Accordant Group FY23 Annual Report

Annual Report
2023

FINANCIAL HIGHLIGHTS 2
ACHIEVEMENTS 3
CHAIR’S REPORT 4
CEO’S INSIGHTS 6
WHAT DRIVES US 10
OUR BUSINESSES 12
OUR LOCATIONS 13
OUR EVOLVING WORLD OF WORK 14
BOARD OF DIRECTORS 18
FINANCIAL COMMENTARY 21
CORPORATE GOVERNANCE STATEMENT 22
INDEPENDENT AUDITOR’S REPORT 30
FINANCIAL STATEMENTS 32
NOTES TO THE FINANCIAL STATEMENTS 36
SHAREHOLDERS’ STATUTORY INFORMATION 76
DIRECTORY 85

A flexible,
well-functioning
employment
market is critical
to New Zealand’s
economic and
social prosperity
and is something
that Accordant
is deeply
committed to.
Jason Cherrington,
Group CEO

Financial Highlights
$227.4m
Revenue
FY2022, $221.5 million
$2.0m
Net Profit After Tax
FY2022, $3.0 million
$34.6m
Shareholders' Funds
FY2022, $36.7 million
$4.7m
Net Operating Cash Flow
FY2022, $10.5 million
$21.5m
Net Bank Debt
FY2022, $13.0 million
2ACCORDANT GROUP ANNUAL REPORT 2023

Achievements
895
Training outcomes delivered.
30,000+
Safety engagements with
our temporary employees.
16,298
Hours worked by
The Work Collective
participants, across
77 client partners.
Organisations
partnered with to deliver
recruitment services.
Two RCSA Industry Awards
won (The Work Collective for
Excellence in Social Purpose,
and AWF for Excellence in
Safety and Wellbeing Culture).
12 new Mental Health
First Responders trained
through CoLiberate.
1,395
100+9
,67015,200+
Automations active in our
white collar CRM, improving
consultant productivity,
database relevance and
candidate experience.
Temporary and contract
assignments filled across
New Zealand.
Candidates placed into
a temporary, contract or
permanent role.
ACCORDANT GROUP ANNUAL REPORT 20233

C h a i r ’s R e p o r t
Simon Bennett, Chair
4ACCORDANT GROUP ANNUAL REPORT 2023

The Board is working cohesively to deliver in the short term
and build for the long term. As for all companies, the playing
field over recent years has been changing, at a faster pace in the
last few years perhaps than in decades before. We need to be
more agile and adaptable to the pace of change in the market
and to the needs of our clients and candidates.
This has called for a different approach to our input as a
Board and at times closer alignment to our management team.
This year has been a significant year for us, with Jason our CEO
having his first full financial year at the helm, whilst developing
his team against the backdrop of a challenging and volatile
market. We are working well with the management team to
challenge and refine our strategy and the blueprint for success.
There is no doubt that we feel a personal responsibility for the
results we announce for the year. For my part I am disappointed
that we have not delivered as strong a financial result as we
would have liked. Some of our teams have delivered outstanding
results. JacksonStone in fact have had another record year.
AWF have worked hard but we did not get the pace of change
to immigration settings that we expected. We were also
impacted by unexpected one-off costs, which dulled what
would otherwise have been a creditable performance.
Most importantly there is a strong setup for the year ahead.
The remainder of our businesses had some success also,
but at times were not agile enough to adapt to the changing
market. We felt the world was back to normal at the half year,
but as we know there have been headwinds, pockets of
uncertainty and both winners and losers in the economy.
Some retailers are thriving, others closing up. A construction
boom, yet high numbers of liquidations in the last few months.
Government spending has continued yet demand for
contractors has shifted.
I am happy to conclude that we remain optimistic. We are
paying a lower dividend than I expected on the back of softer
second half earnings, but expect to be back to pre-COVID
levels of dividend in the new year. Our strategy of careful
acquisition has been fruitful.
A highlight of the year was the completion of the acquisition
of Hobson Leavy. Carrie Hobson and Stephen Leavy have a
fantastic reputation and pedigree in the area of executive
search. Their work has had significant impact on the leadership
of some of New Zealand’s biggest and best companies.
It has been a pleasure to get to know them better, albeit after a
long courtship, and to confirm how aligned we are in driving
New Zealand productivity through the identification, nurturing
and placement of talent.
Our strategy based on optimisation, expansion and diversity
of earnings remains relevant and achievable. Our team are
cognisant of the levers which require focus in the current market.
I would like to thank our teams for their tireless dedication to
good outcomes for our clients and candidates. We remain
committed to growing our impact and making a positive
contribution to New Zealand’s productivity.
To our shareholders I confirm our commitment to growing
your returns.
For the Board,
Simon Bennett
Chair
When I reflect upon the year that has been,
there is much to be pleased about. Whilst I am
sad to farewell Wynnis Armour from our Board

I am delighted to welcome Richard Stone.
Both have made a significant contribution to
the industry and the respective businesses

they were co-founders of, and they take
seriously the role of an independent director.
5ACCORDANT GROUP ANNUAL REPORT 2023

CEO’s Insights
Jason Cherrington, Group CEO
6ACCORDANT GROUP ANNUAL REPORT 2023

However, with modest revenue growth still realised in the
year, demand still outweighing supply across most sectors,
a strong result in our executive recruitment business and
a full year of our migrant workers contribution to profits
expected, we remain confident of the relevance of
Accordant’s expertise and evolving service proposition in
the market and in our ability to deliver an improved financial
result for the year ahead.
Necessity has driven a greater acceptance from employers
around more lateral approaches to sourcing, hiring, employer
branding, recruitment marketing, training, onboarding,
performance management, finance, technology, and
integration. It is an extensive and challenging list for any
organisation to tackle alone. We have therefore continued to
build on our current delivery capability, investing in both new
tools and growing markets to ensure we are best placed to
navigate the current economic challenges faced and pivot
our focus as needed.
As reported at our 2022 Annual General Meeting, we have
been considered in our approach to growth via acquisition.
In this regard, activity increased in the second half of the
year, and we were delighted to conclude our acquisition of
executive search specialist Hobson Leavy in January 2023.
With a strong presence in Auckland and long history of
commitment to quality work and excellent outcomes, we
have boosted our capability within an area of the market that
continues to enjoy consistent growth. Complementary to
JacksonStone & Partners in terms of geography and client
base, we look forward to working with Carrie, Stephen and
the team and supporting their growth plans.
A flexible, well-functioning employment market is critical
to New Zealand’s economic and social prosperity and is
something that Accordant is deeply committed to.
As highlighted in our interim report, structural challenges in
the labour market have been felt across most sectors, for
organisations and individuals alike. As we emerged from
the worst of the COVID-19 pandemic, lingering economic
impacts including staff shortages, low net migration and
ongoing wage pressure continued. These have been further
exacerbated with growing interest rates, broader cost of
living pressures and several disruptive weather events in the
second half of the financial year.
During the first six months of FY23 we were able to
successfully capitalise on the opportunities in front of us,
where business confidence remained steady and most
specifically in the white collar sector where year on year
growth was evident. With our border reopening our ability
to turn to skilled migrant workers to support client demand
created cautious confidence in our blue collar business’
ability to grow its profits once again.
Economically, the December 2022 quarter showed some
signs of softening, highlighted by the 0.6% fall in GDP and
some uncertainty going into the new calendar year. We
understandably experienced a more cautious approach to
hiring intentions from some of our clients and the final quarter
of the financial year proved to be the most challenging.
Compounded by the elongated immigration visa and job
check processes stalling our migrant workers' arrival, we were
unable to fully execute on our plans and the resulting profit
performance for the full year was clearly disappointing.
As Aotearoa New Zealand’s largest
recruitment and resourcing company, we
believe in the strength and purpose of people
being gainfully employed. People engaged
in meaningful work has far-reaching benefits
including financial, individual wellbeing,
social and community benefits.
ACCORDANT GROUP ANNUAL REPORT 20237

JacksonStone & Partners has continued on its growth trajectory,
supporting clients with executive search and recruitment across
the public, private and not-for-profit sectors. We experienced
core permanent staffing growth, along with very strong
contracting demand. We have also undertaken a number of key
projects works for government agencies that have helped deliver
another year of record growth for the business. As part of our
strategic growth plans, the opportunity in Maori recruitment is
being realised, and we have accelerated our capability, revenues
and delivery in this area. With a respectful understanding of
Te Ao Maori, we expect to see continued growth in this area for
the foreseeable future as we look to further expand our team
over the coming year.
Madison Recruitment had a solid start to the financial year and
appeared well placed to not only match but improve on its prior
year performance. Whilst capacity to deliver on opportunities
was sized accordingly, we saw a softening in performance as
hiring intentions slowed and remained in that state until the end
of the financial year, eventuating in a less than optimal return
on capital deployed. Madison has provided a good barometer
for general market trends and business confidence. Ambiguity
and uncertainty for both employers and individuals has clearly
been a contributing factor. The final weeks of the financial year
did however indicate a slow ramp up of activity that provides
cautious optimism.
We also typically see a lift in temporary placements due to
working holiday visas, and an upward trend in permanent
placements often follow, although this has not yet fully
eventuated despite immigration statistics suggesting estimated
net migration of 65,400 for the year ended March 2023,
according to Stats NZ.
High demand, acute skills shortages and fierce competition
for talent has proved a challenging backdrop for Absolute IT.
Digital is a critical enabler for business transformation, and
we are seeing strong demand at a senior level to lead these
programmes, as well as broader implementation roles. The
lack of available talent to meet these demands remains high
and continues to be a key factor in achieving growth for the
business. Global layoffs related to some of the world’s largest
technology companies has been well documented this year.
Locally, mass redundancies in the technology sector have
been more sheltered, meaning it is still unlikely to provide an
answer to supply availability in the short term.
Immigration settings have allowed an easier pathway to attract
specialist tech talent, although not to the extent we have seen in
Australia. We have further invested in capability to engage and
advise on digital transformation plans, creating a better outcome
for both our clients and our business. This focus, alongside
developing our own internal talent pool with more specialist
expertise, should place us and our relevance deeper into the
tech sector, where contribution to NZ GDP growth is still
forecast to accelerate from a current annual contribution of
$18.8bn to New Zealand's economy, according to NZ Tech's
2022 Annual Report.
AWF continues to rebuild its position after the prolonged labour
shortages as a result of the COVID-19 pandemic but were unable
to fully capitalise on the reported change in immigration settings,
with the backlog of visa applications and job check processing
times hampering efforts. With abnormal one-off cost impact
related to the Queen’s memorial public holiday in September,
a normalised result for AWF indicates a better than reported
performance and provides a much healthier outlook for the
coming year.
The AWF team is partnering with quality clients in resilient
sectors, who share a resolute commitment to health and safety.
Margins have been maintained and we see growth in temporary
to permanent roles as organisations look to achieve ongoing
certainty in some roles. Demand remains strong, but candidate
shortages more so. Our worker retention has been high and
continues to improve, as does our focus on providing quality and
safe working environments for all our field employees placed at
client sites.
ChatGPT has clearly brought AI into mainstream focus, and we
are active in evaluating the impact on both the labour market and
possible applications that exist within our own organisation. In an
Accordant first, we have developed our own chatbot designed
to process candidate applications faster and drive greater
efficiencies. Many candidate applications come in after business
hours, or candidates are unable to engage with us during the
day. We also receive many applications from offshore where the
eligibility to work in New Zealand may not exist.
All candidates are now able to engage with AWF 24 hours a day
and after an initial discussion with “Frankie” have the option to
either discuss further with a consultant, or they can start the
onboarding process online if eligibility is satisfied. Thousands of
candidates have been invited to chat so far and we expect this
number to keep growing.
The Work Collective continues to scale and is achieving real
momentum with more than 80 individuals placed into both
temporary and permanent positions with client partners across
several industries throughout New Zealand. These individuals
faced a variety of challenges accessing work – from youth with
little or no work experience, to those returning to the workforce
after long periods and others seeking a change in career
pathway. The low unemployment rate masks an underutilisation
rate of 9.0% for the March 2023 quarter, with a number of people
facing difficulties fully accessing the employment market. The
Work Collective is addressing this by working closely with
clients and government agencies to identify suitable sustainable
temporary or permanent work opportunities and providing
We continue to position our
business for growth across the
white collar segment, whilst
mitigating the risks and uncertainty
that has featured over the years
within our blue collar business.
8ACCORDANT GROUP ANNUAL REPORT 2023

