I’ve come across an interesting blog post, from the University of Lincoln, that may well be of interest.
The post features some advice and insight from Gordon Marshall, the Director of Leverhulme Trust.
“Because we are not a research council and this is not public money, so we do not need to be constrained by caution… Something can be a very exciting, very promising, high-quality, [a] cohesive programme with a clear vision behind it, but very high-risk. Some funding agencies would have to back off at that point, but since the board is only answerable to itself for the outcomes, it can afford to take the risk,”
Rather than repeating it all here, I would definitely recommend heading over to the Lincoln blog, where it also includes details on how the Trust works, their Programme Grants and the selection process.