Business

Friday 23 August 2019

Tony Ryan Trust in donations of €4.69m

Tony Ryan, pictured at home in Co Kildare in 2005, funded projects NUI Galway and DCU projects
Tony Ryan, pictured at home in Co Kildare in 2005, funded projects NUI Galway and DCU projects

Gordon Deegan

The charitable trust established in memory of Ryanair founder Tony Ryan almost doubled the amount it donated to various causes, to €4.69m last year.

The Tony Ryan Trust was incorporated in 2009 with the core objectives of advancing 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 his sons, Declan and Shane, are directors of the company.

New accounts filed for the Tony Ryan Trust show that last year it donated €4.69m. This followed donations of €2.58m in 2015.

The big winner in terms of donations last year was DCU, which received €2.52m. Barnardos received €408,000; NUI Galway received €250,000; Foróige received €209,000; Social Entrepreneurs Ireland received €200,000; the Tipperary Fund received €318,000 and other organisations received €783,800.

The payout last year resulted in the Trust's cash pile reducing from €7m to €2.3m. The reduction in the cash pile contributed to the Trust's interest income plummeting from €1.62m to €5,847.

The trust's management and administrative expenses came to €36,850 during the year.

Declan Ryan is one of Ireland's best-known philanthropists. The late Tony Ryan - who left over €95m in his will - was also a noted 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 DCU.

Irish Independent

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