A charitable foundation established by one of Ireland’s richest men, JP McManus, has made donations totalling €69 million over the past 19 years.
According to new filings by the JP McManus Charitable Foundation, the charity last year donated a further €4.6 million to good causes. This was up on the €2.4 million donated in 2018.
During 2019, the foundation received a fresh cash injection of €62 million from a connected entity. This followed donations received of €46.8 million in 2018.
Cash rich
The major cash injections over the past two years have left the foundation cash rich, with cash on hand of €108 million at the end of last year.
The foundation's total funds amounted to €164.19 million at the end of last year.
A note attached to the accounts states that the €62 million received last year have been allocated to a separate fund controlled by the company as part of donations being collected for the 2020 JP McManus Pro-Am tournament, which has been deferred to next year due to Covid 19.
The €4.6 million donated to good causes by the foundation was less than half the €9.5 million the foundation gained on investments and impairment reversals last year
The €4.6 million donated to good causes by the foundation was less than half the €9.5 million the foundation gained on investments and impairment reversals last year.
The foundation’s management costs last year increased sharply rising from €64,596 to €275,400.
The foundation was established following a gift of £50 million from JP McManus in 2000.
Swiss base
A prominent figure in the racing industry, Mr McManus visits Ireland regularly from his base in Geneva, Switzerland, and is non-resident for tax purposes.
The financial objectives of the foundation are to provide for relief from poverty and deprivation caused by poor housing conditions, homelessness or other social and economic circumstances.
The Foundation also aims to provide care and comfort to the terminally ill and to alleviate distress in the areas of drug addiction, human rights, sexual and physical abuse and other forms of injustice.
The directors also state that the Foundation is engaged in supporting the provision of education, training and employment for people in need with a view to improving their social and economic welfare.
Mr McManus doesn’t sit on the board of the foundation, but his wife, Noreen and his daughter, Sue-Ann Foley are directors.
The foundation’s administrative costs are also kept to a minimum, with one person employed on a salary of €33,227.
