2023-12-31-accounts

REGISTERED COMPANY NUKBER: 02292601 IEngl¥nd and Wales) REGISTERED CIL4RITY NUMBER {ENGLAND AIYD WALES): 800065 RECISTERED CHARITY NUMBER (SCOTLAND): SC046557 REPORT OF THE TRUSTEES AIYD COP4SOIJDAT£D FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 20L FOR INSTITUTE FOR PUBLIC POLICY RLSEARCH A COMPANY LIMITED BY GUARANTEE Charlot House Limited Chartered ACCOUnL￿ts and Statutory Auditor 44 Grand Paradc BTightim BTr12 9QA

INSTITUTE FOR PUBLIC POLECY RESEARCH CONTENTS OF THE FINAF4CIAL STAT MENTS FOR THE YEAR ENDED 31STDECEMBER 2023 Pag¢ Report of the TrnstttS I to 10 Report of the Independenl Auditor8 11 to 14 Slatement of Finaocial Activlties 15 Balan¢¢ Sheet 16 Consolldated Balance Sheet 17 Cash Flow Slalement 18 Notes to the Cash Flow Ststem¢Dt 19 Notes to the FiDall¢ial Ststements 20 to 34

INSTrruTE FOR PUBLIC POLICY RESEARCH REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 21)23 The lrnstees who are also directors of the charity for the purposes of the Cotnpanies Act 2006. present thcir reF￿rt with th¢ consolidated financial statements of the chaTity and its subsid1￿Y for the year ended 3 1st December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to barities p￿paking their accounts in accordance with the Fllwcial Reporting Standard 4)plicable in the UK and Republic of trelaThd (FRS 102) (effective l January 20] 9). OKIECTIVES AND ACTIvrrIES Objectives and aims The Cbarktys object is to contribute to publi¢ understanding of social, economic and political questions through research, discussion and publicatiun. At any tim¢ there are many such questions and the Institute has to select those which are most urgenL most important, most susceptible to resolution and to which its own cornpetencies are relev8nt. To 50rne extenL urgency is detsnnined by the politics of the d&y" those issues which are prominent in public debate, and for which public policy action is likely at some fijture poinL are the on¢$ where th¢ public has the most UTgent need to be iDfornied. As part of this process IPPR develops and disseminates policy ideas. In 2015 the Charity amended its charitsbIe objects in order to ensure they are fit for purpose with regard to current and future activities. The Charity Commission provided their forn]al con8¢nt to these changes on 24th August 2015. and the trvstees passed a written resolution adopting the new objects on 14th September 2015. The revised objects are set out below: The CharIt￿S objects are.. a) to promote research into (and tbe publication of the useful results th¢r¢oO and the education of the public in thB economic, socia] and political sciences and in scienee and teclmology. the volunw sector and social entaprise. public services, and industy and commerce; b) to advance the volunt&ry sector and the efficiency of public services which serve (or further) 8 ch8rit&ble ptyse" c) to advance physical and mental health. d) to relieve povety, unemploymenl or those in need by reason of Yout￿ 8g4 ill-heald4 disability, fjnancial hardship or other disadvantsge: e) to advanc¢ environmentsl protection or improvement and sustainable developmcnt: fj to advance the arts. cultur¢, heritage or SCAence" and g) lo advauce suth other exclusively d]aritsble purposes as the Trustees in their absolute discretion detern)ine. Throughout these Memorandum and Articles of Association a'charitable puTW￿¢, is a purpose that is reg￿led as charitable under th¢ laws of every part of the United Kingdo￿ and the terni '¢haritable' is to be interpreted in accordanc£ with the Jaws of evry part of the United Kingdom. Sustainable development means 'development that meets the needs of the present without compromising the abilty of future generations to Jneet their own neods,. Page I

INSTITUTE FOR PUBLIC POLICY RESEARCH REPORT OF THE TRUSTERS FOR THE YEAR ENDED 31ST DECEMBER 2023 OWECTIVES AND ACTIVITIES PRINCIPAL ACTIVITIES, ACHIEVEMENIS AND PERFORMANCE (JAN 2023 - AUG 2024) In ?0?3, IPPR grew %tnd developed several major programmes, while also responding to a rapidly changing economic and polilical context to provide insight into publi¢ poli¢y issues, and workable policy idea5 for dealing with m&jor issues. The IPPR te￿nS have used our theory of ¢hattge to make some bold policy ideas common sense realities, with a particular focus on ￿0]lornIc and environmenfal justice. We developed and implemented a framework for pushing progressive policy into the mainstream medii publi¢ debate, and onto the political landscape. Today, our woi'k thives social, democrati¢, environm¢ntsl and economic progress by aiining to secure: - well-funded and refonned public services ￿ealth, care, housing, education) and social security that ¢nsur¢5 ¢veryone has acLess tTh the basics they need to flourish - u renewed democrncy which giv¢s everyone a voic¢ in society and passes pow¢r down to people, pLaces. and commui)ities, alongside a tair and compassionate immigratlOD System which supports social inTegration a modm green economy that deliver5 prosperity and justice to all people and places by actively shaping markets for social g￿1 and tsckling conLentrations of wealth and power. We continue to deepen our comtnittncnt to equality, diversity and in¢lusion, through our stafi-led Racial Justice Working C7roup (RJWG) and ED&1 sub-committee. In 20234 th¢ RJWG developed a laDguage guidc for lalking about racial justice anti•racism at IPPII and we held training on recruiting for potentiaI rather than existing skills. One of our trnstees. Becca Bunce, worked with stsff to ihink about bow we talk about and analyse disability in our research. In early 2023, we received the very sad news rhat our Chair of Trusrees, Jess Search. had been diagnosed with cancer. She subs¢quently and soon after this news, passed away. Her loss was felt deeply by the whole organisatioii. Kirsry McNeill was ejected by trustees &s interim Chair. After a recrutttnenr prwess in Q4 2023, w¢ were delighted to ann0￿ce Vi¢tor Adebowale as our new chair at the start of 2024. Vicror has led numerous organisations influencing policy, prnmpting new thinking and delivering social rhange in the UK. KEY ACryIVITIES AND ACHIEVEMENTS IN JAN 2023- AUG 2024 l) Commtssfiun on Health and Prusperity In 2023. our Commission on Health and Prosperity, ¢bair¢d by Dame Sauy Davies and Lord Darzi, boldly evidenced that both national and individual prosperity are hinged on our national and individuat health. Covering NHS waiting the impact of health on the econoniy, and the NHS ond sociaI care, our interim r¢ports shifted the debate on health, to focus on the economic contributioll of good hea]th, with the now S￿retary of State for Health and Social Care Wes Streeting, stating that "the depaTtment of health is now an economic mitiistry.. We secured policy wins, including headline NHS policy ai the ?023 Labour party conference, and the Lib Dems social care policy committing to free personal c&re. 2) Green Industrial Poll¢y And Seeuronomlcs Our research has elaborated on the tapic of secLLronomics. We have pion¢¢red economic policy research in this area in th¢ UK, setting out new appro8chex for Tndustrial stra*gyi mission-led governance, and partnership between the publi¢ and private seciors. We have furthL'r parn]ered with international actOTS and think-ranks to host a series of events and discussions on Ihese iopics. lllcluding briet-ll￿8 on 'Bide]iomics' and the Inflation Redu¢tion Act with Todd Tucker of Roosevelt Institute. and a one-day conferLnce on Inflation. l)rofiL8 and Power with Esabella Weber of UMassAmherst. In 2023 we devoted a whole issiie of our in-house joiui)al Progressive Revhew to the topi¢ of inodern supply side economics with pieces by {th¢n Shadow) Chanc¢llor Rachel Reeves, ex-Bu5iness Secretsry Greg Clrt and other important voices on the topi¢. Page 2

