MASSIVE error that led council to believe it had nearly £15 MILLION more invested in Manchester Airport than it really does
manchestereveningnews.co.ukA 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.
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