Asanko Gold Inc.

ACADEMIES AUSTRALASIA GROUP LIMITED 
ANNUAL REPORT 2024 
     ACN 000 003 725 

- 1 - 
 
ACADEMIES AUSTRALASIA GROUP LIMITED 
ANNUAL REPORT 2024 
 
CONTENTS 
 
 
 
Page 
 
 
Report of the Chairman and the Group Managing Director and CEO 
2 
Directors’ Report 
4 
 Information on the Directors and Company Secretaries 
8 
 Information on Senior Company Executives 
10 
 Remuneration Report - Audited 
10 
    Corporate Governance Statement 
12 
Auditor’s Independence Declaration 
13 
Consolidated Financial Statements 
 
    Statement of Comprehensive Income 
14 
    Statement of Financial Position 
15 
    Statement of Changes in Equity 
16 
    Statement of Cash Flows 
17 
    Notes 
18 
Directors’ Declaration 
49 
Independent Auditor’s Report 
50 
Additional Information for a Company listed on the ASX 
54 
Corporate Information 
56 
Glossary  
57 
 
 
 
 

- 2 - 
 
REPORT OF THE CHAIRMAN AND THE GROUP MANAGING DIRECTOR AND CEO 
 
 
 
 
 
 
 
 
 
Dear Shareholder  
                                               
 
Our Preliminary Final Report for FY24 released on 20 August 2024 said that the international education 
sector was in turmoil that year, especially after the 11 December 2023 announcement of a new Australian 
migration strategy containing policies that could discourage international students from studying in 
Australia and make operating in Australia more onerous for education providers. The turmoil continues. 
The long-awaited information about caps for HE and VET students released on 27 August 2024 met 
widespread criticism. The caps (on commencements) are subject to the relevant legislation being passed 
by Parliament and Royal Assent. Only the caps for HE providers have been indicated. HE providers have 
been invited to raise issues they may have about the data underpinning the indicative cap that would apply 
to them, with the Federal Department of Education by Monday 2 September 2024. AAPoly will be making 
a submission. It is not fair and reasonable to be given a cap for calendar 2025 which is substantially smaller 
than the total number of students who have already received student visas to commence studying in 2025. 
Compared to commencements in calendar 2024 (actual plus expected) the indicative cap is only one sixth 
in size.  
 
Most of our business will not be impacted by the caps. About 31% of our FY24 revenue of $46.83 million 
came from international students studying HE or VET courses at our colleges in Australia. This business, 
will be affected by caps from 1 January 2025. The remaining 69% from our colleges in Australia teaching 
domestic students who do not require a student visa, our English Language colleges and High School in 
Australia, and AAC in Singapore will not be subject to the caps. We are also already devoting more 
resources to these operations - including considering diverting international students to AAC rather than 
have them risk a now expensive visa application fee, a long visa processing time, and unfounded visa 
refusals. 
 
Compared to PCP, FY24’s revenue of $46.83 million was only a tiny increase. Loss before tax after 
adjustments for non-cash impairments/provisions totalling $6.13 million and $2.35 million for the costs of 
the new premises at Goulburn Street (before required renovations are commenced and completed and the 
9B certification is issued), brought the adjusted loss before tax to $2.61 million (PCP loss $0.29 million).  
 
A significant expense item in FY24 was the $25.28 million for student acquisition and teaching costs which 
was $2.09 million or 9% more than in PCP. This is because of the higher commissions to agents in a very 
difficult market as well as the higher teaching costs arising from the expansion of AAPoly’s higher 
education operations to Perth. 
 
In FY24, refunds mainly because of visa rejections dropped 58% from $10.6 million in PCP to $4.4 million.  
 
In FY24, AAPoly received TEQSA’s approval to offer the Bachelor of Business (Analytics), Bachelor of 
Information Technology and the Master of Information Technology taking its degree offerings to seven. 
AAC offers two Honours degrees on behalf of University of Derby in the United Kingdom and is in the 
process of applying to offer another two Honours degrees. 
 
We would like to record our thanks to all directors who participated in the $5 million in loans to the 
Company.  
 
 
 
 
 

- 3 - 
 
 
 
 
 
 
On behalf of the Board, we would like to thank all shareholders, students, clients, partners, associates and 
other stakeholders for their loyalty, contribution, and support. We are particularly grateful to all our 
colleagues who press on each day, notwithstanding the difficulties and frustrations. We thank you all. 
 
 
 
 
 
 
                    
 
 
 
Dr John Lewis Schlederer 
 
 
Christopher Elmore Campbell  
Chairman 
 
 
 
 
Group Managing Director and CEO 
 
30 August 2024 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

- 4 - 
 
DIRECTORS’ REPORT 
 
 
 
Your Directors present their report on the Group for FY24. 
 
DIRECTORS 
 
The names of Directors in office at any time during, or since the end of, the financial year are: 
 
Dr John Lewis Schlederer 
 
Christopher Elmore Campbell 
 
Chiang Meng Heng 
 
Gabriela Del Carmen Rodriguez Naranjo 
 
Sartaj Hans 
 
 
All Directors have been in office from the start of the financial year to the date of this report.  
 
Details on the Directors and Company Secretaries are set out on pages 8 and 9. 
 
PRINCIPAL ACTIVITY 
 
The principal activity of the Group during the financial year was the provision of training and education services.  
 
 
CONSOLIDATED RESULT 
 
The consolidated loss before tax for the Group for FY24 was $11,009,000 (FY23: loss $3,366,000). The 
consolidated loss for the Group, after providing for income tax, amounted to $9,653,000 (FY23: loss 
$2,606,000).  
 
 
REVIEW OF OPERATIONS 
 
Revenue from services decreased to $46,371,000 from $46,509,000. Revenue from ordinary activities was up 
0.15% to $46,831,000 
 
Adjustments to profit 
 
a) At the Half Year, there was a provision for impairment of $650,000 against the non-recourse loans of 
$2,000,000 that secure the 5,000,000 shares issued at 40 cents each under the employee incentive plan. That 
provision has been increased to $1,150,000 because the share price as at 30 June 2024 was 17 cents compared 
to the 27 cents as at 31 December 2023.  This provision will be adjusted according to the share price as at 30 
June and 31 December while the loans are in place. 
b) In anticipation that there would be public funding to subsidise training in nursing and that non-public training 
organisations would not qualify for that subsidy, our college delivering a nursing qualification taught out 
existing students and withdrew its application to renew the qualification. It was considered imprudent to try to 
compete against public funded operators – especially because the course is expensive to run, it was very difficult 
to get appropriately qualified nursing professionals as trainers as well as to secure placements for students to 
get practical experience at hospitals (without which students cannot graduate). All this against a background 
where government policies about international students continue to be unclear, and the minimum English 
language requirement for enrolment in a Diploma in Nursing was increased to IELTS 7.0 or equivalent. Giving 
up the nursing qualification, which was the main business of the college, required an impairment of $4,408,000 
against the goodwill component of the cost of the acquisition of the college in November 2014, and a provision 
for impairment of $575,000 against right of use assets which relates to the lease on college premises. 

- 5 - 
 
 
 
 
c) In FY24 the lease at the Goulburn Street premises had an impact of $2,353,000 (FY23 $2,700,000) made up 
of depreciation and amortisation, finance costs and other costs. Outstanding issues in respect to the 9B 
application have been addressed and 9B approval is expected after renovations are commenced and completed. 
 
 
Loss before tax after adjustments for a, b and c 
 
 
FY24 
 $000 
FY23  
$000 
 
 
 
Loss from ordinary activities before tax           
(11,009) 
(3,366) 
 
 
 
Add back impairments / provisions 
 
 
- goodwill    
4,408 
- 
- right of use assets 
575 
- 
- loans secured for the issue of shares in the employee incentive plan   
1,150 
- 
 
 
 
Add back Goulburn Street 
 
 
- depreciation and amortisation          
1,568 
1,568 
- finance costs 
771 
820 
- other costs (outgoings, facilities etc) 
14 
312 
 
 
 
Add back write down of leasehold improvements  
- 
425 
 
 
 
Deduct Government/State assistance and rental rebates 
(91) 
(45) 
 
 
 
Adjusted Loss before tax 
(2,614) 
(286) 
 
 
Earnings before interest, tax, depreciation and amortisation (EBITDA)* after adjustments for a and b. 
 
                                                                                                                             
 
   FY24 
$000s  
      FY23 
$000s  
 
 
 
 
 
EBITDA 
(2,496) 
6,020 
 
 
 
 
 
Add back impairments / provisions 
 
 
 
- goodwill    
4,408 
- 
 
- right of use assets 
575 
- 
 
- loans secured for the issue of shares in the employee incentive plan   
1,150 
- 
 
 
 
 
 
Government/State assistance and rental rebates 
(91) 
(45) 
 
 
 
 
 
EBITDA after adjustments 
3,546 
5,975 
 
 
[Note: ‘EBITDA’ is not a term prescribed by the Australian Accounting Standards (‘AAS’).] 
 
 
 
 
 
 

- 6 -
ACQUISTION OF REMAINING INTEREST IN LLI 
On 28 March 2024, AKG6 Investment Holdings Pty Limited, a wholly owned subsidiary of AKG, acquired the 
remaining 25% of LLI for a consideration of $96,000. The first instalment ($32,000) was paid on 28 March 
2024, the second instalment ($32,000) was paid on 15 July 2024. The final instalment ($32,000) is due on 30 
September 2024. The Group now owns 100%. 
DIRECTORS’ LOANS 
On 17 April 2024, four directors extended a total of $1.0 million as unsecured loans to AKG: Dr John Schlederer 
- $200,000; Chiang Meng Heng - $700,000; Gabriela Rodriguez - $50,000; and Sartaj Hans - $50,000. On 29
June 2024, Chiang Meng Heng extended an unsecured loan of $4.0 million.
The material features of each of the above loans are: 
-
The interest rate applicable to each loan is 9% per annum calculated on a simple interest basis.
-
Interest on each loan is paid quarterly.
-
The principal must be paid within 12 months of the advance date.
-
The loans are unsecured.
-
The loan agreements contain warranty and covenant clauses standard for agreements of this nature.
-
The loan agreements do not include any right to convert the loans to AKG shares.
REFUNDS 
While visa rejections in FY24 continued to be high, they were significantly lower than visa rejections in 
FY23. Refunds paid to students in FY24, mainly because of visa rejections, were $6.2 million (FY23 $10.6 
million). In FY19 (pre-COVID) refunds because of visa rejections were $3.9 million. 
NEW DEGREE COURSES 
In FY24 AAPoly, our higher education provider, received approval from TEQSA to offer the Bachelor of 
Business (Analytics), the Master of Information Technology (MIT) and the Bachelor of Information 
Technology (BIT). 
AAPOLY NOW IN WESTERN AUSTRALIA 
In FY24 TEQSA also approved AAPoly’s delivery of its degree courses at Level 1, 120 Roe Street, 
Northbridge, WA. The MIT, which AAPoly commenced offering in FY24, was very well received. 
DIVIDENDS 
There were no dividends paid or declared during the year. 
SIGNIFICANT CHANGES IN STATE OF AFFAIRS 
There were no significant changes in the Company’s state of affairs during the financial year. 

- 7 - 
 
EVENTS AFTER THE REPORTING DATE 
 
The Federal Government this week released some details on their intention to impose caps on commencements 
in respect to international students studying HE and VET courses in Australia from 1 January 2025. Based on 
FY24 revenue figures, 69% of the Group’s business will not be impacted by the proposed caps.  
 
There were no other matters or circumstances that have arisen since the end of the financial year which 
significantly affected or may significantly affect the operations of the Group, the results of those operations, or 
the state of affairs of the Group in subsequent financial years. 
 
 
FUTURE DEVELOPMENTS, PROSPECTS AND BUSINESS STRATEGIES 
 
Please refer to the Report of the Chairman and the Group Managing Director and CEO (Page 2 and 3).  
 
 
ENVIRONMENTAL ISSUES 
 
The Group’s operations are not subject to any significant environmental legislation. 
 
 
INDEMNIFICATION AND INSURANCE OF OFFICERS 
 
The Company’s constitution provides an indemnity to officers of the Company. The Company is required to 
pay all costs, losses and expenses that an officer may incur by reason of any contract entered into or act or thing 
done by them in the discharge of their duties except where they act dishonestly. 
 
The Company has paid an insurance premium amounting to $55,000 for a directors and officers liability 
insurance policy covering the directors’ and officers’ liabilities as officers of the Company. 
 
OPTIONS 
 
There are no other options over unissued share capital.  
 
ROUNDING OF AMOUNTS 
 
The Director’s report is presented in Australian Dollars and rounded to the nearest thousand dollars in 
accordance with Instrument 2016/191. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

- 8 - 
 
INFORMATION ON DIRECTORS AND COMPANY SECRETARIES 
 
 
 
 
 
Dr John Lewis Schlederer 
 
Non-executive Director, appointed 21 August 2009. Chairman since 1 
January 2014. 
Qualifications 
B.Sc. (Hons), Grad. Diploma, PhD. 
Experience 
More than 22 years teaching experience at University of New South 
Wales and TAFE NSW and many years in business. 
Interest in Shares 
15,046,403 shares (11.35 %) 
Special Responsibilities 
Chairman of the Board. Chairman of the Remuneration Committee. 
Member of the Audit and Risk Committee.  
Directorships held in other listed 
entities 
None 
 
 
 
 
 
Christopher Elmore Campbell 
Group Managing Director and Chief Executive Officer, appointed 1 
July 1996. 
Qualifications 
B.Soc.Sci. (Hons), FFin, FAICD, FCG (CS, CGP), FGIA. 
Experience 
Experience in mergers and acquisitions and more than 22 years’ 
experience in managing educational institutions.  Previous positions 
include senior appointments with the Monetary Authority of Singapore 
and an international bank in Australia. Member of the Advisory 
Council of Asia Society Australia (‘ASA’) since November 2020 after 
8 years on the Board of ASA. 
Interest in Shares 
20,703,875 shares (15.61 %) 
Special Responsibilities 
Member of the Remuneration Committee. 
Directorships held in other listed 
entities 
None. 
 
 
 
 
 
Chiang Meng Heng 
Non-executive Director, appointed 15 February 2000.  
Qualifications 
BBA (Hons). 
Experience 
Previous positions include Treasurer, Citibank NA, Singapore and 
Hong Kong; Adviser & Head, Banking Supervision, Monetary 
Authority of Singapore; EVP, Overseas Union Bank Ltd including 
secondments as Executive Director, International Bank of Singapore 
Ltd and President, Asia Commercial Bank Ltd; Managing Director, 
First Capital Corporation Ltd; Executive Director, Far East 
Organization and Group Managing Director, Lim Kah Ngam Ltd. 
Member of Singapore Parliament for 4 terms from 1985 to 2001. 
Interest in Shares 
51,185,961 shares (38.60%) 
Special Responsibilities 
Member of the Audit and Risk Committee and Remuneration 
Committee.  
Directorships held in other listed 
entities 
None.   
 
