for the Period Ended 18 July 2025
| 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 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
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
| 11 months to 18 July 2025 | 2024 | |
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£ |
£ |
| Turnover: |
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| Gross profit(or loss): |
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| Administrative expenses: |
(
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(
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| Operating profit(or loss): |
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| Profit(or loss) before tax: |
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| Tax: |
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| Profit(or loss) for the financial year: |
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As at
| Notes | 11 months to 18 July 2025 | 2024 | |
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£ |
£ |
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| Current assets | |||
| Cash at bank and in hand: |
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| Total current assets: |
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| Creditors: amounts falling due within one year: | 3 |
(
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(
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| Net current assets (liabilities): |
( |
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| Total assets less current liabilities: |
( |
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| Total net assets (liabilities): |
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| Members' funds | |||
| Profit and loss account: |
( |
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| Total members' funds: |
( |
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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 18 July 2025
Basis of measurement and preparation
Turnover policy
Other accounting policies
for the Period Ended 18 July 2025
| 11 months to 18 July 2025 | 2024 | |
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| Average number of employees during the period |
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for the Period Ended 18 July 2025
| 11 months to 18 July 2025 | 2024 | |
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| £ | £ | |
| Taxation and social security |
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| Other creditors |
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| Total |
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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.
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.
No remuneration was received
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