significant portion of our 
revenue as we leverage their direct 
customer relationships.
Parallel investment in understanding 
the digital quality experience of 
consumers has a positive impact on 
business opportunities and offers 
Actual Experience an unparalleled 
view of digital performance quality. 
The continuous improvement of our 
technology and the extended market 
reach from global channel partners 
provides Actual Experience with 
significant and compelling market 
potential. We believe the Company 
is well placed to establish long-term 
leadership in the business-critical 
market for digital quality management.
•	 While nearly every organisation lays claim to being a digital enterprise, only 25% believe 
their organisation has the mindset to survive and thrive in the digital age. 
•	 Just 24% agree that the organisation’s leadership team understands the digital issue. 
•	 Only 17% of respondents have restructured their businesses in line with their digital 
ambitions. 
•	 Just over one in five chief executives are seen to be leading the digital agenda within their 
organisations, despite the importance of this to future success. 
•	 Only 20% in a recent management consultants’ survey rated their company as having 
excellent Digital IQ, defined as how well they understand the value of technology and 
weave it into the fabric of their organisation.
Sources: McKinsey DQ Company Survey 2014-2015; PA Consulting’s Digital Barometer; 6th Annual Digital IQ Survey (pwc)
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Direct 
We are targeting the emerging and 
established digital leaders in all industry 
categories. The businesses that are 
the most sophisticated in relation 
to digitisation, digital supply-chain 
complexity and the concept of digital 
supply-chain management. These 
companies have mastered the concept 
and have the structure (or c-suite  
buy-in) and instrumentation in place to 
be able to deliver, but lack the ability 
to measure quality or identify drivers of 
variability.
These companies have some 
characteristics in common. They 
understand the consumer journey and 
how digital can enhance all of those 
experiences. Their leaders focus their 
digital strategies on enhancing those 
critical interactions. These companies 
are fast, they are on the ground, and 
they have the digital and business 
experts working together to go to 
market rapidly with new solutions 
and are continually optimising them. 
Their culture, leadership and mindset 
enables them to undertake the 
appropriate disruption to their current 
business models and then create new 
models for the future. 
They operate as a unified organisation, 
they invest in the organisational 
capabilities that ensure the impact 
of their technologies. They are 
characterised by data-empowered 
decision-making and are agile in 
execution. They look for dynamic tools 
and flexible, scalable platforms that 
enable the organisation to be nimble, 
and are building an IT architecture that 
is modular and flexible enough to move 
quickly with stability and resiliency to 
keep core business services reliable. 
We are also addressing managed 
service providers, which are heavily 
invested in supplying network, 
application and infrastructure services 
to business markets, that have shown 
keen interest in our capabilities for 
their own portfolios. Their interest 
includes providing the service to their 
customers, but their primary interest 
is better managing quality within their 
own digital product portfolios. 
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Consumer
Across the world, governments are 
increasingly focused on policies to 
harness the social and economic 
benefits of digital inclusion and 
competitiveness. Actual Home, which 
analyses the quality of digital products 
and services from homes, provides:
•	 consumers with a clear 
understanding of whether their 
home setup, their Wi-Fi, or their 
broadband provider is the cause of 
quality problems; and
•	 regulators with a rich data set that 
shows how fit for purpose any 
national digital infrastructure is and 
consequently where policy must 
focus to correct for any market 
failure.
This parallel investment by Actual 
Experience in understanding the 
consumers’ experience of digital quality 
has a positive impact on business 
opportunities and will ultimately offer 
Actual Experience an unparalleled view 
of digital experience quality globally.
At scale, we believe that Actual Home 
analytics will provide governments with 
the evidence to adjust digital policy and 
invest more efficiently in order to make 
universal service – high-quality Internet 
access for all citizens – a more realistic 
possibility.
Ofcom
Over the past two-and-a-half years 
Actual Experience has worked with 
Ofcom to analyse Internet services 
across the UK. The second and latest 
report for Ofcom was published in 
December 2015.
This work has been based on the 
premise that, even though access 
to fast and superfast broadband has 
steadily increased, consumers still 
experience poor and variable quality 
with the digital services they use.
Ofcom asked Actual Experience to 
investigate popular digital services such 
as web browsing, video streaming 
and various small- and medium-
sized business services to provide 
information around the causes of poor 
digital quality.
Results demonstrate that high access 
speeds are not sufficient to guarantee 
a high-quality Internet service. In 
fact, with access around 8–10Mbps, 
speed generally ceases to become the 
dominant factor in determining digital 
experience quality. 
Actual Experience’s methodology of 
analysing digital supply chains exposed 
quality-impacting issues in home 
environments, in broadband providers 
and upstream network and content 
providers.
Importantly, additional work 
demonstrated that Actual Experience’s 
unique lens – our digital experience 
quality scores – correlates with 
consumers’ surveyed opinions. 
Since this work was undertaken for 
a statistically significant sample of 
UK consumers, it provided another 
significant validation of Actual 
Experience’s methods and algorithms.
16 www.actual-experience.com  Stock code: ACT
OUR MARKETS 
Continued
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Verizon Enterprise Solutions selected 
Actual Experience to deliver a new 
Verizon-branded digital quality 
analysis service to its global enterprise 
customers. This is an example of, and 
a template for, our channel strategy, 
which very swiftly brings the benefits of 
our service to market at global scale.
Verizon Enterprise Solutions uses its 
global networks, technology platforms 
and innovative products and solutions 
to give enterprises a competitive 
advantage.
Our service has been integrated 
into a new and innovative suite of 
Verizon products, to be released to its 
customers in early 2016.
In a world where digital supply 
chains are increasingly complex and 
heterogeneous, our service is a unique 
and indispensable tool for achieving 
consistent quality in managed services. 
We will also work collaboratively with 
Verizon to implement our service 
successfully with its clients. We believe 
this is the best way to promote the 
benefits of the service and deliver 
the best value for Verizon and Actual 
Experience.
The ability to deliver the benefits of 
our service to more global brands 
and companies quicker, through 
relationships like Verizon, is a key 
aspect of our go-to-market channel 
strategy. Actual Experience delivers the 
service under the affiliate brand, and 
the affiliated provider takes the service 
to its customers. Verizon is one of our 
first examples of this strategy in the 
market.
CHANNEL CASE STUDY Verizon
INDISPENSABLE FOR 
ACHIEVING CONSISTENT 
QUALITY
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DIRECT CASE STUDY CHARLES STANLEY
PINPOINTING THE ISSUE IN 
THE DIGITAL SUPPLY CHAIN
The customer
Charles Stanley is one of the oldest firms on 
the London Stock Exchange and a leading 
UK investment management company.
The company looks after the assets of 
approximately 95,000 clients with a total of 
£20 billion funds under management and 
administration and employs more than 800 
people.
The challenge
Charles Stanley suffered repeated IT service 
problems for several months, with crucial 
internal services such as phonebook and 
workflow processes affected. 
The slowdowns frustrated employees and 
naturally led to lower productivity. Data 
centre, network, application and server 
teams regularly gathered to investigate what 
was going on, costing time and money as 
they struggled to find solutions.
A number of technical tools were used to 
determine the source of the problem. No 
cause was found, yet Support was still 
being inundated with complaints of poor 
service.
“I had everyone saying it was everybody 
else’s fault, yet nobody was coming up with 
any answers,” said Michael Bennett, Chief 
Operating Officer at Charles Stanley.
The nature of its investment business meant 
these service problems could be very costly. 
Charles Stanley needed to do something 
quickly, as prolonged problems could affect 
the high-quality service it’s renowned for.
What we did
Actual Experience measured the experience 
users were having by replicating human 
interaction across the digital supply chains 
that deliver the services.
These Digital Users were able to measure 
the experience quality of the digital products 
Charles Stanley wanted to check. In this 
case it was the web front-end of the 
application server, database server and 
internal SharePoint Service. A single Digital 
User can record lightweight measurements 
across digital products and services at the 
same time. These are taken in real-time, 
continuously and automatically. 
“It’s new and unique,” says Bennett. “It’s not 
about network latency – it’s looking into the 
process rather than just at the process.”
The result
Actual Experience found there were no 
problems with the web server, database 
server or network, and identified an 
oversized application database as the 
source of the IT service problems. Once 
fixed, service performance quality improved 
markedly. “We found out what the issue 
was in days,” said Dave Page, CEO at 
Actual Experience. “Traditional analytics 
tools would have taken months to locate 
the issue, which could have been costly for 
Charles Stanley in terms of lost productivity 
and reputation.”
Michael Bennett added, “The most 
important thing for us and what made 
Actual Experience extremely valuable was 
being able to pinpoint the issue in the digital 
supply chain, and say that’s where your 
problem is – now go away, find and fix it.”
Because of the success of the project, 
Actual Experience now works with all of 
Charles Stanley’s branch locations as well 
as its headquarters, including all business-
critical applications. Traditional IT domains 
are still benefiting from Actual Experience’s 
continuous real-time, user-driven digital 
experience quality service. In the long-term, 
it enables Charles Stanley to continuously 
analyse and improve its digital business 
performance across time, measuring the 
cost of, and return on, its digital business 
investments.
“I find it incredibly valuable in helping 
to pinpoint specific issues and manage 
across the silos within our business,” said 
Bennett. “Actual Experience provides us 
with the tools we need to oversee our entire 
digital business.”
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Southport, a large coastal town in north-
west England with a population of around 
90,000, shouldn’t have major broadband 
problems. It’s the landing point for a 
transatlantic superfast fibre optic broadband 
cable connecting the UK to the US and the 
rest of the world.
However, people living or working in 
Southport sometimes have extremely 
frustrating experiences online, including 
videos buffering, websites loading slowly 
or not at all, and services such as online 
banking freezing or crashing. 
Speed doesn’t mean quality
So what is the problem? The answer is that 
high advertised speeds don’t necessarily 
mean a home or business will have high 
digital experience quality.
Actual Home (formerly BbFix) is the free 
service offered by Actual Experience which 
analyses broadband digital experience 
quality. Actual Home scientifically measures 
the digital experience quality a user would 
receive from popular services and describes 
the reasons for poor and variable quality.
The Southport experience
There are obviously important factors 
hindering the digital quality experienced by 
people in Southport. Actual Experience has 
used Actual Home to better understand the 
issues around digital experience quality in 
the town.
Through a local information campaign, 
internet users in Southport were invited 
to download Actual Home. This crowd-
sourced, anonymous data was then 
collected and analysed by Actual 
Experience.
Actual Experience identified where problems 
were occurring, whether in the home, 
through the broadband network or because 
of local infrastructure. The result was a 
detailed picture of what is determining the 
quality of digital experience that has been 
shared with Ofcom.
The results of the  
Actual Home data
Dave Page, CEO of Actual Experience, said, 
“We were able to produce a fantastic map 
of the area and it’s stunning what it shows. 
The inner part of Southport is actually where 
consumers are struggling most with quality. 
It highlights the importance of quality over 
speed; those people are very close to the 
broadband exchange so you’d expect it to 
be good, but actually it’s the worst of the 
lot.” 
The analysis found that some of the 
problems suffered by Southport residents 
weren’t down to internet connections. 
Instead, 40% of the problems originated in 
the home and can be fixed by upgrading 
in-home equipment or changing the position 
of the routers.”
Of the remaining 60%, about half are 
experiencing problems due to the local 
infrastructure or their ISP . Some of these 
issues could simply be fixed by buying a 
more suitable broadband package for their 
needs.
Dave Page, Actual Experience CEO 
concludes; “Ofcom has also commissioned 
Actual Experience to provide evidence 
for its ‘State of the Nation’ report that 
highlights the importance of addressing 
UK broadband quality. In many areas, this 
won’t be achieved by simply upgrading 
the speed capacity of the network. We 
believe this demonstrates the importance 
of understanding how to deliver digital 
experience quality to citizens, consumers 
and small businesses.”
CONSUMER CASE STUDY Actual Home
THIS YEAR THE UK GOVERNMENT 
ANNOUNCED THAT MORE THAN THREE 
MILLION HOMES AND BUSINESSES HAVE 
BEEN REACHED BY ITS NATIONWIDE 
ROLLOUT OF SUPERFAST BROADBAND
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OUR PRODUCT PORTFOLIO
In Actual Work (formerly Digital 
Supply Chain Director), Digital Users 
are located where digital products 
and services are consumed by the 
customers or employees of our 
customer. These Digital Users measure 
the digital products or services 
identified by our customer as critical to 
their brand or productivity.
In fact, this approach can be used 
to analyse our customer’s digital 
products and services from the 
perspective of their customers, 
employees, contractors, members, 
subscribers, suppliers or partners. Our 
analytics provides a quantification of 
digital experience quality from these 
perspectives and identifies what needs 
to be done by the business to improve 
the quality of brand or productivity-
related products and services.
The analysis is streamed to 
customisable, role-based dashboards 
and is both live and historic. The data 
provided is relevant and actionable. It 
enables our customers to:
1. Reduce the number of quality 
 problems by continuously improving   
 the performance of the global digital 
  supply chain by:
a. more targeted and efficient 
investment; and
b. better management and 
collaboration with their digital 
suppliers.
2. Resolve quality problems within 
 important digital products and  
 services in hours, not days,  
 weeks or months, and to do this in a  
 substantially more automated way  
 that reduces cost.
In Actual Work Web, Digital Users are 
pre-deployed by Actual Experience, 
and are located in data centres, 
globally. In moments, this product can 
start to analyse the quality of any digital 
product or service provided by our 
customer to their customers. This is 
particularly useful for businesses where 
their website is their primary channel.
The analysis is streamed to a 
dashboard and is both live and historic. 
The data provided is both relevant and 
actionable.
Actual Home (formerly BbFix) is 
primarily a UK project that delivers 
digital quality analysis to consumers 
for free. Consumers participate by 
installing a Digital User on their home 
laptop or PC. Via a simple browser-
based dashboard, this allows us to 
provide consumers with an analysis of 
their broadband connection in terms 
of its fitness to support common 
consumer uses such as working from 
home, watching videos, shopping, 
banking and so on. It also reveals 
whether the consumer’s home 
environment, their Wi-Fi set up, or their 
broadband provider is the source of 
quality problems.
Aggregated across the UK, Actual 
Home provides the source data for our 
analysis of the UK’s digital economy for 
customers such as Ofcom.
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Page 23 
here??
PRODUCT INTERFACE DASHBOARD
“One of the real interesting 
things to talk through is that 
sometimes we talk about 
‘what’s my level of investment 
in this experience?’. Maybe I’m 
over-invested in my experience 
for the customer because it 
can’t be any better than what 
I’m experiencing. Maybe I can 
dial back on investment. Getting 
people to think about those 
kinds of conversations is just 
very different – the approach 
is fresh. It’s well-received, it’s 
invoking good thought.” 
Customer
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Pricing model
Actual Experience employs a simple charging structure, whereby the 
primary driver of recurring revenue is the purchase of analytic capacity at a 
level suitable for the needs of the customer’s business. 
Our engagement with customers directly, or with channel partners, has a 
pricing model structured into three components.
1. A one-time set-up charge, varying by business size, which includes 
 all necessary training and support to maximise value derived from our 
  product.
2. A monthly recurring Analytics charge, for capacity used.
3. Certain bespoke customer services, all of which are one-time charges.
Analytic capacity and associated fees vary by scale of digital business, 
from small businesses to large global corporations and fixed or mobile 
broadband providers.
“The key word is 
perception. Perception 
is king. Perception and 
emotion. Delivering 
products into an 
organisation and 
company, whether 
from a consumer or 
user point of view, we 
always get wrapped 
up in the emotion of 
things not working, 
or things not being 
delivered in the way 
they want them to be 
delivered at the end of 
the day.”
Direct customer
OUR PRODUCT PORTFOLIO 
Continued
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“What Actual Experience 
does is provide a very 
simple and elegant way to 
look at the problem from 
this often disregarded 
vantage point, and that is 
what is actually happening 
from where the end-user 
community is. They do a 
great job at removing the 
human from that equation in 
terms of voicing an opinion 
about quality of experience.” 
23 Actual Experience Annual Report and Accounts for the year ended 30 September 2015
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Customer
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“Actual Experience is 
investing in the growth of 
its operations to address 
what it believes to be a 
significant commercial 
opportunity.“
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CHIEF FINANCIAL OFFICER’S REVIEW
Steve Bennetts
25 Actual Experience Annual Report and Accounts for the year ended 30 September 2015
STRATEGIC REPORT
BUSINESS & STRATEGY
Trading results
Revenue recognised in the year was 
£700,449 (2014: £567,469) arising 
from the supply of analytical services 
and associated consultancy activities to 
customers. 
