We present results for the static inter-quark potential, lightest glueballs, light hadron spectrum and topological susceptibility using a non-perturbatively improved action on a $16^3\times 32$ lattice at a set of values of the bare gauge coupling and bare dynamical quark mass chosen to keep the lattice size fixed in physical units ($\sim 1.7$ fm). By comparing these measurements with a matched quenched ensemble, we study the effects due to two degenerate flavours of dynamical quarks. With the greater control over residual lattice spacing effects which these methods afford, we find some evidence of charge screening and some minor effects on the light hadron spectrum over the range of quark masses studied ($M_{PS}/M_{V}\ge0.58$). More substantial differences between quenched and unquenched simulations are observed in measurements of topological quantities.