2020-12-31-accounts

REGISTERED COMPANY NUMBER: 0229261JI (EDgland and Wiles) REGISTERED CHARITY NUMBER: 800065 REGISTERED CHARITY NUMBER (Seotland): SCO 46557 TOFT ETRU EES AN IDAT FINAN IAL STA EMENTS FOR THE YEA ENDED TDE BER2 OR INSTITUTE FOR PUB C POLI A COMPANY LIMITED BY ESEAR ARANT Chariot House Limited Chartered Accountsnts 44 Grdnd Parade Brighion F￿ Sussex BN2 9QA

IN TUTE F R PUBLIC POLI Y RESEARCH ONTENTS OF THE FINANCIAL STA EMENT OR THE YEAR ENDED 31ST DECEMBER 2020 Page R¢port of tbe Trustee8 Rewrt of tbe Independent Awditors Statement of Finanei81 Actlvities 13 B4laDee Sheet 14 CoDsolidated Bal8n¢e Sbeet 15 C¥sh Flow Statement 16 Notes to the Cash Flow Statement 17 Notes to the Flllancial Statements 18 to 27

INS TUTE F RPUB IC POL CYRE ARCH REPORT OF THE TRUST ES FOR THE YEAR ENDE JIST D CEMB 2020 The trustees who ar¢ also directors of the charity for the purposes of the Cotnpanies Act 2006, present their report with the consolidated financial ststements of the charity and its subsidiary for the year ended 31si December 2020. The trustees have adopted the provisions of Accountitig and Reporting by Charities.. Statem¢nt of Re¢ommend¢d Practice applicable to charities preparing their accounts in accordance with th¢ Financial Reporting Standard applicable in the UK and Republi¢ of Ireland (FRS 102) {effe¢tive l January 2019). ORJEcfIvES AND ACTIVITIES Objective5 and aim5 The Charity's objttt IS to contribute to public undv5tanding of s(KiaL ¢onomic and political questions through research. di%ussion and publication. At any time ther¢ are many such questions and th¢ Instiiute has io select those which are m05t urgenl most importanL most susceptibl¢ to resolution and to which its own competencies are relevant. To some extent, urgency is deterniined by the politics of the day- those issue5 which ar¢ prominent in public d¢bate. and for which publi¢ policy aciion 15 likely at some future poin( are the ones where the public h&8 the most urg¢nt need to b¢ infomied. As part of thi5 process IPPR develops and disseminates policy ideas. In 2015 th¢ Charity amended its charitable objecLq ID order to ellsure they are fil for purpose with regard to curreni and future activities. The Charity Commission provided their fornial con5¢ni to these ¢hanges on 24th August 2015. and the trustees p&ssed a written resolution adopting the new objects on 14th Sept¢rnttr 2015. Th¢ Tevised obje¢15 are set out below.. The Charity's objeds are: a) to promoie r¢s¢arch into {and the publication of the useful results thereoD and the education of the public in the e¢onomic, social and political scien¢es and in scien¢e and tecl]nology. the voluntary 5e¢lor and wial enterprise, public services, and industy and commerce; b) to advance the voluntary sector and th¢ efficiency of public services whi¢h serve (or further) a charitabl¢ PUTPOSe' c) to advance physical and mentsl health- d) to relieve poverty. unemploymenL OF thos¢ in need by of youth. age. ill-heahh. disability. fmancial hardship or other disadvantage. e) io advance environmental protection or improvement and sustainable development. 0 to advance the ans. culttlre, herilage or scienc¢. and g) to advance such other exclusively charitable purposes ￿ the in their absolute discretion d¢temiine. Throughout these M¢morandum and Arti¢l¢s of Association a 'charitable purpose, is a purpose that 1$ regarded as haritable under th¢ law5 of every part of the Uniled Kingdom. and the tern) '¢horitsble' is to be inteTpreted in accordance with th¢ laws of every part of the United Kingd(Kn. Susiainable development means 'developm¢nt that meets the needs of the present without compn)mi$ing the ability of future generations to meet their own ne¢ds'. Page I

INSTIT TEFORP BLIC P ICY RESEARCH REPORT OF TH FOR THE YEA RUSTEE NDED T DECEMBER 202 OBJECTIVES AND AcfiviTIES Principal Aetivities. Aehievements and Perfomance In 2020. IPPR delivered a wide range of research and events programmes to inforn) th¢ public and contribute rigorously r¢5earched ideas to public debate. As well as the public, we engaged with opinion forniers and politicians acros5 Ihe political spectrum and ai all levels of nional, devolved and local government. A new IPPR Executive Director. Carys RobertK W&5 appointed 4nd took up the role in February 2020, having previously led the IPPR Centr¢ for Economic Justice. Consequently, the organision sought to refresh its strategy to achieve its charitable purp05¢5. We have subsequently focussed on three, related fornis of jusiice with relevan¢e across OUT teams and activities.. Economic 4nd eDvironm¢nt*l J￿$t1¢¢.. requiring shared and environn)entally sustainable prosp¢rity - Social justice= with universal access to th¢ basic goods, services and income needed to thrive Democratle jUStice.' in which power and agency sits with people 2nd communities, who have a stake in so¢i¢ty. These were selected to ensure IPPR is addressing the mosi pressing social, e¢onomic and political questions facing the UK, as identified through our research both through and prior io the pandemi¢. Through a review of how we work and how we can most effectively meet our goals and purpose¥ we resolved to: Deepen and extend our eollaboration with other organisation5 working towards sirnilar goals. Ensure our research considers immediate policy questions as well as how our id¢4s addr¢ss the bigg¢5t long-ierm challenges faced by the UK. Ensure our research is. where possible. ro￿ed in lived experien¢e and the views of peopl¢ and comTnunities whose lives are shaped by th¢ public policy our research consider4 and to craft otsr messages to be more Teadily a¢cessibl¢ to the public. During the year we published 56 re5¢arch repoTts and a further 40 policy-r¢lated blogs. A further 90 articles by researchers about their work were published by external m¢di Our work was referred to in 700 national media artTcles and by broadcasiers around the UK on mor¢ than 1,500 occasions, including 248 broadcast media appearknces by IPPR experts. On our principal social media channel. Twitter, we grew our main accounvs following to almost 88,000 by year end. Ctsronavin￿ respome The Covid-19 p4ndemi¢ dominat¢d public policy debates through much of2020 $0 we adAPted our research prosramme as a result, rapidly shifting the focus of our ￿lIcY research, to ensure our work has maximum impact. Highlights included the following: - Our Who Wins. Who PAYS? paper, published by the Centre for Economic Justic¢ early on in the pandemic in May, highlighted how polioy was protecting asset owners rdther than insecur¢ and low-income workers. ar]d the likely worsening of inequality through the pandemic. The report widely covered in the rnedia and social Media (providing early analysis for campaigners io drdw on), and we discussed its r￿dIng$ with policymakers across parties We made the cas¢ for and Set out what an 8mbitiou$. e(feclivt. green stimulus package would look like, with robust ma¢roeconomic tnodelling and by engaging with civil servaltts. politicians and media. We highlighted the risk to children's wellbeing and education in a briefing paper published one week after the UK went into lockdown, including the recommendation ¢0 mak¢ parents and carers eligible for the Job Retention Scheme. The UK Gov¢rnmeni laler adopied thi5 recomrnendation. alongside our call for broadband and devices for such familie5 and guidance to councils on maintaining access to parks. Our reSea￿h into preventing youth unemployrnent thrwgh a Jobs Fun4 discus5¢d with senior advisors and civil servants, was 5UPPOrted by a rdnge of youth charities and contributed to the Chan¢¢llorfs announcement of a £2bn Kickstart Scheme. Our research arguing for the Job Retention Scheme to be maintsined and made available part-time also contributed to policy chang¢ by the UK goYernmenL with both elements adopted. We published analysis on minority ethnio groups and Covid-19 ineqllalities In partn¢rship with the Runnymede Tru$L leading to an exclusive repon on Chann¢l 4 news and a discussion in parliament. Pag¢ 2