Administrative expenses comprising 
R&D, administration and sales costs 
totalled £2,617,679, an increase 
of £1,154,420 compared to the 
year ended 30 September 2014, 
after excluding 2014 AIM flotation 
expenses. This increase reflects the 
continued investment made by the 
Group in technology development and 
customer-facing teams. Personnel costs 
continue to be the largest expense and 
represents approximately 60% of the 
Group’s cost base. 
The tax credits recognised in the current 
and previous financial year primarily 
arose from the receipt of R&D tax 
credits. 
Losses after tax for the year ended 30 
September 2015 totalled £2,225,455 
(2014: loss of £1,303,931). These 
losses are primarily generated by 
employee costs and related expenses. 
The loss for 2014 included AIM flotation 
expenses of £450,488. 
The loss per share for the year was 
7.12p (2014: loss of 4.74p). Earnings 
per share have been impacted by the 
increases in operating costs and the 
issue of new shares during the year. 
Statement of financial position
Actual Experience is investing in the 
growth of its operations to address 
what it believes to be a significant 
commercial opportunity and its cash 
flow from operations was therefore 
negative during the year ended 30 
September 2015, as expected. The 
Group’s costs are mostly operating 
related, with very little investment 
required in capital infrastructure. 
Cash used by operating activities was 
£1,973,356 for the year, compared 
to £1,306,007 for the year ended 30 
September 2014. This operating cash 
requirement was substantially funded 
by cash reserves augmented by the 
net proceeds arising from the issue of 
share capital amounting to £14,656,147 
in June 2015. The Group ended the 
year with cash and cash equivalent 
assets totalling £15,275,222 (2014: 
£2,942,805). 
The Directors believe that the software 
development capitalisation criteria in 
IAS38 have been met and accordingly 
development costs, net of amortisation 
charges, of £366,386 have been 
capitalised as at 30 September 2015 
(2014: £186,354). 
Accounting policies
The Group’s financial statements 
have been prepared in accordance 
with International Financial Reporting 
Standards. The Group’s significant 
accounting policies have been applied 
consistently throughout the year and are 
described on pages 46 to 51. 
Principal risks and 
uncertainties
The principal risks and uncertainties 
facing the Group are set out on pages 
26 and 27. 
Key performance indicators
As the Group is in the process of 
development and commercialisation 
of its services, the Directors consider 
the key quantitative performance 
indicators to be sales revenues of 
£700,449 (2014: £567,469) and the 
level of cash and cash equivalents held 
in the business of £15,275,222 (2014: 
£2,942,805). The Board performs 
regular reviews of actual results against 
budget, and management monitors 
cash balances on a monthly basis to 
ensure that the business has sufficient 
resources to enact its current strategy. 
Certain non-financial measures, such as 
the number of deployed Digital Users, 
are monitored on a monthly basis. 
The Board will continue to review the 
KPIs used to assess the business as it 
grows. 
Environmental matters
As far as the Directors are aware the 
Group’s business does not cause an 
adverse impact on the environment. 
Human rights policy
Actual Experience has adopted a 
formal equal opportunities policy which 
is contained in its employee handbook. 
The aim of the policy is to ensure 
that there is no discrimination against 
any employee or job applicant either 
directly or indirectly on the grounds of 
race, sex, disability, sexual orientation, 
marriage or civil partnership, pregnancy 
or maternity, religion or belief, or age. 
Employees
As at 30 September 2015 the Group 
employed 33 people in three offices 
(2014: 23 people), of which 30 were 
male and three were female. As at the 
date of this document of the seven 
senior members of management, one 
is female. 
Directors
Details of the Directors who served 
during the year ending 30 September 
2015 are noted in the Remuneration 
Report. All six of the Directors serving 
on the Board at the year end were 
male. 
On behalf of the Board.
STEVE BENNETTS 
CHIEF FINANCIAL OFFICER 
12 January 2016
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26 www.actual-experience.com  Stock code: ACT
RISKS
Key risks and uncertainties
In common with all businesses Actual Experience is exposed to risks and uncertainties that could limit its ability to achieve its 
core strategic objectives.
The Board is responsible for the Group’s system of risk management and internal control. Strong and effective risk 
management is central to how the Directors run the business and supports the achievement of the Group’s strategic 
objectives. It establishes the level of risk which can be taken by the executive management without further specific Board 
approval. This is managed through delegated authorities, terms of reference and Group policies.
The key challenges, risks and uncertainties facing the Group arise from the early stage of the Group’s maturity, the 
anticipated rapid growth in its operations and the constantly changing nature of associated technologies such as mobile 
telephony and cloud computing. Like any business, Actual Experience is exposed to risk as an inherent part of creating value 
for its shareholders. The Board believes that ongoing consideration and regular updates to the risk management framework 
enables the effective balancing of risk and reward.
The Group’s financial risks are detailed in note 3 to the consolidated financial statements. The Board considers that the 
principal operational risks to Actual Experience achieving its strategic objectives are as follows:
Operational risks
Risk Mitigation
Technological change and competition
Our revenue and profitability are affected by the extent to 
which there is increasing demand for, and development 
by our competitors of, additional products and product 
features. For example, the increased adoption and 
sophistication of mobile telephones in a business context 
requires us to introduce Digital Users that can operate 
with the iOS and Android operating systems. In addition, 
customers are increasingly seeking to consume the 
analytics data from a mobile device. We make significant 
investments in new product development to address these 
trends, and there can be no guarantee that we will be 
able to generate sufficient revenue to offset the associated 
development costs. There are also risks relating to 
difficulties and delays in the development process of new 
products, and their acceptance by customers. If a future 
competitor successfully launches new products or features, 
which we are unable to match, then we could lose market 
share with a corresponding impact on our results of 
operations.
Product innovation
We have an ongoing programme, both internal and with 
our commercial partners, to constantly identify evolving 
customer needs and potential competitor advances. The 
resulting feedback informs our new product development 
priorities and helps to ensure that the Group maintains its 
technology leadership in the evolving digital supply-chain 
management sector. We focus our development efforts 
on features that meet an identified market requirement 
and are likely to generate sufficient revenue to fund their 
development. We have established internal processes for 
prioritising and reviewing our development projects.
Managing rapid growth
The anticipated rapid growth of our business may place 
a significant strain on our management, operational and 
financial resources. If we are unable to address this growth 
in a timely and profitable manner, as a result of not being 
able to recruit skilled employees or effectively scale our 
operations then this could have a material adverse effect 
on our financial position.
Investing in operational excellence 
The Board and management are continually reviewing 
and enhancing our internal controls and processes and 
hiring additional skilled employees in critical areas of the 
business.
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27 Actual Experience Annual Report and Accounts for the year ended 30 September 2015
STRATEGIC REPORT
BUSINESS & STRATEGY
Risk Mitigation
Revenue model
The business is still at an early stage of development and 
the financial performance of the Group continues to be 
dependent on the development of the revenue model and 
the continued acceptance of its analytics pricing structure.
Investing in sales management 
The Group continues to develop its CRM system. Sales 
prospects, orders and revenue are reviewed and analysed 
on a daily basis by sales management, with detailed 
monthly summaries prepared for the Board. The Group 
regularly monitors its pricing and sales commission plans, 
and discounts are approved by senior management prior 
to tendering.
Dependence on key executives and personnel and 
recruitment and retention of new talent
The Group is dependent on its senior management and 
skilled technical personnel. Whilst much of the Group’s 
propriety know-how is documented, senior managers 
and members of the technical team each contribute 
valuable skills and know-how to the business and, despite 
contractual confidentiality agreements in favour of the 
Group, there can be no guarantee that those individuals will 
not join competitors or establish themselves in competition 
with the Group in the future.
Failure to retain the services of any of these people may 
adversely affect the Company’s ability to achieve its 
commercial objectives. In addition, the Group is expanding 
rapidly and intends to recruit new employees in the UK 
and other countries. It is essential that the Group is able 
to attract employees of a high calibre to drive its future 
success.
Strengthening the human resources function
The Group has retained the services of an experienced 
human resources consultant to optimise its recruitment 
activities, improve employee communications, and ensure 
that the Group continues to be compliant with employment 
legislation and good practice. The Group also believes that 
share-based compensation has proven to be an important 
component of attracting, retaining and motivating key talent 
and will continue to issue share options in accordance with 
its policy in this area.
Information security
The Group regards information within the business as a key 
asset and recognises the risk and impact on the business 
of breaches to the integrity of information relating to the 
business.
Effective protection of information security and 
integrity
The Group has in place systems and processes for the 
classification and control of access to information within a 
number of areas of the business, and the security around 
access to Company information has been strengthened 
by the enforcement of enhanced security processes 
and practices. The level of monitoring performed of the 
production cloud infrastructure is reviewed regularly to 
identify any areas for improvement and the Company 
is vigilant to security vulnerability announcements in the 
industry to ensure that any protective action is taken as 
soon as practicable. Information integrity is protected by 
regular off-site back-ups, and a Disaster Recovery Plan is 
in place to ensure continued operations in the event of a 
disaster.
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BOARD BIOGRAPHIES
STEPHEN DAVIDSON
NON-EXECUTIVE CHAIRMAN
Appointed to Board: February 2014
Independent: Yes
Committee Memberships:
Remuneration Committee – Member
Nominations Committee – Chairman
Stephen is currently non-executive 
chairman of JSE and AIM-listed 
Datatec Limited and non-executive 
director of Inmarsat plc, Informa plc, 
Restore plc and Jaywing plc. He has 
recently been chief executive of Mecom 
Group plc, where he was previously 
non-executive chairman. In his earlier 
career, Stephen was CFO, then CEO, 
of Telewest Communications plc and 
vice chairman of investment banking at 
WestLB Panmure.
SIR BRYAN CARSBERG
NON-EXECUTIVE DIRECTOR
Appointed to Board: July 2014
Independent: Yes
Committee Memberships:
Audit Committee – Chairman
Remuneration Committee – Member
The former Director General of OFT 
and Oftel, Sir Bryan Carsberg brings 
to the Board vast experience of the 
communications industry. He was 
instrumental in introducing competition 
regulation in the telecoms industry, 
has held board positions with Cable 
& Wireless, Inmarsat plc, RM plc 
and was Expert Adviser to the Joint 
Parliamentary Committee to undertake 
pre-legislative scrutiny of the proposed 
new Communications Bill. His expertise 
will be particularly valuable in Actual 
Experience’s ongoing work in improving 
the digital quality of the internet and 
project work with Ofcom.
DAVE PAGE
CHIEF EXECUTIVE OFFICER
Appointed to Board: April 2009
Independent: No
Committee Memberships:
Nominations Committee – Member
Dave has diverse commercial and 
technical IT experience. For the last 18 
years, he has advised on multinational 
corporate business systems, with roles 
in enterprise, outsourcing, software and 
hardware companies. Dave was the 
founding member of the management 
team at Nexagent, a venture-funded 
software business acquired by EDS 
in 2008. In 1998, Dave established 
and led the Consulting team for the 
$1 billion European Service Provider 
line of business at Cisco. Before this, 
Dave worked at IBM Global Services, 
BT Global Services and NatWest on 
numerous aspects of corporate IT 
infrastructure.
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DR MARK REILLY
NON-EXECUTIVE DIRECTOR
Appointed to Board: February 2014
Independent: No
Committee Memberships:
Audit Committee – Member
Remuneration Committee – Chairman
Nominations Committee – Member
Mark Reilly runs the Technology 
Division of IP Group plc, one of the 
UK’s leading university intellectual 
property commercialisation specialists 
and an investor in Actual Experience. 
He has led investments in, and played 
a key role in the growth of, numerous 
high-tech companies, including 
successful IP Group exits such as 
mobile software company Overlay 
Media (sold to inMobi in 2012) and 
wind turbine power electronics pioneer 
Amantys. Prior to joining IP Group, 
Mark was the founder and Managing 
Director of Remarkable Innovation, 
a Singapore-based technical due-
diligence company. He spent his early 
career in the ICT sector, working with 
a range of organisations from blue-
chip multinationals and NGOs to early 
stage start-ups. Mark holds a PhD in 
Engineering from Cambridge University.
STEVE BENNETTS
CHIEF FINANCIAL OFFICER
Appointed to Board: October 2013
Independent: No
Steve joined Actual Experience in 
October 2013. He qualified as a 
Chartered Accountant with Ernst 
& Young and subsequently has 
spent most of his career in the 
technology sector. Initially, Steve 
worked as EMEA Finance Director at 
several Nasdaq quoted technology 
companies where he gained valuable 
international experience as well as 
leading the accounting, HR, legal, and 
administrative functions. This period 
included leadership of the team put in 
place to establish Amazon’s European 
operations, including managing the 
early hyper-growth in the UK and 
Germany. Subsequently, Steve has 
worked at VC-funded UK-based 
technology companies, such as 
Nexagent Limited and Tribold Limited. 
A highlight of this period included the 
trade sale of Content Technologies for 
approximately $1 billion.
ROBIN YOUNG
CHIEF OPERATIONS OFFICER
Appointed to Board: September 2014
Independent: No
Robin Young was appointed Chief 
Operational Officer in October 2015, 
having previously joined the Board as 
a Non-executive Director in September 
2014. Robin has extensive CIO, COO, 
technology and operations experience, 
serving at blue-chip public companies 
including Mitchells & Butlers, 
GlaxoSmithKline, Procter & Gamble 
and Ford Motor Company. He also 
brings considerable City knowledge 
and expertise having spent almost a 
decade with HBOS and Citigroup.
29 Actual Experience Annual Report and Accounts for the year ended 30 September 2015
GOVERNANCE
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I am pleased to introduce the Corporate Governance Report for 2015 on behalf of the Board.
In this report we provide an overview of our corporate governance policies. It highlights the roles and responsibilities of the 
Board, its members and Committees and provides an overview of the Group’s management structure and controls.
I can confirm that your Board remains committed to delivering the long-term success of the Group through an effective 
framework of leadership, management and controls.
Stephen Davidson 
Chairman 
12 January 2016
Actual Experience is an AIM quoted company and, accordingly, compliance with the UK Corporate Governance Code (the 
‘Code’) is not mandatory. However, the Group remains committed to high standards of corporate governance and seeks to 
comply with the spirit of the Code to the extent practicable for a public company of its size.
The report set out below describes how the Company applies certain principles identified in the Code. In addition, the 
Company seeks to follow the recommendations of the Quoted Companies Alliance in relation to the corporate governance of 
companies on AIM. 
BOARD COMPOSITION
Actual Experience is led by a strong and effective Board of Directors. The Board structure is comprised of the  
following individuals:
EXECUTIVE
Dave Page Chief Executive Officer 
Steve Bennetts Chief Financial Officer
NON-EXECUTIVE
Stephen Davidson Chairman 
Sir Bryan Carsberg   
Dr Mark Reilly 
Robin Young   
(Robin Young was appointed Chief Operations Officer on 1 October 2015 and became an Executive Director at that date.)
The Board considers that the composition and operation of the Board demonstrates an appropriate range of experience 
and that the Board members are of sufficient calibre to bring independent judgement of issues of strategy, performance, 
resources, and standards of conduct, which are vital to the success of the Group.
Brief biographies of the Directors, together with their membership of Board Committees, are set out on pages 28 to 29.
INDEPENDENCE OF NON-EXECUTIVE DIRECTORS
The Board considers many criteria in assessing the independence of the Non-executive Directors including the criteria 
recommended by the Quoted Companies Alliance. The Non-executive Chairman and the Non-executive Directors are all 
considered by the Board to be independent of management and free of any relationship which could materially interfere with 
the exercise of their independent judgement, subject to the following: Dr Mark Reilly is an employee of the Company’s largest 
shareholder, IP Group.
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CORPORATE GOVERNANCE REPORT
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BOARD OPERATION
The Board met six times during the year ended 30 September 2015, excluding ad hoc meetings convened solely to deal 
with procedural matters. Attendance at the scheduled Board meetings during the year was as follows:
Number of scheduled meetings 6
Stephen Davidson (Chairman) 6
Sir Bryan Carsberg 5
Dr Mark Reilly 6
Robin Young 5
Dave Page 6
Steve Bennetts 6
In addition to the formal scheduled meetings the Board held informal discussions with Executive Directors and senior 
operational managers on strategic business development and other topics important to the Group’s progress throughout  
the year. 
