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96 GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES ANNUAL REPORT 2020 FINANCIALS 2020GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2020(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)(Continued)14. Stated capital, treasury shares and other reserves (continued)The foreign currency reserve is used to record exchange differences arising from the translation of the financial statements of iRadio Inc. into Trinidad and Tobago dollars.In the normal course of business operations, writs were filed against the Group for libel, some of which remained outstanding at the year-end. Based on professional advice received, management has established provisions of $1.169 million (2019: $0.827 million) to cover potential liabilities of this nature.2020 2019c. Other reserve $ $Foreign currency reserveBalance as at 1 January 270 270Currency translation 145 %u2013Balance as at 31 December 415 27015. Trade and other payables 2020 2019$ $Trade creditors 3,324 5,112Other creditors and accruals 15,688 16,381VAT payable 1,607 859Amounts due to group companies (Note 21) 737 2,789 21,356 25,141