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← Institute For Public Policy Research

2024-12-31-accounts

Company number: 02292601 Charity number: 800065 Registered Charity number (Scotland): SC046557

Institute For Public Policy Research

For the year ended 31 December 2024

Institute for Public Policy Research

Contents

For the year ended 31 December 2024

Reference and administrative information ................................................................................ 1 Trustees’ annual report .............................................................................................................. 2 Independent auditor’s report ................................................................................................... 12 Statement of financial activities (incorporating an income and expenditure account) ........... 17 Balance sheet ........................................................................................................................... 18 Statement of cash flows ........................................................................................................... 19 Notes to the financial statements ........................................................................................... 20

Institute for Public Policy Research

Reference and administrative information

For the year ended 31 December 2024

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

02292601 (England and Wales)

Registered Charity number

England and Wales: 800065 Scotland: SC046557

8 Storey’s Gate London

SW1P 3AY

Trustees

Lord V Adebowale (appointed 1/5/2024) Dr D M Peck (resigned 19/09/2025) Baroness A M Suttie (resigned 2024)

B Moselle

N Ramchandani

Ms R Bunce

Dr J Alom (appointed 5/2/2024) M McGregor Ms L Peck (appointed 5/2/2024) Baroness A Hazarika (appointed 19/9/25) S Steeden (appointed 19/9/25)

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Institute for Public Policy Research

Trustees annual report

For the year ended 31 December 2024

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31[ST] DECEMBER 2024

The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the consolidated financial statements of the charity and its trading subsidiary for the year ended 31st December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND AIMS

The Charity's overall objective is to contribute to public understanding of social, economic and political questions through research, discussion and publication. At any time, there are many such questions; IPPR has always endeavoured to select those which are most urgent, most important, most susceptible to policy reform and to which its own competencies are relevant. To some extent, urgency is determined by the politics of the day; those issues which are prominent in public debate, and for which public policy action is likely at some future point, are the ones where the public has the most urgent need to be informed. As part of this process IPPR develops and disseminates policy ideas.

In 2015 the Charity amended its charitable objects in order to ensure they were fit for purpose for current and future activities. After approval by the Charity Commission the trustees passed a written resolution in 2015 adopting the following revised objects set out below:

The Charity's objects are:

a) to promote research into (and the publication of the useful results thereof) and the education of the public in the economic, social and political sciences and in science and technology, the voluntary sector and social enterprise, public services, and industry and commerce;

b) to advance the voluntary sector and the efficiency of public services which serve (or further) a charitable purpose;

c) to advance physical and mental health;

d) to relieve poverty, unemployment, or those in need by reason of youth, age, ill-health, disability, financial hardship or other disadvantage;

e) to advance environmental protection or improvement and sustainable development; f) to advance the arts, culture, heritage or science; and

g) to advance such other exclusively charitable purposes as the Trustees in their absolute discretion determine.

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Trustees annual report

For the year ended 31 December 2024

IPPR receives grants and enters into contracts for research through its trading subsidiary, IPPR Trading, but it does not have significant volunteer activities or make any significant social or programme-related investments.

KEY ACTIVITIES AND ACHIEVEMENTS IN 2024

In 2024 IPPR continued to pursue its mission to advance economic, social, environmental, and democratic progress across the UK. In a year of significant political transition, including the June 2024 general election and the formation of a new government, IPPR provided timely research, policy insight, and strategic advocacy to shape public debate and influence policy outcomes.

The IPPR theory of change which was formulated in 2023-24 remains central to how we operate: by combining bold policy research, influential communications, and strategic engagement, we aim to turn progressive ideas into common-sense solutions adopted by decision-makers. In 2024, we strengthened our reputation as the leading progressive think tank in the UK—expanding our research, diversifying our funding base, and influencing realworld change across multiple policy areas.

This year saw the appointment of new Chair, Victor Adebowale, in May 2024. In December 2024 the board appointed Harry Quilter-Pinner as our new Executive Director.

Our team has grown this year to reflect the ambition of our work. We appointed new leads across public services, environment, democracy, and established a new advocacy function to ensure that our work has even more impact. We further deepened our commitment to equity, inclusion, and anti-racism. In 2024, our staff-led Racial Justice Working Group furthered our strategic work on inclusive recruitment and partnered with upReach to expand opportunities in the sector. We also developed new guidelines for diversity in research and events, which involved both senior management and the board of trustees.

Our flexible methods of generating ideas and research across five teams and three offices, including IPPR North and IPPR Scotland, continued as before, enabling us to deepen our work in the following sectors:

1. Public services

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Institute for Public Policy Research

Trustees annual report

For the year ended 31 December 2024

  1. Economy and Environment

  2. Our reports on green industrial strategy, fiscal policy, taxation and workers’ rights directly influenced party manifestos and government strategy. Our recommendations on wind power, decarbonisation investment, and industrial planning were reflected in the Labour government’s industrial policy. Our work on fiscal policy – and, in particular, our major report on adjusting fiscal rules – shaped the Keir Starmer government’s first budget in October 2024.

  3. Migration, Communities and Trade

  4. We helped shape national debate on immigration and asylum through key reports and media coverage. Our research and influencing contributed to the scrapping of the Rwanda asylum seeker processing plan and associated reforms of the asylum system. Our work on asylum accommodation has helped to inform government thinking on how to reform the current system. Our report on trade helped to shape the priorities in the government's trade strategy, including on modernising trade agreements and strengthening our trade defences.

  5. Democracy and Politics

  6. We mainstreamed new conversations about political inequality, with our research generating manifesto commitments and influencing the government’s formulations of priorities for democratic reform as well as news headlines. We also launched the Decade of National Renewal programme to think more imaginatively about centreleft politics in a time of great change and challenge.

  7. Artificial Intelligence

  8. Our AI programme expanded with major research and events. We released a major report on the potential labour market impacts of AI, which continues to be widely cited in the media. We also continued our work on the direction of AI innovation in the UK, leading to the 2025 publication of a report and an AI applications index. Our policy proposals around industrial policy for AI, public value AI and competition policy have shaped discussions in the AI policy ecosystem and the media.

  9. International and geopolitics

  10. Across 2024 we developed IPPR’s start-up international work programme into a Centre for Geopolitics and International Policy. The Centre has a growing team, budget and research agenda. Our work on resetting relations with the Global South and climate and nature has been influential in government policy.

  11. IPPR North

  12. IPPR North marked its 20[th] anniversary in 2024. Our recent work on regional growth, devolution and local democracy has been reflected in multiple pieces of government legislation and in key spending decisions. Our research in 2024 has influenced the powers held by metro mayors, shaped where transport investment has been spent, and helped change local voting systems. We have secured funding for a new regional growth programme and have expanded our partnership work.

  13. IPPR Scotland

IPPR Scotland had a year of high-impact research on social security, child maintenance, and child poverty. Our work influenced party positions and media

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Trustees annual report

For the year ended 31 December 2024

narratives, and we secured funding for new projects on the future of the Scottish welfare state and education. IPPR maintained strong engagement across party lines.

  1. Workwhile

  2. Workwhile (formerly London Progression Collaboration) facilitated over 2,000 apprenticeships, leveraged £17.7 million in levy funds, and worked with more than 500 SMEs. Our "Defining Good Work" project advanced significantly, with a launch set for 2025. We finalised plans to spin out Workwhile from IPPR as a separate charity (and this took effect in April 2025).