 
 
 
 
 
 
 
 

- 9 - 
 
Gabriela Del Carmen 
Rodriguez Naranjo 
Deputy Group Managing Director and Group Chief Operating Officer. 
Appointed Executive Director, 21 October 2013. 
Alternate Director, 10 May 2011 to 31 December 2013, (Alternate to 
Neville Thomas Cleary (Retired 31 December 2013)). Appointed 
Chief Operating Officer on 15 August 2017 and Deputy Group 
Managing Director on 1 January 2019. 
Qualifications 
B. Comp.Sci, B.Sci. Sys. Eng. 
Experience 
Joined the Group in April 2001. More than 22 years’ experience 
managing 
educational 
institutions, 
including 
experience 
in 
acquisitions, 
marketing, 
regulatory 
compliance, 
curriculum 
development and lecturing. 
Director, IHEA since 17 May 2017. Deputy Chair of IHEA from 29 
May 2019 to 27 April 2023. 
Interest in Shares 
2,600,000 shares (1.96 %) 
Special Responsibilities 
Group Chief Operating Officer from 15 August 2017. Joint Company 
Secretary from 14 September 2016. 
Directorships held in other listed 
entities 
None 
 
 
 
 
 
Sartaj Hans 
Independent, Non-executive Director, appointed 19 October 2016. 
Qualifications 
B.E. Honours (Electronics) 
Experience 
Experience in information technology and superannuation at BT 
Financial Group, the wealth management arm of Westpac. Played a 
pivotal role in the development of Goulburn Health Hub, a medical 
facilities project in Goulburn. Many years experience in managing 
investments and financial affairs in private family companies. 
Interest in Shares 
863,929 shares (0.65%) 
Special Responsibilities 
Chairman of the Audit and Risk Committee (Appointed 19 October 
2016). 
Directorships held in other listed 
entities 
None 
 
 
 COMPANY SECRETARIES 
 
Stephanie Noble 
Appointed 27 November 2006  
Qualifications 
BA (Hons) Accounting, FCCA (UK), CPA (Australia). 
Experience 
More than 16 years as Company Secretary of Academies 
Australasia Group Limited.  
Other Responsibilities 
Group Finance Manager. 
 
 
 
 
Gabriela Del Carmen 
Rodriguez Naranjo 
Appointed 14 September 2016 
See Information on Directors. 
 
 
 
 
 
 
 
 
 
 
 
 

- 10 - 
 
MEETINGS OF DIRECTORS 
 
Director 
Directors’ 
Meetings 
Audit and Risk 
Committee 
Remuneration 
Committee 
 
 
 
 
 
 
 
 
A 
B 
A 
B 
A 
B 
 
 
 
 
 
 
 
Dr John Lewis Schlederer 
3 
2 
2 
1 
2 
2 
Christopher Elmore Campbell 
3 
3 
2 
2 
2 
2 
Chiang Meng Heng 
3 
3 
2 
2 
2 
2 
Gabriela Del Carmen Rodriguez Naranjo 
3 
3 
2 
2 
- 
- 
Sartaj Hans  
3 
2 
2 
2 
- 
- 
 
A - Number of meetings held during the time the Director held office during the period    
B - Number of meetings attended 
 
INFORMATION ON SENIOR COMPANY EXECUTIVES 
 
 
Christopher Elmore Campbell 
Group Managing Director and Chief Executive Officer. 
 
See Information on Directors. 
 
 
Gabriela Del Carmen Rodriguez 
Naranjo 
Deputy Group Managing Director and Group Chief Operating 
Officer.  
See Information on Directors. 
 
REMUNERATION REPORT – AUDITED 
 
Remuneration Policies 
The Remuneration Committee reviews and makes recommendations to the Board on remuneration packages and 
policies applicable to the Group Managing Director and Chief Executive Officer, Senior Company Executives
and the Directors themselves.  This role also includes responsibility for share option schemes, performance
incentive packages, superannuation entitlements, retirement and termination entitlements, fringe benefit policies 
and professional indemnity and liability insurance policies. Remuneration levels are set to attract appropriately
qualified and experienced directors and senior company executives.  
During the year, the members of the Remuneration Committee were Dr John Lewis Schlederer, Chiang Meng
Heng and Christopher Elmore Campbell. 
All executives receive a fixed base salary, which is based on factors such as market factors and experience, and
superannuation (as required by law). Executives may sacrifice part of their salary towards superannuation.  
The Company’s Employee Incentive Plan has 5 million shares issued to eligible participants since adoption on 5 
October 2022. The shares issued were fully funded by loans provided by the Company. The shares issued under 
the Plan were recognised in Share Capital at the issue date. The loan amounts were recognised under the non-
current assets at amortised cost. Loans are interest free and unsecured.  The recourse under the loans is limited 
to the shares issued. The loans must be repaid on the earlier of either 3 years from the date of issue or 3 months 
from when the participant ceases to be an employee of the Group. The repayment amount is the outstanding 
amount at the repayment date.  
The participants are not permitted to sell, transfer or otherwise deal in the shares without the Company’s 
consent. The number of shares on issue to Gabriela Del Carmen Rodriguez Naranjo is 2,500,000 (value 
$1,000,000). 
The Company does not have an employee share option plan.  

- 11 - 
 
All remuneration paid to Directors and Executives is valued at the cost to the Company and expensed. 
Non-executive Directors’ remuneration comprises fixed fees.  The maximum aggregate amount of fees that can 
be paid to Non-executive Directors is subject to approval by shareholders at the Annual General Meeting. The
amount approved at the 2009 Annual General Meeting is $250,000 per annum. Fees for Non-executive Directors
are not linked to the performance of the Group. 
Directors and Senior Company Executives 
Details of the Directors and Senior Company Executives holding office at any time during the financial year are 
set out on pages 8 to 9. 
a. Remuneration 
 
FY24  Directors and Senior Company 
Executives  
Short-term employee benefits 
Post- employment 
benefits 
 
 
 
Cash, salary 
and 
commissions 
Bonus 
Non-
monetary 
benefits 
Superannuation 
 
   Total 
 
$000s 
$000s 
$000s 
$000s 
    $000s 
Dr John Lewis Schlederer  
69 
- 
- 
- 
69 
Christopher Elmore Campbell    
512 
- 
- 
28 
540 
Chiang Meng Heng 
44 
- 
- 
- 
44 
Gabriela Del Carmen Rodriguez Naranjo  
339 
- 
- 
27 
366 
Sartaj Hans  
50 
- 
- 
5 
55 
 
1,014 
- 
- 
60 
1,074 
 
 
FY23   Directors and Senior Company 
Executives  
Short-term employee benefits 
Post- employment 
benefits 
 
 
Cash, salary 
and 
commissions 
Bonus 
Non-
monetary 
benefits 
Superannuation 
 
  Total 
$000s 
$000s 
$000s 
$000s 
     $000s 
Dr John Lewis Schlederer  
62 
- 
- 
7 
69 
Christopher Elmore Campbell    
512 
- 
- 
28 
540 
Chiang Meng Heng 
44 
- 
- 
- 
44 
Gabriela Del Carmen Rodriguez Naranjo  
354 
- 
- 
28 
382 
Sartaj Hans  
50 
- 
- 
5 
55 
 
1,022 
- 
- 
68 
1,090 
 
None of the remuneration paid to any Director or Senior Company Executive is tied to any specific performance 
condition. 
 
b.  Options issued as part of remuneration for the year ended 30 June 2024 
No options were granted as part of remuneration. 
 
 
 
 
 

- 12 - 
 
c.  Employment contracts of Executives 
The employment conditions of all executives are formalised in written contracts of employment. Generally, the 
employment contracts stipulate a one-month notice period. Termination payments are generally not payable on 
resignation or dismissal for serious misconduct. In the instance of serious misconduct the company can terminate 
employment at any time. 
With respect to senior company executives, the expiry date of Christopher Elmore Campbell’s fixed term 
contract of employment has been extended to 31 December 2025. Gabriela Del Carmen Rodriguez Naranjo’s
fixed term contract has been extended to 31 December 2027. 
 
AUDITORS’ INDEPENDENCE DECLARATION 
 
The Auditor’s Independence Declaration for FY24 appears on page 13. It forms part of the Directors’ Report 
for the year ended FY24. 
 
NON-AUDIT SERVICES 
 
The Board of Directors, in accordance with advice from the Audit and Risk Committee, is satisfied that the 
provision of non-audit services by the external auditors, Pilot Partners, during the year is compatible with the 
general standard of independence of auditors imposed by the Corporations Act 2001. The Directors are satisfied 
that the services disclosed below did not compromise the external auditors’ independence for the following 
reasons: 
 
• 
All non-audit services are reviewed and approved by the Audit and Risk Committee. 
• 
The nature of services provided does not compromise the general principles relating to audit 
independence. 
 
The following fees were paid or payable for non-audit services to the external auditors during the year ended 
30 June 2024: 
 
• Taxation services 
$66,000 (FY23: $66,000) 
• Other services 
$4,000 (FY23: $4,000) 
 
CORPORATE GOVERNANCE STATEMENT 
 
The Company’s Corporate Governance Statement and its Key to Disclosures, Corporate Governance Council 
Principles and Recommendations (ASX Appendix 4G) are provided to ASX together with the Company’s 
Annual Report.  The Corporate Governance Statement is on the Company’s website: www.academies.edu.au 
 
Signed in accordance with a resolution of the Board of Directors pursuant to section 298 (2)(a) of the 
Corporations Act 2001. 
 
 
 
 
 
 
 
    
 
 
 
Dr John Lewis Schlederer 
 
 
 
Christopher Elmore Campbell 
Director 
 
 
 
 
 
Director 
 
30 August 2024 
 
 

ABN 60 063 687 769 |  Pilot is a registered trade mark licensed to Pilot Partners  |  Liability limited by a scheme approved under Professional Standards Legislation
Nexia International is a worldwide network of independent accounting and consulting firms.
PILOT PARTNERS
Chartered Accountants
Level 10, 1 Eagle Street 
Brisbane QLD 4000
PO Box 7095  
Brisbane QLD 4001
P +61 7 3023 1300
pilotpartners.com.au
AUDITOR'S INDEPENDENCE DECLARATION 
UNDER SECTION 307C OF THE CORPORATIONS ACT 2001 
ACADEMIES AUSTRALASIA GROUP LIMITED 
I declare that to the best of my knowledge and belief, during the year ended 30 June 
2024, there have been: 
i.
no contraventions of the auditor’s independence requirements as set out in the
Corporations Act 2001 in relation to the audit; and
ii.
no contraventions of any applicable code of professional conduct in relation to the
audit.
PILOT PARTNERS 
DANIEL GILL 
Chartered Accountants 
Partner 
Signed on 30 August 2024  
Level 10 
1 Eagle Street 
Brisbane Qld 4000 
-13-

ACADEMIES AUSTRALASIA GROUP LIMITED 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 
For the year ended 30 June 2024 
                                                                                                                                                     
 
 
 
 
  
 
 
 
- 14 - 
 
 
Note 
FY24 
FY23  
 
 
 
$000s  
$000s 
 
 
 
 
 
 
Revenue from services 
2 
46,371 
46,509 
 
Student acquisition and teaching costs 
3 
(25,280) 
(23,187) 
 
Gross profit 
 
21,091 
23,322 
 
 
 
 
 
 
Personnel expenses 
3 
(12,308) 
(12,506) 
 
Premises expenses 
3 
(2,834) 
(2,629) 
 
Other administration expenses 
3 
(2,541) 
(2,212) 
 
 
 
3,408 
5,975 
 
Other expenses – Impairments / provisions 
3 
(6,133) 
- 
 
 
 
(2,725) 
5,975 
 
Other income 
2 
229 
45 
 
 
 
 
 
 
Earnings before interest, depreciation and amortisation 
 
(2,496) 
6,020 
 
 
 
 
 
 
Depreciation and amortisation expenses 
3 
(6,711) 
(6,997) 
 
Loss on disposal of assets 
 
(13) 
(453) 
 
Finance costs 
3 
(2,020) 
(2,142) 
 
Interest income 
 
231 
206 
 
Loss before income tax  
 
(11,009) 
(3,366) 
 
 
 
 
 
 
Income tax expense  
4 
1,356 
760 
 
 
 
 
 
 
Loss for the year 
 
(9,653) 
(2,606) 
 
Other comprehensive income: 
 
 
 
 
Exchange differences on translating foreign controlled entities 
3 
10 
 
Other comprehensive income for the year, net of tax 
 
3 
10 
 
Total comprehensive income for the year 
 
(9,650) 
(2,596) 
 
 
 
 
 
 
(Loss) / profit attributable to: 
 
 
 
 
Owners of the parent entity 
 
(9,779) 
(2,758) 
 
Non-controlling interests 
 
126 
152 
 
 
 
(9,653) 
(2,606) 
 
Total comprehensive income attributable to: 
 
 
 
 
Owners of the parent entity 
 
(9,776) 
(2,748) 
 
Non-controlling interests 
 
126 
152 
 
 
 
(9,650) 
(2,596) 
 
 
 
 
 
 
Earnings per share (cents per share) 
 
 
 
 
Basic 
7 
(7.37) 
(2.12) 
 
Diluted 
7 
(7.37) 
(2.12) 
 
 
 
 
 
 
Dividends per share (cents) 
8 
- 
- 
 
 
The accompanying notes form part of these financial statements.

ACADEMIES AUSTRALASIA GROUP LIMITED 
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 
As at 30 June 2024                                                                                           
                       
 
 
 
              
 
 
 
               
- 15 - 
 
 
Note 
FY24 
               FY23  
 
 
 
$000s                      $000s 
 
 
Current Assets 
 
 
 
 
 
Cash and cash equivalents 
9 
5,832 
8,046 
 
Trade and other receivables 
10 
1,905 
1,839 
 
Other current assets 
11 
2,408 
3,666 
 
Total Current Assets 
 
10,145 
13,551 
 
 
Non-Current Assets 
 
 
 
 
 
Plant and equipment 
13 
2,337 
2,872 
 
Right of use assets 
14 
31,774 
32,652 
 
Deferred tax assets  
15 
6,647 
7,015 
 
Intangible assets 
16 
28,372 
32,802 
 
Other non-current assets 
20 
850 
2,000 
 
Security deposit 
9 
3,736 
2,500 
 
Total Non-Current Assets 
 
73,716 
79,841 
 
 
 
 
 
 
Total Assets 
 
83,861 
93,392 
 
 
Current Liabilities 
 
 
 
 
 
Tuition fees in advance (Deferred income) 
17 
10,666 
15,581 
 
Trade and other payables 
17 
5,036 
4,363 
 
Current tax liabilities  
4 
219 
270 
 
Borrowings 
25 
5,000 
- 
 
Lease liabilities 
18 
7,013 
5,973 
 
Provisions 
19 
3,712 
3,712 
 
Total Current Liabilities 
 
31,646 
29,899 
 
 
 
 
 
 
Non-Current Liabilities 
 
 
 
 
 
 
 
 
 
Lease liabilities 
18 
34,153 
35,726 
 
Provisions 
19 
400 
359 
 
Total Non-Current Liabilities 
 
34,553 
36,085 
 
 
 
 
 
 
Total Liabilities 
 
66,199 
65,984 
 
 
 
 
 
 
Net Assets 
 
17,662 
27,408 
 
 
 
 
 
 
Equity 
 
 
 
 
 
 
 
 
 
Share capital 
20 
44,066 
44,066 
 
Retained earnings 
 
(26,482) 
(17,292) 
 
Foreign currency translation reserve 
 
73 
70 
 
Non-controlling interests 
 
5 
564 
 
 
 
 
 
 
Total Equity 
 
17,662 
27,408 
 
 
 
 
 
 
 
 
The accompanying notes form part of these financial statements.