ongoing pastoral care and support to candidates. More and more
clients are seeing the value of this initiative in achieving their own
purpose and strategic goals.
We were delighted to receive confirmation that JacksonStone,
Madison and Absolute IT have been reappointed to the All of
Government provider panel for ‘Talent Acquisition Services’
(formally ‘External Recruitment Services’). Given the importance
of our public sector client base across these three white collar
businesses, we are pleased to continue providing services to
participating agencies.
As it is for our clients, our people are the heart and engine of our
business and I want to acknowledge everyone’s commitment,
care, and contribution, more so in the current economic climate.
Our staff engagement levels were measured at three percentage
points higher than the New Zealand 2022 benchmark for similar-
sized organisations. High engagement underpins performance
and retention, which benefits candidates and clients alike with
continuity and a deep understanding of their needs.
Our business units are drawing on the Group to elevate their
unique strengths in order to meet this demand with greater
efficiency. Accordant’s progress in data literacy, digitisation,
and automation has strengthened. Our ability to support our
delivery teams and managers with learning and development
opportunities to grow capability continues.
We are proud to have a delivery team that is representative of the
diverse makeup of New Zealand workers and organisations. Our
team has a background representing over 30 different cultures
and affiliations with 16 iwi.
The implementation of our employee experience platform has
enabled closer collaboration among our business units. One
key benefit has meant that while each business unit’s culture
has been able to thrive, there has still been scope to develop an
overarching group-wide identity. Modern business architecture,
workflow automation, and talent management tools have also
increased efficiency across the Group.
As part of our sustainability initiatives, we have partnered with
Toitu Envirocare to accurately audit and measure our greenhouse
gas emissions and help put in place strategies to manage
and reduce our impacts as we work toward achieving Toitu’s
carbonreduce certification in December 2023.
We remain an active participant in shaping fit-for-purpose
settings for employees and employers. The boundaries of
traditional employment continue to be challenged, with workers
seeking flexibility of time and place of work, along with type of
work. Our Future of Work research, supported by the Westpac
NZ Government Innovation Fund, found that the desire for non-
permanent work exceeded availability. Demand for increasing
flexibility from both employees and employers means we need
to evolve our employment frameworks and attitudes to support
today’s and tomorrow’s workforce. There are implications for
how businesses lead, plan succession, identify skills, define
roles, manage performance, leverage technology, scale, and flex.
Our role in the Government's Future of Work Tripartite Forum
continues, where some of the most pressing labour market
thematics are tabled and debated, and our unique vantage
point is put to good use. We see the decision that the Income
Insurance Scheme would not proceed as proposed as a
welcome development, especially at a time where business
costs are significantly increasing. We had advocated against this
given our serious concerns with the proposed model, notably
cost increases for employers without clear gains for employees.
The process around Fair Pay Agreements has been sub-optimal
and we remain firm on our view that it should always be an
individual’s right to negotiate their own employment terms.
We continue to position our business for growth across the white
collar segment, whilst mitigating the risks and uncertainty that
has featured over the years within our blue collar business. We
remain confident of growing both areas, whilst ensuring the mix
of contribution evolves over time in favour of the former.
Having paid a 6.5 cent interim dividend during the year, it is
pleasing to be able to pay a further 3.0 cents as a final dividend.
Our debt remains low relative to earnings, and we expect to
grow our dividends to shareholders in the coming year.
As we look to a challenging year ahead, we thank the Board
for their continued support, guidance and leadership with
purpose and good heart.
Jason Cherrington
Group Chief Executive
As it is for our clients, our people
are the heart and engine of our
business and I want to acknowledge
everyone’s commitment, care, and
contribution, more so in the current
economic climate.
9

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 202310
What Drives Us

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 2023
Our Difference

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.
Madison Recruitment was
established in 1998 and has become
the recruitment partner to a wide
variety of organisations across the
private, public, and not-for-profit
sectors. Madison’s services span
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.
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.
Founded in 2006, Hobson Leavy
is a retained executive search firm
operating exclusively in the ‘C Suite’,
successfully leading hundreds of
executive searches and appointing
some of the country’s most senior
leaders at Board, CEO and Executive
level. With an extensive track record
in both the public and private sectors
Hobson Leavy has built a substantial
network of clients and contacts.
They are also a founding member
of Panorama, a global network of
independent executive search firms.
Hobson Leavy joined the Accordant
Group on 31 January 2023.
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
Auckland, Hamilton, Wellington 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.
JacksonStone & Partners is an
executive search and recruitment
consultancy, specialising in
permanent and interim professional
placements. 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.
12ACCORDANT GROUP ANNUAL REPORT 2023
Our Businesses

ABSOLUTE IT LOCATION
AWF LOCATION
JACKSONSTONE LOCATION
MADISON LOCATION
SELECT LOCATION
HOBSON LEAVY 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.
13ACCORDANT GROUP ANNUAL REPORT 2023

Even as the economic environment
gets tougher, employment remains high –
with talk of a possible “job full” recession.
Throughout the past 12 months, our focus
has been on supporting employers through
the challenges this has brought, with
unemployment holding steady at 3.4%,
underutilisation down slightly at 9% and
skills shortages ongoing.
Our
Evolving
Wor ld
of Work
14ACCORDANT GROUP ANNUAL REPORT 2023

In FY24 we anticipate the arrival of greater numbers of
international candidates with Skilled Migrant visas, along
with an uplift in Working Holiday Visa holders, although
this anticipated uplift is yet to have a significant impact
on candidate activity. We have worked hard, especially in
the blue collar space, to support employers with employer
accreditation for migrant workers, as well as continuing
our mahi with The Work Collective to bring more people
who face barriers to employment into the New Zealand
workforce.
While record numbers of Kiwis came off Jobseeker benefits
in the year to June 2022, thousands remain underemployed
owing to various barriers such as disabilities, long periods
of unemployment or difficulty accessing training. Providing
better access to jobs for those who have traditionally been
restricted in accessing employment opportunities is vital
to address longstanding inequities in the jobs market, lift
more New Zealanders out of poverty and help fill skills gaps
in the long term.
We are proud that through The Work Collective programme
offered via AWF, Madison and Absolute IT this year, we
have placed 83 participants into roles, including Maori and
Pasifika, refugees and students, across 77 client partners.
This kind of social procurement really is a win-win for
employers and our society – delivering impact that goes well
beyond just the employment figures, and we look forward
to doing even more in this space in FY24.
We also remain strongly committed to supporting the
growth of Maori leaders and the fast-growing Maori
economy, which is expected to reach $100 billion in assets
within the next 10 years. Across the Group we now have
more than 20 years’ experience finding talent for Maori-
focused roles. Led by Rachelle Russell at JacksonStone
& Partners, our specialist team ensures our recruitment
process for Maori is inclusive, candidates are supported and
manaakitanga is shown. Maori businesses still represent just
8% of all enterprises in Aotearoa, showing real scope for
growth as well as opportunities to upskill and grow talent.
While the coming election represents further uncertainty
on the horizon, we will continue to draw on our experience
and deep connections across the market to navigate any
changes for our people, employers and jobseekers and
build on our existing work to create social impact for the
good of New Zealand.
We will continue to draw on our
experience and deep connections
across the market to navigate
any changes for our people,
employers and jobseekers and
build on our existing work to
create social impact for the good
of New Zealand.
ACCORDANT GROUP ANNUAL REPORT 202315

Over the next 12 months, we may also see demand across the
temporary and contractor markets accelerate as employers
fill existing skills and capacity gaps without committing to
permanent hires in an economic downturn. Core to Accordant’s
offering, our contingent and contractor workforce solutions
provide significant value and flexibility during times of change,
helping employers across both white and blue collar sectors.
Last year’s Accordant report, Shaping the Future of Non-
Permanent Work in Aotearoa New Zealand, dove deep into
attitudes around temporary workers, their experiences and how
to grow the impact of the temporary workforce. A key insight
was that temporary work represents a valuable pathway for
more workers to upskill quickly. The report showed 72% of those
in temporary roles had recommended non-permanent work to
family or friends, valuing opportunities for greater flexibility, to
learn new skills or advance their careers.
The other important outtake was the need to amplify the
conversation around having a reliable, stable income even
without a permanent job. This makes a case for the government
and industry to invest in reshaping the narrative, shaking off the
historic notion of the preferred working option for all being
a full time, permanent role. While the government has shelved
the income insurance scheme, more thought can be given to
co-designing an approach focusing more on opportunities to
support income security over job security.
The gig economy is firmly established around the globe,
and as employees become more directive in their choices
about when, where, and why they work, the future of work in
Aotearoa New Zealand will continue to evolve.
The future of
non-permanent
work and
income security
The prediction is that
generative AI will supersede
cloud technologies that
enable remote or hybrid
working as the next major
disrupter and enabler of
modern work – including in
the recruitment space.
As employees become more
directive in their choices
about when, where, and why
they work, the future of work
in Aotearoa New Zealand
will continue to evolve.
16ACCORDANT GROUP ANNUAL REPORT 2023

This time last year, few people had heard of ChatGPT,
yet it is now dominating conversations across the
workforce, turning AI from a hypothetical future
consideration into something that is changing the way
businesses work here and now. The prediction is that
generative AI will supersede cloud technologies that
enable remote or hybrid working as the next major
disrupter and enabler of modern work – including in the
recruitment space.
At Accordant, we are continuing on our own broad digital
transformation journey in a way that focuses on striking
the right balance of technology and human touchpoints.
Our business is people, and every investment we make is
aimed at putting people first, supporting them with the
tools to help them succeed better. We have invested in
our CRM capability across our white collar businesses
to improve the candidate experience and realise a raft of
efficiency gains, alongside the introduction of our first
chatbot “Frankie” to support AWF’s recruitment processes.
To complement this, we have implemented a new Human
Resources Information System (HRIS) that will support us
in achieving a number of our own people-centric goals.
The platform is built with a modern “employee first”
focus, and our goals for implementation were established
directly from employee feedback following our inaugural
Group-wide engagement and culture survey. They include
efficiency gains, more opportunity to foster connection
and belonging amongst our employees through shared
values and recognition, and overall, improving both the
employee and manager experience for Accordant’s people.
In terms of Accordant’s digital offering for our
clients, we are leveraging technology to drive deeper
conversations with clients and our own team. As more
and more companies look to digital transformation to stay
competitive, one of the major challenges they face is
finding the right talent and experience to execute these
projects successfully.
Accordant provides innovative talent solutions that
include expert guidance on strategy, IT and organisational
challenges, as well as diverse and unparalleled access
to talent across multiple industries, to help organisations
prepare for the future.
Investing in
digital
Growing diversity,
inclusion and
belonging
We recognise diversity alone is
not the same as being an inclusive
workplace, and that embedding a
truly inclusive culture that makes
the most of everyone’s unique
perspectives and attributes takes
real thought and effort.
With an annual net migration gain of 65,400 for the year ended
March 2023, and an increasing focus on attracting more minorities,
women and people with disabilities to the workforce to boost
equality, innovation and productivity, our workforces are set to
become more diverse than ever. Add to this an ageing population
and cost of living crisis that could see more older workers
returning to employment to supplement stretched incomes, and
on the other hand, more Generation Z workers bringing different
expectations of the workplace.
All this makes it even more important to help employers understand
the interrelationship between diversity and inclusion, and the
importance of belonging. We are fortunate to be a very diverse
organisation, with our people across the Accordant Group being
representative of the diverse makeup of New Zealand workers
and organisations. However, we recognise diversity alone is not
the same as being an inclusive workplace, and that embedding a
truly inclusive culture that makes the most of everyone’s unique
perspectives and attributes takes real thought and effort.
The challenge for employers keen to move their organisation
forward will be understanding how they can develop business
practices and strategies that are clear on the steps they will take
to ensure everyone feels comfortable asking questions,
challenging norms, and sharing views and ideas.
That includes senior leaders role-modelling the kinds of
behaviours they want to see in their people, undergoing training
to build their capability in creating inclusive environments,
establishing avenues at work to safely call out non-inclusive
behaviours and regularly checking in with team members about
their experiences. From job ads to training programmes and
internal communication, every interaction with employees now
needs to be looked at with an inclusivity lens to build a sense of
engagement and belonging regardless of anyone’s background,
and this is a message we will be sharing with our clients.
While the World Health Organisation has declared that the
COVID-19 pandemic is no longer a global health emergency,
the change and uncertainty that have characterised the years
since 2020 look set to continue in FY24. However, despite new
challenges such as the rising cost of living and doing business,
an anticipated increase in unemployment and a general election
on the horizon, we have demonstrated a strong ability to adapt.
We will continue to work towards greater access to training,
jobs and opportunities for advancement, and to supporting
clients and jobseekers through all of the coming changes.
ACCORDANT GROUP ANNUAL REPORT 202317