  3. Communications and Engagement

Our communications team worked closely with journalists across all UK media to ensure that key findings reached the widest possible target audiences. IPPR’s overall public profile grew significantly across 2024. We received 22,000 media mentions, of which a record 1,350 were by national newspapers and broadcasters, almost double the previous year. Staff spoke about IPPR research on television, radio and podcasts in 283 separate appearances. We continued to have more social media followers and engagement on X than any mainly UK-focussed think tank, with audiences on other channels also growing steadily. We organised 49 public events, including at four party conferences and with many high-profile speakers and guests, and convened more than 30 private gatherings to discuss policy issues.

The effectiveness of IPPR’s research can be measured both by the adoption of specific policy measures by government and other political actors and by the related generation of media engagement, as mentioned above.

PUBLIC BENEFIT

The Trustees have had due regard to the Charity Commission’s guidance on public benefit when setting IPPR’s objectives and planning its activities. IPPR’s work is intended to have a very wide reach in promoting public understanding, strengthening civic participation, and improving public policy outcomes across the UK.

PLANS FOR THE FUTURE

As we look ahead to 2025 and beyond, IPPR is ready to play a defining role in shaping the future of progressive politics in the UK and across the world. Our ambitions are bold, and our commitment to impact has never been stronger.

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Trustees annual report

For the year ended 31 December 2024

With a diversifying research agenda and an expanding role in public education, IPPR is uniquely positioned in 2025–26 to shape the next chapter of progressive policy, inspiring ideas and action not just in the UK, but around the world.

FINANCIAL REVIEW

the form of long-term grants. As a result, the 2024 surplus of £228k has increased IPPR’s total reserves to £3,299k. Out of the total reserves, £2,419k is unrestricted, and £880k is restricted.

IPPR operates a wholly owned trading subsidiary, called IPPR Trading Ltd. In 2024 IPPR Trading Ltd. In 2024, IPPR Trading Ltd closed the year with a profit of £204k. These surpluses, generated from consultancy, events, and other commercial activities, will be transferred to the charity through Gift Aid during 2025, providing an important stream of unrestricted income to support IPPR’s core work.

For the year ending 31 December 2024, the Finance and Risk Committee undertook a tender process for new auditors, consistent with best practice for changing audit firms.

Following the appointment of new auditors Sayer Vincent, IPPR’s management team and Board reviewed and adjusted certain financial reporting practices in order to align fully with the Statement of Recommended Practice (SORP) issued by the Charity Commission. These adjustments resulted in a significant restatement of income and reserves in comparison with the relevant figures in our 2023 Annual Report.

The key areas of change were:

Income Recognition

The Charity SORP sets out three main principles for income recognition by UK charities: Entitlement, Probability, and Measurement. In 2023 and 2024, certain income streams at IPPR were deferred to future years to align with expenditure timing. This approach has now been revised in line with SORP guidelines. Most income which was previously unspent and

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Trustees annual report

For the year ended 31 December 2024

‘deferred’ to future years is now recognised during the year in which it is received and categorised as Unrestricted Designated funds.

Restricted Funds

IPPR has also this year reclassified restricted and unrestricted income, resulting in the adjustment of those reserves and of several income streams.

PRINCIPAL RISKS AND THEIR MANAGEMENT

IPPR maintains a comprehensive risk register, which is reviewed quarterly in part by the Finance and Risk Committee and in part by the Political Risk Committee, and also annually by the Board. The register covers all identified strategic, financial, reputational and operational risks. The Senior Management Team monitors these risks, and the Executive Director updates the register on a regular basis. Each of the risks is scored by the relevant Committees, and IPPR’s risk appetite is also quantified in the risk register. Some of our key risks and associated mitigation measures are:

Financial management and risk of overspend

Project deadlines are reviewed monthly by senior management, with a resource management system in place. Fundraising targets include contingency cover, and all project budgets are reviewed by Associate Directors. Expenditure over £10,000 requires the Executive Director’s sign-off. Cashflow and income forecasts are reviewed regularly and shared with the Finance and Risk Committee. Project budgeting training is planned.

Quality and accuracy of research

Oversight of research is provided through the Research and Impact Committee and senior management sign-off. Legal review is available where required, and the annual budget includes provision for external advice. Quantitative research capacity has been expanded to strengthen quality assurance, and responsibilities are clearly communicated to staff.

Staff wellbeing and resilience

Resource planning systems are in place, supported by high-level management actions to balance workload. This includes ensuring leave is properly factored in, limiting out-of-hours emails, and regular one-to-one meetings with line managers. SMT and HR provide support in cases of long-term illness. The fundraising approach is under review to ensure adequate resourcing, and interim staff appointments are used to cover delivery gaps where needed.

Reputation and political independence

Political independence and social media guidelines are actively reinforced, particularly before key decisions. Training is delivered to staff, and social media activity is monitored. Associate Fellows’ contracts include clear requirements, and staff relationships are limited

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Trustees annual report

For the year ended 31 December 2024

by default. The organisation maintains balanced engagement across all major political parties.

Political risks are evaluated by the Political Risk Committee which was set up in 2015 because of the need to ensure and maintain IPPR's reputation for impartiality and to avoid actual or perceived party or political bias.

Actions required to mitigate or eliminate increases in all identified risks and in IPPR’s level of appetite for each risk are discussed by these Committees and, if necessary, approved at Board level. During 2024 and in 2025 up to the date of this report, risk levels have remained manageable. The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks. The trustees confirm that there are at present no significant risks or uncertainties that could impact the charity's ability to continue its operations in the foreseeable future.

RESERVES POLICY AND GOING CONCERN

Reserves policy

It is the policy of the Trustees to maintain throughout the year Reserves equivalent to approximately four months of the charity's projected future operational costs.

The Reserves are calculated as Unrestricted Funds plus Secured Income that has, in the trustees' opinion, been secured for the next succeeding four months. These Reserves are required:

  1. To ensure that the charity can accommodate variations in funding cycles and be 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 inflows were to cease.

IPPR's unrestricted Funds, consisting of both general funds and designated funds totalled £2,191k at 31st Dec 2024, plus the Secured Income for Jan-April 2025 of £1,183k, i.e. £3,374k, easily covered projected operating costs of £1,785k for the first 4 months of 2025 (and actual cost for that period of 2025 was £1,748k).

The unrestricted funds comprised £660k of general funds and £1,531k of designated funds. These designated funds are internally earmarked to ensure that key project programmes have the resources required to achieve their objectives, but they are all not restricted.

FUNDRAISING

Section 162a of the Charities Act 2011 requires all charities to include a statement regarding their fundraising activities. We are committed to upholding best practices in our

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Trustees annual report

For the year ended 31 December 2024

communications with donors and other supporters. We maintain a long-standing policy of transparency.

We conduct all fundraising activities internally and do not engage professional fundraisers or commercial participators. Our staff are required, as part of their employment terms to ‘maintain a high standard of personal and professional conduct at all times’. Because we do not solicit funds from individuals or the public, we do not think specific monitoring procedures for fundraising activities are required.

Responsibility for day-to-day income generation is delegated to the research teams, each headed by an Associate Director. Specific team targets are set for the financial year ahead. The senior management team is accountable to the Board of Trustees for the performance in fundraising and income generating.

