for the Period Ended 31 August 2024
| Directors report | |
| Profit and loss | |
| Balance sheet | |
| Additional notes | |
| Balance sheet notes | |
| Community Interest Report |
Directors' report period ended
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
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
And signed on behalf of the board by:
Name:
Status: Director
for the Period Ended
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As at
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| Creditors: amounts falling due within one year: | 3 |
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The notes form part of these financial statements
This report was approved by the board of directors on
and signed on behalf of the board by:
Name:
Status: Director
The notes form part of these financial statements
for the Period Ended 31 August 2024
Basis of measurement and preparation
Turnover policy
Other accounting policies
for the Period Ended 31 August 2024
| 2024 | ||
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| Average number of employees during the period |
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for the Period Ended 31 August 2024
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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.
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.
No remuneration was received
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