ACADEMIES AUSTRALASIA GROUP LIMITED   
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 
For the year ended 30 June 2024 
 
 
 
 
- 16 - 
 
 
Ordinary 
Shares 
Retained 
Earnings 
Reserves
Non -
Controlling 
Interests
Total
$000s 
$000s 
$000s
$000s
$000s
 
 
 
 
 
 
Balance at 1 July 2023 
44,066 
(17,292) 
70
564
27,408
Loss for the period 
- 
(9,779) 
-
126
(9,653)
Exchange differences on translating foreign 
operations 
 
- 
 
- 
3
-
3
Total comprehensive income for the year 
- 
(9,779) 
3
126
(9,650)
Acquisition of remaining 25% of LLI (Note 12) 
- 
589 
-
(685)
(96)
Balance at 30 June 2024 
44,066 
(26,482) 
73
5
17,662
 
 
 
 
 
 
Balance at 1 July 2022 
42,066 
(14,534) 
60
412
28,004
Loss for the period 
- 
(2,758) 
-
152
(2,606)
Exchange differences on translating foreign 
operations 
 
- 
 
- 
10
-
10
Total comprehensive income for the year 
- 
(2,758) 
10
152
(2,596)
Issue of shares (Note 20) 
2,000 
- 
-
-
2,000
Balance at 30 June 2023 
44,066 
(17,292) 
70
564
27,408
 
 
 
 
 
 
 
 
 
The accompanying notes form part of these financial statements.

ACADEMIES AUSTRALASIA GROUP LIMITED  
CONSOLIDATED STATEMENT OF CASH FLOWS 
 
 
 
For the year ended 30 June 2024                                                                                                                       
 
 
 
   
 
- 17 - 
 
 
Note 
             FY24 
                  FY23  
 
 
 
            $000s  
                 $000s 
 
Cash Flows from Operating Activities 
 
 
 
 
 
 
 
 
 
Receipts from customers 
 
42,908 
42,655 
 
Payments to suppliers and employees 
 
(42,371) 
(39,473) 
 
Interest received 
 
231 
206 
 
Interest paid 
 
(2,007) 
(2,125) 
 
Income taxes paid 
 
1,680 
(843) 
 
Net cash provided by (used in) operating activities 
23a 
441 
420 
 
 
 
 
 
 
Cash Flows from Investing Activities 
 
 
 
 
 
 
 
 
 
Purchase of intangible assets 
 
(117) 
(116) 
 
Purchase of plant & equipment 
 
(160) 
(329) 
 
Proceeds from sale of plant & equipment 
 
14 
- 
 
Net cash provided by (used in) investing activities 
 
(263) 
(445) 
 
 
 
 
 
 
Cash Flows from Financing Activities 
 
 
 
 
 
 
 
 
 
Directors’ loans 
 
5,000 
- 
 
Acquisition of remaining 25% of LLI 
 
(32) 
- 
 
Lease payments 
 
(6,124) 
(5,385) 
 
Net cash provided by (used in) financing activities 
 
(1,156) 
(5,385) 
 
 
 
 
 
 
 
 
 
 
 
Net increase in cash held 
 
(978) 
(5,410) 
 
Net cash at the beginning of the financial year 
 
10,546 
15,956 
 
 
Net cash at the end of the financial year 
 
 
 
 
9,568 
 
10,546 
 
 
 
 
 
 
 
 
 
 
 
Reconciliation of cash balance 
 
 
 
 
 
 
 
 
 
Cash at bank and on hand 
9 
5,832 
8,046 
 
Security deposit 
9, 23b 
3,736 
2,500 
 
 
 
9,568 
10,546 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes form part of these financial statements.

ACADEMIES AUSTRALASIA GROUP LIMITED 
NOTES TO THE FINANCIAL STATEMENTS 
For the year ended 30 June 2024 
- 18 - 
1.  STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES 
This financial report is a general purpose financial report that has been prepared in accordance with Australian 
Accounting Standards, Australian Accounting Interpretations, other authoritative pronouncements of the 
Australian Accounting Standards Board (AASB) and the Corporations Act 2001. 
The financial report includes the consolidated financial statements of Academies Australasia Group Limited
and controlled entities (the Group). Details of the parent entity can be found in Note 27.  
Academies Australasia Group Limited is a listed public company, incorporated and domiciled in Australia. 
The Group is a for profit entity for financial reporting purposes under Australian Accounting Standards which
set out accounting policies that the AASB has concluded would result in a financial report containing relevant 
and reliable information about transactions, events and conditions. Compliance with Australian Accounting 
Standards ensures that the financial statements and notes also comply with International Financial Reporting 
Standards. Material accounting policies adopted in the preparation of this financial report are presented below 
and have been consistently applied unless otherwise stated. 
The financial statements were authorised for adoption on 30 August 2024. 
New, revised or amending Accounting Standards and Interpretations 
The Group has adopted all of the new, revised or amending Accounting Standards and Interpretations issued 
by the AASB that are mandatory for the current reporting period.  
Bases of preparation 
The financial report has been prepared on the accruals basis and is based on historical costs, modified by the 
revaluation of certain non-current assets, financial assets and financial liabilities, for which the fair value basis 
of accounting has been applied. The financial report is presented in Australian Dollars and rounded to the 
nearest thousand dollars in accordance with Instrument 2016/191. 
Accounting Policies 
a. 
Basis of consolidation 
 
The consolidated financial statements incorporate all of the assets, liabilities and results of the parent 
(Academies Australasia Group Limited) and all its subsidiaries (including any structured entities). Subsidiaries 
are entities the parent controls. The parent controls an entity when it is exposed to, or has rights to, variable 
returns from its involvement with the entity and has the ability to affect those returns through its power over 
the entity. A list of the subsidiaries is provided in Note 12. 
The assets, liabilities and results of all subsidiaries are fully consolidated into the financial statements of the 
Group from the date on which control is obtained by the Group. The consolidation of a subsidiary is 
discontinued from the date that control ceases. Intercompany transactions, balances and unrealised gains or 
losses on transactions between Group entities are fully eliminated on consolidation. Accounting policies of 
subsidiaries have been changed and adjustments made where necessary to ensure uniformity of the accounting 
policies adopted by the Group. 

ACADEMIES AUSTRALASIA GROUP LIMITED 
NOTES TO THE FINANCIAL STATEMENTS 
For the year ended 30 June 2024 
- 19 - 
1.  STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued) 
Equity interests in a subsidiary not attributable, directly or indirectly, to the Group are presented as “non-
controlling interests”. The Group initially recognises non-controlling interests that are present ownership 
interests in subsidiaries and are entitled to a proportionate share of the subsidiary’s net assets on liquidation at 
either fair value or at the non-controlling interests’ proportionate share of the subsidiary’s net assets. 
Subsequent to initial recognition, non-controlling interests are attributed their share of profit or loss and each 
component of other comprehensive income. Non-controlling interests are shown separately within the equity 
section of the statement of financial position and statement of comprehensive income. 
b. 
Business combinations  
Business combinations occur where an acquirer obtains control over one or more businesses.  
A business combination is accounted for by applying the acquisiton method, unless it is a combination 
involving entities or businesses under common control. The business combination is accounted for from the 
date that control is attained, whereby the fair value of the identifiable assets acquired and liabilities (including 
contingent liabilities) assumed is recognised (subject to certain limited exemptions). 
When measuring the consideration transferred in the business combination, any asset or liability resulting from 
a contingent consideration arrangement is also included. Subsequent to initial recognition, contingent 
consideration classified as equity is not remeasured and its subsequent settlement is accounted for within 
equity. Contingent consideration classified as an asset or liability is remeasured each reporting period to fair 
value, recognising any change to fair value in profit or loss, unless the change in value can be identified as 
existing at acquisition date.   
All transaction costs incurred in relation to the business combination are expensed to the statement of 
comprehensive income.   
The acquisition of a business may result in the recognition of goodwill or a gain from a bargain purchase.  
c. 
Cash and cash equivalents 
Cash and cash equivalents include cash on hand, deposits held at call with banks, other short-term highly liquid
investments with original maturities of one month or less, and bank overdrafts. Bank overdrafts are shown 
within short-term borrowings in current liabilities on the balance sheet. 
d. 
Trade and other receivables (including contract assets) 
Trade and other receivables include amounts due from customers for services performed in the ordinary course 
of business. Receivables expected to be collected within 12 months of the end of the reporting period are 
classified as current assets. All other receivables are classified as non-current assets. 
Trade and other receivables are initially recognised at fair value and subsequently measured at amortised cost 
using the effective interest method, less any provision for impairment. Refer to Note 10 for further information 
on the determination of impairment losses. 
 
 
 
 
 

ACADEMIES AUSTRALASIA GROUP LIMITED 
NOTES TO THE FINANCIAL STATEMENTS 
For the year ended 30 June 2024 
- 20 - 
1.  STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued) 
e. 
Financial instruments 
Recognition and Initial Measurement 
All financial assets and financial liabilities are initially recognised when the Group becomes a party to the 
contractual provisions of the instrument. 
A financial asset (unless it is a trade receivable without a significant financing component) or financial liability 
is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable 
to its acquisition or issue. A trade receivable without a significant financing component is initially measured 
at the transaction price. 
Financial Assets – Classification and subsequent measurement 
On initial recognition, a financial asset is classified as measured at: amortised cost; FVOCI – debt investment; 
FVOCI – equity investment; or FVTPL. 
Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business 
model for managing financial assets, in which case all affected financial assets are reclassified on the first day 
of the first reporting period following the change in the business model. 
A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated 
as at FVTPL: 
– it is held within a business model whose objective is to hold assets to collect contractual cash flows; and 
– its contractual terms give rise on specified dates to cash flows that are solely payments of principal and 
interest on the principal amount outstanding. 
On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to 
present subsequent changes in the investment’s fair value in OCI. This election is made on an investment-by-
investment basis. All financial assets not classified as measured at amortised cost or FVOCI are measured at 
FVTPL. 
Financial assets that are held for trading or are managed and whose performance is evaluated on a fair value 
basis are measured at FVTPL. 
Financial liabilities – Classification, subsequent measurement and gains and losses 
Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as 
at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. 
Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest 
expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost 
using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in 
profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. 
 
 
 
 
 
 
 
 

ACADEMIES AUSTRALASIA GROUP LIMITED 
NOTES TO THE FINANCIAL STATEMENTS 
For the year ended 30 June 2024 
- 21 - 
1.  STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued) 
Derecognition 
The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset 
expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all 
of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither 
transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the 
financial asset. 
The Group derecognises a financial liability when its contractual obligations are discharged or cancelled or 
expire. The Group also derecognises a financial liability when its terms are modified and the cash flows of the 
modified liability are substantially different, in which case a new financial liability based on the modified terms 
is recognised at fair value. 
On derecognition of a financial asset measured at amortised cost, the difference between the asset’s carrying 
amount and the amount of the consideration received and receivable is recognised in profit and loss. 
On derecognition of a financial liability, the difference between the carrying amount extinguished and the 
consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or 
loss. 
Fair value  
Fair value is the price the Group would receive to sell an asset in an orderly transaction between independent, 
knowledgeable and willing parties at measurement date. There are no financial assets or liabilities carried at 
fair value.  
Financial guarantees 
Where material, financial guarantees are issued, which require the issuer to make specified payments to 
reimburse the holder for a loss it incurs because a specified debtor fails to make payment when due, are 
recognised as a financial liability at fair value on initial recognition. The guarantee is subsequently measured 
at the higher of the best estimate of the obligation and the amount initially recognised less, when appropriate, 
cumulative amortisation in accordance with AASB 15 Revenue from Contracts with Customers. Where the 
entity gives guarantees in exchange for a fee, revenue is recognised under AASB 15. 
The fair value of financial guarantee contracts has been assessed using a probability weighted discounted cash 
flow approach. The probability has been based on: 
- the likelihood of the guaranteed party defaulting in a year period; 
- the proportion of the exposure that is not expected to be recovered due  to the guaranteed party 
defaulting; and 
- the maximum loss exposed if the guaranteed party were to default. 
Interest borrowing costs 
Interest payable costs are recognised as expenses in the period in which they are incurred. 
 
 
 
 
 

ACADEMIES AUSTRALASIA GROUP LIMITED 
NOTES TO THE FINANCIAL STATEMENTS 
For the year ended 30 June 2024 
- 22 - 
1.  STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued) 
f. 
Right of use assets and lease liabilities 
The Group’s lease portfolio includes property and equipment. 
The Group has adopted AASB 16 Leases using the full retrospective restatement approach from 1 July 2019, 
recognising right of use assets (ROUA) and an equivalent lease liability at the commencement of the lease. 
The ROUA is initially measured at cost less any lease incentives and the lease liability is measured as the 
present value  of the remaining future lease payments discounted at the Group’s incremental borrowing rate at 
the date of initial application. 
A depreciation charge against the leased ROUA replaces the straight line expense payment and an interest 
expense is recognised against the lease liability. Lease payments are no longer recognised as operating cash 
flows, but as financing cash flows in the Statement of Cash Flows. 
AASB 16 eliminates the distinction between operating and finance leases and brings all leases except short 
term and low value onto the Statement of Financial Position. 
The Group recognises a ROUA, representing its right to use the underlying assets and a corresponding lease 
liability representing its obligation to make future lease payments. The Group recognises a ROUA and lease 
liability at the commencement date of the lease. 
ROUA are initially measured at cost (present value of the lease liability) and subsequently at cost less any 
accumulated depreciation, impairment losses and adjustments for re-measurement of the lease liability. The 
ROUA are depreciated using the straight line method from the commencement date to the end of the lease 
term. 
Short term leases (with a term of less than 12 months) and leases of low value assets are not recognised as 
ROUA and corresponding lease liability. Lease payments on these assets are expensed to the profit and loss 
account as incurred. 
The lease liabilities are initially measured as the present value of future lease payments expected to be paid 
over the lease term, discounted using the Group’s incremental borrowing rate. The lease liability is re-measured 
if the future estimated lease payments change as a result of rate changes or the likelihood of exercise of 
extension. The lease liabilities are subsequently increased by the interest cost on the lease liability and 
decreased by the lease payments. 
Make good liability 
A liability is recognised for the present value of expected costs for future restoration of the leased premises. 
The liability considers the costs associated with the removal of fittings, fit-out, furniture, signage, and other 
structures, as well as the cost of restoration of the premises to its original condition by reconditioning or 
repainting the walls, replacing, or cleaning the surfaces including carpets, tiles, vinyl, wallpaper and so on. The 
calculation of the make good liability involves assumptions such as lease end dates and cost of make good. 
The liability recognised for each lease is reviewed at the end of report date and the liability amount is updated 
based on the information available at the time. Changes to the estimated future make good obligation for leases 
are recognised in the financial statements by adjusting the lease liabilities account. The make good liability 
will be carried forward after the lease end date until the make good obligations are fully discharged. The initial 
estimate of the future make good liability is recognised as part of lease liabilities and the right-of-use assets. 
The right-of-use asset component is depreciated across the lease term on a straight-line basis. The interest on 
the make good liability is recognised as part of finance costs. 
 
 
 

ACADEMIES AUSTRALASIA GROUP LIMITED 
NOTES TO THE FINANCIAL STATEMENTS 
For the year ended 30 June 2024 
- 23 - 
1.  STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued) 
g. 
Leasehold improvements and plant and equipment  
The carrying amount of plant and equipment is reviewed annually by directors to ensure it is not in excess of 
the recoverable amount from these assets. The recoverable amount is assessed on the basis of the expected net 
cash flows that will be received from the asset’s employment and subsequent disposal. The expected net cash 
flows have been discounted to their present values in determining recoverable amounts. 
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, 
only when it is probable that future economic benefits associated with the item will flow to the Group and the 
cost of the item can be measured reliably. All other repairs and maintenance are charged to the income 
statement during the financial period in which they are incurred. 
h. 
Depreciation 
The depreciable amount of all fixed assets including capitalised lease assets is depreciated on a straight-line or 
a diminishing value basis over their useful lives to the Group commencing from the time the asset is held ready 
for use. Leasehold improvements are depreciated over the shorter of either the unexpired period of the lease or 
the estimated useful lives of the improvements. 
The depreciation rates used for each class of depreciable assets are: 
    Class of Fixed Asset 
Depreciation Rate 
Leasehold improvements 
2.5 – 30% 
Plant and equipment 
5 – 67% 
Leased plant and equipment 
5 – 25% 
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet 
date. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying 
amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by 
comparing proceeds with the carrying amount. These gains and losses are included in the statement of 
comprehensive income. 
i. 
Goodwill  
Goodwill is carried at cost less accumulated impairment losses. Goodwill is calculated as the excess of the sum 
of:  
- 
the consideration transferred; 
- 
any non-controlling interest; and 
- 
the acquisition date fair value of any previously held equity interest  
over the acquisition date fair value of net identifiable assets acquired.   
 
