30. Trade and other payables

Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. Trade and other payables are classified as current liabilities unless TMF Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date.

In millions of Euro	31 December 2023	31 December 2022
Total other payables	4.7	-
Non-current
Deferred income	4.7	-

In millions of Euro	31 December 2023	31 December 2022
Total trade and other payables	164.3	0.2
Current
Trade payables	34.8	0.2
Deferred income	30.9	-
Social security and other taxes	27.4	-
Employee benefit expense payable	35.9	-
Accrued expenses	20.0	-
Other payables	15.3	-

Deferred income

Fixed fees received in advance across all the service lines and up-front fees in respect of services due under the contract period which is primarily in line with the calendar year are time-apportioned to respective accounting periods, and those billed but not yet earned are included in deferred income in the balance sheet. There is limited judgement applicable for longer term contracts. All transaction prices are included in the client contracts and therefore agreed upfront. The allocation is based on timing of the performance obligations.

The expected reversal of the deferred income is shown in the following table:

In millions of Euro	31 December 2023	31 December 2022
Total deferred income	35.6	-
12 months or less	30.9	-
1-5 years	4.7	-
Over 5 years	-	-

Employee benefits

This includes the bonus payable, holiday allowance, vacation days payable, pension premiums and other employee benefit payables.

Accrued expenses

The accrued expenses include invoices to be received from suppliers related to marketing expenses, office expenses, professional fees and other.