PROSPER SOCIAL FINANCE CIC

Company limited by guarantee

Company Registration Number:
SC588686 (Scotland)

Unaudited statutory accounts for the year ended 28 February 2023

Period of accounts

Start date: 1 March 2022

End date: 28 February 2023

PROSPER SOCIAL FINANCE CIC

Contents of the Financial Statements

for the Period Ended 28 February 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

PROSPER SOCIAL FINANCE CIC

Directors' report period ended 28 February 2023

The directors present their report with the financial statements of the company for the period ended 28 February 2023

Directors

The directors shown below have held office during the whole of the period from
1 March 2022 to 28 February 2023

Matthew Hales
Harvey Graham
Aaron Jiminez


The directors shown below have held office during the period of
1 March 2022 to 19 May 2022

Irem Sara
Charlie Hamish Gordon Denton


The directors shown below have held office during the period of
19 May 2022 to 28 February 2023

Grace Gubbay
Kyle Valentine


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
27 November 2023

And signed on behalf of the board by:
Name: Grace Gubbay
Status: Director

PROSPER SOCIAL FINANCE CIC

Profit And Loss Account

for the Period Ended 28 February 2023

2023 2022


£

£
Turnover: 1,713 1,057
Gross profit(or loss): 1,713 1,057
Administrative expenses: ( 1,067 ) ( 948 )
Other operating income: 0 0
Operating profit(or loss): 646 109
Interest receivable and similar income: 0 0
Interest payable and similar charges: 0 0
Profit(or loss) before tax: 646 109
Tax: ( 122 ) ( 21 )
Profit(or loss) for the financial year: 524 88

PROSPER SOCIAL FINANCE CIC

Balance sheet

As at 28 February 2023

Notes 2023 2022


£

£
Fixed assets
Investments: 3 53,174 48,455
Total fixed assets: 53,174 48,455
Current assets
Cash at bank and in hand: 7,518 1,890
Total current assets: 7,518 1,890
Prepayments and accrued income: 0
Creditors: amounts falling due within one year: 4 ( 122 ) ( 21 )
Net current assets (liabilities): 7,396 1,869
Total assets less current liabilities: 60,570 50,324
Creditors: amounts falling due after more than one year: 5 ( 50,000 ) ( 40,000 )
Total net assets (liabilities): 10,570 10,324
Members' funds
Profit and loss account: 10,570 10,324
Total members' funds: 10,570 10,324

The notes form part of these financial statements

PROSPER SOCIAL FINANCE CIC

Balance sheet statements

For the year ending 28 February 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 27 November 2023
and signed on behalf of the board by:

Name: Grace Gubbay
Status: Director

The notes form part of these financial statements

PROSPER SOCIAL FINANCE CIC

Notes to the Financial Statements

for the Period Ended 28 February 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

PROSPER SOCIAL FINANCE CIC

Notes to the Financial Statements

for the Period Ended 28 February 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 0 0

    All volunteers 10 Management Team24 Analysts16 Senior Analysts

PROSPER SOCIAL FINANCE CIC

Notes to the Financial Statements

for the Period Ended 28 February 2023

3. Fixed assets investments note

Investment Valuation at 28 February 2022, £48,455.24Additions, £5,466.13Fair Value Adjustments, (£280.49)Value at 28th February 2023, £53,174.75

PROSPER SOCIAL FINANCE CIC

Notes to the Financial Statements

for the Period Ended 28 February 2023

4. Creditors: amounts falling due within one year note

2023 2022
£ £
Taxation and social security 122 21
Total 122 21

PROSPER SOCIAL FINANCE CIC

Notes to the Financial Statements

for the Period Ended 28 February 2023

5. Creditors: amounts falling due after more than one year note

2023 2022
£ £
Bank loans and overdrafts 0 0
Amounts due under finance leases and hire purchase contracts 50,000 40,000
Other creditors 0 0
Total 50,000 40,000

A £50,000 loan was taken out from the University of Edinburgh and paid in £10,000 pound instalments from 2017-2022. This is owed to the University of Edinburgh in 2034.

COMMUNITY INTEREST ANNUAL REPORT

PROSPER SOCIAL FINANCE CIC

Company Number: SC588686 (Scotland)

Year Ending: 28 February 2023

Company activities and impact

We continued our operations in providing training to students on the basics of socially responsible investing. In the year ending 22/02/22, we trained 48 students with a significant number of them continuing their involvement in the operations of our company. We continue to increase our outreach to a wide range of students from different degree backgrounds. As Prosper, we made sure to respond to the global matters that shaped 2023. We established Women in Prosper, an event that allows women to feel included in a traditionally male dominated field. We continued to run our Senior Analyst program which focuses on generating positive social impact in the Edinburgh community and providing financial literacy programs for different groups, including to students. Alongside, we worked on a pathway for the long-term strategy of our company to solidify how our proceeds will be redirected to the community when we reach our 5-year horizon. We implemented our first “Impact Grant” with Invisible Cities - a social enterprise that trains people who have experienced homelessness to become walking tour guides of their own city” - giving a £500 pound grant biannually alongside volunteering and raising awareness of their work within Prosper. We continue to stay closely involved with the “Good Stuff Network”, a hub for social enterprises who operate in Edinburgh and delivered a talk at one of their events. As outlined by our strategy, we expanded and diversified our investment portfolio by adding new holdings in the best sustainable publicly listed equities following the stock pitches delivered by the students we trained. We have divested from companies that we believe deviated from their sustainability and social impact promises after discussions within our management team.

Consultation with stakeholders

The company’s main stakeholder continues to be the University of Edinburgh. We reported our activities, achievements and goals to them through a publicly available annual report which was shared on our website after the tax year in May 2023. We met regularly with the University of Edinburgh and held discussions on how to strengthen our activities focused on generating social impact in the greater community. The University of Edinburgh kindly offered us feedback on our activities, and guided us on how to mitigate the operational challenges caused by the continued impacts of the pandemic and high interest rates.

Directors' remuneration

No remuneration was received

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
27 November 2023

And signed on behalf of the board by:
Name: Grace Gubbay
Status: Director