[BIM24475] BIM24475 – Meaning of trade: mutual trading and members clubs: allowable expenditure: the 'Peterhead' principle
To compute equivalent commercial profit
In the case of British Legion, Peterhead Branch, Remembrance and Welcome Home Fund v CIR  35TC509 the weekly holding of public dances was held to amount to a trade within Case I of Schedule D.
The Fund, a local committee of the British Legion, held public dances weekly from June, 1944, to June, 1947, in the local drill hall. The Fund only paid a nominal sum for use of the facilities. All management services were given gratuitously by members of the Legion. The charge for admission was 2s. 6d. per head, but considerably more was often given by those who could afford it.