Housing charity Peter McVerry Trust has published its overdue financial accounts for 2023 showing a write-down of €23 million in the value of its property portfolio.
"Serious governance and financial reporting issues" have been blamed, with Trust chairperson Tony O'Brien saying incompetence was at the heart of the failures.
The annual report shows a deficit of over €11m in 2023, the same year the Government approved a €15m bail out for the charity.
As part of that agreement, the charity committed to transferring unencumbered properties to local authorities, up to the value of the funding received.
The financial statements said: "This process is advancing significantly and it is envisaged it will be completed in 2026."
The accounts also show a financial liability of €3.5m in respect of funds owed to the Capuchin Order.
"The resolution of this matter is critical to restoring trust and ensuring financial transparency," the report stated.
"A repayment plan, consisting of cash and the sale of properties, is being developed, and the issue is under active review by the Finance Audit and Governance Committee.
"It is expected that final agreement will be reached before the end of the current year on repayment of this liability."
The property write-down happened after it emerged that the charity had claimed ownership over some assets it did not own, while others were double counted.
Mr O'Brien, who became chairman of the Trust six months ago, said the charity is now on a journey of renewal.
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