Affording our strategy
To afford our strategy we have to ensure that we can generate sufficient income to be able to re-invest in the University and its future.
In the current financial climate this means being very clear where we invest and how we prioritise.
Our strategy makes some very big demands and to ensure that we can deliver, we all need to contribute to achieving return on investment in whatever we do.
We really need a surplus of over £30m per annum to re-invest. That’s a very stretching target but one which we have achieved before.
Affording our strategy means diversifying our income. In 2012/13, we only received 16% of our income from Funding Councils and we forecast this proportion to continue to fall over our planning period, to less than 10% by 16/17.
Research grants and contracts currently make up almost one-fifth of our funding and we receive over 40% of our income from academic fees and support grants.
We also significantly rely on our own generated funding, which totals over 100m and is a significant proportion, at over 20% of our total income.
Seeking innovative new opportunities to generate income, remaining as agile and efficient as we can and being successful in securing philanthropic support for our ambitions are all key areas of focus in this strategy.
As a young University, we don’t have the luxury of the considerable endowments that older institutions benefit from.
We have a very strong track record of academic and commercial enterprise. Throughout the years, most, if not all of these examples have involved working in close partnership with external organisations. We need to continue to do this.
We value student enterprise and will look at ways of supporting this through our strategy. We also take sustainability very seriously and will look at ways we can embed this even further across the University.
We are refreshing our brand and, as we move beyond our 50th birthday, will celebrate what we have achieved but we will also build on our strengths to make sure that what Warwick stands for remains relevant to the wider world.
Every member of our community needs to be able to articulate “Why Warwick…?” to engage and inspire our stakeholders to support us.