The reality of the situation is that unless we find some new funding soon, the youth centre will have to close.
There's too much reality on TV.
(Definition of “reality” from the Cambridge Advanced Learner's Dictionary & Thesaurus © Cambridge University Press)
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the art of forming solid objects that represent a thing, person, idea, etc. out of a material such as wood, clay, metal, or stone, or an object made in this way