We undertake to investigate any complaints related to fundraising activities, using the findings to further improve our practices. During the year ended 31 December 2024, no complaints were received regarding our fundraising activities (2023 – none).

STRUCTURE, GOVERNANCE AND MANAGEMENT

IPPR is a company limited by guarantee governed by its Memorandum and Articles of Association, and IPPR has been registered as a charity with the Charity Commission since 1988.

Executive Director

The day-to-day management of the organisation is delegated to the Executive Director, Harry Quilter-Pinner.

Organisational structure

The day-to-day running of the organisation is delegated to staff under the leadership of the Executive Director. The Board of Trustees meets on a quarterly basis to exercise its governance responsibilities and provide oversight of the Charity’s operations. The Trustees approve an annual strategic plan and a budget before the start of the year and then monitor progress against them during the year.

Group Structure

As mentioned above, the Charity wholly owns a trading subsidiary, IPPR Trading Limited, which it uses for the purposes of doing commercially commissioned research and generating income through public events.

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Trustees annual report

For the year ended 31 December 2024

Recruitment and appointment 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 Annual General Meeting. One third of the Trustees retire each year. The Trustees have the power to appoint to fill casual vacancies. New Trustees can be nominated by any Trustee, but are chosen after a careful search process.

Induction and training of new trustees

Trustees are given an in-depth introduction to the organisation and the role of Trustee through meetings with other Trustees (including the Chair) and meetings with staff (including the Executive Director). New Trustees are also given relevant documentation including recent research, meeting minutes and annual reports.

REMUNERATION POLICY FOR KEY MANAGEMENT PERSONNEL

The Board of Trustees and the senior management team are regarded as the charity’s key management personnel, entrusted with both strategic oversight and operational leadership.

Trustees do not receive compensation for the support they provide to IPPR other than travel expenses.

The remuneration for the senior management team members, i.e. the Directors of IPPR, is set to attract, retain, and motivate individuals with the appropriate qualifications, while ensuring optimal use of charitable resources. Directors’ remuneration falls within established pay bands, which are set through benchmarking against comparable roles within the sector, after consideration of the charity’s financial circumstances. Pay bands are reviewed annually when IPPR’s staff pay is reviewed. Directors’ pay awards also take into account performance in accordance with criteria set on the basis of the ‘Annual performance and development objectives’ of each individual.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Institute for Public Policy Research for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and its subsidiary and of the incoming resources and application of resources, including the income and expenditure, of the group for that period. In preparing those financial statements, the trustees are required to

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Trustees annual report

For the year ended 31 December 2024

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and its subsidiary and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

AUDITOR

Sayer Vincent LLP was appointed as the charitable company's auditor during the year and has expressed its willingness to continue in that capacity.

The trustees’ annual report has been approved on 19 September 2025 and signed on their behalf by

Boaz Moselle Trustee

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Independent auditor’s report

To the members of

Institute for Public Policy Research

Opinion

We have audited the financial statements of Institute for Public Policy Research (the ‘parent charitable company’) and its subsidiary (the ‘group’) for the year ended 31 December 2024 which comprise the consolidated statement of financial activities, the group and parent charitable company balance sheets, the consolidated statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on Institute for Public Policy Research's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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Independent auditor’s report

To the members of

Institute for Public Policy Research

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other Information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion:

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Independent auditor’s report

To the members of

Institute for Public Policy Research

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with regulations made under those Acts.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material

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Independent auditor’s report

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Institute for Public Policy Research

misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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Independent auditor’s report

To the members of

Institute for Public Policy Research

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Jonathan Orchard (Senior statutory auditor)

Date: 24 September 2025 for and on behalf of Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006

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Consolidated statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 December 2024

For theyear ended 31 December 2024 For theyear ended 31 December 2024
Unrestricted
Note
£
Income from:
2
28,667
3a
1,308,891
46,589
3b
939,896
15,220
2,339,263
4
2,090,241
2,090,241
5
249,022
(7,000)
242,022
Reconciliation of funds:
2,177,414
2,419,436
Total funds carried forward
Transfers between funds
Net movement in funds
Net income for the year
Total expenditure
Charitable activities
Research and dissemination on social,
political and economic issues
Total funds brought forward as restated
Investments
Total income
Expenditure on:
Donations
Charitable activities
Research and dissemination on social,
political and economic issues
Other income
Trading income		 Restricted
£
-
2,256,161
-
86,925
-		 2024
Total
£
28,667
3,565,052
46,589
1,026,821
15,220
4,682,349
4,454,065
4,454,065
228,284
-
228,284
3,071,162
3,299,446		 Restated
Unrestricted
£
32,783
2,345,825
24,869
741,805
42,612		 Restated
Restricted
£
-
2,200,306
-
103,116
-		 Restated
2023
Total
£
32,783
4,546,131
24,869
844,921
42,612
2,339,263 2,343,086 3,187,894 2,303,422 5,491,316
2,090,241 2,363,824 2,830,015 1,409,675 4,239,690
2,090,241 2,363,824 2,830,015 1,409,675 4,239,690
249,022
(7,000)		 (20,738)
7,000		 357,879
-		 893,747
-		 1,251,626
-
242,022
2,177,414		 (13,738)
893,748		 357,879
1,819,536		 893,747
-		 1,251,626
1,819,536
2,419,436 880,010 2,177,414 893,748 3,071,162

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 17a to the financial statements.

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Company no. 02292601

Balance sheets

As at 31 December 2024

As at 31 December 2024 Company no. 02292601 Company no. 02292601
The group The group The charity
2024 2023 2024 2023
Note £ £ £ £
Fixed assets:
Investments - - 100 100
- - 100 100
Current assets:
Debtors 12 637,672 950,982 686,829 731,374
Cash at bank and in hand 2,874,002 2,578,708 2,630,360 2,370,723
3,511,674 3,529,690 3,317,189 3,102,097
Liabilities:
Creditors: amounts falling due within one year 13 (212,228) (458,528) (221,786) (458,095)
Net current assets 3,299,446 3,071,162 3,095,403 2,644,002
Total assets less current liabilities 3,299,446 3,071,162 3,095,503 2,644,102
Total net assets 3,299,446 3,071,162 3,095,503 2,644,102
Funds: 17a
Restricted income funds 880,010 893,748 880,010 893,748
Unrestricted income funds:
Designated funds 1,531,268 - 1,452,868 -
General funds 888,168 2,177,414 762,625 1,750,354
Total unrestricted funds 2,419,436 2,177,414 2,215,493 1,750,354
Total funds 3,299,446 3,071,162 3,095,503 2,644,102

Approved by the trustees on 19 September 2025 and signed on their behalf by

Boaz Moselle Trustee

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Consolidated statement of cash flows

Consolidated statement of cash flows Consolidated statement of cash flows Consolidated statement of cash flows
For the year ended 31 December 2024
Note
£
£
Net income for the reporting period
228,284
(as per the statement of financial activities)
Dividends, interest and rent from investments
(46,589)
Decrease / (increase) in debtors
313,310
(Decrease) / increase in creditors
(246,300)
Net cash provided by operating activities
248,705
46,589
46,589
295,294
2,578,708
a
2,874,002
Analysis of cash and cash equivalents and of net debt
At 1 January
2024
£
Cash at bank and in hand
2,578,708
a
Total cash and cash equivalents
2,578,708
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year

2024
Cash flows from operating activities
Net cash provided by investing activities
Cash flows from investing activities:
Dividends, interest and rents from investments		 £
£
1,251,626
(24,869)
(284,698)
174,225
1,116,284
24,869
24,869
1,141,153
1,437,555
2,578,708
Cash flows
At 31
December
2024
£
£
295,294
2,874,002
295,294
2,874,002
2023
248,705
46,589
295,294
2,578,708		 1,116,284
24,869
1,141,153
1,437,555
Cash flows
£
295,294
2,874,002 2,578,708
At 1 January
2024
£
2,578,708		 At 31
December
2024
£
2,874,002
2,578,708 295,294 2,874,002

19

Institute for Public Policy Research

Notes to the financial statements

For the year ended 31 December 2024

a) Statutory information

Institute for Public Policy Research is a charitable company limited by guarantee and is incorporated in England and Wales.

