As written, it is a good description and would be pretty standard. It could be the audience, the attendees, etc., but without further context, it is hard to suggest changes. Is it common to say it like that? No. Typically, everyone already has a glass in their hand [while at a wedding, a dinner, a meeting, a birthday party, etc.] and the speaker/emcee finishes his speech about it/them, and then says, "Toast!" or "Here's to.... [the happy couple, Robert (for passing the Bar, graduating from college, etc.), another successful year (for the company)]" Everyone then drinks then, but usually, they "clink" glasses with those immediately around them first. I hope that this helps you. J.

While "for a toast" is technically correct, we usually say "in a toast" followed by "to (someone or something)." "The participants raised their glasses in a toast to the newly married couple." (<-- Example)