It was hoped that v would raise £100m by attracting £50m from private companies, charitable trusts and wealthy individuals, which the government would match with a further £50m. But in response to a question by Conservative MP James Brokenshire, volunteering minister Phil Hope said v had so far raised only £8.4m.
A v spokeswoman said it had received more than £30m in pledges, which had not all been drawn on. "The process involves turning a pledge into a workable project with a voluntary sector partner and a carefully timed dispersal of funds," she said.
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