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Notes to the Consolidated Financial Statements

23. Trade and other liabilities

All figures in millions 2007 2006
Trade payables 342 343
Social security and other taxes 23 18
Accruals 402 345
Deferred income 290 276
Dividends payable to minority 12
Other liabilities 171 178
1,240 1,160
Less: non-current portion
Accruals 30 24
Deferred income 58 47
Other liabilities 102 91
190 162
Current portion 1,050 998

The carrying value of the Group’s trade and other liabilities approximates its fair value.

The deferred income balances comprise:

– multi-year obligations to deliver workbooks to adoption customers in school businesses;
– advance payments in contracting 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.

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