INSTITUTE FOR PUBLIC POLICY RESEARCH REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023 OWECTIVES AND ACTtVlTtES 3) Macroeconomic spending? taxation and spending In 2023. we SuG¢eS$fi￿IY brought our altmiative inflation control strategies into the mainstream, with our research highlighting corpordte profits as a key driver of inflation. Our proposal to Use energy priLe interventions for inflation stabilisatiott was endorsed by the lTrdFs Chief Economist. We used that meeting to advocate for rnOTe expansionary macroeconomic policies, including increased public investmellt aod improved fiscal rules. We are an iDflucDtial voice in the area of tax refonn and government spending. We have continued our work on using t&x not just to raise revenuc but &8 a means of shaping our econorny and building a fairer society- We have deepened our research into t&ues on incorne from wealth. extfflded our research on co￿orate taxation proposing a share buy-back t&x which was later adopted by thc LIknl Democrats in theiT 2024 election manifesto, and undertaken Tesearcb onlonivproperty tsxation. Beyond our extensive policy r&8earch and economic analysis we have convened wups of advocates for tax refonn and engaged closely witb journalists and media to understand how to frdme tsxation. We have used our research expertise to analyse department￿ day-to-day spending plans in are&5 as diverse as the NHS and asylum accommodation. and undertaken extensive research into the low levels of capital investment (both public and private) in the UK economy. OBJEcfivES AND ACHIEVEMENTS JAN 20tsAUG 2024 IPPR North In 2023, we played a pivotsl role in elevating devolution to the mainstream political debate, focusing our research and advo¢a¢y on regional ￿OWth, devolving power, and local democracy, Our annual "State of the North" report gain widespread media attention and highlighted Continued and ￿QWing regional divides in the UK. We piloted new regional projects, including work with Wigan Council aimed at improving public services during austerity, and hope to expand sitnilar initiatives aross the UL This ¢ffort nwked a strategic sbift from being a think ta[￿ 'of the North" to one 'in the Notth," aiming to brthlets our regional impact a¢ross the UK and create relationsbips with local government. Our "Parallel Lives. report, released later io 2023, higljlighted regional inequality as a key challenge for the Dext government and ¢hampioned the voices of ¢it]￿n$ from a￿8$ the UK in its research and analysis. Celebrating IPPR North's 20th anniversary in 2024. we continue to push for regional equ￿lty, culminating n)ost recently in a commission by UK Mayor& for IPPR to explore a collaborative Metro Mayor agenda for levelling-up and devolutio IPPR Scottand In a tumultuous year for Scottish politics, we continued to fiercely advocate for investment in anti-poverty measure pushing our solvtions into the mainstream political debate. Our collaboration with JRF and Save the Children for our "Tipping the Scales" report. etnphasised the significant costs of povety on individuals, public seTvices and the economy 8nd gained significant media attention and positive feedb￿k from both the govenjment and opposition parties. lkning the Scottish leadership race we worked Teactively. conductillg analysis on increasing the Scottish Child PaymeDI and intr(xlucing a new incorne band to support this - in direct rest￿5e to the ongoing paty debates on this issue. Our pioneering work on a fair transition to clean heat in Scotland was finalized at the start of 2024, impacting discussions with the Scottish Govemmcnt and COSLA. At present, our ongoing involvement in tbe Scottish Government's Expert GTOUP on Minimurn Income Guardntee is ¢xpected to shape policy for the 2026 election. Economy and Envlronment At the start of 2023, we merged our economy and environment team4 to focus on achieving a long-ternj shift ID the e¢onomic aud environmentsl mainstrvam (SEEM). Identifying gre￿ industrial strategy as a k¢y SEEM programme of WOT we have tirelessly pointed to the genuine opportsmity that net wo trau$ition offers, presenting a clear long terni and robust industrial strategy. Our Manufacturing Matters reporL launched in May 2024, makes the c&8¢ for building green manufactirAng in the UK and put forward a framework for how to make Choices about which capabilities we most ne The re]x)rt wa5 shared widely across Whitehall. Page 3

IN8TITUI'E FOR PUBLIC POLICY RESEARCH REPORT OF THE TRUSTEES FOR THF. YLAR ENDED 31sr DECEMBER 2023 OBJECTIVES AND ACTIVITIES Throughout 2023 our second prngramme of SEEM work on traA4)ort used repJrting and analysis to consistently advocate for a people fo¢us¢d pathway to fairer and greener transp)rt, and has ¢hawpioned ¢ivi¢ voices across the UL fighting io keep their transpon services green and local. More recentty in April 2024, w¢ relea￿ some polling work with More In Common on changing publlc attitydes to transport, bighlighling widespread support for public transport, and calling for an end to the ￿ar on molorists, culture-war rh¢toric. We raised our voice on macroeconomics in 2023 and we continue expanding our JnacTO prowmc of work, with a focus on achieving a more pro-gi'owth fiscal framework in the UK. Our core objective is to show ways in whith the goven)ment could boirow io invest rn0￿ wbile at the same time boosting growth and improving fiscal sustsinability. We have c()ntinued to influence on tax reforn. focusing on raising revenue whil¢ also shaping the economy and prom4)ting fairness. Expanding our resvdrch on wealth taxe¥ we proposed a share buy-back tax (8dopted by the Liberal Democrdts, in 2024). Work alld welfare stste In 2023. we laid the foundations for an ambitious new progrdmme of research and engag¢m¢nt to improv¢ public Services &cr055 the county. In the alltull￿ aheAd of the Labour conference, we set out a bold blueprint lor Inission-led, public services - with preventio￿ personalisaiion and produaivity key to delivering a smarter state. Recommendations from this work, such as the creation of mission councils. have already been adopted and put in place by th¢ new Labour government. Our Commission on Health and Prosperity's core position - that econon]ic prosperity hinges on creating and supportitig u(Kl health was in￿e&S1ngIY adopted by political parties in 2023 and was recognis¢d by ihe Office for Budg¢t Responsibilitv in foretrdsts accompanying the autull￿ statement.? We continue to release interim reports under the C4)mtllission for Health and Prosperity and ourlined the case for a new Health and Prosperity Act nlodelled on the Climale Change Act 2008. which garnered sector-wide elldorsem¢nts" and media ¢ov¢rdg¢. T In the sutnn)¢r of 2023, we published a report settirlg out an ambitious blueprillt for progressive employment support, as P8rt ot.oiir PiL8h to reforni social yecurily, wid in r¢sponse to a sharp rise in the us¢ of sanctions and ongoing skill and labour shoTiages. W¢ also co-dev¢loped proposals for social security refonn with families living on a low income, which has been welcomed by stakeholders across the anti-poverty sector. Our education programme continues to develop a transfoTm&tive pian for refoTrnS to the UK'S schools system, involving Co-design with young people and in-depth engag¢Jnent with policymakers. Most wently. we ar¢ tackling avoidable school exclusioDS, via the 'Who's losing learning., coalition including The Difference. Impetus and Mission 44. Migrution and Trade We have continued to advocate for and mainstream our solution5 for a ¢ompassionate and fair system for people in the nunigration and asylum sys*m, througb new research and collaboration with people with lived experience. Our rcsearch on the detrimental inip<lCts of the 10-year route to settlement for migrants, drawing on the exp¢rienGe of 300 people, made a number of recomm¢ndations for ref[￿Ming th¢ system, including shortening the route and introducing a fee waiver t.or settlement applications. We launched our migration and intetsrdtion policy uniL including an advisory group made up of people with lived and l¢amt experience of the immigration system, who will help guide the process for setting our prioriiies into 2024. In the autumn of 2023. we respond¢d to the rise in small boats crossing the Channel and the government's Rwanda policy, with a credible, human¢ and d¢liverable 3-point plan. We presented the proposals to Home Office officials and academics at th¢ first UK-France Channel Sea Crossing Forum at the UK Embassy in Paris. Page 4

tNSTITUTE FORPUBLIC POLICY RESEARCH REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER2023 ORJECTIVES AND ACTIVITIES In early 2024, we publisheAI new analysis on the &8ylum backlog and th¢ costs of the Rwanda plan. which secured widespread media ¢overage. Our phrase bern￿-back1￿ gained iDcre&siDg traction - it was used rnulfiple times by Keir Starnier And fe&tured in Laboues manifesto. Democracy In 2023, our growing democracy progrdmme published a report?examining inequalities in power and intluence in the tfK political pro¢ess. We hosted events with shadow cabinet miDiSters. including the deputy leader, aiK)Ut the next wave of PTogr¢s$ive demo¢rati¢ reforni at the LaL￿r party conference. This spring, we held a major conference about making the UK the antt-comiption capitsl of the world wÈth a k¢yTot¢ sp¢eth and new policy commitn]ents by David Larnmy. Most recenily we have set up the IPPR D¢¢ad¢ of National Renewal Progrme. The pr0￿me aitns to create capacity and tim¢ for IPPR to do the Thard thinking, on politics and policy over a longer horizon than is possible for those in govenllnenL Through this programme, we hope to set agendas rather than just contribute lo them. New programme of work: Al tn 2023, we saw a need for an Al programme trj addres5 the rapid inGr¢ase in Al ¢apabiiitie4 rapid Ma￿et growth of Al labour market impacts, and international calls for reguEation. At the time of the 2023 UK AI Safety Summit, we published recollunendations on 3 policy pillars (Industrial strate&v for Al, strong regulatory fraD]ew0￿, Com￿ltiOn policy) highligbtiug the need for Al to be steered in the direction of public value creation. This work wa5 v¢ry well received in nwlia and garnered iTrlere5t in policy di￿￿8$10n$ on Al (British Athlemy Roundtable, Al Fringe, Mozi118 Policy Seminar, Jmperial Policy Fonmi). In the spring of 2024, our paper on the impact of generative Al on the UK labour mw*et found that up to 7 per cent of jobs are exposed to automation by this Al and provided clear policy suggestions to support workers. including throuJ encouraging labour market transitions, industrial strategy, and active trade union engagement. New programme of work: International Policy tn January 2024 the tnternational Progrdmme at IPPR T¢8tarteiL after a decade-long pau84 with Laura Chappell rejoining tPPR as the new Associate Director of this progrdmme. Since the￿ research has begun ill three areas: on the role of international policy in supporting the UK'S economic objectives - focusing on the green transitioll. on the UK'S relationship with the countri¢s of the'Global South", and on the international nanwe agenda of the next GovernmenL Sn the spring, our Jnternational Programme officially launched with a panel evenL with speakers including Rt Hon David Lamrny. DT Conrfort Ero, Philippe Sands. and Andrew Ma¢e. The International Programme h&8 also recruited a dIV¢r￿ aDd ltiflU￿tial Advisory Panel to help guide its wotk. Workwhile (previously the London Progression Collaboration) In 2023, we rebranded as Workwhile, expanding on the London Prowssion Collaboration pilot. By yeafs en4 Workwhile had facilitated over 1,700 new apprentic¢ships, partnerti￿ with 41X) SMES and reallocating £16 million in uDused apprenticeship levy funds. Our k¢y initiatives included a pla¢e-b&sed project for job creation in East London, the Developmentor training program, and contribution5 to the Local Skills llllprovement Plan in central London. Workwhile's launch garnered significant media attention in July 2023, highlighting pM)Iling results showing that 5P/o of Brits wony about their mental bealth due to job demand4 while only 130/0 feel the number of quality jobs has impTov¢d We expect to spin Workwhile ou( ie off the IPPR balance sh¢et, during 2025. Page 5

