THE St Giles Women’s Guild met on Tuesday, January 18, for their monthly meeting. The meeting began with a brief discussion about the charity to support this year and members decided on the North Devon Hospice.

Hospices are very short of funds since the coronavirus pandemic began so this will be a very worthwhile cause.

Following this the Guild had a talk by Ian Finn, a chartered financial advisor, who gave an insight into the global economy which is now growing, inflation (currently 7% in the USA) and how the stock market works and performs. The UK stock market is one of the worst performing in Europe with Germany the best. In the world economy the South East Asian market is now cheaper than China so a lot of companies have switched to them to supply their goods.

Ian went on to discuss pensions and taxation. The number of people over 100 has risen from 300 in 1951 to over 9,000 in 2012 and is projected to increase by more than three times by 2032. The cost of care currently is between £40,000 and £50,000 per year and this will increase along with inflation and other rising costs. However those with an income of less that £23,000 a year should have free care. The total amount that could be needed is huge. A point to watch for pensioners who have more than one source of pension are that the Inland Revenue is giving the full annual tax free allowance of £12,500.

The subject of wills was also touched on. This is another complex area that needs to be dealt with very carefully to ensure the wishes of the deceased are observed. Money can be put into a trust fund to protect vulnerable beneficiaries and this should be written into the Will. Bequests to charities and gifting can be used to reduce the amount of inheritance tax should any be due. Ian then answered questions put by Guild members.

Thanks were expressed to Ian for his clear and simple talk about these very complex subjects.

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The St Giles Women’s Guild recently held its New Year lunch at Holsworthy Golf Club.

They had a wonderful carvery and delicious desserts. The chef and all the staff were very kind and helpful.

After the lunch they held a raffle to start the fundraising for our chosen charity for this year, which is North Devon Hospice. They raised £25, a brilliant start. Fundraising will continue with a bring and buy sale in April and their summer fete in June.

A few other notices were given out about the next meeting. Members then all went home after having a lovely social and successful lunch.