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A school formal is a logistics job as much as a party, and the venue decides how hard that job is. Mosman's draw is the water. The Spit end of the suburb sits on Middle Harbour, which gives you a room students remember and a photo backdrop that needs no decorating. The trade-off is access: Mosman has no train station, so arrival, supervision and pickup have to be planned around buses, ferries and parent drop-offs rather than a walk from a platform.
Work through these before the committee signs anything:
Once the date and the room are locked, the rest is timing. Publish arrival and departure times, brief supervising adults on where they will stand, and give the venue a final run sheet. Formals go wrong at the edges — the twenty minutes before doors open and the twenty minutes after the music stops — so plan those two windows in detail.

There is no train station in Mosman, so students arrive by bus along Military Road and Spit Road, by ferry to Mosman Bay or Taronga Zoo wharves, or by car. Parking near Spit Road is tight on weekends, so a coach charter or a published drop-off and pickup point with fixed times is usually simpler than leaving families to improvise.
Yes, but put it in writing. Agree with the venue before you pay a deposit that the event is alcohol-free, that the bar is closed to your group and that staff are briefed, so there is no ambiguity on the night. Alcohol is never served to under-18 guests, and the organiser should confirm how that is enforced at the door as well as inside.
The Function Room @ The Boathouse at the Spit takes up to 450 guests cocktail style or 300 seated with a dancefloor. Operable walls divide the room, so a smaller year group can use a section and still have a proper dancefloor rather than a half-empty space.
As early as the school calendar lets you. Formal season overlaps with end-of-year and Christmas functions, so the good dates go well in advance, and a committee that waits until term three is usually choosing from what is left. Confirm the date, the finish time and the headcount deadline in the same conversation.