The Chairman provides leadership to the Board. He is responsible for setting the agenda for Board meetings, ensuring that 
the Directors receive on a timely basis the information that they need to participate in Board meetings, and that the Board 
has sufficient time to discuss issues on the agenda, especially those relating to strategy and governance. 
The Chief Executive Officer is responsible for leadership of Actual Experience management team and its employees on a 
day-to-day basis. In conjunction with senior management he is responsible for the execution of strategy approved by the 
Board and the implementation of Board decisions.
The Board is collectively responsible for the long-term success of the Group. The Board provides leadership for Actual 
Experience within a framework of prudent and effective controls, which enables risk to be assessed and managed. The 
Board considers the management team’s strategic proposals and, following a rigorous review, determines the Group’s 
strategy and ensures that the necessary resources are in place for the management team to execute that strategy.
The Board has a schedule of matters reserved for its approval, which includes strategy, acquisition and disposal of 
subsidiaries and intellectual property, annual budgets and progress to the achievement of these budgets, reviews of any 
significant risks facing the Group, receiving reports on the views of Company shareholders, consideration of major capital 
projects, and significant financing matters.
The Board has delegated all authorities other than those contained in the schedule of matters reserved to the Executive 
Directors on the understanding that they will at all times act in accordance with the best interests of the Group, its 
shareholders and employees, and that their actions will be consistent with the Group’s financial and strategic plans and 
objectives and in conformity with relevant legislation and best practice and that they will report regularly to the Board on the 
execution of these responsibilities.
CONFLICTS OF INTEREST
To address the provisions of Section 175 of the Companies Act 2006 relating to conflicts of interest, the Company’s Articles 
of Association allow the Board to authorise situations in which a Director has, or may have, a conflict of interest. Directors are 
required to give notice of any potential situation or transactional conflict that are to be considered at the next Board meeting 
and, if considered appropriate, conflicts are authorised. Directors are not permitted to participate in such considerations or to 
vote regarding their own conflicts.
The Board has received no notice from Directors of potential or actual conflicts of interest.
REAPPOINTMENT OF DIRECTORS
The Company’s Articles of Association require that at each Annual General Meeting (the ‘AGM’) one-third of Directors shall 
retire and seek reappointment by shareholders. Additionally, any new Director appointed by the Board is required by the 
Articles of Association to retire at the next AGM and to seek appointment by shareholders.
31 Actual Experience Annual Report and Accounts for the year ended 30 September 2015
GOVERNANCE
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INSURANCE
The Board has in place Directors’ and Officers’ Liability insurance.
BOARD COMMITTEES
The Board has delegated certain powers and duties to the Board Committees, all of which operate within clearly defined 
terms of reference and in accordance with the Code, where applicable. The Code recommends that all the members 
of the Remuneration and the Audit Committees are independent Non-executive Directors; while seeking to follow this 
recommendation as closely as practicable, as noted above, Dr Reilly is considered not to be independent due to his 
employment by IP Group. As allowed by the Code, the Chairman is a member of, but not Chairman of, the Remuneration 
Committee.
The workload of the Committees is greater than the scheduled meetings would indicate as ad hoc meetings and 
communications between meetings are frequently required.
The following Committees deal with specific aspects of the Group’s affairs:
AUDIT COMMITTEE
The Audit Committee meets at least three times a year and reports to the Board its conclusions and recommendations on 
matters related to the interim and annual financial statements and the effectiveness of internal controls and risk management. 
It discusses with management on an ongoing basis the reporting of operational results and the financial condition of the 
Group and presents its findings to the Board.
Details of the membership and attendance at Audit Committee meetings are shown below. 
Number of scheduled meetings 3
Sir Bryan Carsberg 3
Dr Mark Reilly 3
Robin Young 3
Dave Page
1
2
Steve Bennetts
1
3
1 By invitation.
Robin Young resigned from the Audit Committee on 1 October 2015, following his appointment as Chief Operations Officer 
of the Company.
The Board considers that the members of the Committee have sufficient competence to understand, analyse and when 
necessary challenge the management accounts and public financial statements.
Executive Directors and a representative of the Auditors are normally invited to attend meetings of the Committee. The 
Auditors also have unrestricted access to the Chairman of the Audit Committee.
In addition, the Committee has reviewed the necessity for the establishment of an internal audit function but considers that, 
given the present size and complexity of the Group and the close involvement of the Executive Directors in the operational 
management of the business, there is currently no requirement for this function.
REMUNERATION COMMITTEE
The composition and activities of the Remuneration Committee are as described in the Directors’ Remuneration Report on 
pages 34 to 36.
NOMINATIONS COMMITTEE
The Nominations Committee meets as and when required, with its primary functions being to provide a formal and 
transparent procedure for the appointment of new Directors to the Board and to discuss issues relating to Board and 
Committee composition and balance as well as succession planning. 
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CORPORATE GOVERNANCE REPORT CONTINUED
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The Nominations Committee comprises Stephen Davidson, who is Chairman, Sir Bryan Carsberg, Dr Mark Reilly, Robin 
Young, and Dave Page. Robin Young resigned from the Nominations Committee on 1 October 2015, following his 
appointment as Chief Operations Officer of the Company. The Committee met on one occasion in 2015; the meeting was 
attended by all members with Steve Bennetts in attendance.
INTERNAL CONTROL AND RISK MANAGEMENT
The Board is responsible for maintaining a sound system of internal financial and operational control and the ongoing review 
of their effectiveness. The Board’s measures are designed to manage, not eliminate, risk and such a system provides 
reasonable but not absolute assurance against material misstatement or loss. Whilst the Company, as a small AIM listed 
company, is not required to comply with the full provisions of the ‘Internal Control Guidance for Directors on the Combined 
Code’ (The Turnbull Report), the Board considers that the internal controls do meet many of those requirements and are 
adequate given the size of the Company. 
Some key features of the internal control system are: 
i. management accounts information, budgets, forecasts and business risk issues are regularly reviewed by the Board who 
meet at least five times per year; 
ii. the Company has operational, accounting and employment policies in place; 
iii.  the Board actively identifies and evaluates the risks inherent in the business and ensures that appropriate controls and 
procedures are in place to manage these risks; 
iv. there is a clearly defined organisational structure; and 
v. there are well-established financial reporting and control systems. 
COMMUNICATION WITH SHAREHOLDERS AND THE AGM
The Board recognises that it is accountable to shareholders for the performance and activities of the Group and attached 
considerable importance to maintaining regular dialogue and meetings with shareholders.
Apart from the AGM, the Group communicates with its shareholders by way of the Annual Report and financial statements 
and via the Company’s website (www.actual-experience.com), which is kept updated with preliminary and interim results, 
and announcements to the Stock Exchange. 
The AGM offers a valuable opportunity to shareholders to meet and communicate with the Board. At the meeting the Board gives 
a business presentation that is followed by a question and answer session, offering shareholders an opportunity to question the 
Board on any matters affecting the Group’ s performance. The Chairmen of the Audit, Remuneration, and Nominations Committees 
are available at the AGM to answer questions. Details of the resolutions to be proposed at the AGM can be found in the Notice of 
Meeting on page 73 and 74. This Notice of Meeting has been circulated to shareholders and is on the Company’ s website.
WHISTLEBLOWING POLICY 
The Board has adopted a whistleblowing policy. The aim of the policy is to encourage all employees, regardless of seniority, 
to bring matters that cause them concern to the attention of the Non-executive Directors. 
GOING CONCERN
The Board is required to assess whether the Group has adequate resources to continue operations for the foreseeable 
future. After making enquiries, the Directors have a reasonable expectation that the Company and the Group will continue 
in operational existence for the foreseeable future (being a period of at least 12 months from the date of this report). For this 
reason, they continue to adopt the going concern basis for preparing the financial statements.
Approved by the Board of Directors and signed on its behalf.
Steve Bennetts 
Chief Financial Officer 
12 January 2016
33 Actual Experience Annual Report and Accounts for the year ended 30 September 2015
GOVERNANCE
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REMUNERATION REPORT
REMUNERATION COMMITTEE
The responsibilities of the Committee are to advise upon and make recommendations to the Board on the Group’s 
remuneration policies and, within the framework established by the Board, to recommend the remuneration of the Executive 
Directors. The CEO and CFO are invited to attend meetings to discuss remuneration packages and bonus schemes for 
senior executives within the Group, as well as the awarding of share options to such persons under any share scheme 
adopted by the Group.
Dr Mark Reilly chairs the Committee and Stephen Davidson and Sir Bryan Carsberg served on the Committee during the 
year. Attendance at the scheduled Committee meetings during the year was as follows:
Number of scheduled meetings 6
Dr Mark Reilly (Chairman) 6
Stephen Davidson 6
Sir Bryan Carsberg 4
Dave Page
1
6
Steve Bennetts
1
6
1 
By invitation.
The Remuneration Committee will assess the performance of the Executive Directors and other senior managers in 
the context of recommending their annual remuneration, bonus awards, and share option grants to the Board for final 
determination. The remuneration of the Non-executive Directors is recommended by the Executive Directors and takes 
account of the time spent on Board and Committee matters. The Board will make the final determination although no 
Director will participate in any decision about his own remuneration.
An important objective of the Committee is to ensure that a competitive and appropriate base salary is paid to Directors and 
senior managers, together with incentive arrangements that are:
•	 aligned with shareholders’ interests and with long-term business strategies;
•	 measured against challenging and well-defined financial targets (which are set in advance); and
•	 transparent and without ‘soft’ non-financial targets, which could otherwise allow undue discretion to award bonuses that 
do not reflect actual financial performance.
REMUNERATION POLICY
It is the Group’s policy that Executive Directors should have contracts with an indefinite term providing for a maximum of 
six months’ notice. In the event of early termination, the Directors’ contracts provide for compensation up to a maximum of 
basic salary for the notice period.
The main elements of the remuneration package for Executive Directors and senior management are:
Base annual salary
The base salary is reviewed annually by the Remuneration Committee and any change in salary is applied from the 
beginning of each calendar year. In determining the base annual salary the Remuneration Committee takes into account 
several factors, including the current position and development of the Group, individual contribution, and market salaries for 
comparable organisations.
’
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Discretionary annual bonus arrangements
All Executive Directors and senior managers are eligible for a discretionary annual bonus which is paid in accordance with a 
bonus scheme developed by the Remuneration Committee. This takes into account performance against defined personal 
objectives and the financial performance of the Group.
Share incentive schemes
The Group operates share option plans, under which certain Directors and senior management have been granted options 
to subscribe for ordinary shares. All options are equity settled. The options are subject to service conditions, have an 
exercise price of between 9.09 pence and 262.50 pence and the vesting period is up to four years. If the options remain 
unexercised after a period of ten years from the date of grant, the options expire. The Group has no legal or constructive 
obligation to repurchase or settle the options in cash.
REMUNERATION POLICY FOR NON-EXECUTIVE DIRECTORS
Non-executive Directors are employed on letters of appointment which have a fixed term of three years and which may be 
terminated at any time by either party with three months’ notice. 
Remuneration for Non-executive Directors is set by the Chairman and the Executive Members of the Board. Non-executive 
Directors do not participate in bonus schemes. Stephen Davidson, Sir Bryan Carsberg and Robin Young have each been 
awarded share options, as set out below.
DIRECTORS’ REMUNERATION
The remuneration of the Board Directors of Actual Experience plc during the year ended 30 September 2015 was:
 
Salary
and
fees
£
 Bonus
£
Total
Year ended
30 September
2015
£
Total
Year ended
30 September
2014
£
Stephen Davidson
1
50,000 – 50,000 23,190
Dave Page 138,934 65,000 203,934 119,250
Steve Bennetts
1
100,000 26,250 126,250 73,667
Sir Bryan Carsberg
1
25,000 – 25,000 5,742
Dr Mark Reilly 24,000 – 24,000 18,012
Robin Young
1
27,084 – 27,084 –
Professor Jonathan Pitts – – – 24,469
Nigel Mitchell – – – 29,242
Total 365,018 91,250 456,268 293,572
1 
In addition, certain Directors hold employee share scheme interests in the Group. Fair value share-based payment charges recognised in the Consolidated 
Income Statement and Other Comprehensive Income attributable to these Directors are: Stephen Davidson £11,503 (2014: £2,986), Steve Bennetts 
£5,098 (2014: £9,469), Sir Bryan Carsberg £11,503 (2014: £2,986), and Robin Young £6,181 (2014: £nil).
’
35 Actual Experience Annual Report and Accounts for the year ended 30 September 2015
GOVERNANCE
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DIRECTORS SHAREHOLDINGS
The interests of the Directors holding office at 30 September 2015 in the shares of the Company, including family interests, 
were:
Ordinary Shares of 0.2p each
 
2015
Number
2015
%
Stephen Davidson 20,000 0.05
Dave Page 1,972,368 5.33
Steve Bennetts 175,500 0.47
Sir Bryan Carsberg – –
Dr Mark Reilly 85,500 0.23
Robin Young 3,700 0.01
DIRECTORS’ INTERESTS IN SHARE OPTIONS
Directors’ interests in share options, granted under either the Actual Experience plc Enterprise Management Incentive Share 
Option Scheme or the Actual Experience plc Unapproved Share Option Scheme, to acquire ordinary shares of 0.2 pence 
each in the Company at 30 September 2015 were:
 
At 1 October 
2014
Granted 
during year
At 30 September 
2015
Exercise 
price
Vesting 
dates
Steve Bennetts 227,250 – 227,250 14.25 pence 2014 – 2017
Steve Bennetts 22,500 – 22,500 54.50 pence 2014 – 2017
Stephen Davidson 70,000 – 70,000 186.50 pence 2015 – 2017
Sir Bryan Carsberg 70,000 – 70,000 186.50 pence 2015 – 2017
Robin Young – 70,000 70,000 207.50 pence 2016 – 2018
Share options are subject to employment conditions and vest in equal annual instalments over the vesting period.
Other transactions that occurred with Directors during the year are detailed in note 20 to the financial statements under 
Related Party Transactions.
Dr Mark Reilly 
Chairman of the Remuneration Committee 
12 January 2016
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The Directors present their Annual Report together with the audited consolidated financial statements of the Group and of 
the Company for the year ended 30 September 2015. These will be laid before the shareholders of the Company at the next 
Annual General Meeting (AGM).
RESULTS AND DIVIDENDS
The results of the Group for the year ended 30 September 2015 are set out in the Consolidated Income Statement and 
Other Comprehensive Income on page 42. 
The Directors do not propose payment of a dividend for the year ended 30 September 2015.
REVIEW OF THE YEAR
A summary of the Group’s progress and development is set out in the Chairman’s Statement, the Chief Executive Officer’s 
Review, and the Chief Financial Officer’s Review, which form part of the Strategic Report on pages 3 to 11. This analysis 
includes comments on the position of the Group at the end of the financial year, an indication of likely future developments in 
the business of the Group and details of the Group’s activities in the field of research and development.
DIRECTORS
The Directors of the Company who served during the year and up to the date of approval of the financial statement are as 
follows:
•	 Stephen Davidson (Non-executive Chairman)
•	 Dave Page (Chief Executive Officer)
•	 Steve Bennetts (Chief Financial Officer and Company Secretary)
•	 Robin Young (Chief Operations Officer from 1 October 2015)
•	 Sir Bryan Carsberg (Non-executive Director)
•	 Dr Mark Reilly (Non-executive Director)
Short biographies of each Director are provided on pages 28 and 29. 
DIRECTORS’ INTERESTS AND INDEMNITY ARRANGEMENTS
Directors’ interests in the shares of the Company, including family interests, are disclosed in the Remuneration Report on 
pages 34 to 36. 
The Group has maintained insurance throughout the year for its Directors and officers against the consequences of actions 
brought against them in relation to their duties for the Company. No Director had, during or at the end of the year, a material 
interest in any contract which was significant in relation to the Group’s business except in respect of service agreements and 
share options and as disclosed in the Remuneration Report. The Group has granted no indemnities to any of its Directors 
against liability in respect of proceedings brought by third parties.
SHARE CAPITAL
Details of the Group’s issued share capital are shown in note 16 to the consolidated financial statements.
The share capital comprises one class of ordinary shares and these are quoted on the AIM market of the London Stock 
Exchange (LSE:ACT). As at 31 December 2015, there were in issue 37,141,338 fully paid ordinary shares. All shares are 
freely transferable and rank pari passu for voting and dividend rights.
