The report highlights that funds amounting to €4.3 million, donated by a religious order for the purchase of properties, were instead used to pay off creditors.
A damning 83-page report by the Charities Regulator into the Peter McVerry Trust (PMVT) has revealed failures in governance, financial mismanagement, and practices.
The report highlighted a property transaction involving PMVT, where a property in Celbridge was initially transferred to the charity’s external auditor before being transferred to PMVT the same day.
According to the report, this was required because the sale may not have completed if it was known that PMVT were the buyer.
Another issue uncovered was the misuse of restricted donations, which are meant for specific charitable purposes.
The report highlights that funds from a €4.3 million pot, donated by a religious order for the purchase of properties, were instead used to pay off creditors.
€1.5m of the funds was transferred to another charity related to the trust and was used to pay creditors of the trust
Despite agreements specifying that the money was to be used for housing projects, the charity failed to acquire any of the properties during the investigation period.
PMVT’s financial statements at the end of 2021 and 2022 indicated a transfer from restricted funds to unrestricted funds of €1.5 million and €7.3 million respectively.
The report highlighted a lack of financial oversight within PMVT, with large sums being diverted without board approval or sufficient transparency.
The findings also raised concerns over PMVT's takeover of other charities. It was discovered that some of these takeovers did not align with PMVT's charitable objectives, and there was a lack of documented evidence showing that the board had properly assessed these decisions.
Speaking on Kildare Today, David Hall, CEO of icare housing, said the charity does "phenomenal "work but trust is being damaged.
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