A LOCAL trading system is at risk of ending if more people don’t come forward to help the group.

SW Dorset Local Exchange Trading System (LETS) has been successfully trading skills, goods and services between its members using ‘NETS’ instead of cash for almost 25 years, but it urgently needs new people to keep it going.

The Bridport-based group, one of an international movement of LETS, was set up in the early 90s and, over time, nearly 500 members have passed through their books.

The system works as a network of people offering different services – such as gardening, childcare, DIY, transport, tuition and cooking - who are paid in NETS and can then use those NETS to pay for other services supplied by members.

Anne Rickard, a long-time core member in Bridport and co-founder of Dorchester’s group, said: “When people join, they are given a current directory of members’ offers, a contact list and state what they would like to offer to the group.

“They can then contact other members, ‘buying’ from one and ‘earning’ from another.

“For instance, they might get some gardening done and pay in NETS. The gardener can then spend their NETS on whatever they need, at any time that suits.

“All the transactions are recorded by the relevant core member.

“The beauty of it all is that it is ok to be in debt. It is not like the normal monetary system where we cannot spend before we earn – in fact, if all members were in credit, the system couldn’t work at all.

“People worry that some may take advantage, but as the currency can’t be invested and as it can only be spent locally and only within the group, that doesn’t happen and, as it is a notional currency, no one ever loses out.

“In fact, the best place for an account to be is at zero. Nothing owed, nothing hoarded.

“The question of tax often crops up. Simply, the tax office is only interested if a member earns NETS for work they normally do for a living and therefore would pay tax on it. It’s all perfectly legal.

“In the present climate, this is probably one of the most useful groups we could have in the community, where people who may be short of time and/or cash can be helped and enjoy helping others.

“Sad though it may be, we won’t be able to continue without people coming forward to take over some admin tasks.

“Currently we need a Sterling treasurer, for Sterling expenses, directory editor and trading and membership secretary. All core posts are paid in NETS.”

SW Dorset LETS will be at the community fair on Saturday, February 2 in the town hall from 9am to 2pm.

There will be a sample directory to browse, information leaflets and an opportunity to ask questions.

For more information, contact Anne Rickard at busychicks@phonecoop.coop