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Subject Code : SOE11144
Country : United Kingdom
Assignment Task

 

Project question
Report Assignment in Accounting and Finance
You have received an email from the Chief Executive Officer of Clark Casc Logistics plc, where you are employed as manager of a loading bay, inviting you to the first in a series of budget-setting meetings and asking you to submit a brief report in advance.
You are required to submit your report by 23:59 on Sunday, December 12th., 2021, through the Turnitin dropbox in Moodle.

You are only permitted to submit your report once. Trial runs are not permitted and no spare, draft or test dropboxes will be provided. It is your responsibility to submit your own work and to ensure that your report is finalised, complete and properly edited before, not after, you submit it.
This is an individual assignment. The sharing of files or copying of work between students is not permitted.
You are only allowed to submit one document, which must contain your full report, including your reference list. Do not attempt to submit additional documents.

Report Assignment in Accounting and Finance
You have received the following email from the Chief Executive Officer of Clark Casc Logistics plc, where you are employed as manager of a loading bay, inviting you to the first in a series of budget-setting meetings and asking you to submit a brief report in advance.
Dear “Laser”,
For the last financial year Clark Casc Logistics plc made a loss of £3.2 million and the Board is therefore reaching out to all managers to find ways of reducing the costs
for which they are responsible, ahead of next month’s meeting on compulsory redundancies, early retirements and redeployments to our toxic waste sorting division.
We will be holding a first round of budget-setting meetings on Thursday next week. As the manager of the Craiglockhart loading bay at Clark Casc’s Craiglockhart
Loading Bay, the expenditure for which you were responsible for the last financial year was as follows.
Last Year Budget
£000
Actual
£000
Wages and Employers’ National Insurance and Pension Contributions
528 531
Equipment Maintenance 76 81
Equipment Depreciation 74 75
Buildings Maintenance 36 32
Buildings Depreciation 56 56
Heating and Lighting 30 30
Goods Refrigeration 14 15
Apportionment of Central Administrative Costs 74 75
Insurance Costs – Apportioned Based on Past Claims 20 22
Other Costs 10 11
Total Expenditure, Tax and Dividends 918 928

Your expenditure for the first six months of the present financial year is as follows, with a comparison with the budget which, I would remind you, you agreed to this time
last year.
This Year
Budget
Year to
Date
£000
Actual
Year to
Date
£000
Wages and Employers’ National Insurance and Pension
Contributions
268 271
Equipment Maintenance 38 42
Equipment Depreciation 37 37
Buildings Maintenance 18 17
Buildings Depreciation 28 28
Heating and Lighting 16 15
Goods Refrigeration 8 8
Apportionment of Central Administrative Costs 40 42
Insurance Costs – Apportioned Based on Past Claims 10 12
Other Costs 6 6
Total Expenditure, Tax and Dividends 469 478
Next Year

The purpose of next week’s meeting is not to rake over the ongoing overspend for this year but we need to plan for next year. We are going to need you to agree a total
budget of £882,000 for next year. Mo will update the figure for apportionment of Central Administrative Costs sometime after the meeting but I’m guessing it’ll be
based on this year’s actuals, so I suggest you use that. It’s the rest of the costs we need to discuss with you.
You will need to take account of the 3?ross-the-board wage increase Piotr agreed with the unions last week. That applies evenly across all types of staff in the
loading bay.
Please provide a report in advance of the meeting detailing how you intend to find the necessary savings.
Please include the following sections in your report. We do not require an executive summary:
1. Introduction
2. Approach to drawing up the loading bay budget
3. Relevant calculations to show that your budget is achievable
4. Your proposed budget with full figures
5. A conclusion on the achievability of the £882,000 overall loading bay budget
6. Recommendations on next steps
Please make sure you provide a list of references to any published external material you refer to in your report.

Required:
Write your report, addressed to the Managing Director of Clark Casc and containing the following sections, as directed in the Managing Director’s email. Submit your report in the Turnitin dropbox.

1. Introduction
2. Budgeting Approach
3. Relevant Calculations
4. Proposed Loading Bay Budget
5. Conclusion
6. Recommendations
7. References

 

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