37 Actual Experience Annual Report and Accounts for the year ended 30 September 2015
GOVERNANCE
DIRECTORS’ REPORT
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SUBSTANTIAL HOLDINGS
As at 31 December 2015, shareholders holding more than 3% of the share capital of Actual Experience plc were as follows:
Name of shareholder Number of shares % of voting rights
IP2IPO Limited 9,343,223 25.16%
M&G 5,263,157 14.17%
Mr Michael Edge 3,195,000 8.60%
Aurora Nominees Ltd* 3,027,000 8.15%
Queen Mary, University of London 2,610,000 7.03%
Mr Dave Page 1.972,368 5.31%
Professor Jonathan Pitts 1,919,750 5.17%
Ruffer 1,578,949 4.25%
Goldman Sachs Securities (Nominees) Ltd* 1,533,750 4.13%
Mr Rob Giles 1,216,500 3.28%
*  Ordinary shares held in the names of Aurora Nominees Ltd and Goldman Sachs Securities (Nominees) Ltd are beneficially owned by funds managed by 
Henderson and its affiliates.
Save as referred to above, the Directors are not aware of any persons as at 31 December 2015 who were interested in 
3% or more of the voting rights of the Company or could directly or indirectly, jointly or severally, exercise control over the 
Company.
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The Group’s financial risk management and objectives are shown in note 3 to the consolidated financial statements. The 
main risks arising from the Group’s  financial instruments are interest rate risk, exchange rate risk, credit risk, and liquidity 
risk, which are continuously monitored by the Board. The Group extends credit only to recognised creditworthy third parties, 
and trade receivable balances are monitored to minimise the Group’s exposure to bad debts. Details of the Group’s trade 
receivables are shown in note 12 to the consolidated financial statements.
EMPLOYMENT POLICIES
The Group is committed to providing equality of opportunity to all existing and prospective employees without unlawful or 
unfair discrimination. Full support is given to the employment and advancement of disabled persons.
ANNUAL GENERAL MEETING
The AGM will be held at 11am on 4 March 2016 at the offices of Henderson Global Investors, 201 Bishopsgate, London 
EC2M 3AE. On pages 73 and 74 is the Notice of the AGM, which gives details of the resolutions to be proposed to 
shareholders.
INDEPENDENT AUDITORS
The Independent Auditors, PricewaterhouseCoopers LLP , have indicated their willingness to continue in office and a 
resolution that they be reappointed will be proposed at the AGM.
STATEMENT OF DISCLOSURE OF INFORMATION TO THE AUDITORS
Each of the persons who are Directors of the Company at the date when this report was approved has confirmed that:
•	 so far as the Director is aware, there is no relevant audit information of which the Company and the Group’s Auditors are 
unaware; and
•	 the Director has taken all the steps that ought to have taken as a Director in order to be aware of any relevant audit 
information and to establish that the Company and Group’s Auditors are aware of that information.
The Strategic Report and Directors’ Report were approved and signed by order of the Board.
Steve Bennetts 
Chief Financial Officer and Company Secretary 
12 January 2016
www.actual-experience.com  Stock code: ACT 38 www.actual-experience.com  Stock code: ACT
DIRECTORS’ REPORT CONTINUED
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The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law 
and regulations. 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors 
have prepared the Group and parent Company financial statements in accordance with International Financial Reporting 
Standards (IFRSs) as adopted by the European Union. Under company law the Directors must not approve the financial 
statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Company 
and of the profit or loss of the Group for that period. In preparing these financial statements, the Directors are required to: 
•	 select suitable accounting policies and then apply them consistently; 
•	 make judgements and accounting estimates that are reasonable and prudent; 
•	 state whether applicable International Financial Reporting Standards (IFRSs) as adopted by the European Union have 
been followed, subject to any material departures disclosed and explained in the financial statements; and
•	 prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company 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 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 Group and hence for taking reasonable steps for the prevention and detection 
of fraud and other irregularities. 
The Directors are responsible for the maintenance and integrity of the Group’s website. Legislation in the UK governing the 
preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 
39 Actual Experience Annual Report and Accounts for the year ended 30 September 2015
GOVERNANCE
DIRECTORS’ RESPONSIBILITIES STATEMENT
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REPORT ON THE GROUP FINANCIAL STATEMENTS
OUR OPINION
In our opinion, Actual Experience plc’s Group financial statements (the ‘financial statements’):
•	 give a true and fair view of the state of the Group’s affairs as at 30 September 2015 and of its loss and cash flows for the 
year then ended;
•	 have been properly prepared in accordance with International Financial Reporting Standards (‘IFRSs’) as adopted by the 
European Union; and
•	 have been prepared in accordance with the requirements of the Companies Act 2006.
WHAT WE HAVE AUDITED
The financial statements, included within the Annual Report, comprise:
•	 the Consolidated Income Statement and Other Comprehensive Income for the year then ended;
•	 the Consolidated Statement of Changes in Equity for the year then ended; 
•	 the Consolidated Statement of Financial Position as at 30 September 2015;
•	 the Consolidated Statement of Cash Flows for the year then ended; and
•	 the notes to the financial statements, which include a summary of significant accounting policies and other explanatory 
information.
The financial reporting framework that has been applied in the preparation of the financial statements is applicable law and 
IFRSs as adopted by the European Union.
In applying the financial reporting framework, the Directors have made a number of subjective judgements, for example in 
respect of significant accounting estimates. In making such estimates, they have made assumptions and considered future 
events.
OPINION ON OTHER MATTER PRESCRIBED BY THE COMPANIES ACT 2006
In our opinion, 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.
OTHER MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
ADEQUACY OF INFORMATION AND EXPLANATIONS RECEIVED
Under the Companies Act 2006 we are required to report to you if, in our opinion, we have not received all the information 
and explanations we require for our audit. We have no exceptions to report arising from this responsibility. 
DIRECTORS’ REMUNERATION
Under the Companies Act 2006 we are required to report to you if, in our opinion, certain disclosures of Directors’ 
remuneration specified by law are not made. We have no exceptions to report arising from this responsibility. 
RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS AND THE AUDIT
OUR RESPONSIBILITIES AND THOSE OF THE DIRECTORS
As explained more fully in the Directors’ Responsibilities Statement set out on page 39, the Directors are responsible for the 
preparation of the financial statements and for being satisfied that they give a true and fair view.
Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and 
International Standards on Auditing (UK and Ireland) (‘ISAs (UK & Ireland)’). Those standards require us to comply with the 
Auditing Practices Board’s Ethical Standards for Auditors.
www.actual-experience.com  Stock code: ACT 40 www.actual-experience.com  Stock code: ACT
INDEPENDENT AUDITORS’ REPORT TO THE 
MEMBERS OF ACTUAL EXPERIENCE PLC 
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This report, including the opinions, has been prepared for and only for the Company’s members as a body in accordance 
with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept 
or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it 
may come save where expressly agreed by our prior consent in writing.
WHAT AN AUDIT OF FINANCIAL STATEMENTS INVOLVES
We conducted our audit in accordance with ISAs (UK & Ireland). An audit involves obtaining evidence about the amounts 
and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from 
material misstatement, whether caused by fraud or error. This includes an assessment of: 
•	 whether the accounting policies are appropriate to the Group’s circumstances and have been consistently applied and 
adequately disclosed; 
•	 the reasonableness of significant accounting estimates made by the Directors; and 
•	 the overall presentation of the financial statements. 
We primarily focus our work in these areas by assessing the Directors’ judgements against available evidence, forming our 
own judgements, and evaluating the disclosures in the financial statements.
We test and examine information, using sampling and other auditing techniques, to the extent we consider necessary 
to provide a reasonable basis for us to draw conclusions. We obtain audit evidence through testing the effectiveness of 
controls, substantive procedures or a combination of both. 
In addition, we read all the financial and non-financial information in the Annual Report to identify material inconsistencies 
with the audited financial statements and to identify any information that is apparently materially incorrect based on, or 
materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any 
apparent material misstatements or inconsistencies we consider the implications for our report.
OTHER MATTER
We have reported separately on the Company financial statements of Actual Experience plc for the year ended  
30 September 2015.
Colin Bates (Senior Statutory Auditor) 
for and on behalf of PricewaterhouseCoopers LLP 
Chartered Accountants and Statutory Auditors 
Bristol 
1 February 2016
41 Actual Experience Annual Report and Accounts for the year ended 30 September 2015
FINANCIAL STATEMENTS
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CONSOLIDATED INCOME STATEMENT AND 
OTHER COMPREHENSIVE INCOME
for the year ended 30 September 2015
 Notes
2015
£
2014
£
REVENUE from continuing operations 4 700,449 567,469
Cost of sales (507,183) (249,231)
GROSS PROFIT 193,266 318,238
Administrative expenses 5 (2,617,679) (1,913,747)
Other operating income – 5,986
Adjusted operating loss (2,424,413) (1,139,035)
AIM flotation expenses – (450,488)
OPERATING LOSS from continuing operations (2,424,413) (1,589,523)
Finance income 7 12,977 12,067
Fair value loss on financial instruments – (4,127)
LOSS BEFORE TAX (2,411,436) (1,581,583)
Tax 8 185,981 277,652
LOSS FOR THE YEAR (2,225,455) (1,303,931)
Other comprehensive expense:
Items that may be reclassified to profit or loss:
Foreign currency difference on translation of overseas operations (4,684) (786)
TOTAL COMPREHENSIVE LOSS FOR THE YEAR (2,230,139) (1,304,717)
LOSS PER ORDINARY SHARE
Basic and diluted on loss from continuing operations 9 (7.12)p (4.74)p
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CONSOLIDATED STATEMENT OF  
CHANGES IN EQUITY
for the year ended 30 September 2015
 Notes
Share 
capital
£
Share 
premium
£
(Accumulated 
losses)/ 
retained 
earnings
£
Total 
equity
£
At 1 October 2013 3 1,403,790 (1,688,703) (284,910)
Loss for the year – – (1,303,931) (1,303,931)
Other comprehensive expense for the year – – (786) (786)
Total comprehensive loss for the year – – (1,304,717) (1,304,717)
Issue of shares 857 4,720,480 – 4,721,337
Bonus share issue for capital reorganisation 56,828 (56,828) – –
Cancellation of share premium account – (5,933,096) 5,933,096 –
Share-based payment expense – – 34,588 34,588
At 30 September 2014 57,688 134,346 2,974,264 3,166,298
Loss for the year – – (2,225,455) (2,225,455)
Other comprehensive expense for the year – – (4,684) (4,684)
Total comprehensive loss for the year – – (2,230,139) (2,230,139)
Issue of shares 16 16,339 15,231,024 – 15,247,363
Cost of share issues 16 – (591,216) – (591,216)
Share-based payment expense 19 – – 130,730 130,730
At 30 September 2015 74,027 14,774,154 874,855 15,723,036
43 Actual Experience Annual Report and Accounts for the year ended 30 September 2015
FINANCIAL STATEMENTS
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 Notes
2015
£
2014
£
ASSETS
Non-current assets
Property, plant and equipment 10 44,671 16,412
Intangible assets 11 366,386 186,354
TOTAL NON-CURRENT ASSETS 411,057 202,766
Current assets
Trade and other receivables 12 286,397 135,777
Income tax receivable 8 192,000 159,945
Cash and cash equivalents 13 15,275,222 2,942,805
TOTAL CURRENT ASSETS 15,753,619 3,238,527
TOTAL ASSETS 16,164,676 3,441,293
LIABILITIES
Non-current liabilities
Deferred tax 8 (8,858) (3,373)
TOTAL NON-CURRENT LIABILITIES (8,858) (3,373)
Current liabilities
Trade and other payables 14 (432,782) (271,622)
TOTAL CURRENT LIABILITIES (432,782) (271,622)
TOTAL LIABILITIES (441,640) (274,995)
NET ASSETS 15,723,036 3,166,298
EQUITY
Share capital 16 74,027 57,688
Share premium 16 14,774,154 134,346
Retained earnings 17 874,855 2,974,264
TOTAL EQUITY 15,723,036 3,166,298
Approved by the Board of Directors and authorised for issue on 12 January 2016
Stephen Davidson Steve Bennetts  
Chairman Chief Financial Officer
Company number: 06838738
www.actual-experience.com  Stock code: ACT 44 www.actual-experience.com  Stock code: ACT
CONSOLIDATED STATEMENT  
OF FINANCIAL POSITION
as at 30 September 2015
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CONSOLIDATED STATEMENT OF CASH FLOWS
for the year ended 30 September 2015
 Notes
2015
£
2014
£
Cash flows from operating activities
Loss before tax (2,411,436) (1,581,583)
Adjustment for non-cash items:
Depreciation of property, plant and equipment 10 13,747 7,738
Amortisation of intangible assets 11 141,313 39,771
Share-based payment charge 19 130,730 34,588
Finance income (12,977) (12,067)
Fair value loss on financial instruments – 4,127
Operating cash outflow before changes in working capital (2,138,623) (1,507,426)
Movement in trade and other receivables (149,423) (53,630)
Movement in trade and other payables 155,280 81,813
Cash flows used in operations (2,132,766) (1,479,243)
Tax received 159,410 119,236
Net cash flows used in operating activities (1,973,356) (1,360,007)
Cash flows from investing activities
Development of intangible assets 11 (321,345) (226,125)
Purchases of property, plant and equipment 10 (42,006) (15,020)
Finance income 12,977 12,067
Net cash outflow from investing activities (350,374) (229,078)
Cash flows from financing activities
Repayment of borrowings – (2,202)
Proceeds from issue of share capital, net of costs 16 14,656,147 4,207,558
Net cash inflow from financing activities 14,656,147 4,205,356
Increase in cash and cash equivalents 12,332,417 2,616,271
Cash and cash equivalents at start of year 2,942,805 326,534
Cash and cash equivalents at end of year 13 15,275,222 2,942,805
45 Actual Experience Annual Report and Accounts for the year ended 30 September 2015
FINANCIAL STATEMENTS
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NOTES TO THE CONSOLIDATED  
FINANCIAL STATEMENTS
for the year ended 30 September 2015
1 BASIS OF PREPARATION
Actual Experience plc is a public limited company domiciled in the United Kingdom and incorporated in England. The 
financial statements of Actual Experience plc are audited financial statements for the year to 30 September 2015. These 
include comparatives for the year ended 30 September 2014.
The Company’s registered office is The Tramshed, Beehive Yard, Walcot Street, Bath, BA1 5BB.
BUSINESS COMBINATIONS AND BASIS OF CONSOLIDATION
The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the 
Company (its subsidiaries) made up to 30 September each year. Control exists when the Company has the power, directly 
or indirectly, to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing 
control, potential voting rights that presently are exercisable or convertible are taken into account. The financial statements of 
subsidiaries are included in the financial statements from the date that control commences until the date that control ceases.
Where the acquisition is treated as a business combination, the purchase method of accounting is used to account for the 
acquisition of subsidiaries by the Company.
The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred 
or assumed at the date of exchange. Acquisition costs are expensed as incurred. Identifiable assets acquired and liabilities 
and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. 
The excess of the cost of acquisition over the fair value of the Company’s share of the identifiable net assets acquired is 
recorded as goodwill. If the cost of the acquisition is less than the fair value of net assets of the subsidiary acquired, the 
difference is recognised directly in the income statement.
Accounting policies adopted are consistent across the Group. All intra-Group balances and transactions, including 
unrealised profits arising from intra-Group transactions, are eliminated fully on consolidation. 
GOING CONCERN
At 30 September 2015, the Group had a cash and cash equivalents position of £15,275,222 with no bank debt. The 
Directors have prepared detailed monthly projections of future cash flows for the remainder of the financial year to 
September 2016 and the subsequent financial year, 2017. The base case forecast includes expected revenue growth, 
together with further investment in the cost base, leading to the commencement of positive monthly cash flows during the 
latter part of financial year 2017. 
After due consideration, the Directors have concluded that there is a reasonable expectation that the Group has adequate 
resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going 
concern basis in preparing the financial statements.
2  SIGNIFICANT ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention, except where fair values are adopted as 
required, in accordance with International Financial Reporting Standards as adopted by the European Union (EU IFRS) and 
with the Companies Act 2006 as applicable to companies using IFRS and to IFRS IC interpretation.
The principal accounting policies applied are set out below.
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2  SIGNIFICANT ACCOUNTING POLICIES CONTINUED
2.1 FOREIGN CURRENCIES
(A) FUNCTIONAL AND PRESENTATIONAL CURRENCY
 Items included in the financial statements are measured using the currency of the primary economic environment in which 
the Group operates (‘the functional currency’) which is UK sterling (£). The financial statements are presented in pounds 
sterling (£), which is the Group’s presentational currency. All amounts are rounded to the nearest £. The results and financial 
position of Actual Experience Inc have a functional currency different from the presentation currency and are translated into 
the presentation currency as follows:
•	 assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet;
•	 income and expenses for each income statement are translated at average exchange rates (unless this average is not a 
reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income 
and expenses are translated at the rate on the dates of the transactions); and
•	 all resulting exchange differences are recognised in other comprehensive income and as a separate component of equity.
