REGISTERED COMPANY NUMBER: 02292601 (EnglAnd and W&le$) REGISTERED CHARITY Ti'tiMBER: 80006S REGISTERED CHARITY NUMBER {Scotla&d): SCO 46557 REPORT OF THE TRUSTEES Af4D CONSOLIDATED FINATr4CIAL STATEMENTS FOR THE AR ENDED 31ST DECEMBER 2021 FOR INSTITU'fE FOR PLT. LIC POLICY RESEARCH A COMPANY LIMITED BY GUARATr4TEE Chariol House Lirnited Chartered Accountants 44 Grd Parade Brighton East Sussex BN2 9QA
INSTITiFfE FOR PUBLIC POLICY RESEARCH CONTENTS OF THE FINANCIAL ST ATEMENTS FOR THE YEAR ENDED31ST DECEMBER 2021 Page Report of the Trn5tees Report of tbe Independettt Auditors 10 10 13 StatemeDt of Fillallcial Activities 14 Balanee Sheet 15 Con$olid#ted B•¢¢ Shttt 16 Cash Flow Statement 17 Notes to the Cask Flow Statement 18 Notes to the FiiiaDcial stateeuts 19 to 29
INSTITUTE FOR PUBLIC POLICY RESEARCH REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2(121 The trustees who aTe also directors of the ¢haTity for ihe purposes of the CoTnpanies Act 2006. present their report with the consolidated financial statements of the charity and its sllbsidiary for the year ended 31st December 2021. The trnstees have adopted the provisions of Accounting and Reporting by ChaTities." Staent of RecoTnmended Practic£ applicable to charitie5 prepaTing their accounts in aecordance with the Finaneiai Rewjrting Slandard applicable in the UK and Republic of Ireland (FRS 1021 {effe£tive l January 2019). OKVECTIVES AND ACVlFs Obje¢ti¥es 8in15 The Charity's objtci is to contributc to public undtrstanding of 50¢1al. economic and w>litical questions through re5eaTCh, discussion and publi¢ation. At any ti]ne there are many sllch quesraon5 and the Insttiuie has to select those which are most urgent. most important, ]ll05t 5USttpttblc to resolution and to which its own competencies are relevant. To some exient. urgency is detemined by the politirs of the day- those i5su&4 which are prominent in publi¢ debaie. and for which publi¢ policy action is likely ai some future tK>iT)t. are the ones where the public has the most urgent need to be infonned. As part of this process tPPR develops and disseminates policy ideas. In 2015 the Charity amended its charttable objects in order ts) ensure they are fit for purpose with regard io ellrrent and future a¢tivities. The Charity Commi8sion provided their forn)al eonsent to these changes on 24th August 2015. and the trnsttts passed a written resolution adopting the new objects on 14th September 2015. The revised objecis are set out below.. The Charty'S objects are.. al to protnote research tnto {and the publi¢*ton of the urUI results thereofj and the education of thc public in the e¢onomie, social and political lenCeS and in science and technology. the voluntsry stttor and social enterprise. publi rvices. and indu#ry and comrnerce- b) to advance the voluntary sector and the effi¢ien¢y of public Servic which setve (or further) a charitable purpose.. c) to advante physical and TneDial hea]th. d} io reliel'e poverty) uncmploymenL or those in need by rea50n of youth. ag& i11-h1th. disability, financial hardship or other disadvantage,. e) to advance etJwronThenta] prottttion or improvemeThi and sustsinable development: fj to advance the arts. culture, heritage or science- and g) to advance su¢h other exclusively charitoble purposcs as the Twsitts in their absolute th"scretion deteTtnsne. Throughout these MetnordnduTn and Anicles of A&wciatÈon a'charitable PUT$¢. is a purpose that is regarded as chatitable under the laws of every part of the United Kingdorn, 8nd the tcmi '¢harttable' is tts be inierpreted Èn ac¢ordanee with the law5 of every part of the United K]"ngd¢)m. Sustainable developmeni means'development that rneets the necds of the present without ¢ompromising the ability of future generations to meet their own rteeds,. Page I
INSTITUTE FOR PUBLIC POLICY RESEARCH REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEIBER 2021 ORIECTIVES AND ACTIVITILS Principxl Actlvitles, Athievements And Perforninee In 2021 we Caled out rigorous research and policy design in puThiit of three ¢r0s$4utting goa]& as 5Ct tsut in last year's report: - E¢onomi¢ and ¢nvironmentsl JU1¢c.. reqlliring shared and environll)ents]ly SUall]e prosperity So¢ial justice". universal a¢¢ess io ihe basic goods services and in¢ome needed to thT]"ve - Democratic justice: in which power al agency slts with people and cO[nun1tieS. who have a stake in society. A¢ross all ihre¢ we seek io make t#)Id ideas comm¢)n seEw, and io Provide ihe policies io make ihem a reality. Through rigorous researclu analysis and public diajoguc. we provide iltsight into the issue5 and make impactful solutions workable. Our work takes place across four subject tearn& and through our dedIed think-tanks in the North of England and Seotland. Key activities and achievemertts in 2021 included the followillg= Ellergy. Climat< Housing #Dd Infrastru¢tllr¢ In July 2021, we published the fjnal report of the IPPR Environmenthl Justice Commission, Fairness and Opportunity: A people powered plan for the green transition. The report sets ollt a bllleprint for reaching net-zero and restoring nature in a way that can secure public SUPPOTL with faiTnCS5 a5 a foundation and public consultstion ai its heart. The Coinmission convened 18 C0MiSSIOners, with cio&s-party Chairs, and drew on four citizens. jurie5 held in Aberdeenshirq Tets Valley and County DurhaTh, the South Wa]es Valleys artd Thu0¢ plus listening exeici5es in Doncaster ad London. As well as a detailed report, we published an illustrated, digital version to make the findings accessible to the generdl pllblic. The Guardian said the repon, if implemenied. would be "one of the greaieg advances in ihe faimess agenda since the creation of the NHS.. The report wa5 Cited in a nutnber of parliamentsry debates. Centre for Economit Justice The Centre published research re5w)nding to poltcy challenge5 arisitkg from the pandetnic throughout ?021. This included a piece making the case for greater fiscal support for the ecoTLomy to mirror policymakers in the US, Boosi it like Bide whith cited irt the House of Commons by the SNP and which we discussed with No Io's joint ¢¢tsnotDir unit as well as the Labour Party. The Centre ¢oniinued to deepen its links wilh US counterparts in a joint intervention with the Roosevelt Instiiuie. as part of a broader civil e]ety eoa]ii1o to suecessfully win the supp)rt of the UK governmertt for a G7 cOTnmitCnt to a global TniniTnum CooTall0 taK. And. a major rewrt setting out a vtsion for building back a fairer and stronger economy posl-pandemic w&s launched ai an eveni with Heather Boushey, a M¢mr of the Coun¢il of Economic AdYisoTS to the Prldent of the USA. migratio trade 8nd eommuDities We published research on the implicions of the deadlin¢ for the EU settlement 5cheTne for EU citizens and their family members. and their risk of experiencing the effects of the Thostile environment,. In August, the government announeed that it would safeguard the rights of late applicants in line with our primary recommendation. We launched a rnulti-year project with the fToniline immigration advice Organisations Prnxis and GreateT Manchester Itnmigration Aid Unit, to itnprove acces¥ to justice for people with insecure immigrnion staws. The projeci will be shaped by pe4)ple with lived expeTien¢e of immi50 policy. in older to provide a deep insight into the challenges and barriers within ihe ¢urr¢ni system. Page 2
