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132 GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIESGUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2024(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)(Continued)14. Stated capital, treasury shares and other reserve (continued)2024 2023c) Other reserve $ $Foreign currency reserveBalance as at 1 January 113 167Currency translation 31 (54)Balance as at 31 December 144 113The 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.2024 202315. Trade and other payables $ $Trade creditors 1,979 2,794Other creditors and accruals 13,881 16,904VAT payable 906 922Amounts due to group companies (Note 21) 1,483 229 18,249 20,849In 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 (2023: $0.65 million) to cover potential liabilities of this nature.