 
 
 
 
 

ACADEMIES AUSTRALASIA GROUP LIMITED 
NOTES TO THE FINANCIAL STATEMENTS 
For the year ended 30 June 2024 
- 24 - 
1.  STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued) 
The acquisition date fair value of the consideration transferred for a business combination plus the acquisition 
date fair value of any previously held equity interest shall form the cost of the investment in the separate 
financial statements.  
Fair value uplifts in the value of pre-existing equity holdings are taken to the statement of comprehensive 
income. Where changes in the value of such equity holdings had previously been recognised in other 
comprehensive income, such amounts are recycled to profit or loss.   
The amount of goodwill recognised on acquisition of each subsidiary in which the Group holds less than a 
100% interest will depend on the method adopted in measuring the non-controlling interest. 
The Group can elect in most circumstances to measure the non-controlling interest in the acquiree either at fair 
value (full goodwill method) or at the non-controlling interest’s proportionate share of the subsidiary’s 
identifiable net asets (proportionate interest method). In such circumstances, the Group determines which 
method to adopt for each acquisition and this is stated in the respective notes of these financial statements 
disclosing the business combination.  
Under the full goodwill method, the fair value of the non-controlling interest is detemined using valuation 
techniques which make the maximum use of market information where available. Under this method, goodwill 
attributable to the non-controlling interests is recognised in the consolidated financial statements.   
Goodwill on acquisitions of subsidiaries is included in intangible assets.   
Goodwill is tested for impairment annually and is allocated to the Group’s cash-generating units or groups of 
cash-generating units, representing the lowest level at which goodwill is monitored not larger than an operating 
segment. Gains and losses on the disposal of an entity include the carrying amount of goodwill related to the 
entity disposed of.  
j. 
Intangible assets 
Intangible assets include course development costs and other intangible assets. 
Course development costs are capitalised where they can be related to the development of an identifiable and 
separable resource and which yields particular streams of future economic benefits. They are only capitalised 
when technical feasibility studies identify that the project is expected to deliver future economic benefits and 
these benefits can be measured reliably. These capitalised costs are amortised over their useful lives starting 
from the time the development of a particular resource is complete and available for use. The period of 
amortisation is up to 5 years. 
k. 
Impairment of assets 
At each reporting date, the Group reviews the carrying values of its tangible and intangible assets to determine 
whether there is any indication that those assets have been impaired. If such an indication exists, the 
recoverable amount of the asset, being the higher of the asset’s fair value less costs to sell and value in use, is 
compared to the asset’s carrying value. Any excess of the asset’s carrying value over its recoverable amount 
is expensed to the statement of comprehensive income. 
Impairment testing is performed annually for goodwill and intangible assets with indefinite lives. Where it is 
not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable 
amount of the cash-generating unit to which the asset belongs.  
 
 
 
 

ACADEMIES AUSTRALASIA GROUP LIMITED 
NOTES TO THE FINANCIAL STATEMENTS 
For the year ended 30 June 2024 
- 25 - 
1.  STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued) 
Collectibility of trade and other receivables and contract assets are reviewed on an ongoing basis. Debts are 
written off when they are known to be uncollectible. An allowance for expected credit losses is raised where 
some doubt as to collection exists and is the difference between the total amount owing and the amount 
expected to be recovered. The Group also applies the AASB 9 simplified model of recognising lifetime 
expected credit losses for receivables as these items do not have a significant financing component. An 
expected credit loss allowance is recognised for the total expected loss from possible default events that may 
arise over the expected life of the financial asset.  
Expected credit losses are the probability-weighted estimate of credit losses over the expected life of a financial 
instrument. A credit loss is the difference between all contractual cash flows that are due and all cash flows 
expected to be received, all discounted at the original effective interest rate of the financial instrument. 
Recognition of expected credit losses in financial statements 
At each reporting date, the Group recognises the movement in the loss allowance as an impairment gain or 
loss in the statement of profit or loss and other comprehensive income. 
The carrying amount of financial assets measured at amortised cost includes the loss allowance relating to 
that asset. 
The Group has applied the expected credit loss model based on lifetime expected loss allowance for contract 
assets. 
l. 
Trade and other payables 
Trade and other payables represent the liabilities for goods and services received by the entity that remain 
unpaid at the end of the reporting period. The balance is recognised as a current liability with the amounts 
normally paid within 30 days of recognition of the liability. 
m. 
Provisions and employee benefits 
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past 
event, it is probable that an outflow of resources embodying economic benefits will be required  to settle the 
obligation and a reliable estimate can be made of the amount of the obligation. 
Provision is made for the Group’s liability for employee benefits arising from services rendered by employees 
to balance date. Employee benefits that are expected to be settled within one year have been measured at the 
amounts expected to be paid when the liability is settled, plus related on-costs. Employee benefits payable later 
than one year have been measured at the present value of the estimated future cash outflows to be made for 
those benefits. 
n. 
Issued capital 
Ordinary shares are classified as equity, and are recognised at the fair value of the consideration received by 
the company. Incremental costs directly attributable to the issue of new shares are shown in equity as a 
deduction, net of tax, from the proceeds. 
 
 
 
 
 

ACADEMIES AUSTRALASIA GROUP LIMITED 
NOTES TO THE FINANCIAL STATEMENTS 
For the year ended 30 June 2024 
- 26 - 
1.  STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued) 
o. 
Revenue 
Revenue is recognised over the period of tuition, upon completion of specific performance obligations of each 
of the contracts. No revenue is recognised prior to a student commencing the tuition phase of delivery.  As all
student contracts are for the provision of tuition, income for tuition is recognised as training is provided. 
Payment terms vary from contract to contract but in most cases, cash is received prior to the performance 
obligation being delivered. International students in particular are required to pay some level of tuition in 
advance. Monies received in advance are held as unearned income and recognised as revenue as the 
performance obligations are satisfied. Generally, the Group’s obligations in respect of refunds cease after the 
course commences.  
Revenue derived from the provision of education services is measured at the fair value of consideration 
received or receivable to the extent that economic benefits will flow to the Group and the revenue can be 
reliably measured. 
Interest revenue is recognised on a proportional basis taking into account the interest rates applicable to the 
financial assets. 
Dividend revenue is recognised when the right to receive a dividend has been established.  
Rental revenue is recognised on a straight line accrual basis over the term of the lease. 
All revenue is stated net of the amount of goods and services tax (GST). 
p. 
Goods and services tax (GST) 
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST 
incurred is not recoverable from the Australian Taxation Office. In these circumstances the GST is recognised 
as part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and payables in 
the balance sheet are shown inclusive of GST.  
Cash flows are presented in the cash flow statement on a gross basis, except for the GST component of 
investing and financing activities, which are disclosed as operating cash flows. 
q. 
Income tax 
The charge for current income tax expense is based on the profit for the year adjusted for any non-assessable 
or disallowed items. It is calculated using the tax rates that have been enacted or are substantially enacted by 
the balance sheet date. 
Deferred tax is accounted for using the balance sheet liability method in respect of temporary differences arising 
between the tax bases of assets and liabilities and their carrying amounts in the financial statements. No deferred 
income tax will be recognised from the initial recognition of an asset or liability, excluding a business 
combination, where there is no effect on accounting or taxable profit or loss.  
Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or 
liability is settled. Deferred tax is credited in the income statement except where it relates to items that may be 
credited directly to equity, in which case the deferred tax is adjusted directly against equity. 
The amount of benefits brought to account or which may be realised in the future is based on the assumption 
that no adverse change will occur in income taxation legislation and the anticipation that the Group will derive 
sufficient future assessable income to enable the benefit to be realised and comply with the conditions of 
deductibility imposed by the law. 
Academies Australasia Group Limited and its wholly-owned Australian subsidiaries have formed an income 
tax consolidated group under the tax consolidation regime. The Group notified the Australian Taxation Office 
that it had formed an income tax consolidated group to apply from 1 July 2003. 
The tax consolidated group has entered a tax sharing agreement whereby each company in the group contributes 
to the income tax payable in proportion to their contribution to the net profit before tax of the tax consolidated 
group. 

ACADEMIES AUSTRALASIA GROUP LIMITED 
NOTES TO THE FINANCIAL STATEMENTS 
For the year ended 30 June 2024 
- 27 - 
1.  STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued) 
r. 
Foreign currency transactions and balances 
Foreign currency transactions are translated into Australian currency (the functional currency) using the 
exchange rates prevailing at the date of the transaction. Foreign currency monetary items are translated at the 
year-end exchange rate. Non-monetary items measured at historical cost continue to be carried at the exchange 
rate at the date of the transaction. Non-monetary items measured at fair value are reported at the exchange rate 
at the date when fair values were determined. 
Foreign Group Companies 
The financial results and position of foreign operations whose functional currency is different from the  Group’s 
presentation currency are translated as follows: 
- 
assets and liabilities are translated at year-end exchange rates prevailing at the end of the financial year; 
- 
income and expenses are translated at average rates for the period; and 
- 
retained earnings are translated at the exchange rates prevailing at the date of the transaction. 
Exchange differences arising on translation of foreign operations are transferred directly to the Group’s foreign 
currency translation reserve in the statement of financial position. These differences are recognised in the 
statement of comprehensive income. 
s. 
Earnings per share 
Basic earnings per share are calculated as net profit attributable to members of the parent divided by the 
weighted average number of ordinary shares.  
t. 
Comparative figures 
When required by Accounting Standards, comparative figures have been restated to conform to changes in 
presentation for the current financial year. 
u. 
Critical accounting estimates and judgements 
The Directors evaluate estimates and judgements incorporated into the financial report based on historical 
knowledge and best available current information. Estimates assume a reasonable expectation of future events 
and are based on current trends and economic data, obtained both externally and within the Group. These 
estimates and judgements are considered significant items of revenue and expenses relevant in explaining the 
financial performance. 
Key Estimates – Impairment 
The Group assesses impairment at each reporting date by evaluating conditions specific to the Group that may 
lead to impairment of assets. Where an impairment trigger exists, the recoverable amount of the asset is 
determined. Value-in-use calculations performed in assessing recoverable amounts incorporate a number of 
key estimates. Further details on the key estimates used in impairment can be found in Note 16. For FY24, an
impairment of $4,408,000 has been recognised in respect of goodwill, a provision for impairment of $575,000 
against right of use assets and a provision for impairment of $1,150,000 against the loans secured for the issue 
of shares in the employee incentive scheme. 
Key Estimates – Revenue 
The extent to which performance obligations have been satisfied in respect of revenue is estimated as per the 
revenue policy (Note 1(o)). 
 

ACADEMIES AUSTRALASIA GROUP LIMITED 
NOTES TO THE FINANCIAL STATEMENTS 
For the year ended 30 June 2024 
- 28 - 
 
1.  STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued) 
Key Estimates- Recoverability of Receivables 
The extent to which receivables are recoverable is used in estimating any allowance for expected credit 
losses.  
Factors considered include: 
- 
the aging profile of receivables; 
- 
the recognition of a corresponding deferred income liability; 
- 
the nature of the debtor (e.g. government, business or individual); 
- 
subsequent recovery of the receivable after date; and 
- 
prior history. 
v. 
Segment reporting 
An operating segment is a component of an entity: 
- 
that engages in business activities from which it may earn revenues and incur expenses (including 
revenues and expenses relating to transactions with other components of the same entity);  
- 
whose operating results are regularly reviewed by the entity’s Board to make decisions about resources 
to be allocated to the segment and assess its performance; and 
- 
for which discrete financial information is available. 
The Company has only one operating segment: Education. 
w. Going Concern 
These financial statements have been prepared adopting the going concern assumption, which contemplates 
the orderly realisation of assets and payment of liabilities in the ordinary course of business. 
The appropriateness of this assumption is dependent upon: 
- 
the continued support of the Group’s bankers; 
- 
the continued support of shareholders in the event of a capital raising; 
- 
the ability of the Group to return to profitable trading; and 
- 
the orderly realisation of selected assets in the ordinary course of business at values at least equal to 
their book values. 
The financial statements show that the Group had a net loss of $9,653,000 for FY24 (FY23: loss 2,606,000). 
After adjusting for non-cash impairments / provisions totalling $6,133,000, the loss was $3,520,000. 
The Board is currently satisfied that there are reasonable grounds to assume that the Company will meet its 
future financial obligations as and when they fall due. 
The following factors support this assumption: 
- 
Positive cash flow from operations for the year of $441,000. 
- 
Substantial cash holdings across the Group of $9,568,000 of which $3,166,000 is required to be held in 
the TPS controlled accounts. 
- 
Positive net assets of $17,662,000. 
- 
No bank debt. 
- 
Significant efforts made to rationalise the cost structures of the business. 
The Board recognises that the Statement of Financial Position shows that the current liabilities exceed 
current assets by $21,501,000. Included in the current liabilities are fees paid in advance  of $10,666,000. 
This is not an amount payable in the ordinary course of business and will be recognised as income as tuition 
is delivered. 
           

ACADEMIES AUSTRALASIA GROUP LIMITED 
NOTES TO THE FINANCIAL STATEMENTS 
For the year ended 30 June 2024 
- 29 - 
       
 3.  PROFIT FOR THE YEAR  
 
 
 
 
 
 
 
Student acquisition and teaching costs 
 
 
 
- Teaching costs 
 
15,004 
13,477 
- Acquisition costs 
 
8,949 
8,498 
- Teaching materials 
 
1,327 
1,212 
 
 
25,280 
23,187 
Personnel expenses 
 
 
 
- Wages and salaries 
 
10,510 
10,283 
- Superannuation 
 
715 
720 
- Payroll tax 
 
651 
630 
- Other 
 
432 
873 
 
 
12,308 
12,506 
Premises expenses 
 
 
 
- Rental 
 
420 
313 
- Outgoings 
 
1,251 
1,346 
- Electricity 
 
267 
221 
- Cleaning 
 
493 
415 
- Other 
 
403 
334 
 
 
2,834 
2,629 
Other administration expenses 
 
 
 
- Other administration expenses 
 
2,556 
2,223 
- Bad and doubtful debts 
 
(15) 
(11) 
 
 
2,541 
2,212 
Other expenses – Impairments / provisions 
 
 
 
- Impairment for goodwill - STA 
 
4,408 
- 
- Provision for impairment - ROUA 
 
575 
- 
- Provision for impairment on loans secured for the issue of shares in 
the employee incentive plan    
 
1,150 
- 
 
 
6,133 
- 
Depreciation and Amortisation expenses 
 
 
 
- Depreciation plant and equipment 
 
211 
257 
- Amortisation of intangible assets 
 
600 
666 
- Depreciation of right of use assets 
 
5,877 
6,038 
- Depreciation of make good 
 
23 
36 
 
 
6,711 
6,997 
Finance costs 
 
 
 
- Interest and bank facility fees 
 
191 
165 
- Interest recognised on lease liability 
 
1,816 
1,960 
- Interest recognised on make good 
 
13 
17 
 
 
2,020 
2,142 
 
 
   
 FY24 
   
FY23 
 
 
$000s 
$000s 
2. REVENUE 
 
 
 
 
 
 
 
Operating activities 
 
 
 
Revenue from services 
 
46,371 
46,509 
 
 
 
 
Non-operating activities 
 
 
 
Government/State assistance 
 
91 
39 
Rent received / rental rebates 
 
124 
6 
Other income 
 
14 
- 
 
 
229 
45 

ACADEMIES AUSTRALASIA GROUP LIMITED 
NOTES TO THE FINANCIAL STATEMENTS 
For the year ended 30 June 2024 
- 30 - 
 
   
   FY24 
   
FY23 
4. INCOME TAX EXPENSE 
$000s 
$000s 
 
 
 
a. The components of tax expense comprise: 
 
 
Current tax 
(232) 
(529) 
Deferred tax 
(368) 
1,289 
Deferred tax – adjustments to FY23 balance * 
1,956 
- 
 
1,356 
760 
 
 
 
* The adjustments to the FY23 deferred tax balance relate to the carry back of losses to prior years resulting in a 
refund of tax. 
 
