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Tony Ryan's €11m trust failed to make charity donations last year

THE charitable trust established in memory of Ryanair founder Tony Ryan, with a fund of over €11m, failed to make any charitable donations last year.

The Tony Ryan Trust was incorporated on December 10, 2009, with the core objectives of the advancement of education and religion, the relief of poverty, and other charitable works.

Mr Ryan, who died in 2007 aged 71, bequeathed €10m of his fortune to the trust. Two of Mr Ryan's sons, Declan and Shane, are directors of the company.

However, in accounts just filed to the Companies Office for the period December 10, 2009, to December 31, 2010, the directors' report confirms that "the company did not distribute any of its funds during the period".

The figures reveal the money available for distribution has increased to €11.5m through the fund accumulating €1.5m in interest and other income.

A breakdown of the increase in the fund shows that €988,994 was made through the sale of shares and €543,373 was made through the receipt of dividends.

The trust's management and administrative expenses came to €22,641 during the year.

The trust's fund was made up of €6.5m in cash and €5m in financial assets at the end of last year.

Declan Ryan is one of Ireland's best-known philanthropists. It was reported earlier this year that the media-shy Mr Ryan donated at least €27m up to early 2009 through his One Foundation and has continued the "giving while living" philosophy during the recession. He was named Irish Philanthropist of the Year in 2008.

The late Tony Ryan -- who left over €95m in his will -- was also a well-known philanthropist. Mr Ryan donated a marine science institute to NUI Galway in 1993. He also funded The Ryan Academy for Entrepreneurship at the Citywest Park, which is run by Dublin City University.

Irish Independent