The registered office address is 8 Storeys Gate, London, SW1P 3AY.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

These financial statements consolidate the results of the charity and its wholly-owned subsidiary IPPR Trading Limited on a line by line basis. Transactions and balances between the charity and its subsidiary have been eliminated from the consolidated financial statements. Balances between the two entities are disclosed in the notes of the charity's balance sheet. A separate statement of financial activities, or income and expenditure account, for the charity itself is not presented because the charity has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006, A summary of the result for the year is disclosed in the notes to the accounts.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

h) Fund accounting Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund. Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes. Designated funds are unrestricted funds earmarked by the trustees for specific purposes.

20

Institute for Public Policy Research

Notes to the financial statements

For the year ended 31 December 2024

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Support and governance costs are allocated in full to the charity's charitable activities.

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

Rental charges are charged on a straight line basis over the term of the lease.

Creditors 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 party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

All staff have the opportunity to take part in a stakeholder pension scheme under a salary sacrifice payable by the employer during the year on behalf of the employee.

Income from donations
2024 2023
Unrestricted Restricted Total Unrestricted Restricted Total
£ £ £ £ £ £
Gifts 28,667 - 28,667 32,783 - 32,783
28,667 - 28,667 32,783 - 32,783

21

Institute for Public Policy Research

Notes to the financial statements

For the year ended 31 December 2024

3 Income from charitable activities: Research and dissemination on social, political and economic issues (continued)

Restated
2024 2023
Unrestricted Restricted Total Unrestricted Restricted Total
£ £ £ £ £ £
AbbVie Ltd 40,000 - 40,000 - - -
Abdn Financial Fairness Trust - 24,435 24,435 - 70,000 70,000
Alex Ferry Foundation 12,500 - 12,500 7,500 - 7,500
Alzheimer's Society - - - 30,000 - 30,000
Associated British Foods 10,000 - 10,000 - - -
Asthma & Lung UK - - - 12,000 - 12,000
Barrow Cadbury Trust - 49,500 49,500 - 17,000 17,000
Big Change Charitable Trust - - - 65,500 - 65,500
BMS Pharmaceuticals Ltd - - - 60,000 - 60,000
Bright Blue - - - 9,500 - 9,500
British Association for Counselling and Pyschotherapy - - - 12,000 - 12,000
British Heart Foundation - 20,000 20,000 - 25,000 25,000
British Private Equity and Venture Capital Association - - - 16,000 - 16,000
British Red Cross 25,000 - 25,000 - - -
Calouste Gulbenkian Foundation - 62,000 62,000 - 18,000 18,000
Central London Forward (business London) - - - 5,000 - 5,000
Charles Davidson 35,000 - 35,000 - - -
Child Poverty Action Group - - - 1,500 - 1,500
Chivas Brothers International Limited 10,000 - 10,000 - - -
Community Windpower - - - 10,000 - 10,000
Consumer Scotland - - - 21,400 - 21,400
Convention of Scottish Local Authorities - - - 26,465 - 26,465
CVC - - - 50,000 - 50,000
Cycling UK 10,000 - 10,000 - - -
Disrupt Foundation - - - - 9,975 9,975
Donald Peck - - - 45,000 - 45,000
Eli Lilly - - - 35,000 - 35,000
EnBW Generation UK Ltd 30,000 - 30,000 - - -
European Climate Foundation (ECF) - 315,076 315,076 - 281,754 281,754
Fair by Design - - - 8,334 - 8,334
Foundation for Integrated Transport - 7,500 7,500 - 15,000 15,000
Founders' Pledge - - - 105,000 - 105,000
Friends Provident Foundation 28,753 - 28,753 84,875 - 84,875
Future Governance Forum 5,000 - 5,000 - - -
Gates Foundation - - - 163,051 - 163,051
Gatsby Foundation - - - - - -
GFI Solutions 4,700 - 4,700 - - -
Gilead Sciences 20,000 - 20,000 20,000 - 20,000
GlaxoSmithKline 24,000 - 24,000 110,000 - 110,000
Gower Street - 30,000 30,000 - 30,000 30,000
Green Finance Institute - - - 4,700 - 4,700
Greenpeace Environment Trust - 17,000 17,000 - - -
Haleon - - - 10,000 - 10,000
Health Foundation - - - 12,000 - 12,000
Hewlett Foundation - 304,002 304,002 - 76,970 76,970
Institute and Faculty of Actuaries - - - 12,000 - 12,000
Involve - - - 1,500 - 1,500
Janssen - - - 45,000 - 45,000
Joffe Charitable Trust 4,750 - 4,750 - - -
John Ellerman Foundation - - - 50,000 - 50,000
John Wiley & Sons Limited 24,994 - 24,994 - - -
Johnson & Johnson Medical Ltd - 30,000 30,000 - - -
Joseph Rowntree Foundation 50,000 - 50,000 97,866 - 97,866
Joseph Rowntree Reform Trust - 73,629 73,629 - 75,177 75,177
Jubliee Foundation - - - - 100,000 100,000
Justice Collaborations - 120,000 120,000 - - -
Justice Together - - - - 239,952 239,952
Kate Gavron - - - 20,000 - 20,000
Laudes Foundation 298,000 - 298,000 599,179 - 599,179
Liverpool City Region Combined Authority 24,000 - 24,000 - - -
Living wage foundation 18,000 - 18,000 - - -
Leeds University - - - 4,792 - 4,792
Migration Yorkshire - - - 50,623 - 50,623
Millfield House Foundation 42,000 - 42,000 53,400 - 53,400
Mission 44 11,500 - 11,500 - - -
Movement trust - 55,000 55,000 - - -
National Philanthropy Trust 40,000 - 40,000 45,350 - 45,350
New Economics Foundation - 22,260 22,260 - 21,400 21,400
NOCN - - - 8,000 - 8,000
North East and North Cumbria Integrated Care System - - - 17,250 - 17,250
Octopus Energy - - - 20,000 - 20,000
Omidyar Foundation - 74,930 74,930 - - -
One Parent Family Scotland 54,150 - 54,150 54,150 - 54,150
Open Society Foundation - 551,024 551,024 - 570,938 570,938
Oxfam - - - 6,667 - 6,667
Paul Hamlyn Foundation - 49,500 49,500 - 55,000 55,000
Pebble Trust - - - 10,000 - 10,000
Pfizer - - - 70,000 - 70,000