Board of Directors
Wynnis ArmourSimon BennettSimon Hull
Wynnis retired from the Board in
November 2022. On retirement she was
an independent Director, having joined the
Board almost eight years earlier in January
2015. 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 has contributed
a wealth of business experience and
commercial acumen and a particular
understanding of the Group’s businesses.
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 joined the Board in June 2021 and
was appointed Chair in January 2022.
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.
18ACCORDANT GROUP ANNUAL REPORT 2023

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 now
an 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.
ACCORDANT GROUP ANNUAL REPORT 202319

20ACCORDANT GROUP ANNUAL REPORT 2023

REVENUE
Group Revenue of $227.4m is up 2.7% on
prior year Revenue of $221.5m. AWF Revenue
is down $3.9m (4.9%) on prior year. Revenue
sourced from the provision of services to
Commerce (Madison Recruitment, Absolute IT,
JacksonStone & Partners and Hobson Leavy)
was up $9.6m (6.8%). The slow processing
of visa applications for migrant workers and
working holiday visa travellers during FY23
constrained the temporary candidate pool
and contracted the size of the temporary
job market, however we have seen recent
improvements in visa processing.
NET PROFIT AFTER TAX
After-tax profit of $2.0m was down on
the prior year result of $3.0m. This year’s
result includes the cost of the additional
statutory holiday (Monday 26 September
2022) to commemorate the life and passing
of Queen Elizabeth II, in addition to high claim
costs incurred by AWF associated with work
related injuries incurred in prior years. AWF
participates in the ACC Partnership Discount
Plan. Under this plan AWF Limited, as the
employer, undertakes injury management and
accepts financial responsibility for employees
who incur work-related injuries. The high
claim costs incurred in FY23 are associated
with the ACC Full Self Cover plan, which AWF
exited as at 31 March 2021. Under the ACC
Full Self Cover plan AWF undertakes injury
management for claims registered to 31 March
2021 for a 48-month term through until 31
March 2025, with financial liability for the life
of the claim. In order to de-risk the business,
AWF changed to the Partnership Discount Plan
with 12 months’ claims management post-year
end, with financial liability terminating at the
conclusion of the claims management period.
DIVIDEND
A fully imputed Final Dividend for FY23
of 3.0 cps (2022: 5.6 cps) has been
approved for payment on 30 June 2023.
The interim Dividend paid 1 December 2022
was 6.5 cps (2022: 6.5 cps).
CASH FLOW
Cash flow from operating activities of
$4.7m was down on the prior year $10.5m
due to a decrease in the carrying value of
Debtors, reduction in Creditors and increased
taxation payable. The Group utilises tax
pooling provided by Tax Management NZ with
Tax Management financing the provisional
tax instalments and the group settling the
tax liability in May the following year.
NET BANK DEBT
Net Bank Debt at $21.5m was up $8.5m on the
prior year $13.0m. The acquisition of Hobson
Leavy accounted for $5.75m, purchase of
plant and equipment $0.7m, with the balance
due to increased net working capital usage.
Financial Commentary
ACCORDANT GROUP ANNUAL REPORT 202321

At Accordant Group Limited (NZSX:AGL)
we believe that good corporate governance
is essential to protect the interests of
investors, creating and enhancing value
over the short and long term. We are
committed to conducting business in the
right way, ethically and in line with our legal
and regulatory obligations. The Board has
adopted corporate policies and procedures
that reflect good practice, and we follow the
principles and recommendations of the NZX
Corporate Governance Code (the Code).
Corporate
Governance
Statement
22ACCORDANT GROUP ANNUAL REPORT 2023CORPORATE GOVERNANCE STATEMENT

The following pages summarise our corporate governance
practices and progress in FY23. Accordant takes a continuous
improvement approach to corporate governance with policies
reviewed on a regular basis in line with good business practice.
Key governance policies and charters can be viewed on the
Company’s website at
www.accordant.nz/corporate-governance.
This governance statement is current as at 29 May 2023
and was approved by the Board on 29 May 2023.
VARIANCE TO NZX CORPORATE
GOVERNANCE CODE
We believe that the Company’s corporate governance
practices for the financial year ended 31 March 2023 are
materially in line with the Code, with further work being
undertaken in some areas to ensure full compliance. Those
areas of variance from the Code are set out in the table below.
ETHICAL BEHAVIOUR
Accordant expects its directors and employees to act with
integrity and professionalism and undertake their duties in the
best interests of the Company. The Accordant Group's Code
of Ethics is available on the Company website and is available
to all team members and covers all subsidiary companies.
Accordant encourages employees to speak out if they have
concerns about any area of the Company. The avenues for
doing so are detailed in the Company’s Protected Disclosure
(Whistle-blower) Policy which is on the Company website.
The Share Transaction Policy, along with the Financial Markets
Conduct Act 2013, imposes limitations and requirements on
Directors and employees in dealing in the Company’s shares.
These limitations prohibit dealing in shares while in possession
of inside information and impose requirements for seeking
consent to trade.
The Company does not donate to political parties.
THE BOARD
The roles and responsibilities of the Board are detailed in the
Board Charter, which is reviewed at least every two years and is
available on the Company’s website. The Board 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. The Company’s Constitution and the Board Charter set
out the guidelines for the operation of the Board.
BOARD COMPOSITION AND INDEPENDENCE
As at 29 May 2023 the Board comprised five non-executive
directors, a majority of whom are independent directors.
The Board has determined that Laurissa Cooney,
Richard Stone and Nick Simcock are independent directors,
and that Simon Hull and Simon Bennett (Chairperson) are
non-independent directors.
NZX Code principleNZX Code recommendationKey differenceStatus
Board composition and
performance
2.5: The Board should set
measurable objectives for
achieving diversity
The Board has not set
measurable objectives under
the Policy for achieving
diversity
Whilst the Board considers
authentic diversity outcomes
can be achieved without
measurable objectives, the
small size of the Board is
limiting when seeking to label
individual diversity
Board composition and
performance
2.9: The Chair of the Board
should be an independent
director
Simon Bennett as Chair of
the Board is not independent
due to Simon having been
employed as the CEO of
the Company within the last
three years
The Board and ARC maintain
an independent composition
majority. This enables a
non-independent Chair,
who brings deep industry,
sector and organisational
knowledge
ACCORDANT GROUP ANNUAL REPORT 202323CORPORATE GOVERNANCE STATEMENT

Simon Hull is not an independent director because he is a
substantial shareholder in the Company and has been a director
for more than 12 years (appointed 4 February 2005). Simon
Bennett is not an independent director because within the last
three years, he was the Chief Executive Officer of the Company.
Each Director has experience, skills and expertise that are of
value to the Company. Profiles of Directors are available in the
Company’s Annual Report.
APPOINTMENT OF DIRECTORS
The Board is elected by the shareholders of the Company.
The number of elected Directors and the procedure for their
retirement and election at Annual Meetings is determined in
accordance with the Company’s Constitution and NZX Listing
Rules. Directors will retire and may stand for re-election by
shareholders at least every three years. A Director appointed by
the Board since the previous annual meeting holds office only
until the next annual meeting but is eligible for election
by shareholders at that meeting.
All Directors are involved in the consideration of Board
composition and nominations and consider a number of factors
including qualifications, capability, experience, judgement and
skills, and the ability to work with other Directors.
Shareholders may also nominate candidates for election to
the Board, in accordance with the constitution of the Company
and the NZX Listing Rules. Reference checks are carried out on
all candidates and key information about candidates is provided
to shareholders to assist their decision as to whether to elect
or re-elect a candidate.
The Board believes that the current Directors as at
29 May 2023 offer valuable and complementary skill sets.
BOARD REMUNERATION
During FY23 the Board adopted a Remuneration Policy for
the remuneration of directors and officers. A copy of this policy
is available on the Company’s website.
Directors' fees for the year ended 31 March 2023 totalled
$395,000. The Director fee pool is $450,000. The last increase
in the director pool was approved by shareholders at the 26
July 2017 Annual Shareholders meeting. The Chairperson
is paid a fee of $115,000 per annum and all other Directors
are paid $60,000 per annum. No additional fees are paid in
respect of committee membership. Details of Board and CEO
Remuneration during FY23 are set out in the Company’s Annual
Report. Director fees are currently being reviewed within the
current approved Director pool.
The Company has arranged a policy of Directors’ and Officers’
liability insurance. This policy covers the Directors and Officers
so that any monetary loss suffered by them, as a result of
actions undertaken by them as Directors or Officers, is
insured to specific limits (and subject to legal requirements
and/or restrictions).
The Board Charter states that no retirement allowances
are payable to Directors.
DIRECTOR TRAINING AND EDUCATION
Directors are encouraged to undertake appropriate training
and education to ensure they remain current on how to best
perform their duties. In addition, management provide regular
updates on relevant industry and Company issues, including
briefings from senior executives.
All Directors have access to executives to discuss issues
or obtain information on specific areas in relation to matters
to be discussed at Board meetings, or other areas as they
consider appropriate.
All Directors are offered paid membership to the Institute of
Directors New Zealand.
BOARD PERFORMANCE AND REVIEW
The Board monitors its own performance and may from
time-to-time commission an external review to assess
the performance of individual Directors and the Board’s
effectiveness. The Board is satisfied that each Director has
the necessary time available to devote to the position,
broadens the Board’s expertise and has a personality that
is compatible with the other Directors.
24ACCORDANT GROUP ANNUAL REPORT 2023CORPORATE GOVERNANCE STATEMENT

DIVERSITY
The Company has a Diversity and Inclusion Policy, 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.
The Board has not currently set measurable objectives under
the Policy for achieving diversity, as the Board considers
diversity outcomes can be achieved without measurable
objectives. The Board is satisfied with the initiatives being
implemented by the Group and its performance with respect
to the Diversity Policy.
The gender breakdown of Accordant Group Limited’s Board of
Directors and Officers as at 31 March 2023 is:
BOARD COMMITTEES
The Board has delegated a number of its responsibilities
to Committees to assist in the execution of the Board’s
responsibilities. The use of Committees allows issues requiring
detailed consideration to be dealt with separately by members
of the Board with specialist knowledge and experience, thereby
enhancing the efficiency and effectiveness of the Board.
During FY23 the Board rationalised its Committee structure,
bringing together each of the Remuneration, Nominations
and Organisation Committees under a single committee –
the Remuneration and Nominations Committee. The Board
considers that the roles of these three separate committees
were such that their roles could be more efficiently achieved
by bringing them together as a single committee. A copy of the
Remuneration and Nominations Committee Charter is available
on the Company’s website.
However, the Board retains ultimate responsibility for
the functions of its Committees and determines their
responsibilities. The Committees meet as required and have
terms of reference (Charters), which are approved and reviewed
by the Board. Minutes of each Committee meeting are available
to all members of the Board, who are all entitled to attend any
Committee meeting. The membership and performance of
each Committee is reviewed annually. Management attendance
at Committee meetings is by invitation only. Special purpose
Committees may be formed to review and monitor specific
projects with senior management.
In the case of a takeover offer, Accordant would engage expert
legal and financial advisors to provide advice on procedure.
Formal Takeover protocols have been developed and formally
adopted by the Board in compliance with Recommendation 3.6
of the NZX Corporate Governance Code.
The Board Committees as at 31 March 2023 were as set out on
the following page.
Directors31 Mar 202331 Mar 2022
Female1 (20%)2 (33%)
Male4 (80%)4 (67%)
Gender Diverse--
Total56
Officers*31 Mar 202331 Mar 2022
Female6 (50%)5 (50%)
Male6 (50%)5 (50%)
Gender Diverse--
Total1210
*Officers for these purposes means any leader who is
concerned with or takes part in the management of the
Company and who also reports to the Board or the CEO.
ACCORDANT GROUP ANNUAL REPORT 202325CORPORATE GOVERNANCE STATEMENT

