24. Trade and other liabilities
|
All figures in £ millions |
2017 | 2016 | ||||||
|
Trade payables |
265 | 333 | ||||||
|
Social security and other taxes |
21 | 25 | ||||||
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Accruals |
447 | 507 | ||||||
|
Deferred income |
322 | 883 | ||||||
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Interest payable |
45 | 31 | ||||||
|
Liability to purchase own shares |
151 | — | ||||||
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Other liabilities |
224 | 272 | ||||||
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| 1,475 | 2,051 | |||||||
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Less: non-current portion |
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Accruals |
26 | 17 | ||||||
|
Deferred income |
35 | 319 | ||||||
|
Other liabilities |
72 | 86 | ||||||
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| 133 | 422 | |||||||
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Current portion |
1,342 | 1,629 | ||||||
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The carrying value of the Group’s trade and other liabilities approximates its fair value.
The deferred income balance comprises advance payments in assessment, testing and training businesses; subscription income in school and college businesses; and obligations to deliver digital content in future periods.
The liability to purchase own shares relates to a liability arising under a buyback agreement for the purchase of the company’s own shares (see note 27).