Event finance and physical resources

Overview

Event budgets, costs and funding, profit and break-even calculations, accounts, physical resources and venues, access for all, software, staffing, administration and keeping costs down.

What you need to know

Answer each one before you reveal it.

Questions from this subtopic

Each one with the model answer underneath.

1. 1

   What is a budget for an event?

   Model answer

   A budget is a plan of expected income and spending for the event. The budget shows whether the event can break even or make a profit.

2. 2

   What costs should an event budget include?

   Model answer

   A budget should include venue hire, equipment, insurance, marketing, prizes and refreshments. A contingency sum covers unexpected costs.

3. 3

   What are common sources of funding for an event?

   Model answer

   Entry fees, sponsorship, donations, grants and fundraising activities can fund an event. A mix of sources reduces risk.

4. 4

   An event expects 80 participants paying £5 each and costs of £260. What profit will it make?

   Model answer

   The event will make a profit of £140. The working is (80 × 5) − 260 = 400 − 260 = £140.

5. 5

   What is the break-even point for an event?

   Model answer

   The break-even point is where income exactly covers costs, with no profit or loss. The organisers need enough paying participants to reach it.

6. 6

   Costs are £300 and each entry is £6. How many entries are needed to break even?

   Model answer

   The event needs 50 entries to break even. The working is 300 ÷ 6 = 50 entries.

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