INSTITUTE FOR PUBLIC POLICY RESEARCH REPORT OF THE TRUSTEE&> FOR THE YEAR ENDED 31ST DECEMBER 2023 OWECTIVES AND AcfiviTIES Public Benefit In Shaping our objectives and planning our a¢tivitie* for the year. th¢ Tnwees have given consideration to the dutieb set out in section 17(5) of th¢ Charities Act 2011 to have duc rcgard to public ￿llefit. In particulaT. the Trustees have considered how the planned activities will contribute to the overall airns and objectives that they have seL IPPR plans for the future 2￿4 brollghi a summcr general election and subwuently a new goveTllment. 'Ike new political landscape. whilst PTesenTing IPPR with greater infiuencing opportunities, will also geneTaie fresh cl￿1[¢llgeS for progressive politics and the progressive movement. We had already pr￿ared our post-election sTrat¢gy. setting our our positioning and functions as we navigdte and grow during this period of greata" engagement wilh governtnent. We continu¢ to consult with our staff body. trustees and ffi￿ted friends as we finalise our Strnt¢gy document. to be I￿nChed in the fmal quarteT of 2024. Our CUTr¢nt team priorities include:_ - F.xpanding wjd solidifying our intrmational progranime by enlering the second phase of our iTht¢rnarional work WTth the crearion of international poli￿ e£ntre. The centre will enable us to have a gr￿¢r r¢a¢h in ternis of policy scope and dev¢lopment and expand our n¢tWOTk of experts further. Continue to shape polioy on boTrowing, tax and spertd io d¢liv¢r green growth - devising a number of policy optlODS to ensure there is signifjcant liwal breathing room for invesim¢nt and publxc service spending for the government and other politiLal parties. Build on our industrial strdtegy research on an ongoing basis. Having set out a "toolkit" of ￿liCIeS ihat can be used by yovernments with inthistrial policy objectives, and a range of economic sectors or technologies that the UK is well primed to sp¢cialise in, we now airti to bring those things together to publish irjfluential and persuasive AndusrriaE strategi£s for priority areas including wind. heat pump, and green transport. Laullching our Decade of Reneival Programme which aims to make IPPR the thinking place for the future of th¢ eiitre-left. gwieratitig ideas for renewal of all kinds. - Cr￿tillg a new advocacy function to ensure Ihai IPPR is pushing the boundaries of what think tanks do to secui'e real impavl. - CelLbr41tlllg ￿ll1d naming our culture at IPPR - a staff-led initiative in collaboration with trnstees. We will also further our work" tu eTnIK￿ ultr Lulture and values into operational. HR and daY-l￿daY functions. rr¢ating a 360-degree environment of excellencc for our people. FINANCIAL REVIEW Financial review 2023 wa5 another successful year for IPPIL wit]1 income 24 per cent higher than tbat of 2022. This has enabled IPPK'S staff puy levels to keep up with inthtion as it fluctuated in 2022-23. By th¢ end of ?023. IPPR'S total general reserves siood at £l,I 04k (2022: £1.086k). During 2024, IPPR has contiiiued to athseve r¢sult> matching its budget for the year. By September 2024, 97 per cent of the income needed to result in a surplus for the 2024 year-end has been secured. The fmancial ond operalional ri%ks are. as always, closely monitored during the year. To monitor the financidl risk.s. thc fin¢m¢¢ & liisk Coinmittee (a sub-committee of the Board of Trustees) rn¢ets regularly, at least every three moiiths, and reports $0 the Board. Pag¢ 6

INSTITUTE FOR PUBLIC POLICY RESEARCH REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023 FINANCIAL REVIEW Reserves policy It ts the policy of the Truste¢s to maintain throughout the year Reserves equivalent to approximately four months of the charity's projected future operational costs. The Reserves calculated as UDrestricÉed Funds plus Secured ]ncome that ha4 in the trustees, opinion, been secured for the Dext succeeding four months. These Reserves are required: l. To ensu￿ that the cbarity call accoD]modate Variations in funding cycles and b¢ in a position to adopt contingency funding plans if required. 2. To enable the organisation to meet its statutory obligations and wind up in an orderly fashion if all cash infiows were to IPPR'S Unrestricted Funds of £1,104k at 3 1st Dec 2023, plus the Secured Income for J8n-April 2024 of £L,(K)8k. easily covered projeckd operating costs of £1,558k for the first 4 months of 2024. Actual cost for that peri￿1 of 2024 were £1,302k. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The Charity is constituted as a company limited by guarantee and is governed by a Memorandum and Arti¢les of Association. Executive Director The day-to-day management of the organisation in 2023-24 w&8 delegated to Executive Dire¢tor, Carys Roberts, but since August 2024 has now been delegated to the Interim Executive Director, Hany Quilter-Pinner. Reernitment and appofintment of new trustees The Trustees (who are the Directors of the company for Companies Act purposes) are elected by the company's members at the Amiual General Meeting. One third of the Trustees retire each year. The Trnstees have the power to appoint to fill casual vacancies. New Thjstees can be nominated by any Trustee. Organfisatfional Strnrture The day-t￿thy n]nning of the organisation is delegated to staff under the leadership of the Executive Director. The Board of Trustees meet on a quarterly basis primarijy to discuss issues of strategic direction both in relation to the running of the Organisation and the research prioriti¢s. They therefore approve an annual strategic plan and budget kfore th¢ start of th¢ year and tben m<)nitor progress against the plan during the year. Group Structurtt The Charity fvlly owns a trading subsidiary, IPPR Trading Limite4 which Carries out commercially commissioned researeh and generates income through events. Inductlon and trainlng of new trustees Trt￿tees are given an in4epth introduction to the organisation and the rol¢ of Tntstee through meetings with other Tn￿teeS (including the Chair) and meetings with staff (including the Ex#utive Director). New TTUSt¢es are also given relevant documentstion including recent research, m¢¢ting Minu￿ and annual reports. Page 7

INSTITU fE FOR PUBLIC POLICY RESEARCH P()RT OF THF. TRUSTFES FOR THE YEAR ENDED 31ST DECEMBER 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT Risk manag¢m¢nt Politl¢411 risks ar¢ Teviewed at every Political Risk Commillee ineetillg - monitoring and ensuring IPPR'5 independence ot party and politiGal bias. The Political Risk Committee currently has 5 members made up of Trustees and SMT and is mttting a minimum of 4 tim¢s per year. Other risk¥ such as operational and fll)anGial risks are ￿VieWed at every Finance and Risk Committee meeting, which also meets at least quarterly. Risks can be, and are escalaled to be reviewed &t a Board level, when appropriate. During the year the Trustees continued to develop and refjne their risk management strategy, which comprises.. - A quarterly and unnual review of the major risks to which the Chariry is exposed - The establi¥tmi¢iit of ￿SEemS and prouedures to mitigate those risks - The impl¢m¢nration of procedures designed to minimise any porential ijnpart on the Charity should any of those risks mat¢rialise. REFERENCE AND ADMINISTRATIVE DETAILS Registered Cornpany number 0?292601 (England and Wales) Reglstered Charlty number England and Wales.. 800065 Scotland: SC046557 RegLStered office 8 StorL'ys Gate London SWIP 3AY Truslees DrDMPe£k Ms J Search (resiglled 171712023) Baron¢ss A M Suttie B Moselle Mrs E Farbat-Nicholson (resigned 2215t2024) N Rainchandani Ms U Burnham (resigned 21212024) Ms K McN¢ill {resigmed 2?1512024) Ms R Bun¢e Dr J Alom (appointed 512120241 M M¢(TrL'goT (appoiniea 51?f024) L Peck- (appointed 51212024) Lurd V Adebowale (appoinied 11512024) Page 8

ll¥4STITUTE FOR PUBLIC POLICY RESEARCH REPORT OF THE TRUSTEES FOR THE YL4R EIYDED 31sr DECEMBER 2023 REFERENCE AND ADMINISTRATIVE DETAILS S¢nior Statutory Auditor Mark Partrtdge FCA Auditor5 CharAQt Hous¢ Limited Chartered Accountants and Ststutory Auditor 44 Grand Parnde Brighton BN2 9QA Bankers Unty Trust Bank plc 9 Brlndleyplage 4 007£lls Square Birrningham BI 2HB The Team at Virgin Money 154-158 Kensington High Street London W8 7RL Solleltors Bates Wells Cheapside House 138 Cheapside London, EC2V 6BB In5uranc¢ Brokers Stackhouse Poland Ltd New HOUK Bedford Road Guildforl Surrey GUI 4SJ Page 9