INSTITirrE FOR PUBLIC POLICY RESEARCH REPORT OF THE TRUSTEES FOR THE YEAR ETr4DED 31ST DECEMBER 21121 ORIECTIVES AND ACTivrriLs Work the welfare stste As part of our Future Welfare State programme. we published a report 'No longer managing,: the rise of woiking poverty and fIxing Britain's broken yxial settlement. in partheTship with the Covid Realilies Project. The report fjnds a recoTd one in six working households in relalive poverty, as a rtsult not just of low incomes but high housing and child¢are co%ts. We worked with ITV London, who featured the report alongside a powerful case study iTtteTriew with a woman exptriencing working poverty. We also published the first of a major. annual seri&s looking at the State of Hta]th and Care. This provided the fiTSt, ¢ost¢d blueprint of how to build back better in health and care services after the pandemic. don Progression Coll¥bortion ILPC) The LPC, kncubated by IPPIi ha5 3 Tnt&sion io make sure low-paid Lotldoners can 5e¢ure better-quality. higher-paying work, and to make SUTe London's bustnesses can develop the skills they need io ihrive and grt>w. In 2021 the LPC reathed the msle5tone of having supported the crealion of 650 new appreThticeship5 foT low-paid Londonefy the majority of whi¢h are in SMES and have been funded via the £8.7m levy pledge fund we have built up from large employcTS. IPPR Scotl#tsd The Scottish ParliaT]]ent elections twk place in May 2021. All five polilical panies adopted IPPR Scotland recommendattons (26 polici& in total), including to double the new Scottish Child Pay]nent. takirtg an estiTnated additional 40,000 children oul of poverty. The SNP. Grttns and Scottish Labour comsnitted to the approa¢h of 8 MinimuTn Income GuaFantee alongside Univetsal Basic Service& poli¢ies we develop1 thn)ugh our Rethinking Social SecuTity Programme. The newly fortnc£t SNP governtnent ¢reaied a new Minimum Ineome Gua]l Steering GtOUP to develop an iTs]plemerttation plan. and invited the director of IPPR SeotlaDd to whair ihis. IPPR North In March. Ihe Mayor of Greater Manchester announced a policy of bus ftan¢hising in the city region, in line with long-ierm policy research and recommendat¥oNs from IPPR North. The North East Combined AuthoTity announced they would stablish a po&erty prevention prograrnme following our research on child poverty in the North east. Our recommendations for strong high streets were adopted by the Liverpwl City Region CATrrnbined Auihority as well as the UK government. We ¢oniinued our programme of work on dtcaTiw)nisatton in the North of England. including with a major report Forging the future= a vision for northern Steel's nd zero In$forn20ft. The rq)ort re¢eived significant local and national media oveTage. and 5UPPOrt from cmss party politi¢ian& the Steel industy. tr•le union5 and ¢ivil ciety. Achieving Impact through work In 2021 we met with and host r¢ptwt*ives from a wide range of w)litica] parties at all levels of governmeTLL as well as statutory and paTliamentary bodies. in order to communicaie our research. These included politician5 and political representatives from the Con%rYa¢ives. Labour. LibeTal Democrats. Greens and SNP,. representatives of the Greaitt London Authority. cotnbined authorities, local government- Welsh ParliatnenL S¢oitish GovemmenL Whitehall departments including DWP, MHCLG. DHSC, DfE, Treasury. and No 10 Dowming Sireet: parliamentary groups such a% the House of Commons Environent Audit Committee. severdl APPGS and the Treasury Select co]nltte¢. ONS, the Climate Change Committee and Ofcom. We held 24 tvents ac105s the paty conferences of the Con%ryative Party. Labour Party, Lsberal Democrats and SNP. Page 3
INSTJTUTE FOR PLBLIC POLICY RESEARCH REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECELIIBER 2021 ORJECTIVES AND ACTIVITIES We publi5h¢d 56 Tigortsusly tuear¢hed repoTts and as well as fftaking them available on our wd>site. comn]unicated them through extensive engagement with broadca51 and print our social medta channels. and by hosiing events with hundieds of attendees from the genera] public and policy sector. IPPR'S research and team metnbei% featured in a wide rdnge of publications and channels. including BBC NewsThigh¢ BBC Radio 4. Ihe Guardian, the Mail, the Daily Telegtaph, Times RadEO and Channel 4 news. We publislKd four i59Jes of IPPR Progressive Review to bring the best writing on politics and i(ka5 to a public audience. In partnership with the RunnyEnede Tru5¢ we published the report 'Making change.. what works?. lo Understand what wt can learn from movements that have made change- well &s those who have fallen short- for our efforts to create change today. We shared the fiDdings o number of learning events for the voluntary sector. Orgnis#tion#l dtvtlopJlleDts In 2020. we reviewed how we can tnost eff1velY meet ourgoals and PUTws and rtsolved to.. Deepen and extend our collaboration with other charities working towards similar goals Ensure ollr res&qrch considers imtnediate w)liey qUeiOnS as well how our ideas sum to meet the biggest long-ter challenges faced by Ihe UK Ensure our T¢scaFch is. where p055ible, looted in lived experience and the views of people and communities whose lives are shaped by the public poliey our res&qrch considers. and to crdft our messages to be mtstt readily accessible to the public. We made strong progress on a][ three of these aiTn$ in 2021. Over the year. we developed our the4>ry of ehange for economit and environmental. social and democratic justice. enablillg us to better balance aetiviii¢s for long and short-teTm chatJg¢ and for individual work progta]ntn¢s to develop sttategies foi tM)lÈcy impact. We embarked on a number of new partnerships across our work programme as detailed in thts repoo Including partnenvg and building relationships with research organisations and progressive policymaker5 itE the US through our economie and irdde work. We deeptrted our engagement wilh communittes rhrough deliberative research proje¢ts such as the Enwiontnental Justic£ Commi&sion and worked with framing expert5 10 comtnunicaie the fLnding5 of 04]r res&irch accessibly and effeetively. Alongside ihis. we worked with exrnal fundraising consultants to support us in securing a higher prowrtion of our funding in flexible progrdmmatic or core grdnis ihai align with our Slfdtegic PT]OT]li¢s_ We appointed a new Director of Research and Engagemeni ts) the senior managemeni team io support teams ill de5iglling impact strategies and to rdise required fund5. Publle Benefit In shaping our objectives and planning our activities for the year. the Trnstecs have given consideration to the duties set out in se¢tion 1715) of the Chities A¢t 2011 to have due reg to publac benefEt. In partÈcular. the Tn]sttts have c4)nsidered how the planned activities will contribute io the overa]l aims and objeeiii'es lh* they have set. Page 4
