Page 78 - Learn Africa 2021 Annual Report

Learn Africa Plc

Notes to the Financial Statements (cont’d)
For the year ended 31 March 2021

5 Other income 31 Mar 2021 31 Mar 2020
$’000 $’000
5.1 Other operating income
Net gain on disposal of PPE - 2,230
Valuation gain from investment properties* - 17,571
Reversal of provision for sales returns 57,388 103,472
Gain on related party loan - 5,542
Exchange gain - 284
Insurance claim 6,708 4,027
Others 75 864
64,171 133,990

In the 2020 financial reporting period, a loss of $25,610,000 on the disposal of investment
property was incorrectly recorded separately from the fair value adjustments on investment
properties. The comparitives have now been corrected by removing the loss on disposal and
including it in the $17,571,000 regarding the valuation gain from investment properties in
Note 5.1.

5.2 Finance income

Interest received on deposit 287 10,595
Finance income was recognised using effective interest method. Interest expense was
recognised using effective interest rate method.

5.3 Cost of sales
31 Mar 2021 31 Mar 2020
$’000 $’000
Cost of publications 1,106,962 1,108,596
Royalties 117,622 172,567
Plant depreciation 20,294 30,554
Inventory write-off 5,457 78,706
1,250,335 1,390,422

78