REGISTERED NUMBER: |
DIRECTORS' REPORT AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 |
FOR |
PUNCH RECORDS LIMITED |
REGISTERED NUMBER: |
DIRECTORS' REPORT AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 |
FOR |
PUNCH RECORDS LIMITED |
PUNCH RECORDS LIMITED (REGISTERED NUMBER: 04358686) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2023 |
Page |
Directors' Report | 1 |
Balance Sheet | 4 |
Notes to the Financial Statements | 5 |
PUNCH RECORDS LIMITED (REGISTERED NUMBER: 04358686) |
DIRECTORS' REPORT |
FOR THE YEAR ENDED 31ST MARCH 2023 |
The directors present their report with the financial statements of the company for the year ended 31st March 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company continues to be that of the provision of community engagement, touring, events, music and arts training, education and commissioning new work. The company's income arises from both commercial activities and project based grant funding. Some of the grants received constitute restricted funds. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1st April 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
PUNCH RECORDS LIMITED (REGISTERED NUMBER: 04358686) |
DIRECTORS' REPORT |
FOR THE YEAR ENDED 31ST MARCH 2023 |
ABOUT PUNCH - TRANSFORMING LIVES THROUGH MUSIC |
PUNCH is a national music and arts development agency founded in the heart of Birmingham. Since 2002, our mission has been to TRANSFORM LIVES THROUGH MUSIC. PUNCH commissions artists, produces new work and engages with emerging audiences and artforms. Across the year ending 31 March 2023, as our peer professionals and grassroots communities dealt with the emerging cost of living crisis, we have continued to develop and deliver a bold creative programme featuring emerging and commercial artists with a sharp focus on diversity and innovation. |
1. SUPPORTING EMERGING ARTISTS |
PUNCH continually invests in authentic young artists through our robust commissioning process and our annual music and arts touring programmes. PUNCH has over a decade of experience building bold, creative, productive and fulfilling work with artists, venues, communities and investors. |
PUNCH's "P" WORD professional development programme continues to provide leadership expertise for ethnic minority artists working to establish a small creative business. Eight emerging artist leaders participated in our interlinked programme of workshops, conferences and opportunities. Core seminars covered subjects including business plan creation and cashflow generation, backed by 1-to-1 mentoring throughout the year. We additionally hosted the June 2022 Write The Future conference in partnership with Instagram and Facebook owners, Meta; bringing the region's musicians, creatives and music executives together. |
Our In The Room programme became our primary artist development vehicle over this period; each session offering participants opportunities for open and honest discussions with some of the UK's most successful music industry professionals including: the Music Producers' Guild, PR and music industry press specialists, digital marketing experts, the head of Virgin Media and 02 partnerships, BMG's YouTube Account Manager, the CEO of Atlantis Modelling Agency, the head of Artist Management at BE83 and BBC Radio DJ's Victoria Jane and Smooth Fuego. |
2. PRODUCING NEW WORK |
PUNCH both produces and partners with leading and emerging culturally diverse artists to create accessible, contemporary new works for under-served audiences. PUNCH has a strong track record in music touring, and now our portfolio of programming features film, dance, visual arts and more. |
PUNCH debuted a season of diverse new work by emerging artists; many commissioned through our GALLERY37 programme. These included Multiverse, a groundbreaking blend of digital technology and live performance. Reworlding, an immersive exhibition exploring themes, renewable energy and wellbeing was attended by over 500 people. We additionally produced films about the history of Gospel music, the current state of Jamaican Dancehall. Dosed, a short film by a debut director, was later selected as a semi-finalist in the New York International Women's Film Festival. |
Our touring and programming of groundbreaking artists in niche genres and for underserved audiences continued, including a sell-out two-city staging of Jamaican star Dexta Daps in March 2023, a five-city tour by 2023 RnB award-winner Morgan Monroe, and live performances by Kabaka Pyramid and Kupid the King. Our major success was supporting a 17-piece ensemble (driven by Bobbie Gardner and B+) celebrating the work of composer-arrangers Charles Stepney and David Axelrod - Music Unseen. This was performed in November 2022 at Manchester's Stoller Hall, The Royal Birmingham Conservatoire, and the London Southbank Centre. |