 
 
  
 
 
b. The prima facie tax on loss from ordinary activities before tax is reconciled to 
income tax as follows: 
 
 
     Tax payable on loss from ordinary activities before tax at 25% (FY23:25%) 
 
(2,752) 
(842) 
     Add/(less) tax effect of: 
 
 
 
     i. Permanent differences 
1,538 
88 
     ii. Assumption of tax balances of controlled entities 
(142) 
(6) 
     Income tax expense attributable to the entity 
(1,356) 
(760) 
 
 
 
 
The effective tax rate is 12 % (FY23: 23%). 
 
 
 
 
 
c. Current tax payable for the year reconciles as follows: 
 
 
 
 
 
      Opening provision 
270 
597 
      Add: Current year provision 
232 
529 
      Less: Prior year adjustments to deferred tax balance  
(1,956) 
- 
      Add: Prior year  
(7) 
(13) 
      Less: Tax paid 
1,680 
(843) 
      Closing provision 
219 
270 
 
 
 
AAC is resident in Singapore for tax purposes. 
 
 
 
5.  DIRECTORS AND SENIOR COMPANY EXECUTIVES’ COMPENSATION 
 
 
a. 
Details of Directors and Senior Company Executives, including remuneration, have been set out on pages 8 to 
12. 
 b. 
 Shareholdings  
 Number of shares in the Company held by Senior Company Executives and parties related to them: 
Balance 
1 July 2023 
Purchased 
on ASX 
Balance 
30 June 2024 
Christopher Elmore Campbell 
20,400,000 
303,875 
20,703,875 
Gabriela Del Carmen Rodriguez Naranjo 
2,600,000 
- 
2,600,000 
 
 
 

ACADEMIES AUSTRALASIA GROUP LIMITED 
NOTES TO THE FINANCIAL STATEMENTS 
For the year ended 30 June 2024 
- 31 - 
 
 
               FY24 
                FY23 
6.  AUDITORS’ REMUNERATION 
$000s 
$000s 
 
 
 
Remuneration of the auditors of the parent entity for: 
 
 
 - Auditing and reviewing the financial report 
288 
286 
 - Taxation services 
66 
66 
 - Other services 
4 
4 
 
358 
356 
 
 
 
Remuneration of other auditors of subsidiaries for:  
 
 
 - Auditing and reviewing the financial report 
29 
42 
 - Taxation services 
3 
4 
 - Other services 
4 
21 
 
36 
67 
 
 
 
 
 
 
7. EARNINGS PER SHARE 
 
 
 
 
 
Basic (cents per share) 
(7.37) 
(2.12) 
 
 
 
Diluted (cents per share) 
(7.37) 
(2.12) 
 
 
 
Weighted average number of ordinary shares used in calculation of basic 
earnings per share 
 
132,614,467 
 
130,326,796 
 
 
 
The earnings amount used was a loss on ordinary activities after tax attributable to owners of the parent entity of 
$9,779,000 (FY23: loss $2,758,000). 
 
 
 
               FY24 
                FY23 
8.  DIVIDENDS PER SHARE 
$000s 
$000s 
 
 
 
Distributions recognised: 
 
 
 
 
 
Year ended 30 June 2024: interim ordinary dividend of 0 cents per share, 
fully franked (FY23: 0 cents per share) 
 
- 
 
- 
 
 
 
Year ended 30 June 2023: final ordinary dividend of 0 cents per share, fully 
franked, paid in 2023 (FY22: 0 cents per share) 
 
- 
 
- 
 
- 
- 
 
 
 
Dividends proposed or declared but not recognised in the financial 
statements:  
Proposed fully franked ordinary dividend of 0 cents per share (FY23: fully 
franked 0 cents) 
 
 
 
- 
 
 
 
- 
 
 
 
Balance of franking account at year end adjusted for franking credits arising 
from payment of income tax 
 
2,901 
 
3,884 

ACADEMIES AUSTRALASIA GROUP LIMITED 
NOTES TO THE FINANCIAL STATEMENTS 
For the year ended 30 June 2024 
- 32 - 
 
 
 
 
 
 
 
 
 
 
 
 
 
FY24 
FY23 
10.  TRADE AND OTHER RECEIVABLES 
$000s 
$000s 
 
 
 
CURRENT 
 
 
Trade receivables 
209 
299 
Less allowance for expected credit losses 
(29) 
(44) 
 
180 
255 
 
 
 
Contract assets 
1,250 
1,199 
Other receivables 
475 
385 
 
1,905 
1,839 
 
 
 
 
 
 
             FY24 
                FY23 
9.  CASH AND CASH EQUIVALENTS 
$000s 
$000s 
 
 
 
CURRENT 
 
 
Cash at bank and on hand 
5,832 
8,046 
 
 
 
NON-CURRENT 
 
 
Security deposit 
3,736 
2,500 
 
 
 
There is no overdraft balance at 30 June 2024 (FY23: NIL). The net cash position is $5,832,000 (FY23: 8,046,000). 
 
The security deposit is in respect to rental bonds on leased premises. (See note 23b) 
 
Included in the above amounts are tuition fees held in TPS accounts in Australia.  
 
As at 30 June 2024, the Group held $3,166,000 (FY23: $6,675,000) in TPS accounts. 
 
(In 2012 the Education Services for Overseas Student Act 2000 (“ESOS Act”) was amended to provide additional 
protection for international students studying in Australia. With effect from 1 July 2013, the Group is required to 
maintain, in Australia, separate bank accounts (TPS accounts) for prepaid fees received from international students 
prior to commencement of their course. Once the students commence their course, the funds may be transferred from the 
TPS accounts to operating cash reserves. At all times, the Group must ensure that there are sufficient funds in the TPS 
accounts to repay any prepaid tuition fees to international students who have not yet commenced their course.  Fees 
paid by students who have commenced their course are deposited directly to operating cash reserves.  All fees received, 
whether deposited to TPS or Group cash reserves are initially accounted for as unearned income, being subject to the 
Group’s revenue recognition policy).  
a.  
The ageing analysis of trade receivables is as follows: 
 
 
0 -30 days 
177 
162 
 
31- 60 days – not impaired * 
6 
21 
 
61- 90 days – not impaired * 
9 
2 
 
Over 90 days – not impaired * 
- 
70 
 
Past due and impaired 
17 
44 
 
209 
299 
 
 
 
*  
These are debtors that are past due for which no collateral is held and for which no provision for doubtful debts 
has been made as there has not been a significant change in credit quality and the directors believe that the 
amounts are still recoverable. 
 
 

ACADEMIES AUSTRALASIA GROUP LIMITED 
NOTES TO THE FINANCIAL STATEMENTS 
For the year ended 30 June 2024 
- 33 - 
 
 
 
 
 
 
FY24 
FY23 
Allowance for expected credit losses 
$000s 
$000s 
 
 
 
 
Trade receivables 
209 
299 
 
Contract assets 
1,250 
1,199 
 
Sub-total 
1,459 
1,498 
 
Lower risk government debtors 
(1,214) 
(1,158) 
 
Sub- total  
 
245 
340 
 
Allowance for credit losses 
 
(29) 
(44) 
 
Credit Loss % 
 
11.8% 
12.9% 
 
 
 
11.  OTHER CURRENT ASSETS 
 
 
 
 
 
Prepayments 
2,049 
3,317 
Security deposits 
359 
349 
 
2,408 
3,666 
 
 
 
10.  TRADE AND OTHER RECEIVABLES (continued) 
 
 
 
 
 
 
 
 
 
 
b.  
The Group has an exposure to credit risk in Singapore and Australia given the Group’s operations in those 
countries.  For FY24, an amount of $27,000 is included in trade and other receivables in respect of the business 
operations in Singapore.  All other receivables of the Group are exposures in Australia.   
 
 
 
 
 
 
 
               FY24 
                FY23 
 
 
$000s 
$000s 
 
 
 
 
c. 
Allowance for expected credit losses at the start of the year 
44 
128 
 
Movement in expected credit losses 
(15) 
(84) 
 
Allowance for expected credit losses at the end of the year 
29 
44 
 
 
 
 
 
 
d. 
The following factors were considered when assessing credit losses, receivables and contract assets: 
 
i. A review was performed during the year and credit losses were recognised as impairments  
ii. Government debtors are assessed as low risk 
iii. Significant amounts of debtors were recovered after the year end 
iv. Other than SPT, historical levels of bad debts have been low 

ACADEMIES AUSTRALASIA GROUP LIMITED 
NOTES TO THE FINANCIAL STATEMENTS 
For the year ended 30 June 2024 
- 34 - 
 
 
 
 
12.  CONTROLLED ENTITIES 
Country of 
Incorporation 
Percentage 
Owned/Controlled  
 
 
FY24 
FY23 
Academies Australasia Group Limited (Ultimate Parent Entity) 
 
 
 
Subsidiaries (controlled directly or indirectly) 
 
 
 
 
 
 
 
ACA Investment Holdings Pte. Limited 
Singapore 
100 
100 
Academies Australasia (Management) Pty Limited 
Australia 
100 
100 
Academies Australasia College Pte. Limited  
Singapore 
100 
100 
Academies Australasia Institute Pty Limited 
Australia 
100 
100 
Academies Australasia Polytechnic Pty Limited  
Australia 
100 
100 
Academies Australasia Pty Limited 
Australia 
100 
100 
Academy of English Pty Limited 
Australia 
100 
100 
AKG Investment Holdings Pty Limited 
Australia 
100 
100 
AKG2 Investment Holdings Pty Limited 
Australia 
100 
100 
AKG3 Investment Holdings Pty Limited 
Australia 
100 
100 
AKG4 Investment Holdings Pty Limited  
Australia 
100 
100 
AKG5 Investment Holdings Pty Limited  
Australia 
100 
100 
AKG6 Investment Holdings Pty Limited  
Australia 
100 
100 
AKG7 Investment Holdings Pty Limited  
Australia 
100 
100 
AMC Training Pty Limited 
Australia 
100 
100 
AMI Education Pty Limited  
Australia 
100 
100 
Australian College of Technology Pty Limited 
Australia 
100 
100 
Australian Institute of Professional Studies Pty Limited 
Australia 
100 
100 
Australian International High School Pty Limited 
Australia 
100 
100 
Australian Trades Institute Pty Limited 
Australia 
100 
100 
Benchmark Resources Pty Limited T/A Benchmark College 
Australia 
100 
100 
Centre for Australian Education Pte. Limited  
Singapore 
100 
100 
Clarendon Business College Pty Limited 
Australia 
100 
100 
Academies Australasia Hair and Beauty T/A Brisbane School of Hairdressing, Gold 
Coast School of Hairdressing, Brisbane School of Beauty and Brisbane School of 
Barbering  
 
Australia 
 
100 
 
100 
CLB Training & Development Pty Limited as trustee for the CLB Unit Trust 
T/A Spectra Training 
Australia 
100 
100 
Discover English Pty Limited  
Australia 
100 
100 
International College of Capoeira Pty Limited T/A College of Sports & Fitness  
Australia 
67.54 
67.54 
Humanagement Pty Limited T/A Print Training Australia  
Australia 
100 
100 
Kreate Pty Limited T/A RuralBiz Training  
Australia 
100 
100 
Language Links International Pty Limited 
Australia 
100 
75 
Live. Laugh. Learn. Pty Limited 
Australia 
100 
100 
Newco CLB Training & Development Pty Limited  
Australia 
100 
100 
Skilled Placements Pty Limited  
Australia 
100 
100 
Supreme Business College Pty Limited 
Australia 
100 
100 
Transformations – Pathways to Competence and Developing Excellence Pty 
Limited T/A Skills Training Australia  
Australia 
100 
100 
Vostro Institute of Training Australia Pty Limited  
Australia 
100 
100 
 

ACADEMIES AUSTRALASIA GROUP LIMITED 
NOTES TO THE FINANCIAL STATEMENTS 
For the year ended 30 June 2024 
- 35 - 
12.  CONTROLLED ENTITIES (continued) 
 
 
 
 
 
Acquisition of controlled entities 
 
 
 
 
 
The following schedule shows the effect on the equity of the Group on the acquisition of the remaining 25% of LLI on 
28 March 2024. 
 
 
LLI 
 
 
Fair Value 
 
 
$’000s 
 
 
 
 
 
 
Recognised in retained earnings 
 
589 
Non-controlling interest acquired  
 
(685) 
 
 
 
Effect on total equity of the Group. 
 
