Page 93 - Learn Africa 2021 Annual Report

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

For the year ended 31 March 2021

18.1 Royalty
This relates to payment made to authors for the use of their intellectual properties. The
applicable rate ranges from 5% to 10% on the published price of text books. For major
contracts from government institutions, a rate of 2.5% is applied.

The maturity ageing analysis of royalty payable is as follows:

1-60 days 61-120 days > 120 days Total
31 March 2021 $’000 $’000 $’000 $’000
Royalty payables 150,587 102,527 67,283 320,397

31 March 2020
Royalty payables 165,929 112,973 74,139 353,041

18.2 Unclaimed dividend
This relates to 90% of unclaimed dividend of 15 months and above returned by the
Company’s Registrar in the year. This was as specified by the Security and Exchange
Commisssion. This is as detailed below:
31-Mar-21 31-Mar-20
$’000 N’000
At 1 April 136,823 111,242
Reclassified to statute barred (3,374) (603)
Receipt from Company Registrar - 26,184
At 31 March 133,449 136,823

Payment Amount of dividend Total dividend paid Date of Unclaimed 90%
no. declared to date payment dividend remittance
NGN NGN NGN NGN
1 170,986,000 162,562,541 6/8/2009 497,799 7,925,659
2 170,100,000 170,085,052 6/7/2010 1,495 13,453
3 85,052,363 73,779,067 8/15/2011 60,623 11,212,672
4 173,576,250 149,697,229 4/9/2012 602,100 23,276,921
5 139,003,738 120,995,797 5/31/2013 78,115 17,929,825
6 83,412,750 71,163,796 6/6/2014 87,257 12,161,697
7 83,614,772 64,778,429 6/5/2015 407,502 18,428,841
8 69,714,246 53,048,279 7/7/2017 350,004 16,315,964
9 97,441,716 69,050,854 8/31/2018 2,206,461 26,184,401
4,291,356 133,449,433

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