Complex sentence: In deference to the previous competition, the top five entrants from 1924 were each to be given £75 upon the submission of a new design, and all of the designs were insured by the government for £100 each.
Split into simpler sentences: In deference to the previous competition, the top five entrants from 1924 were each to be given £75 upon the submission of a new design. Additionally, all of the designs were insured by the government for £100 each.