PROSPER FROME CIC

Company limited by guarantee

Company Registration Number:
15084108 (England and Wales)

Unaudited statutory accounts for the year ended 31 August 2024

Period of accounts

Start date: 21 August 2023

End date: 31 August 2024

PROSPER FROME CIC

Contents of the Financial Statements

for the Period Ended 31 August 2024

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

PROSPER FROME CIC

Directors' report period ended 31 August 2024

The directors present their report with the financial statements of the company for the period ended 31 August 2024

Directors

The directors shown below have held office during the whole of the period from
21 August 2023 to 31 August 2024

Dr J G Boulton
Dr S J Evans


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
16 May 2025

And signed on behalf of the board by:
Name: Dr J G Boulton
Status: Director

PROSPER FROME CIC

Profit And Loss Account

for the Period Ended 31 August 2024

2024


£
Turnover: 1,415
Gross profit(or loss): 1,415
Administrative expenses: ( 1,383 )
Operating profit(or loss): 32
Profit(or loss) before tax: 32
Tax: ( 11 )
Profit(or loss) for the financial year: 21

PROSPER FROME CIC

Balance sheet

As at 31 August 2024

Notes 2024


£
Current assets
Cash at bank and in hand: 515
Total current assets: 515
Creditors: amounts falling due within one year: 3 ( 494 )
Net current assets (liabilities): 21
Total assets less current liabilities: 21
Total net assets (liabilities): 21
Members' funds
Profit and loss account: 21
Total members' funds: 21

The notes form part of these financial statements

PROSPER FROME CIC

Balance sheet statements

For the year ending 31 August 2024 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 16 May 2025
and signed on behalf of the board by:

Name: Dr J G Boulton
Status: Director

The notes form part of these financial statements

PROSPER FROME CIC

Notes to the Financial Statements

for the Period Ended 31 August 2024

  • 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

    Turnover policy

    Turnover represents grants and donations received during the year.

    Other accounting policies

    - Taxation - The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. - Financial instruments - The community interest company holds the following basic financial instruments: - short term debtors and creditors - cash and bank balances. A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. They are derecognised when, in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party or, in the case of liabilities, when the company's obligations are discharges, expire or are cancelled. Such instruments are initially measured at transaction price and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. - Limited by guarantee - The company is limited by guarantee and has no share capital. Every member of the company has undertaken to contribute to the assets of the company, in the event of a winding up, such an amount that may be required not exceeding £1.

PROSPER FROME CIC

Notes to the Financial Statements

for the Period Ended 31 August 2024

  • 2. Employees

    2024
    Average number of employees during the period 2

PROSPER FROME CIC

Notes to the Financial Statements

for the Period Ended 31 August 2024

3. Creditors: amounts falling due within one year note

2024
£
Taxation and social security 11
Other creditors 483
Total 494

COMMUNITY INTEREST ANNUAL REPORT

PROSPER FROME CIC

Company Number: 15084108 (England and Wales)

Year Ending: 31 August 2024

Company activities and impact

During the financial year August 2023 to August 2024, Prosper Frome CIC focused on addressing financial exclusion and promoting access to essential banking services in Frome and the surrounding area. The company played a key role in galvanising community efforts to secure improved cash access and banking services following the closure of several high street banks in the town. A central strand of activity was the successful establishment and weekly running of the Money Matters Cafe, a welcoming drop-in space offering free, confidential money advice and support from trusted local organisations. This initiative has supported individuals in financial distress and connected them with services such as debt advice, budgeting support, and community-based cost-of-living initiatives. Prosper Frome hosted public meetings and community conversations to raise awareness, gather input, and build collective momentum around Frome’s case for a Banking Hub. This included engagement with residents, local councillors, and regional stakeholders. The organisation also led advocacy efforts and submitted several formal applications for a Banking Hub to national authorities, including Cash Access UK. Following the announcement of a temporary Banking Hub for Frome, Prosper Frome has worked closely with the Post Office and Cash Access UK to help shape local implementation. This included facilitating information sessions by Cash Access, engaging the public, and keeping the community informed about timelines and developments through its website and public communications.

Consultation with stakeholders

Prosper Frome CIC engaged a wide range of stakeholders affected by financial exclusion and the changing banking landscape in Frome. Key stakeholders include local residents (particularly older people, small business owners, and those who are digitally excluded), Frome Town Council, local advice and support organisations, community groups, the Post Office, and national bodies such as Cash Access UK. Consultation with stakeholders has taken place through public meetings, surveys, conversations at the weekly Money Matters Cafe, and ongoing liaison with town and unitary councillors. Prosper Frome has also maintained active communications via its website, newsletter and social media to invite feedback and keep the public informed. In response to stakeholder feedback, Prosper Frome: - Advocated for a physical Banking Hub that prioritises accessible, face-to-face services. - Highlighted the need for continuity of access during the transition period as both the Banks closed and Postal services were stretched. - Worked to ensure that local voices were represented in discussions with Cash Access UK and the Post Office. - Strengthened collaboration with advice partners to better meet the community’s financial support needs. These actions reflect Prosper Frome’s commitment to community-led decision-making and ensuring that local solutions are informed by those most affected.

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
1 September 2024

And signed on behalf of the board by:
Name: Dr Samantha Evans
Status: Director