Billionaire's uni fund down to last £10k

A bursary fund donated by a billionaire Island businessman has almost run dry, according to the Department of Education, Sport and Culture.

A Freedom of Information request asked what had happened to the Gubay Fund, created in 2006 as after Albert Gubay donated £500,000 to allow students to go to ten world class universities.

In its response, the department said 261 grants had been given out, totalling £579,000.

And it added the fund had earned £89,000 in interest over the years - and had just £10,183 remaining.