INSTITUTE FOR PUBLIC POLICY RESEARCH REPORT OF THE TRusfEES FOR THE YEAR ENDED 31ST DECEMBER 2023 SfATEMENT OF TRUSTEES, RFSPONSIBILITIES The tnL8tees (who are also the directors of tnstitute for Public Policy Research for the pury)oses of company ]aw) ar¢ r¥'sponsible for preparing the Report of the Th￿te¢S the finallci￿ ststements in accordance with applithle law and United Kingdom Accounting Standards (UDit(xl Kingdom Gcnerally Accepted AcLX)unting Practb(%). Company law requi￿5 the Irustees to pware financial thtements for each fjnancial year which give a true and fair view of Ihe stste of affai￿ of the charitable company and its subsidiary and of the ijwming resources and app]icatÉon of resour¢ including th¢ i0￿me and expenditure, of th¢ group for tbat In preparing th&%¢ fuwicial statements, rhe irustecs are requir￿ to select suitable accounting policies and tb¢n apply them CODSlSt¢ntty' observe the methods and wftnciples in the Charity SORP. mak¢ judgement$ and estimates that are reasonable and prudent; prepare the fmancidl statements on the going concern b&8is unless it is inappropriate to presume that the ¢haritsble conwy will continue iD busiDes The trustees art responsible for keepAog prow accounting records which disclose with reasonabk accuracy at any tA￿e the financial position of the charitable company and to enable them to ensurc that the financial s￿leMents comply with the Cornp4nies Act ?006. They are also resT)(msiI)le for safeguyrding the assets of the charitable wmpany aDd its subsidiary aid hence for taking reasonable steps for the prevention and detection of fraud and other itregulartties. In so faT as the tnL%iees are aware: there is no rekvant audit infonnation of which the group's ￿dit￿7 8r¢ unaware. and the trustees have tak¢n all steps that they ought to have taken to mak¢ Ibemselves aware of any relevant audit information and to eBtablish that the auditors aware of that inforn)ation. AUDITORS The auditor& Chariot House Limited. will be proposed for re-appointment at the forthcoming Annual General Meeting. Apprnved by order of the board of ljiistees OD ....... . /../1 0/-1. 0. . and signed on its behalf by: Peck . Trustee Page 10

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF INSTITUTF FOR PUBLIC POLICY RESEARCH Oplnion We have audited the fmancial statements of Institute for Public Policy Research (the parent 'charitable company, and its subsidiary) for the year ended 3 1st December 2023 which comprise the Statement of Financial Activities, the consolidated Balance SheeL the Balance Sh¢¢L the consolid￿ed Cash Flow Statement and notes to the financial statemcnt5. including a summary of significant accounting wli¢ies. The fmancial reporting framework that h&8 been applied in their prepaTation is applicable law and United Kingdom A¢￿unting Standards (United Kingdom Generally Accepted Accounting Practi¢e}. In our opinion the fjnanciai statemgnts: give a true and fair vicw of the stste of the group and charitable cornpanYs affairs as at 31 st December 2023 and of its incoming resources and appltcation of resourccs. includin¥ the group's income and expenditure, for the year then ended; have been ptoperly PTepared in accordall￿ with United Kingdom Generally Accepted AcLounting Practice. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion W¢ conducted OUT audit in acconlance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our re5ponsibilitie5 under those standards are further deS￿ibed in the Auditors, responsibilities for the audit of the fmoncial statements 8¢rtion of OUT r¢port. We are independent of the group acc4)rdance with the ¢thi¢al requirements that are relevant to our audit of the fu]an¢ial statements in the UK including the FRC'S Ethical Standarf and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that th¢ audit evidence we have obtained is sufficient and appropliatr to provide a basis for our opinion. Conelusions re]ating to golng eoneern In auditing the fmancial statements, we have concluded that the truBtees' use of the going concern basis of accounting Tn the prepaTation of the financial ststements is appropriate. Based on the work we have perfomie4 we have not identified any rnaterial unc¢￿intieS relating to event$ or conditions thal individually or collectively. may c&st significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the fuwi¢ial statemejts are authorised for issue, Our responsibilities and the responsibilities of the In￿teeS with respect to going concern are described in tbe ￿levant sections of this report. Other inforjnation The trustees are responsible for the other infoTmation. The other information comprises the inforniation included in the Annual Report. other than th¢ flljancial statements and our lieport of the Independent Auditors thereon. Our opinion on the fjnancial staternent5 do¢s not Gover the other information and. except lo the extent otherwise explicitty stst¢d in our report we do not express any forni of assurance conclusion thereon. In connection with our audit of the financial statements, our r¢sponsibility is to read the other inforniation an¢ in doing so, consider whether the other inforn]ation is materially inconsistent with the fmancial statements or our knowledge obtsined ' the audit or otherwise appears to be materially misstated. If we tdentify such material inwnsi5tencies or apparent rnaterial misstatements, we are required to detennine whether this gives rise to a material mi5Statement in th¢ financial statements themselves. 1£ based on th¢ work we have perfornirf we conclude that there is a material misstatement of this other inforniation, we are required to report that fact. We have nothing to report in this regwd. Page 11

REPORT OF THE INDEPENDENT AUDI'I'ORS TO THE MEMBLKS OF INSTITUTE FOR PUBLIC POLICY RESEARCH (bpiniolls on other matters prescribed by Ihe Companies Act 2006 In rfjur opinioo based on the work undertaken in the coutse of the audit: the Inforn￿tiOn given in the Report of the TTUStees for the fmancial year for which tbe financial statements ate wepar¢d is Consi￿nt with the financial siatemenrs. and the Repon of the I'rustees has been prepared in acc<Jrdance with applicablc legal requiremenrs. Matters on whlch we are required to report by exception In the light of th¢ knowl¢dge and understanding of the group and tharitable c￿mpanY and ils environment obtained in the course of the audit. we have llQt idoitified Jnllterial misstatements in the Rqxxt of the Trusiees. We have nothing to report in r¢sp¢ct of the fo]]owing mattffl3 where the Conwanies Act 2006 requir¢s us to report to you if. in our opinion: adequate accounting records have Dot been kepi or reÉurns adequate for our audit hav¢ nor been r¢c¢ived from branches nol visited by us; or the fllw)¢ial statements are not in agreement with the a¢countftng records and returns: or certain disclosure5 of trustees, remuneration specified by law are nor made. or we have not re¢¢ived all the inforniation and explanatiffls wc requir¢ for our audit. or the [ru￿¢¢3 were not entitled tn takc advantage of the SO￿11 companies exemption from the requir¢menl to prepare a s￿teE1C Report or in PTeparing the Report of the Tn￿t￿5. Rupollsibilities of trusteeg As explained more fully in the Statement of Trust¢es' Respon$?bilities. the trwtees (who are also the directors of the haritabk company for the PUTposes of company law) are responsible for the preparation of the fmancial statements and for being satisfied that they give a tru¢ and fair view. and for such inte¥nal control as the trnsrees dern]ine is necessary t4) nabk the PTeparation of rME￿LIa1 statfflnents that ar¢ fTK from makrial misstatemenL whether di￿ io fraud or e￿Or. In preparing the financial statemenis, the trustees are responsible for assessing the group and charitable comp￿y ability to continue &s a going concern. disclosinsg as appJi¢able. matters related to going ¢on¢ern and using the going conccm basis of a¢￿￿ntIng unle55 the trustees either intend to liquidate th¢ group and clwitable company or to cease operdtions. or have no realistic alternative but lo do so. Page 12