INSTI UTE FOR PUBLI POLI Y RESEARCH REP RTOFTHE TRU TEES FOR THE YEAR ENDED 1ST DE EMBE 2020 OWECTIVES AND ACTIVITIES - IPPR Srotland undertook a project lo assess po￿-CoV1d policy priorities. Our recommendations were reflrfied in the Scottish Government's response to Covid19 and in a number of political partie5. manifest05 for the 2021 eleuion. Environmenlaljusiice Commi&sion We organi5ed and hosted two ciliz¢ns' juries in Tees Valley and County Durham and in South Wales. part of a series around the ¢ounty, to infom) the Environmental Justice Commission (reporting in 2021) in its work to pri)duce a plan for a wen and fair transition to n¢¢ zero and the restoration of natur¢. The jurors li￿ened to evidence, gave their vision and ¢ontributed policy ide&%. The work of the Environmental Justice Cornmission gathered pac¢ through 2020. including an interim report setting out the case for a green recovery, and extensive engagement with government officials, ministers, #nd opp)Siiion parties. We relaun¢h¢d our Instagrdm channel. leading with fjndings from the Environmenial Justi¢e Commission. to reach ttew audienees. Health and Care Our resear¢h on health and care made headlines and infomied policymakers. decisions. We highlighted the irnpact of Covid19 on waiting tim¢s for other condition4 in¢luding cancer, showing thai 250,000 people hail missed urgent cancer ch¢¢k-ups, risking a decade's worth of progress on cancer survival rales. Several of our re£4)mmendations on childhood obe5Lty were adopted by the Pritn¢ Minister in hi5 policy ag¢nda to thckle ob￿[ty. Employer organisations across the health and care sector supported our call for mental health support for frontline workers during the pandemic. Migraiion andBre¥il Our analysis on the impacts of the hostile envirotlln¢nL the habiDJal r¢sidence tesl the'no recourse to public funds, policy and also of Covid19 were used by other charities in the sector in their work over 2020, following c105¢ engagem¢n¢ with them. Our r¢poTL AcC￿S Denied. arguing thai th¢ h05ti1e envirotlln¢nt policy is failing on its own ¢¢rnis, was widely r¢ported in a rang¢ of media outleLS. W¢ were one of the f￿st organisations to publish our analysi5 of the UK-EU trade agr¢ement- TheBrexii Irsl anal sis- which argued that the deal provided w¢ak safeguards for upholding workers, rights and environmentsl protections. The report wa5 used by MPS across Westminster to inforni th¢ parliamenw debate on the trade agreemenL in which the r¢search was referenc¢d. ade London Progre￿10￿ Collaboration Th¢ London Progre￿10￿ Col]aboration (LPC) ]aun¢h¢d during National Apprenticeships Week in February. In June. the LPC launch¢d a Reskill¥ng lhe Recovery campaign, to secure pledges io transfer unspent apprenticeship levy funds from large employers to small busincsse5 and enable the creation of appr¢nticeships for low-paid Londoners. By the end of DeceTnber 2020, this had supported 265 apprenticeship staTts and secured £4.3m of pl¢dged funds. IPPR Norih IPPR North's resear¢h highlighted the impact of centrdl governmenvs poli¢ie5 on the resilienc¢ of Northern regions in the face of the pandemic, paying particular attention to the impa¢¢ of spending cuts on health inequalities and child pov¢rty. Our State of the North r¢port set out key tests for the gov¢rnmenVs 'levelling up. agenda. In December, IPPR North w&s short-listed for the 'advocaGy' and'innovation. categori¢s of th¢ Prospect think tank awards. JPPR Scoil(7nd IPPR Scotland reached its fhfth anniversary in 2020. It began a major programme of work on fJnan¢ial insecurity in Scotland. including analysis relevant to the pandemic &5 well as wot* to deepen understanding of how finan¢ial security for families ¢ould be achieved in the long-lelln. The Scottish Government adopted our recommendation of a pre-christhils £100 lumpsum payment for low-ncome families. helping some of the poo￿ families in Scotland. Page 3

STIT FOR PUBLI LICY R ARCH REPORT OF THE TRU TEES FOR THE YEAR ENDED 31ST DECEMBER 202 OBJECTIVES AND AcfivITIES Evenis We held 39 public ev¢nts in 2020. This included the final events in ourprogramme relating to the Commission on Economic Justice, the most ambitious public engagement ￿ries IPPR has undertaken. We visited Edinburgh, Belfast and MaTgate io sp¢ak with local people about what econornic justice m¢ans to them. From March, we shifted our events programme online, and f04md we could reach lar8¢r and more geographically dispersed audiences. Public Benefjt In shaping our objectives and pl&)ning our activities for the year, the TnLSttts have given consid¢rdtion io thc duties set out in section 17(5) of the Charities Act 2011 io have due regard to public benefit. In particular, the Trustees have considered how the planned activtties will contribuie to the overdll aims and objeclives that they have set. Plans for Future Ptrlods Our upcoming plans includ¢ the following- Having refreshed our strategy, we are now seeking flexibl¢. programmatic and ¢ore funding to ensure we can implement it most effectively. We are reviewing our fundraising practices and strategy to support us with this. - We are developing major progrAmmes of work around and xr05s the thrtt fom)s of justice identified in our strategy. including on the purpose of education. the futyre of the health and care system post-covid. the UK'S relationships in the world post-Brexit, especially trade and transatlantic relations. economic policy for a green and strong r¢covery from the pandemic. and how to strengthen trust and democracy across the UK. Having secured cross-party support for our Minimum Income Guarantee proposal in Scotland. we now plan to work with S¢ottish Government and parties across the Scottish parliameni io see the policy implemented. - Analysis and re￿arch to promot¢ the findings of the Environmental Justice Commission and infomi public debate in th¢ run up to the COP26. review of our external communications and materiaL8 explaining our organi￿lon and strategy to inforni our audiences and funders. - A n¢w Diversity. Equity and Inclusion subcommittee of thff and trustees 15 reviewing how race and thicity feature in our research Strategy and how IPPR can supwTrrt racial justice throughout its activities. We are inv¢sting in our staff with a training plan including fundraistng, project managefft¢nL lin¢ manag¢TnenL ¢oaching. quantitaiive analysis. broadcast medta and antiracism. FINANCIAL REVIEW Fln4nciAI review 2020 was another sueee5sful year, after 2019's achievements of adding £53k to IPPR'S reserves. By the end of 2020 the total general Tesetves stood at £1.069k (2019.. £942k). after another £35k was added during 2020, noi including £92k which was the surplus IPPR'S Trading subsidiary achieved in 2019 gifted ¢0 IPPR during 2020. In 2020, despite the change of leadership. th¢ turbulence in the economy and the risk asS(￿lated with the Covid-19 pandernic. IPPR carri¢s on achieving the results set by the budget for the year. No major structural changes needed io b¢ put in place so far. Th¢ financial and operaiional rtsk5 are closely monitored during the year and at the end of the summer th¢re is cautious optimism for the 2021 year-end. To monitor the added financial risks, the already ¢xisiin8 Finance & Risk Committee (a sub-committ¢e of the Board of Trustees) has 2 new members from the Board of Trustees with varied financial and commercial expertise. This ommittee meets reglllarly, ai le&st every 2-3 rnonths and reports to the Board. Page 4

