Mortgage on Joseph Banks Estate

As of the 22-23 financial year, there is a mortgage over the land and buildings of Joseph Banks Estate (Aged Care Facility and Retirement Village). The mortgage is held by Retirement Village Developments Pty Ltd as security for a loan made to Retirees WA.

RVD appears to have only been formally registered in Nov 2021 and its registered Directors are Graeme Wovodich (ex-Auditor of RWA) and Matthew Lee Mansfield. It appears to be a shell company with no tangible operations.

It is indicated in the 22-23 Financial Report that the loan “transaction was utilised fully for the expansion of building assets of Retirees[sic]”.  In other words, the mortgage on Joseph Banks Estate has been undertaken to generate funds for the Lighthouse Estate development in Geraldton.

The source of this loan originates with the RWA Funeral Fund, as the monies were first issued as a loan from the Funeral Fund to Over 55 Lifestyle Villages Pty Ltd in 2005. The $4.8M balance of that loan was transferred to RVD by the end of the 19-20 financial year.

In June 2021, Margaret Thomas was appointed as a Director of Over 55 Lifestyle Villages Pty Ltd. The other Director of Over 55’s is Frank Pinner (Ms. Thomas’ husband). This may go some way to explaining why the Funeral Fund loan had been transferred from Over 55’s to RVD, as Ms. Thomas’ appointment would have established a clear Conflict of Interest.

Relevant information can be found in the RWA Annual Financial Reports, predominantly under:

• “Note 8: Other Financial Assets” itemised as “Investments in Unlisted Corporations at Cost”,
• “Note 21: Related Party Disclosure”