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GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2018(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)(Continued)13. Stated capital, treasury shares and other reserves (continued)2018 2017(c) Other reserve $ $Foreign currency reserveBalance as at 1 January 776 353Currency translation (506) 423Balance as at 31 December 270 776The foreign currency reserve is used to record exchange diferences arising from the translation of the fnancial statements of iRadio Inc. into Trinidad and Tobago dollars. 2018 201714. Borrowings $ $Maturity of borrowings:Amounts payable:Within one year 476 455After one year but less than fve years 606 1,0821,082 1,537Current portion (476) (455)Non%u2013current portion 606 1,082Borrowings relate to fnance leases in respect of leased motor vehicles.These leases are paid via monthly instalments over a period of fve years and bear interest at rates ranging from 6% to 8% per annum (2017: 6% to 8%) and are secured against the leased motor vehicles to which they relate. FINANCIAL REPORT 93