INSTITUT FOR BLI POLI RESEARCH REPORT F THE TRUST ES FOR THE YEAR NDED 31ST DECEMB R 21120 FINANCIAL REVIEW R¢$erves poIIcy The tnisiees recognise the need to hold reserves to allow proteciion of core activities in the event of income shortfalls, to promote balanced. long-term strategi¢ plannTng and to ¢nable the Instituie to carry out exploratory research into otherwise unfunded areas of public policy. In 2018 the trnstees reviewed the need4 risks and Oppor￿n]11¢S faced by the charity. along with relevant financial forecasts and analyses. Based on this review, the trustees recogni5ed the need to hold a general reserve and that the size of this reserve should be related ￿ the level of ongoing financial commitments. The I￿￿eeS decided that as a guide the organisation should keep its generdl reserv¢5 ￿ a lev¢] beNeeT] four io five months of expenditure. This recognises that the bulk of the charity's incom¢ is potentially quitr volatile and short-tenn while most of its COSLS (salaries, property) are relatively fixed. In 2020 there been further di5¢ussion by the Financ¢ Committe¢ about the l¢vels of res¢rve5 need¢d but it was agreed that no fLffther changes were necessary. The guide lev¢1 of reserve$ remains in-b¢tween 4-5 months, op¢rdting ¢xpendiwre. The average monthly expenditure of IPPR 15 round £223k so the 2020 yearthend was, and fUTrent res¢rves are at a level, which the TThslees consider to be sulricient. The trustees will continue to review the reserves policy and l¢ve15 annually and approv¢ the 2022 budget and fmancial plans at their t)ecember me￿ing. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing doeument The Charity is constituted &$ a company litnited by guarante¢ and is governed by a M¢morandum and Articles of Association. Executive Director The day.io-day Tnanagement of the organisation is delegated io Executive Director, Carys Roberts, who took up the posi in th¢ fiT5t quarter of 2020 following Tofft Kibasi's departure at the end of 2019. Recruitment and appointment of new trustees The Tru51ees {who ar¢ the Direciors of the company for Companies A¢t Purposes) are elected by the compangs members at the Annual General Meeting. One third of the Trustees Tetire each year. The Trustees have the power to appoint to fill ￿ll41 vacancies. New T￿￿tee$ can be Dominated by any Trust¢e. Organi￿tIOnal structhre The day-towday running of the organisation is delegated io staff under the leadership of the Executive Director. Board of Trustees Tn¢et on a quarterly b&si5 PriTnarily io discuss issues of strategic dire¢tion both in relaii(Trn to the running of the Organisation and the research priorities. They the￿rore approve an annua] strniegic plan and budget b¢for¢ the stsrt of th¢ year and then monitor progress againsi the plan during the year. Croup Structure The Charity fully owns a trading subsidiary. IPPR Trading Limi*4 which &vries ou¢ Commercially commissioned research and genernt¢s income through events. Induction and traiDing of Dew trustee5 T￿Ste¢S are given an in-depth introduction io the organisation and the rol¢ of Tn￿e through meetings with other Trustees (including the Chair) and meetings with stsff (including the Executive Director). New Tn￿te¢S are also given relevant documentation including recent research, mttting minu￿$ and annual reports. Page 5

STITUT ORP IC POLI Y RESEARCH REPORT OF THE TRU TEES FOR THE YEAR ENDED 31ST DECEMBER2020 STRUCTURE, GOVERNANCE AND MANAGEMENT Risk rnanAgement The financial and operniional risks are ¢10sety tllonTtored dwing the y¢4r and at th¢ end of the summer there is cautious optimism for the 2021 year-end. To monitor fmancial risks, the Finance & Risk Committee (a S￿￿¢0￿MI￿¢c of the Board of Trustees) has memb¢r5 frorn the Board of Trustees with varied fjnancial and commeTcial expertise. This committee meets regularly, at least every 2-3 months and reports to the Board During th¢ year the Trnstees continued to develop and refll)e their risk manag¢ment strat¢gy. which comprises.. A quarterty and annts21 review of the major risks to which the Charity is exposed - Review and update of the Chariry's risk monitoring processes, overseen by the Finance and Risk Committtt - The implementation of pro¢eduTes designed io minimise any potential impact on the Charity should any of those risks maierialis¢. Political risk reviews at ¢very Finance and Risk Committee and Board meeting as well as esealation of parti¢ular risks in interv¢ning periods- monitoring and ensuring IPPR'S independence of party and political bias. Corongvlrns pandemie The Con)navirns pandemic presents signiflcant risks to IPPR. These include staff illness and absence. disruption to our work progrdmme anil delivery. and volaiiliry of funding. Internal risks have been addres5¢d through discussion with trustees and staff on how to minimise impact. daily monitoring and di55emination of governmeni guidance,. impleTn¢ntation of home-working and flexible working- and the introduction of a traific light system monitored fortnightly to identify delivery risks. We have sought io redesign impacted projects in consultation with our fiLnd¢rs in order that we can deliver the work. We have made plans to slowly return to o(fice-working in Q3 of 2021. with a full risk assessment conducted and stsff consulted. Financial risk5 have b¢en addr¢s5ed through regular reporting to th¢ Finance Sub-committee of trustees. scenario analysis to ¢ll5ure our reserves policy will confidently be met- caution on staff recruitment and prudence tn awarding pay in¢¢tase5. In addition, we continue io seek diversification of income 50ur¢es, as well as to seek fvnding from sources we have identified & being relatively less affected by the pandemic and economic eff¢cts. These procedures are pu1￿licallY reviewed to ensure that they still meet the needs of th¢ Charity. REFERENCE AND ADMINISTRATIVE DETAILS Regi5t¢red Cojnpany Dulln￿r 02292601 {England and Wale5) Regist¢red Chxrity nllmber 800065 (England and Wales) SCO 46557 (Scotland) Register￿ office 13 - 14 Buckingham Stre¢t London WC2N 6DF Page 6