REPORT OF THE INDEPENDENT AUDrroRS TO THE MEMBERS OF INSTITUTE FOR PUBLIC POLICY RESEARCH Our responslbilities for the audit of the financi815tstements Our objectives are to obtain reasonable ￿SUranCe about whether the finan¢ial statements as a whole are free from rnaterial misstatemenL whether due to fraud or error, and to iwe a Report of the Independent Auditors that includ¢s our opinion. lieasonable assurance is a high Icvel of assurance, but Is not a guarant¢c that an audit ¢onducted in accordance with ISAS (UK) will always detect a matcria] misstatement when it exists. Misstatements can arise from fraud or ermr and are considered material Rf. individually or in the aggr¢gate, they could reasonably be expected to influence the economic decisions of users tsken on the b&sis of these financial stst¢ments. The extent to which our proredures are capable of detecting irregularities, including fraud is detailed below: We discussed identified laws and regulation, frdud risk factors End the ne¢d to remain alert among tbe audit team. The charitable company is subject to law5 and TegulatioJ]s that directly affect the financial statements including companies and fu)ancial reporting legislation. We &sess¢d th¢ ¢xtent of compliance with these laws and regulations as part of our proc&lures on the related f￿ancial statement items, including awssiDg the fmancial statements disclosures and agreeing them to supporting documentstion where nKe8sary. The chariiable company is subject to many other laws and ￿gulatIonS where the consequence of non-¢omplian¢e could have material effect on amounts or disclosure in the financial statements. for instance through the imposition of fmes or litigation. We identified the following areas as those most lknly to have such an ¢ffect: health and saf¢ry. aDti-bribery, employment law, environmental law. We did not find any instanrxs of non-compliance or bTeaches of the legislation framework applicable to th¢ charitable cornpany, We designed audit Procedures to respond to the risK recognising that the risk of not detecting a material misstatement due to fraud 15 higher than the risk of not detecting one resulting from error. as frdud may involve deliberate conceabnent by, for examplc, forgery or i1)tentional misrepresentations, or through collusion. We identified that the following Areas were of high risk: Completeness of income. We perfOrn￿ vaTiOUS audit tests to ¢nsure that income was not materially understated in the financial statements. Management overrAde of controls. We perforn)¢d various audit tests to ensure there was no rnater1￿ management override of controls. We focussed on laws and regulations which could give rise to a rnaterial misstatement in thc financial statements, inc]uding. but not limited to, the Companies Act 2006. UK tsx l¢gislation, Charities Act 2011 and Charities SOIiP 2019. Our tests included agreeing the fmancial staternent disclosurcs to underlying supporting documentation, enquiries with management and enquiries of legal counsel when considered neccssary. There arc inherent limitations in the audit Procedures describcd above an¢ the further removed non-cornpliance with laws and regulations is from the events &nd transactions Teflectsd in the financial staternents, the 1¢5s likely we would become aware of IL We did not identify any key audit matters relatiDg to irregulaTiti¢s. including fraud. As in all our audits, we also addressed the risk of management ovetrid¢ of intcmal contro]s, including testing journals and evaluating whether there was evid¢n¢e of management bias by the directors that r￿T¢s¢nted risk of n￿terIal misstatement due to fraud. A furtber description of our responsibilities for the audit of the f￿anCIal statements is located on the Financial Reportll)g Council's webstte at www.frc.org.uk/auditorsresponsibilities. This description fornis part of our Report of th¢ Indep￿dent Auditors. Page 13

RFPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF INS1'1TUTE FOR PUBLIC POLICY RLSEARCH Use olour report This Teport is mad¢ solely to the cllaritable company's members. as a body, in accordance with Chaptsr 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we miglit state to the charitable company's members those matt¢rs we are required to slate to them in audirors, report and for no other purtKyse. To the fullest extent permitted by law. we do not accept or assum¢ responsibility to anyone other than the charitablc company and rhe charitable company's members a5 a body, for our audit WOTk, tor this itpoo or for the opinions we have fornied. Mark Partridg¢ EICA (SenÈor Siatutory Auditor) tor and on behalf of Charioi House LimitLxI L.hartered A￿OUntantS and Statutory Auditor 44 Grand Parade Brighton BN2 9QA Page 14

INSTITUTE FORPUBLIC POLICY RESEARCH STATEMENT OF CONSOLIDATED FINANCIAL ACTIVITIE.8 INCORPORATING AN INCOME AND EXPENDITURE ACCOLIN'r FOR THE YEAR ETrIDED 31ST DECEMBER 2023 2023 Total fimds 2022 Total fuTrds Unrestricted fund Restricted nds Notss INCOME AND ENDOWMEiYfs FROM Donations and legacies 3.327.720 880.990 4208.710 3.391.503 Charltsble aetivtti Chatitable activities 23,790 23.790 36.587 Investment incom¢ 24,869 24,869 1,882 Total 3,376,379 880.990 4257,369 3,429,972 EXPENDITURE ON Charitsble activities Support Costs Research and dissemination on so¢iaL political atml ecorfromi¢ issues JO.928 10.928 9.289 3,347.772 880.990 4.228.762 3.416.485 Total 3,358.700 880,990 4.239.690 3,425.774 PIET IIYCOME 17.679 17,679 4,198 RECONCILIATION OF FUNDS Total funds brougbt forward 1,086299 1.086,299 1,082.101 TOTAL FtJNDS CARIUED FORWARD 1.103,978 1,103,978 1,086299 Continuing Operatlons All incom¢ and expeDdittwe has arisen from continuing operations The no*s forni part of thes¢ fmancial statements Page 15

INSTITUTE FOR PIIBLIC POLICY RESEARCH RKCISTERED NUMBEIL. 02292601 BALANCE SHEET 31ST DECEMBER2023 2023 Total funds 2022 unrestri￿ Restricted fund funds funds FIXED ASSETS Investments io 100 loo CURRENT ASSETS Debtors C&8h at bank and in band 731374 2 J70.723 731.374 2.370,723 896.011 1.116.380 3.102,097 3.102.097 2,012.391 CREDITORS Amounts falling due within one year 12 (1,998219) (1,998.219) (926,192) NET CURRENT ASSETS 1 103,878 ,103,878 1.086,199 TOTAL ASSETS LESS CURRENT LIABILITIES 1,103.978 1,103.978 1.086299 NET ASSETS 1103,978 1103 978 FUNDS Ulw￿1¢ted fiinds J 103,978 1,086299 TOTAL FUNDS 1,103,978 1,086,299 These financial stat¢ments havc been prepared in a￿)rda￿t with th¢ provisions applicabl¢ to charitable companies subjecr to the snMII ¢ompani¢s regime. The financial 5Éalem¢nts were approved by the Board of and authoriscd for issue on ... .. .. . . .. and were sigD¢d on its behalf by.. i) Ihfl The note5 forni part of these fijwicial statements Page 16

CONSOLIDATED BALANCE SHEET 31STDECEMBER2023 2(f23 Total Totsl 666284 73,708 at bank •d in IWMI 683,299 1.437,555 2.578.708 3244.992 32KW2 1120.854 Amounts falli08 the within one yur 12 (2,141.014) 12.J41.014) (1.034,555) 1.103.978 1103 978 1.086299 1.103978 i.lQ3.978 1,08&299 iyrr ASSETS 1.103,978 1.1039 Unrestricted fmds 1103 978 1103 978 1,086299 and w￿¢ siwd on Its bdjalf by.. D M P¢ck. Tnk*ce Page 17

INSTITUTF FOR PUBLIC POLICY RESFARCH CkSH FLOW STATEMENT FOR THE YEAR Ef¥DED 31ST DECEMBER 2023 2023 2022 Noies Cash flows from operating activities Cash generated from operations 1.116,284 82,491 Net Lash Provided by operating activities 1,116284 82.491 Cash nows from investing artfviti Interest received 24,869 1,882 Net casli provided by investing activities 24,869 1,882 Change in ca$h and eash equlvalents in the reporting period 1,141.153 84,373 Cash and cash equivalents at the I￿gInning of the reporting period 1,437 555 1,353,182 Cash and eash equ5vv4lents at the eod of the reporting peri(Ml 2,578,708 L.437,555 'Th¢ notes form part of these financial slat¢rnentS Page 18

INSTITUTE FOR PUBLIC POLICY RESEARCH NOTES TO THE CASH FLOW STATEMEIYT FOR TFt£ YEARENDED 31ST DECEIl￿ER 2023 RECONCILIATION OF NET INCOME TO NET CASH FU)W FROM OPERATING ACTIVITIES 2023 2022 Net income for the reporting period (as per the Ststemenl of Financial Activities) Adjustments for: Interest received Decrease in debtors Increase in clrditors 17,679 4,198 (24,869) 17.015 1,106.459 (1,882) (100,929) 181,104 Net cash provided by operation5 1.116.284 82.491 ANALYSIS OF CHANGES IN NET FUNDS At 111123 Cash flow At3l1lY23 Net cash Cash at bank and in hand 1,437,555 1,141.153 2.578,708 Total 1.437,555 1,141,153 2.578,708 The notes fom] part of these financial stafrmcnts Page 19

