- Part 4: For the preceding part double click ID:nRSF9792Dc
synergies and values associated with being part of the enlarged RM
resources proposition. Stock has been valued in line with group policy
taking into account the recoverability and obsolescence. The properties
have been restated to fair market value. Trade and other receivables and
payables were all reviewed and are in line with group policy.
Acquisition related costs
The group incurred acquisition related costs of £3.2m related to advisor
fees, banking arrangements and stamp duty. These costs have been included
in the administrative expenses in the group's consolidation statement of
comprehensive income. Costs relating to debt raising have been
capitalised and amortised over the life of the loan, see note 14.
14. Borrowings
Group 2017 2016
£000 £000
Bank loan (14,000) -
Add capitalised fees 812 -
Borrowings (13,188) -
Bank and professional service fees relating to securing the loan have been capitalised and are amortised over the length of the loan.
15. Related party transactions
The Group encourages its Directors and employees to be Governors, Trustees or
equivalent of educational establishments. The Group trades with these
establishments in the normal course of its business.
Ipswich School
John Poulter, non-executive director of RM plc, is a director of Ipswich
School. Sales made in the year total £12,296 (2016: £2,419) and at the
year-end there is a balance of £2,929 (2016: £90) outstanding.
Spinfield School
Neil Martin, executive director, is a governor of Spinfield School. TTS sales
made in the year total £456 (2016: £nil) and at the year-end there is a nil
balance (2016: £nil). The Consortium sales made in the year total £669.80
(2016: £nil) and at the year-end there is a balance of £83 (2016: £nil)
outstanding.
Grant Thornton LLP
Deena Mattar, non-executive director of RM plc, is a non-executive of the
Partnership Oversight Board of Grant Thornton. Grant Thornton were chosen from
a competitive tender conducted by the Company and Deena Mattar was not
involved in that exercise. The Company has engaged Grant Thornton to provide
advice in connection with certain activities. The following payments were
made in the year - £650,000 of integration costs in TTS and The Consortium,
£48,000 stock work in The Consortium and £25,000 accrual for IFRS15 work.
TES Global Ltd (formerly TSL Education Ltd)
Lord Andrew Adonis was a Member of Advisory Board until 21 April 2017. During
the year, the Group purchased £2,695 from the TES Global Ltd.
This information is provided by RNS
The company news service from the London Stock Exchange