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104 GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES ANNUAL REPORT 2022GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2022(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)(Continued)14. Stated capital, treasury shares and other reserve (continued)2022 2021c. Other reserve $ $Foreign currency reserveBalance as at 1 January 268 415Currency translation (101) (147)Balance as at 31 December 167 268The 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.2022 202115. Trade and other payables $ $Trade creditors 3,460 4,029Other creditors and accruals 14,557 16,073VAT payable 1,574 836Amounts due to group companies (Note 21) 2,664 6,381 22,255 27,319In 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 $0.54 million (2021: $0.85 million) to cover potential liabilities of this nature.