22

Institute for Public Policy Research

Notes to the financial statements

For the year ended 31 December 2024

  1. Income from charitable activities: Research and dissemination on social, political and economic issues
Porticus
Potential Energy Coalition Inc.
Power to Change
PRAXIS
PricewaterhouseCoopers LLP
Robert H N Ho Family Foundation
Robertson Trust
Rockefeller Philanthropy advisors
Royal College of Midwives
RWE
Sandoz Limited
Santander
Save the Children
Save the Children Scotland
Scottish Federation of Housing Associations
Scottish Government
Scottish Power
Siemens Healthineers
Skills Network
Southern Environment Law Centre
Spire Healthcare
SSE
Stiftung Mercator
Stonewater
Sunrise Project
Sustrans Scotland
Teesside University
The Difference
The Eleanor Crook Foundation
The Health Foundation
The Legal Education Foundation
The Legatum Institute Foundation
The Robertson Trust
The Day Foundation
Tinsley Trust
T O'Carroll Ltd
Trades Union Congress
Treebeard Trust
Trust for London
Uber B.V.
Unbound Philanthropy
Urban Partners
USDAW
Vialto
V Kann Rasmussen Foundation
West of England Combined Authority
Wigan Council
Wiley
Youth Futures Foundation Infrastructure Fund
Total income from charitable activities: Research and dissemination on social,
political and economic issues		 Unrestricted
-
10,575
-
6,667
11,000
-
-
76,000
-
-
35,000
-
50,000
-
-
-
-
-
-
-
-
-
-
-
14,988
-
-
-
-
26,424
-
-
-
50,000
-
-
7,140
-
-
-
125,000
-
-
-
-
73,750
-
-
-		 61,667
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
10,125
-
-
33,007
-
-
16,281
-
25,000
19,950
-
50,000
-
20,675
-
-
-
-
30,000
90,000
-
-
22,500
-
-
-
-
29,400
-
41,700
Restricted		 2024
Total
61,667
10,575
-
6,667
11,000
-
-
76,000
-
-
35,000
-
50,000
-
-
-
-
-
-
10,125
-
-
33,007
-
14,988
16,281
-
25,000
19,950
26,424
50,000
-
20,675
50,000
-
-
7,140
30,000
90,000
-
125,000
22,500
-
-
-
73,750
29,400
-
41,700		 Unrestricted
-
-
18,959
-
-
-
-
-
-
16,000
-
12,000
-
16,666
8,333
16,228
12,000
20,000
8,000
-
16,000
12,000
-
-
-
-
16,664
-
-
-
-
10,935
-
-
25,000
12,000
1,500
-
-
-
-
-
4,166
6,000
-
-
-
22,772
-		 -
-
-
-
-
46,888
56,300
-
-
-
-
-
62,500
-
-
-
-
-
-
9,801
-
-
-
-
-
16,821
-
25,000
-
-
50,000
-
-
-
-
-
-
30,000
63,100
-
52,500
-
-
-
-
-
72,983
-
108,247
Restricted		 Restated
2023
Total
-
-
18,959
-
-
46,888
56,300
-
-
16,000
-
12,000
62,500
16,666
8,333
16,228
12,000
20,000
8,000
9,801
16,000
12,000
-
-
-
16,821
16,664
25,000
-
-
50,000
10,935
-
-
25,000
12,000
1,500
30,000
63,100
-
52,500
-
4,166
6,000
-
-
72,983
22,772
108,247
1,308,891 2,256,161 3,565,052 2,345,825 2,200,306 4,546,131

23

Institute for Public Policy Research

Notes to the financial statements

For the year ended 31 December 2024

3b Income from trading activities

titute for Public Policy Research
the year ended 31 December 2024
es to the financial statements
Income from trading activities
Asda
AstraZeneca UK Ltd
Aviva
B Lab UK
British Generic Manufacturers Association
British Vehicle Rental and Leasing Association (BVRLA)
Business LDN
Centre for Social Justice
Centre for Social Policy Studies
Change Grow Live
Citizens Advice
City of London Coporation
Department for Education
Dods Group
EDF Energy Ltd
Energy UK
5654 & Company Limited
First Avenue Consulting
Gingerbread
Impact on Urban Health
Impetus
Independent Age
Joseph Rowntree Foundation
Joseph Rowntree Reform Trust
KPMG
Lloyds Bank Foundation for England and Wales
Local Trust
London Borough of Hounslow
National Education Union
Natwest Group
Newton Europe Limited
Policy in Practice
Prospect
Reed in Partnership
Renewable UK
Resolution Foundation
38 degrees
The Crown Estate
The Health Foundation
Transport and Environment
UK Anti-Corruption Coalition
University College London
University of Liverpool
University of London
University of Strathclyde
Whitby Bird Foundation
WWF
Other
Total income from charitable activities: Research and dissemination on social,		 Unrestricted
10,000
110,000
12,500
17,950
25,000
10,000
-
21,800
22,745
10,000
4,273
17,950
63,937
-
4,000
12,950
50,000
10,500
12,950
25,000
10,000
20,000
11,200
-
23,450
17,950
12,950
-
17,950
6,475
12,950
4,273
6,475
17,950
-
22,400
2,500
60,000
17,950
12,950
17,950
127,243
12,950
22,000
21,800
12,500
6,475
26,737		 -
-
-
-
-
-
14,750
-
-
-
-
-
-
12,000
-
-
-
-
-
-
-
-
-
6,475
-
-
-
5,000
-
-
-
-
-
-
48,700
-
-
-
-
-
-
-
-
-
-
-
-
-
Restricted		 2024
Total
10,000
110,000
12,500
17,950
25,000
10,000
14,750
21,800
22,745
10,000
4,273
17,950
63,937
12,000
4,000
12,950
50,000
10,500
12,950
25,000
10,000
20,000
11,200
6,475
23,450
17,950
12,950
5,000
17,950
6,475
12,950
4,273
6,475
17,950
48,700
22,400
2,500
60,000
17,950
12,950
17,950
127,243
12,950
22,000
21,800
12,500
6,475
26,737		 Unrestricted
-
110,000
10,500
-
-
-
-
21,400
10,935
-
-
12,000
78,750
-
16,000
-
-
10,500
-
154,960
-
-
-
-
101,000
50,000
39,960
-
-
-
-
-
-
35,000
-
10,500
-
-
-
-
-
-
-
-
21,800
-
10,000
48,500		 -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
103,116
-
-
-
-
-
-
Restricted		 Restated
Total
-
110,000
10,500
-
-
-
-
21,400
10,935
-
-
12,000
78,750
-
16,000
-
-
10,500
-
154,960
-
-
-
-
101,000
50,000
39,960
-
-
-
-
-
-
35,000
-
10,500
-
-
-
-
-
103,116
-
-
21,800
-
10,000
48,500
939,896 86,925 1,053,558 741,805 103,116 844,921

24

Institute for Public Policy Research

Notes to the financial statements

For the year ended 31 December 2024

4a Analysis of expenditure (current year)