(B) TRANSACTIONS AND BALANCES
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates 
of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the 
translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in 
the Consolidated Income Statement and Other Comprehensive Income.
Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.
2.2 REVENUE RECOGNITION
Revenue is recognised at the fair value of the consideration received or receivable for the sale of services in the ordinary 
course of business and is shown net of Value Added Tax. The Group primarily earns revenues from the sale of digital 
experience quality analytics services and associated consultancy services. 
Revenue from the digital experience quality analytics service is recognised over the period of each sale agreement, on a 
straight-line basis. Revenues from associated consultancy services and associated other services such as training are 
recognised when delivery to the customer has been completed. 
The difference between the amount of revenue recognised and the amount invoiced to a particular customer is included 
in the Consolidated Statement of Financial Position as deferred or accrued income as appropriate. Amounts included in 
deferred income are expected to be recognised within one year and are included within current liabilities.
2.3  INTERNALLY-GENERATED INTANGIBLE ASSETS – RESEARCH AND DEVELOPMENT EXPENDITURE
Expenditure on research activities is recognised as an expense in the period in which it is incurred. Development costs 
incurred on specific projects are capitalised when all the following criteria are satisfied: 
a. completion of the intangible asset is technically feasible so that it will be available for use or sale;
b. the Group intends to complete the intangible asset and use or sell it;
c.  the Group has the ability to use or sell the intangible asset and the intangible asset will generate probable future economic 
benefits over and above cost;
d.  there are adequate technical, financial and other resources to complete the development and to use or sell the intangible 
asset; and 
e. the expenditure attributable to the intangible asset during its development can be measured reliably.
47 Actual Experience Annual Report and Accounts for the year ended 30 September 2015
FINANCIAL STATEMENTS
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2.3  INTERNALLY-GENERATED INTANGIBLE ASSETS – RESEARCH AND DEVELOPMENT EXPENDITURE CONTINUED
The Directors believe that the criteria for capitalising development costs have been met in respect of certain projects. 
Consequently the identifiable costs relating to these projects have been capitalised as intangible assets. The capitalised 
costs are being amortised over the estimated useful lives of those assets and the amortisation charge for the period is 
included within ‘Administrative expenses’ in the Consolidated Income Statement and Other Comprehensive Income. 
Expenses for research and development include associated wages and salaries, material costs and directly attributable 
overheads. 
The estimated useful life of the development costs capitalised is two years. Amortisation commences when the project is 
available for use within the business.
Intangible assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances 
indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the 
asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less 
costs of disposal and value in use. For the purpose of assessing impairment, assets are grouped at the lowest levels for 
which there are largely independent cash flows (cash-generating units). Prior impairments of non-financial assets (other than 
goodwill) are reviewed for possible reversal at each reporting date. 
2.4  PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment is stated at cost less accumulated depreciation and any impairment losses. Cost includes the 
original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended 
use. Depreciation is charged so as to write off the costs of assets over their estimated useful lives, on the following basis:
Fixtures and fittings 5 years straight-line
Computer equipment 3 years straight-line
The gain or loss arising on the disposal of an asset is determined as the difference between the sales proceeds and the 
carrying amount of the asset and is recognised in the Consolidated Income Statement and Other Comprehensive Income.
IMPAIRMENT OF PROPERTY, PLANT AND EQUIPMENT
At each period end, the Group reviews the carrying amounts of its property, plant and equipment assets to determine 
whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the 
recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset 
does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the 
cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated 
future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments 
of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been 
adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, 
the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is 
recognised as an expense immediately.
2.5 FINANCIAL INSTRUMENTS
Financial assets and financial liabilities are recognised in the Consolidated Statement of Financial Position when the Group 
becomes party to the contractual provisions of the instrument. Financial assets are de-recognised when the contractual 
rights to the cash flows from the financial asset expire or when the contractual rights to those assets are transferred. 
Financial liabilities are de-recognised when the obligation specified in the contract is discharged, cancelled or expired.
2.5.1  TRADE RECEIVABLES
Trade receivables are recognised initially at fair value and subsequently measured at amortised cost. Appropriate provisions 
for estimated irrecoverable amounts are recognised in the Consolidated Income Statement and Other Comprehensive 
Income when there is objective evidence that the assets are impaired. 
NOTES TO THE CONSOLIDATED  
FINANCIAL STATEMENTS CONTINUED
for the year ended 30 September 2015
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2  SIGNIFICANT ACCOUNTING POLICIES CONTINUED
2.5 FINANCIAL INSTRUMENTS CONTINUED
2.5.2  CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprise cash on hand, demand deposits, and other short-term highly liquid investments that 
are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.
2.5.3  EQUITY INSTRUMENTS
An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its 
liabilities. Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.
2.5.4  TRADE AND OTHER PAYABLES
Trade payables are initially measured at their fair value and are subsequently measured at their amortised cost using the 
effective interest rate method; this method allocates interest expense over the relevant period by applying the ‘effective 
interest rate’ to the carrying amount of the liability.
2.5.5  FINANCIAL LIABILITIES — CURRENT BORROWINGS
Borrowings, including advances received from related parties, are initially recognised at the fair value of the consideration 
received less directly attributable transaction costs. After initial recognition, interest-bearing loans and borrowings are 
subsequently measured at amortised cost using the effective interest method. 
2.6 CURRENT AND DEFERRED TAX
The tax expense/(credit) represents the sum of the tax currently payable or recoverable and the movement in deferred tax 
assets and liabilities.
Current tax is based upon taxable profit/(loss) for the year. Taxable profit/(loss) differs from net profit/(loss) as reported in the 
Consolidated Income Statement and Other Comprehensive Income because it excludes items of income or expense that are 
taxable or deductible in other years and it further excludes items that are never taxable or deductible.
The Group’s liability or receivable for current tax is calculated by using tax rates that have been enacted or substantively 
enacted by the reporting date.
Credit is taken in the accounting period for research and development tax credits, which have been claimed from HM 
Revenue and Customs, in respect of qualifying research and development costs incurred. Research and development tax 
credits have been accounted for on an accruals basis.
Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is 
settled based upon tax rates that have been enacted or substantively enacted by the reporting date. Deferred tax is charged 
or credited in the Consolidated Income Statement and Other Comprehensive Income, except when it relates to items 
credited or charged directly to equity, in which case the deferred tax is also dealt with in equity.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets 
and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is 
accounted for using the liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences 
and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which 
deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference 
arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a 
transaction that affects neither the profit nor the accounting period.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer 
probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
2.7 OPERATING LEASES
Rentals payable under operating leases are charged to the Consolidated Income Statement and Other Comprehensive 
Income on a straight-line basis over the term of the relevant lease except where another more systematic basis is more 
representative of the time pattern in which economic benefits from the lease asset are consumed.
49 Actual Experience Annual Report and Accounts for the year ended 30 September 2015
FINANCIAL STATEMENTS
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NOTES TO THE CONSOLIDATED  
FINANCIAL STATEMENTS CONTINUED
for the year ended 30 September 2015
2.8 SHARE-BASED PAYMENTS
The Company issues equity settled share-based payments to certain employees.
Equity settled share-based payments are measured at fair value at the date of grant and expensed in the Consolidated 
Income Statement and Other Comprehensive Income on a straight-line basis over the vesting period, along with a 
corresponding increase in equity. At each reporting date, the Company revises its estimate of the number of equity 
instruments expected to vest as a result of the effect of non-market-based vesting conditions. The impact of the revision of 
the original estimates, if any, is recognised in the Consolidated Income Statement and Other Comprehensive Income such 
that the cumulative expense represents the revised estimate, with a corresponding adjustment to equity reserves.
The fair value of share options is determined using a Black-Scholes model, taking into consideration the Directors’ best 
estimate of the expected life of the option.
CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including 
expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from 
these estimates. The estimates and assumptions that have the most significant effects on the carrying amounts of the assets 
and liabilities in the financial information are discussed below:
RESEARCH AND DEVELOPMENT COSTS
The assessment of when development expenditure meets the recognition criteria required for capitalisation requires 
judgement as to the technical feasibility and commercial viability of products and ideas that are under development. These 
judgements are subjective and, to the extent that actual circumstances differ, there can be an increase or decrease in the 
amount of expenditure expensed to the Consolidated Income Statement and Other Comprehensive Income. 
When development expenditure is capitalised, the Directors also make a judgement in respect of the expected useful 
lives of the intangible development costs and an appropriate amortisation charge is made. The useful economic life of the 
development costs is two years. A one-year reduction in the period over which such development costs are amortised would 
have increased loss before income tax by £141,000 (2014: £40,000). A one-year increase in the period over which such 
development costs are amortised would have reduced loss before income tax by £47,000 (2014: £13,000).
EQUITY SETTLED SHARE-BASED PAYMENTS
The estimation of share-based payment costs requires the selection of an appropriate valuation method, consideration as 
to the inputs necessary for the valuation model chosen and the estimation of the number of awards that will ultimately vest. 
Inputs subject to judgement relate to the future volatility of the share price of comparable companies, the Group’s expected 
dividend yields, risk-free interest rates and expected lives of the options. The Directors draw on a variety of sources to aid in 
the determination of the appropriate data to use in such calculations. 
RECOVERABILITY OF DEFERRED TAX ASSETS
Deferred tax assets are recognised only to the extent that it is considered probable that those assets will be recoverable. This 
involves an assessment of when those deferred tax assets are likely to reverse and a judgement as to whether or not there 
will be sufficient taxable profits available to offset the tax assets when they do reverse. This requires assumptions regarding 
future probability and is therefore inherently uncertain. To the extent that assumptions regarding future probability change, 
there can be an increase or decrease in the level of deferred tax assets recognised which can result in a charge or credit to 
the Consolidated Income Statement and Other Comprehensive Income in the period in which the change occurs.
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CHANGES IN ACCOUNTING POLICIES
The following new and amended IFRS and IFRIC interpretations are mandatory as of 1 October 2014 unless otherwise 
stated and the impact of adoption is described below.
There are no other changes to IFRS effective in the year which have a material impact on the Group.
i. IFRS 13 Fair Value Measurement  
IFRS 13 does not affect when fair value is used, but rather describes how to measure fair value where fair value is 
required or permitted by IFRS. There was no impact on the Group from the adoption of IFRS 13.
ii. IAS 19 Employee Benefits (Revised)  
The revised standard includes a number of amendments that range from fundamental changes to simple clarifications 
and re-wording. There was no impact on the Group from the adoption of IAS 19 (Revised).
iii. IAS 1 (Amendment)  
The amendment to IAS 1 concerns presentation of items of Other Comprehensive Income. There is no impact from the 
adoption of the amendment.
ACCOUNTING STANDARDS AND INTERPRETATIONS NOT APPLIED
At the date of authorisation of these financial statements, the following IFRSs, IASs and Interpretations were in issue but not 
yet effective. Their adoption is not expected to have a material effect on the financial statements unless otherwise indicated:
•	 IAS 1: Disclosure Initiative (effective date 1 January 2016);
•	 IAS 16 and IAS 38: Clarification of acceptable methods of depreciation and amortisation (effective date 1 January 2016); 
•	 AIP IFRS 7: Applicability of the offsetting disclosures to condensed interim financial statements (effective 1 January 2016);
•	 AIP IAS 19: Discount rate: Regional market issue (effective 1 January 2016);
•	 AIP IAS 34: Disclosure of information ‘elsewhere in the interim financial report’ (effective 1 January 2016);
•	 IFRS 15: Revenue from contracts with customers (effective 1 January 2017); and
•	 IFRS 9: Financial Instruments (effective 1 January 2018).
3 FINANCIAL RISK MANAGEMENT
The Board has overall responsibility for the determination of the Group’s risk management objectives and policies. The 
overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Group’s 
competitiveness and flexibility. The Group does not use derivative financial instruments such as forward currency contracts 
or similar instruments. The Group does not issue or use financial instruments of a speculative nature.
The Group is exposed to the following financial risks:
•	 Credit risk
•	 Liquidity risk
•	 Market risk
To the extent that financial instruments are not carried at fair value in the Consolidated Statement of Financial Position, book 
value approximates to fair value at 30 September 2014 and 30 September 2015.
Trade and other receivables are measured at fair value and amortised cost. Book values and expected cash flows are 
reviewed by the Board and any impairment charged to the Consolidated Income Statement and Other Comprehensive 
Income in the relevant period.
Cash and cash equivalents are held in either UK sterling or US dollars and are placed on deposits in UK and US banks. 
Trade and other payables are measured at book value and amortised cost.
51 Actual Experience Annual Report and Accounts for the year ended 30 September 2015
FINANCIAL STATEMENTS
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NOTES TO THE CONSOLIDATED  
FINANCIAL STATEMENTS CONTINUED
for the year ended 30 September 2015
3 FINANCIAL RISK MANAGEMENT CONTINUED
CREDIT RISK
Credit risk is the financial loss to the Group if a customer or counterparty to financial instruments fails to meet its contractual 
obligation. Credit risk arises from the Group’s cash and cash equivalents and receivables balances. The concentration of the 
Group’s credit risk is considered by counterparty, geography and currency.
The Group gives careful consideration to which organisation it uses for its banking services in order to minimise credit risk. 
The Group has a significant concentration of cash held in accounts with two large banks in the UK, one institution with an 
A+ credit rating and one with a BBB+ credit rating (long term, as assessed by Fitch). The amounts of cash held on deposit 
with those banks at each reporting date can be seen in note 13. All of the cash and cash equivalents held with those banks 
at each reporting date were denominated in UK sterling or US dollars. The Directors are satisfied that the level of risk inherent 
in holding the cash deposits with two banks is low given the credit ratings assessed. The Directors monitor the levels of cash 
held by the Group on a regular basis and, if necessary, will mitigate any perceived increase in the level of risk by spreading 
the cash deposits across other institutions.
The nature of the Group’s business and current stage of its development are such that individual customers can comprise a 
significant proportion of its trade and other receivables at any point in time. The Group mitigates the associated risk by close 
monitoring of the debtor ledger.
At 30 September 2015, the Group’s trade receivables balance was £191,349 (30 September 2014: £99,138). The carrying 
amount of financial assets recorded in the financial statements represents the Group’s maximum exposure to credit risk. An 
allowance for impairment is made where there is an identified loss event, which, based on previous experience, is evidence 
of a reduction in the recoverability of the cash flows. In the Directors’ opinion, there has been no impairment of financial 
assets at any point during the year.
No collateral is held by the Group as security in relation to its financial assets.
The Directors consider the above measures to be sufficient to control the credit risk exposure.
LIQUIDITY RISK
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. This risk relates to the 
Group’s prudent liquidity risk management and implies maintaining sufficient cash reserves. The Board monitors forecasts 
of the Group’s liquidity and cash and cash equivalents on the basis of expected cash flow. Ultimate responsibility for liquidity 
risk management rests with the Board. 
At 30 September 2015, the Group had £15,275,222 (30 September 2014: £2,942,805) of cash and cash equivalents. 
MARKET RISK
Market risk is the risk of loss that may arise from changes in market factors such as interest rates and foreign exchange 
rates. The Group’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates. The 
Group’s exposure to foreign currency risk has been limited, as the majority of its invoicing and payments are in UK sterling. 
There are no significant balances held in foreign currencies at each reporting date and it has made no payments in foreign 
currencies other than US dollar and Euro. Accordingly, the Board has not presented any sensitivity analysis in this area as it is 
immaterial.
CAPITAL RISK MANAGEMENT
The Board’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to 
sustain future development of the business. 
The Group’s objective when managing capital is to maintain adequate financial flexibility to preserve its ability to meet 
financial obligations, both current and long term. The capital structure of the Group is managed and adjusted to reflect 
changes in economic circumstances. In determining how the Group should be financed, through a combination of debt 
and equity, the Board seeks to maintain a balance between the higher returns that might be possible with higher levels of 
borrowing and the advantages and security afforded by a sound capital position.
The Group’s capital is made up of share capital, share premium and retained earnings totalling at 30 September 2015 
£15,723,036 (30 September 2014: £3,166,298).
