Notes to the consolidated financial statements
Notes contents24. Trade and other liabilities
All figures in £ millions | 2009 | 2008 |
---|---|---|
Trade payables | 461 | 450 |
Social security and other taxes | 30 | 35 |
Accruals | 504 | 501 |
Deferred income | 487 | 444 |
Interest payable | 10 | 10 |
Dividends payable to minority interest | – | 5 |
Put option over minority interest | 23 | – |
Other liabilities | 205 | 205 |
1,720 | 1,650 | |
Less: non-current portion | ||
Accruals | 23 | 42 |
Deferred income | 116 | 87 |
Interest payable | – | 1 |
Put option over minority interest | 23 | – |
Other liabilities | 91 | 91 |
253 | 221 | |
Current portion | 1,467 | 1,429 |
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.
The put option over minority interest is the fair value of an option held by the minority interest in our Pearson South Africa business. The option enables the minority interest to sell their 15% share of Pearson South Africa to Pearson from 1 January 2012 at a price determined by the future performance of that business.