CommitteeRoleMembers at 31 March 2023
Audit and Risk CommitteeProvides 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.
Laurissa Cooney (Chairperson),
Simon Bennett and Nick Simcock.
Remuneration and
Nominations Committee
Overseeing and regulating
compensation and organisation matters
affecting the Company, including
remuneration and benefits structures,
policies, performance and remuneration
of the Company’s directors and senior
executives, management development
and succession planning for the Chief
Executive Officer and direct reports to
the Chief Executive Officer, and major
organisation changes.
Identifying and recommending
individuals for appointment as directors
of the Company.
Nick Simcock (Chairperson),
Simon Bennett and Richard Stone.
Health and Safety CommitteeThe 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.
The Committee members participate
in monthly meetings and review reports
presented by the Group Operations
Health and Safety Committee.
All Directors are members of
this Committee. The Chairperson
is Simon Hull.
26ACCORDANT GROUP ANNUAL REPORT 2023CORPORATE GOVERNANCE STATEMENT

ATTENDANCE AT BOARD AND COMMITTEE
MEETINGS DURING FY23
Wynnis Armour, retired as a Director on 30 November 2022.
Remuneration and Nominations* – during the financial year,
the Remuneration committee, the Nominations committee,
and the Organisational Committee were amalgamated
into a single committee, called the Remuneration and
Nominations committee.
REPORTING AND DISCLOSURE
Accordant is committed to keeping investors and the market
informed of all material information about the Company and its
performance, in a timely manner. In addition to all information
required by law, the Company also seeks to provide sufficient
meaningful information to ensure stakeholders and investors
are well informed. The Company’s Continuous Disclosure Policy
sets out the principles and requirements of this commitment
to timely and balanced disclosures. Key corporate governance
policies, including the Code of Ethics, Board and Committee
Charters and other key governance documents recommended
by the Code are available on the Company’s website:
www.accordant.nz/corporate-governance.
FINANCIAL REPORTING
The Board is responsible for ensuring that the financial
statements give a true and fair view of the financial position
of the Company and have been prepared using appropriate
accounting policies, consistently applied and supported
by reasonable judgements, estimates and for ensuring all
relevant financial reporting and accounting standards have
been followed.
The Audit and Risk Committee oversees the quality and
integrity of external financial reporting, including the accuracy,
completeness, balance and timeliness of financial statements. It
reviews Accordant’s full and half year financial statements and
makes recommendations to the Board concerning accounting
policies, areas of judgement, compliance with accounting
standards and other regulatory requirements and the results of
the external audit.
For the financial year ended 31 March 2023, the Directors
believe that proper accounting records have been kept which
enable, with reasonable accuracy, the determination of the
financial position of the Company and facilitate compliance
of the financial statements with the Financial Markets
Conduct Act 2013.
In all accounting matters, the Board ensures that the Chief
Executive Officer and Chief Financial Officer’s reports are
objective. The Chief Executive Officer and Chief Financial
Officer have unfettered access to the Board Chair and the
Audit and Risk Committee.
NON-FINANCIAL REPORTING
Accordant has initiatives supporting its focus on the
environment, people and communities and a formal
Environmental, Social and Corporate Governance (ESG)
framework is being developed.
Accordant has joined the Toitu carbon programme. As part
of the Group’s sustainability initiatives, we have committed
to working closely with Toitu Envirocare to accurately audit
and measure our greenhouse gas emissions, helping us put
in place strategies to manage and reduce our impacts as we
work towards achieving certification.
We are aware of and will conform with NZX Code principle
4.4 which requires that the company ‘provide non-
financial disclosure at least annually, including considering
environmental, economic and social sustainability factors and
practices’. To explain how operational or non-financial targets
are measured, including forward looking assessments, and
alignment with key strategies and metrics to be monitored
by the Board.
RISK MANAGEMENT
Accordant has continued to strengthen its risk management
capabilities under the direction of the Audit and Risk
Committee (ARC), the Board and the Executive Team.
The ARC ensures Accordant has appropriate risk management
policies in place and provides the Board with assurance that key
risks relevant to Accordant have been appropriately identified,
managed and reported to the Board.
DIRECTORBOARD
AUDIT & RISK
COMMITTEE
REMUNERA-
TION & NOMI-
NATIONS*
HEALTH &
SAFETY
TOTAL MEETINGS HELD8628
SIMON BENNETT8527
SIMON HULL828
LAURISSA COONEY867
NICK SIMCOCK8628
RICHARD STONE737
WYNNIS ARMOUR6426
MEETINGS ATTENDED:
ACCORDANT GROUP ANNUAL REPORT 202327CORPORATE GOVERNANCE STATEMENT

It is also responsible for overseeing and monitoring that
the Company’s management implements and operates
adequate risk assurance, internal control and audit systems
within Accordant.
The Audit & Risk Committee carries out a review of the
effectiveness of the Company’s risk management and
internal control systems at least annually. The Company’s
risk management policy provides clarity on roles and
responsibilities in order to minimise the impact of financial,
operational and sustainability risk on its business.
A Risk sub-committee comprising the CEO, CFO and GM
Corporate Services are collectively responsible for the group
risk management program with the Executive Leadership
Team having day to day operational responsibility for risk
management. The Executive Leadership Team comprises
personnel who report directly to the CEO.
The Executive Leadership Team has prime responsibility for
maintaining a strong risk awareness culture and focus in all
activities, for identifying and managing risk in the areas under
their control, and being aware of external risk factors faced.
They undertake this by:
• following Company Policies, Protocols and Guidelines
• ensuring risks are identified and evaluated
• developing effective responses to these risks
• owning, managing and reporting identified risks
• operating within an appropriate level of risk, but always
within Delegated Authority parameters
• reporting changes in the business environment which
impact the existing risk strategies.
Foundational governance and risk documents are regularly
reviewed and updated to ensure that the Company continues
to find the best ways of working to achieve its business
goals while remaining within risk appetite and adhering to its
regulatory obligations. Accordant’s risk management framework
has been created to ensure there is clear ownership and
delegation of responsibility for the management and oversight
of risks and to support the appropriate flow of information
throughout the Group. The Company assesses its risks by
understanding the likelihood of occurrence and the potential
consequences using the following categories:
• Financial
• Customer / Reputational / Shareholder Outcomes
• People / Health, Safety & Wellbeing
• Legal (Compliance) / Contractual
• Environment
• Operations
The Company obtains external advice and support from
an independent third party expert in relation to corporate
governance, compliance and company secretarial matters.
HEALTH AND SAFETY
Staying safe, keeping others safe, and being corporately
responsible are fundamental to what Accordant is as an
organisation. Operating the business in this way helps
deliver on Accordant’s vision of “No Harm to People, the
Environment or Assets”.
Paying close attention to safety, wellbeing, sustainability,
ethics and integrity go hand in hand with that vision.
The Board is committed to ensuring a high quality, safe and
healthy environment for all people, visitors, partners and
those in the community.
People safety is a key priority, one of Accordant’s core values
and an essential component across the business. Accordant
is committed to developing, improving and reinforcing its
safety culture, including by improving leadership capacity and
simplifying tools and systems. Safety performance is tracked
to identify patterns to help prevent incidents.
“Health, Safety and Sustainability” results and reported data
are reviewed at each Health & Safety Committee Meeting. In
addition, the Board receives monthly reports on the health and
safety performance across the Group, including performance
against plan, near miss reporting, progress with safety related
initiatives and reviewing lead and lag indicators of performance.
AUDITORS
For the year ended 31 March 2023, Deloitte was the external
auditor of Accordant Group Limited. Deloitte was first
appointed as auditor in 2006. The most recent Audit Partner
rotation occurred in FY20, with the next rotation due no later
than FY25.
The Audit and Risk Committee monitors the ongoing
independence, quality and performance of the external auditors
and audit partner rotation. The Committee pre-approves any
non-audit work undertaken by Deliotte.
The non-audit services in the year ended 31 March 2023 are set
out in the notes to the annual accounts. Those services were
provided in accordance with the company’s External Auditor
Independence Policy. In FY23 the Company paid Deloitte
$334,000 for audited services. Deloitte provided no non-audit
services in FY23.
The external auditors attend the Annual Shareholders Meeting.
28ACCORDANT GROUP ANNUAL REPORT 2023CORPORATE GOVERNANCE STATEMENT

INTERNAL AUDIT
The Group does not consider that there is a requirement
for an Internal Audit function. This function is administered by
the selection of suitably qualified Finance Managers (preferably
CA qualified) to ensure that monthly management reporting
(Financial and Operational) is timely and accurate. It is the
responsibility of company Finance Managers to consistently
adhere to Group Policies and procedures. The Chief Executive
Officer and Chief Financial Officer review monthly company
performance against Budget, the prior year and periodic
forecasts. In addition the Chief Financial Officer regularly
reviews Balance Sheet reconciliations.
SHAREHOLDER RIGHTS AND RELATIONS
The Board is committed to open and regular dialogue and
engagement with shareholders. Accordant has developed an
investor relations programme which includes regular dialogue
with investors, analysts and investor meetings, and earnings
announcements. The programme is designed to provide
shareholders and other market participants the opportunity
to obtain information, express views and ask questions. Easy
access to financial, operational and governance information
is available through the Investor Centre on the company’s
website at www.accordant.nz/corporate-governance.
Shareholders are actively encouraged to attend the Annual
General Meeting and may raise matters for discussion at this
event, and vote on major decisions which affect the Company.
Voting is by poll, upholding the ‘one share, one vote’ philosophy.
Shareholders are also able to vote by proxy ahead of
meetings without having to physically attend those meetings.
Shareholders are encouraged to communicate with the
Company and its share registry electronically. In addition to
shareholders, Accordant has a wide range of stakeholders
and maintains open channels of communication for all
audiences, including brokers, the investing community and
the New Zealand Shareholders’ Association, as well as its
employees, contractors, suppliers and customers.
ACCORDANT GROUP ANNUAL REPORT 202329CORPORATE GOVERNANCE STATEMENT

30ACCORDANT GROUP ANNUAL REPORT 2023INDEPENDENT AUDITOR’S REPORT
Opinion
We have audited the consolidated financial statements of
Accordant Group Limited and its subsidiaries (the ‘Group’),
which comprise the statement of financial position as at 31
March 2023, and the 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 significant accounting
policies.
In our opinion, the accompanying consolidated financial
statements, on pages 32 to 75, present fairly, in all material
respects, the consolidated financial position of the Group as
at 31 March 2023, 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.
Audit materiality
We consider materiality primarily in terms of the magnitude of
misstatement in the financial statements of the Group that in our
judgement would make it probable that the economic decisions
of a reasonably knowledgeable person would be changed or
influenced (the ‘quantitative’ materiality). In addition, we also
assess whether other matters that come to our attention during
the audit would in our judgement change or influence the
decisions of such a person (the ‘qualitative’ materiality). We use
materiality both in planning the scope of our audit work and in
evaluating the results of our work.
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 $42.6 million (2022: $38.1 million) and other indefinite life
intangible assets (brand names) of $12.1 million (2022: $10.5 million) are
recognised in the consolidated financial statements at 31 March 2023,
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 CGUs are more sensitive to changes in the
financial performance assumptions and judgements involved in
determining their recoverable amounts. The AWF and Madison
Recruitment CGUs include goodwill and indefinite life intangibles
of $11.2 million and $20.7 million respectively.
The key judgements underpinning their future cashflows include sales
and terminal growth rates, discount rates applied as well as increases
in temporary staff per day specifically for AWF.
We have included the impairment considerations of goodwill and other
indefinite life intangibles for AWF and Madison Recruitment as a key
audit matter because as noted above these CGUs are more sensitive to
changes in the performance assumptions.
We have audited the value in use calculations for these cash-generating
units (CGU). 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, 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 Recruitment 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.
To the Shareholders of Accordant Group Limited
Independent Auditor’s Report

