Annual report and accounts 2008

Notes contentsNotes to consolidated financial statements

24. Trade and other liabilities

All figures in £ millions	2008	2007
Trade payables	450	342
Social security and other taxes	35	23
Accruals	501	402
Deferred income	444	290
Interest payable	10	—
Dividends payable to minority interest	5	12
Other liabilities	205	171
	1,650	1,240
Less: non-current portion
Accruals	42	30
Deferred income	87	58
Interest payable	1	—
Other liabilities	91	102
	221	190
Current portion	1,429	1,050

The carrying value of the Group’s payables approximates its fair value.

The deferred income balances comprise:

–multi-year obligations to deliver workbooks to adoption customers in school businesses;

–advance payments in assessment and testing businesses;

–subscription income in school, newspaper and market pricing businesses;

–advertising income relating to future publishing days in newspaper businesses; and

–obligations to deliver digital content in future periods.