Page 96 - Learn Africa 2021 Annual Report

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

For the year ended 31 March 2021

All assets and liabilities for which fair value is measured or disclosed in the financial
statements are categorised within the fair value hierarchy, described as follows, based on
the lowest level input that is significant to the fair value measurement as a whole:

• Level 1 – Quoted (unadjusted) market prices in active markets for identical assets
or liabilities.
• Level 2 – Valuation techniques for which the lowest level input that is significant to
the fair value measurement is directly or indirectly observable.
• Level 3 – Valuation techniques for which the lowest level input that is significant to
the fair value measurement is unobservable.

For assets and liabilities that are recognised in the financial statements on a recurring basis,
the Company determines whether transfers have occurred between levels in the hierarchy
by re-assessing categorisation (based on the lowest level input that is significant to the fair
value measurement as a whole) at the end of each year.

For the purpose of fair value disclosures, the Company has determined classes of assets and
liabilities on the basis of the nature, characteristics and risks of the asset or liability and the
level of the fair value hierarchy as explained above.

The following tables provide the fair value measurement hierarchy of the Company’s
assets:

At 31 March 2021 Fair value measurement using
Total (₦) Quoted prices Significant Significant
in active observable unobservable
market inputs inputs
(Level 1) (Level 2) (Level 3)
Asset measured at fair value
Investment properties (Note 9) 322,667 - - 322,667

The date of valuation was 31 March 2021

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