Page 98 - Learn Africa 2021 Annual Report

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

For the year ended 31 March 2021

22 Related party balances

Learn Africa Education Development Foundation (LAEDF)
Learn Africa Education Development Foundation is a CSR initiative of Learn Africa Plc.
The Foundation was established in 2012 to, among others, promote learning and encourage
academic excellence in the country.

In 2017, a loan of $117 million was obtained from LAEDF at 8% interest rate payable
after 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. However, during the financial
year, $100 million from the outstanding loan was used for the purchase of five-bedroom
terrace building from Learn Africa Plc, leaving a balance of 22.3 million as at the reporting
date.

23 Key management compensation
Compensation of key management personnel of the Company – executive and senior
management.
2021 2020
₦’000 ₦’000
Employee benefits 29,450 52,161
Post-employment benefit 2,941 8,534
32,391 60,695

The employee benefits relate to the amounts recognised as an expense during the reporting
period related to key management personnel. The Executive Directors are paid salaries by
Learn Africa Plc.
Information regarding Directors emoluments:
2021 2020
₦’000 ₦’000
Directors’ emolument comprise:
Fees 3,497 3,304
Others 23,872 37,738
Pension contribution 1,709 4,760
29,078 45,802

Chairman 2,039 2,145
Highest paid Director 11,435 16,712

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