The Atlantic Philanthropies (Ireland) Ltd, the Irish arm of the charitable foundation set up by Irish-American billionaire Chuck Feeney, reported a surplus of just under €52,700 for the year ended December 31st, 2009.

This represented a significant drop from the surplus of more than €386,000 recorded for 2008.

The company’s income shrank from over €7 million to €5.2 million in 2009. Its total reserves increased from €874,585 to €926,679.

The fund supports higher education, and assists projects involving older people and rights issues.