Latest News
29/10/08
Annual Report:
IOR Group has today announced a pleasing profit result of $6.4 million, despite significant corporate restructuring and business rationalisation costs during financial year 07-08
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About The IOR Group
The IOR Group philosophy is to encourage healthy lifestyles and to support the community by providing a range of services, products and care, which contribute to a long and fulfilling life. As one of the oldest societies in Australia, IOR has been providing a tradition of care since 1841.
IOR has a strong sense of community values which we integrate into
all our services including our funeral bond products, retirement
villages and aged care facilities.
History - IOR Friendly Societies
The Independent Order or Rechabites (IOR) was founded in 1835 at Salford in Lancashire, England. The IOR Friendly Society moved to Australia in the 1840s initially based in Tasmania. The Tasmanian Tent was established as a Branch of the Tasmanian District (i.e., governing Tents in a particular area). Districts were given their Charter to operate by the United Kingdom registered parent Friendly Society. This Tent applied to the UK Society for recognition as a District, and became the First District in Australia in 1846.
The District in Tasmania (which has since closed) was then empowered to establish other Tents, which it did in Tasmania and Victoria and a group of Victorian Tents in turn applied to UK for their own status as a District in 1861. South Australia, New South Wales, Queensland and Western Australia subsequently had Tents established.
At about this time, the establishment of State based Friendly Societies legislation allowed the various Districts to be registered as Friendly Societies in their own right within their own states. Affiliation with the UK has been maintained on a fraternal basis at varying levels, but the Australian Districts all became Friendly Societies registered as independent financial entities.
Following a national amalgamation, IOR Friendly Society continues to engage in a diverse range of commercial and fraternal activities all of which have a strong membership focus and are designed to deliver financial and social benefits to members.
Modern Day Operations
Today IOR operates in a very different environment to that of the previous century. Whilst its services have been greatly extended, the basic principles of mutuality and self-help, on which IOR was founded, are just as evident.
Services have developed in a range of areas, including Retirement Villages, a Nursing Home, Investment Opportunities, Funeral Benefits, Social Activities through the Fraternal membership, Temperance Education, Scholarships and a new business opportunity in pharmacies.
IOR Friendly Society (as the parent company) owned and operated two subsidiary businesses - IOR Australia, a national health fund and IOR Community Care, a national aged care business.
In 1991, IOR Victoria completed its program of combining with IOR Societies in the other States to form a National Health Fund registered under the National Health Act. As part of this launch as a national Health Fund, members were no longer required to sign a pledge of abstinence from alcohol.
In 2002, the IOR Health Fund was sold and the strategic business
direction was changed to focus on IOR Friendly Society and IOR
Community Care.
In 2005, the strategic decision to move into pharmacy business was
taken and Rechabite Community Villages Friendly Society (RCV) engaged
in a shareholder arrangement with Community Pharmacy Friendly Society
Limited, Friendly Pharmacy (Vic) Limited and North-West Dispensaries
Friendly Society Limited to purchase and operate pharmacies.
To coincide with this change in business direction, RCV formally
changed its name to IOR Pharmacies Limited to clearly reflect the
business direction of the company.
These changes in direction should see IOR continue to achieve ongoing
success well into the future.
In June 2007, the members of IOR Friendly Society Limited voted overwhelmingly in favour of the proposal to demutualise as set out in the letter from the Chairman and the Explanatory Memorandum of May 2007. The demutualisation process has subsequently received Court approval and an implementation date of 1 August 2007 has been enacted.
Following the decision to demutualise, IOR Group Limited has been established and is now the head company. Accordingly, IOR Group Limited will commence the process to list on the Australian Securities Exchange (ASX) within the two year deadline as set out in the Explanatory Memorandum.
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