Charitable activities

Charitable activities
Staff costs (Note 6)
Other staff costs
Consultants & translations
Travel & subsistence
Commissioned Research
Venue hire & costs
Sub editing incl. newspapers & magazines
Marketing & Advertising
Rent, rates and service charges
Office expenses
IT support, website & equipment
Legal
Audit & Accountancy
Insurance
Bank charges
Other costs
Support costs
Governance costs
Total expenditure 2024
Total expenditure 2023		 Research &
dissemination on
social, political and
economic issues
£
2,617,535
-
506,632
-
193,514
272,818
-
-
-
-
-
-
-
-
-
4,000		 Governance
costs
£
250,035
-
-
-
-
-
-
-
-
-
-
7,893
440
-
-
-		 Support
costs
£
33,805
110,119
-
85,470
-
-
24,150
18,662
157,045
74,486
89,220
-
-
6,659
1,582
-		 2024
Total
£
2,901,375
110,119
506,632
85,470
193,514
272,818
24,150
18,662
157,045
74,486
89,220
7,893
440
6,659
1,582
4,000		 2023
Total
£
2,591,450
144,713
627,468
58,879
224,150
155,599
19,374
15,327
204,160
38,617
120,351
16,433
10,863
7,378
4,928
-
3,594,499
601,198
258,368		 258,368
-
(258,368)		 601,198
(601,198)
-		 4,454,065
-
-		 4,239,690
-
-
4,454,065 - - 4,454,065 4,239,690
4,239,690 - -

25

Institute for Public Policy Research

Notes to the financial statements

For the year ended 31 December 2024

4b) Analysis of expenditure (prior year)

Analysis of expenditure (prior year)
titute for Public Policy Research
es to the financial statements
the year ended 31 December 2024
Staff costs (Note 6)
Other staff costs
Consultants & translations
Travel & subsistence
Commissioned Research
Venue hire & costs
Sub editing incl. newspapers & magazines
Marketing & Advertising
Rent, rates and service charges
Office expenses
IT support, website & equipment
Legal
Audit & Accountancy
Insurance
Bank charges
Other costs
Support costs
Governance costs
Total expenditure 2023		 Charitable activities Governance
costs
£
253,988
-
-
-
-
-
-
-
-
-
-
16,433
10,863
-
-
-		 Support
costs
£
27,878
144,713
-
58,879
-
-
19,374
15,327
204,160
38,617
120,351
-
-
7,378
4,928
-		 Total
£
2,591,450
144,713
627,468
58,879
224,150
155,599
19,374
15,327
204,160
38,617
120,351
16,433
10,863
7,378
4,928
-
2023
Research & dissemination
on social, political and
economic issues
£
2,309,584
-
627,468
-
224,150
155,599
-
-
-
-
-
-
-
-
-
-
3,316,801
641,605
281,284		 281,284
-
(281,284)		 641,605
(641,605)
-		 4,239,690
-
-
4,239,690 - - 4,239,690

26

Institute for Public Policy Research

Notes to the financial statements

For the year ended 31 December 2024

This is stated after charging / (crediting):

te for Public Policy Research
e year ended 31 December 2024
to the financial statements
Net income for the year
This is stated after charging / (crediting):
2024 2023
£ £
Operating lease rentals:
Property - -
Other - -
Auditor's remuneration (excluding VAT):
Audit 12,975 8,063
Other services 3,000 2,800

Staff costs were as follows:

Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel
Staff costs were as follows:
Salaries and wages
Social security costs
Pension costs		 2024
£
2,366,051
256,002
279,322		 2023
£
2,115,211
229,940
246,299
2,901,375 2,591,450

The following number of employees received employee benefits (excluding employer pension costs and employer's national insurance) during the year between:

The following number of employees received employee benefits (excluding employer pension costs and employer's national insurance) during the year between:
2024 2023
No. No.
£60,000 - £69,999 2 5
£70,000 - £79,999 3 2
£80,000 - £89,999 1 -
£90,000 - £99,999 1 -
£100,000 - £109,999 - 1

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £507,162 (2023: £467,765).

The charity trustees were neither paid nor received any other benefits from employment with the charity in the year (2023: £nil). No charity trustee received payment for professional or other services supplied to the charity (2023: £nil).

No trustees' expenses were claimed (2023: £nil).

7 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 52 (2023: 49).

The average number of employees (head count based on number of staff employed) during the year was 52 (2023: 49).
Research
Operations
External Affairs
Staff are split across the activities of the charity as follows		 2024
No.
35
9
8		 2023
No.
30
10
9
52 49

8 Related party transactions

During the year the company recharged costs of £686,427 (2023: £676,052) to I.P.P.R. Trading Ltd. At 31 December 2024, the company was owed from I.P.P.R. Trading Ltd £102,896 (2023: £286,599).

There are no other related party transactions to disclose for 2024 (2023: none).

There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties. Total donations from trustees were nil (2023: £45,000).

27

Institute for Public Policy Research

Notes to the financial statements

For the year ended 31 December 2024

9 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. The charity's trading subsidiary I.P.P.R. Trading Limited distributes under Gift Aid available profits to the parent charity. Its charge to corporation tax in the year was:

UK corporation tax at 19%

2024 2023
£ £
- -

10 Subsidiary undertaking

The charity owns the whole of the issued ordinary share capital of I.P.P.R. Trading Limited, a company registered in England. The company number is 04041367. The registered office address is 8 Storeys Gate, London, SW1P 3AY.

The subsidiary is used for non-primary purpose trading activities. All activities have been consolidated on a line by line basis in the statement of financial activities. Available profits are distrbuted under Gift Aid to the parent charity.

The trustee Victor Adebowale is also a director of the subsidiary.

A summary of the results of the subsidiary is shown below:

The trustee Victor Adebowale is also a director of the subsidiary.
A summary of the results of the subsidiary is shown below:
Gross profit/(loss)
Administrative expenses
Amounts owed to/from the parent undertaking are shown in note 12.
Turnover
Cost of sales
Profit / (loss) for the financial year
Retained earnings
Total retained earnings brought forward
Profit / (loss) for the financial year
Distribution under Gift Aid to parent charity
Total retained earnings carried forward
The aggregate of the assets, liabilities and reserves was:
Assets
Liabilities
Reserves		 2024
£
1,052,088
(848,021)		 2023
£
771,558
(771,493)
204,067
(123)		 65
(65)
203,944 -
-
203,944
-		 -
-
-
203,944 -
297,382
(93,438)		 392,857
(392,857)
203,944 -

The parent charity's gross income and the results for the year are disclosed as follows:

2024 2023
£ £
Gross income 4,459,050 4,161,863
Result for the year 166,703 17,605

28

Institute for Public Policy Research

Notes to the financial statements

For the year ended 31 December 2024

12 Debtors

te for Public Policy Research
e year ended 31 December 2024
to the financial statements
Debtors
Prepayments
Creditors: amounts falling due within one year
Trade creditors
Other creditors
VAT
Amounts due from group undertakings
Taxation and social security
Trade debtors and accrued income
Other debtors
Accruals		 2024
2023
£
£
568,875
841,746
9,072
45,564
-
-
59,725
63,672
637,672
950,982
2024
Restated 2023
£
£
115,317
224,798
78,432
-
(6,669)
142,247
25,148
-
-
91,483
212,228
458,528
The group
The group		 2024
2023
£
£
515,135
372,176
9,072
8,927
102,896
286,599
59,726
63,672
686,829
731,374
2024
Restated
2023
£
£
114,745
224,365
78,432
62,450
3,461
79,797
25,148
-
-
91,483
221,786
458,095
The charity
The charity
212,228 458,528 221,786 458,095

13 Creditors: amounts falling due within one year

14 Pension scheme

All staff have the opportunity to take part in a stakeholder pension scheme under a salary sacrifice arrangement with a nominated defined contribution group stakeholder pension scheme. Contributions are accounted for in the income and expenditure account when paid. The pension costs charged in the year amounted to £251,148 (2024: £246,299). At the balance sheet date there were £25,148 (2023: £nil) of outstanding contributions.

