Accordant Group Annual Report

Annual Report
2022

FINANCIAL HIGHLIGHTS 2
ACHIEVEMENTS 3
CHAIR’S REPORT 4
CEO’S INSIGHTS 6
WHAT DRIVES US 10
OUR BUSINESSES 12
THE EVOLVING WORLD OF WORK 14
OUR LOCATIONS 15
BOARD OF DIRECTORS 16
FINANCIAL COMMENTARY 19
CORPORATE GOVERNANCE STATEMENT 20
INDEPENDENT AUDITOR’S REPORT 24
FINANCIAL STATEMENTS 26
NOTES TO THE FINANCIAL STATEMENTS 30
SHAREHOLDERS’ STATUTORY INFORMATION 71
DIRECTORY 76
contents

connected
Jason Cherrington, Group CEO
In many ways, the
tighter the talent
market and the more
complicated the
employment framework,
the more relevance

we have for our clients
and candidates.

Highlights
Revenue
Net Bank Debt
Operating Cash Flow
Net Profit After Tax
FY2021, $205.5 million
FY2020, $263.5 million
FY2021, $13.2 million
FY2020, $29.8 million
FY2021, $21.9 million*
FY2020, $9.9 million
FY2021, $6.3 million*
FY2020, $2.7 million
$221.5m
$13.0m$10.5m
$3.0m
Shareholders' Funds
FY2021, $39.5 million*
FY2020, $33.1 million*
*Comparative balances presented have been restated as a result of a change in accounting policy relating to the accounting treatment of Software-as-a-Service
$36.7m
2ACCORDANT GROUP ANNUAL REPORT 2022

Achievements
10,930802
Candidates placed
into a temporary, contract
or permanent role, a 17%
increase on the prior year.Training outcomes delivered.
*Comparative balances presented have been restated as a result of a change in accounting policy relating to the accounting treatment of Software-as-a-Service
21,700+
Temporary and contract
assignments filled across
New Zealand.
1,524
Organisations partnered with
to deliver recruitment services.
48,000+
Safety engagements with
our temporary employees.
AWF's audited ACC Accredited
Employer status improved for
the second consecutive year to
tertiary, demonstrating continuous
improvement to good safety and
injury management practice.
Recertification of 12 Mental
Health First Responders
through CoLiberate.
Two recruitment industry
award wins (SEEK's Excellence
in Candidate Engagement
and the RSCA's Recruitment
Professional of the Year), from
five finalist placements, across
four Accordant businesses.
The Work Collective expands
its reach and partner networks.
ACCORDANT GROUP ANNUAL REPORT 20223

Chair’s Report
Simon Bennett, Chair
4ACCORDANT GROUP ANNUAL REPORT 2022CHAIR'S REPORT

Dear Shareholder,
I feel honoured to write to you for
the first time as Chair of Accordant,
following the retirement of Ross
Keenan during the financial year.
What a privilege it has been to observe
and learn from him over the years. I often
joked that he was ‘old school’ and a bit
of an ‘elder statesman’. I needn’t have joked
as these were in fact laudable and factual
traits I was describing.
Ross was extremely principled and
regimented in his approach to the business.
At all times he put shareholders first, and
at all times his tool of trade to achieve
his goal was respectful and honest (direct)
communication with his people. His vast
experience ensured that he was never
rattled or shaken and offered a very calm
and steady ‘hand on the tiller’ no matter
what the conditions.
Despite the ever-growing complexity
of the compliance framework, the rapid
pace of changes to the workplace and
the economy, he had a very keen sense
to ensure simplicity of purpose and clear
focus for the business. This allowed the
company to navigate exceptionally well
in what have been extraordinary times.
Ross remains a loyal and enthusiastic
shareholder and I thank him for
his dedication, humour, support, and
friendship.
Last year he reflected that the prior
financial year had been ‘a year like no
other’. He noted the toll that the pandemic
had taken on our people, our business
and clients, and displayed a somewhat
cautious tone.
In reflecting on the year that has been,
it presented us with even more challenges
than the one prior. The 2021 end of year
lockdown was longer than the prior year
for the greater Auckland region, which
we managed without any significant
government support.
The ongoing and cumulative impact of
the closed border became more significant
as the year went on. The impact of the
lack of skilled migrants is well known, but
perhaps not so well known is the impact
of a lack of international students and
those on working holiday visas. We saw
the cumulative impact of the omission
of up to 10,000 of these people arriving
most months of the year – now stalled.
In pre-Covid times we would utilise
thousands of these workers across our
blue and white collar businesses, often
contributing to over 1,000 temps a day
working for us.
What the business achieved under the
circumstances was outstanding, on the
back of an extraordinary effort from our
people. The businesses were resilient and
adaptable, enabling us to deliver a very
solid result given the context.
We now have much more confidence in
our ability to operate in the ‘living with
COVID-19’ world that we have been
presented. The shortage of workers,
whilst a negative as mentioned above, has
highlighted the valuable role we play in the
labour market. Client demand is very strong,
and we are able to leverage the significant
expertise we have built in sourcing and
candidate acquisition. Our networks and
footprint in the market have and will again
prove very powerful.
We have delivered a credible performance,
with Net Profit After Tax of $3.0m. It is
difficult to make a fair comparison to
the prior year with government support,
goodwill write-down and adjustment for
JacksonStone & Partners' valuation. We
delivered well ahead of the 2020 year of
$2.7 million NPAT, which is perhaps the
more useful comparison.
Having paid a 6.5 cent interim dividend
during the year, it is pleasing to be able to
pay a further 5.6 cents as a final dividend.
Our debt remains low relative to earnings,
and we expect to grow our dividends to
shareholders over the year ahead.
Our management team, led by Jason
Cherrington, are energised by the
opportunities that lie ahead. Whilst we
have not entertained any channel or market
expansion during the last two years,
we are now re-engaging our growth plans.
We have strong belief in the business and
as Chair I am looking forward to unlocking
the value that exists in the business.
The business, despite the challenging
times, is in good heart. The stability of our
senior team is testament to the strength
of culture and depth of commitment to the
role we play.
I would like to thank all of our people for
their efforts over the last 12 months and for
what they have achieved.
For the Board,
Simon Bennett
Chair
ACCORDANT GROUP ANNUAL REPORT 20225CHAIR'S REPORT

CEO’s Insights
Jason Cherrington, Group CEO
6ACCORDANT GROUP ANNUAL REPORT 2022CEO'S INSIGHTS

With a rich and varied history across our
operating units, and even more opportunity
ahead of us, I was warmly welcomed by
our teams across the country, whom were
all eager to share their vast knowledge and
expertise with me.
At the point I joined in June 2021, the
businesses had kicked off the financial year
well, with AWF rebuilding strongly from the
prior year and Madison also showing strong
signs of growth in the first quarter.
Little did we know that six weeks into my
new role, the orderly and well-planned
transition was to become increasingly
complex, with the government’s COVID-19
response placing New Zealand into
lockdown once again, and in the case of
Auckland for an extended period of time.
Having previously experienced the
distractions and difficulties faced when
required to adjust to changing health
orders, our ability to respond to the
changing environment was somewhat
developed. It was also of significant
comfort to be supported by a very capable
and committed leadership team. I am
also pleased that our technology and
flexible ways of working ensured business
continuity was executed to a high standard.
Accordant plays
a key role within our
complex and dynamic
employment market,
and I’ve enjoyed getting

to understand our
business, the people
and the opportunities
we have in front of us.
Jason Cherrington, Group CEO
ACCORDANT GROUP ANNUAL REPORT 20227CEO'S INSIGHTS

Absolute IT, with their niche focus, is
perhaps the business with the most
significant potential, however we did not
achieve the goals we set for ourselves. We
operate in a very competitive market that
requires stability and a renewed
vision to capitalise on the opportunity.
The technology sector continues to create
significant demand, and strong candidate
management within the contracting area
has been a key focus in the second half of
the year. Attracting and retaining key talent
within the business has also been front
of mind as a key enabler. These initiatives
create the right environment for Absolute IT
to now grow over the next 12 months.
We completed the final payment
(December 2021) for the acquisition
of JacksonStone & Partners. We paid
$1.393m in December 2021 to the vendors
of JacksonStone & Partners, which
resulted in a fair value loss on contingent
consideration of $845k due to an increase
in Net Disposable Revenue during the
12-month Earn-out period ending
31 October 2021. In summary, a welcomed
over performance result by the business
resulted in a higher final payment.
The JacksonStone team had an
outstanding year, notwithstanding the
retirement of a number of the founders
of the business. Whilst their executive
recruitment was very strong, even more
encouraging was the growth in contractor
numbers. March Year on Year, contractor
numbers are up 50% and with high numbers
currently placed they are beginning the
new financial year well.
Whilst not additive in a financial sense,
but massively impactful for our people
and the employment landscape, our social
employment initiative The Work Collective
is now firmly established. We have chosen
to give you a closer look at our goals and
achievements later in the report. We have
a dedicated General Manager driving this
initiative and have every confidence that
it will be a great success as we look to
create scale.
During this period of the pandemic
AWF’s clients were split in two, those
that could operate and those who could
not, with the definition of essential
services yet again coined. As a result, and
in almost all cases overnight, many of
our branches found 70% of their regular
field workers were not required. The AWF
team once again sought out essential
service related demand from logistics
and supermarkets, where prompt action
meant we were able to place several
hundred workers to help support their
resourcing challenges.
Whilst many of AWF’s regular clients in
Auckland were able to operate to some
degree after the drop in alert levels, we
were still impacted by fall-off as a result
of health and safety at work protocols
limiting worker numbers to sites.
AWF is continually replenishing its
workforce; such is the nature of the
temporary recruitment business. Circa
30% of our workers per annum take
permanent roles with our clients, another
30% will take other pathways, return
to whanau, study or move. As such we
are always engaging new workers to
top up our talent pool. This is special
and unique to AWF, with a 90% reliance
on temporary business, nevertheless
it is satisfying that in the process of
maintaining a large workforce, we
engage, train and develop new workers.
The closure of the border to working
holiday visas and students had a
significant impact on the pool of workers
available for work. At the same time
demand increased, and our clients took
the opportunity to recruit many of our
workers into their own permanent roles.
Underpinning
our goals and
performance will
be the nurturing,
development and
retention of our
people across

the Group.
This landscape required us to retain
our people for longer, be even more
innovative in our sourcing strategies
and transfer our skills to offer more
permanent recruitment solutions to our
clients. It was impressive to witness.
Looking after our people was key to
this retention strategy and it is a credit to
our team for their efforts in this regard,
reflected in AWF winning SEEK’s ‘SARA
Award’ for Excellence in Candidate
Engagement.
The result is that AWF is far more
robust than the $904k Segment Profit
would indicate. We expect AWF to
make a more significant contribution
in the coming year.
The Madison temporary workforce
was largely able to work remotely this
lockdown. Similar to AWF, our temps
choose short-term work assignments.
Many like to change roles regularly,
others fit work around study, family and
other commitments. As such, the flow
of new candidates is a very important
factor. We would normally place circa
2,000 people per annum who are on
a working holiday visa into temporary
roles. This is a significant source of talent
for temporary placements, and one we
expect to benefit from again as border
restrictions ease.
Madison had a strong year off the
back of increased demand and a number
of large projects, either related to or
a result of New Zealand’s COVID-19
response. They grew the number of
consultants in the business by 25%, and
expect to add a further 15% this year. This
is a significant achievement given the
tightness of the candidate market and
the continued approaches to our people.
They are therefore poised to deliver
another strong year.
8ACCORDANT GROUP ANNUAL REPORT 2022CEO'S INSIGHTS

The culmination of our efforts, despite
the aforementioned and obvious market
factors, ensured we delivered Net Profit
After Tax (NPAT) of $3.0m. We paid $1.4m
to complete the JacksonStone &
Partners acquisition, had a catch-up on
final dividend for the FY21 year of 8.2 cps,
paid a 6.5 cps interim dividend for
FY22 and maintained Bank Net Debt at a
modest $13.0m, slightly lower than prior
year of $13.2m.
Growing Group revenues year on year
by 7.8%, and further developing our key
client relationships, is especially pleasing
considering the macro market challenges
described, and provides the platform
for us to push on further next year with
realistic confidence.
The year ahead looks promising. Our white
collar segment has growth opportunities,
and we expect to rebuild AWF again to
higher levels of earnings. Alongside our
current businesses, we expect to develop
additional channel opportunities during the
year, relevant to both our client needs and
market demand.
There are opportunities to support
our clients’ acceleration of their digital
journeys and support the new ways of
working ahead of us. We have witnessed
organisations over the pandemic period
review their business models across
sectors, review how they engage with
their customers and the market generally
and seek out new channels as they look
to transform their business using digital as
an enabler. We therefore expect demand
for our services to grow alongside these
ambitions and the opportunity to broaden
our offerings in this space is apparent.
With a good base of contingent (both our
temporary workforce and contractors),
we see growth opportunities that will
enhance our resilience in these turbulent
economic times.
Our own digital transformation continues
apace. We are consolidating gains, with
all our white-collar businesses on the same
operating platform and have witnessed
significant advances in our candidates’
experience and the efficiency of their
journey with us.
Underpinning our goals and performance
will be the nurturing, development and
retention of our people across the Group.
This is not new to us, but our people’s
expectations have changed, as flexible
working arrangements become the norm
and priorities for many have changed.
In this regard we have taken onboard
learnings during the pandemic and applied
those successfully to our ways of working
and the ongoing wellbeing of our people.
Our people remain key to our success and
clear career development pathways further
demonstrate our commitment in this area.
It is fair to say that the immigration
settings and border opening dates are very
important to us. Despite a conservative
stance by the government and a world
where we may have to fill the funnel again
rather than open the gate as we have in
the past, we consider there is upside for
our business when this finally occurs.
The recent opening for working holiday
visa holders is certainly a start.
There is an extraordinary amount of change
on the horizon across the legislative
landscape. We are concerned that the
introduction of initiatives such as Fair Pay
Agreements and the New Zealand Income
Insurance Scheme will add another layer
of complexity and cost to our clients and
candidates at a time when inflation is high,
and unemployment is low. As an employer
of a significant number of people we are
aligned with the government in raising
skills levels, helping more people into the
workforce and raising productivity. It is
humbling to have such a key role in this
regard as we contribute significantly to the
labour market in New Zealand.
We were pleased to put an end to the
challenge we had in the employment court
to our worker status, by the PSA, with the
decision in our favour upheld firstly by the
Court of Appeal and subsequently the
Supreme Court during the year.
In many ways, the tighter the talent market
and the more complicated the employment
framework, the more relevance we have
for our clients and candidates. So, whilst
we are active in encouraging a good
employment framework, our expertise
remains additive to our clients regardless
of the government of the day.
I would like to finish by thanking Simon
Bennett for the support and guidance
during our respective transitions and look
forward to our further collaboration. I would
also like to thank the Board, my executive
team, and the wider business for giving me
such a good start. I really enjoy the people
and the place that we have in New Zealand.
It is a fascinating and complex market
we operate in, and hugely rewarding and
satisfying knowing the impact we have on
so many people’s lives.
Jason Cherrington
Group Chief Executive
There are
opportunities to
support our clients’
acceleration
of their digital
journeys and
support the new
ways of working
ahead of us.
ACCORDANT GROUP ANNUAL REPORT 20229CEO'S INSIGHTS

What Drives Us
Our VisionOur Belief
We believe
it is people
that drive
our country
forward.
To grow our impact
as New Zealand’s
leading recruitment,
resourcing and people
solutions partner for

the benefit of our
people, customers,
finances and country.
Our People
At the heart of our business is a group
of curious, resilient, capable and engaged
people who are driving us forward.
Their determination to do better empowers
us to contribute more additively to the
lives of New Zealanders and the success
of New Zealand.
Our Customers
We will choose and partner with our
clients wisely, adding value through quality,
expertise, efficiency, relationships and
customised solutions.
Our Finances
We will drive strong dividend and earnings
growth through continued performance
and improvement initiatives to create
sustainable shareholder value.
Our Country
Our unique position enables us to provide
proactive solutions to address structural
challenges in the employment market,
making an impact by growing and shaping
our workforce for the current and future
needs of New Zealand.
ACCORDANT GROUP ANNUAL REPORT 202210

Our Difference
ENABLING
GROWTH
Strong metro
and regional
representation to
enable productivity
and growth
CONNECTING
PEOPLE
Building networks
and relationships
across New Zealand
DIVERSITY &
INCLUSION
Growing capability
and nurturing a
diverse and inclusive
workforce
INNOVATIVE
SOLUTIONS
Delivering innovation
and insights that
help shape the
employment market
11ACCORDANT GROUP ANNUAL REPORT 2022

Founded in 2000, Absolute IT
caters to the specific recruitment
needs of the technology and
digital sectors. Absolute IT’s
specialist recruiters provide
permanent and contractor staffing
services New Zealand-wide
from their offices in Wellington,
Auckland, Hamilton, and
Christchurch. From resourcing
large transformation programmes
in the public sector, to sourcing the
right fit for large corporates and
attracting world class talent for
New Zealand start-ups, Absolute IT
is relied upon for its expertise and
extensive networks.
The Work Collective is an
employment initiative that delivers
social impact through connecting
employers, employment support
organisations and Accordant’s
businesses with candidates who
face barriers to employment,
providing them access to
meaningful work opportunities.
Launched in mid-2019, The Work
Collective offers organisations
a way to achieve social impact
through their staffing supply chain.
OUR BUSINESSES
The coming year represents both
tremendous opportunity and
challenge for the New Zealand IT
recruitment sector. We are excited
to meet these challenges and take
advantage of the opportunities
through the enhancements made to
our exceptional team, our business
and our technology systems over
the last year.
Steve Cotton
General Manager, Absolute IT
In partnership with the Accordant
brands, FY23 will see The Work
Collective deliver more. We aim to
tackle labour market challenges by
providing an innovative solution that
improves employment outcomes for
people who have faced difficulties
in securing work, while supporting
New Zealand businesses to grow
and prosper and enabling them to
achieve positive social outcomes
through their procurement spend.
Donna Lynch
General Manager,
The Work Collective
12ACCORDANT GROUP ANNUAL REPORT 2022OUR BUSINESSES

