Billionaire's foundation to give away £10 million

A foundation set up by a billionaire before his death says it's planning to give away £10 million this year.

The Albert Gubay Charitable Foundation says it's had its first income for distribution and has already given away £2.5 million.

Mr Gubay died last January and transferred his company, the Derwent property group, to the foundation to support good causes.

It means £10 million a year is available and the foundation's now looking at how best to distribute it.

The foundation says Mr Gubay wanted to give money back to the communities that helped him create his wealth.

But so far there's no formal application process - it's hoped a website can be set up where charities can go to apply for funding.

Around half of the grants will be for charitable projects connected to the Catholic Church.

And the foundation says it hopes to support causes Mr Gubay was personally involved with during his life: including helping young people, education, sport and medical research.