The results are quite misleading. Although the IPT is shown as available using the ver command, it actually is not in the path - and Helen Chen confirms that this is deliberate in her reply to my question at http://www.mathworks.co.uk/matlabcentral/answers/29536-cody-toolbox-availability
despite being 'installed', the image processing toolbox does not seem to be in the path, and the cody machines do not seem to have access to a license for it...
Thanks Alfonso - that seems to be the right explanation, and Helen Chen has commented at http://www.mathworks.co.uk/matlabcentral/answers/29536-cody-toolbox-availability
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