In order to gain support from the various funding bodies, community projects have to prove that they are having an impact on their community but, what does having impact mean? Does impact have to be measured in monetary terms or can it be measured in other non-tangible ways.
Talking to Oxygen a local charity, one of their initiatives was knife crime prevention. The potential impact is cost savings to emergency services, NHS and the courts. All of these are potential and difficult to measure exactly.
Kingston Pound has the potential to have an economic impact and one that is measurable. For example we know that the value of transactions is more than the money converted. The problem is that in the early years this is too small to have had an impact.
What we are doing is getting people to think about what Money is and how we might influence it. For example we are encouraging more social interactions at point of sale and we have made strong links within the community and Linked Money with environmental concerns such as plastic use and other environmental issues. Kingston Pound is therefore more than just a method of payment.
As we grow over the years we will start to have more impact as we become ingrained in the community.