15a Analysis of group net assets between funds (current year)

15a
Analysis of group net assets between funds (current year)
15b
Net assets at 31 December 2024
Analysis of group net assets between funds (prior year)
Net current assets
Net assets at 31 December 2023
Net current assets		 General
unrestricted
£
888,168		 Designated
£
1,531,268		 Restricted
funds
£
880,010		 Total funds
£
3,299,446
888,168 1,531,268 880,010 3,299,446
General
unrestricted
£
2,177,414		 Restricted
funds
£
893,748		 Total funds
£
3,071,162
2,177,414 893,748 3,071,162

29

Institute for Public Policy Research

Notes to the financial statements

For the year ended 31 December 2024

Institute for Public Policy Research
For the year ended 31 December 2024
Notes to the financial statements
16a
ABRDN Financial Fairness Trust
Barrow Cadbury Trust
British Heart Foundation
Business LDN
Calouste Gulbenkian Foundation
Dods Group
ECF
Foundation for Integrated Transport
Gower Street
Greenpeace Environment Trust
Hewlett Foundation
Johnson & Johnson Medical Ltd
Joseph Rowntree Reform Trust
Justice Together Collaboration
London Borough of Hounslow
Movement Trust
New Economics Foundation
Omidyar Foundation
Open Society Foundation
Paul Hamlyn Foundation
Porticus
Renewable UK
Robert H N Ho Family Foundation
Save the Children UK
Southern Environment Law Centre
Stiftung Mercator
Sustrans Scotland
The Difference
The Eleanor Crook Foundation
The Legal Education Foundation
The Robertson Trust
Treebeard Trust
Trust for London
Unbound Philanthrophy
Urban Partners
Wigan Council
Youth Futures Foundation
Total restricted funds
Designated funds
General funds
Total unrestricted funds
Unrestricted funds:
Total funds
Movements in funds (current year)
Restricted funds:		 £
-
-
-
-
-
-
119,630
-
15,000
-
58,900
-
-
27,600
-
-
-
-
518,342
16,500
-
-
27,276
16,000
-
-
8,000
-
-
-
15,000
12,000
25,000
-
10,500
24,000
At 1
January
2024		 £
24,435
49,500
20,000
14,750
62,000
12,000
315,076
7,500
30,000
17,000
304,002
30,000
80,104
120,000
5,000
55,000
22,260
74,930
551,024
49,500
61,667
48,700
-
-
10,125
33,007
16,281
25,000
19,950
50,000
20,675
30,000
90,000
-
22,500
29,400
41,700
Income &
gains		 £
(30,435)
(30,200)
(20,000)
(15,750)
(32,000)
(12,000)
(434,418)
(7,500)
(45,000)
(17,000)
(96,900)
(30,000)
(80,104)
(147,600)
(5,000)
(9,167)
(22,260)
-
(658,929)
(66,000)
(46,667)
(48,700)
(27,276)
(16,000)
(10,125)
(33,007)
(24,281)
(25,000)
(14,950)
(50,000)
(20,675)
(45,000)
(94,000)
(25,000)
(17,280)
(39,900)
(65,700)
Expenditure &
losses		 £
6,000
-
-
1,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Transfers		 £
-
19,300
-
-
30,000
-
288
-
-
-
266,002
-
-
-
-
45,833
-
74,930
410,437
-
15,000
-
-
-
-
-
-
-
5,000
-
-
-
8,000
-
5,220
-
-
At 31
December
2024
893,748 2,343,086 (2,363,824) 7,000 880,010
-
2,177,414		 -
2,339,263		 -
(2,090,241)		 1,531,268
(1,538,268)		 1,531,268
888,168
2,177,414 2,339,263 (2,090,241) (7,000) 2,419,436
3,071,162 4,682,349 (4,454,065) - 3,299,446

The narrative to explain the purpose of each fund is given at the foot of the note below.

30

Institute for Public Policy Research

Notes to the financial statements

For the year ended 31 December 2024

16b Restated movements in funds (prior year)

te for Public Policy Research
e year ended 31 December 2024
to the financial statements
Restated movements in funds (prior year)
European Climate Foundation - Other
Total restricted funds
General funds
European Climate Foundation - Green Industrial strategy
Youth Futures Foundation Infrastructure Fund
Paul Hamlyn Foundation
The Legal Education Foundation
Sustrans Scotland
The Difference
Wigan Council
Disrupt Foundation
European Climate Foundation - Local bus networks
European Climate Foundation - Climate and nature
European Climate Foundation - Planning
European Climate Foundation - Fair transition
European Climate Foundation - UK/US trade
Gower Street
Total funds
Total unrestricted funds
Robertson Trust
Robert H N Ho Family Foundation
Foundation for Integrated Transport
Hewlett Foundation
Joseph Rowntree Reform Trust
Jubliee Foundation
Open Society Foundation
New Economics Foundation
Unrestricted funds:
Save the Children
Southern Environment Law Centre
Unbound Philanthropy
University College London
Treebeard Trust
Trust for London
Justice Together Collaboration
Abdn Financial Fairness Trust
British Heart Foundation
Calouste Gulbenkian Foundation

Barrow Cadbury Trust
Restricted funds:		 £
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
At 1
January
2023		 £
70,000
17,000
25,000
18,000
9,975
6,667
111,489
11,823
22,186
5,989
4,000
119,600
15,000
30,000
76,970
75,177
100,000
239,953
21,400
570,938
55,000
46,888
56,300
62,500
9,801
16,821
25,000
50,000
30,000
63,100
52,500
103,116
72,983
108,247
Income &
gains		 £
(70,000)
(17,000)
(25,000)
(18,000)
(9,975)
(6,667)
(111,489)
(11,823)
(22,186)
(5,989)
(4,000)
30
(15,000)
(15,000)
(18,070)
(75,177)
(100,000)
(212,353)
(21,400)
(52,596)
(38,500)
(19,612)
(56,300)
(46,500)
(9,801)
(8,821)
(25,000)
(50,000)
(15,000)
(51,100)
(27,500)
(103,116)
(62,483)
(84,247)
Expenditure &
losses		 £
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Transfers		 £
-
-
-
-
-
-
-
-
-
-
-
119,630
-
15,000
58,900
-
-
27,600
-
518,342
16,500
27,276
-
16,000
-
8,000
-
-
15,000
12,000
25,000
-
10,500
24,000
At 31
December
2023
- 2,303,423 (1,409,675) - 893,748
1,819,536 3,187,893 (2,830,015) - 2,177,414
1,819,536 3,187,893 (2,830,015) - 2,177,414
1,819,536 5,491,316 (4,239,690) - 3,071,162

Purposes of designated funds

Designated funds include sums received from specific donors that IPPR has earmarked for specific project expenditure or to meet operational costs over 2025. These funds are expected to be fully utilised by 31 December 2025.

