I think it is quite plausible that £2m is too low for the year. Not having enough funding increases the costs to applicants (time spent applying) and you (time spent assessing) relative to the benefits (funding moved), especially if there are applicants above the bar for funding but that you cannot afford to fund. Also I had this thought prior to reading that one of your noted mistakes was “underestimated the number of applications”, it feels like you might still be making this mistake.
That’s fair. My thinking in choosing £2m was that we would want to fund more projects than we had money to fund last year, but that we would have picked much of the low-hanging fruit, so there’d be less to fund.
In any case, I’m not taking that number too seriously. We should fund all the projects worth funding and raise more money if we need it.
That’s fair. My thinking in choosing £2m was that we would want to fund more projects than we had money to fund last year, but that we would have picked much of the low-hanging fruit, so there’d be less to fund.
In any case, I’m not taking that number too seriously. We should fund all the projects worth funding and raise more money if we need it.