Notes to the financial statements |

For the year ended 31 December 2022

10. Payables

Accounting policy

Short-term creditors and other payables are recorded at their face value.

Creditors and other payables are non-interest bearing and are normally settled on terms varying between 7 days and 20th of the month following invoice date. Therefore, the carrying value of trade and other payables approximates their fair value.

Deferred non-exchange revenue relates to grants and donations received to which there are stipulated conditions attached.

Non-exchange revenue in relation to this balance is recognised at the point-in-time as each stipulated condition is met. For terms and conditions relating to related parties payables, refer to note 18.