Page 90 - Learn Africa 2021 Annual Report

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

For the year ended 31 March 2021

15 Cash and short-term deposits

31-Mar-21 31-Mar-20
$’000 $’000
Cash in hand 780 424
Cash at banks 507,920 113,712
Short-term fixed deposit (Note 15.1) - 63,713
508,700 177,850

15.1 Short-term fixed deposits

Fixed deposit placement with bank - 63,737
Gross - 63,737
ECL - (23)
Net - 63,713

Cash at bank earns interest at floating rates based on daily bank deposit rates. Short-term
deposits are made for varying periods of between one day and three months, depending on
the immediate cash requirements of the Company, and earn interest at the respective short-
term deposit rates.

For the purpose of the statement of cash flow, cash and cash equivalents consist of cash and
short-term deposits as defined below. The short-term deposits have a maturity of less than
90 days and are subject to an insignificant risk of changes in value.

31-Mar-21 31-Mar-20
$’000 $’000
Cash at banks and in hand 508,700 114,136
Fixed deposit placement with bank - 63,737
508,700 177,873
Less ECL - (23)
508,700 177,850

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