Overview

Worcester

Community Currency Accounting Services

9 The Hopmarket, Worcester WR1 1DL tel: (44) 01905 27899

Leading the Way in Community Currency Development

Overview

....7 years hands on experience in all aspects of LETS

and Community Currencies....

In 1993, we established Wrekin LETS as the first 'Registry' LETSystem® in the UK, facilitating multi-LETS. The same year saw us initiating LETS-Connect, the information and support network for the global LETS community. LETS-Connect, assisted/advised many individuals, groups and organisations, on setting up ethical and sustainable community projects, including self build, organic food projects, appropriate technology, financial planning and organisational structure, to Local money networks, based on co-operative empowerment of the individual.

Our involvement and experience in LETSystem® development over seven years, suggests to us, that unless UK advocates of LETS start to invite more mainstream local business participation, the whole LETS movement in the UK will remain on the fringe of the community. The existing Lets schemes continuing to be looked upon as, interesting and slightly wacky, social favours clubs, rather than a practical and direct solution to the problem of cash scarcity, that the LETSystem® was originally designed to be.

In February 1999 the opportunity to implement a 'Community Way' presented itself via Worcester City Council together with a small budget from the SERI project.

We enthusiastically encourage wider take up of Community Way in the UK.

There are two distinct and separate organisations involved in our CC initiative here in Worcester.

1. Worcester Community Currency Development Services

The team that organises the accounts base, from which to implement the Community Way, and all aspects of CC development for the Worcester Money Network. It is our aim to make this organisation self-sustaining as soon as is practically possible, after accepting initial pump prime funding through SERI, (see below).

We intend to do this through the Community Way, by trading with willing organisations/individuals who may from time to time choose to invest in Worcester as cash converters, by exchanging funds.

In the long term we intend to further our sustainability by offering our CC development services, particularly in the field of accredited training.

2. Worcester Community Currency Accounting Services

Offer to keep multiple accounts for anyone wishing to use Community Currencies, on the Worcester Money Network. The people who do this work are paid in our primary currency, the Worcester Pound.

To date Worcester Money Network includes access to Community Way, and to the original Worcester Lets scheme, whose currency is the 'Chequer'. All administration costs, are paid for at cost of service, so ensuring the CCAS is viable and sustainable.

Update

The Community Way initiative here in Worcester has the support of SERI (Social Economic Regeneration Initiative) the joint Worcester Regeneration Partnership. This partnership includes Worcester City Council, Worcestershire County Council, Worcestershire Health Authority, Chamber of Commerce, West Mercia Police, Probation Service, Employment Service and the Volunteer Bureau.

Funding from SERI has secured the premises for Worcester CCAS at 9 The Hopmarket for 12 months, with a small budget for publicity and promotions.

We are being paid in community currency through the community way initiative. We anticipate formally setting up the WCCDS as a registered workers co-op later in 2000.

CCAS administration costs are separate from development and are covered from account service charges applied on a cost of service basis.

The CCAS has been open for business since September 1999, we now have 24 businesses on board and we currently represent 20 local good causes.

So far 20,000 cw£'s have been created and donated, and the good causes are now exchanging these vouchers for cash with the public.

Our efforts have produced written materials and literature, which we intend to make available for others to use, should they find them useful. We shall endeavour to list and reproduce all of these materials on this site.

Further funding for Community Currency Development is being raised through the community way program.

The Worcester Money Network (multi-LETS)

We shall continue to promote Community Way in Worcester for at least the next 6 months. Meanwhile we are also going ahead and promoting the Worcester Money Network, our primary LETSystem, in which the primary currency is the Worcester Pound.

You can use the online Worcester Exchange to Place your Offers & Wants

We are promoting WMN now to ensure we make the most of the enthusiastic interest and participation that our CC initiative is currently enjoying.

At present we have three currencies available, the Worcester pound, the CW£ and the Chequer, this is the original Lets scheme currency for Worcester. We anticipate many more trading networks being declared.

Raison d'être

We are of the opinion that the LETSystem® is a powerful social/economic tool just coming into it's time, and that the potential social and economic benefits go far beyond those which have generally been achieved so far.

At Worcester Community Currency Development Services we are dedicated to realising as much of the potential of the LETSystem® as we possibly can, for the benefit of all people regardless of class, religion, creed, colour, gender, or financial status.

'The people will decide, but first they must know they have a choice'

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