• October 18, 2024

Akademos Financial Report 2023-24 Released

Organisation Overview

Akademos Society is a registered Australian charity organisation. We provide financial assistance to students facing economic and social disadvantage. We currently run four programs: Akademos Scholarship; Kids Off The Streets (KOTS); Akademos Study Grant (ASG) and Akademos Plus+. 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

Financial year (FY) 2023-24 was a year of substantial growth for Akademos as we signed a new agreement to extend and expand the Kids Off The Streets program in Afghanistan and launched Akademos Plus — a new program designed to support Akademos scholars to better prepare for University admission tests. We also continued to support existing and new college and university students through Akademos Scholarship and Akademos Study Grant programs to continue and complete their courses.

In FY 2023-24, Akademos received $22,490 in revenue and expended $25,112, resulting in a operating deficit of $2,622 for the year (2022–23: $27,362 surplus). The deficit is largely attributable to substantial increase in program expenditure caused by expansion of existing and launch of new programs. The decrease in revenue for the year also added to this deficit. While Akademos generally expected the revenues to decrease and return to its normal levels this year after a temporary high of last year, the result is still lower than our forecast.

In FY 2023-24, our revenue decreased by 50% from last year — this was driven by a substantial decrease in one-off donations (70%) and donations received through community and corporate sponsorship (51%). There was also a decrease in donations received from regular donors (19%) from last year. The overall decrease in revenue is potentially due to the increase in cost of living for many people which made it difficult for not-for-profit organisations such as Akademos to raise donations, and it consequently had an adverse impact on our overall revenue. Moreover, Akademos did not hold a fundraising event during the year which usually brings in more one-off donations to the organisation. At the same time, Akademos expenditure increased by 44% from last year — largely driven by 188% increase in KOTS expenditure, 41% increase in ASG expenditure and launch of Akademos Plus. 92% of the expenses in 2023-24 were direct financial assistance provided to students in Akademos Scholarship program which increased from 30 last year to 33 students; Akademos Study Grant which added three new recipients during the year – taking the total number of grant recipients for the year to nine; Kids Off The Streets which supported 37 students; and Akademos Plus which supported eight students. A detailed breakdown of all revenues and expenses is provided in the Notes to the Financial Report section of the full report.

Read the full report by downloading it from here (Download).

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