(96) 
 
 
 
 
 
 
               FY24 
                 FY23 
13.  PLANT AND EQUIPMENT 
$000s 
$000s 
 
 
 
 
 
 
Plant and equipment 
 
 
At cost 
4,672 
4,745 
Accumulated depreciation 
(3,808) 
(3,738) 
 
864 
1,007 
Leasehold improvements 
 
 
At cost 
6,851 
6,794 
Accumulated amortisation 
(5,378) 
(4,929) 
 
1,473 
1,865 
 
 
 
 
 
 
Total plant & equipment 
2,337 
2,872 
 
 
 
 
 
 
Year ended 30 June 2024 
 
Plant and 
equipment 
 
$000s 
Leasehold 
improvements 
 
$000s 
Total 
 
 
$000s 
 
 
 
 
 
Balance at the beginning of the year 
 
1,007 
1,865 
2,872 
Additions 
 
91 
69 
160 
Disposals 
 
(23) 
(1) 
(24) 
Depreciation expense 
 
(211) 
(460) 
(671) 
Net foreign currency difference arising on 
translation of financial statements of foreign 
operations 
 
 
- 
 
- 
 
- 
Carrying amount at the end of the year 
 
864 
1,473 
2,337 
 
 
 
 
 
 

ACADEMIES AUSTRALASIA GROUP LIMITED 
NOTES TO THE FINANCIAL STATEMENTS 
For the year ended 30 June 2024 
- 36 - 
13.  PLANT AND EQUIPMENT (continued) 
 
 
 
 
 
 
 
 
 
 
Year ended 30 June 2023 
Plant and 
equipment 
 
$000s 
Leasehold 
improvements 
 
$000s 
Total 
 
 
$000s 
 
 
 
 
 
 
 
 
 
 
Balance at the beginning of the year 
 
987 
2,756 
3,743 
Additions 
 
250 
79 
329 
Disposals 
 
(10) 
(425) 
(435) 
Depreciation expense 
 
(257) 
(516) 
(773) 
Net foreign currency difference arising on 
translation of financial statements of foreign 
operations 
 
 
37 
 
(29) 
 
8 
Carrying amount at the end of the year 
 
1,007 
1,865 
2,872 
 
 
 
 
 
 
 
 
 
 
               FY24 
           FY23 
14. RIGHT OF USE ASSETS 
$000s 
$000s 
 
 
 
 
 
 
Right of use assets 
 
 
At cost 
58,999 
60,671 
Accumulated depreciation 
(26,755) 
(28,147) 
Provision for impairment 
(575) 
- 
 
31,669 
32,524 
 
 
 
Make good 
 
 
At cost 
293 
293 
Accumulated depreciation 
(188) 
(165) 
 
105 
128 
 
 
 
 
 
 
Total 
31,774 
32,652 
 
 
 
 
 
 
 
 
 
Balance at the beginning of the year 
32,524 
21,436 
Additions 
5,697 
17,055 
Modifications 
(3) 
7 
Terminations 
25 
- 
Depreciation expense 
(5,877) 
(6,038) 
Provision for impairment 
(575) 
- 
Net foreign currency difference arising on translation of financial statements of 
foreign operations 
 
(123) 
 
64 
Carrying amount at the end of the year 
31,669 
32,524 
 
 
 
 
 
 
Make good 
105 
128 
 
 
 
 
 
 

ACADEMIES AUSTRALASIA GROUP LIMITED 
NOTES TO THE FINANCIAL STATEMENTS 
For the year ended 30 June 2024 
- 37 - 
 
               FY24 
           FY23 
15.  DEFERRED TAX ASSETS / LIABILITIES 
$000s 
$000s 
 
 
 
 
 
 
Deferred Tax Asset 
6,647 
7,015 
 
 
 
The deferred tax asset is made up of the following estimated tax benefits: 
 
 
Temporary differences: 
 
 
- 
deferred tax assets 
 
12,278 
13,994 
- 
deferred tax liabilities 
 
(7,799) 
(8,653) 
- 
losses 
 
2,168 
1,674 
 
6,647 
7,015 
 
 
 
 
 
 
 
 
 
 
Opening 
Charged To 
Closing 
 
Balance 
Restated 
Income 
Balance 
 
$000s 
$000s 
$000s 
Deferred Tax Assets 
 
 
 
Plant & equipment 
14 
20 
34 
Provisions 
1,024 
5 
1,029 
Unearned income 
2,043 
(1,249) 
794 
Lease liabilities and make good 
10,363 
(492) 
9,871 
Other 
550 
- 
550 
 
13,994 
(1,716) 
12,278 
 
 
Deferred Tax Liabilities 
 
Right of use assets and make good 
(8,122) 
594 
(7,528) 
Prepayments and other 
(531) 
260 
(271) 
 
(8,653) 
854 
(7,799) 
 
 
 
 
Losses 
1,674 
494 
2,168 
 
 
 
 
 
 
 
 
Total  
7,015 
(368) 
6,647 
 
 
 
 
 
 
 
               FY24 
               FY23 
 
$000s 
$000s 
 
 
 
Deferred tax assets not brought to account, the benefits of which will only be 
realised if the conditions for deductibility set out in Note 1(q) occur: 
 
 
    Tax (operating) losses 
320 
324 
 
 
 
 
 
 
 
 
 
 
 
 
 

ACADEMIES AUSTRALASIA GROUP LIMITED 
NOTES TO THE FINANCIAL STATEMENTS 
For the year ended 30 June 2024 
- 38 - 
 
               FY24 
           FY23 
16.  INTANGIBLE ASSETS 
$000s 
$000s 
 
 
 
 
 
 
Goodwill at cost 
32,758 
32,758 
Accumulated impairment losses 
(4,790) 
(382) 
Net carrying value 
27,968 
32,376 
 
 
 
Course development costs and capitalised licences 
2,889 
2,772 
Accumulated amortisation 
(2,488) 
(2,349) 
Net carrying value 
401 
423 
 
 
 
Other at cost 
3 
3 
 
 
 
 
28,372 
32,802 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill 
 
Course 
Development Costs 
and capitalised 
licences 
Other 
 
Total 
 
 
$000s 
$000s 
$000s 
$000s 
Year ended 30 June 2024 
 
 
 
 
Balance at the beginning of the year 
32,376 
423 
3 
32,802 
Impairment of goodwill - STA 
(4,408) 
- 
- 
(4,408) 
Course development costs and capitalised licences 
additions 
 
- 
 
117 
 
- 
 
117 
Course development costs and capitalised licences 
amortisation 
 
- 
 
(140) 
 
- 
 
(140) 
Balance at the end of the year 
27,968 
401 
3 
28,372 
 
 
 
 
 
 
Year ended 30 June 2023 
 
 
 
 
Balance at the beginning of the year 
32,376 
476 
3 
32,855 
Course development costs and capitalised licences 
additions 
 
- 
 
116 
 
- 
 
116 
Course development costs and capitalised licences write 
off 
 
- 
 
(19) 
 
- 
 
(19) 
Course development costs and capitalised licences 
amortisation 
 
- 
 
(150) 
 
- 
 
(150) 
Balance at the end of the year 
32,376 
423 
3 
32,802 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

ACADEMIES AUSTRALASIA GROUP LIMITED 
NOTES TO THE FINANCIAL STATEMENTS 
For the year ended 30 June 2024 
- 39 - 
16.  INTANGIBLE ASSETS (continued) 
 
Impairment of goodwill - STA 
In anticipation that there would be public funding to subsidise training in nursing and that non-public training 
organisations would not qualify for that subsidy, our college delivering a nursing qualification taught out existing students 
and withdrew its application to renew the qualification. It was considered imprudent to try to compete against public 
funded operators – especially because the course is expensive to run, it was very difficult to get appropriately qualified 
nursing professionals as trainers as well as to secure placements for students to get practical experience at hospitals 
(without which students cannot graduate). All this against a background where government policies about international 
students continue to be unclear, and the minimum English language requirement for enrolment in a Diploma in Nursing 
was increased to IELTS 7.0 or equivalent. Giving up the nursing qualification, which was the main business of the college, 
required an impairment of $4,408,000 against the goodwill component of the cost of the acquisition of the college in 
November 2014, and a provision for impairment of $575,000 against right of use assets (Note 14) which relates to the 
lease on college premises. 
Goodwill is assessed by management at the cash generating unit level. The recoverable amount of the cash-generating 
unit is determined based on a value in use calculation using cash flow projections covering five years. Cash flows beyond 
the five-year period are estimated using a terminal value calculated under standard valuation principles incorporating a 
long-term growth rate.  
 
The following assumptions were used in the value in use calculations: 
 
Revenue 
Growth 
Revenue 
Growth 
Pre-tax Free 
Cash Flow – 
Revenue from 
Services 
Pre-tax Free Cash 
Flow – Revenue 
from Services per 
annum 
Pre-tax Discount 
Rate 
Long Term Growth  
Rate 
 
 
 
 
 
 
FY25 
FY26-FY29 
FY25 
FY26-FY29 
 
 
20.5% 
7.4% 
11.6% 
11.6% 
11.8% 
2.0% 
 
An impairment would be triggered if any one of the key assumptions (with all other assumptions held constant) set out 
below applies over a 5-year period: 
 
• 
Revenue growth rate is 6.7% or lower. 
• 
Pre-tax discount rate exceeds 13.2%. 
• 
Pre-tax free cash flow – revenue from services per annum FY25-FY29 is 8.3% or lower.  
• 
Long term growth rate is minus 0.8% or lower 
   
 
 
FY24 
FY23 
17.  TRADE AND OTHER PAYABLES 
$000s 
$000s 
 
 
 
CURRENT 
 
 
Unsecured Liabilities 
 
 
Tuition fees in advance (Deferred income) 
10,666 
15,581 
Trade payables                    
1,331 
977 
Sundry payables and accrued expenses  
3,705 
3,386 
 
15,702 
19,944 
 
 
 
 
 

ACADEMIES AUSTRALASIA GROUP LIMITED 
NOTES TO THE FINANCIAL STATEMENTS 
For the year ended 30 June 2024 
- 40 - 
 
 
                       FY24 
              FY23 
18.  LEASE LIABILITIES 
$000s 
$000s 
 
 
 
 
Balance at beginning of year 
 
41,140 
29,375 
Additions – new leases 
 
5,672 
17,055 
Terminated 
 
28 
- 
Lease modifications 
 
(3) 
7 
Lease payments 
 
(6,124) 
(5,385) 
Net foreign currency difference arising on translation of financial statements of 
foreign operations 
 
(119) 
 
88 
Balance at end of year 
 
40,594 
41,140 
 
 
 
 
Make good  
 
572 
559 
 
 
 
 
Total 
 
41,166 
41,699 
 
 
 
 
 
 
Current 
 
7,013 
5,973 
Non-current 
 
34,153 
35,726 
Total 
 
41,166 
41,699 
 
 
 
 
Lease liability – undiscounted 
 
 
 
Less than one year 
 
9,484 
8,622 
One to five years 
 
36,402 
35,014 
More than five years 
 
6,562 
11,493 
Total undiscounted lease liabilities at end of year 
 
52,448 
55,129 
 
 
 
 
a. 
Short-term lease payments expensed to the profit and loss account in the year $420,000 (FY23: $313,000) (Note 3) 
 
 
 
 
FY24 
FY23 
19.  PROVISIONS 
$000s 
$000s 
 
 
 
 
CURRENT  
 
 
 
Employee entitlements 
 
3,712 
3,712 
 
 
 
 
NON-CURRENT 
 
 
 
Employee entitlements 
 
400 
359 
 
 
 
 
 
 

ACADEMIES AUSTRALASIA GROUP LIMITED 
NOTES TO THE FINANCIAL STATEMENTS 
For the year ended 30 June 2024 
- 41 - 
 
 
20.  SHARE CAPITAL 
FY24 
FY24 
FY23 
FY23 
 
Share number  
$000s 
Share number  
$000s 
Issued Share Capital 
 
 
 
 
 
 
 
 
 
Ordinary shares fully paid  
132,614,467 
44,066 
132,614,467 
44,066 
 
 
 
 
 
Ordinary share capital 
 
 
 
 
 
 
 
 
 
Balance at the beginning of the financial year 
132,614,467 
44,066 
127,614,467 
42,066 
Employee incentive plan – 22 November 2022 
- 
- 
2,500,000 
1,000 
Employee incentive plan – 5 January 2023 
- 
- 
2,500,000 
1,000 
Balance at the end of the financial year 
132,614,467 
44,066 
132,614,467 
44,066 
 
 
 
 
 
i.   Shares disclosure. 
Ordinary shares participate in dividends and the proceeds on winding up of the parent entity in proportion to the number 
of shares held. 
At a shareholders meeting each ordinary share is entitled to one vote.  
The number of shares authorised is equal to the number of shares issued. Shares have no par value. 
 
ii.  Capital Management.  
Management controls the capital of the Group in order to maintain an acceptable debt to equity ratio, provide the 
shareholders with adequate returns and ensures that the Group can fund its operations and continue as a going concern. 
The Group’s debt and capital includes ordinary share capital and financial liabilities, supported by financial assets. 
Management effectively manages the Group’s capital by assessing financial risks and adjusting its capital structure in 
response to changes in these risks and in the market. These responses include the management of debt levels, 
distributions to shareholders and share issues. 
There were no changes in the Group’s capital management procedures during the year. 
 
iii. Employee incentive plan 
Shareholders on 18 November 2022 authorised the issue of 2,500,000 ordinary shares to Gabriela Del Carmen Rodriguez 
Naranjo under the Plan. The shares were issued on 22 November at 40 cents per share, which was the closing price the 
day before. Under the Plan, the issue was secured by an interest free non-recourse loan of $1,000,000. 
 
On 5 January 2023 2,500,000 shares at 40 cents per share, which was the closing price the day before, were issued under 
the Plan. The shares were issued to Bibhod Dotel (1,000,000 shares), Joanna Kelly (1,000,000 shares) and Dr Sreekanth 
Vinnakota (500,000 shares). Under the Plan, the issues were secured by interest free non-recourse loans of $400,000, 
$400,000 and $200,000 respectively. 
 
A provision for impairment of $1,150,000 was made against the non-recourse loans of $2,000,000 that secure the 
5,000,000 shares issued at 40 cents each under the employee incentive plan. The share price as at 30 June 2024 was 17 
cents ($850,000). This provision will be adjusted according to the share price as at 30 June and 31 December while the 
loans are in place. 
 
 
 
 
 

ACADEMIES AUSTRALASIA GROUP LIMITED 
NOTES TO THE FINANCIAL STATEMENTS 
For the year ended 30 June 2024 
- 42 - 
 
21.  CONTINGENT LIABILITIES 
 
Corporate Guarantee 
 
There is a corporate guarantee between wholly-owned Group companies as security for bank facilities in effect during 
the year. This guarantee does not include: 
 
Academies Australasia College Pte. Limited 
Academies Australasia Hair and Beauty Pty Limited 
AKG6 Investment Holdings Pty Limited 
AMC Training Pty Limited 
Centre for Australian Education Pte. Limited 
Humanagement Pty Limited 
International College of Capoeira Pty Limited 
Kreate Pty Limited 
Language Links International Pty Limited 
 
The Company has provided a corporate guarantee to the landlord of the Goulburn Street premises in respect to rental of 
the premises by Academies Australasia Pty Limited, the lessee. The Company is also a guarantor for leases taken out by 
Benchmark College, Skills Training Australia and Gold Coast School of Hairdressing.  
 
 
 
 
22.  SEGMENT REPORTING 
 
 
 
 
Business segments 
 
The Company has determined that it has only one operating segment: Education. 
 
Geographical information 
 
The Group operates in Australia and Singapore.  The revenues and non-current assets of the Group for the year ended 
30 June 2024 are as follows: 
 
 
 
   $000s 
$000s 
Geographic Location 
Australia 
Singapore 
Revenues from External Customers 
40,316 
6,055 
Non-current assets 
65,077 
8,639 
 
Accounting Policies 
Segment revenues and expenses are those directly attributable to the segments. 
 
 
 
 

ACADEMIES AUSTRALASIA GROUP LIMITED 
NOTES TO THE FINANCIAL STATEMENTS 
For the year ended 30 June 2024 
- 43 - 
 
 
 
b. Borrowing arrangements with banks 
 
 
 
 
 
Total Facilities 
 
 
 
 
 
Credit standby facility available  
4,032 
4,100 
Amount utilised 
(4,031) 
(4,031) 
 
1 
69 
 
 
 
Overdraft facility available  
100 
100 
Amount utilised 
- 
- 
 
100 
100 
 
 
 
Credit standby 
Line fee 2.0%. Usage fee 1.75%.  
Security deposit for rental bonds on leased premises $3,736,000 (FY23: $2,500,000). Interest rates are variable and 
subject to adjustment. 
 
Bank overdraft 
General terms and conditions apply. Interest rates are variable and subject to adjustment. 
 
The credit standby, bank overdraft and commercial card facilities are due for review on 29 November 2024.  
 