INSTITvfE FOR PUBLIC POLICY RESEARCH REPORT OF THE TRUSTEES FOR THE YEAR EF4DED JIST DECEMBER 2021 ORIECTtVES AND ACTIVITIFS Pl#n$ for Fufvre Periods Our upcoming plans include the following.. A new IPPR Commission Health and ProSlty, launched in 2022. The Cornrnsssion will sttk to develop a new, positive vision for the role of gotyj health iTh a JUA and prosperous countiv. li will build on the succes of our Better Hedth and Care Progra]nme and be t(kehaired by former health Tninitri Lord Ard Darzi and fonneT chief medica] offjcer Dame Sally Davies. A new Fair Trantion Unit.. which will take forward the work of the Environmcntsl Jumite Commission. It will aiJn to a¢celerate progres5 in reducing emiisions and restoring nature. while also seeuring a fairer. moTe ju# and thriving society. - A programme of work jointly led by IPPR North and tPPR on what a progressive policy agenda for'levelling up. should in¢ludt, including deliberative iesearch with citizens from a rdnge of pla¢&s aeross England. A refresh of tPPR's website. including how we Communicate who we are and oui impact. - To review our workforce #rntegy to ensure we have the skills in the team 10 deliver on our new theory of change. To establish effe¢tive processes to enable pr(MJuttive and rong paTtnetships including clear policic5 on tPPR's independence and ¢ommllnications with our partne¥ - Further developing our relationships with progressive5 ID other countri¢s. particularly the US and Gem)atty, with a view to ater collaboration around issues of shared iThieresr. - To continue our work io embed aDti-rncism in KPPR'S research ar acttviti&*, as well &s an action plan for class diversity within IPPR. To more deliberately and sttegitally think about how we tan develop diverse talent for our sector and for poli¢y professions. including ihrough an expanded internship programme and a thorough progrdmme of training and development. FINANCIAL REVIEW FinancRal reviev< 2021 was another succe&sful year, after 2020's achieNements of adding £127k to IPPR'S reBerY¢s. By the end of 2021, the total general reserves stood at £1.082k (2020= £1,069k). In 2022, despite the tUTbulen¢e irt the economy and the Tt5k associated with the Covrd-19 pandeTnic, IPPR caTTies tsn achieving ihe results set by the budgd for the year. No major sthicillrai changes nealed to be put in place $0 faT. The financial and 0ratiOnal risks are c105ely monitored during the year and at the end of the summer thcrc is eautlOU5 optimism for the 2022 year-end. To monitor the financial risks the Finance & Risk Commilte¢ (a su1cOMMIttee of the Board of Tru5teesl meets Teglllarly, at Ivdst every 3 months and re)rts to the Board. Page 5
IF4STITUTE FOR PUBLIC POLICY RESEARCH REPORT OF THE TRUSTEES FOR THE YEAR EIYDED31ST DECEMBER 2021 FINANCIAL REVIEW Reserves polity The Tw5t¢es re¢ognise ihe need to hold reserves tn order to provide for protection of ihe ¢harity'S ¢ore a¢tivtties in the event of incorne shortfalls. and to proTnote balanced. long-teTm #ntegi¢ plannin& which helps to enable the Institute to carry Out exploratory research into otherwtse unfunded areas of public policy. The Tnjstees have established as a guide that the organisatiota should keq> its cash re5erYes a leel of 4 to 5 months of operdting expendim. This recognises that the bulk of ihe charlS income is shon-iern), and p¢0110]1Y subject to some volatility. while most of its costs le.g. salaTieS. property) are relatively fixed. Cash Teserves remained during 2021-22 at over 5 months. OPing expenditure and remain 50 in August 2022 - therefore at a level which the Trustees consider to be suificieni. The TrUt¢S review the reserves w>licy annually and will next do so before the tnd of 2022 in the eontext of considering the budget for 2023. STRLCTURE, GOVERNANCE AND MANAGEMENT Governing docuThent The Charity is con5tituied as a ¢OTnpany limited by guarnjtee and is governed by a Memordndum and Articles of Association. Executive Director The day-to-day management of the organisalion is delegat to Exe¢utsve DJ"rtttor, Carys Roberts. Recruitment 8nd appointment of tru5tee5 The Trustees (who are the Directors of the company for Compani¢s Aa purpo} are elect by the Company's inembets at the Annual General Meeting. One third of the Tru#ees retire cach year. The Truslee5 have the >Wer to appoint to fill c&sual vacancies. New Trustees can be nominated by any TrUte. Orgathl$tlon#l strneture The day-lo-day rnnning of the organisatton ts delegated io staff under the leadership of the Executive Director. The Boatd of Trustees mect on a quanerly basis primarily lo discuss issues of rategiC direction both in relation to the Junning of the Organisation and the research prioritkes. They therefore approve an annual srraiegic plan and budget before the start of the year and then monitor progTes5 again4 ihe plaD during the year. Group Structure The Charity fully owns a trading subsidiary, IPPR TTading LimituL which carries Out colntnercially commissioned research and generates income Ihrough events. Illduetioll trailli8 of Dew tru$tees TSlee$ are givtn an in-depth inirodueiion io the organisaiion and the role of Trustee through nJeeting5 With other Trustees (including the Chair) and ts]eetings with staff (including Ihe Executive Direeior). New Trustees are also given relevant documentation in¢ludinE re¢ent resear¢h, meeting minulos aT annua] lerts. Page 6
IP4STITUTE FOR PUBLIC POLICY RESEARCH REPORT OF THE TRLSTEES FOR THE YEAR E)DED31ST DECEMBER 2021 STRUCTURE, GOVERNANCE AND MANAGEMENT Risk m#nagem¢Dt During the year the Trusttts continud to develop and refine their risk managcment strategy, which cornprises." - A qllarterly and aTUal review of the major risks to h]Ch the ChaTity is expwd The establishment of systems and procedures to Tniligate those risks The impleTnentaiion of procedures designd to minimise any poiential impact on the Chatity should any of those risks rnaterialise. Political risk reviews at every Finan¢e and Risk Committee and Board meeting - 0111t0nng and ensuring tPPR's ndependence of parry and polhtical bias. The Coronavirns pandemic pnted wgniftcant risks to IPPR throughout 2021. These includ1 staff illness and abKnce; disTUPtion to our work progrdrnme and delivery- and volatility of funding. Internal risks were addressed through diKussion with trnstees and staff on how io minimise Émpact- daily njonitoring 2nd dissemination of government guidance: implemtntati(>n of home-working and flexible working. and monitOTing of delivery risks. We reintroduced some office working in Q3 2021. with a full risk aSsment condurted and sthff consulte¢L and mosi staff now work in a'hybrid, style. Financial risks have been addressed through regular rqM)rting to the Finance and Risk Su1COTnMille¢ of trnsttts. High inflation also now poses a risk to IPPR'S finanS. We have soughi io balance the need to pay our staff well against the susiainabiliiy of the EnstitLtte. This has included &sking some of our fimders 10 increase their grattis in recognition of higheT costs. and monttoring of our project budgcts to ensure higher costs Èn future years are anticipated. REFERENCE AND ADMINISTRATIVE DETAIIS Registered Comp#ny number 02292601 {England and Wa]es} Registered Charity ttthmber 800065 Registered office 13 - 14 Buckingham Street London WC2N 6DF Trustees Professor M MazzuCa (resigned 211412021) DrDMPeck Ms J SeaTch Baroness A M Suttie B Mosellt MTS E Farhat-Nicho150n N RaTnchandani K Barclay (resigned 711012021) Ms U Burnham Ms K McNeill (appoinied 161612021) Ms R Bunce (ap]x)inied 161612021) Senior St8llltory Audito JohH Thaeker FCA DChA Page 7
INSTITUTE FOR PUBLIC POLICY RESEARCH REPORT OF THE TRUSTEES FOR THE YEAR ENDED31ST DECEMBER 2021 REFERENCE AND ADMINISTRATIVE DETAIts Auditor John I'hacker FCA hA Charioi House Limited Chanered Accouniants 44 Grand Parade Biighton East Sussex BN2 9QA B#tr$ Unity TTUSt Bank pl 9 Brindleyplace 4 Oozells Square Bimingham BI 2HB Solicitor5 Bales Wells & Braithwaite Cheapside House 138 Cheapside London. EC2V 6BB Insurance BrokeTS Stackhou5e Poland Ltd New Hoube. Bedford Road Guildford, Surrey GUI 4SJ Page 8