IN TUTE FOR P BLIC OLI RESEARCH REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2020 REFERENCE AND ADMINISTRATIVE DETAIiS Trustee$ Ms C F Daniel (resigned I8￿rI020> Lord J L Eatwell (resigned 11912020) Lord C R Hollick (resigned IP412020) Prgfessor M ma7￿cal0 (resigned 2114r2021) DrDMP¢ck Ms J Search Baroness A M Suttie B Moselle Mrs E Farhai-Nicholson N Ramchandani K Bar¢lay Ms U Burnham M5 K McNeill (appointed 1616ll021) Ms R Bun¢e {appointed 161612021) Senior St8tulory Auditor John Thacker FCA DChA Auditors John Thacker FCA Dcha Chariot House Limited Chartcr¢d Accountants 44 Grand Parade Brighton East Sussex BN2 9QA Bankers Unity Trust Bank pl¢ 9 Brindleypla¢e 4 Oozells Squar¢ B]r￿InghaM BI 2HB Solicitors ]Jates Wells & Brdithwaite Cheapside House 138 Cheapside London. EC2V 6BB Insurance Brokers Sta¢khouse Poland Ltd N¢w House, Bedford Road Guildford, Surrey GUI 4SJ Page 7

IN TITUTE F R PUBLIC P ICY RESEARCH REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 202 STATEMENT OF TRUSTEES. RESPONSIBILITIES The tNstees (who ore also the direciors of Institute for Public Policy Research for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standard5 {United Kingdom Generdlly Accepted Accounting Practice). Company law requires the trustees to prepare financial ststements for eaeh financial year which give a tNe and fair view of the stat¢ of affairs of the charitable company and rts subsidiary and of the incorning resource5 and application of resources. including the incom¢ and expendilure, of the group for that period. In preparing those financial statements. the tNsiees are Tequired to select suitable accounting policies and then apply thern consistenily. observe the methods and principles in the Charity SORP,. make judgements and estimates that are reasonabl¢ and prudenL prepare the financial statements on th¢ going concern b&5is unless it is inappropriate to presum¢ that the charitable company will continue in business. The trustees are r¢5ponsible for keeping proper accouttting records which disclose with reasonable accuracy at any time the financial EK)sition of the charitable company and (o enable them to ensure that the financial statements eomply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and its subsidiary and hence for taking reasonable steps for the prevention and detection of fraud and oth¢r irregularities. STATEMENT OFTRUSTEES, RESPONSIBILITIES In so far as the twsttts are aware.. there 15 no relevant audit infornjation of which the group's audiior5 are unaware: and the tru5t¢es have taken all 5t¢ps thai they ought to have taken to make themselves aware of any relevant audit inforniation and to establish that th¢ audiiots are aware of that inforniation. AUDITORS The auditors, Chariot House Limited, will be proposed for re-appointsnent at the forth¢oming Annual General Meeting. Approved by order of th¢ board of trusiees on ............. . and signed on its behalf by.. K Barc Page 8

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBEILS OF INSTITUTE FOR PUBL C POLICY RESEAR Opinion We have audited the financial siaternents of Instithle for Publi¢ Policy R¢5¢arch (th¢ parent charitable company and its subsidiary) for the year ended 3 1st December 2020 which ¢omprise th¢ consolidated Ststement of Financial Activiti¢s. the consolidated Balance SheeL the Balance SheeL the consolidated C&5h Flow Statement and notes to th¢ financial statem¢nts, including a summary of significant accouniing policies. Th¢ financial reporting framework that has been appli¢d in their prcpardtion is applicable law and United Kingdom A¢¢ounting Standards (Unit¢d Kingdom Generally A¢c¢pted Ac¢ounling Praclice). In our opinion the financial 5tatements'. give a true and fair view of the sthte of the group and ¢haritsbl¢ company's affair5 a5 at 3 1st D¢c¢mber 2020 and of its incoming resources and application of resources. including the group's into￿¢ and expendilure, for the year then have been properly prepared in accordance with United Kingdom Genernlly Accepted Accounting Practi¢e,' and have been prepared in ac¢ordance with the requirements of the Companies Act 2006, the Charities and Truste¢ Investtnent (Swtland) Act 2005 and Regulation 8 of the Charffities Accounts (Scolland) Regulation5 2006. Basis for OPiDjOII We condurt¢d our audit in a￿ordanCe with Inmational Standards on Audiiing (UK) IISAS (UK)) and applicable law. Our responsibilities under those standards ar¢ fi]Tther described in th¢ AuditOTS' responsibilities for the audit of the financial statements section of our report. We are independent of the group in ac¢ordance with th¢ cthical requirements that are relevant to our audit of the fmart¢ial statements in the UK, including the FRC'5 Ethical Standard, and w¢ have fulfilled our other ethical responsibilities in accordanc¢ with these requirements. We believe that the audit evidence we have obtsined is sutri¢ient and appropriate to provide a basis for our opinion. Conclusions relatlng to going concern In auditing the financial statements. we hay¢ Goncluded the trust¢es' u5¢ of the going con¢eTn basis of accounting in the preparation of th¢ financial sthLem¢nts 15 appropriate. Based on the work we have perforni¢d, we have not identifi¢d any material uncertainties relating to events or conditions that, individually or collectively, may cast signifieant doubi on the ￿0Up,$ ability to continue &8 a going concem for a period of * le&4t twelve months from when the financial ststements are #uthorised for issue. Our re5ponsibililies and the resp(Trnsibilities of the tr￿￿treS with respect to going concern are described in the relevant sections of thi5 report. Other information The trustees are responsible for the other infiJrn)ation. Th¢ othcr information comprises the info￿atiOn included in th¢ Annual Report, other than the fu)ancial statements and our R¢port of the Independent Auditors th¢reon. Our opinion on the financial statements does not cover the other inforniation and, except to th¢ extent otherwise explicitly stated in our repor¢ we do not express any forni of &5surdnce conclusion thereon. In ¢onn¢ction with our audit of the financial sthtements, our responsibility is io re&d the other inforniaiion and. in doing 50, consider whether th¢ oth¢r inforniation is matetially inwnsi5tent with the f￿ancial stat¢m¢nts or our knowledge obtain¢d in th¢ audit or othenvise appears to b¢ materially missthd. If we identify such material inconsistencie5 or apparent malerial misstatements. we are required io detennine whether this gives rise to a material misststern¢nt in the financial statements themselves. If. based on the WO￿ w¢ have perfollned. we conclude thai there 15 a material misststement of this oth¢r inforniation, we are requir¢d to rwrt that facL We have nothing ¢0 report in this regard. Opinions on other matters prescribed by the Comp*nies Aet 2006 In our opinion, based on the work undertaken in the course of the audit: the inforn]ation given in the Report of the Trustees fl￿ the fmancial year for which the fllwicial staiemeAts are prepared is ¢onsis¢ent with the financial staiements: and the Report of th¢ Truslee5 ha5 been prepared in accordance with applicable legal requirements. Page 9

