Black Friday is an exciting time for travellers as holiday companies and airlines jostle to offer the very best cut-price deals. With the likes of British Airways, easyJet, TUI and Jet2 expected to offer big savings when Black Friday falls on November, 24, it could be the perfect time to book your next getaway.
MASSIVE error that led council to believe it had nearly £15 MILLION more invested in Manchester Airport than it really does
12.10.2023 - 16:59 / manchestereveningnews.co.uk
A Greater Manchester council overvalued its investment in the airport by almost £15 MILLION, it has been revealed. Bury town hall has wiped £14.8m from its balance sheet after the valuation error was discovered by auditors examining the authority's books.
It leaves the council's shareholding at £23.3m, rather than the £38.1m the council had originally reported in its own accounts for the year ending March 31, 2022. The huge accounting error - which overvalued the shareholding by more than 38 per cent - has been published in the audit completion report for that financial year for Bury council, written by financial auditors Mazars.
The authority has a 3.22pc share in Manchester Airports Group, which owns and operates three UK airports - Manchester, London Stansted and East Midlands. In the section of the report titled 'significant findings', auditors express concern about the valuation shares from the airport investment.
Mazars said there was a 'risk that the assumptions and methodology used by [the council's] experts are not appropriate'.
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The report added: "The council uses an external valuation expert to determine the value of its investment in Manchester Airport Holdings Ltd. As a result of audit questions, the council's external valuation expert revised their methodology and provided the council with a revised valuation report for 2021/22.
"This reduced the council's shareholding by £14.8m to £23.3m. The error in methodology applied to previous years as well as 2021/22 and the
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