INSTITUTE FOR PUBLIC POLICY RESEAR REPORT OF THE TRLSTEES FOR TUE YEAR E.YDED 31ST DECEMBER 2021 STATEMEPIT OF TRUSTEES, RESPONSIBILITIES The tn]stees {who are also the dire¢tors of Instttute for Public Policy Research for the purpose5 of Company law) are responsible for preparing the Retx)rt of the Trustee5 and the financial 5tateTnents in accoTdance with applicable law and United .gdoM Accounting Standards (United Kingdom Generally Accepted Accounting Praeticel. Cornpany law requiTes the trnstees to prepare financial staternents for each financial year which give a true and fair view of the state of affairs of the ¢hariiable compaT)v and its subsidiary and of the incoming resources and application of resource5. including the income and expenditurc. of the group for thai period. In preparing those financial statement& the trnstecs are required to select suitable accouniing policies and then appty theln ¢onsiguEtIy- observe the mdhods and prin¢iples in the Chanty SORP- make judgeTnents and estimates that art reasonable and pnjdent: prepare the financial statements on the going concern b&sis unless li is inappropriate io presume that the charitable ompany will continue irt business. The trusiees are re5POnStble for keeping proper accounting records which disclose with reasonable accurncy at any time the financial position of the charitable company and io enable them to ensuTe thai the financia] statements comply with the Companies Aci 2(K)6. They are a]so re5pon5ible for safeguarding ih¢ assets of the charitable company and its subsidiary and hence for taking reastsrtable steps for the prevention aTLd ¢tiOn of fraud aT)d other irregularities. In so far as the tru are aware: there is no relevant audit infomiation of which tht group's auditors are unaware- wjd the trustees have taken all step5 thai they ought to have taken t(p make themselvts aware of any relevant audit infortnaiion and to establish that the audito]¥ are aware of th* informatio AUDITORS The auditors Chariot House Limited. will be proposed for rE-appointmtnt at the forthcoming Annual Gener3] Meetin8. Approved by order of the iard of trus on ............. . and signed OJJ its behalf by: r D M Peck- Tnjslee Page 9
REPORT OF THE IfiDEPENDE.NT AUDITORS TO THE MEMBEILS OF I.YSTITUTE FOR PUBLIC POLICY RESEARCH Opinio We have 8udiied the finan¢ia] $eMentS of Institute for Public Policy Research {the parent 'chariiable company. and its subsidiary} foi the year ended 31 # Dece1 2021. which comprise the consoltdated Ststement of Financial Activities. the Consolidated Balance Sheet. the Balance Shttt. the consolidaied Cash Flow Stsiement and note5 to the financial statements, including a summary of signifjcani aecounting p)Iities_ The financial rewbrting framework thai has been applied in their preparation is applieable law and United Kingdo¥Th Accounting Standards {Uniied Kingdom GeneTall) A¢¢epted Accounting Pra¢ti¢e). tn OUF Oplnloll the financial staternentS'. give a tTue and fair view of the slate of the group and charitsble tompany's affaiT5 as at 315t December 2021 and of ils Ineomirtg resources and applicaiion of le5ourc including the group's income and expenditure, for the year then ended,. have been properly prepared in accoidan¢e with United Kingdolla Generally Aceepied Ae£ouniing Pra¢ti¢e= and have been prepared in accordance with the requirements of the Companie5 Act 21M)6. the Charities and Twsttt Investment {S¢otland) Act 2(X)5 and Regulation 8 of the Charities Accounts {Scotland} RegUl10n5 2006. BAsis for opinion We Conducted our audit in accoidance with IEJternational Standards on Auditing IUK} (ISA5 (UK}) and applicable law. Our T¢sponsibilities under those standards are further dcscribed in the AudittsT5' onsibilities for the audit of the financial staternents seclion ot- our rq)on. We are independeThi of the group in a¢¢ordance wilh Ihe ethical requirejnents thai aTe relevant io our audit of the finantial sthtemtnts in ¢hc UK. including the FRCS Ethical SiandariL and we have fulfilled our other ethical responsibilities in a¢¢ordaE]ce with these requiremenis. We believe that the audit evidence we have obtaineAI is sutTicient and appropriate io provide a basis for our opinion. Contlusions relating to going ¢ots¢tr In auditing the fInanCal 0[eMentS we have c¢)t)clllded that the t[ust, use of the going conctrn b¥is of accoLtnting in the preparntion of the firtancial st3temeni8 ks appropTiate. Based on the work we have perfonne¢ we have not identified any merial uncenainties relating to even¢s or conditions thai. individllally or ¢olleclively, rnav ra5t signifLcaTit doubl on the group's abili¢y to continue a5 a going concern for a penod of at least twelve tnonths from when the fancISI ate authotised foi issue. Our responsibilities and the rc5ponsibilitie5 of the tn]sttts with respea going Concern are dwribed an the relevant 5ection5 of this report. Other informxtiort The trustees are responsible for the other inforniion. The other infoffljation comprises the information included in the Annual Repon, other ihan the financial statements and our Rq>ort of the Independent Auditors thereon. Our opinion on the financial ateMentS does not cover the Ot information an¢L except io ihe extent otheTWi5e explieitly stated tn our repoT¢ we do not express any form of as5ufdnce conCl10n there4)n. In connection with audii of Ihe fiTian¢ial 5iatefflen our responsibility is io read the other infoTmation and. in doing SO, consider whether the other inforniation És mateiially in¢onsisiertt wth the financial statements or ollr knowledge obtained in the audit or otherwise appears 10 be materially tni55tsted. If we identify such mai¢rial intortsistencies or apparent maierial isstaieEnenis. we are required io deierniine whether this givets tise to a material misstatem•ii in the financial 5tatemenis themselves. If, based on the work we have performed. we conclude thai there is a Tnaterial tnisstatemeni of this other infomiation. we are required to report that faci. We have n(rfhing to this regard. Opinions on other Jnatters prescribed by the CompxDies Ad 211116 In our opinion. based on the work undertaken rn the fQUT5e of the audit.. the information given in ihe Rep)rt of ihe Ttustees foi the financial year for which the financial 5tatetnents are prepared is consistent with the financial 5tatemenis.' and the Report of the Trustees h&$ been prepared in aecordan¢e with applicable legal requiremenis. Page 10
REPORT OF THE IIIDEPEYDENT AUDoRs TO THE MEMBERS OF INSTIT TE FOR PUBLIC POLICY RESE.4RCH Matter5 on which we are required to report by exeeptio In the light of the knowledge and understanding of the group and chaTitable mPanY and its enviionment obtsined in the ourse of the audit, we have not identified Material rnis#atemenis in the Report of the Tntees. We have nothing to Teport in respect of the following matt¢r5 whe the Companie5 Act 2006 requires us to Tepon io you if. in OUT opinion.. adequate aceottnting records have not been kept or return5 adequate for our audii have not been received from braThche5 not visited by us,. or the financial siaiement5 are not in agreement with the a¢¢oun¢ing records and retutn& or certain disclosu of tru5tees' reTnuneraiion specified by law ate noi made.. or we have noi reeeived all the infornlation and explanions we require for our audiL or the tsus¢ees were not entitled to take advantage of the 5tpa]l eompanie5 ¢xellJption from the requirement to prepare a Strategic Report or in prepartng the Rqrt of the Trustees. Responsibilities of trnstees A_ explained more fully In the Statement of Ttustees. Respon5ibilitie& ihe mJstee5 (who are a150 the directors of the chaTitable company for the purw)ses of co]npaTty law) art responsible foi the preparation of thc financial stateTnents and for being satisfied that they give a irue and fair view. and for su¢h internal control as the trnees deteTrnine Is necessary to enabl¢ the preparatioT) of financial statements thai are frtt frorn rnateTia] Mien( whether due to frdud or error. In preparing the fjnancial statement& the trUt£S are responsible for &ssessing the group and charitable company's ability to continue a5 a going ¢oneern, disc105ing. as applicable. matter5 rcled io going concern and using the going ¢oncern basis of aecounting unle*s ihe trustees either Intend to liquidate the group or charitsble company or to ¢ease operdtion& or have no realistic alternative but to do so. Page 11