 
 
 
FY24 
$000s 
FY23 
$000s 
23.  CASH FLOW INFORMATION 
 
 
 
 
 
 
a. Reconciliation of cash flow from operations with loss after 
income tax 
 
 
 
 
 
Loss after income tax 
(9,653) 
(2,606) 
 
 
 
Non-cash flows in profit  
 
 
       Amortisation 
600 
666 
       Depreciation 
6,111 
6,331 
       Net loss on disposal of plant and equipment 
13 
453 
       Write-downs to recoverable amounts 
(15) 
(11) 
       Unrealised foreign exchange movement 
(27) 
15 
       Impairment of goodwill - STA 
4,408 
- 
       Provision for impairment ROUA 
575 
- 
       Provision for impairment on loans secured for the issue of shares in  
       the employee incentive plan 
1,150 
- 
 
 
 
Changes in assets and liabilities 
 
 
       (Increase)/decrease in trade and other receivables 
(52) 
403 
       (Increase)/decrease in other current assets 
1,258 
(395) 
       (Increase)/decrease in intangibles 
- 
- 
       (Increase)/decrease in deferred tax assets 
375 
(1,277) 
       Increase/(decrease) in trade and other payables 
(4,305) 
(3,179) 
       Increase/(decrease) in tax payables 
(51) 
(327) 
       Increase/(decrease) in provisions 
54 
347 
 
 
 
Cash flow from operations 
441 
420 

ACADEMIES AUSTRALASIA GROUP LIMITED 
NOTES TO THE FINANCIAL STATEMENTS 
For the year ended 30 June 2024 
- 44 - 
 
24.  EVENTS AFTER THE BALANCE SHEET DATE 
 
The Federal Government this week released some details on their intention to impose caps on commencements in respect 
to international students studying HE and VET courses in Australia from 1 January 2025. Based on FY24 revenue figures, 
69% of the Group’s business will not be impacted by the proposed caps.  
 
There were no other matters or circumstances that have arisen since the end of the financial year which significantly 
affected or may significantly affect the operations of the Group, the results of those operations, or the state of affairs of 
the Group in subsequent financial years. 
 
 
25.  RELATED PARTY TRANSACTIONS 
 
Directors’ transactions with the Company and the Group 
 
Directors’ loans 
 
On 17 April 2024, four directors extended a total of $1.0 million as unsecured loans to AKG: Dr John Schlederer - 
$200,000; Chiang Meng Heng - $700,000; Gabriela Rodriguez - $50,000; and Sartaj Hans - $50,000. On 29 June 2024, 
Chiang Meng Heng extended an unsecured loan of $4.0 million. Total loans extended by directors $5.0 million. 
 
The material features of each of the above loans are: 
- 
The interest rate applicable to each loan is 9% per annum calculated on a simple interest basis. 
- 
Interest on each loan is paid quarterly. 
- 
The principal must be paid within 12 months of the advance date. 
- 
The loans are unsecured. 
- 
The loan agreements contain warranty and covenant clauses standard for agreements of this nature.  
- 
The loan agreements do not include any right to convert the loans to AKG shares. 
 
Accrued interest on the loans to 30 June 2024 of $21,570 is included in accrued expenses (Note 17). 
 
Details of Directors’ remuneration are set out in the Remuneration Report on pages 10 to 12.  Directors are reimbursed 
for expenses incurred by them on behalf of the Group.  
 
Other Directors’ transactions 
 
Included in sundry payables (Note 17) is an amount owing to Christopher Campbell of $150,000 for expenses paid. There 
is no interest on this balance. 
 
 
Directors’ and specified executives’ relevant interests in shares 
 
See Directors’ Report on pages 8,9 and 30. 
 
Other related party transactions 
 
Transactions between the Company and controlled entities comprise loans, management fees and interest and are 
eliminated on consolidation. 
 
 
 
 
 
 

ACADEMIES AUSTRALASIA GROUP LIMITED 
NOTES TO THE FINANCIAL STATEMENTS 
For the year ended 30 June 2024 
- 45 - 
26.  FINANCIAL INSTRUMENTS 
 
Financial Risk Management 
The Group’s financial instruments consist mainly of deposits with banks, investments, accounts receivable and payable, 
loans to and from subsidiaries, bills and leases.  
The main purpose of non-derivative financial instruments is to raise finance for operations. 
i. Treasury Risk Management 
Senior management meet on a regular basis to review currency and interest rate exposure and to evaluate treasury 
management strategies where relevant, in the context of the most recent economic conditions and forecasts. 
ii. Financial Risks 
The main risks the Group is exposed to through its financial instruments are interest rate risk, foreign currency risk, 
liquidity risk and credit risk. 
Foreign currency risk 
The Group is exposed to foreign currency risk on its purchase of products and the sale of training and education courses 
to international students and on the translation of its foreign subsidiaries. The Group had not hedged foreign currency 
transactions as at 30 June 2024. Senior management continues to evaluate this risk on an ongoing basis. 
Credit risk 
The maximum exposure to credit risk, excluding the value of any collateral or other security, at balance date to 
recognised financial assets, is the carrying amount, net of any provisions for impairment of those assets, as disclosed in 
the balance sheet and notes to the financial statements. In the education business, credit risk is minimised by, generally, 
collecting tuition fees in advance. 
Interest rate risk 
The interest rate risk has been managed by the Group by reducing and in most cases eliminating interest bearing debt.  
The Group’s exposure to interest rate risk, which is the risk that a financial instrument’s value will fluctuate as a result 
of changes in market interest rates and the effective weighted average interest rates on classes of financial assets and 
financial liabilities, is as follows: 
         
 
 
 
 
 
 
 
 
 
Note 
Weighted 
average 
interest 
rate 
Floating 
interest 
rate 
 
 
 
 
$000s 
Fixed 
interest 
maturing 
in: 
1 year 
or less 
 
$000s 
Fixed 
interest 
maturing 
in: 
1 to 5 
years 
 
$000s 
Non-
Interest 
bearing  
 
 
 
 
$000s 
Total  
 
 
 
 
 
 
$000s 
Year ended 30 June 2024 
 
 
 
 
 
Financial assets 
 
 
 
 
 
 
 
Cash and cash 
equivalents 
 
9 
 
5.06% 
 
5,832 
 
- 
 
- 
 
- 
 
5,832 
Security deposit 
9 
5.05% 
3,736 
- 
- 
- 
3,736 
Trade and other 
receivables 
 
10 
 
 
 
- 
 
- 
 
- 
 
655 
 
655 
Contract assets 
10 
 
- 
- 
- 
1,250 
1,250 
 
 
 
9,568 
- 
- 
1,905 
11,473 
Financial liabilities 
 
 
 
 
 
 
 
Trade and other 
payables 
 
17 
 
 
- 
 
- 
 
- 
 
5,036 
 
5,036 
Lease liabilities 
18 
 
- 
7,013 
34,153 
- 
41,166 
 
 
 
- 
7,013 
34,153 
5,036 
46,202 
 
 
 
 
 
 
 
 

ACADEMIES AUSTRALASIA GROUP LIMITED 
NOTES TO THE FINANCIAL STATEMENTS 
For the year ended 30 June 2024 
- 46 - 
26.  FINANCIAL INSTRUMENTS (continued) 
 
 
 
Note 
Weighted 
average 
interest 
rate 
Floating 
interest 
rate 
 
 
 
 
$000s 
Fixed 
interest 
maturing 
in: 
1 year 
or less 
 
$000s 
Fixed 
interest 
maturing 
in: 
1 to 5 
years 
 
$000s 
Non-
Interest 
bearing  
 
 
 
 
$000s 
Total  
 
 
 
 
 
 
$000s 
Year ended 30 June 2023 
 
 
 
 
 
Financial assets 
 
 
 
 
 
 
 
Cash and cash 
equivalents 
 
9 
 
1.82% 
 
8,046 
 
- 
 
- 
 
- 
 
8,046 
Security deposit 
9 
2.43% 
2,500 
- 
- 
- 
2,500 
Trade and other 
receivables 
 
10 
 
 
 
- 
 
- 
 
- 
 
640 
 
640 
Contract assets 
10 
 
- 
- 
- 
1,199 
1,199 
 
 
 
10,546 
- 
- 
1,839 
12,385 
Financial liabilities 
 
 
 
 
 
 
 
Trade and other 
payables 
 
17 
 
 
- 
 
- 
 
- 
 
4,363 
 
4,363 
Lease liabilities 
18 
 
- 
5,973 
35,726 
- 
41,699 
 
 
 
- 
5,973 
35,726 
4,363 
46,062 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
iii. 
Net fair values of financial assets and liabilities 
The carrying amounts of financial assets and liabilities approximate their net fair value. 
iv. 
Sensitivity Analysis 
The following table illustrates sensitivity analysis to the Group’s exposure to changes in interest rates. The table 
indicates the estimated impact on how profit and equity values reported at the end of the reporting period would have 
been affected by changes in the interest rate that management considers reasonably possible. 
Profit 
Equity 
$’000 
$’000 
FY24 
+/- 2% in interest rates 
312 
312 

ACADEMIES AUSTRALASIA GROUP LIMITED 
NOTES TO THE FINANCIAL STATEMENTS 
For the year ended 30 June 2024 
- 47 - 
 
 
 
 
 
 
 
 
27. PARENT INFORMATION 
 
The following information has been extracted from the books of the parent and has been prepared in 
accordance with Australian Accounting Standards. 
 
 
 
 
 
 
 
FY24 
FY23 
 
 
$000s 
$000s 
 
STATEMENT OF FINANCIAL POSITION 
 
 
 
 
 
 
 
Assets 
 
 
 
Current assets 
47,693 
44,145 
 
Non-current assets 
8,516 
9,674 
 
Total Assets 
56,209 
53,819 
 
 
 
 
 
Liabilities 
 
 
 
Current Liabilities 
7,437 
2,224 
 
Non-current liabilities 
- 
- 
 
Total Liabilities 
7,437 
2,224 
 
 
 
 
 
Equity 
 
 
 
Share capital 
44,066 
44,066 
 
Retained earnings 
4,706 
7,529 
 
Total Equity 
48,772 
51,595 
 
 
 
 
 
STATEMENT OF COMPREHENSIVE INCOME 
 
 
 
 
 
 
 
Total profit 
(2,824) 
(1,541) 
 
 
 
 
 
Total comprehensive income 
(2,824) 
(1,541) 
 
 
 
 
 
 
 
 
 
 

ACADEMIES AUSTRALASIA GROUP LIMITED 
NOTES TO THE FINANCIAL STATEMENTS 
For the year ended 30 June 2024 
- 48 - 
28. COMPANY DETAILS 
The registered office and principal place of business of Academies Australasia Group Limited is: 
Level 6, 505 George Street 
Sydney NSW 2000 
Australia 
Principal places of business of AKG colleges: 
NEW SOUTH WALES 
Academies Australasia Institute 
Academy of English 
Australian College of Technology 
Australian International High School 
Clarendon Business College 
Supreme Business College 
Level 6, 505 George Street 
Sydney, NSW 2000 
Benchmark College  
Ground Floor, 331 High Street 
Sydney, NSW 2750 
College of Sports & Fitness 
Level 6, 505 George Street 
Sydney, NSW 2000 
RuralBiz Training  
46 Wingewarra Street, Dubbo, NSW 2830 
QUEENSLAND 
Brisbane School of Hairdressing 
Brisbane School of Beauty 
Brisbane School of Barbering 
Queen Adelaide Building 
90-112 Queen Street Mall 
Brisbane, QLD 4000 
Gold Coast School of Hairdressing 
Pivotal Point Tower 
3/2 Nerang Street 
Southport, QLD 4215 
VICTORIA 
Academies Australasia Polytechnic 
Skills Training Australia 
Spectra Training 
Vostro Institute of Training Australia 
Level 7, 628 Bourke Street 
Melbourne,VIC 3000 
Discover English 
247 Collins Street, Melbourne, VIC 3000 
SOUTH AUSTRALIA 
Print Training Australia 
Unit 17, 169 Unley Road, Unley, SA 5061 
WESTERN AUSTRALIA 
Language Links International 
120 Roe Street, Perth, WA 6003 
SINGAPORE 
Academies Australasia College 
45 Middle Road, Singapore 1889954 

ACADEMIES AUSTRALASIA GROUP LIMITED 
AND CONTROLLED ENTITIES 
DIRECTORS DECLARATION 
- 49 - 
The Directors of the Company declare that: 
 
1. the financial statements and notes, set out on pages 14 to 48, are in accordance with the Corporations Act 
2001 and 
 
(i) comply with Accounting Standards which, as stated in accounting policy Note 1 to the financial 
statements, constitutes explicit and unreserved compliance with International Financial Reporting 
Standards (IFRS); and 
  
(ii) give a true and fair view of the financial position as at 30 June 2024 and of the performance for the 
year ended on that date of the Company and consolidated group; 
 
 
2. The Chief Executive Officer and Group Finance Manager have each declared that: 
 
(i) the financial records of the Company and the consolidated group for the financial year have been 
properly maintained in accordance with s 286 of the Corporations Act 2001; 
 
(ii) the financial statements and notes for the financial year comply with Accounting Standards; and 
 
(iii) the financial statements and notes for the financial year give a true and fair view; and 
 
 
3. In the Directors’ opinion, there are reasonable grounds to believe that the Company will be able to pay its 
debts as and when they become due and payable. (See Note 1w). 
 
The Company and wholly-owned subsidiaries identified in Note 12, but excluding those in Note 21, have 
entered into a deed of cross guarantee under which the Company and its subsidiaries guarantee the debts of 
each other. 
 
At the date of this declaration, there are reasonable grounds to believe that the companies which are party to 
this deed of cross guarantee will be able to meet any obligations or liabilities to which they are, or may become 
subject to, by virtue of the deed. 
 
 
This declaration is made in accordance with a resolution of the Board of Directors.  
 
