Crisis-hit Peter McVerry Trust records loss of €1.36m for 2024
Gordon Deegan
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 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 July 13th 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 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 misgovernance 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".
In their report, the Trustee state that “after an extremely difficult 2023, the Trust has reduced losses by 87 per cent. The Trust has implemented a significant number of changes, reflecting the new funding landscape and realities of what services can be sustained.
They 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's €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 per cent 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 bailout.