REPORT OF THE INDEPENDENT AUDJTORS TO THE INSTITUTE FOR PUBLI POLI Y RESE RCH EMBE OF Matters on which we are required to re￿rt by exception In the light of the knowledge and understanding of the group and charitable company and its environment i)btained in the course of the audiL we have not identified material misstatements in the Report of the Tru5t¢es. We have nothing to report in respect of the following rnatters where the Companies Act 2006 and the Ch￿iti Accounts (Scotland) Regulations 2006 requires u5 to report to you if. in our opinion- adequate accounting record5 hav¢ not tten kept or renwns adeqtwe for our audit have been received from branches not visited by us- or the financial stalements are not in agreemenl with the accounting records and returns" or certain disclosures of trnstees, remuneration specified by law are not made. or we have noi received all the inforniation and ¢xplanatÉons we rcquire for our audit; or the I￿￿tee3 w¢re not entitled to take advantage of the srnall companies ex¢mption from th¢ requirement to prepare a Strategic Report or in preparing th¢ Report of the Tnjstees. Responsibllities of trustees As explained more fully in the Ststement of Tr￿￿e¢s. Responsibiliiies, the trustees (who are also the directors of the charitable company for the purposes of company law) are r￿pOns11 )le for the pr¢pardiion of the financial statements and for being satisfied that they give a trye and fair view, and such internal control as the tsustees detemiine is ne¢es5ary io enable the preparation of f￿ancial staiern¢nts that are free from material misstatemenL whether due to fraud or error. In preparing the fmancial statements, the tru5t¢es are responstble for assessing th¢ group and charitable company's ability 10 coniinu¢ as a going concern, disclosing, as applicable. matters relat¢d to going concern and using th¢ going oncern basis of accouniing unless the trustees either intend to liquidate the group or charitable company or to cease op¢ration5. or have no realistic altematrve but to do so. Page 10

REPORT OF THE INDEPENDENT AUDITORS TOTHE MEMBERS INSTIT FOR PUBLIC POLICY RESEARCH Our responsibilitiu for the audit of the finan¢511 statements Our objectives are to obtain reasonable &55ufdnce about whether the financial stsiements a5 a whole ar¢ free from material misstatement. whether due to fraud or error, and to issue a R¢port of the Independent Auditors that include5 our opinion. Rea50nabl¢ assurdnce is a hÈgh l¢v¢l of assurance. but 15 not a guarantee that an audit conducted itt accordance with ISAS (UK) will always detect a rnat¢rial mis5thtement when it exists. Misststements can arise from fraud or eTror and are consid¢r¢d material if. individually or in the wegate, they could reasonably be expected to influ¢n¢e the economic deeisions of users tsken on th¢ basi5 of these fman¢ial statements. IrTrgularities, including fraud, are instances of nort-compliance with laws and regulations. We d¢5ign procedures in ITne with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, includin8 fraud. The exl¢nt to which our procedures are capable of detecting irr¢gularitie5. including fraud is detailed below. W¢ gained an understanding of the legal and regulatory fram¢work applicable to the charitabl¢ company and the industry in which it operates, and Gonsidered the risk of acts by the ¢haritable company thai were contrary to applicable laws and regulations. including fraud. We identifioj that the following laws and regulations are central to the charithble company. Companies Act 20006 Charities Act 2011 Charities SORP 2019 Chariti¢s and Trustee Investment (Scotland) Aa 2005 Health & safety regulations We did not fmd any instances of non-compliance or breache5 of the legislation fram¢worft appli￿1¢ to the charitable company. We designed audit procedures to respond to the risK recognising that the risk of not detecting a material misslatement due to fraud 15 higher than the risk of not detecting one resulting from error, as fraud may involve deliberate ¢on¢ealm¢n¢ by, for example, forgery or intentional MiSrep￿Se￿t￿tl0l4 or through collusion. We identified that the following areas were of high risk: Complet¢nes5 of income. We perfollned various audit tests to ensure that inrome was not materially understated in th¢ financial statements. Management override of contro]s. We perforni¢d various audit tests to ensure there was no material matwganent override of controls We focussed on laws and regulations which could giv¢ rise to a material misslatement in the f]nancial statement5, including. but not limited to, the Companies Act 2006, UK tax legislation, Charities Act 2011, Charities and Truste¢ Investment (Scotland) Aci 2005 and Clwities SORP 2019. Our tests included agreeing the fll)ancial stsiemetit disclosur¢$ to underlying supporting documentation. enquirie5 with management and enquiri¢s of legal counsel when considered nece55ary. There are inherent Itmitaiions in the audii procedures d¢S¢rIb￿ above and, the further removed non-compliance with laws and regulations is from the events and transactions reflcded in th¢ fmancial sta￿Ments, the less likely we would become aware of it. We did not identify any key audit matters relating io irregularitie5, including fraud. A5 in all our audits, we also addressed the risk of management override of intemal contro]s, including t¢sting journals and evaluating whether there was evidence of nw)agement bias by the directors that repr￿ented a risk of material misstatement due to fraud. A further description of our responsibilities for the audit of the r]nancial statements is located on the Finan¢ial Reporting Council's website at www.frc.org.uklaudilorsre5pon5ibilities. This description fomis part of our Report of the Ind¢pendcnl Auditors. Pagell

REP RT OF THE INDEPENDE INSTITUTE FOR P BLIC POLI T AUDrroRS TO THE MEMBE1￿ O Y RESEARCH Use ofour rewrt This report is made 501ely to the charitable companYs mernber4 as a W. in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's ￿￿te¢s. &8 a trf)dy, in accordance with regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work ha5 been undertaken so that we might stste to the charitable ¢ompany's members those matters we are required to Stale io them in an auditors. report and for no other purpose. To the fullest extent permitted by law, we do not accepl or assume responsibility io anyone other than the charitable company amd the charitable compan￿5 membm &8 a body. for our audit worK for this reporL or for the opinions we have fomi¢d. 4ILrfLL John Thacker FCA DChA {Senior Statutory Audiior) for and on behalf of Charioi House Limited Chartered Accountants and Ststutory Auditor 44 Grand Parad¢ Brighton East Su5S¢X BN2 9QA Date.. Page 12

INSTIT TE FOR PUBLIC POLICY RESEA CH TATEMENT OF ONSOLIDATED FINANCIAL AcfivITIES INCORPORA TIN ANIN OME AND F.XPENDITURE ACCOU FO THE YEARENDED31 TDE BER2 2020 Total funds 2019 Total fimds Unrestricted Restri￿ed fund fi￿dS INCOME AND ENDOWMENTS FROM Donations and legacies 2.453,663 2,453,663 2.655,909 Charitable 8Ctivities Charitabl¢ actlVili¢s 48.139 48.139 22.217 Investment income Other incorne 1.840 1,840 2,690 Total 2,537,933 2.537.933 2.680,816 EXPENDITURE ON Ch4ritable aetivities Support Costs Research and dissemination on Social, ￿)lItical and economic issues 8,116 8.116 7,939 2,494.456 2,494,456 2.552,380 Tot41 2.502.572 2.502.572 2.560,3 19 NET INCOME 35.361 35,361 120,497 RECONCILIATION OF FUNDS Total funds brought foTw4rd .033,652 1.033,652 913,155 TOTAL FUNDS CARRIED FORWARD 1069.013 1069013 1033 652 CONTINUING OPERATIONS All income and exp¢nditur¢ arisen from ¢ontinuing aaivilies. The not¢5 forni part of these f￿ancial 5taiements Page 13

