3. Financial Management A budget is a critical element of this networking conference. As the Business Manager, you are required to draft the budget to fund the conference and must ensure that A & R Entertainment realize a profit of $300,000.00. a. Determine the registration fee to be charged to each participant. b. Use a template to generate the income and expenditure budget for the business networking conference. The expected profit from the conference is $300,000.00 Additional information: You will be required to include additional expenses that the conference may incur. Sub-total = 20 marks 4. Financial Forecast & Feedback As the manager of A & R Entertainment, you are required to complete the cash flow forecast and provide a feedback to the director. Your cash flow forecast will predict the bank balance at the end of each month for every month of the year. Use the information below to complete this task. a. A & R Entertainment has on its books four (4) major events to run, which will take place in March, May, August, and October. b. The total of $2,850,000.00 of ticket sales will be earned in the months that the events are held. The March event will earn $650,000.00, and the other events in May, August and October will earn $700,000, $850,000 and $650,000.00 respectively. c. Expenditure on casual salaries, travel and transport, and venue hire, will occur only in the months in which the four events take place. These expenditures will be the same for each event. d. Salaries and office and administration expenses will occur evenly every month. e. The company's opening bank balance on 1st January is $50,000.00. f. The company will receive a grant of $500,000.00 in July. g. The company will make a small income from merchandising during the months in which the four events are staged. The event in March will earn $13,000.00 in merchandising income, and the other events in May, August and October will earn $16,000.00, $18,000.00 and $13,000.00 respectively. Additional information: $ Cost for venue 250,000.00 per day Advertising 100,000.00 Decoration and banner 50,000.00 Stationery (including: press kit and name tags) 80,000.00 Food and Refreshments 3,000.00 per day per person Expenditure $ Salaries 1,200,000.00 Casual Wages 100,000.00 Office and Admin Expenses 360,000.00 Travel & Transport 560,000.00 Venue Hire 240,000.00 You are required to: a. Generate the cash flow forecast for January to December 2017. b. Prepare a summarised report of the forecast for the year with a cover letter to the Director of the company.