ACCORDANT GROUP ANNUAL REPORT 202331INDEPENDENT AUDITOR’S REPORT
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
29 May 2023
Acquisition of Hobson Leavy Limited
The Group acquired the Hobson Leavy Limited (‘Hobson Leavy’) business
on 31 January 2023 as disclosed in note G1. The acquisition of the
Hobson Leavy business was significant to our audit due to the size of the
acquisition, and the subjectivity and complexity inherent in this business
acquisition and the requirements of NZ IFRS 3 Business Combinations.
The process involved complex and subjective estimation and judgement
by Management on the following:
• The accounting treatment of the acquisition;
• The valuation of the consideration transferred including contingent
consideration;
• Identification and valuation of the assets acquired; and the liabilities
assumed as at acquisition date; and
• Assessment of the useful lives of the acquired finite life intangible
assets which is a key input in determining the fair values.
Management engaged an external expert to assist them in the
identification of acquired assets and the determination of their fair
values at acquisition date.
Our procedures, amongst others included:
• Reading the sale and purchase agreement relating to the acquisition
to understand key terms and conditions and confirming our
understanding of the transaction with Management;
• Assessing Management’s evaluation of terms and conditions within
the sale and purchase agreement to determine the associated
accounting treatment by comparing those terms and conditions
against the requirements of NZ IFRS 3 Business Combinations and
other relevant guidance;
• Evaluating the measurement of the consideration transferred
including contingent consideration by testing the mathematical
accuracy of the underlying calculation, agreeing the financial
projection prepared to the specific financial period specified in
the agreement and analysing the key assumptions adopted by
Management;
• Considering the completeness of the identified assets and liabilities
by evaluating the terms of the sale and purchase agreement;
• Recomputing the resulting goodwill to be recognised on acquisition;
•
For the measurement of the identified assets and liabilities, evaluating:
– The valuation methodologies in determining the fair values of the
identified assets and liabilities at acquisition date;
– The cash flow forecasts used in the measurement of the identifiable
intangible assets, which included assessing the appropriateness of
the future cash flow forecasts and discount rates applied;
– Management’s assessment of the attributed useful life of the
identified finite life assets when recalculating fair value; and
– The competence, capabilities, objectivity and expertise of
Management’s external valuation expert and the appropriateness of
their work as audit evidence for the relevant assertions.
• Engaging our own internal valuation expert to assist in understanding
and evaluating the work and findings of Management’s expert; and
• Evaluating the related disclosures about the acquisition.

FINANCIAL STATEMENTS32ACCORDANT GROUP ANNUAL REPORT 2023
Accordant Group Limited
Statement of comprehensive income
For the year ended 31 March 2023
GROUP
20232022
NOTE$’000$’000
Revenue from contracts with customersA2227,371221,509
Investment revenueA3657
Fair value (loss)/gain on contingent consideration–(845)
Direct costs(2,186)(2,376)
Employee benefits expenseA1, F1(119,883)(117,757)
Contractor costsA1(86,503)(81,354)
Depreciation and amortisation expenseA4, B1, B2, B3(4,628)(4,941)
Impairment of right of use assetsA1, B2(109)–
Other operating expenses(8,988)(8,443)
Finance costsA4(1,683)(1,095)
Business acquisition expenses (379)–
Profit before tax3,0774,705
Income tax expenseA5(1,100)(1,706)
Profit for the year1,9772,999
Other comprehensive income for the year––
Total comprehensive income for the year1,9772,999
Earnings per share
Total basic earnings per share (cents/share)C45.88.9
Total diluted earnings per share (cents/share)C45.88.9
The notes to the Group financial statements form an integral part of these financial statements

FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202333
Accordant Group Limited
Statement of financial position
As at 31 March 2023
GROUP
20232022
NOTE$’000$’000
Assets
Non-current assets
Property, plant and equipmentB12,7302,907
Right of use assetsB27,0387,020
Intangible assets – goodwillB442,55338,068
Intangible assets – otherB316,61212,487
Total non-current assets68,93360,482
Current assets
Cash and cash equivalentsC61,9544,972
Trade and other receivablesC723,77125,868
Contract assetsA222197
Total current assets25,94630,937
Total assets94,87991,419
Equity and liabilities
Non-current liabilities
Deferred tax liabilitiesA52,9291,651
BorrowingsC823,50018,000
Lease liabilitiesB25,3745,525
Contingent considerationG12,648–
Total non-current liabilities34,45125,176
Current liabilities
Trade and other payablesC921,39924,382
Contract liabilitiesA2314285
Taxation payableA51,1082,250
ProvisionsF2582400
Lease liabilitiesB22,4392,231
Total current liabilities25,84229,548
Total liabilities60,29354,724
Net assets34,58636,695
Capital and reserves
Share capitalC230,86830,868
Treasury sharesC3(804)(804)
Group share scheme reserve448282
Retained earningsC14,0746,349
Total equity34,58636,695
For and on behalf of the Board who authorise the issue of the financial statements on 29 May 2023:
SIMON BENNETT, ChairLAURISSA COONEY, Chair, Audit & Risk Committee
The notes to the Group financial statements form an integral part of these financial statements

FINANCIAL STATEMENTS34ACCORDANT GROUP ANNUAL REPORT 2023
GROUP
Share
capital
Treasury
shares
Group share
scheme
reserve
Retained
earnings
Total
equity
NOTE$’000$’000$’000$’000$’000
2022
Balance at 31 March 202130,868–2048,46539,537
Comprehensive income
Profit for the year–––2,9992,999
Other comprehensive income –––––
Total comprehensive income –––2,9992,999
Transactions with shareholders
Dividends paidC1, 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
2023
Balance at 31 March 202230,868(804)2826,34936,695
Comprehensive income
Profit for the year–––1,9771,977
Other comprehensive income –––––
Total comprehensive income–––1,9771,977
Transactions with shareholders
Dividends paidC1, C5–––(4,309)(4,309)
Restricted shares lapsedC1, F1––(57)57–
Share based paymentsF1––223–223
Total transactions with shareholders––166(4,252)(4,086)
Balance at 31 March 202330,868(804)4484,07434,586
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 2023

FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202335
Accordant Group Limited
Statement of cashflows
For the year ended 31 March 2023
GROUP
20232022
NOTE$’000$’000
Cashflows from operating activities
Receipts from customers230,322219,120
Payments to suppliers, contractors and employees(222,193)(207,979)
Net cash (used in)/generated from operations 8,12911,141
Net receipts from government grants6142,283
Interest paid on bank overdraft and loans(1,277)(665)
Interest paid on lease liabilitiesB2(318)(410)
Income taxes paid(2,433)(1,870)
Net cash from operating activitiesC64,71510,479
Cashflows from investing activities
Proceeds from disposal of property, plant and equipment4436
Purchase of property, plant and equipmentB1(733)(619)
Net cash paid on acquisition of Hobson LeavyG1(5,750)–
Repayment of deferred consideration to the vendor of JacksonStone & Partners –(1,393)
Net cash (used in)/from investing activities(6,439)(1,976)
Cashflows from financing activities
Repurchase of issued share capitalC3–(804)
Dividends paid to share holders of the parentC5(4,309)(5,171)
Proceeds from borrowingsC88,5003,000
Repayment of borrowingsC8(3,000)–
Payment of principal on lease liabilitiesB2(2,485)(2,351)
Net cash from/(used in) financing activities(1,294)(5,326)
Net increase/(decrease) in cash held(3,018)3,177
Cash and cash equivalents at start of the year4,9721,795
Net cash and cash equivalents at end of the yearC61,9544,972
The notes to the Group financial statements form an integral part of these financial statements

NOTES TO THE GROUP FINANCIAL STATEMENTS36ACCORDANT GROUP ANNUAL REPORT 2023
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 29 May 2023.
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.
None of the new and amendments to standards and
interpretations have had a material impact on the Group.
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 2023.
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 202337
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 and B4) 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 G1) arising from business combinations are
classified as financial liabilities at amortised cost.
The Group’s contingent consideration amounts arising
from business combinations (note G1) 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 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.

NOTES TO THE GROUP FINANCIAL STATEMENTS38ACCORDANT GROUP ANNUAL REPORT 2023
KEY JUDGEMENTS 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 judgements, 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.
Judgements 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 – F2
Rehabilitation under the ACC Partnership programme.
Note – G1
Identification and valuation of intangible assets arising in a
business combination and the estimation of the earn-out
contingent consideration in a business combination.

NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202339
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, judgements 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 and The Work Collective (TWC) – Contingent Blue
Collar Labour Hire associated with infrastructure, logistics,
manufacturing, technical and construction. TWC is
Accordant's social initiative that provides opportunities for
those who face barriers to employment.
• Madison Recruitment, Absolute IT, JacksonStone &
Partners, and Hobson Leavy – White Collar Contingent
temporary employees and contractors together with
Permanent Recruitment and Executive Search associated
with professional and managerial positions including
technology and digital business sectors.
Within the White-Collar Reporting Segment are four (4)
operating segments:
• Madison Recruitment
• Absolute IT
• JacksonStone & Partners
• Hobson Leavy
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 four brands.
The Group’s reportable segments have been identified
as follows:
• AWF and TWC
• Madison, Absolute IT, JacksonStone & Partners and
Hobson Leavy
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 and The Work Collective
The ‘Blue Collar’ 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. The Work Collective leverages off
AWF’s infrastructure and network.
Madison, Absolute IT, JacksonStone & Partners and
Hobson Leavy
The ‘White Collar’ segment operates branches under the
brand names Madison Recruitment, Madison Force, Absolute
IT, JacksonStone & Partners and Hobson Leavy in major cities
throughout New Zealand. These brands derive their revenues
from staffing services across temporary, contract, permanent
and executive search, principally in the commerce sector.
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.
A. Financial Performance
IN THIS SECTION
Segment revenueSegment profit
2023202220232022
SEGMENT REVENUE AND RESULTS$’000$’000$’000$’000
Continuing operations
AWF and The Work Collective75,82579,600321904
Madison, Absolute IT, JacksonStone & Partners
and Hobson Leavy151,541 141,894 7,726 7,789
Total for continuing operations227,366221,4948,0478,693
Other income––657
Central administration costs and directors fees515(2,973)(2,900)
Finance costs––(1,683)(1,095)
Business acquisition expenses ––(379)–
Profit/(loss) before tax227,371221,5093,0774,705
Income tax expense––(1,100)(1,706)
Profit for the year227,371221,5091,9772,999

NOTES TO THE GROUP FINANCIAL STATEMENTS40ACCORDANT GROUP ANNUAL REPORT 2023
Revenue reported above represents revenue generated from external customers. Inter-segment sales in the year were $107,002
(2022: $127,233) and have been eliminated from the above table. Inter-segment sales were eliminated from the originating segment.
No one customer accounts for more than 10% of the Group’s revenue (2022: No one customer accounts for more than 10% of the
Group’s revenue).
The accounting policies of the reportable segments are the same as the Group’s accounting policies described in this report.
Segment profit represents the profit earned by each segment without allocation of central administration costs and directors’ fees,
investment revenue, finance costs, and income tax expense. This is the same measure reported to the chief operating decision
maker for the purpose of resource allocation and assessment of segment performance.
20232022
SEGMENT ASSETS$’000$’000
AWF and The Work Collective24,83125,947
Madison, Absolute IT, JacksonStone & Partners and Hobson Leavy68,41962,511
Total segment assets93,25088,458
Unallocated assets1,6292,961
Total assets94,87991,419
For the purposes of monitoring segment performance and allocating resources between segments, the chief operating decision
maker monitors the tangible, intangible and financial assets attributable to each segment. All assets are allocated to reportable
segments other than cash, cash equivalents and tax assets of the parent.
20232022
SEGMENT LIABILITIES$’000$’000
AWF and The Work Collective8,1928,859
Madison, Absolute IT, JacksonStone & Partners and Hobson Leavy21,78023,504
Total segment liabilities29,97232,363
Unallocated liabilities30,32122,361
Total liabilities60,29354,724
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 202341
OTHER SEGMENT INFORMATION
Depreciation and amortisationImpairment
2023202220232022
NOTE$’000$‘000$‘000$‘000
AWF and The Work Collective1,5051,720109–
Madison, Absolute IT, JacksonStone &
Partners and Hobson Leavy3,1233,221––
Unallocated––––
Total4,6284,941109–
Non-current assetsNet additions to non-current assets
2023202220232022
$’000$’000$’000$’000
AWF and The Work Collective15,38515,5351,3611,318
Madison, Absolute IT, JacksonStone &
Partners and Hobson Leavy53,548 44,947 638 180
Business combinationsG1––11,081–
Unallocated––––
Total68,93360,48213,0801,498
Employee benefitsContractor costs
2023202220232022
$’000$’000$’000$’000
AWF and The Work Collective67,80271,46619718
Madison, Absolute IT, JacksonStone &
Partners and Hobson Leavy49,308 43,412 86,306 81,336
Unallocated2,7732,879––
Total119,883117,75786,50381,354

