Now is the time to decide how much you are going to sell your tickets for. There will need to be a bit of trial and error involved when we look to see if we have made a profit or a loss.  Now don't forget that we will need to set a nice round amount for the ticket price, but that will be inclusive of VAT. We will only get the amount with VAT taken off.
I am going to follow through the example of the Civic Hall, spending 80p per person on advertising. I decide to set the ticket price at £8 and book the band Spot the Dog. I will pay my staff £30 each for the evening. Let's see the effect.
Going back to check the data:
Total cost for Spot the Dog is £1691.00.
I will need 14 members of staff. That will cost 14 × 30 = £420.
Hiring the Civic Hall costs £700.
My total advertising spend is £337.40
My total costs are: £3148.40. I expect to sell 357 tickets. That will make 357 × 8 = £2856 including VAT I will get 2856 ÷ 1.175 = 2430.6328298... My total income is: £2430.63 2430.63 - 3148.40 = -717.77
That's a loss of £717.77
Oh dear!
Now work out what profit or loss you would make at the assembly rooms, with the same assumptions. (£8 ticket price, £30 for staff and Spot the Dog on the bill). Some of the figures you have already calculated in the previous exercises have been entered in for you.
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