Since 1988, AWF has had a proud
history of supplying entry-level,
semi-skilled and skilled workers
to a range of sectors, spanning
infrastructure, construction,
transport, logistics, manufacturing,
primary industries and many
more. From Kaitaia in the north
to Invercargill in the south,
AWF’s network of 21 branches
provide hundreds of enterprises
throughout New Zealand with
the human capital necessary to
complete major projects, meet
increased demand in goods and
services, and fill the skills gap in
permanent workforces.
Madison was established in 1998
and has become the recruitment
partner to a wide variety of
organisations within the private,
public, and not-for-profit sectors.
Madison’s service spans entry-
level and support roles through
to professional and managerial
positions. Each year, hundreds of
permanent positions are filled by
candidates who have been sourced
and matched to meet specific
business requirements and, every
day, hundreds more employees
work on temporary and contract
assignments across the country.
JacksonStone & Partners is
one of the most experienced
executive search and recruitment
consultancies in New Zealand.
Established in 2011, JacksonStone
works across all disciplines up
to Chief Executive level and
including board appointments,
for organisations in the public,
private and not-for-profit sectors.
JacksonStone offers global search
reach through their membership
of the CFR Global Executive
Search alliance. Their experienced
consultants have the capability
to identify and place talent both
nationally and internationally.
The appreciation of traditionally
lower-paid workers is
demonstrably higher than it has
ever been, especially in light of the
role they have played in keeping
our country connected and moving
during lockdown restrictions.
Organisations who recognise their
value will be the least hard hit as
we transition out of COVID-19-
induced labour shortages.
Fleur Board
General Manager, AWF
The next 12 months are going to
further test the executive market,
with candidates strongly in the
driver’s seat. It is more important
than ever for us to partner exclusively
with our clients to provide a seamless
candidate experience – one which
will continue to see both clients
and candidates have a positive
experience and get to the right
outcome. We are ready for the
challenges FY23 will bring and
will continue to adapt and move
with the market.
David Hollander
Chief Executive,
JacksonStone & Partners
Our people have been essential
to our growth this past year. They
have been supported by further
investment in our CRM capability
and the establishment of our new
national resourcing team, both of
which have enabled us to efficiently
deliver large client projects and an
enhanced candidate experience.
We have a clear intent to continue
our growth in the temporary market
following easing of New Zealand’s
border restrictions, allowing an
increased supply of candidates to
meet our market demand.
Christian Brown
General Manager,
Madison Recruitment
ACCORDANT GROUP ANNUAL REPORT 202213OUR BUSINESSES

Working alongside our clients, we
have seen that in many workplaces
throughout New Zealand the continued
response to COVID-19, along with
evolving customer needs, have further
accelerated the adoption of digital
technologies – in some instances by
many years. Most of these changes are
here to stay, and workplaces are now
looking to the future and identifying
ways to take advantage of the
opportunities these changes represent.
With New Zealand’s unemployment
rate holding steady at 3.2% (Stats NZ,
4 May 2022) for the second quarter in
a row – together with wage growth,
inflationary pressures and supply chain
challenges – businesses are looking to
their technology strategy to empower
their people and deliver better products
and services to their customers.
Enhanced collaboration, improved
productivity, stronger insights, real
time data visibility, greater safety and
security – there are many drivers for
an organisation’s investment in digital
transformation. However, it is the
organisations that are able to ensure
people remain at the heart of their
technology strategy that will thrive.
As the border reopens and New
Zealand welcomes back international
migrants and visitors, this becomes
even more significant.
Arguably, every business is becoming
a ‘tech’ business. From social
connectedness to the acceleration
of learning through gamification and
virtualisation, the past two years have
seen a greater reliance on technology
across most sectors than ever before
– both within and outside a traditional
office environment. Investment from
government and industry in upskilling
and reskilling workforces will be a key
factor in an equitable and accessible
future of work in New Zealand.
The question then comes to strategy
versus the reality of implementation.
Are businesses sufficiently prepared?
Do they have the capability and
resources to successfully implement
their plans? What lessons have been
learned over the past two years?
What training and development
capabilities are required to support
their people on the journey? Technology
is a persistent force, and it continues
to have the power to transform the
world of work.
It is true today that many people have
considerably more computing power
in their pocket than what was needed
to help a human reach the moon.
With technology so intertwined in
people’s work and personal lives, the
ability of employers to protect the
boundaries between work and homelife,
whether in a hybrid work environment
or not, will be critical. Flexibility in
the workplace is constantly being
redefined, and investment in wellbeing
is now a necessity. Using technology as
an enabler and taking a human-centred
approach to digital transformation is
good for business, and good for all
New Zealanders, which is why we
continue to build our expertise and
focus on this area to support our
customers and our people.
The Evolving World of Work
The Work Collective has been part of the
fabric of Accordant since 2019. Now led by
Donna Lynch as General Manager, it offers
businesses a structured programme through
Accordant that connects client partners and
employment support organisations with
people who face barriers to employment.
The impact of the meaningful work
opportunities accessed through The Work
Collective continues to grow.
Building on the achievements and
connections made since its inception,
several new streams of work are now
central to the way The Work Collective
supports New Zealand’s communities.
One of these is assisting secondary school
students prepare for the world of work.
After a successful pilot programme in
2021, The Work Collective has developed
a formal programme for deployment within
schools during 2022 and beyond. Working
together with secondary schools and
linking them to Accordant’s businesses
provides students access to suitable paid
work opportunities in a variety of industry
sectors throughout New Zealand. The
programme provides students an improved
understanding of the employment market
and educates them on the various parts of

a successful job search process.
Another of these programmes is a
collaboration with Absolute IT. Today, more
than ever, innovation is needed to make
an impact and provide client partners
with a wider pipeline of talent. As a New
Zealand-grown organisation Accordant is
persistently addressing the talent shortages
the IT sector faces, while also supporting
individuals who face barriers to accessing
work in the IT sector by providing them with
support and opportunities to overcome
these obstacles.
The programme benefits IT students
by establishing a connection with
Absolute IT for future career guidance
and opportunities, offering access to
paid contract work while they study and
enabling utilisation of their study in real
world scenarios. For client partners, this
develops a new stream of talent who align
with their impact goals. Clients can do this
in a flexible and reliable way, contributing
positively to overcoming barriers to
employment for some students studying
IT-related subjects, while supporting the
future success of the sector.
In the year ahead The Work Collective
continues to focus on delivering impact
through organisations’ supply chains. There
will be a deeper focus on engagement
and consultation with Maori and Pasifika,
including identifying more sponsor
organisations and client partners who wish
to improve outcomes for individuals, their
whanau and their communities.
A New Era for
The Work Collective
THE ACCELERATION OF WORKPLACE
TECHNOLOGY CONTINUES
14ACCORDANT GROUP ANNUAL REPORT 2022THE EVOLVING WORLD OF WORK

ABSOLUTE IT LOCATION
AWF LOCATION
JACKSONSTONE LOCATION
MADISON LOCATION
SELECT LOCATION
KEY
Kaitaia
Kerikeri
Whangarei
Auckland
Waihi
Tauranga
Rotorua
Hawkes Bay
Palmerston North
Petone
Wellington
Christchurch
Invercargill
Dunedin
New Plymouth
Whanganui
Nelson
Blenheim
Hamilton
Our Locations
Our national presence, coupled with our
local knowledge, allows us to deliver more
for both our candidates and clients.
ACCORDANT GROUP ANNUAL REPORT 202215OUR LOCATIONS

Wynnis ArmourSimon BennettSimon Hull
Wynnis joined the Board in January
2015 and is now an independent Director.
After holding senior management
positions in both the public and private
sectors (including Adecco – one of the
largest global recruitment firms) Wynnis
co-founded the Madison Group, which
was sold to AWF in 2013. She contributes
a wealth of business experience and
commercial acumen and a particular
understanding of the Group’s businesses.
Wynnis is a member of Global Women
and the Institute of Directors, and is a
Director of angel investor ArcAngels and
of Armour Consulting.
Simon is an experienced business
leader and director. He has a keen
interest in the labour market’s role in a
successful economy and the growth of
New Zealand’s productivity. Simon has
been a director of several businesses
and is on the Board of Trustees for the
Ice Foundation (a charitable trust which
owns business incubator The Icehouse)
and is also a Director of The Icehouse.
Simon was appointed as Chair in January
2022, having previously served as the
Group’s Chief Executive, retiring during
the course of 2021.
Simon founded the Allied Work Force
business in 1988. He was AWF Managing
Director for 27 years and is Accordant
Group’s largest shareholder. He has been
instrumental in growing what is now
the Accordant business from a single
office in Penrose to its current market
leading position. Before founding Allied
Work Force, Simon was involved in
farming, horticulture, and small business
management. He continues to be involved
in marine-focussed businesses as well as
pursuing his onshore and offshore yacht
racing passion. Simon is a non-executive
(“non-independent”) Director.
Board of Directors
BOARD OF DIRECTORSACCORDANT GROUP ANNUAL REPORT 202216

Laurissa CooneyRichard StoneNick Simcock
Richard joined the human resources
consulting industry in 1987, and went
on to co-found three successful
firms, the most recent of which was
JacksonStone & Partners where he
was Executive Chair. Richard has held
a number of governance roles. He has
been Chair of UNICEF NZ, President of
the Wellington Chamber of Commerce,
a Council member of Business NZ and
a Director of Wellington NZ. Presently,
he is the Chair of LifeFlight, Chair of
Commerce Building Limited and a
Director of Cape Horn Land Company
Limited. Richard is a non-executive
(“non-independent”) Director.
Nick joined the Board as an independent
Director in January 2018 after 15 years
in Managing Director roles in New
Zealand, Australia, and Asia/Pacific with
Korn Ferry. Nick brings deep industry
expertise in recruiting, outsourcing,
consulting and talent management. Nick
was the CEO and Director of a start-up
SaaS payments business Wrap It Up,
which was sold in 2017. He is a Trustee
on the Wellington Creative Capital Arts
Trust and was formerly on the Otago
University Business School Board of
Advisors. Nick is a Chartered Member of
the Institute of Directors.
Laurissa, who is of Te Ati Hau Nui a Papa
Rangi (Whanganui) descent, joined the
Board as an independent Director in
August 2020. Laurissa has previously
held senior management, auditing and
consulting roles with Deloitte in New
Zealand and Deloitte Touche in London,
and was the CFO for Te Whare Wananga
o Awanuiarangi. She currently serves
as the Chair of Tourism Bay of Plenty,
and she is an independent Director for
Air New Zealand and Goodman (NZ).
She is also a Trustee for the commercial
investment trust of Ngai Tai Ki Tamaki
and a guardian of Aotearoa Circle.
Laurissa is a Chartered Member of the
Institute of Directors and a member of
the Chapter Zero steering committee.
17ACCORDANT GROUP ANNUAL REPORT 2022BOARD OF DIRECTORS

18ACCORDANT GROUP ANNUAL REPORT 2022

REVENUE
Group Revenue of $221.5m was up 7.8%
on the prior year’s Revenue of $205.5m.
FY20 Revenue was $263.5m. AWF’s Revenue
was up $1.8m (2.4%) on the prior year.
Revenue sourced from the provision of
services to Commerce (Madison Recruitment,
Absolute IT and JacksonStone & Partners)
was up $14.2m (11.1%).
The impact of the COVID-19 pandemic has
been significant on AWF, with a slower rate
of recovery towards pre-COVID-19 financial
performance. New Zealand’s border closures,
immigration restrictions and extended
lockdown periods all significantly impacted
AWF’s performance, whilst temporarily
contracting the size of the temporary job
market. Whilst AWF have been constrained
by the supply of new candidates, demand
for their services is strong.
New Zealand’s low unemployment rate
and the government’s isolation requirements
over the last 24 months have intensified
the gap between supply and demand.
Management and the Board are confident
that the temporary job market will return to
a level consistent with New Zealand’s
pre-COVID-19 environment.
NET PROFIT AFTER TAX
After-tax Profit of $3.0m was down on the
prior year’s result of $6.3m. FY20 After-tax
Profit was $2.7m. This year’s result includes
a fair value adjustment loss of $0.845m on
the JacksonStone & Partners contingent
consideration. The prior year had a fair value
adjustment gain of $1.285m.
DIVIDEND
COVID-19 saw the suspension of Dividend
payments for both the final dividend for the
year ended 31 March 2020, and the interim
dividend for year ended 31 March 2021. A fully
imputed Final Dividend for FY21 of 8.2 cps
was paid in June 2021, followed by a fully
imputed FY22 Interim Dividend of 6.5 cps paid
in December 2021. The dividend reinvestment
option was not offered for these distributions.
A fully imputed Final Dividend for FY22 of
5.6 cps has been approved for payment on
30 June 2022.
CASH FLOW
Cash flow from operating activities in FY22 of
$10.5m was down on the prior year’s result of
$21.9m and in line with FY20’s result of $9.9m.
NET BANK DEBT
Net Bank Debt at $13.0m was consistent
with FY21 at $13.2m after payment during the
year of Dividends of $5.2m, JacksonStone &
Partners contingent consideration of $1.4m
and Treasury Share acquisition of $0.8m.
Financial Commentary
ACCORDANT GROUP ANNUAL REPORT 202219FINANCIAL COMMENTARY

The Board of Directors of Accordant
Group Limited (NZX:AGL) is responsible
for the corporate governance of the
Company. The Board has established
a culture that ensures commitment to
and compliance with good corporate
governance principles, and ethical
conduct is at the heart of the Company’s
business practices. The Company

will continue to monitor developments
in corporate governance practices and
update its policies to ensure Accordant
maintains appropriate standards

of governance.
Corporate
Governance Statement
20ACCORDANT GROUP ANNUAL REPORT 2022CORPORATE GOVERNANCE STATEMENT

This statement sets out the corporate governance policies,
practices and processes followed by the Board throughout
the year. Accordant complies with the NZX Listing Rules and
the corporate governance principles set out in the NZX Code
of Corporate Governance. The Company also complies with
the principles in the Financial Markets Authority’s Corporate
Governance Principles and Guidelines.
THE BOARD
The Board is responsible for the affairs and activities of
the Company. It establishes the Group’s objectives, strategies
for achieving these objectives, the overall policy framework
within which the business of the Group is conducted,
and monitors Management’s performance with respect to
these matters. The Board has delegated the day-to-day
management of the Group to the Chief Executive Officer.
Other delegations are covered in a Delegations Policy.
The Company’s Constitution and the Board Charter set out
the policies and guidelines for the operation of the Board.
BOARD COMPOSITION AND OPERATIONS
As at 31 March 2022, the Board comprised six directors.
Wynnis Armour, Laurissa Cooney and Nick Simcock have
been determined as independent directors as defined by the
NZX Listing Rules. Simon Hull, Simon Bennett (Chairperson)
and Richard Stone are non-independent directors.
With the Board changes we do not currently have a
majority independent directors. We are seeking to redress
this imbalance during this financial year.
The Board is elected by the shareholders of the Company.
In accordance with the Company’s constitution and the
NZX Listing Rules, a director must not hold office (without
re-election) past the third annual meeting following the
director’s appointment or three years, whichever is longer.
The Board holds regularly scheduled meetings and
other meetings on an as required basis. Board papers are
circulated ahead of each meeting. The Board has access
to senior executives and external advisers to provide
further information.
BOARD REMUNERATION
Directors' fees for the year ended 31 March 2022 totalled
$375,000. The Director fee pool is $450,000. The Chairperson
is paid a fee of $115,000 per annum and all other Directors are
paid $60,000 per annum.
The terms of any Directors’ retirement payments are as
prescribed in the Constitution and require prior approval
of shareholders in general meeting. No retirement
payments have been made to any Director.
BOARD COMMITTEES
The Board has five formally constituted committees of
Directors. Each Committee has a Charter or terms of reference
that establishes its purpose, structure and responsibilities.
The Committees make recommendations to the Board
and may only make decisions on matters for which they
have been given specific authority.
1. Audit & Risk Committee
The Audit and Risk Committee provides assurance
and assistance to the Board and Chief Executive on the
Company’s risk, control and compliance framework,
and its external financial reporting and accountability
responsibilities.
The members of the Committee are Laurissa Cooney
(Chairperson), Simon Bennett and Nick Simcock.
The Committee meets at least twice per year, with the
external auditors of the Company and the Accordant
executives responsible for internal audit management
in attendance. The Committee also meets with the
external auditors with Accordant executives absent.

