The evaluation, by the consultancy group WM Enterprise, found that the sustainability of projects "varies and appears to be ad hoc".
It adds: "Some will not, or have not, obtained ongoing funding from any other sources and have had to be terminated or have continued on a much reduced scale."
Among 13 recommendations made in the report is a call for V to provide more support to voluntary projects on gaining funding beyond the life of the grants it offers.
As the report acknowledges this will present the charity with an additional cost, it calls for organisations such as Capacitybuilders to take a role in funding such advice services.
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