3. ENGAGING LOCAL COMMUNITIES |
PUNCH is a recognised national leader in developing and delivering programmes which creatively engage culturally diverse young people and marginalised communities. Our award-winning programmes emphasise hands-on learning, on-line interactivity, real-world outcomes and transferable skills. |
During the 2022-23 period we delivered our GALLERY37 public art commissions, working with artists embedded in local communities to create artworks linking Birmingham's overlooked neighbourhoods. A new mural revitalised the exterior of Saathi House; the leading women's community support organisation in Aston. WanderWater, our sculpture trail along urban canals, was crafted by women artists and delivered in association with the Canal and River Trust. These - alongside our previously produced works - were recognised in the ROOTS TRAIL, launched during Heritage week in 2022. This trail links together sites of special cultural interest in inner city Birmingham. |
PUNCH RECORDS LIMITED (REGISTERED NUMBER: 04358686) |
DIRECTORS' REPORT |
FOR THE YEAR ENDED 31ST MARCH 2023 |
PUNCH worked with partners including the Birmingham Race Impact Group, Birmingham Metropolitan College and Birmingham Town Hall | Symphony Hall to deliver a programme of public discussions and Q&A's. To mark Black History Month in October 2022 and Race Equality Week in February 2023 we brought to the platform speakers including the Leader of Birmingham City Council, the Interim Chair of Birmingham and Solihull Integrated Care Board and the Assistant Police and Crime Commissioner. Topics explored included racism and the arts, critical race theory in schools and bias in the criminal justice system. |
4. DEVELOPING OUR BUSINESS |
PUNCH prioritises company-wide improvement through a "whole-business" strand which drives our corporate development. This year PUNCH's work was supported by a range of stakeholders and partners including ACE, PRSF, 2022 COMMONWEALTH GAMES, BCU, ASTON UNIVERSITY and others. |
PUNCH continues to work in partnership with Aston University's Centre for Research into Ethnic Minority Entrepreneurship to help increase our collective knowledge of the challenges and opportunities facing ethnic-minority led small businesses. We continue to host a research assistant embedded in the organisation to aid in knowledge transfer. From July 2022 we hosted a writer-in residence to document and publish articles exploring how we formulate best practice to deliver our programmes. In September 2022 PUNCH won the BMA awards for best music business and best music CEO operating in the city. |
In September 2022 we created a new position of Insights Producer. They help ensure our future competitiveness by leading knowledge mobilisation across the company. Our Insight Producer undertakes primary research into our audience impact, initiating deep-dive qualitative and quantitative data gathering and overseeing our existing databases. In March 2022 we initiated a new programme to make audience and participant feedback seamless through the use of QR codes and digital technology. The Insight Producer supports the Board and SMT in their decision making, as well as ensuring prompt and accurate feedback to partners and investors. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
PUNCH RECORDS LIMITED (REGISTERED NUMBER: 04358686) |
BALANCE SHEET |
31ST MARCH 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
RESERVES |
Income and expenditure account |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
PUNCH RECORDS LIMITED (REGISTERED NUMBER: 04358686) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2023 |
1. | STATUTORY INFORMATION |
Punch Records Limited is a |
Registered number: |
Registered office: |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration and grant funding received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery etc | - |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
PUNCH RECORDS LIMITED (REGISTERED NUMBER: 04358686) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1st April 2022 |
Additions |
At 31st March 2023 |
DEPRECIATION |
At 1st April 2022 |
Charge for year |
At 31st March 2023 |
NET BOOK VALUE |
At 31st March 2023 |
At 31st March 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | LIMITED BY GUARANTEE |
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £5. |