ACCORDANT GROUP ANNUAL REPORT 202221CORPORATE GOVERNANCE STATEMENT

2. Remuneration Committee
The Remuneration Committee’s purpose is to establish
sound remuneration policies and practices that attract and
retain high performing Directors and senior executives.
The Committee ensures that executives and Directors
are rewarded having regard to the Company’s long-term
performance. The policies adopted are intended to
align shareholder interests and employee interests by
demonstrating a clear relationship between shareholder
value and executive performance.
All Directors are members of this Committee.
The Chairperson is Wynnis Armour. The Committee
meets at least annually to review senior executive
remuneration and incentives.
3. Nominations Committee
The Nominations Committee assists the Chairperson
with an annual evaluation of the Board and Director
performance; to determine Director Independence and
to identify and recommend to the Board individuals for
nomination as members of the Board and its Committees.
All Directors are members of this Committee.
The Committee meets at least annually.
4. Health & Safety Committee
The role of this Committee is to assist the Board to
fulfill its responsibilities and to ensure compliance with
all legislative and regulatory requirements in relation
to the health and safety practices of the Company as those
activities affect employees and contractors. It ensures that
the Board members themselves are aware of their own
responsibilities and duties under legislation, and are fully
informed on all Health and Safety issues and targets.
All Directors are members of this Committee.
The Chairperson is Simon Hull.
The Committee members participate in monthly meetings,
and participate in and review reports presented by the
Group Operations Health and Safety Committee.
5. Organisation Committee
The Organisation Committee acts as a reference point
for the Chief Executive in matters around organisational
change as required from time to time. The Committee is
also responsible for assisting the Board in the application
of remuneration policies and best practice for the Board,
Chief Executive and Senior Management.
All Directors are members of this Committee.
The Chairperson is Wynnis Armour.
REMUNERATION OF AUDITORS
Details of remuneration paid to Auditors are set out in
A4 of the Financial Statements.
NON-AUDIT SERVICES
The External Financial Auditors Independence Policy sets
out the Company’s position in regard to non-audit services.
Deloitte Limited are the auditors of Accordant Group
Limited and whilst its main role is to provide audit services
to the Company, the Company does employ their specialist
advice where appropriate. In each instance, the Board has
considered the nature of the advice sought in context of the
audit relationship. In accordance with the advice received
from the Audit, Finance and Risk Committee, the Board does
not consider these services have compromised the auditor
independence for the following reasons:
All non-audit services have been reviewed by the Audit,
Finance and Risk Committee to ensure they do not impact
the impartiality and objectivity of the auditor;
None of the services undermined the general principles
relating to auditor independence, including not reviewing
or auditing the auditor’s own work, not acting in a management
or decision-making capacity for the Company, not acting
as advocate for the Company or not jointly sharing economic
risk or rewards.
SHARE TRADING
The Company has adopted a Share Trading policy that sets
out the formal procedures Directors and employees are
required to follow to ensure compliance with the Financial
Markets Conduct Act 2013 (refer to the website).
22ACCORDANT GROUP ANNUAL REPORT 2022CORPORATE GOVERNANCE STATEMENT

DIVERSITY
The Company has a diversity policy in place (refer to the
website), consistent with the Directors’ belief that a diverse
workforce contributes to improved business performance,
enables innovation and enhances the Company’s
relationship with its customers.
In accordance with NZX’s Listing Rule requirements,
the gender breakdown of Accordant Group Limited’s Board
of Directors and Officers as at 31 March 2022 is:
DIRECTORS’ AND OFFICERS’ INDEMNITY
AND INSURANCE
The Company has insured all its Directors and Officers and
the Directors of its subsidiaries against liabilities to other
parties (except the Company or a related party of the Company)
that may arise from their position as Directors. The insurance
does not cover liabilities arising from criminal actions.
The Company and Officers have executed Deeds of Indemnity
with Directors, indemnifying them to the extent permitted
by section 162 of the Companies Act 1993.
RISK MANAGEMENT
The Board is responsible for ensuring that key business
and financial risks are identified and appropriate controls
and procedures are in place to effectively manage those
risks. In managing the Company’s business risks, the Board
approves and monitors policy and process in such areas as
internal audit, treasury management, financial performance
and capital expenditure. The Board also monitors expenditure
against approved projects and approves the capital plan.
A Risk Framework is in place (refer to the website).
Principles:
• creates and protects value;
• is an integral part of all Accordant’s processes;
• is part of the decision-making process;
• explicitly addresses uncertainty;
• is systematic, structured and timely;
• is based on the best available information; and encourages
open communication;
• is tailored to Accordant;
• takes human, cultural factors and diversity into account;
• is transparent and inclusive;
• is dynamic, iterative and responsive to change; and
• facilitates continual improvement.
The Company has insurance policies in place covering most
areas of risk to its assets and business. Policies are reviewed
and renewed annually with reputable insurers.
Directors may seek their own independent professional
advice to assist with their responsibilities. During the 2022
financial year no Director sought their own independent
professional advice.
INTERESTS REGISTER
The Board maintains an Interests Register. In considering
matters affecting the Company, Directors are required to
disclose any actual or potential conflicts. Where a conflict
or potential conflict has been disclosed, the Director takes
no further part in receipt of information or participation in
discussions on that matter.
DISCLOSURE/SHAREHOLDER RELATIONS
The Company has a Continuous Disclosure Policy and
procedures in place to ensure key financial and material
information is communicated to the market in a clear
and timely manner.
Consistent with best practice and a policy of continuous
disclosure, external communications that may contain
market sensitive data are released through NZX in the
first instance. Further communication is encouraged with
press releases through mainstream media.
The Company’s website is actively used as a portal
for shareholder reports, news releases and other
communications released to shareholders and media.
The Board formally reviews its proceedings at the
conclusion of each meeting to determine whether there
may be a requirement for a disclosure announcement.
2022 2021
MALE FEMALE MALE FEMALE
NUMBER OF DIRECTORS 4 2 - 3 2 -
PERCENTAGE OF DIRECTORS 67% 33% - 60% 40% -
NUMBER OF OFFICERS 5 5 - 4 5 -
PERCENTAGE OF OFFICERS 50% 50% - 44% 56% -
GENDER
DIVERSE
GENDER
DIVERSE
ACCORDANT GROUP ANNUAL REPORT 202223CORPORATE GOVERNANCE STATEMENT

24ACCORDANT GROUP ANNUAL REPORT 2022
Opinion
We have audited the consolidated financial statements of
Accordant Group Limited and its subsidiaries (the ‘Group’),
which comprise the consolidated statement of financial
position as at 31 March 2022, and the consolidated statement
of comprehensive income, statement of changes in equity,
and statement of cashflows for the year then ended, and notes
to the consolidated financial statements, including a summary
of other accounting policies.
In our opinion, the accompanying consolidated financial
statements, on pages 26 to 70, present fairly, in all material
respects, the consolidated financial position of the Group as
at 31 March 2022, and its consolidated financial performance
and cash flows for the year then ended in accordance with
New Zealand Equivalents to International Financial Reporting
Standards (‘NZ IFRS’) and International Financial Reporting
Standards (‘IFRS’).
Basis for opinion
We conducted our audit in accordance with International
Standards on Auditing (‘ISAs’) and International Standards
on Auditing (New Zealand) (‘ISAs (NZ)’). Our responsibilities
under those standards are further described in the Auditor’s
Responsibilities for the Audit of the Consolidated Financial
Statements section of our report.
We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.
We are independent of the Group in accordance with
Professional and Ethical Standard 1 International Code of
Ethics for Assurance Practitioners (including International
Independence Standards) (New Zealand) issued by the
New Zealand Auditing and Assurance Standards Board and
the International Ethics Standards Board for Accountants’
International Code of Ethics for Professional Accountants
(including International Independence Standards), and we
have fulfilled our other ethical responsibilities in accordance
with these requirements.
Other than in our capacity as auditor, we have no relationship
with or interests in the Company or any of its subsidiaries.
Key audit matters
Key audit matters are those matters that, in our professional
judgement, were of most significance in our audit of the
consolidated financial statements of the current period.
These matters were addressed in the context of our audit of
the consolidated financial statements as a whole, and in
forming our opinion thereon, and we do not provide a separate
opinion on these matters.
Key audit matterHow our audit addressed the key audit matter
Impairment testing of goodwill and other indefinite
life intangible assets for AWF and Madison Recruitment
Goodwill of $38.1 million (2021: $38.1 million) and other indefinite life
intangible assets (brand names) of $10.5 million (2021: $10.5 million)
are recognised in the consolidated financial statements at 31 March
2022, as detailed in notes B4 and B3 respectively.
Goodwill and other indefinite life intangible assets are tested for
impairment annually or whenever there are indicators that these
assets may be impaired.
For the purpose of impairment testing, the goodwill and other indefinite
life intangible assets are allocated to cash generating units (CGU).
The recoverable amount of each CGU is determined through a value
in use calculation, which reflects significant unobservable inputs,
including forecasted financial performance, discount rates and growth
rates (including terminal growth rate).
The AWF and Madison Recruitment CGUs include goodwill and
indefinite life intangibles of $11.2 million and $20.7 million respectively.
As disclosed in note B4, the impact of the Covid-19 pandemic has
been more pronounced on AWF. The key judgement underpinning
the future cashflow is the impact of relaxation of border controls,
which will assist in candidate supply together with a continuing
post-pandemic recovery.
We have included the impairment considerations of goodwill and other
indefinite life intangibles for AWF and Madison Recruitment as a key
audit matter because of their significance to the Group’s consolidated
financial statements and the judgement involved in determining the
recoverable amount of each CGU.
We have audited the Group’s value in use calculations for each
cash-generating unit (CGUs). Our procedures included, amongst others:
• Testing the value in use calculations for arithmetic accuracy;
• Comparing the forecast performance with the approved 2023
financial year budget;
• Assessing the historical accuracy of the Group’s previous forecasts
by comparing prior period budgets to actual performance;
• Challenging Management’s assumptions used in the forecasted
financial performance, by utilising our knowledge of the Group,
the past performance of the CGUs, and their customers;
• Performing sensitivity analysis on the forecasted financial
performance, growth rates and discount rates and terminal
growth rates to determine the extent to which any changes in
these inputs would result in impairment to AWF and Madison CGUs;
• Involving our internal valuation specialists in assessing the discount
and terminal growth rates for reasonableness in comparison to
market data; and
• Evaluating the sufficiency of related disclosures with regards to
the requirements of NZ IAS 36 Impairment of Assets.
INDEPENDENT AUDITOR’S REPORT
To the Shareholders of Accordant Group Limited
Independent Auditor’s Report

ACCORDANT GROUP ANNUAL REPORT 202225
Other information
The directors are responsible on behalf of the Group for
the other information. The other information comprises
the information in the Annual Report that accompanies the
consolidated financial statements and the audit report.
Our opinion on the consolidated financial statements does
not cover the other information and we do not express any
form of assurance conclusion thereon.
Our responsibility is to read the other information and
consider whether it is materially inconsistent with the
consolidated financial statements or our knowledge obtained
in the audit or otherwise appears to be materially misstated.
If so, we are required to report that fact. We have nothing to
report in this regard.
Directors’ responsibilities for the consolidated
financial statements
The directors are responsible on behalf of the Group for
the preparation and fair presentation of the consolidated
financial statements in accordance with NZ IFRS and IFRS,
and for such internal control as the directors determine is
necessary to enable the preparation of consolidated financial
statements that are free from material misstatement, whether
due to fraud or error.
In preparing the consolidated financial statements, the
directors are responsible on behalf of the Group for assessing
the Group’s ability 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 have
no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the
consolidated financial statements
Our objectives are to obtain reasonable assurance about
whether the consolidated financial statements as a whole
are 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
ISAs and ISAs (NZ) 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 these consolidated
financial statements.
A further description of our responsibilities for the audit
of the consolidated financial statements is located on the
External Reporting Board’s website at:
https://www.xrb.govt.nz/standards-for-assurance-
practitioners/auditors-responsibilities/audit-report-1
This description forms part of our auditor’s report.
Restriction on use
This report is made solely to the Company’s shareholders,
as a body. Our audit has been undertaken so that we might state
to the Company’s shareholders those matters we are required
to state to them in an auditor’s report and for no other purpose.
To the fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the Company’s
shareholders as a body, for our audit work, for this report, or for
the opinions we have formed.
Bryce Henderson, Partner
for Deloitte Limited
Auckland, New Zealand
25 May 2022
INDEPENDENT AUDITOR’S REPORT

26ACCORDANT GROUP ANNUAL REPORT 2022FINANCIAL STATEMENTS
Accordant Group Limited
Statement of comprehensive income
For the year ended 31 March 2022
GROUP
2022 2021
(Restated)
NOTE$’000$’000
Revenue from contracts with customersA2221,509205,482
Investment revenueA37–
Fair value (loss)/gain on contingent considerationF7(845)1,285
Direct costs(2,376)(2,569)
Employee benefits expenseA1, F1(117,757)(92,170)
Contractor costsA1(81,354)(78,632)
Depreciation and amortisation expenseA4, B1, B2, B3, G1(4,941)(5,049)
Impairment of goodwillA4, B4–(7,000)
Other operating expensesG1(8,443)(9,023)
Finance costsA4(1,095)(1,228)
Profit before tax4,70511,096
Income tax expenseA5, G1(1,706)(4,779)
Profit for the year2,9996,317
Other comprehensive income for the year––
Total comprehensive income for the year2,9996,317
Earnings per share
Total basic earnings per share (cents/share)C48.918.4
Total diluted earnings per share (cents/share)C48.918.4
The notes to the Group financial statements form an integral part of these financial statements

FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202227
Accordant Group Limited
Statement of financial position
As at 31 March 2022
GROUP
2022 2021
(Restated)
NOTE$’000$’000
Assets
Non-current assets
Property, plant and equipmentB1, G12,9073,449
Right of use assetsB27,0208,570
Intangible assets – goodwillB438,06838,068
Intangible assets – otherB3, G112,48713,853
Total non-current assets60,48263,940
Current assets
Cash and cash equivalentsC64,9721,795
Trade and other receivablesC7, G125,86823,286
Contract assetsA297180
Total current assets30,93725,261
Total assets91,41989,201
Equity and liabilities
Non-current liabilities
Deferred tax liabilitiesA5, G11,6512,235
BorrowingsC818,00015,000
Lease liabilitiesB25,5256,991
Total non-current liabilities25,17624,226
Current liabilities
Trade and other payablesC924,38220,180
Contract liabilitiesA2285230
Taxation payableA5, G12,2501,829
ProvisionsF2400400
Lease liabilitiesB22,2312,264
Contingent considerationF7–535
Total current liabilities29,54825,438
Total liabilities54,72449,664
Net assets36,69539,537
Capital and reserves
Share capitalC230,86830,868
Treasury sharesC3(804)–
Group share scheme reserve282204
Retained earningsC1, G16,3498,465
Total equity36,69539,537
For and on behalf of the Board who authorise the issue of the financial statements on 25 May 2022:
SIMON BENNETT, ChairLAURISSA COONEY, Chair, Audit & Risk Committee
The notes to the Group financial statements form an integral part of these financial statements

28ACCORDANT GROUP ANNUAL REPORT 2022FINANCIAL STATEMENTS
GROUP
Share
capital
Treasury
shares
Group share
scheme
reserve
Retained
earnings
(Restated)
Total
equity
NOTE$’000$’000$’000$’000$’000
2021
Balance at 31 March 2020 (Reported)30,868–3302,53633,734
Restatement due to IFRS Interpretations
Committee’s April 2021 agenda decision of
Software-as-a-Service (SaaS) arrangements
G1–––(592)(592)
Balance at 1 April 2020 (Restated)30,868–3301,94433,142
Comprehensive income
Profit for the year–––6,3176,317
Other comprehensive income–––––
Total comprehensive income–––6,3176,317
Transactions with shareholders
Restricted shares expiredC1, F1––(162)162–
Restricted shares lapsedC1, F1––(42)42–
Share based paymentsF1––78–78
Total transactions with shareholders––(126)20478
Balance at 31 March 2021 (Restated)30,868–2048,46539,537
2022
Balance at 31 March 2021 (Reported)30,868–2048,93740,009
Restatement due to IFRS Interpretations
Committee’s April 2021 agenda decision of
Software-as-a-Service (SaaS) arrangements
G1–––(472)(472)
Balance at 1 April 2021 (Restated)30,868–2048,46539,537
Comprehensive income
Profit for the year–––2,9992,999
Other comprehensive income–––––
Total comprehensive income–––2,9992,999
Transactions with shareholders
Dividends paid
C1, C5–––(5,171)(5,171)
Restricted shares lapsedC1, F1––(56)56–
Treasury shares acquiredC3–(804)––(804)
Share based paymentsF1––134–134
Total transactions with shareholders–(804)78(5,115)(5,841)
Balance at 31 March 202230,868(804)2826,34936,695
The notes to the Group financial statements form an integral part of these financial statements
Accordant Group Limited
Statement of changes in equity
For the year ended 31 March 2022

FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202229
Accordant Group Limited
Statement of cashflows
For the year ended 31 March 2022
GROUP
2022 2021
(Restated)
NOTE$’000$’000
Cashflows from operating activities
Receipts from customers219,120212,846
Payments to suppliers, contractors and employeesG1(207,979)(218,514)
Net cash (used in)/generated from operations11,141(5,668)
Net receipts from government grants2,28333,323
Interest paid on bank overdraft and loans(665)(707)
Interest paid on lease liabilitiesB2(410)(505)
Income taxes paid(1,870)(4,556)
Net cash from operating activitiesC610,47921,887
Cashflows from investing activities
Proceeds from disposal of property, plant and equipment36135
Purchase of property, plant and equipmentB1(619)(1,424)
Repayment of deferred consideration to the vendor of JacksonStone & PartnersF7(1,393)(1,500)
Net cash (used in)/from investing activities(1,976)(2,789)
Cashflows from financing activities
Repurchase of issued share capitalC3(804)–
Dividends paid to share holders of the parentC5(5,171)–
Proceeds from borrowingsC83,000–
Repayment of borrowingsC8–(21,000)
Payment of principal on lease liabilitiesB2(2,351)(2,481)
Net cash from/(used in) financing activities(5,326)(23,481)
Net increase/(decrease) in cash held3,177(4,383)
Cash and cash equivalents at start of the year1,7956,178
Net cash and cash equivalents at end of the yearC64,9721,795
The notes to the Group financial statements form an integral part of these financial statements

30ACCORDANT GROUP ANNUAL REPORT 2022NOTES TO THE GROUP FINANCIAL STATEMENTS
IN THIS SECTION
The notes to the financial statements include information
that is considered relevant and material to assist the reader
in understanding changes in Accordant Group Limited
and its controlled entities (“the Group”) financial position
or performance.
Information is considered relevant and material if:
• the amount is significant because of its size and nature;
• it is important for understanding the results of the Group;
• it helps explain changes in the Group’s business; or
• it relates to an aspect of the Group’s operations that is
important to future performance.
Accordant Group Limited is a Company limited by shares,
incorporated and domiciled in New Zealand and registered
under the Companies Act 1993 and listed on the NZX.
The address of its registered office and principal place of
business is disclosed in the directory to the annual report. The
principal services of the Group are the supply of temporary
staff, contractor resource and recruitment of permanent staff.
BASIS OF PREPARATION
These financial statements are for Accordant Group Limited
(‘the Company’) and its subsidiaries (collectively referred to as
‘the Group’) and have been prepared:
• in accordance with New Zealand Generally Accepted
Accounting Practices in New Zealand (‘GAAP’). For the
purposes of complying with NZ GAAP the Group is a for
profit entity. They comply with New Zealand equivalents
to International Financial Reporting Standards (‘NZ IFRS’),
International Financial Reporting Standards (‘IFRS’) and
other applicable Financial Reporting Standards as
appropriate for profit-orientated entities;
• in accordance with the requirements of the Financial
Market Conduct Act 2013, the Companies Act 1993,
and the NZX listing rules;
• on the basis of historical cost, as modified by revaluations
to fair value for certain classes of assets and liabilities as
described in the accounting policies;
• on a going concern basis, which contemplates continuity
of normal business activities and the realisation of assets
and the settlement of liabilities in the ordinary course of
business; and
• in New Zealand dollars (which is the Group’s functional
and presentation currency), with values rounded to
thousands ($000) unless otherwise stated.
The financial statements were authorised for issue by the
directors on 25 May 2022.
Adoption of new and revised Standards and Interpretations
New standards and amendments and interpretations to
existing standards that came into effect during the current
accounting period
All mandatory new standards and amendments and
interpretations to existing standards that came into effect
during the current accounting period have been adopted in
the current year.
With the exception of the IFRIC agenda decision
on configuration and customisation costs for
Software-as-a-Service (SaaS) arrangements (described
next), none of the new and amendments to standards and
interpretations have had a material impact on the Group.
IFRIC agenda decision on configuration and customisation
costs for Software-as-a-Service (SaaS) arrangements
In April 2021, the IFRS Interpretations Committee (IFRIC),
which is responsible for interpreting the application of
IFRS, published another agenda decision clarifying how
arrangements in respect of a specific part of cloud technology,
Software-as-a-Service (SaaS), should be accounted for.
This agenda decision deals with specific circumstances in
relation to configuration and customisation costs incurred
in implementing SaaS.
The agenda decision sets out that only in limited circumstances,
certain configuration and customisation activities undertaken
in implementing SaaS arrangements may give rise to a separate
asset where the customer controls the intellectual property
of the underlying software code. In all other instances,
configuration and customisation costs will be an operating
expense. They are generally recognised in profit or loss as the
customisation and configuration services are performed or,
in certain circumstances, over the SaaS contract term when
access to the cloud application software is provided.
Where a change in accounting policy is required, comparative
financial information is required to be retrospectively restated
to derecognise previously capitalised costs, where material,
in accordance with NZ IAS 8 Accounting Policies, Changes in
Accounting Estimates and Errors.
The clarification required careful consideration of the nature
of costs that are incurred in implementing SaaS arrangements.
Over several years, the Group has made certain judgements
about most costs related to SaaS arrangements. The Group has
reviewed these accounting judgements and made adjustments
retrospectively as a change in accounting policy (refer to
note G1).
New standards and amendments and interpretations to
existing standards that are not yet effective for the current
accounting period
The Group has not early adopted any new standards,
amendments and interpretations that have been issued but
are not yet effective.
There are a number of new standards and amendments to
standards and interpretations that are not yet effective for
the year beginning 1 April 2022.
None of these new and amendments to standards and
interpretations have been early adopted by the Group in
preparing these financial statements or been identified
as having a material effect on the Group’s financial
statements in future.

NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202231
OTHER ACCOUNTING POLICIES
Accounting policies that are relevant to an understanding of
the financial statements (other than those provided throughout
the notes to the financial statements) are set out below:
Fair value measurement
For financial reporting purposes, ‘fair value’ is the price that
would be received to sell an asset, or paid to transfer a liability,
in an orderly transaction between market participants (under
current market conditions) at the measurement date, regardless
of whether that price is directly observable or estimated using
another valuation technique.
When estimating the fair value of an asset or liability, the
entity uses valuation techniques that are appropriate in the
circumstances and for which sufficient data are available to
measure fair value, maximising the use of relevant observable
inputs and minimising the use of unobservable inputs.
Inputs to valuation techniques used to measure fair value are
categorised into three levels according to the extent to
which the inputs are observable:
• Level 1 inputs are quoted prices (unadjusted) in active
markets for identical assets or liabilities that the entity
can access at the measurement date.
• Level 2 inputs are inputs other than quoted prices
included within Level 1 that are observable for the asset
or liability, either directly or indirectly.
• Level 3 inputs are unobservable inputs for the asset
or liability.
Goods and services tax (GST)
All revenue and expense transactions and cashflows are
recorded exclusive of GST and other value added taxes.
Assets and liabilities are similarly stated exclusive of GST,
with the exception of receivables and payables, which are
stated with GST included.
Impairment of tangible and intangible assets
excluding goodwill
At the end of each reporting period, the Group reviews
the carrying amounts of its tangible (notes B1 and B2) and
intangible assets (note B3) to determine whether there is any
indication that those assets have suffered an impairment loss.
If any such indication exists (and at least annually for indefinite
life intangible assets) the recoverable amount of the asset
is estimated in order to determine the extent of the
impairment loss (if any).
The recoverable amount is the higher of an asset’s fair value
less costs to sell and value in use. In assessing value in use,
the estimated cash flows are discounted to their present
value using a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks specific
to the asset for which the estimates of future cash flows have
not been adjusted.
If the recoverable amount of an asset is estimated to be less
than its carrying amount, the carrying amount of the asset
is reduced to its recoverable amount. An impairment loss is
recognised immediately in profit or loss.
Where an impairment loss subsequently reverses, the carrying
amount of the asset is increased to the revised estimate of its
recoverable amount, but the increased carrying amount does
not exceed the carrying amount that would have
been determined had no impairment loss been recognised
for the asset in prior periods. A reversal of an impairment loss
is recognised immediately in profit or loss.
Financial instruments
Financial assets and financial liabilities are recognised on
the Group’s Statement of Financial Position when the Group
becomes a party to the contractual provisions of the instrument.
All of the financial assets of the Group, which include trade
and other receivables (note C7), are classified as financial
assets at amortised cost.
The Group’s trade and other payables (note C9) and deferred
consideration (note F7) arising from business combinations are
classified as financial liabilities at amortised cost.
The Group’s contingent consideration amounts arising
from business combinations (note F7) are classified as a
financial liability at fair value through profit or loss. Contingent
consideration is categorised within Level 3 of the fair
value hierarchy.
Financial liabilities and equity instruments issued by the Group
are classified according to the substance of the contractual
arrangements entered into and the definitions of a financial
liability and an equity instrument. An equity instrument is any
contract that evidences a residual interest in the assets of the
Group after deducting all of its liabilities.
Equity instruments
Ordinary share capital (note C2) is classified as equity
when there is no obligation to transfer cash or other assets.
Incremental costs directly attributable to the issue of
new shares are shown in equity as a deduction, net of tax,
from the proceeds.
Costs which are not directly attributable to the issue of new
shares are shown as an expense and included in other operating
expenses in the Statement of Comprehensive Income.
Government grants
Government grants are not recognised until there is reasonable
assurance that the Group will comply with the conditions
attaching to them and that the grants will be received.
Government grants are recognised in profit or loss on
a systematic basis over the periods in which the Group
recognises as expenses the related costs for which the grants
are intended to compensate.
Government grants that are receivable as compensation
for expenses or losses already incurred or for the purpose of
giving immediate financial support to the Group with no future
related costs are recognised in profit or loss in the period in
which they become receivable.
Comparatives
Certain comparative amounts have been reclassified to
conform to the current year’s presentation.

32ACCORDANT GROUP ANNUAL REPORT 2022NOTES TO THE GROUP FINANCIAL STATEMENTS
KEY JUDGMENTS AND SOURCES OF ESTIMATION
UNCERTAINTY
In the process of applying the Group’s accounting policies
and the application of accounting standards, Management
are required to make a number of judgments, estimates
and assumptions about the carrying amounts of assets and
liabilities that are not readily available from other sources.
These estimates and associated assumptions are based
on historical experience and various other matters that are
considered to be appropriate under the circumstances.
Actual results may differ from these estimates.
Judgments and sources of estimation uncertainty that
are considered material to understand the performance of
the Group are found in the following notes:
Note – A2
Expectation of refund liabilities and rebates to customers.
Note – B2
Estimate of the future right of use assets and lease liabilities.
Note – B3
Estimating the remaining useful lives of identifiable
customer relationships and restraint of trade assets and
testing the carrying value of brand assets.
Note – B4
Impairment testing of the carrying value of goodwill and
indefinite life intangible assets.
Note – C7
Expected credit losses from trade and other receivables
Note – F2
Rehabilitation under the ACC Partnership programme.
GLOBAL PANDEMIC OF CORONAVIRUS DISEASE 2019
The COVID-19 pandemic continues to inhibit general activity
and confidence levels within the community, the economy, and
the operations of the Group’s business. The Group continues
to monitor developments and initiate plans to mitigate adverse
impacts and maximise opportunities.
During the financial year Group eligible entities received
Government Grants totalling $2.283m (2021: $33.323m).
A combination of the two-week COVID-19 Wage Subsidy for
businesses affected by the move to Alert Level 4 on 17 August
2021 together with the Covid-19 Leave support scheme and
COVID-19 Short Term Absence payment schemes.
These grants supported the Group’s ability to retain personnel
and pay remuneration throughout New Zealand’s COVID-19
Alert Levels. The government grants have been offset against
employee benefits expense in the statement of comprehensive
income. Refer note F1.
The financial statements have been prepared based upon
conditions existing at the end of the reporting period together
with subsequent events up to the date of the signing of these
financial statements, that provide evidence of conditions
that existed at the end of the reporting period. All reasonably
known and available information with respect to the COVID-19
pandemic, has been taken into consideration and all reasonably
determinable adjustments have been made in preparing these
financial statements.

NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202233
This section explains the financial performance of the Group,
providing additional information about individual items in the
Statement of Comprehensive Income, including:
(a) accounting policies, judgments and estimates that are
relevant for understanding items recognised in revenue.
(b) analysis of the Group’s performance for the year by
reference to key areas including: performance by segment,
revenue, expenses and taxation.
A1 SEGMENT PERFORMANCE
The Chief Operating decision maker is the Group Chief
Executive.
The Group has two defined Reporting Segments:
• AWF – Contingent Blue Collar Labour Hire associated
with infrastructure, logistics, manufacturing, technical and
construction.
• Madison Recruitment, Absolute IT and JacksonStone
& Partners – White Collar Contingent temporary employees
and contractors together with Permanent Recruitment
associated with professional and managerial positions
including technology and digital business sectors.
Within the White-Collar Reporting Segment are three (3)
operating segments:
• Madison Recruitment
• Absolute IT
• JacksonStone & Partners
These operating segments have been aggregated on
the basis that they have similar economic characteristics;
the nature of services offered, the processes and customers
are substantially the same, and strategic decisions are made
in conformity over all three brands.
The Group’s reportable segments have been identified
as follows:
• AWF
• Madison, Absolute IT and JacksonStone & Partners
The Corporate office function reported as ‘Central
administration costs and director fees’ provides governance,
compliance, audit, public accountability, Group Funding,
accounting, information technology, human resources, and
marketing expertise. Revenue derived is incidental to the Group
activities. The Corporate office function is not an operating
segment and is not part of one of the reportable segments.
These segments have been determined on the basis, of the
trading brands that operate under each; that discrete financial
information is available for these segments; and that their
operating results are regularly reviewed by the Group’s chief
operating decision maker.
AWF
The ‘AWF’ segment operates branches under the brand
names AWF (throughout New Zealand) and Select (Dunedin).
These brands primarily derive their revenues from temporary
staffing services to industry.
Madison, Absolute IT and JacksonStone & Partners
The ‘Madison, Absolute IT and JacksonStone & Partners’
segment operates branches under the brand names Madison
Recruitment, Madison Force, Absolute IT and JacksonStone &
Partners in major cities throughout New Zealand. These brands
derive their revenues from temporary, contract and permanent
staff services to commerce.
All revenues from external customers, and non-current
assets other than financial instruments, deferred tax assets,
post-employment benefit assets, and rights arising under
insurance contracts are attributed to the Group’s country of
domicile.
* Comparative balances presented have been restated as a result
of a change in accounting policy during the year described further
in note G1.
A. Financial Performance
IN THIS SECTION
Segment revenueSegment profit
2022202120222021
(Restated)
SEGMENT REVENUE AND RESULTS
$’000$’000$’000$’000
Continuing operations
AWF79,60077,76290410,931
Madison, Absolute IT and JacksonStone & Partners141,894127,7207,7894,253
Total for continuing operations221,494205,4828,69315,184
Other income––7–
Central administration costs and directors fees*15–(2,900)(2,860)
Finance costs––(1,095)(1,228)
Profit/(loss) before tax221,509205,4824,70511,096
Income tax expense*––(1,706)(4,779)
Profit for the year221,509205,4822,9996,317

34ACCORDANT GROUP ANNUAL REPORT 2022NOTES TO THE GROUP FINANCIAL STATEMENTS
Revenue reported above represents revenue generated from external customers. Inter-segment sales in the year were $175,485
(2021: $82,372) and have been eliminated from the above table. Inter-segment sales were eliminated from the originating segment.
No one customer accounts for more than 10% of the Group’s revenue (2021: No one customer accounts for more than 10% of the
Group’s revenue).
The accounting policies of the reportable segments are the same as the Group’s accounting policies described in this report.
Segment profit represents the profit earned by each segment without allocation of central administration costs and directors’
fees, investment revenue, finance costs, and income tax expense. This is the same measure reported to the chief operating
decision maker for the purpose of resource allocation and assessment of segment performance.
20222021
(Restated)
SEGMENT ASSETS
$’000$’000
AWF*25,94726,858
Madison, Absolute IT and JacksonStone & Partners*62,51161,661
Total segment assets88,45888,519
Unallocated assets2,961682
Total assets91,41989,201
For the purposes of monitoring segment performance and allocating resources between segments, the chief operating decision
maker monitors the tangible, intangible and financial assets attributable to each segment. All assets are allocated to reportable
segments other than cash, cash equivalents and tax assets of the parent.
20222021
(Restated)
SEGMENT LIABILITIES
$’000$’000
AWF*8,8598,565
Madison, Absolute IT and JacksonStone & Partners*23,50421,984
Total segment liabilities32,36330,549
Unallocated liabilities22,36119,115
Total liabilities54,72449,664
For the purposes of monitoring segment performance and allocating resources between segments, the chief operating decision
maker monitors the liabilities attributable to each segment. All liabilities are allocated to reportable segments, other than bank
loans and tax liabilities of the parent.

NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202235
OTHER SEGMENT INFORMATION
Depreciation and amortisationImpairment
20222021
(Restated)
20222021
$’000$’000$’000$’000
AWF*1,7201,756––
Madison, Absolute IT and JacksonStone & Partners*3,2213,293––
Madison impairment–––7,000
Unallocated––––
Total4,9415,049–7,000
Non-current assetsNet additions to non-current assets
20222021
(Restated)
20222021
$’000$’000$’000$’000
AWF*15,53515,9511,3181,431
Madison, Absolute IT and JacksonStone & Partners*44,94747,989180185
Unallocated––––
Total60,48263,9401,4981,616
Employee benefitsContractor costs
2022202120222021
$’000$’000$’000$’000
AWF71,46660,3291852
Madison, Absolute IT and JacksonStone & Partners43,41230,31181,33678,580
Unallocated2,8791,530––
Total117,75792,17081,35478,632

36ACCORDANT GROUP ANNUAL REPORT 2022NOTES TO THE GROUP FINANCIAL STATEMENTS
A2 REVENUE FROM CONTRACTS WITH CUSTOMERS
Accounting Policy
Revenue recognition from contracts with customers
Revenue is measured at the fair value of the consideration
received or receivable. Revenue is recognised once value
has been received by the customer, when the performance
obligations have been satisfied and control has transferred.
The transaction price is allocated to performance obligations
based on their relative standalone selling prices.
Revenue earned on temporary placement – over time
Revenue from temporary placements, represents amounts
billed from the supply of semi-skilled and skilled temporary
staff, including the wage cost of these staff is recognised
when the service has been provided. Revenue is recognised
over time as services are provided. Performance completed
to date is based on the number of hours worked.
The factors considered by Management on a contract
by contract basis when concluding the Group is acting as
principal rather than agent are as follows:
• Whether the customer has a direct relationship with
the Group;
• Whether the Group has the primary responsibility for
providing the services to the client, and engages and
contracts directly with the temporary worker or other
recruitment companies; and
• Whether the Group has latitude in establishing the rates
directly or indirectly with all parties.
Revenue earned on permanent placement – point in time
Revenue from permanent placements, represents amounts
billed from the placement of permanent candidates.
Revenue is typically based on a percentage of the candidate’s
remuneration package, this income being recognised at the
date an offer is accepted by a candidate and where a start
date has been determined.
In general, where a candidate fails to remain in the position
for greater than twelve weeks a guarantee is provided to
replace the candidate.
Revenue earned on a retained basis – point in time
Where the Group is engaged on a retainer basis, revenue
recognised is typically based on a percentage of candidate’s
remuneration package, this income being recognised on
the completion of defined stages of work. The defined stages
are: on confirmation of vacancy and after job briefing;
on presentation of shortlist; and candidate placement.
Revenue is recognised when the underlying performance
obligation is satisfied – the successful placement of
the candidate.
Revenue earned as other services are provided – point in time
Where the Group is engaged to provide contractors, they are
covered by the Group’s indemnity insurance cover. A fee for this
indemnity insurance cover is recognised when the underlying
performance obligation is satisfied.
Where the Group is engaged to provide other employee related
services, such as psychometric assessments, advertising and
candidate background checks, revenue is recognised when the
underlying performance obligation is satisfied.
Variable consideration
The Group pays customer rebates (for revenue from
temporary and permanent placement), provides credit
notes and warranties over the contract period for certain
recruitment services (for revenue on a retained basis).
Revenue is constrained to the extent that recognition would
result in a significant reversal of revenue. When the
uncertainty is resolved, the consideration is recognised.
Significant financing component
Payment is typically due within 30 - 60 days from the invoicing
of a contract. There is no significant financing component in any
of the Group’s contracts with customers.

NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202237
GROUP
20222021
REVENUE FROM CONTRACTS WITH CUSTOMERS
$’000$’000
Revenue earned on temporary placements
– AWF78,14876,793
– Madison, Absolute IT and JacksonStone & Partners105,39795,563
Total revenue earned on temporary placements183,545172,356
Revenue earned on permanent placements
– AWF1,233737
– Madison, Absolute IT and JacksonStone & Partners11,8995,369
Total revenue earned on permanent placements13,1326,106
Revenue earned on a retained basis
– Madison, Absolute IT and JacksonStone & Partners5,6184,346
Total revenue earned on a retained basis5,6184,346
Other service revenue
– AWF219232
– Madison, Absolute IT and JacksonStone & Partners18,99522,442
Total other service revenue19,21422,674
Total revenue221,509205,482
KEY JUDGEMENTS AND ESTIMATES – DETERMINING THE TRANSACTION PRICE FOR REVENUE
FROM CONTRACTS WITH CUSTOMERS
Refund guarantees
For revenue on a retained basis, Management estimates
the expected refund guarantees to customers based on
historical experience of candidates leaving within the
guarantee period. The estimate is updated for key reporting
periods. Refund guarantees relate to the placement of
individual candidates.
Rebates
Management estimates the expected rebates to
customers on inception of the contract based on past
precedent and future expected sales. The estimate is
updated for key reporting periods. Rebates relate to the
placement of a portfolio of candidates and the discount
is applied to all qualifying placements.

