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 Gr￿d 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 state￿euts
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." Sta￿ent 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 AC￿V￿lFs
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 Char￿ty'S objects are..
al to protnote research tnto {and the publi¢*ton of the u￿rUI 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-h￿1th. 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 DECE￿IBER 2021
ORIECTIVES AND ACTIVITILS
Principxl Actlvitles, Athievements And Perforni*nee
In 2021 we Ca￿led 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 JU￿1¢c.. reqlliring shared and environll)ents]ly SU￿all￿]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[n￿un1tieS. 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 dedI￿ed 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 C0￿MiSSIOners, 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 Thu￿0¢￿ plus listening exeici5es in Doncaster a￿d 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
cOTnmit￿Cnt to a global TniniTnum Co￿oTall0￿ 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¢m￿r of the Coun¢il of Economic
AdYisoTS to the Pr￿ldent of the USA.
migratio￿ trade 8nd eommuDities
We published research on the implic*ions 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 immi￿50￿ 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¥bor*tion 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 develop￿1 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 I￿n$forn2￿0ft. 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 Environ￿ent Audit Committee. severdl APPGS and the Treasury Select co]n￿ltte¢. 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.
Org*nis#tion#l dtvtlopJlleDts
In 2020. we reviewed how we can tnost eff￿1velY 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 qUe￿iOnS 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 ex￿rnal 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 Ch*ities 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 ProS￿lty, 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 succe*s 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 Tran*tion 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 0￿ratiOnal 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 su1￿cOMMIttee 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 le*el of 4 to 5 months of
operdting expendim￿. This recognises that the bulk of ihe charl￿S 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. OP￿ing expenditure and remain 50 in August 2022 - therefore at
a level which the Trustees consider to be suificieni. The TrU￿t¢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 TrU￿te.
Orgathl$*tlon#l strneture
The day-lo-day rnnning of the organisatton ts delegated io staff under the leadership of the Executive Director. The Boatd
of Trustees mect on a quanerly basis primarily lo discuss issues of ￿rategiC direction both in relation to the Junning of the
Organisation and the research prioritkes. They therefore approve an annual srraiegic plan and budget before the start of the
year and then monitor progTes5 again4 ihe plaD during the year.
Group Structure
The Charity fully owns a trading subsidiary, IPPR TTading LimituL which carries Out colntnercially commissioned research
and generates income Ihrough events.
Illduetioll trailli￿8 of Dew tru$tees
T￿Slee$ 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] le￿rts.
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 aT￿Ual 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 p￿￿nted wgniftcant risks to IPPR throughout 2021. These includ￿1 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 a￿Ssment 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 Su1￿COTnMille¢ of trnsttts.
High inflation also now poses a risk to IPPR'S finan￿S. 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 i￿ard 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 # Dece￿￿1 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} RegUl￿10n5 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 fInanC￿al ￿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 m*erial 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 f￿ancISI 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 inforni*ion. 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 conCl￿10n 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 AUD￿oRs 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 Tnt￿ees.
We have nothing to Teport in respect of the following matt¢r5 wh￿e 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 explan*ions 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 Rq￿rt 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 trn￿ees deteTrnine Is necessary to
enabl¢ the preparatioT) of financial statements thai are frtt frorn rnateTia] Mi￿en( whether due to frdud or error.
In preparing the fjnancial statement& the trU￿t£S are responsible for &ssessing the group and charitable company's ability to
continue a5 a going ¢oneern, disc105ing. as applicable. matter5 rcl*ed 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 INDEPENDETr*T.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
MiS￿aleMent. 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 d￿ect a material misstaiement wheTh it exists. Miwiements ¢an aTi5e from fraud or e￿or 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 oper*es. 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 la￿S 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 m*eria] miwement in the financial St￿en]ents, including,
but not li￿lted 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] c￿nSel 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]re￿Or5 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 S￿le to the charitable comparty's metnbeFS
those rnatters we are required to State to ¢hem in an auditors. rq￿rt 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 rq￿r¢ 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 statU￿ry 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 co￿5
Research and d1￿Mination 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 ASs￿￿S
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 ope￿illg a¢tiviiies
I41.(￿
339,029
C8sh flow5 from investing activities
InttTest receTved
Net cash provided by investing activiti¢5
Ch*nge 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 St*temen¢ •[FA￿￿ti#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 st*tements
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 hi*on¢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 fU￿re. 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 fI￿ancial 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] acti￿lieS and incolne and expenditure accoullt are not
presented for the ¢hari¢y itself following the exc￿ptiOnS 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 dIr￿tlY 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 aCcounti￿g
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 transla￿d ￿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 Phamaceutic￿s Ltd
British Heart Foundation
British Private Equity and Venture Capital As￿CIatiOn
Cambridgtsh*re & 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$S￿l2tiOn
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 Su￿aInable 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 Fo￿ndatiOn
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- cOntiTh￿ed
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- No￿aUdit 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￿(u￿EBATI0N 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- Contin￿ed
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 ENDOwMEr￿￿S 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 forw*rd
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¢emi*r 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 sTATE￿IE}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
S￿121 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 Found*itsn
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
U￿r￿StriCt￿d 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