Made some final tweaks and this is the outcome of the final product.

Sub CreateReports()

Dim CCRange As Range
Dim fname As Variant
Dim bname As Variant

' Disable screenupdating to increase speed and minimise use of
' system memory

Application.ScreenUpdating = False

' make sure that excel does not calculate automatically
Application.Calculation = xlCalculationManual

' do not display any alerts - such as (overwrite existing file)
Application.DisplayAlerts = False




' location of where the reports will be saved
MyPath = "C:\TEMPTRIAL\REPORTS\"
' Change directory path to the location above
ChDir MyPath


' inititate loop in range
For Each c In Range("loop.range")

' Open budget template workbook
Workbooks.Add Template:="C:\TEMPTRIAL\budget worksheet template.XLT"

' return to 2008/09 Master Worksheet
Windows("2008-09 Budget Template - trial.xls").Activate

' select BA Report worksheet
Worksheets("BA Report").Activate
Worksheets("BA Report").Range("BCostCentre") = c.Value

' initiate workbook calculations
Calculate

' Obtain cost centre description to be included in the filename
bname = "(" & Worksheets("BA
Report").Range("BCostCentreDescription").Value & ")"


' insert desription of entity, cost centre and cost centre
description
Range("D10:E11").Select
Selection.Copy
Windows("budget worksheet template1").Activate
Range("D10").Select
Selection.PasteSpecial Paste:=xlPasteValues, Operation:=xlNone,
SkipBlanks _
:=False, Transpose:=False


' return to master template
Windows("2008-09 Budget Template - trial.xls").Activate

' select data from master template and paste into new work as values
Range("G19:H294").Select
Selection.Copy
Windows("budget worksheet template1").Activate
Range("G19").Select
Selection.PasteSpecial Paste:=xlPasteValues, Operation:=xlNone,
SkipBlanks _
:=False, Transpose:=False

'return to top of sheet in template
Range("C15").Select


' create file name in the format of:
' 2340100 - Collection & Content Devel Div - 08.09 BUDGET
TEMPLATE.xls

fname = c.Value & " - " & bname & " - 08.09 BUDGET TEMPLATE" &
".xls"

' Save worksheet as the fiel name in the directory mentioned above
and close
ActiveWorkbook.SaveAs Filename:=fname, CreateBackup:=False
ActiveWorkbook.Close

' move to the next costcentre in the range
Next c

' Reenable screen updating & calculation
Application.ScreenUpdating = True
Application.Calculation = xlCalculationAutomatic

' reenable the display of alerts
Application.DisplayAlerts = True
' Prompt user on completion
MsgBox "Generation of Budget templates completed"


End Sub