INSTITUTE FOR PUBLIC POLICY RESEARCH NI)TES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 ACCOUNTING POLJCtES Bas18 of preparing the finaneial ststememts Thl. fmancial siateinent8 of the ¢haritable company, which is a public benefit entity under FRS 102. have b¢ prep4w¢d iii accordance wilh the Charities SORP (FRS 102) 'Accountillg and Reporting by CharAties.' s￿eMent ot. Recom]nend¢d PractiLe applicable to charities prepaTing their a￿oUnts in ￿￿Ordance with the Financial Reporting Standard applicable iii the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Finallcidl Reporting Siandard 102 'The Financial Reporting Standard applicable in th¢ UK and Republic of Ireland, and the Companies Acl 2006. The financial starements Ilave been prepared under the historical cost wnv¢ntion, witb the exception of investmenls which are included at Dwket value. At the time of approving the fllwi¢ial statements, the truslees have a reasonable expectation that the charity has adequate resources to ¢ontinu¢ in operational existence for the foreseeable future. and on that basis th¢ cbarity is Consider￿ io b¢ a going concern. The financial ststements are prepared in sterling which As the functional currency of the entity. and are rounded to the nearest £1, Prep8ratfion of consolidated financial statements These fmancial statements consolidate the results of the cR￿lty and its wholly-own¢d Subsidiary. IPPR'frading Lt prepared 10 3 ISE December 2023, on a line by line basis. A separate stateinent of finan¥ial activities and in¥ome and expenditure account ore not presented for the charity itself following the exemptions afforded by Section 408 of the Companies 2006 dnd the SORP. Group financial stat¢m¢nty 'rb¢se fjnancial statcments consolidate the results of the charity and its wholly-owned subsidiary, IPPR Trading Lt(L on a line by line basis. A separate strdtement of financial activiiies and incom¢ and expenditure a¢counl are not presented for the dtsrity itself followtng the exemptions afforded by Section 408 of the Companies Act 2006 and the SORP. Income All income is Tecognised in ihe Statemeni of F'inancial A¢tivities once the ¢harity has entitlelnent to the fimd8, it is probable that the incorne will be received and the amount can be measured reliably. Expcndfiture Liabilities ar¢ recognised as expenditure as soon as tbere is a legal or conslrudive obligation comrnitting the Ch4￿llY io expenditure, it is Probable ibat a transfer of economi¢ benefits will bc requir¢d in settlement and Ihe amount of the obligation can bt Ineasured reliabty. Expenditure is accounted for on an accruals basis aTkd has been Llassified under headings that auegate all cost related to the category. Where costs cannoi be direcily attTibuted to particular headings they have been allocated to activities on a basis consistent with the use of resources. Taxation The Charity is considered to pass the tests Set out in Paragraph I Schedule 6finance Act 2010 and therefore it meets the det-mition of a charitabl¢ coinpany for UK Cory)oration Taxes puryose& Accordingly the Cbarity is Potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part I I C,orporation T&Y Act 2010 or Section 256 of the Taxation of Charg¢able Gains A¢t 1992, 10 the extait tbat such income or gain5 are applied ¢xclu8ively to cliaTitable purpos¢s and the subsidiary cornpany has made suTicient covenant I gift aid payments to the parent charity to extinguish any liabAlity to ¢orpordtion tax. Fund #¢eounting Ilnr¢striLed funds can be used in ￿coTdan¢e with the tharitsble objectives at the discretion of the trustees. Page 20 continued...

INSTITirrE FOR PUBLIC POLICY RESEARCH NOTES TO THE FllYANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31ST DECEMBER 2023 ACCOUNTING POLICIES - continued Fund aeeountfing RestrACted funds call only be lls￿ for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or whcn fijnds are rai￿1 for particular restricted purposes. Furtber explanation of the nature and p￿￿)se of each fund is included in the notes to the financial sratements. Forelgn currencies Assets and liabilities in foreign currencies are transl8ted into sterling at the rates of exchange ruling at the balance Sheet date. Transactions in foreign Cllrrencies are trdD518ted into sterling at the rate of exchange ruling at the date of transaction. Excbange differences are laken into account in arriving at the operating result. Pension All staff have the opportunity to t8kB part in a stakeholder pension schem¢ under a salary sacrifice Wdyable by the employer during the year on behalf of the employee. Operntlng lease Rentals payable under operating le&ses aTC chaTg¢d to Ihc Stat¢ment of Financial Activiti¢5 on a straight-line basis over the lease tern]. Judgements and key sources of estlmatlon uncertalnty In the application of the charity's accounting poli¢i¢& the Charity is required to make judw¢nts, estimates and assumptions about the c8rrying value of assets and liabiliti¢5 that are not readily apparent from oth¢r sources. The eStin￿t¢S and associated assumptions are based on histori￿1 exp¢ri¢n¢¢ and other factors considered to be relevant. Actual resuEts may differ from these estimates. The estimates and undeTlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are r¢¢ognised in the period in which the estimate is revisrf if the revision affects only that period. or in the wÉod of the revision and future periods if the revision affects both the current and firture periods. There are no estimates and assumptions that are considered to have a significant risk of causing a material adjustnients to the financial statements in a future period. Financial instruments The Charity has only fmancial assets and fJ])ancial liabilities of a kind that qualify as basic fJnan¢ial instruments. B&%ic fu￿ncI&l instruments are initially recogDised at transaction value and are subsequently me&sured at their settlement value with the exccption of bank loans which arc measured at amortisgd cost using the effective interest rn¢thoiL Financial Assets Trnde aud other debtors are recognised at the settlement amount due after any trade discount offered. PrepaY￿ents are valued at Ihe amount prepaid net of any discounts due. Financial Liabilities CTeditots and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third paty and the amount dlle to settle the obligation can be ea5ured or estimated r¢liably. Creditors and provisions are nornially recognised at their settlement amount after allowing for any discounts due. Pag¢21 continued..

INSTITUTE FOR PUBLIC POLICY RFSEARCH PIOTES TO THE FINANCIAL STATEMENTS- eontinued FOR THE YEAR ENDED 31ST DECEMBER 2023 DONATIONS AND LEGACIES 2023 ?022 Donaiions Activities for generating funds 3.437.152 771558 ? 780,969 610.534 2023 2022 Received during the year AbbVi¢ Ltd Abdn binanci&l Fairness Trust Alex Ferry Foundation Alzheitner's Society Asthma & Lung IJK As'trazeneca UK Ltd Aviva Baniardo's Bamslev Metropolitan Borough Council Ba￿oW Cadbury TrLlSt Big Change Charitable Trust BMS Pharnlaceuticals Ltd Bright Blue Bristol Council British Association for Counselling and Psychotherapy British Heart Foundation British Privale Equity and Venture Capital Association Q alouste Gulbenkian Foundation Central London Forward (busin¢ss Lundon) Lenire for Local Economi¢ Strategies Cenire for social justice L'entre for Social Policy Studies c.hild I'ovetty Aclion Group c.iiy and Guilds City of London Corporation Clvdn Air Fund Communiry Windpower Consumer Scotland Convention ot Scottish Local Authortties cvL' Departmcnt for Education Disrupt Foundation Donald Peck Fxonomic c.hange Unit EDTr Energy Ltd F.lectoral Ret'onii Society bli Lilly Engag¢ Britain Eiwopean Climate Foundition 40,1)00 70,000 7.500 30.000 70.000 7,500 30,000 12,000 iio,000 10.500 loo.000 9,500 38.450 17.000 65,500 60.000 9.500 33,￿0 55.500 140.000 24.500 4.500 19,500 14,500 12.000 ?5,000 16,01)0 18.01)0 6,000 21,400 10,935 1,500 10,000 l2,000 41,500 10,000 21.400 26.465 50,000 78,750 9.975 45,01)0 26.464 15,0(K) 8,333 ?3.500 9,883 16,000 35,000 7.500 290.245 281,754 Page 22 continu¢d...

INSTITUTE FORPUBLIC POLICY RESEARCH NOTES TO THE FINANCIAL STATEMENTS- tontinued FOR THE YEAR ENDED 31ST DECEMBER 2023 DONATIONS AND LEGACIES- eontinued First Avenue Consulting Fair by Design Fair Housing Futures Fairer Shar¢ Federatioll of Master Builders Federation of Small Businesses Fondation Nationale des Sciences Politiqu&s Foundation for Integrdtrd Tyansport Founder's Pledge Frithich Ebert StilknJng- IA)ndon r4riends Provident Foundation Gates Troundation Gatsby Foundation Gilead Scienres GlaxoSmithKline Google Gower Street Green Finan¢¢ tnstitute Greater London Authority Haleon Health FouDdation H¢wlett Foundation Impact on Urban Health tmperial College London Institute and Faculty of Actuaries tnvolve Jgnssen Jobn Ellernian Foundation Joseph Rowntree Charitable Trusl Joseph Rowntrce Foundation Joseph Rowntree Reforni Trusi JP Morgan Chase Foundation Jubilee Foundation j￿stiCe Together Kate Gavron KPMG Laudes Foundation Leeds University Libety charge (IM) l.loyd5 Bank Foundation for England and Wales Local Trust Manchester Metropolitan University Migration Yorkshire Millfield House Foundation National Grid National Philanthropy Trnst NEON New Economics Foundation New Market Strategy 10.500 8,334 29,729 9,000 19,700 6,000 3,809 15,000 105,000 23,337 23.000 84.875 163.051 65.500 50,1)00 30,000 8.000 20,000 i 10.0 30,0(KJ 4,700 39.965 io,o(K) 12,000 76,970 154,960 26,013 203,089 41.250 20.000 16,000 12,0(K) 1,500 45,000 50,000 45,(M)O 11,250 30,550 48,750 97,866 75.177 100.OOD 239.952 20.0(KI ioi,000 314,481 4,792 120.865 23,500 409.996 4.792 7,000 13,000 50,0(rf) 39.960 14.675 71.189 45,300 9.000 50.623 53.400 45350 14,215 19,400 3J40 21,400 Page 23 continued...

