The crisis-hit homeless and housing charity, the Peter McVerry Trust (PMVT) – which has received a Government €15m bail-out – recorded a loss of €6.65m last year due to a write down in the value of its property portfolio by €7.6m.
In new 2025 accounts signed off by the Trustees on October 13, the trustees state that the charity “continues to experience cash flow and funding challenges”.
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.
However in their report, the PMVT Trustees state that they “are confident, based on the 2026 year to date performance and cash flow projections to the end of 2027, that the organisation is continuing to move in the right direction”.
They state that PMVT generated a surplus, before the €7.6m impairment, of €963,876.
The trustees state that the impairment charges “are non-cash items arising from the revaluation of properties. The value of properties is reviewed annually, and a prudent impairment is made based on valuations, agreed transfer values and value in use”.
The loss also took account of non-cash depreciation costs of €4.99m.
In 2025, PMVT’s overall income decreased by 5% from €61.5m to €58.66m which included the amount from donations and legacies rising by 13% from €2.08m to €2.35m.
The PMVT last year received €55.86m in State funding from various bodies with the largest contributor being the Dublin Regional Homeless Executive (DRHE) which provided €25.5m.
In reference to the DRHE funding, the trustees state that 44% of its funding came from a single source, while the remainder is quite well split of many funders and income streams this reliance on one funder is a risk.
They state that “the confidence in the organisation or lack therein has had a major impact on fundraising. While the amounts have recovered to a small degree in 2026 the vulnerability to this income stream is a on going risk”.
The Trustees state that in 2023, PMVT experienced a period of “acute financial and operational crisis” and detail the fall out which resulted in the €15m Government bail out.
The Trustees state that as part of the €15m received in exceptional funding, MCVT 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 the fourth quarter of 2026”.
The Trustees state that “as of September 2026, PMVT is in full compliance with the Charities Governance Code and various funding governance requirements”.
A note attached to the accounts states that during 2025, it was noted that Fr Peter McVerry, founder of the charity 42 years ago, incurred expenses totalling €130,000 during 2025, all of which were directed toward delivering the charity’s programmes and services.
“Fr McVerry has never received a salary or allowances for his ongoing and invaluable contribution to the Trust in its mission to reduce homelessness,” the note added.
Numbers employed by the PMVT in 2025 reduced by 68 from 761 to 693 as staff costs reduced €37.7m to €36.1m.
The book value of the Trust’s tangible assets at the end of last year stood at €145.4m.
Last year, the CEO of the PMVT, Niall Mulligan received a salary of €130,000 and a note attached to the accounts states that his salary is in line with HSE pay scales and is aligned to the Director Regional Health Office post scale under new public sector pay arrangement.
The Trustees state that in 2025 PMVT operated 35 homeless accommodation services in seven local authorities across Ireland.
Of these, 21 are Supported Temporary Accommodation (STAs) and 12 are Family Hubs and in 2025 PMVT supported 1,839 people across adult services and family homeless accommodation.
Reporting by Gordon Deegan