INSTITUTE FOR P BLIC POLICY RESEARCH EGISTERED NUMBER. 2926111 BA CESHE 1ST DECEMBER 2020 2020 Totsl funds 2019 Total funds Ut)restricted fund Restricled funds N￿e5 FIXED ASSETS Invesknents 10 100 CURRENT ASSETS Debtors Cash at bank 679.065 1250 687 679,065 1250 687 546.010 906 189 1,929,752 1,929,752 1,452,199 CREDITORS Amounts falling due within one year 12 (860,839) (860,839) (509,830) NET CURRENT ASSETS 1068913 1068 913 942 369 TOTAL ASSETS LESS CURRENT LIABILITIES 1.069.013 1,069.013 942,469 NET ASSETS 1069013 1069013 942 469 FUNDS Unrestrided fijnds 069013 942 469 TOTAL FUNDS 1069013 942 469 These fmancial stat¢menis have been prepared in accordanee with the provisions applicable to charitable companies subject to the small wmpanie5 regime. ial statements were approved by th¢ Board of Trusttts and kuthorised for i55ue on and were signed on its behalf by: K Barclak- stee The nO￿S fomi part of these financial statements Page 14

INST TUTE ORP BLI OLICY RESEARCH RE ISTE EDN MBER: 112292601 CONSOLIDATED BALANCE SHEE 31ST DECEMBER 2 2020 Total fund$ 2019 Toial funds Unrcstricted nd Restricted fund5 Not¢5 CURRENT ASSETS Debtors Cash at bank 509.168 1494 148 509,168 1494 148 492,950 153279 2.003,316 2.003.316 1,646.229 CREDITORS Amounts falling due within one year 12 (934.303) (934,303) {612.577) NET CURRENT ASSETS 1069013 1069013 033 652 TOTAL ASSETS LESS CURRENT LIABILITIES 1,069,013 1.069.013 ,033,652 NET ASSETS 1,069013 1069013 033 652 FUNDS Unre5tricied fund5 1069013 1033 652 TOTAL FUNDS 1.069.013 1033 65? These financial statements have been prepared in accordan¢¢ with the provisions applicable lo charitable companies subj¢d io the small companies regime. The finan tatements were approved by the Board of Trustres and authorised for issue on . and wer¢ signed on its behalf by: The notes fom) part of these financial ststements Page 15

INSTITUT FORP BLIC POLICY RESEARCH ASH FLOW STATEMENT FOR THE YEAR ENDE JISTDE EMBER 2020 2020 2019 Notrs Cash flows from operatlDg ¥Jetivities Cash generated from operations 339 029 170 235 Net cash provided byl(used in) operating activiti¢s 339 029 170 Cash flows from investlDg #etivities Interest received Net cash provided by investing activities Change in cxsh and easb ¢quiv*lents in the reportittg period Cash and cash equivalents at th¢ beginning of the reporting period 340,809 173,925 1153 279 980 354 Cash and cash equivalents at Ihe ¢nd of the reporting period 1494 148 1153 279 The notes forni pan of these fin2nctal 5taiernents Page 16

INSTITUTE FOR PUBLIC ICY RE CH NOTES T HE CASH FLOW STATEMENT RTHEYE R ENDED 1ST DECE ER 21120 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2020 2019 Net income for tbe reportlDg period (as per tbe Statement ofFiDxnci•l Activities) Adjustments for: Interest re¢¢ived Increase in debtors In¢rea5e in creditors 35,361 120,497 (1.840) (16.218) 321726 (2,690) {84,540) 136908 Net cash provided byl{used in) operations 339 029 170235 ANALYSIS OF CHANGLS IN NET FUNDS At Iiir20 Cash flow At31112120 Net Casb Cash at bank 340 869 494 148 340 869 1494 148 Totsl 1 153 279 340 869 1494 148 The notes fomi part of thes¢ financial Statements Page 17

NSTI UTE FOR PUBLIC P LICY R SEAR TES TO THE FINANCIAL STATEMENTS FORT EYEA ENDE 31ST DECEMBER 202 ACCOUNTING POLICIES Basis of pre￿rIng tb¢ fingnti41 statements Th¢ financial statements of the charitsble COTnpany. which is a public benefit entity under FRS 102. have be¢n prepared in accordance with the Chariiies SORP {FRS 102) 'Accouniing and R¢porting by Chariti¢s- Statem¢nt of Recommended Practice applicable to charities prepaTing their a¢¢ounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 20191,, Financial Reporting Standard 102 The Financial Reporttng Standard applicable in th¢ UK and Republic of Ireland, 2nd the Companies Act 2006. The fllwicial ststernents have been prepared under the histori¢al cost Convention, with the exception of investhients which are Tncluded a¢ rn￿et value. At the lime of approving the financial staternents. the tn￿tee% have a Teasonable expectation that the charity has adequate resources to Continue in operational existence for the foreseeable future, includin8 taking into account any potential impac¢ of the Covid-19 pandemic. and on basis the charity is considered to be a going oncern. Preparation of cons0lidted fiDantial sttem¢nts These financial 5taternents ¢onsolidat¢ the results of the charity and its wholly-owned subsidiary. IPPR Trading Ltd prepared to 3 IX December 2020, on a line by line basis. A separdte sthiemeni of financial activities and income and expenditure ac¢ouni are nol presented for the charity itself following the exemptions afforded by Section 408 of the Companies Act 2(kn and the SORJI. Group financiAI $tatements These financial ststements consolidwe the results of the charity and its wholly-owned subsidiary, IPPR Trading Ltd, on a line by line basis. A separdie staiem¢nt of fjnancial activilies and income and expenditure account are not presented forthe tharity itself following the exemptions afforded by Secti¢)n 408 of the Companies Act 2006 and the SORP. Income All income is recognised in the Ststement of Financial Activities once the charity has ¢ntitlem¢nt to th¢ funds, it 15 probable that the income will be received and the amount can be measured reliably. Eipenditure Liabilities are r¢cognised as expenditure as soon as there is a legal or constructive obligation committing th¢ charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation be m¢asured reliably. Expenditure 15 accounted for on an a¢cn]als basis and has been cla$5ified under headings that aggregate all cost relat¢d to the category. Where costs cannot be directly attribut¢d io particular headings they have bttn allocated to aclivities on a basi5 consistent with the use of resourc¢s. T4XAtIoD The Charity is considered to P155 the tests set out in Paragraph I Schedule 6Finance Act 2010 and therefore it meets the definition of a charitsbl¢ company for UK Corporation T&xes purpose5. Accordingly the Charity is potentially exempt from tsxation in respect of income or capitsl gaing received within caie8ories cov¢red by Chapter 3 Part I I Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Aci 1992, to the ¢xtent such income or gains are applied ex¢lu5ively to charitable PUTposes and the subsidiary eompany has made sufficient covenant I gift aid payments to the parent charity to extinguish any liability to corporation Fvnd accounting Unrestricted funds can be us¢d in a¢COrdan￿ with the charitsble objethives At the discretion of the tnEStees. Restricted funds can only be used for particular restricted puw¢s within the objects of th¢ charity. R¢striciions arise when Specified by the di)nor or when funds are raised for particular restricted pU￿oses. Further explanation of the nature and purpose of each fund is included in the not¢5 to the financial stalements. Page 18 coniinued...