INSTITirrE FOR PIIBLIC POLICY RESEARCH NOTES TO THE FINANCIAL STATEMENTS- Contlnued FOR TIIE YEAR ENDED 31ST DECEMBER 2023 DONATIONS AND LEGACIES- continued NOCN Notth East and North Curnbria ]ntcgrated Care System North Wesr Employer5 Northern Powerhouse I I Obesity Health Alliance Octopus Energy Omega. Oak foundalion One Parent Family Scotland Oiiward Open Society Foundations Oxfani Paul Hamlyn Foundation Pebble TTUSt Pfiz¢r Power to Change Public Interest News Foundation 8.000 17250 8.000 9,300 23525 4,500 20,0(M) 21,750 54,150 750 570,938 6,667 55.000 10.000 70,000 18.959 60,000 85,166 750 5.(M)O Reed tn Partllership Resolution Foiindation Robert H N Ho Family Foundation Global Robertson Trusl Rockefeller PhIl￿1th￿pY Advisors Royal College of Midwives RWE Sanofi Santonder Save the Children Save the Children Scotland Scottish Federation of Housitig Associations Scottish Government Scottish Policy Foundation Scottish Power Siemen5 Healthineer8 Skills Network Southern Environment Law Centre Soliciiors Regulation Authority Spire Healthcare Spirit 01201? 35,000 10,500 46.888 56,300 20.050 55,009 15.125 88,285 10,000 16.000 12.000 62.500 16,666 8,333 16,228 9.000 45,000 16,667 31.500 500 39.789 20.000 12.000 20.000 8.000 9,801 9,000 16.000 8,332 9,000 12.000 Stonewater SI￿(rall5 ScotI￿ld Takeda UK Ltd Teesside University The Difference The Legal Edu￿tiOn Foimdatioll The Lcgatum Instiiure Foundation Tin51ey Trust T O'carroll Ltd 'I'rades Unioii Congress Treebeard Trust 16.821 37.500 30.000 16,664 25.000 50.0(K) 10,935 25,000 12,000 1,500 30,0(M) 17,51K) 19,400 Page 24 coniinued...

INSTITUTE FOR PUBLIC POLICY RESEARCH NOTES TO THE FINAThCIAL STATEMEiYfs - continued FOR THE YEAR ENDED 31ST DECEMBER 2023 DONATIONS AND LEGACIES - eontinued Trevor Chinn Trusscll Trust Scottand TnLSt for London 20.000 23.333 74.000 5.000 4.5(X) 60.000 4.500 96.808 20.400 378 63,ICM) UK in a Changing Europ¢ Unbound Philanthropy United Kingdom Council for Psychotherdpy University College London Univ¢rsity of Strathclyde Unlock Dernocrncy USDAW Vialto V. Kann Ramussen Foundation Wigan Council Wiley 52,500 103,116 21.81X) 4,166 6,000 121,257 72,983 22,772 10.000 108,247 25,964 Youth Futures Foundation Infrastructure Fund 101.593 5.079.844 3.869.219 Deferred to 2024 Abbvie Ltd Aberdeen Financial Fairness Trust Big Change Charitable Tn￿t BMS Pharniaceuticals Ltd Calouste Gulbenkian Foundation Central London Forward (business London) Centre for Social Policy Studies City and Guilds cvc Donald Peck EDF Energy Eli Lilly Europ¢an Climate Foundation Found&s Plcdge Friends Provident Foundation Gates Foundation Gatsby Foundation Gower Street Hewlett Foundation John Ellernian Foundation Joseph Rtswntree Foundation Justice Together Collaborations Kats Gavron KPMG LLP Manchester Metropolitan University Millfield House Foundation National Philanthropy Trust OctOPU8 Energy omeg￿ Oak Foundation 40.000 6,0(K) 7,0(K) 40,0(M) i o,ooo 18,0 3,645 iO,O(M) 14,650 25,000 16,000 35.0(10 119,630 87,5110 25.000 163,051 39,514 8.054 15,000 44,900 50,000 17,467 27,600 10,000 40,000 72,217 17,500 2.500 42.000 42.000 25,000 8,000 21,750 Page 25 Continue￿..

INSTITUTE FOR PUBLIC POLICY RESEARCH NOTES TO THE FINANCIAL STATEMENT&* - continued FOR THE YEAR ENDED 31SI' DECEMBER 2023 DONATIONS AND L￿Acl￿.s - Continued One Parent Fafftity Scorldnd Open Society Foundations Paul Hamlyn Foundation Pf17.eT Resolution Foundation Robert H N Ho Family Foundation Global Rock¢feller Plu"laiithropy Advisors Robertson 'fTUSt Royal College of Midwives Save the Children S'outhern Envirornnent Law Centre Stonewater Sustrans Scotland Tinsley Trust Treebeard Trust Trust for London Uber B.V. Unbound Philanthropy lJniveTSity College London University of Strathclyde V. Kailli Ras￿U$S￿l Foundation Wioan Coun¢iR Youth Futures Foundati(Trn 32.675 518,342 16.500 50,000 ?0,000 7.000 55,009 83,285 30,888 2.500 10.000 16,000 5,000 i7,000 8,000 15,000 15,000 12,000 3.000 25,000 47.850 14,400 1?1.158 25,000 47,850 14.4(M) 10.500 24.000 1.652.098 733 237 INVESTMENT INCOME 2023 2022 Deposit accouni interest 1,88? Pagc 26 continued...

INSTITUTE FOR PUBLIC POLICY RESEARCH NOTES TO THE FINANCIAL STATEMENTS- ¢ontlnued FOR TEtE YEAR ENDED 31ST DECEMBER 2023 INCOME FROM CHARITABLE ACTIVITIES 2023 2022 Activity Charitabk activities Charitable activities Sale publications Honoraria & sundry 22.772 25.991 36,587 CHARITABLE A￿IVITIEs COSTS 21r23 2022 Supwrt Costs Research and dissemination on social. political and economic issues 10,928 4 228 762 9,289 3.416.485 L42L774 NET INCOMEI(EXPENDITURE) Nct incom¢l(¢xpenditure) is stat¢d aft¢r GhaTging1(￿1t1llg): 2023 2022 Auditoes T¢munmtion- Audit s¢rvices AuditoV5 Temuneration- Non Audit services 8,063 6,399 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 3 1st December 2023 nor for the year ended 3 1st Decemb¢r 2022. Trustees, expenses There were no trustees, expenses paid for the year ended 31stDecember2023 nor for the yeaT ended 31st December 2022. Page 27 continued...

INSTITUTE FOR PUBLIC POLICY RESEARCH NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR EIYDED 31ST DECFMBER 2023 STAFF COSTS 2023 2022 Wages and Salaries Social Security costs Pension costs 2,115,211 229,940 246a99 1,843.950 207,399 209.653 2 591.450 2.261.002 The average monthly number of employees during the year was as follows: 2023 30 io 20?2 29 Research Externiil Affairs Operalions 49 46 The number of employees whose employee benefits (excluding ¢mploy¢r pension Costs) exceeded £60.000 was: 2023 2022 £60.001- £70.000 £70.001- £80,000 £90.001- £100.O(K) £ioo.000- £i10.000 The average number of employees on a Full Time F4uivalent basis wa3 45 (2022.43). Key mallagement emoluments, comprising gross salary. employers, natiOiLqI insurance and employers, pension and deemed to be the Trustees and senior managen)enL amounted to £467,765 (2022: £405,943) COMPARATIVES FOR'fHE STATEMENT OF FINANCiAL ACTIVITIES FOR THE YEAR TO 31ST DECEMBER 2022 Unrestrictsd fund Restricted fimds Total funds INCOME AND F,NDOWMENTS FROM Donations and legacies 2.911,907 479,596 3,391.503 Charitable aetivities Charitable activities 36,587 36.587 Investment income 1.882 1,882 Tolal 2,950,376 479,596 3.429.972 Pa8e 28 continued..

INSTITUTE FOR PUBLIC POLICY RESEARCH NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2023 COMPARATIVES FOR THE STATEMENT OF FINAIYCIAL ACTIVITIES . Continued Unrestricted Restricted fund funds Total nds EXPENDITURE ON Charltable actlvltfie$ Support Costs Research and d155emination on social, political and economic issues 9289 9.289 1936,889 479,596 3.416,485 Total 2,946.178 479.596 3.425,774 IYET INCOME 4.198 4.198 RECONCILIATION OF FUNDS Total fi￿dS brought forward 1.082.101 1,082,101 TOTAL FUIYDS CARRIED FORWARD 1.086,299 1,086,299 FIXED ASSET INVESTMENTS Shares in group MARKET VALUE At 1st January 2023 and 3 1st December 2023 loo NET BOOK VALUE At 3 1st December 2023 loo At 3 1st December 2022 loo There were no investhient assets outside the UL Page 29 continued...

