The charity set up by Albert Gubay, the developer based in the Isle of Man who died last year, has given out millions to good causes.

Thee charity has recently received its first income for distribution of about £10 million and has already awarded grants of around £2.5 million.

Trustee John Nugent said: ’Our hope is to give away all or most of the rest before we receive our next £10 million income at the end of this year.’

In January last year the Derwent property group was transferred to The Albert Gubay Charitable Foundation.

The profits of The Derwent Group will now be used to support good causes in the Isle of Man, England, Wales and the Republic of Ireland.

Mr Nugent said: ’We have had a busy year starting to put in place our systems and procedures and investigating the causes we might be able to help. Our formal application processes are not yet in place so we have been delighted and encouraged by the many charities who have been in touch with us.

’We would also like to thank those who have communicated with us for their patience if they have not heard back from us for some time.’

About half of the grants the charity makes will be for charitable projects connected to the Catholic Church.

The balance will be paid to other registered charities doing a wide range of good work.

Mr Nugent added: ’While our founder has left the distribution of funds to the discretion of the trustee, we start with the knowledge of the causes he supported in his lifetime, including helping young people, education, sport and medical research.

’We also anticipate focusing on the many problems facing people in and around cities, including homelessness, mental health issues, addiction and broken families.’

He added: ’As well as distributing our first £10 million, the charity’s plans for 2017 include the establishment of a website which will have online applications for charities looking for grants.

’The website will also detail the cumulative funds given away and provide details of the charities concerned.

’Within 10 years we expect to have given away well in excess of £100 million.’

While he was alive Mr Gubay donated £500,000 to breast cancer research charity Genesis, £500,000 to Breakthrough Breast Cancer, £500,000 to the Manx Sports Aid Foundation, to fund scholarships for talented young sports people and £500,000 to the Department of Education to help Manx young peoppel attend the world’s leading universities.

In 2011 Mr Gubay, was invested as Knight Commander with Star of the Order of St Gregory the Great (KC*SG) by the then Archbishop of Westminster.