REPORT OF THE INDEPENDETrT.41iDITORS TO THE.ME.MBERS OF INSTITUTE FOR PUBLIC POLICY RESEARCH Our responsibilities for the audit of the financial statements Our objectives are 10 obtain rtrdsonable assurdnte about whdher Lhe fJnanc13] staieTnents as a whole are free from material MiSaleMent. whether due to fTaud or eTror. and to i&sue a Report of the Independent Auditor5 th includes our opinion. Reabonable a5suiance is a high level of a$5urance, but is not a guardnte¢ that an audit conducted in accordance with ISAS (UK) will always dect a material misstaiement wheTh it exists. Miwiements ¢an aTi5e from fraud or eor and are ¢onsid¢Ted matena] if. IndiVidu]Y or in ihe aggregate, they could reasoTLably be expected to influence the economic decisions of users taken on the b&sis of these financial statements. The ext¢tJi to whieh our pro¢edures ¢ap8ble of dde¢ting iwlatitie& including fraud is detailed below: We gained an understanding of the legal and regulatory frdmework 2ppli¢able to the ¢haTÈtable cornpany and the industy in which it operes. and Considered the Tisk of acts by the charitable cotnpany thai were eonirary to applicable lawb and regulations, including fralld. We identified that the following laS and regulations are central to the charitable company.. Cotnpanies Act 2(M)06 Charities Act 2011 Charities SORP 2019 Charities and Trustee Investment (Scotland) Act 21MTr5 Health & safety TegulatiOll5 We did not find any instanees of non-compliarÉce or breaches of the legislatÈon fiamework applicable to the charitable company. We d¢signed audit pro¢edures io r¢spond the risk. recognising that the Tisk of not detecting a mat¢rÈal mi.waiement due to fraud is higher than th¢ risk of not d¢tttting ooe resulting from ettor, as ftaud ]nay involve deliberdte ¢on¢ealment by. for example. forgery or intentional misrepresentations. or through eollusion. We identifjed that the following areas were of high ri5k= Completeness of income. We perfomied various audil iesis to eD5UfC tb iTKome was not materially undersiaied in the rinancial siatemenis. Managernent override of contro15. We fO[lned various audit tests to ensllre ihere was no materia] Tnanagement override of controls We focussed on laws 2nd regulations which could gitre rise io a meria] miwement in the financial Sten]ents, including, but not lilted to. the Cornpanies Act 2006. UK tax legislation. Chariiies Aci 2011. Charities atld Trustee Investment (S¢oiland) A¢t 2(X)5 and Charities SORP 2019. Our tests included agreeing the financial statement disclosures to underlying supporting documelltation. enquiries with management and enquiri¢s of lega] cnSel when considered necessary. There are inherent limitations tn the audst procedures described above and. the further removed non-eomplian¢e with laws and Tegulations is from the events and tratksactions reflected in the finaneia] 4atements, the leKs likely we would becotne aware of it. We did not identify any key audit malters relating to irregulariti4 including fraud. A5 in all our audits, we also addressed the rssk of management oveTtide of internal controls. including testing journals and evoluaiing whether there wa5 evidence of manage]nent bias by the d]reOr5 that represented a risk of maLerta] misstatctnent due to fraud. A fllnher description of our responsibilities for the audii of ihe financial statemeDts is located on the Financia] Reporting Councsl's website at www.frc.org.uklaudÉtorsresponsibilitits. This description fom)s part of our Rewrt of the Independent Auditors. Page 12
REPORT OF THE IN4DEPENDF.NT ALDITORS TO THE MEMBERS OF INSTITUTE FOR PIIBLIC POLI Y RESE.4RCH Use of our report This report is made 501ely to the charitable companVs Ynember& a5 a l*)dy. Én accoTdance with Chapter 3 of Part 16 of the Cornpanies Act 2006 atjd to the ¢haritable company's tllEStees. as a body. in a¢cordance with regulation 10 of the Charities Accounts {Scotland12(K)6. Our audit work has been undertakeT) we mighi Sle to the charitable comparty's metnbeFS those rnatters we are required to State to ¢hem in an auditors. rqrt and for Tho other purpose. To the fullesi extent perniitted by law. we do not accept OT ume responsibility to anyone other than the charitable COEnpar]y and the charitable company's members as a b(xly. foi our audit work. for this rqr¢ or for the opinions w¢ have fonned. John Thacker FCA tfhA {Senior Statutory Auditor) for and on behalf of Chariot House Litnit&J Chartered Accountants and statUry Auditor 44 Grand Parade Brighion Ea81 Sllssex BN2 9QA Date.. Page 13
INSTITUTE FOR PUBLIC POLICY RESL4RCH STA TEMENT OF CONSOLIDATED FIF*ANCIAL ACTIVITIES CORPOIL4TING Afs, INCOME AND EVEP4DITURE ACCOUN FOR THE YEAR ENDED 31ST DECEMBER 2021 2021 Total funds 2020 Total funds Unrestricted fund Restricted funds INCOME AND ENDOWMENfs FROM Donations and legacies 2,663,228 50.538 2,713,766 2.453.663 Charitable activities Charitable activitles 24,712 48.139 Investment income Other income 1,840 34,291 2.547 Total 2,690.527 50.538 2.741,065 2,537,933 EXPENDITURE ON Charit%ble activities Support co5 Research and d1Mination on S(Kio], p)liti] and economic i&sues 8,787 8.787 8.116 2 668.652 50.538 ?719.1) 2 494,456 TotAI 2.677,439 50.538 2.727 977 2.502.572 NET INCOME 13.088 13,088 35,361 RECONCILIATION OF FUNDS Total fuRds brought forwxrd I.(9,013 I,(N59,013 1.033,652 TOTAL FUPIDS CAIUUED FORWARD 1.082.101 .082.101 1.069.013 CONTINUING OPEIL4TIONS All income and expenditure has arisen from coniiThytng a¢tiwti¢& The not¢s forni part of these finarttial 5tateTnents Page 14
Ir4sTITUTE FOR PUBLIC POLICY RESEARCH GISTERED NUMBER: 02292601 BALANCE SHEET 31ST DECEII IBER 2121 2021 Total fvnd5 2020 Total funds Unrestrict fund RestricieAI funds Notes FIXED ASSETS Investments io 100 100 CURRENT ASSETS Debiors Cash a¢ bank 936.912 976.456 936,912 976 456 679,065 1250,687 1.913.368 1,913J68 1.929,752 CREDITORS Amounts falling due within one year 12 (83 1.367) (831,3671 {860.839) NET CURRENf ASSETS 1082.(X)I 1.082 001 1 068.913 TOT.4L ASSETS LESS CURRENT LIABILITIES 1,081101 1,082.101 1.069,013 NET ASsS 1.082.101 1.082.101 1,069.Ol3 FUP4DS UnreslTi¢ted funds 14 1,082,101 1,069,013 TOTAL FUNDS 1.082.101 1,069013 These financial *atements have been prepared in accordance with Ihc provisions applicable to chaTitable o)mpanies subjeci to ihe small companies regime. The finaTLcial siatements were appn)ved by the Board of TThstee5 and authorised for issue on ................ and were signed on its behalf by= Dr D M Peck- TTUStee The notts fom part of the5¢ financia] ststements Page 15