38ACCORDANT GROUP ANNUAL REPORT 2022NOTES TO THE GROUP FINANCIAL STATEMENTS
GROUP
20222021
REVENUE FROM CONTRACTS WITH CUSTOMERS BY CLIENT INDUSTRY CATEGORY
$’000$’000
AWF revenue from contracts with customers
– Construction & civil34,31737,654
– Engineering & technical9,4829,075
– Manufacturing & logistics35,80131,033
Total AWF revenue from contracts with customers79,60077,762
Madison, Absolute IT, JacksonStone & Partners revenue from contracts with customers
– Administration & other services658786
– Arts & recreation services16025
– Construction and trades1,633757
– Education and training1,189777
– Financial and insurance services23,67622,173
– Government, defence and public safety83,46582,228
– Healthcare and social assistance5,2414,262
– Information technology5,2062,833
– Logistics (transport, postal & warehousing)870377
-– Manufacturing1,7311,382
– Media & telecommunications777646
– Primary (agriculture, forestry, fishing, mining)1,8982,539
– Professional, scientific and technical services4,1592,523
– Property/rental and hiring services489154
– Retail trade & hospitality3,7621,931
– Utilities (electricity, gas, water, waste)3,8623,033
– Wholesale trade3,1331,294
Total Madison, Absolute IT, JacksonStone & Partners revenue from contracts with customers141,909127,720
Total revenue from contracts with customers221,509205,482

NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202239
GROUP
20222021
CONTRACT ASSETS
$’000$’000
Customers yet to be invoiced for services rendered97180
Less provision for impairment––
Total contract assets97180
Classified as:
Current97180
Non-current––
Total contract assets97180
EXPECTED LOSS FOR CONTRACT ASSETS
Management has reviewed and assessed contracts and the provision for impairment $Nil (2021: $Nil) represents the
best estimate of the expected credit losses based on historical credit loss experience adjusted to reflect current conditions
and estimates of future economic conditions.
CONTRACT ASSETS
Services rendered, invoice yet to send
Payment for services rendered (i.e revenue earned on
temporary placement – over time) are not due from the
customer until the Group has invoiced the customer. Contract
assets are balances due to be recovered from customers for
work performed, subject to acceptance conditions, that have
yet to be invoiced. When the customer is invoiced, any amounts
previously recognised as a contract asset are reclassified to
trade receivables. Contract assets amounts are invoiced within
30 days, with payment typically due within 30 to 37 days from
the invoice being issued. There is no significant financing
component in any of the Group’s contracts with customers.
Appropriate allowances for expected irrecoverable amounts
are recognised in profit and loss which are measured using
the simplified approach permitted by NZ IFRS 9 Financial
Instruments, which requires lifetime expected losses for
contract assets to be recognised from initial recognition of
the assets. The Group determines the expected credit losses
from contact assets in a manner consistent with the approach
described for trade and other receivables in note C7.

40ACCORDANT GROUP ANNUAL REPORT 2022NOTES TO THE GROUP FINANCIAL STATEMENTS
GROUP
20222021
CONTRACT LIABILITIES
$’000$’000
Rebate liabilities133116
Guarantee refund liabilities152114
Total contract liabilities285230
Classified as:
Current285230
Non-current––
Total contract liabilities285230
KEY JUDGEMENTS AND ESTIMATES – GUARANTEE AND REBATE LIABILITIES
Guarantee refund liabilities
Management has reviewed and assessed the historical
experience rate for refund guarantees that represent the
best estimate of expected candidates leaving within the
guarantee period.
Rebate liabilities
Management has reviewed and assessed the past precedent
and future expected sales for individual customers and the
contract liabilities for rebates that represent the best estimate
of expected rebates to customers.
A3 INVESTMENT REVENUE
Accounting Policy
Dividend and interest revenue is presented as investment
revenue in the statement of comprehensive income.
Dividend revenue
Dividend revenue from investments is recognised when the
shareholder’s right to receive payment has been established.
Interest revenue
Interest revenue is accrued on a time basis using the effective
interest method.
GROUP
20222021
INVESTMENT REVENUE$’000$’000
Interest received7–
Total investment revenue7–
CONTRACT LIABILITIES
Contract guarantees
For revenue on a retained basis, the Group’s standard contract
terms for under permanent placement revenue contracts,
includes a guarantee that the candidate placed will remain in the
role for more than 12 weeks. If the candidate does not remain
in the role for more than 12 weeks, the Group will endeavour
to replace the candidate with another individual at no further
cost to the customer. If the Group is unable to replace the
candidate then the customer is entitled to a credit against the
customer’s account.
Upon placement, a refund liability is recognised with a
corresponding adjustment to revenue. This refund liability is
measured using a rate derived utilising the Group’s historical
experience of candidates who have left before 12 weeks.
This historical experience rate is measured using the portfolio
approach permitted by NZ IFRS 15 Revenue from Contract
with Customers. This estimate is updated regularly at each
reporting period.
Contract rebates
For revenue from temporary and permanent placements,
under the Group’s contract terms with certain customers,
a rebate is payable/applied to customers based on agreed
percentages of amounts billed over a specified period.
These agreed percentages can either be a single fixed rate
or incremental based on thresholds.
At the beginning of the specified period, a rebate liability is
recognised with a corresponding adjustment to revenue.
This rebate liability is measured using a rate derived utilising
the Group’s expectation of the amounts to be billed to the
customer over the specified period. This expectation is
based on historical experience with the customer adjusted to
reflect forecast estimates of the placements required by the
customer over the specified period.
This estimate is updated regularly at each reporting period.

NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202241
A4 EXPENSES
GROUP
20222021
EXPECTED CREDIT LOSSNOTE$’000$’000
Impairment losses recognised78206
Impairment losses recovered(29)–
Changes in the expected credit loss provisionC7(112)132
Total expected credit losses(63)338
GROUP
20222021
(Restated)
DEPRECIATION AND AMORTISATION EXPENSE
NOTE$’000$’000
Depreciation of property, plant and equipment*B1, G11,146981
Depreciation of right of use assetsB22,4292,702
Amortisation of intangible assets*B3, G11,3661,366
Total depreciation and amortisation expense4,9415,049
* Comparative balances presented have been restated as a result of a change in accounting policy during the year described further in note G1.
GROUP
20222021
IMPAIRMENT EXPENSE
NOTE$’000$’000
Intangible assets – GoodwillB4–7,000
Total impairment expense–7,000
GROUP
20222021
FINANCE COSTS
$’000$’000
Financial liabilities measured at amortised cost
Interest on bank overdrafts and loans671707
671707
Financial liabilities measured at fair value through profit or loss
Interest on contingent consideration1316
1316
Lease liabilities
Interest on lease liabilities411505
411505
Total finance costs1,0951,228
GROUP
20222021
AUDITOR’S REMUNERATION TO DELOITTE FOR:
$’000$’000
Audit of the financial statements
Audit of the financial statements252219
Total auditor’s remuneration to Deloitte252219
The Group’s Audit Finance and Risk Committee monitor the independence of Deloitte Limited and ensure Audit Partner
rotation occurs after five years. These financial statements are the Deloitte Audit Partner’s third year.
OTHER ITEMS
Political donations
There have been no donations to any political party during the financial year (2021: $Nil).

42ACCORDANT GROUP ANNUAL REPORT 2022NOTES TO THE GROUP FINANCIAL STATEMENTS
A5 TAXATION
Accounting Policy – current tax
1 Income tax expense represents the sum of the tax
currently payable and deferred tax.
2 Taxable profit differs from profit before tax reported in
the income statement as it excludes items of income and
expense that are taxable or deductible in other years and
also excludes items that will never be taxable or deductible.
3 Current and deferred tax are recognised as an expense or
income in profit or loss, except when they relate to items
recognised in other comprehensive income or directly in
equity, in which case the tax is also recognised in other
comprehensive income or directly in equity, or where they
arise from the initial accounting for a business combination.
In the case of a business combination, the tax effect is
taken into account in calculating goodwill or in determining
the excess of the acquirer’s interest in the net fair value of
the acquiree’s identifiable assets, liabilities and contingent
liabilities over the cost of the business combination.
4 Income tax expense is the income assessed on taxable
profit for the year.
5 Current tax liabilities are calculated using tax rates that
have been enacted at balance date, being 28% (2021: 28%)
for New Zealand.
GROUP
20222021
(Restated)
INCOME TAX EXPENSE
$’000$’000
Current tax
In respect of current year2,2515,567
In respect of prior year40(132)
2,2915,435
Deferred tax
In respect of current year*(569)(810)
In respect of prior year(16)154
(585)(656)
Total tax expense1,7064,779
Reconciliation to profit before tax
Profit before income tax4,70511,096
Income tax at 28%1,3173,107
Tax effect of expenses that are not deductible in determining taxable profit3891,672
Income tax expense1,7064,779
Effective tax rate for the year36.3%43.1%
*Comparative balances presented have been restated as a result of a change in accounting policy during the year described further in note G1.
GROUP
20222021
CURRENT TAX ASSETS AND LIABILITIES
$’000$’000
Current tax liabilities
Income tax payable2,2501,829
Total current tax liabilities2,2501,829

NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202243
Accounting Policy – deferred tax
1 Deferred tax is recognised on differences between the
carrying amounts of assets and liabilities in the financial
statements and the corresponding tax bases used in the
computation of taxable profit, and is accounted for using
the balance sheet liability method. Deferred tax liabilities are
generally recognised for all taxable temporary differences
and deferred tax assets are recognised to the extent that it is
probable that taxable profits will be available against which
deductible temporary differences can be utilised. Such
assets and liabilities are not recognised if the temporary
difference arises from goodwill or from the initial recognition
(other than in a business combination) of other assets and
liabilities in a transaction that affects neither the taxable
profit nor the accounting profit.
2 Deferred tax liabilities are recognised for taxable temporary
differences arising on investments in subsidiaries, except
where the Group is able to control the reversal of the
temporary difference and it is probable that the temporary
difference will not reverse in the foreseeable future.
3 The carrying amount of deferred tax assets is reviewed at
each balance sheet date and reduced to the extent that it
is no longer probable that sufficient taxable profits will be
available to allow all or part of the assets to be recovered.
4 Deferred tax is calculated at the tax rates that are expected
to apply in the period when the liability is settled or the
asset realised based on tax rates that have been enacted or
substantively enacted by the end of the reporting period.
The measurement of deferred tax liabilities and assets
reflects the tax consequences that would follow from the
manner in which the Group expects, at the reporting date,
to recover or settle the carrying amounts of its assets and
liabilities.
5 Deferred tax assets and liabilities are offset when there is a
legally enforceable right to set off current tax assets against
current tax liabilities and when they relate to income taxes
levied by the same taxation authority and the Group intends
to settle its current tax assets and liabilities on a net basis.
DEFERRED TAX BALANCES
The following are the major deferred tax assets/(liabilities) recognised by the Group, and the movements thereon, during the
current reporting period:
GROUP
Lease
liabilities
Right of use
assets
Employee
benefits
Other
provisions
Intangible
assets
(Restated)Total
$’000$’000$’000$›000$›000$’000
At 1 April 2020 (Reported)3,147(3,046)97762(4,262)(3,122)
Retrospective Software-as-a-Service
(SaaS) arrangements restatement (note G1)––––231231
At 1 April 2020 (Restated)*3,147(3,046)97762(4,031)(2,891)
Prior period adjustment––150(304)–(154)
Charge (credit to profit or loss for the year)*(582)643(56)469383857
Retrospective Software-as-a-Service
(SaaS) arrangements restatement (note G1)––––(47)(47)
As at 31 March 2021 (Restated)*2,565(2,403)1,071227(3,695)(2,235)
As at 1 April 2021 (Restated)*2,565(2,403)1,071227(3,695)(2,235)
Prior period adjustment–––16–16
Charge (credit to profit or loss for the year)(397)41974274198568
As at 31 March 20222,168(1,984)1,145517(3,497)(1,651)
*Comparative balances presented have been restated as a result of a change in accounting policy during the year described further in note G1.
GROUP
20222021
IMPUTATION BALANCES
$’000$’000
Imputation credits available for subsequent reporting periods at 28%13,89313,600
The above amounts represent the balance of the imputation account as at the end of the reporting period at 28%, adjusted for,
imputation credits that will arise from the payment of the amount of the provision for income tax; and imputation debits that have
arisen from the payment of dividends recognised as a liability at the reporting date. The consolidated amounts include imputation
credits that would be available to the parent entity if subsidiaries paid dividends. The imputed portions of the final dividends
recommended after reporting date will be imputed out of existing imputation credits or out of imputation credits arising from the
payment of income tax in the next reporting period.

44ACCORDANT GROUP ANNUAL REPORT 2022NOTES TO THE GROUP FINANCIAL STATEMENTS
The following diminishing value rates are used for the depreciation of property, plant and equipment
• Motor vehicles 25 to 36%
• Fixtures and equipment 10 to 60%
• Leasehold improvements 4 to 14%
GROUP
Motor Vehicles
Fixtures and
equipment
(Restated)
Leasehold
ImprovementsTotal
$’000$’000$’000$’000
Cost*5065,0132,1047,623
Less accumulated depreciation*(340)(3,422)(721)(4,483)
Net book value at 1 April 2020 (Restated)*1661,5911,3833,140
Additions1,275133161,424
Disposals – cost(243)(1,067)(170)(1,480)
Depreciation expense*(155)(487)(339)(981)
Eliminations on disposal – depreciation2181,0241041,346
Net book value at 31 March 2021 (Restated)*1,2611,1949943,449
Additions30623083619
Disposals – cost(40)(52)(14)(106)
Depreciation expense(452)(380)(314)(1,146)
Eliminations on disposal – depreciation32451491
Net book value at 31 March 20221,1071,0377632,907
Cost1,8054,2522,0198,076
Less accumulated depreciation(697)(3,215)(1,257)(5,169)
Net book value at 31 March 20221,1081,0377622,907
*Comparative balances presented have been restated as a result of a change in accounting policy during the year described further in note G1.
B. Assets used to generate income
This section shows the assets the Group uses to generate
operating income. In this section of the notes there is
information about:
In this section there is information about:
(a) property, plant and equipment
(b) intangible assets
(c) goodwill
B1 PROPERTY, PLANT AND EQUIPMENT
Accounting policy
1 Fixtures and equipment, motor vehicles and leasehold
improvements are stated at cost less accumulated
depreciation and any accumulated impairment losses.
2 Depreciation is charged so as to write off the cost of assets,
over their estimated useful lives using the diminishing
value method.
3 The gain or loss arising on the disposal or retirement of an
item of property, plant and equipment is determined as the
difference between the sales proceeds and the carrying
amount of the asset and is recognised in the Statement of
Comprehensive Income.
IN THIS SECTION

NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202245
B2 LEASES
RIGHT OF USE ASSETS AND LEASES LIABILITIES
Accounting policy
1 The Group leases various properties (including offices),
motor vehicles and computer equipment. Property lease
contracts are typically made for fixed periods of 3 to 9 years
but may have extension options as described below. Motor
vehicle and computer equipment leases are typically made
for fixed periods of 1 to 5 years without extension options.
Lease terms are negotiated on an individual basis and
contain a wide range of different terms and conditions. The
lease agreements do not impose any covenants, but leased
assets may not be used as security for borrowing purposes.
2 Leases are recognised as a right-of-use (‘ROU’) asset and a
lease liability at the lease commencement date.
The right-of-use asset is initially measured at cost, and
subsequently at cost less any accumulated depreciation
and impairment losses, and adjusted for certain
remeasurements of the lease liability.
Costs included in the measurement of the right-of-use
asset comprise the following:
• the amount of the initial measurement of lease liability;
• any lease payments made at or before the
commencement date; less any lease incentives
received; and
• any initial direct costs incurred by the lessee.
Depreciation is charged so as to write off the cost of assets,
over the lease term using the straight-line method or where
shorter than the useful life of the right of use asset.
3 The lease liability is initially measured at the present value
of the future lease payments over the lease term that are
not paid at the commencement date, discounted using the
interest rate implicit in the lease or, if that rate cannot be
readily determined, the lessee’s incremental borrowing
rate, being the rate that the lessee would have to pay to
borrow over a similar term, and with a similar security, the
funds necessary to obtain an asset of a similar value to the
right-of-use asset in a similar economic environment with
similar terms and conditions.
Generally, the Group uses the lessee’s incremental
borrowing rate as the discount rate.
Lease payments included in the measurement of the
lease liability comprise the following:
• the exercise price under a purchase option that the
Group is reasonably certain to exercise that option; and
• lease payments in an optional renewal period if the Group
is reasonably certain to exercise an extension option.
There are no leases with variable lease payments which
depend on an index or rate as at the commencement date.
The lease liability is measured at amortised cost using the
effective interest method. It is remeasured when there is a
change in future lease payments arising from a change in an
index or rate, if there is a change in the Group’s estimate of
the amount expected to be payable under a residual value
guarantee, if the Group changes its assessment of whether
it will exercise a purchase, extension or termination option or
if there is a revised in-substance fixed lease payment.
When the lease liability is remeasured in this way, a
corresponding adjustment is made to the carrying amount
of the right-of-use asset, or is recorded in profit or loss if the
carrying amount of the right-of-use asset has been reduced
to zero.
4 The Group has elected not to recognise right-of-use assets
and lease liabilities for short-term leases that have lease
terms of 12 months or less and leases of low value assets.
The Group recognises the lease payments associated with
these leases within operating expenses on a straight line
basis over their lease terms.

