The Deposit Protection Service (DPS) has donated £1 million to homelessness charity St Mungo’s since the partnership began at the end of 2024, the rental deposit protection provider has announced.
The milestone represents a doubling of fundraising efforts since the DPS announced its first £500,000 donation in July of last year. The funds are generated from interest accrued while the organisation safeguards tenants’ rental deposits, with tenants able to choose to donate this interest to St Mungo’s at the end of their tenancy.
Deposit interest model
Matt Trevett, Managing Director at The DPS, said: “We are delighted to reach the £1 million donation mark since embarking on this partnership. St Mungo’s delivers vital support to people facing some of the toughest circumstances across London and the South of England.”
The deposit protection scheme operates in a sector that has seen increased regulatory scrutiny, with letting agents adapting to new legislative requirements in recent months. The DPS partnership focuses on supporting local communities, particularly in Bristol where the company is headquartered.
Michael Reynolds, Director of Fundraising and Communications at St Mungo’s, said: “We are incredibly grateful to The DPS for the donations they have facilitated during the first year of our partnership and to all the tenants who have so generously chosen to donate the interest from their safeguarded deposits to St Mungo’s.”
Service provision
St Mungo’s operates 138 services that supported approximately 26,000 people who were homeless or at risk of homelessness in 2025, equivalent to 2,100 people every night. The charity provides support across London and the South of England.
The fundraising model differs from traditional government housing initiatives, such as Help to Buy schemes, by relying on voluntary tenant contributions from deposit interest rather than direct state funding.
DPS employees have also contributed time and resources to local St Mungo’s initiatives, according to the company. The partnership marks one of the rental sector’s larger charitable commitments to addressing homelessness in England.