Ir4sTITUTE FOR PUBLIC POLICY RESEARCH GISTERED NUMBER: 02292601 CONSOLIDATED BALANCE SHEET 31ST DECEMBER 2021 2021 Total funds 2020 Total funds fund fund5 Notes CURRENT ASSETS Ikbtor5 Cash at bank 58?,370 1.353.182 58?,i70 1353,182 509,168 1.494,148 .935.552 1.935,552 2,003,316 CREDITORS Amounis falling due wÈthin one year 12 (853,451} (853.45 l) {934.303) NET CURREf4T ASSETS 1.082.101 1.082.101 1.069.013 TOTAL ASSETS LESS CURRENT LIABILITIES .082.101 1.082.101 1.069.013 NET ASSETS 1,082.101 1.082.101 1.069,013 FUNDS Unrestricted funds 14 1.081101 1069,013 TOTAL FUNDS 1.082.101 1,069.013 These financial statements have been prq>ared Rn accordance with ihe provisions applicable to charitable eornpanies subject to the small companies regime. The flnanrial stateTnents were approved by the Board of Trusree5 and authorised for issue on ............. and were Signed on its behaifby.. Dr D M Peck- TTUStee The notcs fonn part ofthese financi3] sthtements Page 16
INSTITUTE FOR PUBLIC POLICY RESEARCH CASH FLOW ST A TF.NqENT FOR THE YEAR ENDED 31ST DECEMBER 21121 2021 2020 Notcs Cash flows from operatiTrg activitie5 Cash generdted from operations 339 029 Net cash {u5ed inyproi'idcd by opeillg a¢tiviiies I41.( 339,029 C8sh flow5 from investing activities InttTest receTved Net cash provided by investing activiti¢5 Chnge in cash nd c*sh equtYaleDts in tbe reporting period Cash and tash equivalents at the iryiDuiNg of tbe reporting period {140,966) 340.869 1.494.148 1.153,279 C&$b Ind ¢•$b eq]v91ellts at the end of the reporting period 1 353 182 1,494.148 The n4xes forn part of these finan¢iaJ wtements Page 17
INSTITUTE FOR PUBLIC POLICY RESEARCH NOTES TO THE CASH FLOW STATEMETr4T FOR THE YEAR ENDED 31ST DECEMBER 2021 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPE114TING ACTIVITIES 021 2020 P4tt income for the reportill8 peri(Kl (s per the Sttemen¢ •[FAti#l Activities) Adjusttheni$ for: [rtter. t received In¢tease in debiors IDecre&se)lincre4se in creditOf5 13,088 35.361 140) {73.202} 80 852} {1,8401 (16.2181 321726 Iyet c*sb (used inyprovided by oper4tioll$ 141.(K)61 339,029 ANALYSIS OF CHANGES IN NET FUNDS Ai 111121 Cash flow At 31112121 Net cash Cash at bank 1.494.148 140.9661 1353.182 1.494.148 140.9661 1.353.182 Totxl 1.494,148 140,9661 1,353,182 The notes forrn part of these financial statetnents Page 18
INSTITUTE FOR PITBLIC POLICY RESEARCH NOTES TO THE FINATriCIAL STATEMENTS FOR THE YEAR E.N4DED 31ST DECENIBER 2021 ACCOUNTING POLICIES Basis of prep&rillg the financial sttements The financial Statements of the charitable company. which 15 a public benefit entity under FRS 102, have been prepared in accordance wtih ihe Charities SORP IFRS 102) 'Accounting and Reporting by Charities= Statement of Recommended Practicc applicable to charities preparing their ac£ounts in a¢¢ordan¢e with the Financial RetN)rting Standard applieable in the UK and Republi¢ of Jreland (FRS 1021 (effective l January 2019),. Financial Reporting Standard 102 The Financial Rqx)rting Standard applicable in the UK and Republic of Ireland, and the Companies Aci 2006. The financial stateTnents have been prcpared under the hion¢al cost convention. with the exception of investments which are Included ai market Ya]ue. At the tim¢ of approving the financial statements. the trustee5 have a reasonable expectation that the charity has adequate resources tts continue in operdtional existence for the foreseeable fUre. including taking into account any potential impact of the Covid-19 pandemtc, and on th baw"s the charity is consÈdered to be a going concern. PrepxrxtiOD of eoD50lidated finaneial statements These fIancial statements con501idate the results of the charity and its wholly-owned subsidiary, IPPR Trading Ltd. prepared to 31" December 2021 a line by line basi& A %parate statement of financial activitits and income and expenditure account are not presented for thc charity itself following the exemptions afforded ty Seeiion 408 of the Comp&nie¥ Aet 2006 and the SORP. Group finantial statemtnt$ These financial statelnents consolidate the results of the charity 2nd IL8 wholly-owned subsidiary. IPPR Trading Ltd. on a line by line basis. A separate statement tsf finanria] actilieS and incolne and expenditure accoullt are not presented for the ¢hari¢y itself following the excptiOnS afforded by Section 408 of the Co]npanies Act 2(X)6 and the SORP. All in¢ome is re¢ognised in the Statement of Financial Activities once ihe charity bas entit]ement to the funds it is probable thai the income will be received and the amount can be Tnea9Jred reliably. Expenditure Liabilities are recognised as cxpenditure as soon as there is a legal or constructive oblig*ioll rnTnlttlng the charity to that expenditurE it is probable that a transfer of economic benefjis will be required in sdtlemeni and the amount of the obligation can be mvdsured reliably. Expenditu is a¢counied for on an a¢¢Fuals basis and has been classified under headings that aggTegate all ¢0& relatcd to the category. Where costs cannot be dIrtlY attTibuted to particular headings they have been all(ted to activities on a basis consistent with the use of resources. Taxation The Charity 15 eonstdered to ptss the tests set out in Patsgtaph I SthrAlule 6Finance A¢t 2010 and therefore it rneets Ihe defillilion of a Charitable ¢tstnpany for UK Corw)rdtion Taxes purposes. Accordingly the Charity is potentially exeTnpt fToin t&iation in respect of income or capitsl gains received wi(hin categories covered by Chapter 3 Part I I Corporation Act 2010 or Sectton 256 of ihe TaKatitsn of Chargeable Gains Act 1992. to the extent that Such irt¢ome OT gains are applied exclusively to charitable purposes and the subsidiary company has made Sufficient covenant I gift payments to the parent charity LO extinguish any liabilily to ¢Otporaiiott IXX. Fund aCcountig Unrestricted funds trdn be used in accordance wtih the charitable objeetives * the discretion of the trustees. Restricted fund5 can only be used for particular restricted purpose5 Within the objects of the charity. Restrictions arise when specified by the doftor or when fvn(ts are raiserf for particular resrriaed purposes. Page 19 continued...
INSTITUTE FOR PUBLIC POLICY RESEARCH NOTES TO THE FINANCIAL STATEMEINTS- continued FOR THE YEAR ENDED 31ST DECEMBER 2021 ACCOUNfiNG POLICIES- ¢04tiD¢I FuDd ccountiDg Further explanation of the nature and pu4)ose of each fund is includd in ihe Dotes to the finan¢ial stotements. Fortigtt currencies Assets and liabilities in foreigll currencie5 arc translad tr]ing * th¢ raies of exchange ruling at the balance sheei dale. Transactions in foreign cutrctlcies are translaied into sterling at the rate of exchange ruling at the date of Iransaction. Exehange differences are ken into ac¢ouni in arriving at the opeIating result. Pen$io All staff have ihe opportunity to take part in a stakeholder pension scheme under a salary sacrifice payable by the employer during the year on beha]f of the employee. Optrating lease Rentals payable under operating leastt are charg io the Sthtemeni of Financial Activities on a straight-line basis over the lease tetrn. DONATIONS AND LEGACIES 2021 2020 Donations Activities foT grnern¢ing fi]nd 2,175.926 537,840 1.905.711 547.952 2 713.766 2.453,663 Included in the above were: 2021 2020 Reeeived durillg the year Abbvie Ltd Abdn Financial Fairn Trusl Alex Ftrry Follndation Associatiott of British Insurers Association of Colleges Association of Medical Researcb Chatiti&S Association of Personal Injury Lawyers A5tr4Zeneca UK Ltd Barnsley Metropolitatt Borough Council BaTrow Cadbury Trust BBC Belfasi City Council Big Change ChaTitable Tmst BMS Phamaceutics Ltd British Heart Foundation British Private Equity and Venture Capital AsCIatiOn Cambridgtshre & Pelert)orough Combined Authoriry Cancer Research UK 50.(KK) 16.(KKI 17.(KMJ 45.000 13.950 30.000 6,000 3.000 29.750 70.000 105.( 29,5 30.0 15.(KMI 9,250 20,0(K> 56,500 loo.0 15,0(X) 14,5tK> 14,500 26.580 16,0(K> Page 20 c4)ntinued...