46ACCORDANT GROUP ANNUAL REPORT 2022NOTES TO THE GROUP FINANCIAL STATEMENTS
KEY JUDGEMENTS AND SOURCES OF ESTIMATION UNCERTAINTY
Extension and termination options
Extension and termination options are included in a number
of leases across the Group. These terms are used to maximise
operational flexibility in terms of managing contracts. The
majority of extension and termination options held are
exercisable only by the Group and not by the respective lessor.
Critical judgements in determining the lease term
In determining the lease term, management considers
all facts and circumstances that create an economic
incentive to exercise an extension option, or not exercise a
termination option.
Extension options (or periods after termination options) are
only included in the lease term if the lease is reasonably certain
to be extended (or not terminated).
The assessment is reviewed if a significant event or a significant
change in circumstances occurs which affects this assessment
and that is within the control of the lessee.
The following factors are normally the most relevant:
• If there are significant penalties to terminate (or not extend),
the Group is typically reasonably certain to extend (or
not terminate).
• If any leasehold improvements are expected to have a
significant remaining value, the Group is typically reasonably
certain to extend (or not terminate).
• Otherwise, the Group considers other factors including
historical lease durations and the costs and business
disruption required to replace the leased asset.
Incremental borrowing rates
The lease payments are discounted using the interest rate
implicit in the lease. If that rate cannot be readily determined,
which is generally the case for leases in the Group, the lessee’s
incremental borrowing rate is used, being the rate that the
individual lessee would have to pay to borrow the funds
necessary to obtain an asset of similar value to the right-of-use
asset in a similar economic environment with similar terms,
security and conditions.
Critical judgements in determining the incremental
borrowing rate
To determine the incremental borrowing rate, the Group:
• where possible, uses recent third-party financing (currently,
the Group’s sole term facility provider, ASB Bank Limited)
received by the individual lessee as a starting point, adjusted
to reflect changes in financing conditions since third party
financing was received;
• uses a build-up approach that starts with a risk-free
interest rate adjusted for credit risk for leases held by
Group subsidiaries, which does not have recent third party
financing; and
• makes adjustments specific to the lease, e.g. term,
location, and security.
GROUP
PropertyMotor vehicles
Computer
EquipmentTotal
RIGHT OF USE ASSETS
NOTE$’000$’000$’000$’000
CostG113,0728102313,905
Less accumulated depreciation(2,324)(468)(6)(2,798)
Net book value at 1 April 202010,7483421711,107
Additions/lease liability remeasurements192––192
Disposals – cost(338)(350)–(688)
Depreciation expenseA4(2,437)(257)(8)(2,702)
Eliminations on disposal – depreciation311350–661
Net book value at 31 March 20218,4768598,570
Additions/lease liability remeasurements86910–879
Disposable – cost(477)(336)–(813)
Eliminations on disposal – depreciation477336–813
Depreciation expenseA4(2,336)(85)(8)(2,429)
Net book value at 31 March 20227,0091017,020
Cost13,3171342313,474
Less accumulated depreciation(6,308)(124)(22)(6,454)
Net book value at 31 March 20227,0091017,020

NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202247
GROUP
20222021
LEASE LIABILITIES$’000$’000
Property7,7 4 49,161
Motor vehicle1185
Computer equipment19
Total lease liabilities7,7569,255
Classified as:
Current2,2312,264
Non-current5,5256,991
Total lease liabilities7,7569,255
Maturity analysis - contractual undiscounted cashflows:
Less than 1 year2,5392,661
Later than 1 year and not later than 5 years inclusive5,4907,162
More than 5 years439476
Total undiscounted lease liabilities 31 March8,46810,299
Amounts recognised in Statement of Comprehensive Income:
Interest on lease liabilities(411)(505)
Expenses relating to short term leases(601)(362)
Total amounts recognised in Statement of Comprehensive Income(1,012)(867)
Cash outflows recognised in the Statement of Cashflows:
Recognised within cash flows from operating activities
Interest elements of lease payments(410)(505)
Total recognised within cash flows from operating activities(410)(505)
Recognised within cash flows from financing activities
Principal elements of lease payments(2,351)(2,481)
Total recognised within cash flows from financing activities(2,351)(2,481)
Total cash outflows recognised in the Statement of Cashflows(2,761)(2,986)

48ACCORDANT GROUP ANNUAL REPORT 2022NOTES TO THE GROUP FINANCIAL STATEMENTS
B3 INTANGIBLE ASSETS
Accounting policy
1 Intangible assets acquired in a business combination are
identified and recognised separately from goodwill where
they satisfy the definition of an intangible asset and their fair
values can be measured reliably. The cost of such intangible
assets is their fair value at the acquisition date.
2 Intangible assets acquired separately with finite useful
lives are carried at cost less accumulated amortisation
and accumulated impairment losses. Amortisation is
recognised on a straight-line basis
over their estimated useful lives (72 months). The estimated
useful life and amortisation method are reviewed at the end
of each reporting period, with the effect of any changes in
estimate being accounted for on a prospective basis.
3 Intangible assets acquired separately with indefinite useful
lives are not amortised and are reviewed for impairment on
an annual basis and whenever there is an indication that the
asset may be impaired as per NZ IAS 36 Impairment of
Assets (refer also B4).
Other intangible assets (excluding goodwill) represent the value of client relationships, brand names and restraints of trade acquired
through business combinations (where the economic value can reliably be assessed) and computer software
GROUP
Computer
Software
(Restated)
Customer
Relationships
Brand
Name
Restraint of
TradeTotal
NOTE$’000$’000$’000$’000$’000
Cost97315,75110,4752,71029,909
Retrospective Software-as-a-Service
(SaaS) arrangements restatementG1(845)–––(845)
Less accumulated amortisation*–(12,492)–(1,223)(13,715)
Net book value at 1 April 2020 (Restated)*1283,25910,4751,48715,349
Additions*–––––
Disposals – cost*(128)(1)(1)–(130)
Amortisation expense*A4–(874)–(492)(1,366)
Eliminations on disposal – amortisation*–––––
Net book value at 31 March 2021
(Restated)*–2,38410,47499513,853
Additions–––––
Amortisation expenseA4–(874)–(492)(1,366)
Eliminations on disposal – amortisation–––––
Net book value at 31 March 2022–1,51010,47450312,487
Cost–15,75010,4742,71028,934
Less accumulated amortisation–(14,240)–(2,207)(16,447)
Net book value at 31 March 2022–1,51010,47450312,487
*Comparative balances presented have been restated as a result of a change in accounting policy during the year described further in note G1.
The amortisation expense has been included in the line item
“depreciation and amortisation expense” in the Statement of
Comprehensive Income.
Brand names of:
• $7.465 million identified and recognised from the Madison
acquisition are allocated to the Madison Group cash
generating unit; and
• $1.980 million identified and recognised from the
Absolute IT acquisition are allocated to the Absolute IT
cash generating unit.
• $1.029 million identified and recognised from the
JacksonStone & Partners acquisition are allocated to the
JacksonStone & Partners cash generating unit.
KEY JUDGEMENTS AND SOURCES
OF ESTIMATION UNCERTAINTY
Brand assets are indefinite life non-financial assets.
Determining whether brand assets are impaired requires an
estimation of the value in use of the cash generating unit to
which brand relates to. The impairment testing of brand is
undertaken in conjunction with the impairment testing of
goodwill related to the cash generating unit (refer to note B4
for further information).
The impairment assessment of customer relationships and
restraint of trade assets requires a judgment and estimation of
the expected remaining useful life of these assets.

NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202249
B4 GOODWILL
Accounting policy
Goodwill arising on the acquisition of a subsidiary is recognised
as an asset at the date that control is acquired (the acquisition
date). Goodwill is measured as the excess of the sum of the
consideration transferred, the amount of any non-controlling
interest in the acquiree and the fair value of the acquirer’s
previously held equity interest (if any) in the acquiree over the
fair value of the identified net assets recognised.
Goodwill is not amortised, but is reviewed for impairment at
least annually. For the purpose of impairment testing, goodwill is
allocated to each of the Group’s cash generating units (‘CGUs’)
expected to benefit from the synergies of the combination.
Cash generating units to which goodwill and indefinite life
intangible assets have been allocated are tested for impairment
annually, or more frequently when there is an indication that the
unit may be impaired. The recoverable amount is the higher of
fair value less cost to sell and the value in use. If the recoverable
amount of the cash generating unit is less than the carrying
amount of the unit, the impairment loss is allocated first to
reduce the carrying amount of any goodwill allocated to the unit
and then to the other assets of the unit pro-rata on the basis of
the carrying amount of each asset in the unit. Any impairment
loss on goodwill is recognised immediately in profit or loss and
is not subsequently reversed.
GROUP
20222021
$’000$’000
Balance at 1 April38,06845,068
Impairment – Madison Recruitment–(7,000)
Balance as at 31 March38,06838,068
Allocation to cash generating units
• AWF11,21211,212
• Madison Recruitment13,22313,223
• Absolute IT7,8367,836
• JacksonStone & Partners5,7975,797
Total goodwill38,06838,068

50ACCORDANT GROUP ANNUAL REPORT 2022NOTES TO THE GROUP FINANCIAL STATEMENTS
Annual test for impairment
The Group tests goodwill and other indefinite life intangible
assets annually for impairment or more frequently if there are
indications that goodwill might be impaired.
The recoverable amount of each cash-generating unit is
determined from value in use calculations which use a
discounted cash flow analysis. The key assumptions for the
value in use calculations are those regarding the discount rates,
growth rates and forecast financial performance. Management
estimates discount rates using rates that reflect current market
assumptions of the time value of money and risk specific
to the cash generating units. The growth rates are based
on management’s best estimate. Forecast revenues, direct
and indirect costs, are based on historical experience/past
practices and expectation of future changes in the markets the
Group operates and services.
Impairment testing of goodwill and other intangible assets is
an area where estimates and judgments have a significant risk
of causing a material adjustment to the carrying amount of
the Group’s goodwill and other indefinite life intangible asset
balances.
When there is an impairment, i.e., the recoverable amount of
the cash generating unit is less than the carrying amount of the
unit, the impairment loss is allocated first to reduce the carrying
value amount of any goodwill allocated to the cash generating
unit and thereafter, pro rata against the carrying value of other
assets (including intangible assets and net assets).
The value in use calculations use post-tax cash flow projections
over a 5- year period based on FY23 financial budgets prepared
by management and approved by the Board.
Madison Recruitment, Absolute IT and JacksonStone & Partners
Key assumptions used for the value in use calculations included:
• Sales growth – 1.5% (2021: 1.5%) Average annual growth over
financial years 2024 – 2027 based on past performance,
management’s expectations of market development, current
industry trends and including long-term inflation forecasts.
• Terminal year sales growth – Starting Financial Year 2028
the impairment models assume a constant growth rate of
1.5% (2021: 1.5%).
• The discount rate used to discount the forecast cash flows is
9.48% (2021: 8.78%).
AWF
The AWF CGU is sensitive to changes in financial performance
assumptions. The impact of the COVID-19 pandemic has
been significant on AWF with a slower rate of recovery to
pre-COVID-19 financial performance. New Zealand’s border
restrictions have impinged on AWF’s temporary candidate pool
and contracted the size of the temporary job market. Demand
for AWF's services is strong. Supply is potentially constrained.
The key judgement underpinning the future cashflow is the
impact of relaxation of border controls, which will assist in
candidate supply together with a continuing post-pandemic
recovery. Management and the Board are confident that the
temporary job market will return to pre-Covid profitability. AWF
has applied an accelerated rate of Sales growth over FY24 to
FY26 off a low FY23 Budget, returning to pre-covid profitability
in 2026 with sales growth of 1.5% (2021: 1.5%) thereafter. The
terminal year sales growth starting FY28 assumes a constant
growth rate of 1.5% (2021: 1.5%). The discount rate used to
discount the forecast cash flows is 9.48% (2020: 8.78%).
Sensitivity Analysis
At year end, in testing goodwill for further impairment, a
sensitivity analysis for reasonably possible changes in key
assumptions was performed.
The sensitivity assumptions across all CGU’s included reducing
the estimated growth rate by 0.5%, reducing the terminal rate
of growth by 1.0% and increasing the discount rate by 1.0%.
These reasonably possible changes do not result in
any impairment.
KEY JUDGEMENTS AND SOURCES OF ESTIMATION
UNCERTAINTY
Determining whether goodwill is impaired requires an
estimation of the value-in-use of the group of cash generating
units to which goodwill has been allocated. The value-in-use
calculation requires Management to estimate the future cash
flows expected to arise from those cash-generating units and
a suitable discount rate in order to calculate present value.
The discount rate applied to future cashflows has been
obtained through an independent assessment of Group’s
weighted average cost of capital which takes in to consideration
a risk-free rate based on New Zealand Government Bonds, a
market risk premium and an equity beta based a selection of
comparable recruitment companies.

NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202251
This section explains the Group’s reserves and working capital.
In this section there is information about:
(a) equity and dividends
(b) net debt; and
(c) receivables and payables
C. Managing funding
IN THIS SECTION
C1 RETAINED EARNINGS
GROUP
20222021
(Restated)
RETAINED EARNINGS AND DIVIDENDS
NOTE$’000$’000
Opening balance at 1 April (Restated)*8,4651,944
Total comprehensive income for the year (Restated)*2,9996,317
Dividends paidC5(5,171)–
Restricted share scheme options expiredF1–162
Restricted share scheme options lapsedF15642
Closing balance at 31 March (Restated)*6,3498,465
*Comparative balances presented have been restated as a result of a change in accounting policy during the year described further in note G1.
C2 SHARE CAPITAL
GROUP
2022202120222021
ORDINARY SHARE CAPITAL
No of SharesNo of Shares$’000$’000
Issued and fully paid:
Opening balance at 1 April34,325,54234,325,54230,86830,868
Issue of sharesC3––––
Closing balance at 31 March34,325,54234,325,54230,86830,868
The share capital reflected in the above note represents the ordinary share capital of Accordant Group Limited.
All ordinary shares carry rights to dividends and distribution on wind-up.
C3 TREASURY SHARES
GROUP
2022202120222021
TREASURY SHARES
NOTENo of SharesNo of Shares$’000$’000
Issued and fully paid:
Opening balance at 1 April––––
Purchase of treasury shares517,289–804–
Closing balance at 31 March517,289–804–
Treasury shares were acquired during the financial year to provide flexibility under the equity-settled share based incentive scheme.
517,289 Treasury shares were acquired progressively over the period 28 May 2021 to 7 July 2021 at a weighted average cost of
$1.5545 per share at a cost of $804k.

52ACCORDANT GROUP ANNUAL REPORT 2022NOTES TO THE GROUP FINANCIAL STATEMENTS
C4 EARNINGS PER SHARE
GROUP
20222021
(Restated)
EARNINGS PER SHARE
NOTE$’000$’000
Comprehensive income for the year net of tax2,9996,317
Number of ordinary shares as at 31 MarchC234,325,54234,325,542
Weighted average number of shares for basic earnings per share33,808,25334,325,542
Total basic earnings per share (cents per share)8.918.4
Weighted average number of shares for diluted earnings per share33,808,25334,325,542
Total diluted earnings per share (cents per share)8.918.4
The restricted shares detailed in Note F1 could also potentially dilute earnings per share in the future, but currently are anti-dilutive
(2021 were anti-dilutive).
C5 DIVIDENDS
Accounting policy
Dividend distributions to the Group’s shareholders are recognised as a liability in the Group’s financial statements in the period in
which the dividends are approved.
GROUP
20222021
Cents per shareTotal $’000Cents per shareTotal $’000
Recognised amounts:
Prior year final dividend8.202,865––
Interim dividend6.502,306––
5,171–
Final dividend declared5.601,9878.202,865
Dividends
Prior year final dividend
On 27 May 2021 the directors resolved to resume distributions
of dividends and approved the payment of a fully imputed
final dividend of 8.2 cents per share (total dividend $2,865,016)
to be paid on 30 June 2021 to all shareholders registered on
20 June 2021. The dividend reinvestment plan was not offered
on this distribution.
Current year interim dividend
On 27 October 2021 the directors approved the payment of a
fully imputed interim dividend of $2,306m (6.5 cents per share)
paid on 1 December 2021.
Subsequent event
On 25 May 2022 the directors resolved to approve the
payment of a fully imputed final dividend of 5.6 cents per
share (total dividend of $1,987,062) to be paid on 30 June 2022
to all shareholders registered on 17 June 2022. The dividend
reinvestment plan will not be offered on this distribution.

NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202253
C6 CASH AND CASH EQUIVALENTS
Accounting policy
Cash and cash equivalents
Cash and cash equivalents comprise of cash held by the
Group and short-term bank deposits with an original maturity
of less than three months. The carrying amount of these
assets approximates their fair value.
For the purpose of the statement of cash flows, cash and
cash equivalents include cash on hand and in banks and
investments in money market instruments, net of outstanding
bank overdrafts.
Statement of cash flows
The following terms are used in the Group’s statement of
cash flows:
• Operating activities are the principal revenue producing
activities of the Group and other activities that are not
investing or financing activities;
• Investing activities are the acquisition and disposal of long
term assets and other investments not included in cash
equivalents; and
• Financing activities are activities that result in changes in
the size and composition of the contributed equity and
borrowings of the entity.
Interest paid and interest received may be classified as
operating cash flows because they enter into the determination
of profit or loss.
Cash payments for the interest portion of a financial liability
or lease liability, have been classified as part of operating
activities and cash payments for the principal portion for
financial liability or lease liability, have been classified as part
of financing activities.
Interest received on cash at bank have been classified as part
of operating activities.
GROUP
20222021
CASH AND CASH EQUIVALENTS
$’000$’000
Cash at bank4,9721,795
Total cash and cash equivalents4,9721,795
GROUP
RECONCILIATION OF NET PROFIT AFTER TAX
TO CASH FLOWS FROM OPERATING ACTIVITIES
2022
2021
(Restated)
$’000$’000
Net profit after income tax*2,9996,317
Adjustments for operating activities non-cash items:
Depreciation and amortisation*4,9415,049
Impairment–7,000
(Gain)/Loss on disposal of property, plant and equipment and intangible assets*(24)38
Movement in expected credit loss provision(63)338
Movement in deferred tax*(585)(656)
Equity-settled share-based payments13478
Interest on contingent consideration to the vendor of JacksonStone & Partners1316
Fair value movement on contingent consideration to the vendor of JacksonStone & Partners845(1,285)
Total non-cash items5,26110,578
Movements in working capital excluding movements relating to purchase of subsidiaries:
(Increase)/decrease in trade and other receivables, and contract assets*(2,451)29,854
Increase/(decrease) in trade and other payables, and contract liabilities*4,249(25,952)
Increase/(decrease) in provisions–211
Increase/(decrease) in taxation payable*421879
Total movement in working capital2,2194,992
Cash flow from operating activities10,47921,887
*Comparative balances presented have been restated as a result of a change in accounting policy during the year described further in note G1.