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3 FINANCIAL RISK MANAGEMENT CONTINUED
CAPITAL RISK MANAGEMENT CONTINUED
The Group funds its expenditures on commitments from existing cash and cash equivalent balances, primarily received from 
issuances of shareholders’ equity. There are no externally imposed capital requirements.
Financing decisions are made by the Board based on forecasts of the expected timing and level of capital and operating 
expenditure required to meet the Group’s commitments and development plans.
4  SEGMENTAL REPORTING
The information that is presented to the Chief Executive Officer, who is considered to be the Chief Operating Decision Maker 
(‘CODM’), for the purposes of resource allocation and assessment of performance, is based wholly on the overall activities 
of the Group. Due to the current size and activities of the Group, there is a high degree of centralisation of activities. The 
Directors therefore consider that there is one operating, and hence one reportable, segment for the purposes of presenting 
information under IFRS8; that of “Digital experience quality analytics services and associated consultancy services”. There are 
no differences between the segment results and the Consolidated Income Statement and Other Comprehensive Income. The 
assets and liabilities information presented to the CODM is consistent with the Consolidated Statement of Financial Position.
During the year ended 30 September 2015 the Group had two customers who generated more than 10% of total revenue. 
These customers generated 23% and 14% of revenue respectively. 
During the year ended 30 September 2014 the Group had one customer who generated more than 10% of total revenue. 
This customer generated 12% of revenue. 
Capital expenditure on intangible assets is all undertaken in the UK, and only trivial amounts have been expended in the US 
on Property, plant and equipment.
An analysis of revenues by geographic location of customers is set out below:
 
2015 
£
2014 
£
United Kingdom 600,139 468,075
United States of America 74,818 19,033
Europe 3,712 45,430
Rest of the world 21,780 34,931
700,449 567,469
5  LOSS FROM OPERATIONS
Notes
2015 
£
2014 
£
Loss from operations is stated after charging/(crediting)  
to administrative expenses:
Depreciation on owned property, plant and equipment 10 13,747 7,738
Amortisation of intangible assets 11 141,313 39,771
Operating lease rentals – land and buildings 80,507 50,000
Employee costs 6 1,847,726 1,156,883
Foreign exchange (gains)/losses (448) 1,297
Auditors’ remuneration:
 — Audit of these financial statements 28,550 28,000
 — Tax advisory services 10,000 12,820
 — All other services - 79,649
Total auditors’ remuneration 38,550 120,469
Other services in the prior year relate to transaction services in relation to the AIM listing.
53 Actual Experience Annual Report and Accounts for the year ended 30 September 2015
FINANCIAL STATEMENTS
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NOTES TO THE CONSOLIDATED  
FINANCIAL STATEMENTS CONTINUED
for the year ended 30 September 2015
6  EMPLOYEE COSTS
2015 
Number
2014 
Number
The average monthly number of persons (including Directors) employed by the Group during the 
year was:
Directors 5 4
Sales and support 11 5
Software development 9 9
Administration 3 4
28 22
2015 
£
2014 
£
The aggregate remuneration, including Directors, comprised:
Wages and salaries 1,829,613 1,217,749
Social security costs 208,728 130,671
Share-based expense (note 19) 130,730 34,588
 2,169,071 1,383,008
Directors’ remuneration comprised:
Emoluments for qualifying services 456,268 293,572
Directors’ emoluments disclosed above include £203,934 paid to the highest paid Director (2014: £119,250); The Director 
did not exercise any share options in the year and no options are due under incentive plans.
The Remuneration Report on pages 34 to 36 detail Directors’ interests in share options.
There are no pension benefits for Directors.
Included within total employee costs of £2,169,071 (2014: £1,383,008) is £321,345 (2014: £226,125) which has 
been capitalised within development costs in accordance with IAS 38 (see note 11). The remaining £1,847,726 (2014: 
£1,156,883) has been expensed in the Consolidated Income Statement and Other Comprehensive Income. 
7  FINANCE INCOME
2015 
£
2014 
£
Bank interest receivable 12,977 12,067
8  TAXATION
TAX ON LOSS ON ORDINARY ACTIVITIES
2015 
£
2014 
£
Current tax:
UK Corporation tax on losses of the year (192,000) (279,181)
Overseas taxes 534 –
Deferred tax:
Origination and reversal of timing differences 5,485 1,529
Total tax credit (185,981) (277,652)
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8  TAXATION CONTINUED
FACTORS AFFECTING THE CURRENT TAX CREDITS
The tax assessed for the year varies from the standard UK company rate of corporation tax as explained below:
2015 
£
2014 
£
Loss on ordinary activities before tax (2,411,436) (1,581,583)
Tax at the UK corporate tax of 20.50% (2014: 22.00%) (494,344) (347,948)
Effects of:
Expenses not deductible for tax purposes 59,683 122,747
Unrecognised deferred tax asset on losses 387,603 155,774
Research and development tax credits received in respect of the prior year – (119,236)
Research and development enhancement in respect of the current year (138,693) (88,916)
Change in rate of tax used to calculate deferred tax liability (230) (73)
Tax credit for the year (185,981) (277,652)
The Group has tax losses carried forward of £3,820,000 (2014: £1,923,171).
The standard rate of corporation tax in the UK changed from 21% to 20% from 1 April 2015. Accordingly the Group’s losses 
for the accounting period are based on an effective rate of 20.5%.
During the year the Group has incurred qualifying expenditure on research and development projects which has given rise to 
tax credits due from HM Revenue and Customs to the Group of £192,000 (2014: £159,945).
DEFERRED TAX
Deferred tax relates to the following:
2015
£
2014 
£
Accelerated depreciation for tax purposes 8,858 3,373
Deferred tax liability 8,858 3,373
RECONCILIATION OF DEFERRED TAX LIABILITIES
2015 
£
2014 
£
Balance at the beginning of the year 3,373 1,844
Charge to the Consolidated Income Statement and Other Comprehensive Income 5,485 1,529
Balance at the end of the year 8,858 3,373
At 30 September 2015, the Group had unrecognised deferred tax assets totalling £732,776 (2014: £403,866) which relate to 
losses. The Group has not recognised this asset in the Consolidated Statement of Financial Position due to the uncertainty in 
the timing when it is probable that future taxable profit will be available against which the unused tax losses and unused tax 
credits can be utilised.
55 Actual Experience Annual Report and Accounts for the year ended 30 September 2015
FINANCIAL STATEMENTS
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NOTES TO THE CONSOLIDATED  
FINANCIAL STATEMENTS CONTINUED
for the year ended 30 September 2015
9  LOSS PER SHARE
Basic loss per share is calculated by dividing the loss attributable to the owners of the parent by the weighted average 
number of ordinary shares in issue during the year. Diluted loss per share is calculated by adjusting the weighted average 
number of ordinary shares in issue during the year to assume conversion of all dilutive potential ordinary shares.
The Company has one class of potentially dilutive ordinary shares, being those share options granted to employees where 
the exercise price is less than the average market price of the Company’s ordinary shares during the year. However, due to 
losses incurred in both the current and previous financial year there is no dilutive effect from the potential exercise of these 
dilutive shares.
2015 
£
2014 
£
Total loss attributable to the equity holders of the parent (2,225,455) (1,303,931)
No. No.
Weighted average number of ordinary shares in issue during the year 31,239,006 27,525,131
Loss per share
Basic and diluted on loss for the year (7.12)p (4.74)p
Adjusted earnings per share has been calculated so as to exclude the effect of non-operating exceptional costs including 
related tax charges and credits. 
Adjusted earnings used in the calculation of basic and diluted earnings per share reconciles to basic earnings as follows:
Basic earnings (2,225,455) (1,303,931)
Non-operating exceptional costs – 450,488
Adjusted earnings (2,225,455) (853,443)
Adjusted loss per share
Basic and diluted on adjusted loss for the year (7.12)p (3.10)p
The weighted average number of shares in issue throughout the year is as follows:
2015 2014
Issued ordinary shares at the beginning of the year 28,844,225 26,356
Adjustment to reflect capital reorganisation – 19,740,644
Issued ordinary shares at the beginning of the year — adjusted 28,844,225 19,767,000
Effect of shares issued in November 2013 – 7,487,901
Effect of shares issued in February 2014 – 270,230
Effect of shares issued in June 2015 2,394,781 –
Weighted average number of shares at the end of the year 31,239,006 27,525,131
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10  PROPERTY, PLANT AND EQUIPMENT
Fixtures 
and fittings 
£
Computer 
equipment 
£
Total 
£
Cost
At 1 October 2013 419 23,178 23,597
Additions 1,419 13,601 15,020
At 30 September 2014 1,838 36,779 38,617
Additions 7,171 34,835 42,006
At 30 September 2015 9,009 71,614 80,623
Accumulated depreciation
At 1 October 2013 70 14,397 14,467
Charge for the year 125 7,613 7,738
At 30 September 2014 195 22,010 22,205
 Charge for the year 1,635 12,112 13,747
At 30 September 2015 1,830 34,122 35,952
Net book value
At 30 September 2015 7,179 37,492 44,671
At 30 September 2014 1,643 14,769 16,412
At 30 September 2013 349 8,781 9,130
11 INTANGIBLE ASSETS
Development 
costs 
£
Total 
£
Cost
At 1 October 2013 – –
Additions 226,125 226,125
At 30 September 2014 226,125 226,125
Additions 321,345 321,345
At 30 September 2015 547,470 547,470
Accumulated amortisation and impairment losses
At 1 October 2013 – –
Charge for the year 39,771 39,771
At 30 September 2014 39,771 39,771
Charge for the year 141,313 141,313
At 30 September 2015 181,084 181,084
Net book value
At 30 September 2015 366,386 366,386
At 30 September 2014 186,354 186,354
At 30 September 2013 – –
The amortisation of development costs is recognised within administrative expenses in the Consolidated Income Statement 
and Other Comprehensive Income.
57 Actual Experience Annual Report and Accounts for the year ended 30 September 2015
FINANCIAL STATEMENTS
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NOTES TO THE CONSOLIDATED  
FINANCIAL STATEMENTS CONTINUED
for the year ended 30 September 2015
12  TRADE AND OTHER RECEIVABLES
2015 
£
2014 
£
Trade receivables 191,349 99,138
Other receivables 30,204 11,386
Prepayments and accrued income 64,844 25,253
286,397 135,777
Contractual payment terms with the Group’s customers are typically 30 to 60 days.
There are no provisions for impairment losses in respect of trade and other receivables. There are no trade receivables past 
due and not impaired and there is no provision for impaired receivables in either 2015 or 2014. The credit quality of those 
trade receivables not past due and not impaired is considered good. The Directors believe that the carrying value of trade 
and other receivables represents their fair value. In determining the recoverability of trade receivables the Board considers 
any change in the credit quality of the receivable from the date credit was granted up to the reporting date. For details on 
credit risk management policies, refer to note 3.
13  CASH AND CASH EQUIVALENTS
Bank credit rating:
2015 
£
2014 
£
A+ 5,001,822 –
A – 2,942,805
A2 47,751 –
BBB+ 10,225,649 –
Cash and cash equivalents 15,275,222 2,942,805
The above has been analysed by the Fitch rating system and gives an analysis of the credit rating of the financial institutions 
where cash balances are held.
All of the Group’s cash and cash equivalents at 30 September 2015 are held in instant access current accounts or short-
term deposit accounts. Balances are denominated in UK sterling (£) and US dollars ($) as follows:
2015 
£
2014 
£
Denominated in pounds sterling 15,157,211 2,924,344
Denominated in US dollars 118,011 18,461
Cash and cash equivalents 15,275,222 2,942,805
The Directors consider that the carrying value of cash and cash equivalents approximates to their fair value. For details of 
credit risk management policies, refer to note 3.
14  TRADE AND OTHER PAYABLES
2015 
£
2014 
£
Trade payables 48,246 23,172
Other tax and social security 57,984 56,407
Other creditors 6,687 4,807
Accruals 226,855 81,142
Deferred income 93,010 106,094
432,782 271,622
Trade and other payables principally comprise amounts outstanding for trade purchases and ongoing costs. They are non-
interest bearing and are normally settled on 30 to 45 day terms. 
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14  TRADE AND OTHER PAYABLES CONTINUED
The Directors consider that the carrying value of trade and other payables approximate their fair value. 
The Group has financial risk management policies in place to ensure that all payables are paid within the credit time frame 
and no interest has been charged by any suppliers as a result of late payment of invoices during the year. 
15  FINANCIAL INSTRUMENTS
The principal financial instruments used by the Group, from which financial instrument risk arises are as follows:
•	 Trade and other receivables
•	 Trade and other payables
•	 Cash and cash equivalents
FINANCIAL ASSETS
The Group held the following financial assets:
2015 
£
2014
 £
Due within three months
Cash and cash equivalents 15,275,222 2,942,805
Trade receivables 191,349 99,138
Other receivables 18,144 11,389
15,484,715 3,053,332
FINANCIAL LIABILITIES
The Group held the following financial liabilities held at amortised cost (non-derivatives):
2015 
£
2014
 £
Non-derivative financial liabilities
Due within one year
Trade payables 48,246 23,172
Other payables 233,542 85,949
Total financial liabilities 281,788 109,121
16  SHARE CAPITAL
Number
Share 
capital 
£
Share 
premium
 £
Total 
£
Total Ordinary shares of 0.2p each at  
1 October 2014 28,844,225 57,688 134,346 192,034
Issue of shares on 16 June 2015 in respect  
of a Placing 8,015,063 16,031 15,212,589 15,228,620
Issue of shares on 16 June 2015 in respect  
of the exercise of share options 154,050 308 18,435 18,743
Less: expenses of share issues – – (591,216) (591,216)
Total Ordinary shares of 0.2p each as at  
30 September 2015 37,013,338 74,027 14,774,154 14,848,181
59 Actual Experience Annual Report and Accounts for the year ended 30 September 2015
FINANCIAL STATEMENTS
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NOTES TO THE CONSOLIDATED  
FINANCIAL STATEMENTS CONTINUED
for the year ended 30 September 2015
16  SHARE CAPITAL CONTINUED
As permitted by the provisions of the Companies Act 2006, the Company does not have an upper limit to its authorised 
share capital.
On 16 June 2015:
i. 8,015,063 ordinary shares of 0.2p each were issued for cash at a price of £1.90 per share;
ii.  62,300 ordinary shares were allotted at a price of 9.09 pence per share, for total cash consideration of £5,663, upon the 
exercise of share options granted in the Company’s share option scheme;
iii.  91,750 ordinary shares were allotted at a price of 14.25 pence per share, for total cash consideration of £13,074, upon 
the exercise of share options granted in the Company’s share option scheme.
At 30 September 2015, the Company had only one class of share, being ordinary shares of 0.2p each. 
17 MOVEMENT IN (ACCUMULATED LOSSES)/RETAINED EARNINGS RESERVE
(Accumulated 
losses)/retained 
earnings 
£
At 30 September 2013 (1,688,703)
Loss for the year (1,303,931)
Other comprehensive income (786)
Shared-based payment charge 34,588
Arising on cancellation of share premium account 5,933,096
At 30 September 2014 2,974,264
Loss for the year (2,225,455)
Other comprehensive income (4,684)
Share-based payment charge 130,730
At 30 September 2015 874,855
18 COMMITMENTS
OPERATING LEASE COMMITMENTS
The Group leases premises under operating lease agreements. The future aggregate minimum lease and service charge 
payments under operating leases are as follows:
 
2015 
£
2014 
£
Land and buildings:
Amounts due within one year 43,750 65,450
At 30 September 2015, the Company had a tenancy agreement in respect of its business premises. This agreement 
commenced on 5 September 2015 for a period of two years with a monthly rent of £6,250. The agreement has break clause 
dates of 5 May 2016 and 5 January 2017. The minimum payments disclosed above relate to the period up to the first break 
clause date. 
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19 SHARE-BASED PAYMENTS
SHARE OPTIONS
The Company has a share option plan under which it grants options over ordinary shares to certain employees. Options are 
exercisable at a price equal to the estimated market price of the Company’s shares on the date of the grant. The vesting 
period for shares is usually four years. The options are settled in equity once exercised. If the options remain unexercised 
for a period after 10 years from the date of grant, the options expire. Options are forfeited if the employee leaves the Group 
before the options vest. 
