Organisation Overview
Akademos Society is a registered Australian charity organisation. We provide financial assistance to students facing economic and social disadvantage. We currently run three programs: Akademos Scholarship; Kids Off The Streets (KOTS) and Akademos Study Grant (ASG). At Akademos, we are committed to our core principles of transparency and accountability. In practice, this means that we keep our donors, supporters and members of the wider community informed about our operations and significant financial matters on a regular basis; that we are open to audit requests from our supporters; and that we are fully accountable for our decisions.
Financial Summary
Following a difficult 2021-22, Akademos has resumed its programs in Afghanistan with a new partnership with Rahnward-e-noor High School (RHS) in Ghor province, to support 20 school students through our Kids Off The Streets program. More students are expected to be added in the program in the coming years. Elsewhere, Akademos continued supporting college and university students through Akademos Scholarship and Akademos Study Grant programs. Akademos also held its first public event on 21 January 2023 to celebrate 10 years of empowering students through education at Bunjil Place in Melbourne. The event was attended by Akademos supporters and members of the community, and raised a net total of $7,547 from artwork auction and sponsorships.
In financial year (FY) 2022-23, Akademos received $44,855 in revenue and expended $17,493, resulting in a surplus of $27,362 for the year (2021–22: $12,485). This is Akademos’ highest revenue in a single year which was largely driven by one-off and temporary boosts such as funds raised at the 10 Year Anniversary event and Facebook fundraisers created for Akademos. The revenue is expected to be lower in the coming years. The increase in expenditure is largely attributable to resumption of KOTS program, increase in number of students supported in Akademos Scholarship, offset by a decrease in the Akademos Study Grant program expenditure.
In FY 2022-23, our revenue increased by 61% from last year — this was driven by a substantial increase in donations received from community and corporate sponsorship (289%) largely comprising of funds raised through our 10 Year Anniversary event. There was also an increase in donations received from one-off (56%) and regular (16%) donors. The increase in the number of one-off donations is largely due to people raising funds for Akademos on Facebook and our annual fundraising campaign. 97% of the expenses in 2022-23 were direct financial assistance provided to students in Akademos Scholarship program which increased from 25 last year to 30 students; Akademos Study Grant which added three new recipients during the year, taking the total number of grant recipients for the year to seven; and Kids Off The Streets which supported 24 students. A detailed breakdown of all revenues and expenses is provided in the Notes to the Financial Report section of the full report.
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