I don't do warm and fuzzy. It's not in my genetic make up.
It probably comes from having Margaret Thatcher for a mum, and Ebenezer Scrooge for a dad. (I am assuming, of course, that the parents who brought me up actually adopted me, with the whole thing being a secret due to the scandal it would have caused.)
-- Edited by VinceH on Thursday 4th of October 2012 03:55:47 PM
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Vince M Hudd - Soft Rock Software
(I only came here looking for fellow apiarists...)
I am just curious to see what everyone here thinks about inter-city currency, i.e where we have the Bristol Pound. I am findingit difficult to see the real value, as in my book-keeping role it's a bit of a nightmare really. It basically means having a new currency, new bank acount, new accounting procedure which also required staff training. For me and the business owner, it can be a little bit of a pain.
I just thought I would see what everyone else thinks.
It's a stinking pile of poo. I won't touch the Bristol Squid, and (hopefully!) nor will any of my mob. They're all (well, mostly, anyway) far too intelligent to waste time on what is really just a gimmick.
(Yes, in case you haven't already noticed, I'm Bristol based)
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Vince M Hudd - Soft Rock Software
(I only came here looking for fellow apiarists...)
Phew, that makes me feel a little better. Whilst out with friends a couple of weeks ago, along with a few glasses of something yummy, I may have jumped up on that hight horse of mine. But I am now very glad I'm not the only one with issues about it.
Part of me thinks that it is a good thing to help 'local' economy, but most of me can't understand what was wrong with the original idea of 'trading'.
Part of me thinks that it is a good thing to help 'local' economy, but most of me can't understand what was wrong with the original idea of 'trading'.
Zigackly.
I'm all for helping the local economy - but that should actually be done by encouraging the idea of keeping it local, so to speak, and for local businesses to make it worthwhile for people to give them their business. An initiative that creates more work creates more costs, and that's not helping the local economy at all.
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Vince M Hudd - Soft Rock Software
(I only came here looking for fellow apiarists...)
its worthless monopoly money given value only by those willing to accept it.
Who is underwriting the Bristol pound? Is there a place that you can go to exchange it into real money rather than the equivalent of DFS vouchers?
The answers as to how to treat it will all be buried in the wording of IAS18 or under UK GAAP FRS5 application note G.
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Ah but the difference is that it became a value in its own right rather than a value representing something else. Namely a pound of gold voucher.
There is a fair value for which sterling can be exchanged against (say) the Euro or the dollar meaning that it has an identifiable value without reference to a commodity.
I think that the Bristol pound may only prove of value to someone short of paper for a papier mache model putting it a poor second to the free papers.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Shaun, there is a bank which you can hold a 'Bristol Pound Bank Account' at, however, if you would like to exchange your BP into sterling... you will be charged 3%.
I didn't know there was a bank doing that. I assumed it was just going to be paper based - ie Monopoly money, as Shaun said.
Where I said above about it not helping the local economy, there was a little ranty second paragraph that I deleted in the end before clicking submit. I pretty much said that the only help it'll bring to the "local economy" is helping line the pockets of those administering it.
And that 3% charge for 'exchanging' it into real money pretty much says it all. Either it's to profit off the back of the Bristol Squid, and the fact that sometimes it will be necessary to change the Monopoly money into real money - or it's to discourage people from changing it, in which case my "Local shop for local people" comment suddenly seems more apposite than I intended.
Bah humbug.
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Vince M Hudd - Soft Rock Software
(I only came here looking for fellow apiarists...)
I'm not sure how the charge of 3% is any different from the charge to change sterling to euro for example. The only thing i cant get my head round is if these shops are still accepting sterling what the plus points are for the consumer to use the Bristol pound, unless there is a discount for it on goods.
Okay, fair point on the 3% - I'm in a grumpy mood and as soon as I saw it mentioned in Ali's post, I remembered my deleted rant and sort of resurrected it. :)
There are no plus points for the consumer or anyone else, except the warm fuzzy feeling that they might get from the belief that the by using the Squid they are helping the local economy.
