FINANCE

Financial Budgeting for National Space Centre Event

Financial Budgeting for National Space Centre Event

Introduction

National Space Centre is one the biggest space visitor attraction venue for UK residents. It offers a range of interactive services to the visitors and help enhancing their knowledge about universe and galaxies through various interactive sessions. National Space Centre has mobilized the orientation of the general public towards space and universe. Journey through the six hands-on galleries UK's largest planetarium in National Space Centre enable the visitors to have discovery voyage in the 360° full dome experience.

In order to increase the National Space Centre audience rate, a Special event will be organized to celebrate British achievements in Science Fiction. This event will basically aim at increasing the general public interest in the Space Centre and establish a reputable image of National Space Centre as a venue. This event will focus on fictional genre of films that have been produced under British Science fiction category to inspire people interest in science fiction.

This event will last for two days from 31st December 2011 to 1st January 2012. These days are expected to drive higher attendance rate because of year end celebration and New Year Eve celebrations. Following three films will be displayed in the event.

Sunshine (2007)

Moon (2009)

X The Unknown (1956)

Following part of the report presents a budget along with sensitivity analysis for the event in order to determine the surplus or deficit condition for the project. Parameters and assumptions that have been taken in calculating the budget for the British Science Fiction Film Event being organized by National Space Centre are listed below.

Parameters and Assumptions

Following parameters and assumptions have been taken for the budget calculation of event.

Four shows will be organized each day of the event.

The event will be held for two days on 31st December and 1st January.

Expected number of attendees is 250 in each show.

Ticket charges per person for the event will be £15.

Complementary food will be served along with entertainment charges that are covered in the cost.

Marketing and advertising campaign for the event will begin 45 days before the event date.

Major forms of advertising modes that have been selected for promotion are brochures, mailings, postcards, television, radio, newspaper, and billboards.

In order to build strong customer image, thanks giving items will also be given at the time of leaving.

Valet services will be provided free of cost that will be covered in the ticket charges.

Separate human resource division has been established for managing the event in addition to current project management team of National Space Centre.

In sensitivity analysis, moderate change case scenario has been taken in which revenue from the event has been decreased by 10% whereas all expenses increase by 5%, except advertising budget.

Advertising budget change has been taken at 10% in sensitivity analysis.

Event Budget

Science Fiction Event Budget

National Space Centre

Event Date

31-Dec-11

Guests

 

Number of Shows

Per Show

Number of Days

 

Seating Capacity

4

250

2

 

Total Participants

 

 

2000

 

 

Per Person Ticket Charges

 

 

 

Total Revenue

£15

 

£30,000

Movie Prints

 

Quantity

Cost

 

 

Sunshine

1

£750

£750

 

Moon

1

£500

£500

 

X The unknown

1

£300

£300

 

 

 

Total:

£1,550

Music

 

Quantity

Cost

 

 

Holiday Jazz

1

£17.95

£17.95

 

Classical

1

£12.95

£12.95

 

Traditional Carols

1

£12.54

£12.54

 

 

 

Total:

£43.44

Decorations

 

Number

Cost

 

 

Lights and Sound ...