How a LETS Group Works
A LETS group is a network of mutual support in which exchanges result in "credits" which can be spent elsewhere in the group and "debits" representing a commitment to balance the account at a later date. Events are organised to encourage members to meet up, there is a Directory system to display "Offers" and "Wants", and when an exchange occurs, an amount is transferred from one member's account to the other (minus any fees). There are central accounts for various functions, eg the Administration Account receives fees from members to fund the work of co-ordinating the group, the Community Chest records work done by members on community projects, and there may also be a Charitable Fund. Transactions are credited in the payee account/s and debited in the paying account, so about half the accounts are positive and half negative at any one time, but the overall system always balances to zero. Some groups wish the value of members' time to be considered equal so they simply record Hours. Others recognise that the value of a person's time may vary according to their level of skill - or what the trade is worth to the individuals concerned at that particular time, so they use a named Currency often equivalent to sterling. Yet others see their activities as a series of Favours beween friends and don't record any value. A group can function in all three modes in parallel, but if they assign a standard rate per hour when members want to trade "equal", the currency can used to purchase goods in a transparent way.

RELEASE OF LIABILITY
A LETS group is a coordinating agency only. The organisers may refer people who state that they are able to perform requested services but cannot guarantee the performance of anyone who is referred, nor will they be held responsible for any injury to person or damage to property experienced while involved with the program.Members agree to hold LETS organisers harmless from any and all claims or liabilities for any work performed by LETS members.

Rules of This LETS Group
This LETS is an individual commitment system based on a transaction unit of one hour of labour (nominally called a "Stoke") which does NOT have a monetary equivalent. Thus a babysitter's hour is identical to the solicitor's hour. All Members may interact via this LETS with other Members to carry out ad hoc time-based commitment transactions which are not classified as Trading. Should the Timebank amass a surplus of hours, these hours may at the discretion of the Management Committee and the Members carrying out the tasks, be volunteered into the local community to complete outstanding or propose new projects.

Any sterling-based trading occurs strictly between individuals and is NOT recorded within this LETS.
• This LETS does not accept responsibility for the liability and obligations of Traders, Employees or Benefit Recipients who must liaise with and satisfy the appropriate authorities.
• Each new Member is allocated a Stoke one hour credit unit to acquire services and goods, thereafter that Member will provide services and goods to build up their own credit.
• Members are individually responsible for quality and legality of supplied /consumed goods and services.
• Any person legally designated as a Minor, Vulnerable or Disadvantaged is eligible for membership upon written permission supplied by that person’s Parent, Guardian, Minder or Support Group AND the Management Committee’s acceptable Risk Assessment of the level of Community Support that person will require within this LETS