INSTITUTE FOR PUBLIC POLICY RESEARCH NOTES TO THE FINANCIAL ST.4TEJ1EP4TS- Continued FOR THE YEAR ENDED 31ST DECETrIBER 2021 DONATIONS AND iEGACIES- eoDtiDued Cenire for Ageing Better Ccnire for Homclessness Impact 20.(X)O 15.000 2,500 70,000 ctPD CIPD Scotland City of Glasgow College City of London Corpordtion College Development Network Cornwall Council Crisis UK Diabetes UK Do¢tOTS of the World EDF Energy Ltd Electoral Reforni Society Eli L2lly & Company L Eqllality & Human Right5 Commi&sion E5Tnée Fatrbaim Foundation European Clsmate Follndati¢)n Evenibrite Fairer Campaign CIC Fraser of Allander Insttiuie Friedrich Ebert Stiftung- London FTiends Pmvident Foundation Gilead S¢ien¢&8 Gl&xoSmÈthKline Global Dialogue Global Withess Google Greater London Authority Heriot-wati University Imperial College Londo tndq)endeni Age Islington Council Janssen joh Smith Centre- UTriversity of Glasgow John Wiley & Son5 Litnited Joseph Rowntree Charitable TTUSI Joseph Rowntree Foundaiion Jo%ph Rowrttree Reforn) Trust JP Morgan Chase Foundatiot) Justice Together KPMG Laude5 Foundaiion Liverp)[ City Region Combined Authority Lloyds Banking Group Local Govern]nent A$Sl2tiOn Local Trust London School of Economic5 and Politica] Srien Lowell Financial Ltd Lurninate 10,000 30.IX)O 12,450 io,(x)o 12,250 1.200 2,000 33,100 7,500 12,260 32,(KJO 3,500 ioo.(x)o 29.025 7,915 48,700 70.000 3.500 loo,000 90,512 32,580 10.000 37,500 70,000 105.000 7,550 3.000 10.000 70,0(K) 70.000 8.000 64.947 17,263 45.000 57.788 12,700 19.800 15,000 20.833 43.980 33,750 18.600 10.000 21,812 45.000 18,9(K) 16.250 320.259 50,736 14,51KJ 54.998 285.724 20.067 15,0(K) 19.5(X) 37.034 36.450 16.050 49.0(M) 49.113 Page21 continued...
INSTITUTE FOR PUBLIC POLICY RESEARCH NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31ST DECEMBER 2021 DONATIONS AND LEGACIES- tODtiDued Manchesler Metropolitan UniveTSity Micr050ft Migration Yotkshire Miiifjeld House Foundation National Grid Nationwide Foundation Net Zero Carbon Catnpaign Ntw Etortomics Found*ion Newcastle University Northern Housing Consortium Novo Nordisk UK Paul Hamlyn Foundaiion Plate Heat Exchanger Servicts Ltd. Pool Fund on International Energy P05t Office P(pverty and Inequa]iiy Commission Power to Change Reckitt Benckiser Group PLC Resoluiion Foundation Royal College of Midwives Roya] College of Nllrsing Santander Scotland'5 Centre for Regional Inclusive Growth Scottish Government Scottish Policy FouD¢Jalion Scottish Power Sietnens HealthÈneers Social and SuaInable Housing Social Eniery)rise UK So12Citors Regulation Authority SSE Standard Life Foundation Stonewater Siraiegic Insights Unit- Scottish Governmcnt STUC Tate & Lyle The Blagrave Tntst The Joffe Charitable Trust The John Ellerman Foundation The Legal Edu¢ation FondatiOn The Legatum Institute FouTEdation The NPI I (Northern Powerhouse I l) The UK in a Changing Europe Tideway- Bazalgette Tunnel Ltd TTades Union Congress Trust foi London Uber UK Finance Unbound Philanthropy 20.425 31.250 66.397 42,0(K> 9.(KJO 9,(X)O 25.0(Kl 18,51K 34,947 58,OIM) 15,0(K) 18.797 18,5(K> 3.000 40,0(K> 155,000 30,145 16.¢K)O I i.o(M) 18,000 14.(K)O l(K),(K)O 18.600 10,000 4,000 18.900 48.500 l i.O(K) 3.250 7,500 59.577 20.0(K) i i.(x)o 7,500, 30.(K)O 33,(K)O 10,O(K) 102,000 42.480 15,000 24.31K) 16,950 30,IMK) 26,250 18,71K) 98,577 14.0(X) 70,0(K) 43,750 18.5(K) 20.0(X) 3,000 19.850 4,904 33.0(M) 8,000 17,(NX) 15.0(K> Page 22 ontinued...
INSTITUTE FOR PUBLIC POLICY RESEARCH Tr40TES TO THE FINANCIAL STATEMENTS- eothtimued FOR THE YEAR ENDED 31ST DECEI¥IBER 2021 DONATIOTrIS ATrID LEGACIES- t•ntinued University College LA)ndon UniveTsity of Strathclyde V. Kann R&smussen Foundalion Vodafone Youth Endowrnent Foundaiion 18.7(K) 150.538 27,5(K> In the 2020 annual a¢¢ounts. In¢ome re¢eived from the J¢)wh Rowntree Charitable Trnst was incorrectly attributed to the Joseph RowTrtree Foundation. Additionally, the amount given was understated at £31.875 instead of ihe £33.750 which was actU211y given tn 2020. Deferred to 2022 Abbvie Ltd European Climate Foundation Gilead Sciences GlaxoSmithKline Greater Ltsndon Authority Janssen Shopland Jones Joseph Rowntree Reforrn Trust Joseph Rowntree Foundation J P Morgan Chase Foundation Lloyds Bartking Group Laude5 Foundation Millfjeld House Foundation The NPI I INorthtrn Powerhouse I l) Resollltion Foundation University of Strathclyde V Kann R&smussen Foundation 50.(YJO 3.(K)O 14,(M)O 70,(X)O 59.947 io,(x)o 6,250 6.367 130.(K)O 49.(MJ) 42,(K)O 17.478 6,367 9,350 Page 23 ¢ontinued...
INSTITUTE FOR PUBLIC POLICY RESEARCH NOTES TO THE FINANCIAL STATEL¥IEP4TS- cOntiThed FOR THE YEAR ENDED 31ST DECEMBER21121 INVESTMETrIT INCOME ?02l 2020 Deposit accouni interest 40 1,840 INCOME FROM CHARITABLE ACTIVITIES 2021 2020 A¢¢ivity Chatitable activities Charitsble activities Sale publications Honoraria & sundry 21.812 2.900 43.980 4.159 24.712 48,139 CHARITABLE ACTIVITIES COSTS 2021 2020 Support Costs Research and di&se]nination on social, politi¢81 and economic issu 8,787 2719 190 8,116 2 494 456 NET INCOMEI{EXPENDITURE) Net iThcomel{expenditute) is stsied after ch8rgingl{crediting)' 2021 2020 Auditor's remunerdtion- Audit setvices Auditof5 retnuneTaiion- NoaUdit services 6.(K)5 2,700 5.400 2,600 TRUSTEES, REMUNERATION AND BENEFITS There were no twste&s' remuneration or other IKllefits ftsT the year endeAJ 31st December 2021 nor for the yegr ended 31st December 2020. Page 24 continued...