NOTES TO THE GROUP FINANCIAL STATEMENTS42ACCORDANT GROUP ANNUAL REPORT 2023
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.
This is typically on successful placement of a candidate.
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
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 payroll related services
to manage the administration of contractors sourced by its
customers directly, revenue is recognised when the underlying
performance obligation is satisfied – upon the provision of
services, charged at hourly or daily rates.
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 – upon the provision of
cover, charged at hourly rates.
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 – upon the
provision of services, charge at agreed rates.
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 202343
GROUP
20232022
REVENUE FROM CONTRACTS WITH CUSTOMERS$’000$’000
Revenue earned on temporary placements
– AWF and The Work Collective73,28578,148
– Madison, Absolute IT, JacksonStone & Partners and Hobson Leavy115,441105,397
Total revenue earned on temporary placements188,726183,545
Revenue earned on permanent placements
– AWF and The Work Collective1,5041,233
– Madison, Absolute IT, JacksonStone & Partners and Hobson Leavy13,54511,899
Total revenue earned on permanent placements15,04913,132
Revenue earned on a retained basis
– Madison, Absolute IT, JacksonStone & Partners and Hobson Leavy3,2795,618
Total revenue earned on a retained basis3,2795,618
Other service revenue
– AWF and The Work Collective1,036219
– Madison, Absolute IT, JacksonStone & Partners and Hobson Leavy19,28118,995
Total other service revenue 20,31719,214
Total revenue227,371221,509
KEY JUDGMENTS 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.

NOTES TO THE GROUP FINANCIAL STATEMENTS44ACCORDANT GROUP ANNUAL REPORT 2023
GROUP
20232022
REVENUE FROM CONTRACTS WITH CUSTOMERS BY CLIENT INDUSTRY CATEGORY$’000$’000
AWF and The Work Collective revenue from contracts with customers
– Construction & civil29,28734,317
– Engineering & technical13,7139,482
– Manufacturing & logistics32,82535,801
Total AWF and The Work Collective revenue from contracts with customers75,82579,600
Madison, Absolute IT, JacksonStone & Partners and Hobson Leavy revenue from
contracts with customers
– Administration & other services828658
– Arts & recreation services1,891160
– Construction and trades2,1381,633
– Education and training6,5881,189
– Financial and insurance services16,62723,676
– Government, defence and public safety76,26183,450
– Healthcare and social assistance14,6435,241
– Information technology6,5045,206
– Logistics (transport, postal & warehousing)3,314870
– Manufacturing1,6941,731
– Media & telecommunications538777
– Primary (agriculture, forestry, fishing, mining)4,9301,898
– Professional, scientific and technical services4,7064,159
– Property/rental and hiring services670489
– Retail trade & hospitality3,0653,762
– Utilities (electricity, gas, water, waste)3,5473,862
– Wholesale trade3,5973,133
Total Madison, Absolute IT, JacksonStone & Partners and Hobson Leavy revenue from
contracts with customers151,541141,894
Other administration revenue515
Total revenue from contracts with customers227,371221,509

NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202345
GROUP
20232022
CONTRACT ASSETS$’000$’000
Customers yet to be invoiced for services rendered22197
Total contract assets22197
Classified as:
Current 22197
Non-current––
Total contract assets22197
EXPECTED LOSS FOR CONTRACT ASSETS
Management has reviewed and assessed contracts and the provision for impairment $Nil (2022: $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.

NOTES TO THE GROUP FINANCIAL STATEMENTS46ACCORDANT GROUP ANNUAL REPORT 2023
GROUP
20232022
CONTRACT LIABILITIES$’000$’000
Rebate liabilities176133
Guarantee refund liabilities122152
Revenue in advance16–
Total contract liabilities314285
Classified as:
Current 314285
Non-current––
Total contract liabilities314285
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
20232022
INVESTMENT REVENUE$’000$’000
Interest received657
Total investment revenue657
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 202347
A4 EXPENSES
GROUP
20232022
EXPECTED CREDIT LOSSNOTE$’000$’000
Impairment losses recognised(35)78
Impairment losses recovered1(29)
Changes in the expected credit loss provisionC7(247)(112)
Total expected credit losses(281)(63)
GROUP
20232022
DEPRECIATION AND AMORTISATION EXPENSENOTE$’000$’000
Depreciation of property, plant and equipmentB11,0461,146
Depreciation of right of use assetsB22,4432,429
Amortisation of intangible assetsB31,1391,366
Total depreciation and amortisation expense4,6284,941
GROUP
20232022
FINANCE COSTS$’000$’000
Financial liabilities measured at amortised cost
Interest on bank overdrafts and loans1,343671
1,343671
Financial liabilities measured at fair value through profit or loss
Interest on contingent consideration2213
2213
Lease liabilities
Interest on lease liabilities318411
318411
Total finance costs1,6831,095
GROUP
20232022
AUDITOR’S REMUNERATION TO DELOITTE FOR:$’000$’000
Audit of the financial statements
Audit of the financial statements334252
Total auditor’s remuneration to Deloitte334252
The Group’s Audit and Risk Committee monitor the independence of Deloitte Limited and ensure Audit Partner rotation occurs
after 5 years. These financial statements are the Deloitte Audit Partner’s fourth year.
OTHER ITEMS
Political donations
There have been no donations to any political party during the financial year (2022: $Nil).

NOTES TO THE GROUP FINANCIAL STATEMENTS48ACCORDANT GROUP ANNUAL REPORT 2023
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% (2022: 28%) for
New Zealand.
GROUP
20232022
INCOME TAX EXPENSE$’000$’000
Current tax
In respect of current year1,0712,251
In respect of prior year 18740
1,2582,291
Deferred tax
In respect of current year7(569)
In respect of prior year (165)(16)
(158)(585)
Total tax expense1,1001,706
Reconciliation to profit before tax
Profit before income tax3,0774,705
Income tax at 28%8621,317
Tax effect of expenses that are not deductible in determining taxable profit238389
Income tax expense1,1001,706
Effective tax rate for the year35.7%36.3%
GROUP
20232022
CURRENT TAX ASSETS AND LIABILITIES$’000$’000
Current tax liabilities
Income tax payable1,0702,250
Business combinations38–
Total current tax liabilities1,1082,250

NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202349
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 20212,565(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)
As at 1 April 20222,168(1,984)1,145517(3,497)(1,651)
Prior period adjustment––166(1)–165
Business combination––––(1,436)(1,436)
Charge (credit to profit or loss for the year)514(237)(71)282(7)
As at 31 March 20232,173(1,970)1,074445(4,651)(2,929)
GROUP
20232022
IMPUTATION BALANCES$’000$’000
Imputation credits available for subsequent reporting periods at 28%13,47413,893
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.

NOTES TO THE GROUP FINANCIAL STATEMENTS50ACCORDANT GROUP ANNUAL REPORT 2023
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
Leasehold
ImprovementsTotal
$’000$’000$’000$’000
Cost1,5384,6291,9508,117
Less accumulated depreciation(277)(3,435)(956)(4,668)
Net book value at 1 April 20211,261 1,194 994 3,449
Additions30623083619
Disposals – cost(40)(52)(14)(106)
Depreciation expense(452)(380)(314)(1,146)
Eliminations on disposal – depreciation32451491
Net book value at 31 March 20221,107 1,037 763 2,907
Additions125375233733
Business combinations–64101165
Disposals – cost(97)(33)(44)(174)
Depreciation expense(338)(379)(329)(1,046)
Eliminations on disposal – depreciation752248145
Net book value at 31 March 20238721,0867722,730
Cost1,8344,8582,3439,035
Less accumulated depreciation(962)(3,772)(1,571)(6,305)
Net book value at 31 March 20238721,0867722,730
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 202351
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.

NOTES TO THE GROUP FINANCIAL STATEMENTS52ACCORDANT GROUP ANNUAL REPORT 2023
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 ASSETSNOTE$’000$’000$’000$’000
Cost12,9264602313,409
Less accumulated depreciation(4,450)(375)(14)(4,839)
Net book value at 1 April 20218,4768598,570
Additions/lease liability remeasurements86910–879
Disposals – cost(477)(336)–(813)
Depreciation expenseA4(2,336)(85)(8)(2,429)
Eliminations on disposal – depreciation477336–813
Net book value at 31 March 20227,0091017,020
Additions/lease liability remeasurements1,85124431,918
Business combinationsG11,167––1,167
Disposals – cost(1,387)(39)(23)(1,449)
Depreciation expenseA4(2,419)(17)(7)(2,443)
Eliminations on disposal – depreciation7643823825
Net book value at 31 March 20236,98516377,038
Cost15,285244215,351
Less accumulated depreciation(8,300)(8)(5)(8,313)
Net book value at 31 March 20236,98516377,038

NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202353
GROUP
20232022
LEASE LIABILITIES$’000$’000
Property7,7607,7 4 4
Motor vehicle1611
Computer equipment371
Total lease liabilities7,8137,756
Classified as:
Current2,4392,231
Non-current5,3745,525
Total lease liabilities7,8137,756
Maturity analysis – contractual undiscounted cashflows:
Less than 1 year2,7812,539
Later than 1 year and not later than 5 years inclusive5,2685,490
More than 5 years964439
Total undiscounted lease liabilities 31 March9,0138,468
Amounts recognised in Statement of Comprehensive Income:
Interest on lease liabilities(318)(411)
Expenses relating to short term leases(578)(601)
Impairment of right of use assets(109)–
Total amounts recognised in Statement of Comprehensive Income(1,005)(1,012)
Cash outflows recognised in the Statement of Cashflows:
Recognised within cash flows from operating activities
Interest elements of lease payments(318)(410)
Total recognised within cash flows from operating activities (318)(410)
Recognised within cash flows from financing activities
Principal elements of lease payments(2,485)(2,351)
Total recognised within cash flows from financing activities (2,485)(2,351)
Total cash outflows recognised in the Statement of Cashflows(2,803)(2,761)

NOTES TO THE GROUP FINANCIAL STATEMENTS54ACCORDANT GROUP ANNUAL REPORT 2023
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
Customer
Relationships
Brand
Name
Restraint
of TradeTotal
NOTE$’000$’000$’000$’000
Cost15,75010,4742,71028,934
Less accumulated amortisation(13,366)–(1,715)(15,081)
Net book value at 1 April 2021 2,38410,47499513,853
Additions––––
Amortisation expenseA4(874)–(492)(1,366)
Eliminations on disposal – amortisation––––
Net book value at 31 March 20221,510 10,474 503 12,487
Additions––––
Business combinations1,0721,6072,5855,264
Amortisation expenseA4(704)–(435)(1,139)
Eliminations on disposal – amortisation––––
Net book value at 31 March 20231,87812,0812,65316,612
Cost16,82212,0815,29534,198
Less accumulated amortisation(14,944)–(2,642)(17,586)
Net book value at 31 March 20231,87812,0812,65316,612
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.
• $1.607 million identified and recognised from the Hobson
Leavy acquisition are allocated to the Hobson Leavy 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 judgement and estimation
of the expected remaining useful life of these assets.

NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202355
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
20232022
NOTE$’000$’000
Balance at 1 April38,06838,068
Business combinations – Hobson LeavyG14,485–
Balance as at 31 March42,55338,068
Allocation to cash generating units
• AWF11,21211,212
• Madison Recruitment13,22313,223
• Absolute IT7,8367,836
• JacksonStone & Partners 5,7975,797
• Hobson Leavy4,485–
Total goodwill42,55338,068

NOTES TO THE GROUP FINANCIAL STATEMENTS56ACCORDANT GROUP ANNUAL REPORT 2023
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 judgements 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 FY24 financial budgets prepared
by management and approved by the Board.
Madison Recruitment, Absolute IT and JacksonStone &
Partners, Hobson Leavy
Key assumptions used for the value in use calculations included:
• Sales growth – 2.5% (2022: 1.5%) Average annual growth over
financial years 2025 – 2028 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 2.5%
(2022: 1.5%).
• The discount rate used to discount the forecast cash flows is
10.09% (2022: 9.48%).
AWF
The AWF CGU is sensitive to changes in financial performance
assumptions. AWF was again candidate constrained in FY23 due
to the slow processing of visa applications for migrant workers,
in addition to a number of abnormal costs relating to ACC and
the Queen's memorial public holiday incurred in FY23. AWF has
forecast an increase in temporary staff per day of 5% for FY25
and FY26 to return to pre-COVID levels, and thereafter annual
EBITDA growth of 2.5%. The terminal year sales growth starting
FY29 assumes a constant growth rate of 2.5% (2022: 1.5%).
The discount rate used to discount the forecast cash flows is
10.09% (2022: 9.48%).
Sensitivity Analysis
As noted, AWF is sensitive to changes in its financial
performance assumptions, specifically the growth rate of temps
per day. Based on the growth rates and assumptions disclosed,
the recoverable amount exceeds the aggregated carrying value
by approximately $4.0m. In the event the annualised growth
rate achieved in temps per day for FY25 and FY26 is 3.75%, the
recoverable amount will approximate its carrying value.
The sensitivity assumptions across all the other CGUs 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 202357
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
20232022
RETAINED EARNINGS AND DIVIDENDSNOTE$’000$’000
Opening balance at 1 April 6,3498,465
Total comprehensive income for the year1,9772,999
Dividends paidC5(4,309)(5,171)
Restricted share scheme options lapsedF15756
Closing balance at 31 March4,0746,349
C2 SHARE CAPITAL
GROUP
2023202220232022
ORDINARY SHARE CAPITALNo of SharesNo of Shares$’000$’000
Issued and fully paid:
Opening balance at 1 April34,325,54234,325,54230,86830,868
Closing balance at 31 March34,325,54234,325,54230,86830,868
The share capital reflected in the following 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
2023202220232022
TREASURY SHARESNo of SharesNo of Shares$’000$’000
Issued and fully paid:
Opening balance at 1 April517,289–804–
Purchase of treasury shares–517,289–804
Closing balance at 31 March517,289517,289804804
Treasury shares were acquired 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.

NOTES TO THE GROUP FINANCIAL STATEMENTS58ACCORDANT GROUP ANNUAL REPORT 2023
C4 EARNINGS PER SHARE
GROUP
20232022
EARNINGS PER SHARENOTE$’000$’000
Comprehensive income for the year net of tax1,9772,999
Number of ordinary shares as at 31 MarchC234,325,54234,325,542
Weighted average number of shares for basic earnings per share33,808,25333,808,253
Total basic earnings per share (cents per share)5.88.9
Weighted average number of shares for diluted earnings per share33,808,25333,808,253
Total diluted earnings per share (cents per share)5.88.9
The restricted shares detailed in Note F1 could also potentially dilute earnings per share in the future, but currently are
anti-dilutive (2022 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
20232022
Cents per shareTotal $’000Cents per shareTotal $’000
Recognised amounts:
Prior year final dividend5.601,9878.202,865
Interim dividend6.502,3226.502,306
4,3095,171
Final dividend declared3.001,0715.601,987
Dividends
Prior year final dividend
On 25 May 2022 the directors approved 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
was not offered on this distribution.
Current year interim dividend
On 26 October 2022 the directors approved the payment of a
fully imputed interim dividend of $2,322m (6.5 cents per share)
paid on 1 December 2022.
Subsequent event
On 29 May 2023 the directors resolved to approve the
payment of a fully imputed final dividend of 3.0 cents pre share
(total dividend of $1,071,248) to be paid on 30 June 2023
to all shareholders registered on 16 June 2023. The dividend
reinvestment plan will not be offered on this distribution.

NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202359
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
20232022
CASH AND CASH EQUIVALENTS$’000$’000
Cash at bank1,9544,972
Total cash and cash equivalents1,9544,972
GROUP
RECONCILIATION OF NET PROFIT AFTER TAX TO CASH FLOWS
FROM OPERATING ACTIVITIES
20232022
$’000$’000
Net profit after income tax1,9772,999
Adjustments for operating activities non-cash items:
Depreciation and amortisation4,6284,941
Impairment109–
(Gain)/Loss on disposal of property, plant and equipment and intangible assets(16)(24)
Movement in expected credit loss provision(281)(63)
Movement in deferred tax(158)(585)
Equity-settled share-based payments223134
Interest on contingent consideration to the vendor of Hobson Leavy22–
Interest on contingent consideration to the vendor of JacksonStone & Partners –13
Fair value movement on contingent consideration to the vendor of JacksonStone & Partners –845
Total non-cash items4,5275,261
Movements in working capital excluding movements relating to purchase of subsidiaries:
(Increase)/decrease in trade and other receivables, and contract assets2,666(2,451)
Increase/(decrease) in trade and other payables, and contract liabilities(3,236)4,249
Increase/(decrease) in taxation payable(1,219)421
Total movement in working capital(1,789)2,219
Cash flow from operating activities4,71510,479

NOTES TO THE GROUP FINANCIAL STATEMENTS60ACCORDANT GROUP ANNUAL REPORT 2023
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 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 $100,000 (2022: $381,000) 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 $2.6 million (2022: $4.6 million) which are overdue at the reporting
date. Included in other receivables are debtors with a carrying value of $Nil (2022: $Nil) which are overdue at the reporting date.
The Group does not hold any collateral over these balances.
The Group writes off a receivable when there is information indicating that the debt is in severe financial difficulty and there is
no realistic prospect of recovery, e.g. when the debtors has been placed under receivership or liquidation, or has entered into
bankruptcy proceedings. NZ IFRS 9 includes a rebuttal presumption that a loss event has occurred if debtors are aged greater than
90 days. Impairment losses on trade and other receivables are presented as ‘direct expenses’ in the Statement of Comprehensive
Income. Any revisions to this amount are credited to the same line item.
GROUP
20232022
TRADE AND OTHER RECEIVABLES$’000$’000
Trade receivables23,00825,253
Provision for expected credit loss(100)(381)
Total trade receivables22,90824,872
Other receivables863996
Total other receivables863996
Total trade and other receivables23,77125,868

NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202361
GROUP
20232022
PROVISION FOR IMPAIRMENT NOTE$’000$’000
PROVISION FOR EXPECTED CREDIT LOSS FOR TRADE RECEIVABLES
Balance at 1 April381493
Impairment losses reversedA4(247)(112)
Impairment losses recognisedA4(34)–
Balance at 31 March100381
GROUP
EXPECTED LOSS RATES FOR TRADE RECEIVABLESCurrent
1 – 30
days
30 – 60
days
60 – 90
days
90+
daysTotal
31 March 2023
Expected loss rate (%)0.0%0.0%5.1%51.4%98.4%0.5%
Gross trade receivables ($’000)20,3932,1323251223623,008
Provision for impairment of trade receivables ($’000)––(15)(54)(31)(100)
Net trade receivables20,3932,13231068522,908
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
EXPECTED LOSS FOR OTHER RECEIVABLES
Management has reviewed and assessed other receivables and the provision for impairment $Nil (2022: $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 2023 Group revenue (2022: 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.

NOTES TO THE GROUP FINANCIAL STATEMENTS62ACCORDANT GROUP ANNUAL REPORT 2023
C8 BORROWINGS
GROUP
20232022
BORROWINGS
$’000$’000
Bank loans23,50018,000
Total borrowings23,50018,000
Classified as:
Current––
Non-current23,50018,000
Total bank loans23,50018,000
Summary of borrowing arrangements
During the financial year the Group changed the composition of the ASB Bank Facilities and extended the facilities to 1 October 2024.
Total Facility limit remained constant at $38.0m. The Revolving Credit Facility was reduced to $23.0m from $30.0m, the Group
Overdraft Facility was withdrawn, previously $8.0m and a Trade Finance Facility was introduced, with a limit of $15.0m.
Facility usage at 31 March 2023 was: Revolving Credit $18.0m (2022: $15.0m) and Trade Finance $5.5m (2022: $Nil).
Cash at Bank at 31 March 2023 was $1.954m (2022: $4.972m).
The loan facilities are secured by first ranking General Security Deed with cross guarantees and indemnities executed by all Group
entities (refer note E1). The banking facilities require the Group to operate within defined financial undertakings. The Group has
complied with all covenant requirements during the year.
The revolving loan is drawn in tranches which are financed for 90 days. The trade finance loan is drawn in tranches which are
financed for 30 days, repayable during the interest term without penalty at the company’s election.
The weighted average cost of interest including bank margin and line fee (excluding bank facility fee) was 5.18% (2022: 2.57%).
Reconciliation of liabilities arising from financing activities
The table below details changes in the Group’s liabilities arising from financing activities, including both cash and non-cash
changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the
Group’s statement of cash flows as cash flows from financing activities:
GROUP
Opening balance
1 April
Financing
cash flows
Non-cash
changes
Closing balance
31 March
NOTE$’000$’000$’000$’000
For the year ended 31 March 2023
Borrowings
Bank loans - ASB Bank Limited
(i)
18,0005,500–23,500
Other financial liabilities from financing activities
Lease liabilities
(ii)
B27,756(2,803)2,8607,813
Hobson Leavy contingent considerationG1––2,6482,648
Total25,7562,6975,50833,961
For the year ended 31 March 2022
Borrowings
Bank loans - ASB Bank Limited
(i)
15,0003,000–18,000
Lease liabilities
(ii)
B29,255(2,351)8527,756
Total24,25564985225,756
(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 $1,599,000 (2022: $859,000) and remeasurement of existing leases
during the year of $894,000 (2022: -$7,000).

NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202363
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
20232022
TRADE AND OTHER PAYABLES$’000$’000
Trade payables8,4318,442
Goods and services tax (GST) payable1,9801,921
PAY E2,4503,723
Other payables and accruals8,53810,296
Total trade and other payables21,39924,382

NOTES TO THE GROUP FINANCIAL STATEMENTS64ACCORDANT GROUP ANNUAL REPORT 2023
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 202365
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
5+
yearsTOTAL
%$’000$’000$’000$’000$’000$’000
2023
Financial assets
Non-interest bearing-%23,992––––23,992
Floating interest2.13%1,954––––1,954
Financial liabilities
Non-interest bearing-%(9,376)(2,409)(2,262)(7,916)(964)(22,927)
Floating interest5.18%(101)(203)(913)(24,109)–(25,326)
16,469(2,612)(3,175)(32,025)(964)(22,307)
2022
Financial assets
Non-interest bearing-%25,965––––25,965
Floating interest0.00%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)
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.
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
20232022
$’000$’000
Impact on profit and equity11790

NOTES TO THE GROUP FINANCIAL STATEMENTS66ACCORDANT GROUP ANNUAL REPORT 2023
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 heldPrincipal activity
AWF LimitedNew Zealand100% (2022: 100%)100% (2022: 100%)Labour hire
Madison Recruitment LimitedNew Zealand100% (2022: 100%)100% (2022: 100%)Recruitment
Absolute IT LimitedNew Zealand100% (2022: 100%)100% (2022: 100%)
Recruitment and
Payroll Services
Probity NZ LimitedNew Zealand100% (2022: 100%)100% (2022: 100%)Probity checks
Accordant Group Services LimitedNew Zealand100% (2022: 100%)100% (2022: 100%)Group Services
JacksonStone & Partners LimitedNew Zealand100% (2022: 100%)100% (2022: 100%)Recruitment
JacksonStone Consulting LimitedNew Zealand100% (2022: 100%)100% (2022: 100%)Dormant
The Work Collective LimitedNew Zealand100% (2022: 100%)100% (2022: 100%)Social Initiative
Hobson Leavy LimitedNew Zealand100% (2022: N/A)100% (2022: N/A)Executive Search

NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202367
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
20232022
EMPLOYEE BENEFITS
$’000$’000
Employee benefits116,866115,198
Employer contribution to Kiwisaver2,7942,425
Equity-settled share-based payments223134
Total employee benefits expense119,883117,757
GROUP
20232022
COMPENSATION OF KEY MANAGEMENT PERSONNEL (Excludes Directors)$’000$’000
The remuneration of key management during the year was as follows:
Salaries and short-term benefits3,1442,990
Employer contribution to Kiwisaver9489
Equity-settled share-based payments74217
Total key management personnel compensation3,3123,296
The remuneration of directors and key executives is determined by the Remuneration and Nomination Committee having regard
to  the performance of individuals and market trends. Directors fees expensed during the year was $395,000 (2022: $375,000).
Gross dividends paid during the year to key management who hold restricted shares was $103,000 (2022: $301,000).

