PTA mum here.
The biggest thing here is that children do better when their families are involved with the school. And for many families that starts with coming along to a social event and chatting to teachers and other parents.
Our PTA don't do bake sales at all (although the school does, 1 per class per year, recently re-branded cake and craft and the kids make bookmarks and such like).
We have been fortunate to raise a vast amount in grants and corporate donations, but had to set up a charity to access these, which is a bit of a commitment.
Since we made so much in corporate donations and the like we reduced the number of fundraising events to focus on making the most popular events really special, and we reduced the entry price for some of them.
We now do about 4 events per year. The Halloween Party is legendary and loved by the children. We have whole families come in matching costumes.
We get a lot of children join the school in older years, often mid-year and quite a few from families that have moved to the city from overseas and have no local support network. Social events are a great opportunity for the adults to build a network and feel part of the community.
£50 per child per term would break some families. But some of those families can manage £10 for an evening's entertainment that includes feeding the family.