Page 94 - Learn Africa 2021 Annual Report

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

The maturity ageing analysis of unclaimed dividend is as follows:

On-demand* 1-60 days 61-120 days > 120 days Total
31 March 2021 $’000 $’000 $’000 $’000 $’000
Unclaimed dividend 133,449 - - - 133,449

31 March 2020
Unclaimed dividend 136,823 - - 136,823

Unclaimed dividend is classified as on-demand because we can not accurately estimate the
time frame in which shareholders will come forward for their claims.

19 Provision

This relates to warranty provision made for sales returns. Provisions are required to be
made for a percentage of goods estimated to be returned by customers.

31-Mar-21 31-Mar-20
As at 1 April $’000 $’000
Utilised during the year 57,388 130,860
Arose during the year - (43,333)
Provision for the year - 73,333
46,097 -
Reversal of excess provision (57,388) (103,472)
At 31 March 46,097 57,388

20 Interest-bearing loan and borrowing

20.1 Loan and borrowing
Interest rate Maturity 31-Mar-21 31-Mar-20
$’000 $’000
Interest bearing loan 22% Dec. 2019 22,653 130,612
$117 million related party loan

In 2017, the Company obtained a below market rate loan of $117 million from a related
party at 8% for a term of 3 years. The loan was measured at fair value with effective
interest rate of 22%, the unwinding charge on the loan is expensed in finance costs.

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