I certainly can't see anyone offering a discount. Personally, if anyone wants to pay me in Bristol Squids, they can pay me an extra 10% to cover the cost of converting it into real money. (The 3% plus a bit for my time and effort).
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Vince M Hudd - Soft Rock Software
(I only came here looking for fellow apiarists...)
Give it a week before there are more fordged squids in circulation than real ones meaning that everyone refuses to accept them.
On a slightly linked note did you know that stamps at face value are legal tender.
Funny story.
years ago I was in a queue for a bus and the clever so and so at the front was trying to pay for her ticket in stamps.
The driver of course wasn't haveing any of it at which time the person next in the queue started argueing on the girls side, perhaps just in order to get us all on the bus.
Eventually the driver gave in and accepted the stamps.
When the other guy gave over his money for his ticket he got his change in those self same stamps.... Hey, maybe I should use that one if my boys ever asks me for a definition of irony.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
When the other guy gave over his money for his ticket he got his change in those self same stamps.... Hey, maybe I should use that one if my boys ever asks me for a definition of irony.
Okay, that made me laugh. But am now atrting to cry... being reminded that one of my clients have started to give the BP as changed (when requested/authorised of course)... make my weekly cash reconciliation much more fun
Turns out the ex-Mayor of Bristol is a CA and is standing again for the office, so hope he's done all his sums. There's an Independent standing who's offered to have all his salary paid in the monopoly money.
Would the independent also be a member of the Monster Raving Looney party by any chance?
how long do you think it will be before we start seeing jobs ads in Bristol stating "Payment in Sterling".
Wonder how many of the shopkeepers being plied with Bristol pounds wont even accept Scottish one's and that at least is real money... On that one, never mind people not accepting the money. I've even had that from an English Tesco self service till that it wouldn't accept my Scottish money but pop back to Scotland the following week and theirs accepted the same note without issue. (Never had a problem with Scottish machines not accepting English money).
I really need to work on my cynicism as it seems to be going into overdrive at the moment.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Would the independent also be a member of the Monster Raving Looney party by any chance?
how long do you think it will be before we start seeing jobs ads in Bristol stating "Payment in Sterling".
Wonder how many of the shopkeepers being plied with Bristol pounds wont even accept Scottish one's and that at least is real money... On that one, never mind people not accepting the money. I've even had that from an English Tesco self service till that it wouldn't accept my Scottish money but pop back to Scotland the following week and theirs accepted the same note without issue. (Never had a problem with Scottish machines not accepting English money).
I really need to work on my cynicism as it seems to be going into overdrive at the moment.
Legal tender has a very narrow and technical meaning in the settlement of debts. It means that a debtor cannot successfully be sued for non-payment if he pays into court in legal tender. It does not mean that any ordinary transaction has to take place in legal tender or only within the amount denominated by the legislation. Both parties are free to agree to accept any form of payment whether legal tender or otherwise according to their wishes. In order to comply with the very strict rules governing an actual legal tender it is necessary, for example, actually to offer the exact amount due because no change can be demanded.
The amounts for legal tender are stated below.
BANK OF ENGLAND NOTES:
In England and Wales the £5, £10, £20 and £50 notes are legal tender for payment of any amount. However, they are not legal tender in Scotland and Northern Ireland.
COINS:
Coins are legal tender throughout the United Kingdom for the following amount:
£5 (Crown) - for any amount
£2 - for any amount
£1 - for any amount
50p - for any amount not exceeding £10
25p (Crown) - for any amount not exceeding £10
20p - for any amount not exceeding £10
10p - for any amount not exceeding £5
5p - for any amount not exceeding £5
2p - for any amount not exceeding 20p
1p - for any amount not exceeding 20p
Extracted from the Bank of England website.
two interesting points, the first is that if you offer an amount in legal tender to pay for something, and you offer more than being asked, there is no legal reason to give change. The second is, has any one seen a 25p coin (crown)? Remember them in old money but cant say i've seen any decimal versions
Okay, that made me laugh. But am now atrting to cry... being reminded that one of my clients have started to give the BP as changed (when requested/authorised of course)... make my weekly cash reconciliation much more fun 