17 Purposes of restricted funds Funder

ABRDN Financial Fairness Trust Barrow Cadbury Trust British Heart Foundation

Business LDN

Calouste Gulbenkian Foundation Dods Group

Purpose

for policy, research and advocacy work to realise a Minimum Income Guarantee, fair work recovery and Universal Basic Services approach that tackles financial insecurity in Scotland.

to support a policy research project on the intersection between poverty and immigration policy. in support of IPPR's commission on health and prosperity.

to deliver on the LSIP’s aims in the Central London Forward area to: support employers to take up apprentices, learners on work placements (e.g. T Level Industry Placements) and to promote learning and training programmes for upskilling and reskilling existing employees (e.g. Skills Bootcamps); encourage the use of apprenticeship levy transfers, supporting large employers to make greater use of their levy and for small and medium sized employers to take on apprentices.

to support IPPR’s ‘Accelerating the UK’s transition to a fairer, greener transport system’ project. payment for membership of IPPR's partnership programme.

310: this grant is in the Build Political Will sector and is designated to support IPPR’s Fair Transition Unit (FTU). 306: this grant is in the Cross-Cutting sector and is designated to outline the macroeconomic case for transformative investments in electricity grids as a key pillar of green industrial strategy in Europe.

ECF

809: Build Political Will sector and is designated to support a research project that will review governance and funding of local bus networks within England and make recommendations to ensure sustainable, safeguarded local bus networks and the rapid decarbonisation of bus fleets.

290: Cross-Cutting sector and is designated to support strategic planning that ensures climate action is both protected and deepened even as the consequences of rising temperatures grow, through mapping and developing a mitigation agenda for ‘derailment risk’.

31

Institute for Public Policy Research

Notes to the financial statements

Institute for Public Policy Research
Notes to the financial statements		 Institute for Public Policy Research
Notes to the financial statements
For the year ended 31 December 2024
17 Purposes of restricted funds (continued)
Funder Purpose
Foundation for Integrated Transport to support IPPR’s ‘Accelerating the UK’s transition to a fairer, greener transport system’ project.
Gower Street to support IPPR’s ‘Accelerating the UK’s transition to a fairer, greener transport system’ project.
Greenpeace Environment Trust to support research to propose a roadmap for UK policy-makers for green public investment over the next 1 to 5 years.
Hewlett Foundation Institute for Public Policy Research (“Grantee”) for general operating support.
Johnson & Johnson Medical Ltd in support of IPPR's commission on health and prosperity.
Joseph Rowntree Reform Trust to undertake a programme of research, advocacy and influencing to shape the political and constitutional reform
agenda of the UK government.
Justice Together Collaboration for work on the Justice Together Initiative ("Justice Together") and associated core costs (the "Purpose").
London Borough of Hounslow provision of training for London borough of Houslow apprentice's line managers/mentors.
Movement Trust base building - targeted briefing and engagement, enhancing visibility; influencing strategy - broadcast media
influence and publication; key evidence - research literature review.
New Economics Foundation contractual agreement for a user licence to the IPPR tax-benefit model.
Omidyar Foundation to support Grantee to host a convening of economic policy experts.
Open Society Foundation to provide general support.
Paul Hamlyn Foundation this funding is to support the establishment and development of IPPR's migration policy unit, which works in
collaboration with the migration and asylum sector on strategic priorities in migration and integration policy.
Porticus to support the project, IntegratED: Rethinking exclusions: IPPR’s progressive schools policy programme.
Renewable UK to conduct a policy review of the existing powers, targets and strategies among devolved administrations to explore
how these contribute to existing and possible future offshore and onshore wind targets at UK-level.
Robert H N Ho Family Foundation to embed inner wellbeing into a consulation and co-design process for a leadership development intervention
supporting emerging environmental leaders across sectors.
Save the Children UK development of proposals on a childcare guarantee
to convene a roundtable of key policy and political stakeholders to explore what a fair transition for Selby would look
Southern Environment Law Centre like without bioenergy, followed by a briefing summarising key findings and key, impactful evidence to demonstrate the
unsuitability of bioenergy for the UK context.
Stiftung Mercator to fund the project: industrial strategy for public value AI.
to provide insight into how interventions designed to promote active travel and reduce car use in rural areas can meet
Sustrans Scotland the expectations and needs of people living on low incomes, and define the principles and approaches that will ensure a
just transition for transport for Scotland’s rural communities.
The Difference in support of reducing school exclusions .
The Eleanor Crook Foundation contribute to IPPR’s mission of a fairer, more prosperous, and more sustainable society both in the UK and globally.
The Legal Education Foundation for a research project on: democratising law-making after brexit.
the Minimum Income Guarantee pilot proposed by this research aims to recognise the diverse challenges that unpaid
The Robertson Trust carers on low incomes face and respond by delivering tailored support in the form of both services, non-cash benefits
and additional payments, to bring these unpaid carers up to the minimum income standard.
Treebeard Trust to support costs associated with IPPR’s Accelerating the UK’s Transition to a Fairer, Greener Transport System.
Trust for London 473: towards salary and associated costs for the continuation of work to embed learning and formalise praticable
solutions for employers to enable progression of low paid workers through access to tailor-made apprenticeships.
Unbound Philanthrophy for general support.
Urban Partners to deliver a programme of work to support local SMEs to create high-quality new apprenticeship opportunities for local
residents.
Wigan Council to be a collaborative partner for the refresh of Wigan Council's strategy.
Youth Futures Foundation towards salary and associated costs for the continuation of work to embed learning and formalise praticable solutions
for employers to enable progression of low paid workers through access to tailor-made apprenticeships.

18 Operating lease commitments payable as a lessee

The group's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods:

Less than one year
One to five years		 2024
2023
£
£
144,840
184,856
43,254
604,068
188,094
788,924
Property		 2024
2023
£
£
144,840
184,856
43,254
604,068
188,094
788,924
Property
188,094 788,924

19 Legal status of the charity

The charity is a company limited by guarantee and has no share capital.

32

Institute for Public Policy Research

Notes to the financial statements

For the year ended 31 December 2024

20 Impact of prior year adjustment

IPPR has reviewed the approach to recognition of income and adopted a revised accounting policy in light of this review. Previously, income was recognised to the extent that expenditure had been incurred, and unspent funds were deferred into future periods. Income is now recognised in accordance with the SORP criteria of measurement, entitlement and probability; income is only deferred into future periods where there is a clear requirement from the donor to spend the funds in the future period. The revised policy has had the following effect on previous financial periods, which have been restated.

Reserves position
Total funds at 31 December 2022 as previously stated
Adjustment to recognise income deferred at year-end in 2022
Total funds at 31 December 2022 as restated
Reserves position
Total funds at 31 December 2023 as previously stated
Adjustment to recognise income deferred at year-end in 2023
Adjustment to recognise income accounted for in 2024 in
2023 when due
Total funds at 31 December 2023 as restated
Impact on income in 2023
Income as previously reported
Deferred income adjustment 2022
Deferred income adjustment 2023
Adjustment to recognise income accounted for in 2024 in
2023 when due
Income as restated		 Unrestricted
£
1,086,299
733,237		 Restricted
£
-
-		 Total
£
1,086,299
733,237
1,819,536 - 1,819,536
Unrestricted
£
1,103,978
1,682,486
284,698		 Restricted
£
-
-
-		 Total
£
1,103,978
1,682,486
284,698
3,071,162 - 3,071,162
Unrestricted
£
4,257,369
(733,237)
1,682,486
284,698		 Restricted
£
-
-
-
-		 Total
£
4,257,369
-
(733,237)
1,682,486
284,698
5,491,316 - 5,491,316

33