54ACCORDANT GROUP ANNUAL REPORT 2022NOTES TO THE GROUP FINANCIAL STATEMENTS
C7 TRADE AND OTHER RECEIVABLES
Accounting policy
Trade and other receivables are measured on initial recognition
at fair value and subsequently at amortised cost using the
effective interest method.
Appropriate allowances for expected irrecoverable amounts
are recognised in profit and loss which are measured using
the simplified approach permitted by NZ IFRS 9
Financial
Instruments
, which requires lifetime expected losses for trade
and other receivables to be recognised from initial recognition
of the receivable.
There are no trade and other receivables with a significant
financing component.
The Group determines the expected credit losses
by calculating:
• a probability weighted amount that is determined by
evaluating a range of possible outcomes;
• time value of money;
• reasonable and supportable information that is available
at the reporting date about past events, current conditions
and forecasts of future economic conditions.
When reassessing expected credit losses the Group also
considers any change in the credit risk and quality of the
receivable from the date credit was initially granted up to the
end of the reporting period, referring to past default experience
of the counterparty and an analysis of the counterparty’s
current financial position.
The Group determines the expected credit losses for all trade receivables and other receivables (including those that are past due
and neither past due) by using a provision matrix, estimated based on historical credit loss experience based on shared credit risk
characteristics and the days past due status of the debtors. The expected loss rates are based on the payment profiles of sales
over a period of 60 months. The historical loss rates are adjusted to reflect current conditions and estimates of future economic
conditions affecting the ability of the debtors to repay the receivables.
An allowance of $381,000 (2021: $493,000) has been made for expected credit losses arising from trade and other receivables.
Before accepting a new customer, the Group conducts reference checks using external sources. Customer checks and approval
of credit limits are performed independently of the sales function, and are reviewed on an ongoing basis.
The credit period on sale of services is between 7 and 30 days, unless otherwise agreed. No interest is charged on trade
receivables for the first 30 days from the date of invoice. Thereafter, interest can be charged at 1.5 per cent per month on the
outstanding balance.
Included in trade receivables are debtors with a carrying value of $4.6 million (2021: $2.9 million) which are overdue at the reporting
date. Included in other receivables are debtors with a carrying value of $Nil (2021: $Nil) which are overdue at the reporting date.
The Group does not hold any collateral over these balances.
The Group writes off a receivable when there is information indicating that the debt is in severe financial difficulty and there is
no realistic prospect of recovery, e.g. when the debtors has been placed under receivership or liquidation, or has entered into
bankruptcy proceedings. NZ IFRS 9 includes a rebuttal presumption that a loss event has occurred if debtors are aged greater than
90 days. Impairment losses on trade and other receivables are presented as ‘direct expenses’ in the Statement of Comprehensive
Income. Any revisions to this amount are credited to the same line item.
GROUP
20222021
(Restated)
TRADE AND OTHER RECEIVABLES
$’000$’000
Trade receivables25,25322,961
Provision for expected credit loss(381)(493)
Total trade receivables24,87222,468
Other receivables*996818
Total other receivables996818
Total trade and other receivables25,86823,286
*Comparative balances presented have been restated as a result of a change in accounting policy during the year described further in note G1.

NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202255
GROUP
20222021
PROVISION FOR IMPAIRMENT
NOTE$’000$’000
PROVISION FOR EXPECTED CREDIT LOSS FOR TRADE RECEIVABLES
Balance at 1 April493361
Impairment losses reversedA4(112)(39)
Impairment losses recognisedA4–171
Balance at 31 March381493
GROUP
EXPECTED LOSS RATES FOR TRADE RECEIVABLESCurrent
1 – 30
days
30 – 60
days
60 – 90
days
90+
daysTotal
31 March 2022
Expected loss rate (%)0.0%0.0%19.5%51.9%49.4%1.7%
Gross trade receivables ($’000)20,6973,34157235229125,253
Provision for impairment of trade receivables ($’000)––(97)(159)(125)(381)
Net trade receivables20,6973,34147519316624,872
31 March 2021
Expected loss rate (%)0.9%1.0%22.2%41.1%35.4%2.5%
Gross trade receivables ($’000)20,0441,82927519362022,961
Provision for impairment of trade receivables ($’000)(164)(16)(53)(69)(191)(493)
Net trade receivables19,8801,81322212442922,468
EXPECTED LOSS FOR OTHER RECEIVABLES
Management has reviewed and assessed other receivables and the provision for impairment $Nil (2021: $Nil) represents the
best estimate of the expected credit losses based on historical credit loss experience adjusted to reflect current conditions and
estimates of future economic conditions. The expected loss rate (%) is calculated on a GST inclusive basis.
Other information about customers
The Group has no customers making up more than 10% of
the 2022 Group revenue (2021: none).
The concentration of credit risk is limited due to the size of
the customer base.
KEY JUDGEMENTS AND ESTIMATES – EXPECTED
CREDIT LOSSES FROM RECEIVABLES
Management has reviewed and assessed debtors on a
branch-by-branch basis and the provision for impairment
represents the best estimate of the expected credit
losses based on historical credit loss experience adjusted
to reflect current conditions and estimates of future
economic conditions.

56ACCORDANT GROUP ANNUAL REPORT 2022NOTES TO THE GROUP FINANCIAL STATEMENTS
C8 BORROWINGS
GROUP
20222021
BORROWINGS
$’000$’000
Bank loans18,00015,000
Total borrowings18,00015,000
Classified as:
Current––
Non-current18,00015,000
Total bank loans18,00015,000
Summary of borrowing arrangements
The Group has a term loan facility of $30.0 million (2021: $30.0 million) with ASB Bank Limited of which $18.0 million was drawn
as at 31 March 2022 (2021: $15 million). The loan facilities are secured by first ranking General Security Deed with cross guarantees
and indemnities executed by all Group entities (refer note E1). The banking facilities require the Group to operate within defined
financial undertakings. The Group has complied with all covenant requirements during the year. Interest is calculated on a floating
rate and the annual weighted average rate is 3.17% (2021: 2.21%). The rate is reset every three months. The loan is an interest only
loan and is repayable on 1 October 2023 (2021: 1 October 2022). As at 31 March 2022, the Group has an available overdraft facility of
$8.0 million (2021: $8.0 million) with ASB Bank Limited, at an interest rate of 4.28% (2021: 4.04%). The balance of the overdraft was
$Nil as at 31 March 2022 (2021: $Nil) and cash at bank was $4.972 million at 31 March 2022 (2021: $1.795 million).
Reconciliation of liabilities arising from financing activities
The table below details changes in the Group’s liabilities arising from financing activities, including both cash and non-cash
changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in
the Group’s statement of cash flows as cash flows from financing activities:
GROUP
Opening balance
1 April
Financing
cash flows
Non-cash
changes
Closing balance
31 March
NOTE$’000$’000$’000$’000
For the year ended 31 March 2022
Borrowings
Bank loans - ASB Bank Limited
(i)
15,0003,000–18,000
Other financial liabilities from financing activities
Lease liabilities (ii)B29,255(2,350)8517,756
Total24,25565085125,756
For the year ended 31 March 2021
Borrowings
Bank loans - ASB Bank Limited
(i)
36,000(21,000)–15,000
Lease liabilities
(ii)
B211,599(2,481)1379,255
Total47,599(23,481)13724,255
(i) The cash flows make up the net amount of proceeds/(payment) from borrowings, repayments of borrowings and repayment of other financial
liabilities in the statement of cash flows.
(ii) Non-cash changes comprise new leases entered into during the year of $371,000 (2021: $125,000) and remeasurement of existing leases during
the year of $481,000 (2021: $12,000).

NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202257
C9 TRADE AND OTHER PAYABLES
Accounting policy
Trade and other payables are initially measured at fair value, and
subsequently measured at amortised cost, using the effective
interest rate method.
Income, expenses, assets and liabilities are recognised net of
goods and services tax (“GST”), except:
• where the amount of GST incurred is not recoverable from
the taxation authority, it is recognised as part of the cost of
acquisition of an asset or as part of an item of expense; or
• for receivables and payables which are recognised inclusive
of GST where invoiced.
Trade creditors and accruals principally comprise amounts outstanding for trade purchases and ongoing costs.
GROUP
20222021
TRADE AND OTHER PAYABLES
$’000$’000
Trade payables8,4427,054
Goods and services tax (GST) payable1,9211,724
PAY E3,7233,620
Other payables and accruals10,2967,782
Total trade and other payables24,38220,180

58ACCORDANT GROUP ANNUAL REPORT 2022NOTES TO THE GROUP FINANCIAL STATEMENTS
This section explains the financial risks the Group faces,
how these risks affect the Group’s financial position and
performance and how the Group manages these risks.
D1 FINANCIAL RISK MANAGEMENT
The Group is exposed to a variety of financial risks comprising:
– credit risk;
– liquidity risk;
– market risk – interest rate risk; and
– capital risk.
Credit risk
Credit risk is the risk that one party to a financial instrument will
cause a financial loss to the other party by failing to discharge
an obligation.
The Group’s principal financial assets are cash and cash
equivalents, and trade and other receivables.
The credit risk on cash and cash equivalents is limited because
the counterparty is a bank with a high credit-rating assigned by
international credit-rating agencies. The maximum credit risk on
other balances is limited to their carrying values without taking
into account any collateral held.
The Group’s credit risk is primarily attributable to its trade and
other receivables. The amounts presented in the Statement
of Financial Position are net of allowances for doubtful
receivables.
The Group has no significant concentration of credit risk as its
exposure is spread over a large number of customers other than
outlined in note C7.
Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in
meeting obligations associated with financial liabilities.
The Group manages liquidity risk by maintaining adequate
reserves, banking facilities and reserve borrowing facilities
by continuously monitoring forecast and actual cash flows
and matching the maturity profiles of financial assets and
financial liabilities.
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows
of a financial instrument will fluctuate as a result of changes in
market interest rates.
The Group’s exposure to interest rate risk arises mainly from its
interest earning cash deposits and its interest bank borrowings.
The Group is exposed to interest rate risk to the extent that
it invests for a fixed term at fixed rates or borrows for a fixed
term at fixed rates. The Group’s policy is to obtain the most
favourable term and interest rate available.
Capital risk management
The Group manages its capital to ensure that the entities in
the Group will be able to continue as a going concern while
maximising the return to stakeholders through the optimisation
of the debt and equity balance. The Group’s overall strategy
remains unchanged from the prior year.
The capital structure of the Group consists of debt, which
includes the borrowings disclosed in note C8, cash and cash
equivalents (note C6) and equity attributable to equity holders
of the Group, comprising retained earnings and issued share
capital as disclosed in notes C1 and C2 respectively.
The Directors and Management review the capital structure
on a periodic basis. As part of this review the Directors
and Management consider the cost of capital and the risks
associated with each class of capital. The Directors and
Management will balance the overall capital structure through
payment of dividends, new share issues, and share buy backs as
well as the issue of new debt or the redemption of existing debt.
Fair value of financial instruments
The carrying amounts of financial instruments at balance date
approximate the fair value at that date.
D. Financial instruments used to manage risk
IN THIS SECTION

NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202259
Liquidity and interest rate risk management
The following table details the Group’s remaining contractual maturity for its financial assets and liabilities. The table has been
drawn up based on the undiscounted cash flows of financial assets and liabilities based on the earliest date on which the Group can
be required to receive or pay. The table includes both interest and principal cash flows. To the extent that interest cash flows are at
floating rates, the undiscounted cash flows are derived from interest rates at 31 March.
Weighted
average
effective
interest rate
Less than 1
month
1 – 3
months
3 – 12
months
1 – 5
years
1 – 5
yearsTOTAL
%$’000$’000$’000$’000$’000$’000
2022
Financial assets
Non-interest bearing-%25,965––––25,965
Floating interest-%4,972––––4,972
Financial liabilities
Non-interest bearing-%(10,018)(2,461)(2,137)(5,490)(439)(20,545)
Floating interest3.17%(48)(95)(428)(18,285)–(18,856)
20,871(2,556)(2,565)(23,775)(439)(8,464)
2021
Financial assets
Non-interest bearing-%23,451––––23,451
Floating interest-%1,795––––1,795
Financial liabilities
Non-interest bearing-%(7,925)(645)(2,647)(7,162)(476)(18,855)
Floating interest2.21%(28)(55)(249)(15,166)–(15,498)
17,293(700)(2,896)(22,328)(476)(9,107)
The current year analysis includes all financial assets and liabilities. In relation to the financial liabilities, this excludes tax related
balances and employee benefits, as these are not financial instruments.
Sensitivity analysis
The sensitivity analysis has been based on the exposure to interest rates for borrowings and cash and cash equivalents at
31 March. The weighted average interest of cash and cash equivalents at balance date was 0% (2021: 0%).
A 50 point increase or decrease is used when reporting interest rate risk internally to key management personnel and
represents management’s assessment of the reasonably possible change in interest rates.
INTEREST RATE
+/– 50 bps
20222021
$’000$’000
Impact on profit and equity9075

60ACCORDANT GROUP ANNUAL REPORT 2022NOTES TO THE GROUP FINANCIAL STATEMENTS
This section provides information to help readers understand
the Group’s structure and how it affects the financial position
and performance of the Group.
E1 SUBSIDIARIES
Accounting policies
Basis of consolidation
The Group financial statements comprise the financial
statements of the company and entities (including structured
entities) controlled by the company and its subsidiaries.
Control is achieved when the Group:
• has powers over the investee;
• is exposed, or has rights, to variable returns from its
involvement with the investee; and
• has the ability to use its powers to affect its returns
The Company reassesses whether or not it controls an investee
if facts and circumstances indicate that there are changes to
one or more of the three elements of control listed above.
The results of subsidiaries acquired or disposed of during
the year are included in profit or loss from the effective date
of acquisition or up to the effective date of disposal, as
appropriate. Where necessary, adjustments are made to the
financial statements of subsidiaries to bring the accounting
policies used into line with those used by other members of
the Group.
All intra-group transactions, balances, income and expenses
are eliminated in full on consolidation.
E. Group structure
IN THIS SECTION
The consolidated financial statements include the financial statements of Accordant Group Limited and the subsidiaries listed
below. Subsidiaries are entities controlled, directly or indirectly, by Accordant Group Limited.
NAME OF SUBSIDIARY
Place of incorporation
and operation
Proportion of
ownership interest
Proportion of voting
power held
Principal activity
AWF LimitedNew Zealand100% (2021: 100%)100% (2021: 100%)Labour hire
Madison Recruitment LimitedNew Zealand100% (2021: 100%)100% (2021: 100%)Recruitment
Madison Force LimitedNew ZealandN/A* (2021: 100%)N/A* (2021: 100%)Recruitment
Absolute IT LimitedNew Zealand100% (2021: 100%)100% (2021: 100%)Recruitment
Probity NZ LimitedNew Zealand100% (2021: 100%)100% (2021: 100%)Probity checks
Accordant Group Services Limited
(formerly NZ Employed Limited)
New Zealand100% (2021: 100%)100% (2021: 100%)Group Services
JacksonStone & Partners LimitedNew Zealand100% (2021: 100%)100% (2021: 100%)Recruitment
JacksonStone Consulting LimitedNew Zealand100% (2021: 100%)100% (2021: 100%)Dormant
The Work Collective LimitedNew Zealand100% (2021: N/A)100% (2021: N/A)Social Enterprise
* On 8 February 2022, Madison Force Limited was amalgamated into Madison Recruitment Limited to become Madison Recruitment Limited under
Part XIII of the Companies Act 1993.

NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202261
F. Other
IN THIS SECTION
This section includes the remaining information relating to the
Group’s financial statements that is required to comply with
financial reporting standards.
F1 EMPLOYEE BENEFITS AND SHARE BASED PAYMENTS
Accounting policies
1 Provision is made for benefits accruing to employees in
respect of wages and salaries, annual leave, long service
leave, and sick leave when it is probable that settlement will
be required and they are capable of being measured reliably.
2 Provisions made in respect of employee benefits expected
to be settled within 12 months are measured at their nominal
values using the remuneration rate expected to apply at the
time of settlement.
3 Provisions made in respect of employee benefits which are
not expected to be settled within 12 months are measured
as the present value of the estimated future cash outflows
to be made by the Group in respect of services provided by
employees up to reporting date.
4 The Group pays contributions to superannuation plans,
such as Kiwisaver. The Group has no further payment
obligations once the contributions have been paid.
The contributions are recognised as an employee benefit
expense when they are due.
Prepaid contributions are recognised as an asset to the
extent that a cash refund or a reduction in the future
payments is available.
5 The Group operates an equity-settled share based incentive
scheme for senior staff and directors that is settled in
ordinary shares. The fair value of these share-based
payments is calculated on the grant date using an
appropriate valuation model. The fair value is included in
employee benefits expense on a straight line basis over the
vesting period, based on the Group’s estimate of the number
of equity instruments that will eventually vest.
The same amount is credited to shareholders equity.
At each balance date, the Group re-assesses its estimates
of the number of equity instruments expected to vest.
The impact of the revision of original estimates, if any, is
recognised in employee benefits expense immediately,
with a corresponding adjustment to shareholders equity.
6 The Group is not party to any Golden parachute clauses.
GROUP
20222021
EMPLOYEE BENEFITS
$’000$’000
Employee benefits115,19889,360
Employer contribution to Kiwisaver2,4252,732
Equity-settled share-based payments13478
Total employee benefits expense117,75792,170
Government grants have been offset against employee benefits (refer Global Pandemic of Coronavirus Disease 2019).
GROUP
20222021
COMPENSATION OF KEY MANAGEMENT PERSONNEL (Excludes Directors)$’000$’000
The remuneration of key management during the year was as follows:
Salaries and short-term benefits2,9903,219
Employer contribution to Kiwisaver8986
Equity-settled share-based payments131–
Total key management personnel compensation3,2103,305
The remuneration of directors and key executives is determined by the remuneration committee having regard to the performance
of individuals and market trends. Directors fees expensed during the year was $375,000 (2021: $332,000).
Gross dividends paid during the year to key management who hold restricted shares was $301,000 during the year were
(2021: $Nil).

62ACCORDANT GROUP ANNUAL REPORT 2022NOTES TO THE GROUP FINANCIAL STATEMENTS
Employee share schemes
The Group has an ownership-based compensation scheme
for senior employees of the Group. In accordance with the
provisions of the restricted share scheme, as approved
by shareholders, senior employees and directors may, at
the discretion of the Board, be granted the opportunity of
purchasing restricted shares at a price determined by the
Board under the rules of the scheme.
Invited participants purchase the shares by way of an interest
free loan from the Group. Participants may convert their shares
from the vesting date and only when they have repaid the loan
from the Group. The shares issued to participants are held as
security for the loan until such time the loan has been repaid.
Restricted shares are entitled to all the rights as ordinary shares,
including dividends and full voting rights, but are not tradeable
until they are converted to ordinary shares based on the terms
of the scheme.
A total of 885,000 restricted shares were issued to senior
staff during the year under the terms of the Group share scheme
(2021: 400,000). At the same time an interest free loan was
provided to staff to purchase these shares pursuant to the
terms of the scheme.
No restricted shares were exercised during the year (2021:
No restricted shares were exercised during the year).
81,000 restricted shares were expired during the year (2021:
223,000) and 66,000 restricted shares were forfeited during
the year (2021: 36,000). The corresponding interest free loan
provided to staff was also cancelled.
At 31 March 2022, there were 1,675,000 (2021: 937,000) shares
held by staff members and corresponding loans to the value of
$3,019,000 (2021: $1,664,020).
The following share-based payment arrangements were in existence at 31 March 2022:
Number
Grant
date
Vesting
date
Expiry
date
Issue
price
Fair value at
grant date of
the option
RESTRICTED SHARE SERIES
$$
G Shares 2019 Grant129,2001/11/20181/07/20211/07/20221.900.38
H Shares 2019 Grant208,8001/11/20181/01/20241/01/20251.900.55
G Shares 2020 Grant20,80018/06/20191/07/20211/07/20221.850.33
H Shares 2020 Grant31,20018/06/20191/01/20241/01/20251.850.46
I Shares 2021 Grant150,00018/09/20201/07/20231/07/20241.500.37
J Shares 2021 Grant250,00018/09/20201/07/20251/07/20261.500.41
K Shares 2022 Grant429,0001/10/20211/01/20241/01/20251.900.43
L Shares 2022 Grant456,0001/10/20211/01/20251/01/20261.900.48
Total1,675,000
The rules of the restricted share scheme (which for accounting purposes are treated as share options) allow participants to hand
back to the Group restricted shares issued to them at the grant date (or during the exercise period) should the market price of the
shares be below the exercise price. If the restricted shares are handed back to the Group, the loan from the Group is cancelled.
Due to the nature of the restricted share scheme, the scheme has been treated as a share option scheme under NZ IFRS 2
Share-based Payment and a value placed on each restricted share in accordance with the standard.
Restricted shares are valued using Black-Scholes pricing model. Where relevant, the expected life used in the model has been
adjusted based on management’s best estimate for the effects of non-transferability, exercise, and behavioural considerations.
Expected volatility is based on the historical share price volatility over the expected term of the option. The valuation assumes
that senior employees and directors will exercise the options at the end of the allowed one-year loan repayment period.

NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202263
RESTRICTED
SHARE SERIES
Grant date
Vesting
date
Share
price at
grant
date
Exercise
Price
Term to
vesting
Expected
life
Risk
Free
Rate
Annualised
Volatility
Option
Value
$$(Days)(Years) %%$
G Shares 2019 Grant1/11/20181/07/2021$1.84$1.909732.702.00%25.10%$0.38
H Shares 2019 Grant1/11/20181/01/2024$1.84$1.901,8875.202.20%26.70%$0.55
G Shares 2020 Grant18/06/20191/07/2021$1.83$1.857442.001.20%24.90%$0.33
H Shares 2020 Grant18/06/20191/01/2024$1.83$1.851,6584.501.30%24.70%$0.46
I Shares 2021 Grant18/09/20201/07/2023$1.47$1.501,0162.800.27%33.60%$0.37
J Shares 2021 Grant18/09/20201/07/2025$1.47$1.501,5664.300.37%31.20%$0.41
K Shares 2022 Grant1/10/20211/01/2024$1.75$1.908222.301.22%36.80%$0.43
L Shares 2022 Grant1/10/20211/01/2025$1.75$1.901,1883.301.40%35.20%$0.48
The weighted average fair value of the restricted shares granted under the restricted share scheme during the year was $0.45 (2021:
$0.47)
The following reconciles the outstanding restricted shares granted under the restricted share scheme at the beginning and end of
the year:
GROUP
20222021
Option
Weighted average
exercise priceOption
Weighted average
exercise price
Number$Number$
Balance at 1 April937,000$1.78796,000$2.14
Granted during the year885,000$1.90400,000$1.50
Exercised during the year––––
Expired during the year(81,000)$2.46(223,000)$2.50
Forfeited during the year(66,000)$1.91(36,000)$2.29
Balance at 31 March1,675,000$1.80937,000$1.78
The number of restricted share options exercisable at 31 March 2022 is Nil (2021: Nil).
The restricted shares outstanding at 31 March 2022 had a weighted average remaining contractual life of 1,129 days
(2021: 1,498 days).
During the year ended 31 March 2022 the share based payments expense recognised by the Group was a charge of $134,028
(2021: charge of $78,914).
There were no restricted share options exercised during the year (2021: none).

64ACCORDANT GROUP ANNUAL REPORT 2022NOTES TO THE GROUP FINANCIAL STATEMENTS
F2 PROVISIONS
Accounting policy
Provisions are recognised when the Group has a present
obligation as a result of a past event, and it is probable that the
Group will be required to settle that obligation, and a reliable
estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of
the consideration required to settle the present obligation at
the end of the reporting period taking into account the risks and
uncertainties surrounding the obligation. Where a provision is
measured using the cash flows estimated to settle the present
obligation, its carrying amount is the present value of those
cash flows.
GROUP
20222021
PROVISION FOR MEDICAL COSTS
$’000$’000
Balance at 1 April400189
Payments made during the year(223)(344)
Estimated future rehabilitation costs(19)476
Revaluation of provision24279
Balance at 31 March400400
Current400400
Non-current––
Balance at 31 March400400
AWF Limited participates in the ACC accredited employers
full self-cover plan. Under the plan AWF Limited, as employer
undertakes injury management (via its appointed agent) and
accepts financial responsibility for employees who suffer
work-related injuries for a nominated period. AWF Limited
has capped it’s exposure to total claims and unexpected high
individual claims via stop loss cover.
KEY JUDGEMENTS AND ESTIMATES – REHABILITATION
UNDER THE ACC PARTNERSHIP PROGRAMME
Provisions represent management’s best estimate of the
Group’s liability for ongoing medical and rehabilitation
costs for open claims in terms of the partnership agreement
with Accident Compensation Corporation, based on past
experiences and the nature of the open claims.
F3 RELATED PARTIES
Controlling entity
The SA Hull Family Trust No.2, which holds 18,194,598 (2021:
18,194,598) shares is the ultimate controlling entity of the Group,
having a 53.01% (2021: 53.01%) holding.
Transactions
During the year, Group entities entered into the following
trading transactions with a related party that is not a member
of the Group:
GROUP
20222021
RELATED PARTY TRANSACTIONS
$’000$’000
Multihull Ventures Limited – Recruitment services–9
Mr Simon Bennett – Consultancy services30–
Mr Richard Stone – Consultancy services50–
Mr Simon Hull (Director) is a shareholder of Multihull Ventures Limited.
Accordant Group Services Limited has entered a consultancy arrangement with Mr Simon Bennett (Chairperson and Director)
commencing 1 January 2022 at the rate of $120,000 per annum for a defined scope of work.
JacksonStone & Partners Limited has entered into a consultancy arrangement commencing 1 April 2021 with Mr Richard Stone
(Director) at the rate of $50,000 per annum for a defined scope of work.
At 31 March 2022, Group entities do not have any amounts owed or owing to a related party that is not a member of the Group
(2021: $ Nil).

NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202265
F4 COMMITMENTS
GROUP
20222021
CAPITAL EXPENDITURE COMMITMENTS
$’000$’000
Property, plant and equipment39300
Total capital expenditure commitments39300
F5 CONTINGENT ASSETS AND LIABILITIES
ASB Bank Limited has issued five guarantees on behalf of the Group totaling $534,000 in support of property leases (4)
and a surety bond to the NZX.
The Group has no other contingent assets or liabilities at 31 March 2022 (2021: $Nil).
F6 EVENTS AFTER THE REPORTING DATE
Other
No other subsequent events have occurred since reporting date that would materially impact the Group’s financial statements
as at 31 March 2022.

66ACCORDANT GROUP ANNUAL REPORT 2022NOTES TO THE GROUP FINANCIAL STATEMENTS
F7 BUSINESS COMBINATIONS JACKSONSTONE & PARTNERS CONTINGENT CONSIDERATION
Accounting policy
Business combinations are accounted for using the
acquisition method.
The consideration transferred in a business combination is
measured at fair value, which is calculated as the sum of the
acquisition-date fair values of assets transferred by the Group,
liabilities incurred by the Group to the former owners of the
acquiree and the equity interest issued by the Group (if any) in
exchange for control of the acquiree.
Acquisition-related costs are recognised in profit or loss
as incurred.
When the Group acquires a business, it assesses the financial
assets and liabilities assumed for appropriate classification
and designation in accordance with the contractual terms,
economic circumstances and pertinent conditions as at the
acquisition date.
At the acquisition date, the identifiable assets acquired and
the liabilities (including contingent liabilities) assumed are
recognised at their fair value at the acquisition date, except
that deferred tax assets or liabilities or assets related to
employee benefit arrangements are recognised and measured
in accordance with NZ IAS 12
Income Taxes and NZ IAS 19
Employee Benefits respectively.
When the consideration transferred by the Group in a business
combination includes a contingent consideration arrangement,
the contingent consideration is measured at its acquisition-date
fair value and included as part of the consideration transferred
in a business combination. Changes in fair value of the
contingent consideration that qualify as measurement period
adjustments are adjusted retrospectively, with corresponding
adjustments against goodwill. Measurement period adjustments
are adjustments that arise from additional information obtained
during the ‘measurement period’ (which cannot exceed one
year from the acquisition date) about facts and circumstances
that existed at the acquisition date.
The subsequent accounting for changes in the fair value of the
contingent consideration that do not qualify as measurement
period adjustments depends on how the contingent
consideration is classified. Contingent consideration that is
classified as equity is not remeasured at subsequent reporting
dates and its subsequent settlement is accounted for within
equity. Other contingent consideration is remeasured to fair
value at subsequent reporting dates with changes in fair value
recognised in profit or loss.
Effective 1 June 2019, Accordant Group Limited acquired the shares of JacksonStone & Partners Limited (‘JacksonStone &
Partners’).
As at acquisition date
As part of the purchase agreement, a contingent consideration arrangement was agreed.
Under the contingent consideration arrangement, there were additional cash payments to the previous owners of JacksonStone &
Partners, where the Group was required to pay:
• an initial capped earn out (‘Earnout tranche 1’) of $1.5m subject to achievement of a specified value of Net Disposable Revenue,
agreed by both parties, this earn-out was achieved and paid on 30 November 2020; and
• a second uncapped earn out (‘Earnout tranche 2’) which was also subject to achievement of a specified value of Net Disposable
Revenue, agreed by both parties, for the amended 12-month period to 31 October 2021 (previously 30 September 2021), payable
in November 2021.
At acquisition date, the potential undiscounted amount of all future payments that the Group could be required to make under the
contingent consideration arrangement was assessed at $1.5m (Paid 30 November 2020) for Earnout tranche 1 and $1.958m for
Earnout tranche 2. The fair value of Earnout tranche 2 of $1.785m, was estimated by applying a discount factor of 3.715% to the
uncapped earn out amount of $1.958m.
As at 31 March 2021
There had been a material change in the Group’s estimate of the Net Disposable Revenue to the previous owners of JacksonStone
& Partners under the contingent consideration arrangement for Earn-out tranche 2.
The potential undiscounted future amount that the Group could be required to make under the contingent consideration
arrangement had been revised down to $0.549m (2020: $1.958m). The liability had decreased by a total of $1.409m with a fair value
gain of $1.285m and reduced discount interest of $49,000 applying a consistent discount factor of 3.715% to the uncapped revised
earn out amount of $0.549m.
As at 31 March 2022
The contingent consideration arrangement for Earn-out tranche 2 was calculated for the 12-month period ending 31 October 2021
at $1.393m (Paid 3 December 2021). Improved trading performance since 31 March 2021 resulted in an increase in Net Disposable
Revenue which resulted in a fair value loss on contingent consideration of $845k.

NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202267
G. Significant matters in the financial year
G1 CHANGES IN ACCOUNTING POLICIES
Software as a Service arrangements
In April 2021, the IFRS Interpretations Committee (IFRIC),
which is responsible for interpreting the application of
IFRS, published another agenda decision clarifying how
arrangements in respect of a specific part of cloud technology,
Software-as-a-Service (SaaS), should be accounted for.
This agenda decision deals with specific circumstances in
relation to configuration and customisation costs incurred in
implementing SaaS.
The agenda decision sets out that only in limited circumstances,
certain configuration and customisation activities undertaken
in implementing SaaS arrangements may give rise to a separate
asset where the customer controls the intellectual property
of the underlying software code. In all other instances,
configuration and customisation costs will be an operating
expense. They are generally recognised in profit or loss as the
customisation and configuration services are performed or,
in certain circumstances, over the SaaS contract term when
access to the cloud application software is provided.
Where a change in accounting policy is required, comparative
financial information is required to be retrospectively restated
to derecognise previously capitalised costs, where material,
in accordance with IAS 8 Accounting Policies, Changes in
Accounting Estimates and Errors.
Management undertook an assessment of whether its
previously recognised computer software assets included
SaaS arrangements, and concluded that there were
several items of computer software assets that were SaaS
arrangements. As a result, a prior period retrospective
restatement of comparative financial information as at 31 March
2020, for the year ended and as at 31 March 2021 was required.
In accordance with the disclosure requirements of IAS
8, the change in accounting policy has been applied by
restating comparative amounts for each of the affected
financial statement lines for prior periods as it is considered
material. The following summarises the impacts on the
Group’s financial statements. In addition to the impact
on the prior years Statement of Financial Position and
Statement of Comprehensive Income, the adjustments have
impacted Statement of Cash Flows, Reconciliation of Net
Profit after Tax to Cash Flows from Operating Activities and
Segment Performance.

68ACCORDANT GROUP ANNUAL REPORT 2022NOTES TO THE GROUP FINANCIAL STATEMENTS
Restated Statement of Financial Position as at 1 April 2020
GROUP
31 March 20201 April 20201 April 2020
As originally
presented
SaaS
adjustments
Restated
NOTE$’000$’000$’000
Assets
Non-current assets
Property, plant and equipmentB13,193(53)3,140
Right of use assetsB211,107–11,107
Intangible assets – goodwillB445,068–45,068
Intangible assets – otherB316,194(845)15,349
Total non-current assets75,562(898)74,664
Current assets
Cash and cash equivalentsC66,178–6,178
Trade and other receivablesC753,4427553,517
Contract assetsA287–87
Total current assets59,7077559,782
Total assets135,269(823)134,446
Equity and liabilities
Non-current liabilities
Deferred tax liabilitiesA53,122(231)2,891
BorrowingsC836,000–36,000
Lease liabilitiesB29,098–9,098
Contingent considerationF71,841–1,841
Total non-current liabilities50,061(231)49,830
Current liabilities
Trade and other payablesC946,169–46,169
Contract liabilitiesA2202–202
Taxation payableA5950–950
ProvisionsF2189–189
Lease liabilitiesB22,501–2,501
Contingent considerationF71,463–1,463
Total current liabilities51,474–51,474
Total liabilities101,535(231)101,304
Net assets33,734(592)33,142
Capital and reserves
Share capitalC230,868–30,868
Group share scheme reserveF1330–330
Retained earningsC12,536(592)1,944
Total equity33,734(592)33,142

NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202269
Restated Statement of Comprehensive Income for the year ended 31 March 2021
GROUP
Year ended
31 March 2021
Year ended
31 March 2021
Year ended
31 March 2021
As originally
presented
SaaS
adjustments
Restated
NOTE$’000$’000$’000
Revenue from contracts with customersA2205,482–205,482
Investment revenue–––
Fair value gain on contingent considerationF71,285–1,285
Direct costs(2,569)–(2,569)
Employee benefits expenseA1, F1(92,170)–(92,170)
Contractor costsF1(78,632)–(78,632)
Depreciation and amortisation expenseA4, B1, B2, B3(5,286)237(5,049)
ImpairmentB3(7,000)–(7,000)
Other operating expenses(8,953)(70)(9,023)
Finance costsA4(1,228)–(1,228)
Profit before tax10,92916711,096
Income tax expenseA5(4,732)(47)(4,779)
Profit for the year6,1971206,317
Other comprehensive income for the year–––
Total comprehensive income for the year6,1971206,317

70ACCORDANT GROUP ANNUAL REPORT 2022NOTES TO THE GROUP FINANCIAL STATEMENTS
Restated Statement of Financial Position as at 31 March 2021
GROUP
31 March 20211 April 20211 April 2021
As originally
presented
SaaS
adjustments
Restated
NOTE$’000$’000$’000
Assets
Non-current assets
Property, plant and equipmentB13,492(43)3,449
Right of use assetsB28,570–8,570
Intangible assets – goodwillB438,068–38,068
Intangible assets – otherB314,481(628)13,853
Total non-current assets64,611(671)63,940
Current assets
Cash and cash equivalentsC61,795–1,795
Trade and other receivablesC723,2711523,286
Contract assetsA2180–180
Total current assets25,2461525,261
Total assets89,857(656)89,201
Equity and liabilities
Non-current liabilities
Deferred tax liabilitiesA52,419(184)2,235
BorrowingsC815,000–15,000
Lease liabilitiesB26,991–6,991
Total non-current liabilities24,410(184)24,226
Current liabilities
Trade and other payablesC920,180–20,180
Contract liabilitiesA2230–230
Taxation payableA51,829–1,829
ProvisionsF2400–400
Lease liabilitiesB22,264–2,264
Contingent considerationF7535–535
Total current liabilities25,438–25,438
Total liabilities49,848(184)49,664
Net assets40,009(472)39,537
Capital and reserves
Share capitalC230,868–30,868
Group share scheme reserve204–204
Retained earningsC18,937(472)8,465
Total equity40,009(472)39,537

SHAREHOLDERS STATUTORY INFORMATIONACCORDANT GROUP ANNUAL REPORT 202271
The Directors of Accordant Group Limited submit herewith the annual financial report of the company for the financial year ended
31 March 2022. In order to comply with the Companies Act 1993, the Directors report as follows:
The names and particulars of the Directors of the company during or since the end of the financial year are:
Directors NameParticulars
Audit & Risk
Committee
Remuneration
Committee
Nomination
Committee
Health
& Safety
Committee
Organisation
Committee
Ross KeenanRetired from the board 1 January 2022
Simon HullNon-independent Director
Founding shareholder

Chairperson

Wynnis ArmourIndependent Director
Joined the board in 2015
Founding shareholder of Madison
Recruitment Limited
Chairperson

Chairperson
Nicholas SimcockIndependent Director
Joined the board in 2018

Laurissa CooneyIndependent Director
Joined the board on 1 August 2020
Chairperson

Simon BennettChairperson and Non-independent
Director
Joined the board 21 June 2021

Richard StoneNon-independent Director
Joined the board 25 January 2022

Entries recorded in the Interests Register
Entries in the Interest Register made during the year and disclosed pursuant to sections 211(1)(e) and 140(1) of the Companies Act
1993 are as follows:
(a) Directors Interests in transactions
The Directors had no interests in transactions in the current year, other than outlined in note F3.
(b) Share dealings by Directors
The following table sets out each Directors personal interest in shares of the company as at the date of this report.
DirectorOrdinary shares
Simon Hull18,194,598
Wynnis Armour354,703
Nicholas Simcock10,000
Simon Bennett280,007
Companies Act 1993 disclosures