INSTITUTE FOR PUBLIC POLICY RESEARCH NOTES TO THE FIL¥ANCIAL ST.4TEIIEL¥TS- Cottlinued FOR THE YEAR ENDEDJIST DECEIIBER 2021 TRUSTEES, RE(uEBATI0N AND BENEFITS- Tru$tee$' expeD5e5 There were no reimbursed expenses paid to Ttusir¢s (2020: £27 to l Tnw¢e in respect of tyavelling expenses). STAFF COSTS 2021 2020 Wages and Salaries So¢ial Security c051S Pension costs 1,583,018 167.807 171939 1,570,478 162.487 1922 764 1888 765 The average monthly number of employees duTing the year was as follows: 2021 24 12 2020 24 13 Research External Affairs Operations 43 43 The number of etnployees whose eTnployee benefits (excluding employer pMsion costs) exceeded £60,0(Kl was.. 2021 2020 £60,(M)1- £70.000 £80,001- £90,IKIO The averdge nulnberof employe&4 on a Full Time Equivalent b&sis was 39. Kry rnanagetnen¢ ¢molumenW deemed to be the Trnstee5 and senior managemenL amounted 10 £423,997 (2020". £434283) Page 25 continued...
INSTITUTE FOR PUBLIC POLICY RESEARCH NOTES TO THE FINANCIAL STATELMENTS- Contined FOR THE YEAR E.YDED 31ST DECEMBER 21121 2020 COMPARATIVES FOR THE CONSOLIDATED STATEMENT OF FINANCLIL ACTIVITIES Unrestyicicd futjd Restricted funds Toial funds INCOME AND ENDOwMErS FROM Donations and legaties 2.453.663 2,453.663 Cbarit4ble 4¢tiirytles Charitable aciivitaes 48.139 48,139 tnvest]nent income Other ineomt 1.840 Total 2.537.933 2 537 933 EXPETrIDITURE ON Charitable activities Support Costs Research and dissemination on social, w)lÉtical and e¢onomic issues 8,116 8,116 2.494.456 2.494,456 Total 2.502.572 2.502,572 NET INCOME 35,361 35.361 RECONCILIATION OF FUNDS Total funds brougbt forwrd 1,033,652 1.033.652 TOTAL FUNDS CARRIED FORWARD 1.069.013 1.069.013 io. FIXED ASSET INVESTMENTS Shares in group undertakings MARKET VALUE Ai 1st January 2021 and 31# De¢emir 2021 loo NET BOOK VALUE At 31st December 2021 100 At 31st Ikcember 2020 100 There were no investment assets outside the U Page 26 coniinued...
IFISTITUTE FOR PUBLIC POLICY RESEARCH NOI'LS TO THE FIN.4NCIAL sTATEIE}T5- eotttillo¢d FOR THE YEAR ENDED 31ST DECE,MBER 2021 ii. DEBTORS: AMOUNTS FALLING DiJE wfTHIN ONE YEAR Group 2021 Company 2021 Group 2020 Company 2020 Trdde dd>tors Amount5 owed by 0UP undertaktngs Other debtors Prepayments a[ accrued incoTnc 452.938 426.223 445.349 393.149 468.755 239.426 89.018 1,520 20,805 3,476 36 12. CREDITORS: Amouiyfs FALLING DUE wrrHIN OTrIE YEAR Group 2021 Company 2021 Group 2020 Company 2020 Trade ereditors S121 security and other taxes 81.045 81.045 71,797 47,683 47.312 47J12 46,277 46.277 VAT Other ¢Tedito 118.734 14,101 18.734 14,101 108,778 13.9( 108.778 13.906 Accrnals and deferred income 592 259 570 175 831 13. LEASING AGREEMENTS Minimum lease payments under non-cancellable operdting Ir&ses fall due as follows: 2021 2020 Within one year Between one and flve years 109.610 106,130 143,743 147 513 249 873 14. MOVEMENT IN FiINDS rnovernent in funds At 31112121 At 111121 Unrestricted fuDds General fund 1.069.013 13,088 1,082.101 TOTAL FUI¥DS 1.069.013 13,088 1082.101 Page 27 continued...
INSTITUTE FOR PUBLIC POLICY RESEARCH OTES TO THE FINANCLiL STATEMENTS- contiDued FOR THE YEAR ENDED 31ST DECEMBER2021 14. MOVEMENT IN FUNDS- eootinued Net movement in funds included in the above are as follows: Tncomin8 resources Resources expended Movement In funds Unrestrieied fullds General fund 2.6.527 (2.677,439) 13.088 Re5trided fund$ V Kann R&smussen Founditsn 50,538 150,538) TOTAL FUNDS 2.741,065 2,727,977) 13.088 Comparatives for movetllellt ill fuDds Net movement ID funds At 31112120 At 111120 UNrestri¢t¢d funds General fund 1,033.652 35,361 1,069,013 TOTAL FUNDS 1,033.652 1.069 013 Comparative movement in fllnd4 included in the above are &$ follows: Incomtng Resource5 expendfyj Moi'emeTrt in funds UrStriCtd fllnds General fund 2,537.933 (2,502.572) 35J61 TOTAL FUNDS 2.537,933 502 572) 35,361 Restricted Funding V Kann Rasmussen Foundation The Cohort 2040 project is exploring how the de4)thing environmental crisis will present htsge cha]lenges to future leadeTS and their ability io reaiise more sustainable. just and prepared so¢ieties. The project seeks to infom debate over the Telaiionship Ftheen policy and w>liiacs alld environmentsi crisi5. SUPPOrting education in economic. social and political science5 in order to help Jvan¢e environmental improvemenu sustainable dev¢lopmenL and to relieve poverty and disadvantage. Page 28 continued...
INSTITvfE FOR PUBLIC POLICY RESEARCH f*OTES TO THE FINANCIAL STATEMENTS- £ODtinu¢d FOR THE YEAR ENDED 31ST DECEIIBER 2021 15. EMPLOYEE BEP4EFIT OBLIGATIONS All staff have the opportunity to kr part in a 5takeholdet pension scheme under a salary sacrifice arrdngemtnt with a nominated defined contribution group stakeholder pension scheme. Contstbution% art accounted for in the incoJne and expenditure account when paid. The pen&on costs Charged in the year aTntsunted to £171.939 (2020.. £162.4871. At the balart¢¢ sheet datc there were £14,101 (2020.. £13,907} of outstanding contributions that were paid in January 2022. 16. RELATED PARTY DISCLOSURLS During the year ihe company [¢¢h¢d costs of £391.863 (2020: £353.878) to tPPR Tradrng Ltd. At 31 December 2021 the company was owed frorn IPPR Trading Ltd £468.755 {2020.. £239.426). 17. INVESTMENT IN SURSIDIAIUES The investmeni of £100 represents the whole of the issued share capital, which is made up of £1 ordiThary shares, of IPPR Trading Ltd. a company iThcorpordLed irt Great Bntain. whith ¢aTTies out tommissiotted research on public policy. The company'5 gr05s income for the year to 31 December 2021 w&s £431,994 (2020= £435.5141 and the net result for the period of £nil (2021= loss of £91,183}. There wtll be no donaiion io the holdtng Company leaving a net sllbsidiary bat£nce shttt tota] of £l(K). IPPR Tradin Ltd - SutTlln rofit and loss account 2021 2020 Turnover Cost of sales Adrnini51rative expenses Bank interest Donations to holding company (LossyProfit on ordinary activitias 43 1.994 (431.912) (82) 435,514 (435 J98) Page 29