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THE CRISIS-HIT HOMELESS and housing charity, the Peter McVerry Trust, which has received a government €15 million bail-out, recorded a loss of €1.36 million in 2024 “and is experiencing ongoing cash flow and funding challenges”.

The Peter McVerry Trust (PMVT) has now published its overdue accounts for 2024, and they show that a major contributor to the €1.3 million loss was a €3.9 million impairment on 20 PMVT properties that included one major property impairment of €3.01 million.

In accounts signed off by the Trustees on 13 July 2026, the trustees state that the charity “is experiencing ongoing cash flow and funding challenges”.

In a note on PMVT’s ‘going concern’ status, they state that in addition, there is an uncertainty regarding the continued support of the Charities Regulator, AHBRA (Approved Housing Bodies Regulatory Authority) and key funders following recent corporate governance matters.

Inspectors appointed by the AHBRA and the Charities Regulator previously made damning findings about mis-governance and lax financial controls in the trust.

The Trustees state that they have undertaken a detailed assessment of the charity’s ability to continue as a going concern including current funding levels, cash flow forecasts, and the status of ongoing engagement with the Charity Regulator, AHBRA and principal funders.

The Trustees have concluded that the combination of these matters “represents a material uncertainty that may cast significant doubt on the ability of the company to continue to meet its obligations as they fall due”.

The Trustees add: “However, on the basis of the Trustees’ expectation that the necessary regulatory and funder support will be maintained and that mitigating actions, including cost reductions and governance improvements, will be implemented successfully, the Trustees are confident that the company will have adequate working capital resources to continue in operational existence for the foreseeable future.”

In their report, the Trustee state that “after an extremely difficult 2023, the Trust has reduced losses by 87%. The Trust has implemented a significant number of changes, reflecting the new funding landscape and realities of what services can be sustained.

The Trustees state that “they are confident, based on 2026 budgets and cash flow projections to the end of 2027, that the organisation is continuing to move in the right direction”.

The government €15 million “in exceptional emergency funding” to be drawn down on a phased basis was conditional on 32 conditions set down by the Department of Housing.

The Trustees state that as part of the agreement, PMVT committed to transferring unencumbered properties to local authorities, up to the value of the funding received.

They state that “this process is advancing, albeit taking longer than expected, and it is envisaged it will be completed by the end of Q4 2026”.

The new accounts show that donations and legacies to PMVT plunged by 65% or €3.88 million from €5.96 million to €2.08 million in 2024.

The sharp decrease in donation income followed the charity’s fundraising team decreasing in 2024 from 12 to two part-time staff members “given the challenges the organisation experienced”.

The Trustees state that 2024 also saw the cancellation of Peter McVerry Trust Fundraising events such as our Gala Ball, Long Walk Home Series, Wexford Cycle and Christmas Carol Concert “as it was felt that it was not appropriate to proceed with them”.

The Trustees state that “it is hoped that some of these will return in the future”.

The Trust’s costs for 2024 include Governance Costs of €911,940 that included a spend of €755,096 as it looked to recover from the crisis that hit the charity in 2023 which resulted in the government bail-out of €15 million.

The Trust’s overall spend of €62.32 million in 2024 also included the spend of ‘accountancy support services’ almost increasing four-fold from €357,390 in 2023 to €1.36 million in 2024.

The PMVT’s total spend for 2024 was €61.5 million, which was mainly made up of €58.2 million in funding from the HSE, Tusla, local authorities that also included €26.5 million from the Dublin Regional Homeless Executive.

The €58.2 million in funding from the State agencies was an 11% increase on the €52.29 million allocated in 2023.

The charity’s costs 2024 totalled €62.32 million where staff costs of €35.84 million was the largest component. Numbers employed reduced from 871 to 761 in 2024.

The book value of the charity’s tangible assets totalled €160.57 million at the end of 2024. The charity’s cash funds increased from €7.48 million to €11.09 million.

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