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110 GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES ANNUAL REPORT 2021 GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2021(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)(Continued)14. Stated capital, treasury shares and other reserve (continued)2021 2020c. Other reserve $ $Foreign currency reserveBalance as at 1 January 415 270Currency translation (147) 145Balance as at 31 December 268 41515. Trade and other payables 2021 2020$ $Trade creditors 4,029 3,324Other creditors and accruals 16,073 15,688VAT payable 836 1,607Amount due to group companies (Note 21) 6,381 737 27,319 21,356The 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 $0.85 million (2020: $1.169 million) to cover potential liabilities of this nature.