Budget

Every show requires time and money to spend. For our assessment we have to do a careful research about the budget for two weeks performance `The Tempest`. That means we have to look up how much we will spend and earn and the profit or loss we get. As the show is going to happen in Westminster Kingsway College it won`t cost the fortune but let`s say how much we would realistic spend on a real two weeks show. So the final result is the most important either we get a profit or loss. In order to earn a profit we have calculate each thing very carefully and think of the best way to save money. However, many chances are that we can get a loss because it is going to be a premier and people still don`t know about it so probably it won`t be a ticket sell-out.

Here is a list, showing mostly possible costs:

Expenditure:

• Actors.  There are total 11 roles in The Tempest. According to sheet Sharon gave us the cost of 1 actor minimum weekly salary is £440. The tour is two weeks long so each actor will be paid £880. To sum up, the total amount spend on actors will be as much as £9,680.
• Director. In order to get the actors managed we will need to hire a director to help us out with building up and managing the show. The cost of director is £1,439 per week for a full length play. The amount we will pay the director for two weeks is £2,878
• Venue hire. Hiring a venue will cost a lot. The price for full name is £1,200 and half day is £750. Knowing that we will held two evening shows we will need to hire a venue for only a half day. For two evening show performances and a technical rehearsal we will spend £750 * 3 = £4,500 on a venue hire.
• Rehearsals space. In my opinion we have to use the time we have so I would have 6 hours rehearsal 4 days first week and 5 days second week. The rehearsals will run Monday to Friday as the performance is on Saturday evenings. Sunday is day off for everyone. The drama studio costs £87.50 p/h  so the price for a day costs £87.50 * 6 = £525. The amount we will spend first week for 4 days rehearsals is £2,100. The price for second week 5 days rehearsal cost £2,625. The total amount that will be spend on rehearsal spaces is £4,725.
• Technician. In order to have a smooth performance we will need a technician responsible for lighting, music and special effects. The price is £30/h. The show is 2 hours long. We will need a technician for both evening shows plus technical rehearsal. The amount we will pay him is £180.
• Costume. Let`s say we will need to hire a costume for each actor. If we will rent a costume from Angel Costume hire shop located in central London we will spend £80 per costume per week with a special offer that we have to rent 11 costumes. The price for week is £880 and for two weeks is £1,760.
• Props. Minimum prop spend is £250 plus £75 delivery plus £75 collection on Event Prop Hire. In order tu built the right atmosphere of The Tempest we will spend around £800 per week. It is based on a 3 days hire + VAT so we can also use it for technical rehearsal. The total amount for two weeks including delivery is £2,000. http://www.eventprophire.com/pricing
• The lighting is very important in order to see the performance and make it more interesting. Live Systems (livesystems.co.uk) provides lighting kit ( School Lighting Kit - comprising 8 500W Fresnel Lanterns, 4 500W Profile Spots, 4 stands, 4 T-bars, 2 Dimmer Packs, a Dual-Preset Control Desk, filter pack and all cabling. Designed to run off two 13amp sockets) - copied from the website.
  The price is £120 per week, so the total would be £240. 

There are all expenditures listed above excluding marketing. The total price for all of it is  £25,963 plus 10% contingency ( which is 2,596.5) so the total amount is £28,559.3 However to get the profit we would need to higher ticket prices but not too much so people can afford it and that is the only way we could get our money back spend on performance equipment. We could also sell drinks and snacks but it is not allowed in the venue. 

Sources of income:

• Tickets. The price is £7 per person per performance that will be charged on the door. There are total 180 seats in a theatre and 80 people are coming to watch our performance for first evening and show and 70 for second evening show which is total 150 people per both shows. In that case, the income will be £1,050 for tickets. 

Profit or Loss? 

Income - expenditure =profit/loss
£1,050 - £28,559.3 = -£27,509.3 that mean loss 

In order to receive a profit we should have charged more for tickets at least £15 also we should have spend some time and money on marketing and spread the word about this `new, exciting performance!` Also if we would have run the performance for at least 3 or 5 months we would be able to get a discount for lighting, costumes, props etc. 

However, knowing that we are students at Westminster Kingsway College we won`t need to pay for venue hire, rehearsal space, costumes, lights, technicians and props. The only expenses may be on actors and director (which is total of £12,558). However, if Rob would be our director and Level 3 first year or Level 2 students would be the actors we wouldn`t need to pay for anything as long as we are students here. So we would only earn a profit for tickets we sell on the door.