Pearson Annual Report and Accounts 2010 - Notes to the consolidated financial statements

Financial statement
- Group accounts
  - Consolidated income statement
  - Consolidated statement of comprehensive income
  - Consolidated balance sheet
  - Consolidated statement of changes in equity
  - Consolidated cash flow statement
  - Independent auditors’ report to the members of Pearson plc
  - Notes to the consolidated financial statements
- Parent company accounts

Notes to the consolidated financial statements

< Previous 23. Provisions for other liabilities and charges

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24. Trade and other liabilities

All figures in £ millions	2010	2009
Trade payables	470	461
Social security and other taxes	22	30
Accruals	559	504
Deferred income	559	487
Interest payable	12	10
Put option over non-controlling interest	25	23
Other liabilities	204	205
	1,851	1,720
Less: non-current portion
Accruals	26	23
Deferred income	120	116
Put option over non-controlling interest	25	23
Other liabilities	75	91
	246	253
Current portion	1,605	1,467

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

The deferred income balance comprises principally: multi-year obligations to deliver workbooks to adoption customers in school businesses; advance payments in assessment and testing businesses; subscription income in school and newspaper businesses; and obligations to deliver digital content in future periods.

The put option over non-controlling interest is the fair value of an option held by the non-controlling interest in the Group’s South African business. The option enables the non-controlling 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.