diff --git a/CMakeLists.txt b/CMakeLists.txt
index fc62ab790f01cb77f617d6e1c84223c798f8f95a..43b02cd9899c32dca0939908cae2e866b2fb7eb2 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -16,5 +16,5 @@ find_package(GaudiProject)
 #---------------------------------------------------------------
 
 # Declare project name and version
-gaudi_project(Phys v21r1p2
-              USE Rec v19r0p2)
+gaudi_project(Phys v21r1p3
+              USE Rec v19r0p3)
diff --git a/ReleaseNotes/v21r1p3.md b/ReleaseNotes/v21r1p3.md
new file mode 100644
index 0000000000000000000000000000000000000000..99a1a999acbfd255c78793a71f4d59a1cf605094
--- /dev/null
+++ b/ReleaseNotes/v21r1p3.md
@@ -0,0 +1,43 @@
+2025-01-10 Phys v21r1p3
+===
+
+This version uses
+Rec [v19r0p3](../../../../Rec/-/tags/v19r0p3),
+Lbcom [v18r0p3](../../../../Lbcom/-/tags/v18r0p3),
+LHCb [v40r0p3](../../../../LHCb/-/tags/v40r0p3),
+Gaudi [v27r0](../../../../Gaudi/-/tags/v27r0) and
+LCG [83](http://lcginfo.cern.ch/release/83/) with ROOT 6.06.00.
+
+This version is released on `stripping21-patches` branch. It is intended for 2011 and 2012 pp incremental restrippings (S21r0p*, S21r1p*) and patches to pp incremental strippings in 2011 and 2012 simulation workflows. Builds with gcc49 on slc6
+Built relative to Phys [v21r1p2](../-/tags/v21r1p2), with the following changes:
+
+### New features ~"new feature"
+
+- ~Build | Add release notes template, !864 (@cattanem)
+- Add RestoreCaloRecoChain to PHYS v21r1pX / DV v39r1pX, !654 (@deschamp) :star:
+
+
+### Fixes ~"bug fix" ~workaround
+
+- D2DVVDSIGN needs to call signedDistance() instead of distance()  - stripping21-patches, !1064 (@masmith)
+- Fix the random seed of RestoreCaloRecoChain, !1056 (@masmith)
+- Fixes for functor caching, !620 (@cvazquez) [LHCBPS-1822]
+
+
+### Code cleanups and changes to tests ~modernisation ~cleanup ~testing
+
+- ~Tracking | Finish removal of VP, !697 (@cattanem)
+- ~Build | Remove INTEL_COMPILER ifdefs, icc not supported on this branch, !863 (@cattanem)
+- ~Build | Remove OPTIONS "-U__MINGW32__" from gaudi_add_dictionary directive, !714 (@cattanem)
+- Update DaVinciTransporter and LoKiFitters with versions from DaVinci/stripping21-patches, !855 (@cattanem)
+- Replace savannah bugs by corresponding JIRA tasks (@pkoppenb), !791 (@cattanem)
+- Remove unnecessary import of L0DUConfig.opts, !687 (@cattanem)
+- Complete the removal of upgrade detectors, !680 (@cattanem)
+- Remove upgrade detectors, !666 (@cattanem)
+- Fixed doubled CLHEP entries in DecayTreeFitter/CMakeLists.txt, !648 (@cattanem)
+
+
+### Documentation ~Documentation
+
+- Replace savannah bugs by corresponding JIRA tasks (@pkoppenb), !791 (@cattanem)
+