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ANNUAL REPORT 2023 117GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2023(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)(Continued)14. Stated capital, treasury shares and other reserve (continued)2023 2022c) Other reserve $ $Foreign currency reserveBalance as at 1 January 167 268Currency translation (54) (101)Balance as at 31 December 113 167The 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.2023 202215. Trade and other payables $ $Trade creditors 2,794 3,460Other creditors and accruals 16,904 14,557VAT payable 922 1,574Amounts due to group companies (Note 21) 229 2,664 20,849 22,255In 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 $0.65 million (2022: $0.54 million) to cover potential liabilities of this nature.