IN TUTE FOR P OLICY R CH OTES TO THE FINANCIAL TATEMEN - ¢ontinved FOR THE YEAR ENDED 31ST DECEMBER 2020 ACCOUNTING POLICIES- eiiDtinued Foreign currencies A55ets and liabilities in foreign currenci¢5 ar¢ translatsd into ￿erling at the rate5 of VAchange Tuling at the balonce sheei date. Transactions in foTEign currencies art translated into sterling at the rate of ¢x¢hange rnling at the date of transaction. Ex¢hange differen￿ are taken into account in arriving at the operating resulL PeD5iQD All Staff have the opportunity to tske part in a stakeholder pen5ton schem¢ under a salary sacrifi¢e payable by the employer during the year on behalf of the employ¢¢. Operating le¥se Rentals payable under operating le&8es are *ed to the Statemenl of Financial Activities on a 5traight-line basis over the lease terni. DONATIONS AND LEGACIES 2020 2019 Donation5 Activities for generating fi]nd 1,905,711 547 952 2,014,067 569 633 2 453 663 2 583 700 Included in the above were.. 2020 2019 Received durlng tbe yur Abbvie Ltd Accounts Payabl¢, Asso¢iation of British Insurers Association of Personal Injury Lawyers (APIL} A5traZ¢neca UK Ltd Barrow Cadbury Trust Baxter Inl¢rnational Inc Bazalgette tunnel limited (tla Tideway } British Heart Foundation Cancer Research UK City of London Corporation Clydesdale and Yorkshir¢ Banking Group Deloitte UK Diabetes UK Doctors of the World Eli Lilly & Company Ltd Esmee Fairbairn Foundation EU REDEEM European Climate Foundation Frdser of Allander Instituie Friends Provident Further Education TTUSt for L£adership (FETL) Garfield Weston Gilead S¢ienre5 GlaxoSmithKlin¢ Gu¢rn5¢y Community Foundation Carried forward 45.000 43.OIM) 30,000 29,750 70.000 30,000 19,0(HJ 18,000 19.850 15.000 16,01)0 40,000 19.000 67.000 10,000 33,11)0 70,000 100,000 28,000 75.000 90.512 32,580 37,51)0 113.0(10 33.000 45,000 70,000 90,000 70,000 105,000 837292 647,000 Page 19 ¢ontinued...

STI UTE ORP BLI POL CY RESEARCH TES TO THE FINANCI OR HEY ARE ED LSTA EMENTS- ISTD CEMBER2 20 DONATIONS AND LEGACIES- conthl￿ed Brought forward Health Foundaiion Independent Age Islington Council Janssen-shopland Jones John Mills John Wiley & Sons Limited Johnson & Johnson Joseph Rowntree Foundation JP Morgan Legal Education Foundation Lloyds Bankirtg Group Local Trust Lowel Financial Ltd LUMINATE US SERVICES LLC Margareth Hayman Foundation Martin Taylor MIGRATION YORKSHIRE Millfield House Foundation MSD Nationwide Foundation New Economics Foundation Northern Powerhouse I I Northern Housing Consortium Novo Nordi5k Partners for a New Economy Paul Elliott Paul Hamlyn Foundation priz¢r Poverty and Inequality Cornmission RECKITF BENCKISER CORPORATE SERVICE Scottish Government S¢ottish Policy Foundati¢)n Siernens Healthcare Limited Standard Lif¢ Foundation 837.292 647,000 17,000 20.000 19,800 15,000 46,000 43,980 25.000 31,875 285.724 295.000 18,000 67,000 37.034 42,000 49,113 20,000 200,(MJO 34,947 58.OlX) 85,000 30,000 56,000 18,797 18,500 20,01)O 21.000 40,000 73.0 15.000 160.000 25.000 30,000 18,000 100,000 26.000 30.000 30,000 30.OLK) 102.LK)O Stonewater The John Ellernian Foundation The Legal Education Foundation The Legatum InstÉtute FoundatiOD Trevor Chinn Trust for London Unbound Phtlanthropy 42.480 70.000 43,750 18,500 15,000 22,000 33.000 15 Page 20 continued...

UTE FOR P IC POLICY RESEARCH NOTES TO THE NANCIAL ATEMENrs. E YEAR END 1ST DE R 2020 tinued DONATIONS AND LEGACIES- ¢ontinved Deferred to 2021 Abbvie Ltd Audit reforni Ba￿oW Cadbury Tn￿t CRISIS Diabetes UK Ellerman Foundation Equaliry and Hurnan Rights Commi&siort EU REDEM European Climatr Foundation Garfield Weston Gl&xoSmithKline Guemsey Community Foundation Janssen Shopland Jones Johnson & Johnson Joseph Rowntree Foundation J P Morgan Lloyds Banking Group Margareth Hayman Foundation Millfi¢ld Northern and Steel Paul Hamlyn Foundation Partners for a New Economy Reckitt Benckins¢r Resolution Foundation Royal College of Midwiv¢s Scottish Policy Standard Life Foundation T￿ B¢nefit Model Legatum The Legal Education Unbound Philanthropy 45,000 32.000 9,000 12.000 10.o(N) 15,000 3,500 24.000 5.300 10.000 10,000 5.000 70,000 15,000 25.000 12,600 162,862 15,000 147,350 15,000 42.0(10 13.000 70.000 20.000 85,000 6,250 10,OOD 2.500 27,000 3,083 3,750 684 545 INVESTMENf INCOME 2020 2019 Deposit a¢¢ouni interest Page21 ¢ontinued...

INSTITUTE F PUB Ic LICY ESE RCH NOTES TO THE FINANCIAL STATEMEYTS- contin FOR THE YEAR ENDED 31ST DECE BER 20 INCOME FROM CHARITABLE ACTIvrrIES 2020 Activity Charitable activities Charitsble athivitie5 2019 Sale publications Honoraria & sundry 43.980 20,968 CHARITABLE AcfiviTIES COSTS 2020 2019 Support Costs Rcsearch and disseminatton on social. political and ecthjixnic issu¢3 8,116 249445 7,939 NET INCOMEI{EXPENDITURE) Net tncomel(expenditure) is stated after ¢lwginpJ(ITediling)." 2020 2019 Auditovs r¢munerntion- Audil ser¥ic¢s Auditovs remun¢ration- Non Audit 5ervi¢e5 5,400 5,300 TRUSTEES. REMUNERATION AND BENEFITS There were no tnjstees. remuneration or other benefits for the year ended 3 1st December 2020 nor for the year end¢d 3 1st December 2019. Trusttts. eipenses Ther¢ were reimbursed expenses paid to l Tnwee I0￿11ng £27 (2019 - £187 travelling ¢xpens¢$. l Trusttt) in respect of STAFF COSTS 2020 2019 Wages and Salartes Social Security costs Pension Costs 1,570,478 162.487 80 1,468.339 154,067 Page 22 continued...