 
 
 
 
 
 
 
   
 
 
 
 
   
Dr John Lewis Schlederer  
 
 
 
Christopher Elmore Campbell 
Director 
 
 
 
 
 
Director 
 
30 August 2024

ABN 60 063 687 769 |  Pilot is a registered trade mark licensed to Pilot Partners  |  Liability limited by a scheme approved under Professional Standards Legislation
Nexia International is a worldwide network of independent accounting and consulting firms.
PILOT PARTNERS
Chartered Accountants
Level 10, 1 Eagle Street 
Brisbane QLD 4000
PO Box 7095  
Brisbane QLD 4001
P +61 7 3023 1300
pilotpartners.com.au
INDEPENDENT AUDITOR’S REPORT 
TO THE MEMBERS OF ACADEMIES AUSTRALASIA GROUP LIMITED 
OPINION 
We have audited the financial report of Academies Australasia Group Limited (“the 
Company”) and its subsidiaries (collectively with the Company “the Group”), which 
comprises the consolidated statement of financial position as at 30 June 2024, the 
consolidated statement of comprehensive income, the consolidated statement of 
changes in equity and the consolidated statement of cash flows for the year then 
ended, and notes to the financial statements, including a summary of significant 
accounting policies, and the directors’ declaration. 
In our opinion, the accompanying financial report of the Group is in accordance with 
the Corporations Act 2001, including: 
(i)
giving a true and fair view of the Group’s financial position as at 30 June 2024
and of its financial performance for the year then ended; and
(ii)
complying with Australian Accounting Standards and the Corporations
Regulations 2001.
BASIS FOR OPINION 
We conducted our audit in accordance with Australian Auditing Standards. Our 
responsibilities under those standards are further described in the Auditor’s 
Responsibilities for the Audit of the Financial Report section of our report. We are 
independent of the Group in accordance with the auditor independence requirements 
of the Corporations Act 2001 and the ethical requirements of the Accounting 
Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional 
Accountants (the Code) that are relevant to our audit of the financial report in 
Australia. We have also fulfilled our other ethical responsibilities in accordance with 
the Code. 
We confirm that the independence declaration required by the Corporations Act 2001, 
which has been given to the directors of the Company, would be in the same terms if 
given to the directors as at the time of this auditor’s report. 
We believe that the audit evidence we have obtained is sufficient and appropriate to 
provide a basis for our opinion. 
KEY AUDIT MATTERS 
Key audit matters are those matters that, in our professional judgement, were of most 
significance in our audit of the financial report of the current period. These matters 
were addressed in the context of our audit of the financial report as a whole, and in 
forming our opinion thereon, and we do not provide a separate opinion on these 
matters. 
-50-

REASON FOR SIGNIFICANCE 
HOW OUR AUDIT ADDRESSED THE MATTER
Risk of impairment of goodwill and intangible assets
Goodwill 
and 
intangible 
assets 
comprise a significant portion of the 
Group’s total assets. 
The impairment assessment made by 
the 
Group 
for 
its 
goodwill 
and 
intangible assets relies upon significant 
judgements in respect of factors such 
as forecast cash flows, growth rates 
and 
economic 
and 
operational 
assumptions. 
Our 
audit 
considered 
whether 
the 
methodology and principles applied by the 
Group in their discounted cash flow model 
met the requirements of AASB 136 
Impairment of Assets (“AASB 136”). 
Using our understanding of the nature of 
the Group’s business and the environment 
in which it operates, we assessed and 
tested the assumptions and methodologies 
used in the Group’s discounted cash flow 
model.  In doing so: 
(a) We reviewed the Group’s impairment
test, including an assessment of its
arithmetical accuracy and conceptual
soundness;
(b) We assessed the basis for the Group’s
expected future performance, including
consideration of historical performance;
(c) We assessed management explanations
against available relevant data;
(d) We compared the discount rate to
available external data;
(e) We assessed growth rates against
recent historical rates performance and
current actual revenue drivers;
(f) We assessed the basis for terminal
values and long-term growth rates
against generally-accepted techniques
and relevant external data;
(g) We performed sensitivity analysis and
evaluated whether a reasonable change
in assumptions could cause the carrying
amount of the CGU to exceed its
recoverable amount; and
(h) We also considered the adequacy of the
relevant disclosures in the financial
report.
Going Concern 
During the year ended 30 June 2024, 
the Group incurred a net loss of 
Using our understanding of the nature of 
the Group’s business and the environment 
-51-

$9.653m after asset impairments of 
$6.133m, and as of that date, the 
Group’s current liabilities exceed its 
current assets by $21.151m. 
Also during the year ended 30 June 
2024, the Group received loans from 
directors of $5m and as at 30 June 
2024 had cash and cash equivalents of 
$5.832m (excluding security deposits 
of $3.736m). For the year ended 30 
June 2024, net cash provided by 
operating activities was $0.441m. 
The going concern assessment made 
by the Group relies upon significant 
judgements in respect of future cash 
flows 
as 
well 
as 
economic 
and 
operational assumptions. 
in which it operates, we reviewed detailed 
information from management on the 
assumptions made in their assessment of 
the Group’s ability to continue as a going 
concern. In doing so: 
(a) We reviewed the Group’s cash flow
forecast for the next 12 months,
including 
an 
assessment 
of 
its
arithmetical accuracy and conceptual
soundness;
(b) We assessed the reasonableness of the
Group’s assumptions underlying the
forecast against available information;
(c) We performed analysis on the forecast
to assess whether a reasonable change
in assumptions could cast doubt on the
Group’s ability to continue as a going
concern; and
(d) We reviewed the adequacy of the
disclosures in the financial report in
relation to going concern.
OTHER INFORMATION  
The directors are responsible for the other information. The other information 
comprises the information included in the Group’s annual report for the year ended 30 
June 2024, but does not include the financial report and our auditor’s report thereon. 
Our opinion on the financial report does not cover the other information and 
accordingly we do not express any form of assurance conclusion thereon. 
In connection with our audit of the financial report, our responsibility is to read the 
other information and, in doing so, consider whether the other information is materially 
inconsistent with the financial report or our knowledge obtained in the audit or 
otherwise appears to be materially misstated. If, based on the work we have 
performed, we conclude that there is a material misstatement of this other information, 
we are required to report that fact. We have nothing to report in this regard. 
RESPONSIBILITIES OF THE DIRECTORS FOR THE FINANCIAL REPORT 
The directors of the Company are responsible for the preparation of the financial report 
that gives a true and fair view in accordance with Australian Accounting Standards and 
the Corporations Act 2001 and for such internal control as the directors determine is 
necessary to enable the preparation of the financial report that gives a true and fair 
view and is free from material misstatement, whether due to fraud or error. 
Liability limited by a scheme approved under Professional Standards Legislation
-52-

In preparing the financial report, the directors are responsible for assessing the ability 
of the Group to continue as a going concern, disclosing, as applicable, matters related 
to going concern and using the going concern basis of accounting unless the directors 
either intend to liquidate the Group or to cease operations, or has no realistic 
alternative but to do so. 
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL REPORT 
Our objectives are to obtain reasonable assurance about whether the financial report 
as a whole is free from material misstatement, whether due to fraud or error, and to 
issue an auditor’s report that includes our opinion. Reasonable assurance is a high 
level of assurance, but is not a guarantee that an audit conducted in accordance with 
the Australian Auditing Standards will always detect a material misstatement when it 
exists. Misstatements can arise from fraud or error and are considered material if, 
individually or in the aggregate, they could reasonably be expected to influence the 
economic decisions of users taken on the basis of this financial report. A further 
description of our responsibilities for the audit of the financial report is located at: 
http://www.auasb.gov.au/Home.aspx. This description forms part of our auditor’s 
report.  
REPORT ON THE REMUNERATION REPORT 
OPINION ON THE REMUNERATION REPORT 
We have audited the Remuneration Report included in pages 10 to 12 of the directors’ 
report for the year ended 30 June 2024. 
In our opinion, the Remuneration Report of Academies Australasia Group Limited, for 
the year ended 30 June 2024 complies with section 300A of the Corporations Act 2001. 
RESPONSIBILITIES  
The directors of the Company are responsible for the preparation and presentation of 
the Remuneration Report in accordance with section 300A of the Corporations Act 
2001. Our responsibility is to express an opinion on the Remuneration Report, based 
on our audit conducted in accordance with Australian Auditing Standards. 
PILOT PARTNERS 
DANIEL GILL 
Chartered Accountants 
Partner 
Signed on 30 August 2024 
Level 10 
1 Eagle Street 
Brisbane Qld 4000 
-53-

ACADEMIES AUSTRALASIA GROUP LIMITED 
AND CONTROLLED ENTITIES 
ADDITIONAL INFORMATION FOR A COMPANY LISTED ON THE ASX 
- 54 -
Additional information required by the Australian Securities Exchange Limited and not shown 
elsewhere in this report is as follows.   
SUBSTANTIAL HOLDERS 
Ordinary Shares 
The relevant interests of substantial shareholders as at 28 August 2024 were: 
Shareholder 
No. of Shares Held 
% 
Mr Chiang Meng Heng a 
51,185,961 
38.60 
Mr Christopher Elmore Campbell b 
20,703,875 
15.61 
Jilcy Pty Ltd  
17,650,000 
13.31 
Dr John Lewis Schlederer d 
15,046,403 
11.35 
Andrew Low c 
13,656,455 
10.29 
Eng Kim Low 
7,648,232 
5.77 
a   Includes 7,648,232 shares held by Eng Kim Low 
b     17,650,000 shares held by Jilcy Pty Ltd  and 1,600,000 shares held by  
     Bankura Pty Ltd   
c      Includes 1,529,474 shares held by Paris Pushkin Pty Ltd and 1,809,091 shares held by Mutual 
     Trust Pty Limited. 
d    7,700,000 shares held by J&B Schlederer Pty Ltd  and 7,346,403  
    shares held by Schlederer Nominees Pty Ltd  
VOTING RIGHTS 
Ordinary Shares  
At 28 August 2024 there were 430 holders of the ordinary shares of the Company.  The voting rights 
attaching to the ordinary shares, set out in Articles 69 and 70 of the Company’s constitution, are: 
Article 69 
“Subject to these Articles and any rights or restrictions for the time being attached to any class or 
classes of shares: 
(a) at meetings of members or classes of members each member entitled to attend and vote may attend
and vote in person or by proxy, or attorney and (where the member is a body corporate) by
representative;
(b) on a show of hands, every Member present has 1 vote;
(c)
on a poll, every Member present has:
(i) 1 vote for each fully paid share; …….” 
Article 70 
“Where more than 1 joint holder votes, the vote of the holder, whose name appears first in the register 
of members shall be accepted to the exclusion of the others.” 

ACADEMIES AUSTRALASIA GROUP LIMITED 
AND CONTROLLED ENTITIES 
ADDITIONAL INFORMATION FOR A COMPANY LISTED ON THE ASX 
 
 
- 55 - 
20 LARGEST SHAREHOLDERS AS AT 28 AUGUST 2024  
 
 
Registered Name 
No. Shares 
% 
 
 
 
 
1 
Mr Chiang Meng Heng 
43,537,729 
32.83 
2 
Jilcy Pty Ltd   
17,650,000 
13.31 
3 
Andrew Low 
10,317,890 
7.78 
4 
J&B Schlederer Pty Ltd  
7,700,000 
5.81 
5 
Eng Kim Low 
7,648,232 
5.77 
6 
Schlederer Nominees Pty Ltd  
7,346,403 
5.54 
7 
Gotterdamerung Pty Limited  
3,724,114 
2.81 
8 
Ms Gabriela Rodriguez Naranjo 
2,600,000 
1.96 
9 
Kin Group Pty Ltd 
2,595,514 
1.96 
10 
Mutual Trust Pty Ltd 
1,809,091 
1.36 
11 
DMX Capital Partners Limited 
1,655,056 
1.25 
12 
Bankura Pty Ltd  
1,600,000 
1.21 
13 
Paris Pushkin Pty Ltd  
1,529,474 
1.15 
14 
Mr Christopher Elmore Campbell 
1,453,875 
1.10 
15 
Salvage Pty Ltd 
1,178,351 
0.89 
16 
National Nominees Limited 
1,170,890 
0.88 
17 
Vanward Investments Limited 
1,020,103 
0.77 
18 
Mr Bibhod Dotel 
1,000,000 
0.75 
18 
Ms Joanna Kelly 
1,000,000 
0.75 
20 
Sarah Rose Pty Ltd  
800,595 
0.60 
 
 
 
 
 
 
117,337,317 
88.48 
 
HOLDING RANGE (SHAREHOLDERS) AS AT 28 AUGUST 2024 
 
Range 
No. Holders 
Total No. Shares 
% 
            1  -  1,000 
67 
34,166 
0.03 
1,001  -  5,000 
143 
393,010 
0.30 
5,001  -  10,000 
59 
456,398 
0.34 
10,001  -  100,000 
103 
4,032,960 
3.04 
100,001 + 
58 
127,697,933 
96.29 
 
430 
132,614,467 
100.00 
 
UNMARKETABLE PARCELS AS 28 AUGUST 2024 
 
 
Minimum Parcel Size 
No. Holders 
Units 
Minimum $500 parcel at $0.0910 per unit 
5,495 
214 
448,112 
 
 
 

 
ACADEMIES AUSTRALASIA GROUP LIMITED 
AND CONTROLLED ENTITIES 
ADDITIONAL INFORMATION FOR LISTED PUBLIC COMPANIES 
 
 
- 56 - 
CORPORATE INFORMATION 
 
 
DIRECTORS 
 
 
 
 
 
 
Dr John Lewis Schlederer 
 
Christopher Elmore Campbell 
 
Chiang Meng Heng 
 
Gabriela Del Carmen Rodriguez Naranjo 
 
Sartaj Hans 
 
 
 
 
 
COMPANY 
SECRETARIES 
 
 
 
 
Stephanie Noble  
 
Gabriela Del Carmen Rodriguez Naranjo 
 
 
 
REGISTERED OFFICE 
 
 
Academies Australasia Group Limited 
Level 6, 505 George Street 
Sydney NSW 2000 
Australia 
 
Telephone: (02) 9224 5555 
Facsimile: 
(02) 9224 5550 
Email:           companysecretary@academies.edu.au 
 
Web Site:      www.academies.edu.au 
 
 
 
SHARE REGISTRAR 
 
 
Computershare Investor Services Pty Limited 
GPO Box 2975 Melbourne, VIC 3001 
Australia 
 
Telephone: +61 (03) 9415 4000 
Toll Free (Australia only): 1300 855 080 
 
 
 
SECURITIES EXCHANGE 
 
 
 
The Company is listed on the Australian Securities Exchange. 
The Home Exchange is Sydney. 
 
ASX Code: 
AKG 
 

ACADEMIES AUSTRALASIA GROUP LIMITED 
AND CONTROLLED ENTITIES 
GLOSSARY  
 
 
- 57 - 
AAC 
Academies Australasia College Pte. Limited 
 
AAHB 
Academies Australasia Hair and Beauty Pty Limited 
 
AAI 
Academies Australasia Institute Pty Limited  
 
AAPoly 
Academies Australasia Polytechnic Pty Limited   
 
AASB 
Australian Accounting Standards Board or a numbered Standard issued by it 
 
ACT 
Australian College of Technology Pty Limited 
 
AIHS 
Australian International High School Pty Limited 
 
AKG 
Academies Australasia Group Limited – (ACN 000 003 725) 
 
AOE 
Academy of English Pty Limited 
 
ASX 
Australian Securities Exchange 
 
BIT 
 
Bachelor of Information Technology 
BMC 
Benchmark Resources Pty Limited - trading as Benchmark College  
 
Board 
Board of Directors of AKG 
 
CBC 
Clarendon Business College Pty Limited 
 
College 
Subsidiary company of AKG that is licensed to operate as an education institution 
Company 
AKG 
 
Corporations Act 
Corporations Act 2001 (Cth) 
 
CSF 
International College of Capoeira Pty Limited - trading as College of Sports & Fitness 
 
DE 
Discover English Pty Limited 
 
Directors 
Board of Directors of AKG 
 
EBITDA 
Earnings before interest, taxation, depreciation and amortisation 
 
EPS 
Earnings per share 
 
FVTPL 
Fair value through profit and loss 
 
FVOCI 
Fair value through other comprehensive income 
 
FY23 to FY29 
Financial Year to 30 June 2023 to Financial Year to 30 June 2029, respectively 
 
 
 
 
 
 

ACADEMIES AUSTRALASIA GROUP LIMITED 
AND CONTROLLED ENTITIES 
GLOSSARY  
 
 
- 58 - 
Group 
AKG and all its subsidiaries 
 
GST 
Goods and Services Tax 
 
HE 
 
Higher Education 
IHEA 
Independent Higher Education Australia (Previous name: Council of Private Higher Education 
– COPHE) 
 
LLI 
 
 
Language Links International Pty Limited   
 
MIT 
 
Master of Information Technology 
OCI 
Other Comprehensive Income 
 
PCP 
 
Previous corresponding period 
PLAN 
 
Employee incentive plan 
RBT 
Kreate Pty Limited – trading as RuralBiz Training 
 
ROUA 
Right of Use Assets 
 
SBC 
Supreme Business College Pty Limited 
 
Shares 
Fully paid ordinary shares in AKG 
 
SPT 
CLB Training & Development Pty Limited as trustee for the CLB Unit Trust - trading as 
Spectra Training  
 
STA 
Transformations – Pathways to Competence and Developing Excellence Pty Limited   - trading 
as Skills Training Australia  
 
TAFE 
Technical and Further Education 
 
TEQSA 
Tertiary Education Quality and Standards Agency 
 
TPS 
Tuition Protection Scheme 
 
VET 
Vocational Education and Training 
 
VOS 
Vostro Institute of Training Australia Pty Limited