NOTES TO THE GROUP FINANCIAL STATEMENTS68ACCORDANT GROUP ANNUAL REPORT 2023
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 tradable
until they are converted to ordinary shares based on the terms
of the scheme.
A total of 490,000 restricted shares were issued to senior staff
during the year under the terms of the Group share scheme
(2022: 885,000). 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 (2022:
No restricted shares were exercised during the year).
150,000 restricted shares were expired during the year
(2022: 81,000) and 105,000 restricted shares were forfeited
during the year (2022: 66,000). The corresponding interest free
loan provided to staff was also cancelled.
At 31 March 2023, there were 1,910,000 (2022: 1,675,000)
shares held by staff members and corresponding loans to the
value of $3,418,440 (2022: $3,019,000).
The following share-based payment arrangements were in existence at 31 March 2023:
Number
Grant
date
Vesting
date
Expiry
date
Issue
price
Fair value at
grant date
of the option
RESTRICTED SHARE SERIES$$
H Shares 2019 Grant188,8001/11/20181/01/20241/01/20251.900.55
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 Grant384,0001/10/20211/01/20241/01/20251.900.43
L Shares 2022 Grant416,0001/10/20211/01/20251/01/20261.900.48
M Shares 2023 Grant245,00014/10/20221/10/20251/10/20261.800.50
N Shares 2023 Grant245,00014/10/20221/10/20261/10/20271.800.56
Total1,910,000
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 202369
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) % %$
H Shares 2019 Grant1/11/20181/01/2024$1.84$1.901,8875.202.20%26.70%$0.55
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
M Shares 2023 Grant14/10/20221/10/2025$1.61$1.801,0833.004.44%37.10%$0.50
N Shares 2023 Grant14/10/20221/10/2026$1.61$1.801,4484.004.45%35.80%$0.56
The weighted average fair value of the restricted shares granted under the restricted share scheme during the year was
$0.47 (2022: $0.45).
The following reconciles the outstanding restricted shares granted under the restricted share scheme at the beginning and
end of the year:
GROUP
20232022
Option
Weighted average
exercise priceOption
Weighted average
exercise price
Number$Number$
Balance at 1 April1,675,000$1.80937,000$1.78
Granted during the year490,000$1.80885,000$1.90
Exercised during the year–$-–$-
Expired during the year(150,000)$1.89(81,000)$2.46
Forfeited during the year(105,000)$1.90(66,000)$1.91
Balance at 31 March1,910,000$1.791,675,000$1.80
The number of restricted share options exercisable at 31 March 2023 is Nil (2022: Nil).
The restricted shares outstanding at 31 March 2023 had a weighted average contractual life from inception of 1,251 days
(2022: 1,129 days).
During the year ended 31 March 2023 the share based payments expense recognised by the Group was a charge of $222,215
(2022: charge of $134,028).
There were no restricted share options exercised during the year (2022: none).

NOTES TO THE GROUP FINANCIAL STATEMENTS70ACCORDANT GROUP ANNUAL REPORT 2023
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
20232022
PROVISION FOR WAGES, MEDICAL AND REHABILITATION COSTS$’000$’000
Balance at 1 April400400
Payments made during the year(653)(223)
Estimated change in the claims provision655(19)
Estimated Provision relating to prior year(s) claims402158
Estimated provision relating to current year claims180242
Balance at 31 March582400
Current582400
Non-current––
Balance at 31 March582400
AWF Limited continues to participates in the ACC Partnership
Discount Plan. Under this plan AWF Limited, as employer
undertakes injury management with the assistance of its
appointed agent and acepts financial responsibility for
employees who incur work-related injuries for a 12 month
management period.
KEY JUDGEMENTS AND ESTIMATES – REHABILITATION
UNDER THE ACC PARTNERSHIP PROGRAMME
Provisions represent management’s best estimate of the
Group’s liability for ongoing wages, 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
(2022: 18,194,598) shares is the ultimate controlling entity
of the Group, having a 53.01% (2022: 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
20232022
RELATED PARTY TRANSACTIONS
$’000$’000
Mr Simon Bennett – Consultancy services12030
Mr Richard Stone – Consultancy services–50
Accordant Group Services Limited has entered a consultancy arrangement with Mr Simon Bennett (Chairman and Director)
commencing 1 January 2022 at the rate of $120,000 per annum for a defined scope of work.
JacksonStone & Partners Limited 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. This consultancy arrangement concluded at 31 March 2022.
At 31 March 2023, Group entities do not have any amounts owed or owing to a related party that is not a member of the Group
(2022: $ Nil).

NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202371
F4 COMMITMENTS
GROUP
20232022
CAPITAL EXPENDITURE COMMITMENTS
$’000$’000
Property, plant and equipment7939
Total capital expenditure commitments7939
F5 CONTINGENT ASSETS AND LIABILITIES
ASB Bank Limited has issued seven guarantees on behalf of the Group totaling $888,000 in support of property leases (6)
and a surety bond to the NZX (2022: $534,000).
The Group has no other contingent assets or liabilities at 31 March 2023 (2022: $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 2023.

NOTES TO THE GROUP FINANCIAL STATEMENTS72ACCORDANT GROUP ANNUAL REPORT 2023
G. Significant matters in the financial year
Significant matters which have impacted the Group's financial
performance.
G1 BUSINESS COMBINATIONS
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.
Goodwill is measured as the excess of the sum of the
consideration transferred, the amount of any non-controlling
interests in the acquiree, and the fair value of the acquirer’s
previously held equity interest in the acquiree (if any) over the
net of the acquisition-date amounts of the identifiable assets
acquired and the liabilities assumed. If, after reassessment, the
net of the acquisition-date amounts of the identifiable assets
acquired and liabilities assumed exceeds the sum of
the consideration transferred, the amount of any non-controlling
interests in the acquiree and the fair value of the acquirer’s
previously held interest in the acquiree (if any), the excess
is recognised immediately in profit or loss as a bargain
purchase gain.
The Group’s goodwill policy is set out in note B4.
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.
If the initial accounting for a business combination is incomplete
by the end of the reporting period in which the combination
occurs, the Group reports provisional amounts for the items for
which the accounting is incomplete. Those provisional amounts
are adjusted during the measurement period (see below), or
additional assets or liabilities are recognised to reflect new
information obtained about facts and circumstances that
existed as of the acquisition date that, if known, would have
affected the amounts recognised as of that date.
IN THIS SECTION
Purchase of Hobson Leavy
Effective 31 January 2023, Accordant Group Limited acquired the shares of Hobson Leavy Limited (‘Hobson Leavy’). Hobson Leavy
is one of New Zealand’s market leaders in retained executive search, operating exclusively in the “C” suite market and across both
the public and private sectors. The acquisition accelerates the group’s capability in the search market, and especially in Auckland.
The goodwill and identifiable intangible assets are not deductible for income tax purposes.
The initial accounting for the Hobson Leavy business combination has been completed (i.e. the amounts reported below are
not provisional).
NamePrincipal activityDate of acquisitionProportion acquiredCost of acquisition
%$’000
Hobson LeavyRetained executive “C suite” search31/1/2023100%8,795

NOTES TO THE GROUP FINANCIAL STATEMENTSACCORDANT GROUP ANNUAL REPORT 202373
Fair value on acquisition
Analysis of assets and liabilities acquired$’000
Non-current assets
Plant and equipment165
Intangible assets
• Hobson Leavy brand1,607
• Customer relationships1,072
• Restraint of trade 2,585
Right of use assets1,167
Current assets
Trade receivables372
Other receivables28
Cash and cash equivalents397
Non-current liabilities
Deferred tax(1,431)
Lease liabilities(909)
Current liabilities
Trade and other payables(447)
Taxation payable(38)
Lease liabilities(258)
Net identifiable assets and liabilities4,310
Goodwill on acquisition4,485
Cost of acquisition8,795
The Group engaged an external valuation specialist to assist in determining the market value for the identifiable intangible assets.
The intangible assets acquired comprise assets that have both finite and indefinite life spans. The Hobson leavy brand is
considered to have an indefinite life span and the customer relationships and non-compete have a finite life span.
Intangible assets with a finite life span are amortised over their estimated useful lives.
Trade receivables of $372,000 were subsequently collected and therefore represent fair value at acquisition date.
Cost of acquisition
The cost of acquisition was made up as follows:$’000
Paid in cash on completion date (31 January 2023)6,097
Working capital adjustment (3 March 2023) 50
Earn out tranche 1 (Payable May 2024) 1,196
Earn out tranche 2 (Payable May 2025) 1,452
8,795

NOTES TO THE GROUP FINANCIAL STATEMENTS74ACCORDANT GROUP ANNUAL REPORT 2023
Contingent consideration
As at acquisition date
As part of the purchase agreement, a contingent consideration
arrangement has been agreed.
Under the contingent consideration arrangement, there will be
additional cash payments to the previous owners of Hobson
Leavy, where the Group is required to pay:
• Two Earn-outs based on performance in FY24 (‘Earn-out
tranche 1’) and FY25 (‘Earn-out tranche 2’) above a specified
and defined calculation of Earnings before Interest, Tax,
Depreciation and Amortisation (‘EBITDA’); and
At acquisition date, the potential undiscounted amount of all
future payments that the Group could be required to make
under the contingent consideration arrangement is $1.284m
for Earn-out tranche 1 and $1.628m for Earn-out tranche 2.
• The fair value of Earn-out tranche 1 of $1.196m, was estimated
by applying a discount factor of 5.30% to the earn out
amount of $1.284m. Management determined the amount
based on a 100% probability of meeting an EBITDA value in
excess of the agreed minimum EBITDA threshold.
• The fair value of Earn-out tranche 2 of $1.452m, was
estimated by applying a discount factor of 4.91% to the earn
out amount of $1.628m. Management determined this value
based on a range of probabilities and weighting of EBITDA in
excess of the agreed minimum EBITDA threshold.
As at 31 March 2023
There have been no material changes in the Group’s estimate
of the probable cashflows to the previous owners of Hobson
Leavy under the contingent consideration arrangement.
Fair value measurement
Contingent consideration is the Group’s only item measured
at fair value. Contingent consideration is categorised within
Level 3 of the fair value hierarchy. The following is information
about how the fair value of contingent consideration is
determined (in particular, the valuation technique(s) and
inputs used).
• Valuation
technique and
key inputs:
Discounted cash flow method was used
to capture the present value of the Group
arising from the contingent consideration.
• Significant
unobservable
inputs:
Discount rate
• Relationship
and sensitivity
of unobservable
inputs to
fair value:
The higher the discount rate, the lower
the fair value. If the discount rate was 1%
higher/lower while all other variables were
held constant, the carrying amount would
decrease/increase by $48,000
Acquisition related costs amounting to $379,000 have been excluded from the consideration transferred and have been
recognised as an expense in the Statement of Comprehensive Income in the year ended 31 March 2023.
Net cash outflow on acquisition$’000
Total purchase consideration8,795
Less non cash consideration
Contingent consideration(2,648)
Consideration paid in cash6,147
Less: cash & cash equivalents acquired(397)
Net cash paid5,750
Goodwill on acquisition
Goodwill arose on the acquisition of Hobson Leavy as the consideration paid included amounts in relation to the benefit of future
market development and the assembled client base, candidate data base and workforce. The portion of these benefits that relates
to contracts with major clients, the Hobson Leavy brand, and the restraint of trade agreements imposed on the vendors have been
valued separately as intangible asset. The remaining benefits are not recognised separately from goodwill as they do not meet the
recognition criteria for identifiable intangible assets.