MGT721-Event Planning & Finance And Budgeting Report - Accounting & Finance Assignment Help

Assignment Task

Task 

Event Planning & Finance And Budgeting Report

Assessed Learning Outcome(s):
LO.2 Develop budget methodologies for events.
LO.3 Create budgets for events and assess event feasibility.
LO.4 Critically examine event feasibility and revise budgets for a financially viable event plan.

Qualification outcome expectations
Research and referencing: You are required to engage in some research into the theories or concepts underpinning this topic and use other relevant sources beyond the provided reading material in order to successfully complete this assignment. Ensure you are choosing relevant academic sources and using them well to support your arguments Ensure you include citations and a full reference list using the latest APA guidelines.

Presentation guidelines: Work is expected to be word-processed and submitted as a Word document or PDF, using a clear, readable font and be within 10% of the given word count (excluding any referencing). Include your name, student number and the paper code and assignment number as a header or footer. Reports should include headings or subheadings as required. Essays should include an introduction, body and conclusion. Spellchecking (NZ English) and proofreading of work prior to submission is strongly encouraged.

ASSIGNMENT TASK
You are required to use the knowledge acquired in your study in the preparation of budgets, the assessment and interpretation of financial information, and cash flow management to answer the questions in all three parts below.

BACKGROUND
The UK, via Welcome to Yorkshire, won the rights to stage the opening three stages of the Tour de France ‘Grand Départ’ with the intention of hosting the ‘grandest ever grand départ’. Delivered in July 2014, the first two stages (stage 1 starting in Leeds and finishing in Harrogate; stage 2 starting in York and finishing in Sheffield) took place on Yorkshire roads with stage 3 continuing between Cambridge and London. Over the three days an estimated 4.8 million people lined the route; 3.3 million of those in Yorkshire and the remaining 1.5 million in Cambridge, Essex and London.

LOCAL PLANNING
In October 2013 York City Council (the host of the start of stage 2) agreed the following objectives for the delivery of the event:
• to deliver a safe and enjoyable event in York, which enhances the reputation of the city;
• to maximise the economic benefit opportunity in the short, medium and long term;
• to secure a long-lasting legacy across their communities, culture, cycling infrastructure and health.

Part A questions:
1. Complete the variance section of the table and explain why your figures comprise of positive and negative numbers as well as zeros.
2. Do you think the York budget represents good value for money? Justify your answer
3. Explain why the hasn’t council estimated any income that may be generated from its activities.
4. Unplanned expenditure was the additional cost relating to the events and festivals programme, which was not included in the original budget. Do you think that proper forecasting was undertaken in the planning process? Why or why not?
5. Explain the economic benefit to the region based on this event.
6. What is value in kind (VIK)? How would you account for VIK? Why is it important to deal with it from the accounting point of view?

Part B questions
1. Prepare a budget for your event concept using the template above
2. Write a report explaining the concept and budget to the event committee. You are encouraged to add notes to the budget.
3. If the merchandise is not fully sold out with 44% of it remaining unsold before the event date, what impact can it have on the overall income of the budget? What will be the effect on the total budget? What if the merchandise sales rose to 128?fore the event date? What will be the effect on the total budget?
4. What are variable costs? Identify the variable costs in the prepared budget and justify your answer.
5. Assume that the event has been successful. Prepare an actual budget (that matches the projected budget against the actual) and provide any variance.
6. If salary and fees payment increase to 45% of the total expenditure due to additional expertise used to complete certain aspects of the event, calculate the new payment amount used for salary and fees. What can you say about the additional expertise payment that is not captured in the previous budget? (you are required only to do the calculation separately and not prepare any budget sample)

Part C questions
1. Use the information above to prepare a month-by-month cash flow statement
2. Why is cash flow important to the event management company? Give a detailed explanation with examples.
3. As an event manager, you realised that the guest entertainer suddenly becomes indisposed three days to the actual event. What will you do to rectify the situation? Use your knowledge in event planning and feasibility to explain why there is the need to consider a lot of factors when planning for an event.
4. What will be the opening balance for January if all payment obligations have been met. Justify your answer.
5. Identify income sources and expenditure sources of event management companies that you are familiar with. For each income or expenditure source identified, explain the nature of it and how they appear in the budget statement. 

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