INSTITufE FOR PUBLIC POLICY RESEARCH NOTES TO THE FINANCIAL STATEMENTS- eonthiued FOR THE YEAR ENDED 31ST DECEMBER 2023 11. DEBTORS: AMOi]F4TS FALLING DUE WIThIN ONE YEAR Group 2023 Compaoy 2023 Group 2022 Compatty 2022 557.048 372,176 286,599 584.432 510.538 Amounts owed by group 325.856 (Xher debtijrs Prepayments and accrued incon 45.564 8.927 52267 10,017 46 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2023 Company 2023 Group 2022 Conipany Trade creditors Social s¢¢wity and other tsxes VAT Other creditors 99,930 99,930 59,777 59.777 142,247 142.247 108,870 18,388 108.870 18.388 Aceruals and deferred income 1773.969 747 19.93219 13. LEASJNG AGREEMENTS Mioimum lease payments under non-cancellable operatllig leases fall due &$ follow8: 2023 2022 Within one year BelwKll one and five years 184.856 604.068 36,561 788,924 37.903 14. MOVEMENT IN FUNDS Net movement in fillKIs At 31112r23 At Iiir23 Unregtrict¢d funds G¢n¢ral t.und 1,086,299 17,679 1,103,978 TOTAL FUNDS 1.086.299 17.679 1.103.978 Page 30 ¢ontinued...

INSTITUTE FOR PUBLIC POLICY RLSEARCH NOTES TO THE FINANCIAL STATEMENTS- eontlhued FOR THE YEAR ENDED 31ST DECEMBER 2023 14. MOVEMENT IN FUNDS - continued Net movement in funds, in¢luded in the above are as follows: Incornin8 r¢KJurces Resources expended Movement in fvnds Unrestrlcted funds Gcnetal fund 3.376.379 (3.335,700) 17,679 Restrleted funds Barrow Cadbury Trust V Kann Rasmllssen Foundation Justice Together Collaboration Paul Harn1￿ Foundation Unbound Philanthropy Jubilee Foundation Disrupt Foundation Rolknson Trnst Europe￿ Climate Foundatioo- Local bus netwotl(s European Climate Foundation - Climale and 17.000 121.157 212,395 78.500 52,500 I￿,000 9,975 56.300 (17.000) (121.157) (212J95) (78.500) (51500) (ioo.000) (9.975) {56.300) 6.667 (6,667) 111,489 11.823 (111,489} (11.823} Europ¢aD clin￿ Foundation - Planning European clin￿te Foundation - Fair transition European Climate Foundation . UKIUS trade European Climat¢ Foundation . Green Industrial strategy Robert H N Ho Famity Foundation 22,186 5,989 (22,186) (5.989) 4,000 71.009 (4.000) (71.009) 880,990 (880.990) TOTAL FUNDS 4.257,369 (4,239,690) 17.679 Comparatives for movement in funds for the year to 31st December 2022 Net movement in fimds At 31112122 At 111122 Unrutricted funds General fund 1,082.101 4,198 1.086.299 TOTAL FUNDS 1.082.101 4,198 1,086,299 Page31 continued...

INSTITUTE FOR PUBLIC POLICY RESEARCH NOTES TO THE F￿ANCIAL STATEMENT.$ - lontinued FOR THE YEAR ENDED 31ST DECEMBER 2023 MOVEMENT JN FUNDS - contlnued c.omparative net movement in fimds. included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted fund General fund 2.950.376 (2.946,178) 4.198 Restricte41 fund5 Barrow Cadbury Trust European Climare FoundaTion Justite Together Collaboration Paul Hamlyn Foundation Unbound Philanthropy 33.000 250,731 120,865 40.000 35.000 (33.000) (250,731) (120.865) (40,000) 35,000 479,596 1479,596) TOTAL FUNDS 3.429,972 (3.425,774) 4.198 Jubilee Foundation lliis project is to support r¢sea￿h OD asylum and refugees. This funding was to produce a report on the CUTrent state of Ihe asylum system in the UK and our report The asylum in-tray in 2025 was published in August 2023. Disrupt Foundation This proj¢ct looked at how the value of cooperatives can be better measured to encourage the expansion of c(kops in local economies. It Used a c&8e study co-op to design and test a framework for measuring their value. Robertson Tru$1 I'liis project explored the ¢UTTent state of employability support services operating in Scotland, particularly the division between reseryed Jobcentre Plus and d¢volved employability support programmes. It explore5 policy changes, including but no¢ limited to, further devoliition ro S¢otland, thal would improve people's experience wilh employability supporL leading to higher success in fillding and sustainitig work. ultimately reducing Tates of wv¢ty in Scotland. Barrow Cadbury Trust This grant will support work on policy responses to the Channel crossings issue, This project aims to inforni decision-makers of alternative policy responses in relation to Channel crossings and support advocacy organisalions c￿llpaIgning for a fairer and more humane immigrntion and asylurn system. Robert H N Ho Famlly Foundation This grant was ro support the work of the Cohort 2040 initiative. The funding is to be used to embed inDer wellE¢ing into a CODsultation and co-design pror¢ss for a leadership developmettf intervention 5UPPOrting emerging envii'onmental le<iders. V KAnn Rasmuss¢n FOUnd*t￿)ll This funding giveu in suppoff ot-th¢ Lohort 2040 project. This funding is ￿ re.8earch and develop an emerging envi]'omnental maniigeillent l¢aders programme. Page 32 continueiL..

INSTITUTE FORPUBLIC POLICY RESEARCH NOTES TO THE FINANCIAL STATEMENTS- eontinued FOR THE YEAR ENDED31ST DECEMBER2023 14. MOVEMENT IN FUM)S- Continue41 Paul H2mlyn Foundation This funding is to supwrt the establisbment and development of IPPR'S migration polkcy unit, wbith works in collaboration with the mI￿tIon and asylurn sector on strategic priorities in migrdtion and integration wlicy. European Climate Foundation This grant is designated to support a research project that will review governance and fijnding of local i￿S networks withtn England and make rewnmendations to ensure 5UStainable. Safeguarded local bus networks and the rapid decad￿]sation of bus fleets. European Climate Foundydtion This gTant 15 tsigDated to explore how the planning 5yStem needs to change to deliver net zero and restore nature in England. European Climate Foundation This grant is designated to support specific prograrnme5 and proJ￿ts to ￿ delivered by IPPR'S fair traD5ition unit which aims to accelerate progress in reducing emissions and restoring nature, and securing a fairer. more just and thiiving society. European Cllmate Follndatlon This grant is desA￿ated to support IPPRS new fair transition unit to maximise the ambition on clxmate and nathre, fdl arnbition and policy gap4 and help develop more detailed ￿rOgramme for governmenv thinkin& European Climale Foundation This grani is designated to outlin4 througb a series of roundtables and an intuln￿final report, a framework for a prOgr￿]ve UK-US trade partnership that promotes shared environmentsl. clinate. attd social ambitions. Eumpean Climate Foundation This grant is designated to outline the macroeconomic case for tranSfOrn￿£1ve investsnents in electrACity gri&8 as a key pillar of gr￿) industriaft Strate￿ in Europe. Unbound Philanthropy This funding is for general support and the activities reflect IPPR'S theory of change, which include convening stakeholders and opinion fortners on issues such as migration policy; working with campaigners to make change; and undertaking res¢arcb to evidence the need for change and d¢8igning policy alternatives. Justice Collaboratiolls This funding is for a partrAffship between IPPR and two immigration advice organisalions (Praxis and Greater Mw)¢he5ter Immigration Aid Unit). aimed at improving access to justice for people with Insecu￿ migrdtiim status and advocating foT a fair¢r and more ¢fftctivc immigralion system through systematic evidence gathering, political influencing and grassroots campaignAng. Page 33 ontinued...

INSTITUTE FOR PUBLIC POLICY RE.%EARCH NOTES TO THE FINANCIAL SI'ATEMENTS - eonlinued FOR THE YEAR ENDED31ST DECEMBER 2023 15. EMPLOYEE BENEFIT OBLIGATIONS, All staff have the opwrtullity to take wt in a 5takebold¢r petL8ion schenie under a salary sacrifice arngement with a nominated defined ¢ontnl)ution group stak¢bold¢r pension ￿h￿rne. ConmbutÉOnS are ￿counted for in the iuco]n¢ and eX￿diture account wh¢n paid. The P￿s1On costs charged in ￿ year amount¢d tt) £246.299 (2(V2: £209.653). At the balance sh& dat¢ there wer¢ £nil (2022: £18J88) of outstsnding contrkntions.. I& RELATED PARTY DISCLOSURES During the year the company recharged costs of £076.052 {2022: £378.666) to IPPR Trdding Ltd. At 31 D￿be[ 2022 the was owed from IPPK Trading Ltd £286.599 (2022: £328.856). 17. INVESTMENT IN SUBSIDIARIES Ihc investrnent of £100 represents the wlKile of the issued share capital, which is rnad¢ up of £1 ordinary share& of IPPR Trading Ltl a company inconx)rated in Great Britain. which carries out commissioned research on public policy. The company$ gross income for the year fo 31 December 2023 was £771,558 (2022: £460,667> and the net result for the period of £nil (2022.. £nil). There will be no donation to the holding company leaving a net balance sheet total of £lOO. IPPR Tradints Lttl- Summarv rofit and loss account ?￿23 21Y22 'rurnover Cost of sales Administyative ¢xpths¢s Donations to holding coinpany 771J58 (771.493) (65) 460.667 (460.527) (140) (LossyProfit on ordAnary activitA Page 34