Details of the number of share options and the weighted average exercise price outstanding during the year are as follows:
   Number of share interests Weighted 
average exercise 
price per share 
(£)
EMI 
options
Unapproved 
options Total
At 30 September 2013 1,676,250 – 1,676,250 0.118
Granted in the year 610,500 220,000 830,500 0.192
Exercised in the year (224,775) – (224,775) (0.108)
At 30 September 2014 2,061,975 220,000 2,281,975 0.510
Granted in the year 317,500 150,000 467,500 2.060
Exercised in the year (154,050) – (154,050) (0.122)
Forfeited in the year (135,000) – (135,000) (1.840)
At 30 September 2015 2,090,425 370,000 2,460,425 0.756
There were 1,294,717 share options outstanding at 30 September 2015 (30 September 2014: 1,023,975), which were 
eligible to be exercised. The remaining options were not eligible to be exercised as these are subject to employment period 
vesting conditions, some of which had not been met at 30 September 2015. 
Options have a range of exercise prices from 9.09 pence per share to 212.5 pence per share and have a weighted 
contractual life of 7.47 years.
Details of the schemes are given below:
Grant date
Employees 
entitled
Number of 
options
Performance 
conditions
Exercise 
price (p)
Earliest 
exercise date
Expiry 
date
19/03/2010 1 317,500 Time served 9.091 25/01/2011 19/03/2020
22/06/2011 2 190,200 Time served 9.091 15/10/2011 22/06/2021
17/10/2011 2 67,600 Time served 9.091 17/10/2011 17/10/2021
16/05/2012 1 218,000 Time served 14.255 12/08/2012 16/05/2022
17/05/2012 1 67,500 Time served 14.255 16/08/2012 17/05/2022
21/05/2012 1 118,125 Time served 14.255 27/02/2013 21/05/2022
04/05/2013 4 324,750 Time served 14.255 11/06/2013 04/05/2023
01/10/2013 1 227,250 Time served 14.255 01/10/2014 01/10/2023
18/11/2013 1 69,500 Time served 14.255 11/11/2014 18/11/2023
23/12/2013 1 22,500 Time served 54.500 01/10/2014 23/12/2023
09/07/2014 2 140,000 Time served 186.500 09/07/2015 09/07/2024
21/07/2014 1 80,000 Time served 186.500 21/07/2015 21/07/2024
15/09/2014 4 150,000 Time served 184.000 06/01/2015 15/09/2024
24/10/2014 1 50,000 Time served 175.000 24/10/2015 24/10/2024
29/05/2015 4 185,000 Time served 207.500 25/11/2015 29/05/2025
05/06/2015 1 30,000 Time served 207.500 05/06/2016 05/06/2025
29/06/2015 6 87,500 Time served 212.500 29/05/2016 29/06/2025
24/07/2015 4 115,000 Time served 212.500 08/06/2016 24/07/2025
Outstanding 2,460,425
61 Actual Experience Annual Report and Accounts for the year ended 30 September 2015
FINANCIAL STATEMENTS
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NOTES TO THE CONSOLIDATED  
FINANCIAL STATEMENTS CONTINUED
for the year ended 30 September 2015
19 SHARE-BASED PAYMENTS CONTINUED
The fair values were calculated using the Black-Scholes pricing model. The inputs into the model for options granted during 
the year were as follows:
Granted on 
24 October 
2014
Granted on 
29 May  
and 5 June
2015
Granted on 
29 June 
2015
Granted on 
24 July 
2015
Dividend yield 0% 0% 0% 0%
Expected volatility 20% 19.5% 19% 18.5%
Risk-free interest rate (%) 2.02% 2.02% 2.02% 2.02%
Expected vesting life of options (years) 6 6 6 6
Weighted average exercise price (pence) 175.0p 207.5p 212.5p 212.5p
Weighted average share price (pence) 175.0p 207.5p 212.5p 212.5p
The Group uses historical data to estimate option exercise and employee retention within the valuation model. Expected 
volatilities are based upon an estimate by the Directors taking account of the implied volatility as determined from the 
Company’s historical share price movements. The risk-free rate for the year within the contractual life of the option is based 
on the UK gilt yield curve at the time of the grant. Any share options that are not exercised within 10 years from the date of 
grant will expire.
The Group recognised a charge of £130,730 (2014: £34,588) in the Consolidated Income Statement and Other 
Comprehensive Income in respect of equity settled share-based payment transactions in the year.
20 RELATED PARTY TRANSACTIONS
REMUNERATION OF KEY PERSONNEL
The remuneration of the Directors, who are the key management personnel of the Group and the Company, is shown below:
2015 
£
2014 
£
Executive Directors — aggregate
Short-term employment benefits* 330,184 192,917
Non-executive Directors — aggregate
Short-term employment benefits* 126,084 100,655
Total 456,268 293,572
*  In addition, certain Directors hold share options in the Company for which a fair value share-based charge of £34,285 has been recognised in the Consolidated 
Income Statement and Other Comprehensive Income (2014: £15,441).
AMOUNTS OUTSTANDING TO KEY PERSONNEL
As at 30 September 2015, no amounts were due to Directors in relation to reimbursement of fees and expenses arising in 
the ordinary course of business except for an accrual of £7,500 which has been made in respect of fees due to Robin Young 
for work undertaken prior to 30 September 2015, as disclosed in more detail below (30 September 2014: £nil).
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TRANSACTIONS WITH SHAREHOLDERS AND OTHER RELATED PARTIES
During the year the Group entered into transactions, in the ordinary course of business, with shareholders and other related 
parties. Transactions entered into, along with trading balances outstanding, are as follows:
Related party:
Amounts 
invoiced to 
related party 
2015 
£
Amounts 
invoiced by 
related party 
2015 
£
Amounts 
invoiced to
 related party 
2014 
£
Amounts
 invoiced by 
related party 
2014 
£
Queen Mary and Westfield College,  
University of London (note 1)
Sales – Analytical services 15,400 – – –
Purchases – Salary charge and secondment fees for 
research services – – – 91,164
Purchases – Patent costs – – – 683
15,400 – – 91,847
IP2IPO Limited and its associated company, 
Techtran Group Limited (note 1)
Sales – Analytical services – – 6,048 –
Purchases – Non-executive Director fees – 25,000 – 12,914
Purchases – Other office costs – 93 – 195
Purchases – Other professional fees – – – 3,708
– 25,093 6,048 16,817
Inmarsat plc (note 2)
Sales – Analytical services 9,500 – 33,600 –
CTGFT Limited (note 3)
Purchases – Consultancy fees – 7,500 – –
Note 1: Queen Mary and Westfield College, University of London and IP2IPO Limited are shareholders of the Company.
Note 2: Two of the Company’s Directors, Sir Bryan Carsberg and Mr Stephen Davidson, have common directorships of Inmarsat plc.
Note 3: One of the Company’s Directors, Mr Robin Young, is a director and sole shareholder of CTGFT Limited.
At 30 September 2015, invoiced sales of £11,400 to Inmarsat plc were outstanding and included within trade receivables. 
This balance was received after the year end.
At 30 September 2015, accruals had been made for an additional invoice due from CTGFT Limited for £7,500 and this was 
outstanding at the year end.
There were no amounts outstanding due from or to the other related parties at 30 September 2015 or at 30 September 
2014.
During the year ended 30 September 2015, the Company entered into numerous transactions with its subsidiary company, 
which net off on consolidation – these have not been shown above.
ULTIMATE CONTROLLING PARTY
The Company has no single ultimate controlling party.
63 Actual Experience Annual Report and Accounts for the year ended 30 September 2015
FINANCIAL STATEMENTS
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INDEPENDENT AUDITORS’ REPORT TO THE 
MEMBERS OF ACTUAL EXPERIENCE PLC
REPORT ON THE COMPANY FINANCIAL STATEMENTS
OUR OPINION
In our opinion, Actual Experience plc’s Company financial statements (the ‘financial statements’):
•	 give a true and fair view of the state of the Company’s affairs as at 30 September 2015 and of its cash flows for the year 
then ended;
•	 have been properly prepared in accordance with International Financial Reporting Standards (‘IFRSs’) as adopted by the 
European Union and as applied in accordance with the provisions of the Companies Act 2006; and
•	 have been prepared in accordance with the requirements of the Companies Act 2006.
WHAT WE HAVE AUDITED
The financial statements, included within the Annual Report, comprise:
•	 the Company Statement of Changes in Equity for the year then ended; 
•	 the Company Statement of Financial Position as at 30 September 2015;
•	 the Company Cash Flow Statement for the year then ended; and
•	 the notes to the financial statements, which include a summary of significant accounting policies and other explanatory 
information.
The financial reporting framework that has been applied in the preparation of the financial statements is applicable law and 
IFRSs as adopted by the European Union and as applied in accordance with the provisions of the Companies Act 2006.
In applying the financial reporting framework, the Directors have made a number of subjective judgements, for example in 
respect of significant accounting estimates. In making such estimates, they have made assumptions and considered future 
events.
OPINION ON OTHER MATTER PRESCRIBED BY THE COMPANIES ACT 2006
In our opinion, 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.
OTHER MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
ADEQUACY OF ACCOUNTING RECORDS AND INFORMATION AND EXPLANATIONS RECEIVED
Under the Companies Act 2006 we are required to report to you if, in our opinion:
•	 we have not received all the information and explanations we require for our audit; or
•	 adequate accounting records have not been kept by the Company, or returns adequate for our audit have not been 
received from branches not visited by us; or
•	 the financial statements are not in agreement with the accounting records and returns.
We have no exceptions to report arising from this responsibility.
DIRECTORS’ REMUNERATION
Under the Companies Act 2006 we are required to report to you if, in our opinion, certain disclosures of Directors’ 
remuneration specified by law are not made. We have no exceptions to report arising from this responsibility.
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RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS AND THE AUDIT
OUR RESPONSIBILITIES AND THOSE OF THE DIRECTORS
As explained more fully in the Directors’ Responsibilities Statement set out on page 39, the Directors are responsible for the 
preparation of the financial statements and for being satisfied that they give a true and fair view.
Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and 
International Standards on Auditing (UK and Ireland) (‘ISAs (UK & Ireland)’). Those standards require us to comply with the 
Auditing Practices Board’s Ethical Standards for Auditors.
This report, including the opinions, has been prepared for and only for the Company’s members as a body in accordance 
with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept 
or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it 
may come save where expressly agreed by our prior consent in writing.
WHAT AN AUDIT OF FINANCIAL STATEMENTS INVOLVES
We conducted our audit in accordance with ISAs (UK & Ireland). An audit involves obtaining evidence about the amounts 
and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from 
material misstatement, whether caused by fraud or error. This includes an assessment of: 
•	 whether the accounting policies are appropriate to the Company’s circumstances and have been consistently applied and 
adequately disclosed; 
•	 the reasonableness of significant accounting estimates made by the Directors; and 
•	 the overall presentation of the financial statements. 
We primarily focus our work in these areas by assessing the Directors’ judgements against available evidence, forming our 
own judgements, and evaluating the disclosures in the financial statements.
We test and examine information, using sampling and other auditing techniques, to the extent we consider necessary 
to provide a reasonable basis for us to draw conclusions. We obtain audit evidence through testing the effectiveness of 
controls, substantive procedures or a combination of both. 
In addition, we read all the financial and non-financial information in the Annual Report to identify material inconsistencies 
with the audited financial statements and to identify any information that is apparently materially incorrect based on, or 
materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any 
apparent material misstatements or inconsistencies we consider the implications for our report.
OTHER MATTER
We have reported separately on the Group financial statements of Actual Experience plc for the year ended 30 September 
2015.
Colin Bates (Senior Statutory Auditor) 
for and on behalf of PricewaterhouseCoopers LLP 
Chartered Accountants and Statutory Auditors 
Bristol 
1 February 2016
65 Actual Experience Annual Report and Accounts for the year ended 30 September 2015
FINANCIAL STATEMENTS
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COMPANY STATEMENT OF  
CHANGES IN EQUITY 
for the year ended 30 September 2015
 
Share 
capital 
£
Share 
premium
 £
(Accumulated 
losses)/ retained 
earnings 
£
Total 
equity 
£
At 1 October 2013 3 1,403,790 (1,688,703) (284,910)
Loss and total comprehensive expense for the year – – (1,306,213) (1,306,213)
Issue of shares 857 4,720,480 – 4,721,337
Bonus share issue for capital reorganisation 56,828 (56,828) – –
Cancellation of share premium account – (5,933,096) 5,933,096 –
Share-based payment expense – – 34,588 34,588
At 30 September 2014 57,688 134,346 2,972,768 3,164,802
At 1 October 2014 57,688 134,346 2,972,768 3,164,802
Loss and total comprehensive expense for the year – – (2,243,019) (2,243,019)
Issue of shares 16,339 15,231,024 – 15,247,363
Cost of share issues – (591,216) – (591,216)
Share-based payment expense – – 108,721 108,721
Share-based payment expense in respect of services 
provided to subsidiary undertaking – – 22,009 22,009
At 30 September 2015 74,027 14,774,154 860,479 15,708,660
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COMPANY STATEMENT OF 
FINANCIAL POSITION 
as at 30 September 2015
 Notes
2015 
£
2014
£
ASSETS
Non-current assets
Property, plant and equipment C3 44,291 16,412
Intangible assets 11 366,386 186,354
Investments C4 22,509 500
TOTAL NON-CURRENT ASSETS 433,186 203,266
Current assets
Trade and other receivables C5 276,598 135,777
Income tax receivable C9 192,000 159,945
Cash and cash equivalents C6 15,227,471 2,942,805
TOTAL CURRENT ASSETS 15,696,069 3,238,527
TOTAL ASSETS 16,129,255 3,441,793
LIABILITIES
Non-current liabilities
Deferred tax C9 (8,858) (3,373)
TOTAL NON-CURRENT LIABILITIES (8,858) (3,373)
Current liabilities
Trade and other payables C7 (411,737) (273,618)
TOTAL CURRENT LIABILITIES (411,737) (273,618)
TOTAL LIABILITIES (420,595) (276,991)
NET ASSETS 15,708,660 3,164,802
EQUITY
Share capital 16 74,027 57,688
Share premium 16 14,774,154 134,346
Retained earnings C8 860,479 2,972,768
TOTAL EQUITY 15,708,660 3,164,802
Approved by the Board of Directors and authorised for issue on 12 January 2016.
67 Actual Experience Annual Report and Accounts for the year ended 30 September 2015
FINANCIAL STATEMENTS
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COMPANY STATEMENT OF CASH FLOWS
for the year ended 30 September 2015
 Notes
2015 
£
2014
£
Cash flows from operating activities
Loss before tax (2,429,533) (1,583,865)
Adjustment for non-cash items:
Depreciation of property, plant and equipment C3 13,737 7,738
Amortisation of intangible assets 11 141,313 39,771
Share-based payment charge 108,721 34,588
Finance income (12,977) (12,067)
Fair value loss on financial instruments – 4,127
Operating cash outflow before changes in working capital (2,178,739) (1,509,708)
Movement in trade and other receivables (140,821) (53,630)
Movement in trade and other payables 138,119 84,595
Cash flows used in operations (2,181,441) (1,478,743)
Tax received 159,944 119,236
Net cash flows used in operating activities (2,021,497) (1,359,507)
Cash flows from investing activities
Development of intangible assets 11 (321,345) (226,125)
Purchases of property, plant and equipment C3 (41,616) (15,020)
Purchase of subsidiary undertaking – (500)
Finance income 12,977 12,067
Net cash outflow from investing activities (349,984) (229,578)
Cash flows from financing activities
Repayment of borrowings – (2,202)
Proceeds from issue of share capital, net of costs 16 14,656,147 4,207,558
Net cash inflow from financing activities 14,656,147 4,205,356
Increase in cash and cash equivalents 12,284,666 2,616,271
Cash and cash equivalents at start of year 2,942,805 326,534
Cash and cash equivalents at end of year C6 15,227,471 2,942,805
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NOTES TO THE COMPANY  
FINANCIAL STATEMENTS
for the year ended 30 September 2015
C1.  PRINCIPAL ACCOUNTING POLICIES
The financial statements of the Company are presented as required by the Companies Act 2006 and in accordance with 
IFRS.
The principal accounting policies adopted are the same as for those set out in the Group’s financial statements.
C2.  COMPANY RESULTS
The Company has elected to take the exemption under section 408 of the Companies Act 2006 not to present the  
parent company’s statement of profit or loss and other comprehensive income. The Company’s result for the year ended 
30 September 2015 was a loss of £2,243,019 (2014: loss of £1,306,213).
The audit fee for the Company is set out in note 5 of the Group’s financial statements.
