No donation made by Tony Ryan trust

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

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 works of a charitable nature, which are beneficial to the community.

Mr Ryan, who died in 2007 aged 71, bequeathed €10 million 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 show, however, that the monies that will be 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 fund was made up of €6.5m of cash at bank 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 Declan Ryan donated at least €27m up to early 2009 through his One Foundation and has continued the “giving while living” philosophy during the recession.

Declan Ryan 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.

Among other things, mr Ryan donated a marine science institute to NUI Galway in 1993, which was named the Martin Ryan Marine Science Institute in honour of his father.