PROSPER FROME CIC

Company limited by guarantee

Company Registration Number:
15084108 (England and Wales)

Unaudited statutory accounts for the year ended 18 July 2025

Period of accounts

Start date: 1 September 2024

End date: 18 July 2025

PROSPER FROME CIC

Contents of the Financial Statements

for the Period Ended 18 July 2025

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

PROSPER FROME CIC

Directors' report period ended 18 July 2025

The directors present their report with the financial statements of the company for the period ended 18 July 2025

Directors

The directors shown below have held office during the whole of the period from
1 September 2024 to 18 July 2025

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
23 July 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 18 July 2025

11 months to 18 July 2025 2024


£

£
Turnover: 1,415
Gross profit(or loss): 1,415
Administrative expenses: ( 132 ) ( 1,383 )
Operating profit(or loss): (132) 32
Profit(or loss) before tax: (132) 32
Tax: 11 ( 11 )
Profit(or loss) for the financial year: (121) 21

PROSPER FROME CIC

Balance sheet

As at 18 July 2025

Notes 11 months to 18 July 2025 2024


£

£
Current assets
Cash at bank and in hand: 0 515
Total current assets: 0 515
Creditors: amounts falling due within one year: 3 ( 100 ) ( 494 )
Net current assets (liabilities): (100) 21
Total assets less current liabilities: (100) 21
Total net assets (liabilities): (100) 21
Members' funds
Profit and loss account: (100) 21
Total members' funds: ( 100) 21

The notes form part of these financial statements

PROSPER FROME CIC

Balance sheet statements

For the year ending 18 July 2025 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 23 July 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 18 July 2025

  • 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 discharged, 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 18 July 2025

  • 2. Employees

    11 months to 18 July 2025 2024
    Average number of employees during the period 2 2

PROSPER FROME CIC

Notes to the Financial Statements

for the Period Ended 18 July 2025

3. Creditors: amounts falling due within one year note

11 months to 18 July 2025 2024
£ £
Taxation and social security 11
Other creditors 100 483
Total 100 494

COMMUNITY INTEREST ANNUAL REPORT

PROSPER FROME CIC

Company Number: 15084108 (England and Wales)

Year Ending: 18 July 2025

Company activities and impact

During the financial period to 18 July 2025, Prosper Frome CIC concentrated its efforts on advocating for a community-oriented approach to the development of a Banking Hub in Frome. As a grassroots initiative, Prosper Frome sought to ensure that the design and delivery of banking services in the town would reflect the needs and aspirations of local residents and small businesses, particularly in an environment of widespread branch closures and reduced access to face-to-face financial support. The organisation worked proactively to engage with Cash Access UK, proposing a model for the Banking Hub that would go beyond basic transactional services to include complementary community financial initiatives. This vision included co-locating services such as financial literacy support, debt advice, credit union access, and digital banking help - essentially creating a one-stop hub for financial inclusion and resilience. In Spring 2024, a temporary Banking Hub opened at Frome Library, providing basic counter services and rotating bank representatives from several major banks. While this marked a significant step forward, there was little appetite from national partners to develop the more integrated, collaborative model proposed by Prosper Frome. Despite extensive local engagement and effort, there was no meaningful dialogue established with Cash Access UK to co-design a hub that would maximise community benefit. Given that the permanent Banking Hub is now scheduled to open in October 2025, and with the core advocacy aim of Prosper Frome achieved, the directors have made the decision to cease operations. Although the organisation will formally close, it has made a lasting impact - galvanising local support, elevating the conversation around equitable banking access, and playing a central role in securing the Banking Hub for Frome.

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. 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
19 July 2025

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