INSTIT E FOR PUBLI POLICY RESEARCH TES TO THE FINANCIAL STATEMENTS- E YEAR END 31ST DECEMBER 2020 tinued STAFF COSTS- CODtinued The average monthly number of employees during the year was as follows: 2020 24 13 2019 25 Research External Affairs Operation5 43 40 The number of employees whose employee benefits (excluditig employer pension costs) ¢xceeded £60,000 was: 2020 2019 £60,001- £70.(N)O £80.001- £90,(MIO £ioo.000 - £110,000 The ayerdge number of employe¢s on a Full Time Equivalent b&sis w&4 39.5. Key manag¢m¢nl emolument4 deemed to be th¢ Tn￿￿5 and senior It￿lagemen( amount￿ to £434,283 (2019-. £432,142) 2019 COMPARATIVES FOR THE CONSOLIDATED STATEMEKf OF FINANCIAL ACTIVITIES UnTe5tricted fund Restricted funds Totsl fimds INCOME AND ENDOWMENTS FROM Donations and l¢gaci¢s 2.645,909 10.(y)o 2,655.909 Charltsble #ctivitie5 Charitable activities 22217 22,217 Investment income 2,670.816 10.000 2,680,816 EXPENDITURE ON Charltable aetivities Support Costs Research and dissemination on sociaL political and economic issues 7.939 7,939 2,542.380 10.000 2,552,386 Total 2.550.319 10.0 2.560,319 NET INCOME 120.497 120,497 Page 23 ontinued...

STITUTE BLIC OLI YRE EAR TES TO THE FIP4ANCIAL STATEMENTS- eoDtinued ORT EYE R ENDED 31ST DECEMBER 2020 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- e0n¢in￿ed Unrestricted Restrict fund funds Total funds RECONCILIATION OF FUNDS Tot*1 fund8 brougbt forw¥Jrd 913,155 913,155 TOTAL FUNDS CARIUED FORWARD 1033 652 1033 652 io. FIXED ASSET INVESTMENTS Share5 in group und¢rtakinES MARKET VALUE At 1st January 2020 and 3 1st De¢ember 2020 100 NET BOOK VALUE At 3 1st December 2020 100 At 3 1st December 2019 100 There were no invesknent &ssets Outside the UK. DEBTOILS: AMouKfs FALLING DUE WITHIN ONE YEAR Group 2020 Cornpany 2020 Group 2019 Compony 2019 Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income 445,349 393.149 389,660 218.420 239,426 224.300 20.805 3,476 55.883 55,883 Pa8e 24 continued...

IN UTE FOR P BLIC POLI Y RESEAR NOTES TO THE FINANCIA ST ATEMENTS- contin FOR THE YEAR ENDED 31ST DECEMBER 2020 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2020 Company 2020 GTOUP 2019 Company 2019 Trade creditors Social security and other taxes 71.797 47.683 42.582 42,581 46277 46277 44.016 44,016 VAT Oth¢r creditors AccThals and deferred income 108,778 13.906 108.778 13,906 57,460 35,992 47.276 35.992 693 545 432 527 13. LEASING AGREEMENTS Minimum lease paym¢nts under non-cancellabl¢ ¢)p¢rdting le45es fall due as follow5: 2020 2019 Within one year Between one and five years 106,130 143 743 105,538 249 873 14. MOVEMENT IN FUNDS Net movement in fi]nds At 31112120 Ai Iiir20 Unrestrlcted fuDds Generdl fund 1.033.652 35.361 1.069,013 TOTAL FUNDS 1033 652 1009013 Net movement in fijnds. in¢luded in the above are ￿ follow$: Incoming resources Resources expended Mov¢ment in funds Unrtstrieted lunds Genernl fund 2.537,933 (2.502.572) 35.361 TOTAL FUNDS 2 537 933 2 502 572 Page 25 continued...

INSTIT TEF R PUBLIC POLI RESEARCH NOTES TO THE FINANCIAL STATEMENTS- contlDued ORT YE END D31 DECE BER 202 14. MOVEMENT IN FUNDS- continued Compxrativey for movement in ¢onsolidattd funds Ne( movement in thnds At 31112119 At 111119 Unrestricted futtds General fund 913.155 120,497 1,033,652 TOTAL FUNDS 913 155 120497 1033 652 Compardtive net movement in consolidated funds. in¢luded in the atrx)ve are as follows.. Incoming Resource$ expended Movement in funds UDre5trieted funds G¢nerdl fund 2,670.816 (2.550,319) 120,497 Restricted fut)d$ Barrow Cadbury Trust 10,oth) (10,000) TOTAL FUNDS 2680816 2560319) 120 497 Beyond the hostile environment {Barrow C&dbury Tryst) This projecl ￿sesseS the oplions for the UK'S futur¢ migration policy aft¢T it leave5 the EU and sets out new proposals for a future immÉgration system for EU and non-EU n￿lonal$. EMPLOYEE BENEFIT OBLIGATIONS Is. All staff have the opportunity to take part in a stskeholder pension scheme under a salary wrifice arrangement with a noTninated d¢fined rontribution group stakeholder pension scheme. Contributions are accounted for in the income and expenditure account when paid. Th¢ pensÈon costs charged in the year amounted to £55,800 (2019= £149,341). At the balance Sheet date there were £13,907 (2019.. £27,542) of outstanding contributions that were paid in January 2021. Page 26 continued...

INSTITUTE FOR PUB Ic LICY RESEARCH NOTES TO THE FIN FOR THE YEAR END CIAL STATEMENTS- CODti D31 DE EMBER 2020 16. RELATED PARTY DISCLOSURES During the year the company recharged costs of £353.878 12019.. £285,130) to IPPR Trading Ltd. At 31 December 2020 th¢ company w&5 owed from IPPR Trading Ltd £239.426 {2019.. £224,300). INVESTMENT IN SUBSIDIARIES 17. The investment of £100 represents the whole of the issued share ￿p1th1. which is made up of £1 ordinary shares, of IPPR Trdding Ltd. a company incorporned tn Great Briratn, which carries oul commissioned research on public poli¢y. The companys gross income for the year to 31 December 2020 w&5 £435,514 (2019.. £427,953) and th¢ net 10$5 for the pericMI of £91,183 (2019- profit of £66,866). Th￿¢ will be no donatioll to the holding company leaving a net balance sheei ioial of £lOO. PRTr Lt tandl 2020 2019 Turnover Cost of sales Administrative expenses Bank inter¢st Donatiot]5 to holding company 435.514 (435.398) (116) 427.953 (336,631) (139) 183 ILoss)IProfit on ordinary activilies Page27