C3.  PROPERTY, PLANT AND EQUIPMENT
Fixtures 
and fittings 
£
Computer 
equipment 
£
Total 
£
Cost
At 1 October 2013 419 23,178 23,597
Additions 1,419 13,601 15,020
At 30 September 2014 1,838 36,779 38,617
Additions 7,171 34,445 41,616
At 30 September 2015 9,009 71,224 80,233
Accumulated depreciation
At 1 October 2013 70 14,397 14,467
Charge for the year 125 7,613 7,738
At 30 September 2014 195 22,010 22,205
Charge for the year 1,635 12,102 13,737
At 30 September 2015 1,830 34,112 35,942
Net book value
At 30 September 2015 7,179 37,112 44,291
At 30 September 2014 1,643 14,769 16,412
At 30 September 2013 349 8,781 9,130
69 Actual Experience Annual Report and Accounts for the year ended 30 September 2015
FINANCIAL STATEMENTS
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NOTES TO THE COMPANY  
FINANCIAL STATEMENTS
for the year ended 30 September 2015
C4. INVESTMENTS
At 30 September 2015, the Company held the following investments in subsidiary companies:
Undertaking Sector
Share of issued 
capital and 
voting rights 
2015
Actual Experience Inc Sales and marketing services 100%
Cost £
At 1 October 2013 –
Additions 500
At 30 September 2014 500
Additions 22,009
At 30 September 2015 22,509
Impairment
At 1 October 2013, 30 September 2014 and 30 September 2015 –
Carrying value at 30 September 2015 22,509
Carrying value at 30 September 2014 500
Carrying value at 30 September 2013 –
C5.  TRADE AND OTHER RECEIVABLES
2015 
£
2014 
£
Trade receivables 191,349 99,138
Other receivables 20,561 11,386
Amounts due from subsidiary undertakings 661 –
Prepayments and accrued income 64,027 25,253
276,598 135,777
Contractual payment terms with the Company’s customers are typically 30 to 60 days.
There are no receivables for which allowance has been made. There are no provisions for impairment losses in respect 
of trade and other receivables. There are no receivables at any of the year ends which were considered to be past due. 
The Directors believe that the carrying value of trade and other receivables represents their fair value. In determining the 
recoverability of trade receivables the Board considers any change in the credit quality of the receivable from the date credit 
was granted up to the reporting date. For details on credit risk management policies, refer to note 3.
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C6.  CASH AND CASH EQUIVALENTS
Bank credit rating:
2015 
£
2014
£
A+ 5,001,822 –
A – 2,942,805
BBB+ 10,225,649 –
Cash and cash equivalents 15,227,471 2,942,805
The above has been analysed by the Fitch rating system and gives an analysis of the credit rating of the financial institution 
where cash balances are held.
All of the Company’s cash and cash equivalents at 30 September 2015 are held in instant access current accounts or short-
term deposit accounts. Balances are denominated in UK sterling (£) and US dollars ($) as follows:
2015 
£
2014 
£
Denominated in pounds sterling 15,157,211 2,924,344
Denominated in US dollars 70,260 18,461
Cash and cash equivalents 15,227,471 2,942,805
The Directors consider that the carrying value of cash and cash equivalents approximates to their fair value. For details of 
credit risk management policies, refer to note 3.
C7.  TRADE AND OTHER PAYABLES
2015 
£
2014 
£
Trade payables 43,767 23,172
Other tax and social security 57,984 49,817
Other creditors 6,687 4,807
Amounts due to subsidiary undertakings – 16,905
Accruals 210,289 72,823
Deferred income 93,010 106,094
411,737 273,618
Trade payables are all expected to be settled from the Company’s sterling bank account.
Trade and other payables principally comprise amounts outstanding for trade purchases and ongoing costs. They are non-
interest bearing and are normally settled on 30 to 45 day terms. 
The Directors consider that the carrying value of trade and other payables approximate their fair value. 
The Company has financial risk management policies in place to ensure that all payables are paid within the credit time frame 
and no interest has been charged by any suppliers as a result of late payment of invoices during the year. 
71 Actual Experience Annual Report and Accounts for the year ended 30 September 2015
FINANCIAL STATEMENTS
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NOTES TO THE COMPANY  
FINANCIAL STATEMENTS
for the year ended 30 September 2015
C8. MOVEMENT IN (ACCUMULATED LOSSES)/RETAINED EARNINGS RESERVE
(Accumulated losses)/
retained earnings 
£
At 30 September 2013 (1,688,703)
Loss for the year (1,306,213)
Shared-based payment charge 34,588
Arising on cancellation of share premium account 5,933,096
At 30 September 2014 2,972,768
Loss for the year (2,243,019)
Share-based payment charge 108,721
Share-based payment expense in respect of services provided to subsidiary undertaking 22,009
At 30 September 2015 860,479
C9. TAXATION
DEFERRED TAX
Deferred tax relates to the following:
2015 
£
2014 
£
Accelerated depreciation for tax purposes 8,858 3,373
Deferred tax liability 8,858 3,373
RECONCILIATION OF DEFERRED TAX LIABILITIES
2015 
£
2014 
£
Balance at the beginning of the year 3,373 1,844
Charge to the Income Statement and Other Comprehensive Income 5,485 1,529
Balance at the end of the year 8,858 3,373
At 30 September 2015, the Company had unrecognised deferred tax assets totalling £732,776 (2014: £403,866), which 
relate to losses. The Company has not recognised this asset in the Statement of Financial Position due to the uncertainty in 
the timing when it is probable that future taxable profit will be available against which the unused tax losses and unused tax 
credits can be utilised.
During the year the Company has incurred qualifying expenditure on research and development projects which has given rise 
to tax credits due from HM Revenue and Customs to the Company of £192,000 (2014: £159,945).
C10. RELATED PARTY TRANSACTIONS
Details of external related party transactions are set out in note 20. The Company has entered into transactions with its 
wholly owned subsidiary undertaking, Actual Experience Inc. during the year. The Company incurred costs of £273,888 
charged by Actual Experience Inc. during the year (2014: £41,014). At 30 September 2015, an amount of £661 was due 
from the subsidiary company (30 September 2014: £16,905 due to the subsidiary company).
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NOTICE OF ANNUAL GENERAL MEETING
Notice is given that the Annual General Meeting of Actual Experience plc (‘the Company’) will be held at the offices 
of Henderson Global Investors, 201 Bishopsgate, London EC2M 3AE at 11am on Friday 4 March 2016 for the following 
purposes:
TO CONSIDER AND, IF THOUGHT FIT, TO PASS THE FOLLOWING RESOLUTIONS AS ORDINARY 
RESOLUTIONS:
1. To receive the Company’s Annual Accounts, Strategic Report and Directors’ and Auditors’ reports for the year ended  
30 September 2015.
2. To reappoint Stephen James Davidson, who, in accordance with the Articles of Association, resigns by rotation and is 
eligible for reappointment.
3. To reappoint Roy Stephen (Steve) Bennetts, who, in accordance with the Articles of Association, resigns by rotation and 
is eligible for reappointment.
4. To appoint Paul David Spence, who has been appointed by the Board since the previous Annual General Meeting.
5. To reappoint PricewaterhouseCoopers LLP as Auditors of the Company.
6. To authorise the Directors to determine the remuneration of the Auditors.
7. That, pursuant to section 551 of the Companies Act 2006 (‘Act’), the Directors be and are generally and unconditionally 
authorised to exercise all powers of the Company to allot Relevant Securities up to an aggregate nominal amount of 
£24,760  provided that (unless previously revoked, varied or renewed) these authorities shall expire at the conclusion of 
the next Annual General Meeting of the Company after the passing of this resolution or on the date falling 18 months 
after the passing of this resolution (whichever is the earlier), save that, in each case, the Company may make an offer or 
agreement before the authority expires which would or might require Relevant Securities to be allotted after the authority 
expires and the Directors may allot Relevant Securities pursuant to any such offer or agreement as if the authority had 
not expired.
 In this resolution, ‘Relevant Securities’ means shares in the Company or rights to subscribe for or to convert any 
security into shares in the Company; a reference to the allotment of Relevant Securities includes the grant of such a 
right; and a reference to the nominal amount of a Relevant Security which is a right to subscribe for or to convert any 
security into shares in the Company is to the nominal amount of the shares which may be allotted pursuant to that right.
These authorities are in substitution for all existing authorities under section 551 of the Act (which, to the extent unused 
at the date of this resolution, are revoked with immediate effect from the passing of this resolution).
73 Actual Experience Annual Report and Accounts for the year ended 30 September 2015
SHAREHOLDER
INFORMATION
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NOTICE OF ANNUAL GENERAL MEETING 
CONTINUED
TO CONSIDER AND, IF THOUGHT FIT, TO PASS THE FOLLOWING RESOLUTION AS A SPECIAL RESOLUTION:
8. That, subject to the passing of resolution 7 and pursuant to section 570 of the Act, the Directors be and are generally 
empowered to allot equity securities (within the meaning of section 560 of the Act) for cash pursuant to the authorities 
granted by resolution 7 as if section 561(1) of the Act did not apply to any such allotment, provided that this power shall 
be limited to:
8.1  the allotment of equity securities in connection with an offer of equity securities (whether by way of a rights issue, 
open offer or otherwise);
 8.1.1  to holders of ordinary shares in the capital of the Company in proportion (as nearly as practicable) to the 
respective numbers of ordinary shares held by them; and
 8.1.2   to holders of other equity securities in the capital of the Company, as required by the rights of those securities 
or, subject to such rights, as the Directors otherwise consider necessary,
 but subject to such exclusions or other arrangements as the Directors may deem necessary or expedient in 
relation to treasury shares, fractional entitlements, record dates or any legal or practical problems under the 
laws of any territory or the requirements of any regulatory body or stock exchange; and
8.2  the allotment of equity securities otherwise than pursuant to paragraph 8.1 of this resolution up to an aggregate 
nominal amount of £7,428,
and (unless previously revoked, varied or renewed) this power shall expire at the conclusion of the next Annual General 
Meeting of the Company after the passing of this resolution or on the date falling 18 months after the passing of this 
resolution (whichever is the earlier), save that the Company may make an offer or agreement before this power expires 
which would or might require equity securities to be allotted for cash after this power expires and the Directors may allot 
equity securities for cash pursuant to any such offer or agreement as if this power had not expired.
This power is in substitution for all existing powers under section 570 of the Act (which, to the extent unused at the date 
of this resolution, are revoked with immediate effect from the passing of this resolution).
By order of the Board.
Roy Stephen (Steve) Bennetts 
Company Secretary 
12 January 2016
Registered office  
The Tramshed  
Beehive Yard  
Walcot Street  
Bath, BA1 5BB 
United Kingdom
Registered in England and Wales No. 06838738
www.actual-experience.com  Stock code: ACT 74 www.actual-experience.com  Stock code: ACT
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NOTES RELATING TO ANNUAL GENERAL 
MEETING
ENTITLEMENT TO ATTEND AND VOTE
1. The right to vote at the meeting is determined by reference to the register of members. Only those shareholders 
registered in the register of members of the company as at 6.00pm on 2 March 2016 (or, if the meeting is adjourned, 
6.00pm on the date which is two working days before the date of the adjourned meeting) shall be entitled to attend and 
vote at the meeting in respect of the number of shares registered in their name at that time. Changes to entries in the 
register of members after that time shall be disregarded in determining the rights of any person to attend or vote (and 
the number of votes they may cast) at the meeting.
PROXIES
2. A shareholder is entitled to appoint another person as his or her proxy to exercise all or any of his or her rights to attend 
and to speak and vote at the meeting. A proxy need not be a shareholder of the Company.
A shareholder may appoint more than one proxy in relation to the meeting, provided that each proxy is appointed to 
exercise the rights attached to a different share or shares held by that shareholder. Failure to specify the number of 
shares each proxy appointment relates to or specifying a number which when taken together with the numbers of 
shares set out in the other proxy appointments is in excess of the number of shares held by the shareholder may result 
in the proxy appointment being invalid.
A proxy may only be appointed in accordance with the procedures set out in notes 3 and 4 below and the notes to the 
proxy form.
The appointment of a proxy will not preclude a shareholder from attending and voting in person at the meeting.
3. A form of proxy is enclosed. When appointing more than one proxy, complete a separate proxy form in relation to each 
appointment. Additional proxy forms may be obtained by contacting the Company’s Registrar by phone on 0871 664 
0300 (calls cost 12p per minute plus your phone company’s access charge. Calls outside the United Kingdom will be 
charged at the applicable international rate. Lines are open between 09.00 – 17.30, Monday to Friday including public 
holidays in England and Wales) or the proxy form may be photocopied. State clearly on each proxy form the number of 
shares in relation to which the proxy is appointed.
 To be valid, a proxy form must be received by post or (during normal business hours only) by hand at the offices of the 
Company’s Registrar, Capita Asset Services, The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU, no later 
than 11am on 2 March 2016 (or, if the meeting is adjourned, no later than 48 hours before the time of any adjourned 
meeting).
4. CREST members who wish to appoint a proxy or proxies for the meeting (or any adjournment of it) through the CREST 
electronic proxy appointment service may do so by using the procedures described in the CREST Manual. CREST 
personal members or other CREST sponsored members, and those CREST members who have appointed a voting 
service provider(s), should refer to their CREST sponsor or voting service provider(s), who will be able to take the 
appropriate action on their behalf.
 In order for a proxy appointment or instruction made using the CREST service to be valid, the appropriate CREST 
message (a ‘CREST Proxy Instruction’) must be properly authenticated in accordance with Euroclear UK & Ireland 
Limited’s specifications and must contain the information required for such instructions, as described in the CREST 
Manual. The message, regardless of whether it constitutes the appointment of a proxy or is an amendment to the 
instruction given to a previously appointed proxy, must, in order to be valid, be transmitted so as to be received by 
Capita Asset Services (ID RA10) no later than 11am on 2 March 2016 (or, if the meeting is adjourned, no later than 
48 hours before the time of any adjourned meeting). For this purpose, the time of receipt will be taken to be the time 
(as determined by the timestamp applied to the message by the CREST Applications Host) from which Capita Asset 
Services is able to retrieve the message by enquiry to CREST in the manner prescribed by CREST. After this time, any 
change of instructions to proxies appointed through CREST should be communicated to the appointee through other 
means.
75 Actual Experience Annual Report and Accounts for the year ended 30 September 2015
SHAREHOLDER
INFORMATION
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 CREST members and, where applicable, their CREST sponsors or voting service providers should note that Euroclear 
UK & Ireland Limited does not make available special procedures in CREST for any particular messages. Normal system 
timings and limitations will therefore apply in relation to the input of CREST Proxy Instructions. It is the responsibility of 
the CREST member concerned to take (or, if the CREST member is a CREST personal member or sponsored member 
or has appointed a voting service provider(s), to procure that his or her CREST sponsor or voting service provider(s) 
take(s)) such action as shall be necessary to ensure that a message is transmitted by means of the CREST system 
by any particular time. In this connection, CREST members and, where applicable, their CREST sponsors or voting 
service providers are referred, in particular, to those sections of the CREST Manual concerning practical limitations of the 
CREST system and timings.
 The Company may treat a CREST Proxy Instruction as invalid in the circumstances set out in Regulation 35(5)(a) of the 
Uncertificated Securities Regulations 2001.
CORPORATE REPRESENTATIVES
5. A shareholder which is a corporation may authorise one or more persons to act as its representative(s) at the meeting. 
Each such representative may exercise (on behalf of the corporation) the same powers as the corporation could exercise 
if it were an individual shareholder, provided that (where there is more than one representative and the vote is otherwise 
than on a show of hands) they do not do so in relation to the same shares.
DOCUMENTS AVAILABLE FOR INSPECTION
6. The following documents will be available for inspection during normal business hours at the registered office of the 
Company from the date of this Notice until the time of the meeting. They will also be available for inspection at the place 
of the meeting from at least 15 minutes before the meeting until it ends.
a.  Copies of the service contracts of the Executive Directors. 
b.  Copies of the letters of appointment of the Non-executive Directors.
BIOGRAPHICAL DETAILS OF DIRECTORS
7. Biographical details of all those Directors who are offering themselves for reappointment at the meeting are set out on 
pages 28 and 29 of the enclosed Annual Report and Accounts.
www.actual-experience.com  Stock code: ACT 76 www.actual-experience.com  Stock code: ACT
NOTES RELATING TO ANNUAL GENERAL 
MEETING CONTINUED
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Actual Experience The Tramshed, Beehive Yard,  
Walcot Street, Bath BA1 5BB United Kingdom
+44 1225 731340  |  www.actual-experience.com
ACTUAL EXPERIENCE 2015 ANNUAL REPORT
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