Our strategy into action
The Foundation published its five year strategy in 2014. It sets out how through our grant making and direct charitable activities we aim to connect science, safety and society by supporting research of the highest quality and promoting skills and education. It still holds its value and remains unchanged. We have set out how we aim to deliver our strategy through a five year plan. The seven goals in the new 2016-2021 five year plan articulate our focus and priorities going forward. It will be reviewed and refreshed annually to factor in experience and new opportunities.
We are driven by impact and excellence – wanting to work with the best minds in the world on relevant challenges that have a plausible pathway to impact and are going to make a distinctive difference in line with our charitable aims
You can find out about our seven goals below. Click here to download a six page leaflet with summaries of each goal.
Goals: seven in five
By 2021 the Foundation will:
Goal 1: Global safety evidence base
We will undertake and publish a foresight review on global safety knowledge, analytics and data, aimed at identifying where trusted safety data is available around the world and where there are gaps to be filled.
We anticipate a need for a global analytics capability. This will explore, compile and publish (probably annually) the authoritative independent evidence base underpinning global understanding of risks and safety in the sectors we serve. It will identify patterns and trends analysed in different ways such as by sector, technology and geography.
We envisage the output will be used worldwide by industry, governments, policy makers, researchers and the financial, insurance and risk industries. By 2021 we will have defined and established this capability and produced initial datasets to underpin the Foundation’s own decisions and support the activities of others seeking to improve safety of life and property.
Goal 2: Safety Grand Challenges
We will work with others to identify the major global challenges and opportunities facing mankind for the safety of life and property. In pursuit of this we will consult with our wider grants community, stakeholders and industry, as well as importantly the general public in identifying the Safety Grand Challenges facing society. Our plan is to address the grand challenges through directing our future grants, prizes and calls for proposals where appropriate.
Goal 3: Portfolio growth
We are a relatively young Foundation but with a long heritage going back 256 years though our trading arm. During the lifetime of our five year plan the Foundation will go through a period of managed growth with the size of its live grants portfolio tripling expected to reach £150 million. We will continue to award large longer term grants to major partners in delivery of our strategy and work with partners to leverage our investment by securing matched funding.
Goal 4: Skills, education and public understanding
In the initial years of the Foundation the supporting excellent scientific research strategic theme has received most attention and is well developed. Over the next five years attention will be given to the other strategic themes of advancement of skills and education and public understanding of risk to bring them up to a comparable level.
With the new appointments planned in this area we will identify where the Foundation can make an effective and distinguished contribution to improved education and skills provision and to the public understanding of risk in line with our strategy and charitable aims.
We will set out a plan for our grant giving informed by foresight reports and, where appropriate, secure major partners for delivery to enhance the leverage, effectiveness and reputation for delivery in these strategic themes.
In the public understanding of risk area, our initial focus will be Asia were research linked to public policy making and regulation is not as advanced as in Europe and North America. Although Asia centric we will however forge links internationally.
Goal 5: Heritage and Education Centre (HEC)
The Foundation is the curator of Lloyd’s Register’s records and artefacts stretching back centuries which represent a unique historical and educational resource. Our intention is to put this archive collection to work in pursuit of the education, public understanding and research elements of our strategy. We will build on Project Undaunted which we have already committed to aimed at cataloguing, conserving and digitising the archive to increase its accessibility and discoverability to scholars, researchers, the general public and future generations worldwide. The Heritage and Education Centre will also forge effective working relationships with key partners and organisations with aligned aims and fund further research and activities around the material through funded PhDs. We plan to see a 10% year on year increase in the numbers of students, researchers and members of the public accessing HEC resources, particularly via the new HEC website.
Goal 6: Efficiency and effectiveness
Our aim is optimise expenditure of available resources on our direct charitable activities. One important way to achieve this is through ensuring we are efficient benchmarked against others in the sector and to understand and demonstrate our impact on society. Towards this end we will commission an external evaluation of the Foundation’s grant giving to understand our impact and recommend best practice for future grant giving, monitoring and target setting.
In pursuit of maximising our benefit to society we will also pay attention to the total footprint of our impact across all of our activities in addition to grant giving.
Goal 7: Work with Lloyd’s Register Group Ltd for the benefit of society
The Foundation is the parent entity of Lloyd’s Register (LR). We are proud that LR’s compliance, risk and technical consultancy services directly discharges the first of the Foundation’s charitable objectives – to enhance the safety of life and property – by helping ensure the quality construction and operation of critical infrastructure that modern society relies on applied to the sectors we serve.
In addition to providing income to the Foundation the interrelationship with LR also provides an industrial, end-user perspective which helps to inform the Foundation’s funding priorities. This ensures all the Foundation’s work, even the most fundamental, has a plausible pathway to impact. LR can also help translate the results and outputs from Foundation-funded work into practice and societal impact.