Page 85 - Learn Africa 2021 Annual Report

Learn Africa Plc
Notes to the Financial Statements (cont’d)

For the year ended 31 March 2021

There were no restrictions on the Company’s property, plant and equipment as at 31 March 2021
except for the Company’s Head Office building on which First Bank of Nigeria Limited holds a
floating debenture.

9 Investment properties

Land Building Total
$’000 $’000 $’000
At April 1 2019 344,000 184,620 528,620
Additions - 194,107 194,107
Reclassification from prepayment - 99,612 99,612
Disposal* (27,610) (64,390) (92,000)
Fair value gain/(loss)* 90,610 (73,039) 17,571
At 31 March 2020 407,000 340,910 747,910
Additions - 366,252 366,252
Asset write-off - (72,000) (72,000)
Disposals (261,621) (423,729) (685,350)
Fair value gain/(loss) 34,621 (68,766) (34,146)
At 31 March 2021 180,000 142,667 322,667

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 in Note 5.5. The comparitives have now been corrected by including the loss on
disposal as part of the Fair value gain/(loss) of the $17,571,000 and removing it from the
disposals line of $92,000,000.

**The building is made up of the following:
• Security gate house
• Generator house – completed
• Two (2) uncompleted wings of five-bedroom semi-detached houses
• Uncompleted block of five-bedroom detached house
• Uncompleted block of one unit of four-bedroom terrace apartment
The Company owns 11 building investment properties which are residential buildings in
Ikeja, Lagos Nigeria, out of which seven (7) properties were completed and disposed of
during the year. Hence, there are four (4) properties currently under construction at the
reporting date. At the year end, the Company engaged an independent valuer to fair value
the investment properties which comprise the land and the building under construction,
and the changes in fair value was recognised in the profit or loss.

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